<Page>

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                                    FORM 10-K

                (x) Annual Report Pursuant to Section 13 or 15(d)
                     of the Securities Exchange Act of 1934

                  For the fiscal year ended: December 31, 2001
                                       or
                 ( ) Transition Report Pursuant to Section 13 or
                  15(d) of the Securities Exchange Act of 1934

                         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                        (I.R.S. Employer
incorporation or organization)                        Identification No.)

                       C/O MLIM ALTERNATIVE STRATEGIES LLC
                           PRINCETON CORPORATE CAMPUS
                       800 SCUDDERS MILL ROAD - SECTION 2G
                          PLAINSBORO, NEW JERSEY 08536
                    (Address of principal executive offices)

       Registrant's telephone number, including area code: (609) 282-6998

SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:  None

SECURITIES REGISTERED PURSUANT TO SECTION 12(g) OF THE ACT:  Limited Partnership
                                                             Units

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
                                                        -----           -------

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K is not contained herein, and will not be contained, to the
best of registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K. [X]

Aggregate market value of the voting and non-voting common equity held by
non-affiliates of the registrant: as of February 1, 2002, limited partnership
units with an aggregate net asset value of $248,190,209 were held by
non-affiliates.

                       DOCUMENTS INCORPORATED BY REFERENCE

The registrant's "2001 Annual Report and Independent Auditors' Report," the
annual report to security holders for the fiscal year ended December 31, 2001,
is incorporated by reference into Part II, Item 8 and Part IV hereof and filed
as an Exhibit herewith.

<Page>

                      ML JWH STRATEGIC ALLOCATION FUND L.P.

                       ANNUAL REPORT FOR 2001 ON FORM 10-K

                                TABLE OF CONTENTS

TABLE OF CONTENTS

<Table>
<Caption>
                                                       PART I                                            PAGE
                                                       ------                                            ----
<S>           <C>                                                                                        <C>
Item 1.       Business                                                                                     1

Item 2.       Properties                                                                                  10

Item 3.       Legal Proceedings                                                                           10
..
Item 4.       Submission of Matters to a Vote of Security Holders                                         10

                                                     PART II
                                                     -------

Item 5.       Market for Registrant's Common Equity and Related Stockholder Matters                       10

Item 6.       Selected Financial Data                                                                     11

Item 7.       Management's Discussion and Analysis of Financial Condition and Results of Operations       13

Item 7A.      Quantitative and Qualitative Disclosures About Market Risk                                  17

Item 8.       Financial Statements and Supplementary Data                                                 23

Item 9.       Changes in and Disagreements with Accountants on Accounting and Financial Disclosure        23

                                                     PART III
                                                     --------

Item 10.      Directors and Executive Officers of the Registrant                                          23

Item 11.      Executive Compensation                                                                      25

Item 12.      Security Ownership of Certain Beneficial Owners and Management                              25

Item 13.      Certain Relationships and Related Transactions                                              25

                                                     PART IV
                                                     -------

Item 14.                   Exhibits, Financial Statement Schedules and Reports on Form 8-K                27
</Table>

                                       i

<Page>

                                     PART I

ITEM 1: BUSINESS

         (a)      GENERAL DEVELOPMENT OF BUSINESS:
                  -------------------------------

                  ML JWH Strategic Allocation Fund L.P. (the "Fund") was
organized under the Delaware Revised Uniform Limited Partnership Act on December
11, 1995 and began trading operations on July 15, 1996. The Fund trades in the
international futures and forward markets applying multiple proprietary trading
strategies under the direction of John W. Henry & Company, Inc. ("JWH (R)").

                  MLIM Alternative Strategies LLC ("MLIM AS LLC"), formerly
Merrill Lynch Investment Partners Inc. ("MLIP"), a wholly-owned subsidiary of
Merrill Lynch Investment Managers, LP ("MLIM") which, in turn, is an indirect
wholly-owned subsidiary of Merrill Lynch & Co., Inc. ("Merrill Lynch"), is
the general partner of the Fund. Merrill Lynch, Pierce, Fenner & Smith
Incorporated ("MLPF&S"), the successor to Merrill Lynch Futures, Inc. ("MLF")
by merger, is the Fund's commodity broker.

                  Effective May 31, 2001, MLIP converted to a Delaware
limited liability company and changed its name. Effective August 14, 2001,
Merrill Lynch Group, Inc. contributed all of the issued and outstanding
shares of MLIM AS LLC to its affiliate MLIM in a tax-free reorganization. All
of the officers of MLIP at the time continued with their former roles with
MLIM AS LLC. The changes had no impact on the Fund's investors. Effective
November 2, 2001, MLF merged into its affiliate, MLPF&S, a wholly owned
subsidiary of Merrill Lynch. MLPF&S became the successor party to the
agreements between MLF and the Fund. The terms of the agreements remained
unchanged and the merger had no effect on the terms on which the Fund's
transactions were executed.

                  JWH(R) has been the sole trading advisor for the Fund since
inception. JWH(R) manages capital in commodities, interest rate and foreign
exchange markets for international banks, brokerage firms, pension funds,
institutions and high net worth individuals. JWH(R) trades a wide range of
futures and forward contracts on a 24-hour basis in the United States, Europe
and Asia, and is one of the largest advisors in the managed futures industry in
terms of assets under management, trading approximately $1.142 billion in client
capital as of December 31, 2001.

                  The Fund may offer its units of limited partnership interest
("Units"), when available for sale, as of the beginning of each month. Investors
whose subscriptions are accepted during a month are admitted to the Fund as
Limited Partners as of the beginning of the following month, acquiring Units at
the Net Asset Value per Unit as of the date of admission. Investors' customer
securities accounts are debited in the amount of their subscriptions on a single
monthly settlement date within approximately five business days of the issuance
of their Units.

                  As of December 31, 2001, the aggregate Net Asset Value of the
Fund was $253,976,990, and the Net Asset Value per Unit, originally $100 as of
July 15, 1996, had risen to $169.97.

                  Through December 31, 2001, the highest month-end Net Asset
Value per Unit was $190.83 (March 31, 2001) and the lowest $98.89 (August 31,
1996).

         (b)      FINANCIAL INFORMATION ABOUT SEGMENTS:

                  The Fund's business constitutes only one segment for financial
reporting purposes, i.e., a speculative "commodity pool." The Fund does not
engage in sales of goods or services.

          (c)     NARRATIVE DESCRIPTION OF BUSINESS:
                  ---------------------------------

                                       1
<Page>

                  GENERAL

                  The Fund trades in the international futures, options on
futures and forward markets applying the multiple proprietary trading strategies
("Programs") of JWH(R). In managing the Fund's trading, JWH(R) uses its "JWH(R)
Strategic Allocation Program" in which JWH(R) selects, and allocates and
reallocates Fund assets in any different combinations of, its JWH(R) Programs.
The Fund's primary objective is achieving, through speculative trading,
substantial long-term capital appreciation. At the same time, the use of
multiple JWH(R) Programs has the potential to reduce the expected volatility and
risk of loss which would typically be associated with the use of any single
Program.

                  The Fund applies a multi-strategy approach. MLIM AS LLC has
delegated to JWH(R) full discretionary authority over the selection of which
JWH(R) Trading Programs to use for the Fund and the leverage to be applied.

                  One of the objectives of the Fund is to provide
diversification to a limited portion of the risk segment of the Limited
Partners' portfolios into an investment field that has historically often
demonstrated a low degree of performance correlation with traditional stock
and bond holdings. Since it began trading, the Fund's returns have, in fact,
frequently been significantly non-correlated with the United States stock and
bond markets.

LEVERAGE CONSIDERATIONS

                  The larger the Fund's market commitment (generally equivalent
to the face amount of the positions held) in relation to its assets, the higher
the position size in relation to account equity at which the Fund is said to be
trading. In general, the larger the Fund's market commitment, the profit
potential increases, as well as risk of loss. JWH(R) adjusts the Fund's market
commitment to levels which JWH(R) believes are consistent with the Fund's
desired internal risk/reward profile. For example, in volatile markets, JWH(R)
might decide -- in order to reduce market exposure and, accordingly, the risk of
loss, but with a corresponding decrease in profit potential -- that the
positions ordinarily appropriate for a $50 million Fund allocation are all a $75
million allocation should acquire. On the other hand, market factors might cause
JWH(R) to decide -- in order to increase market exposure and, accordingly,
profit potential as well as risk of loss -- that the positions ordinarily
indicated for a $100 million allocation are appropriate for a Fund allocation of
only $50 million.

                  At certain times -- often after substantial gains in several
of the Programs -- JWH(R) may conclude that the Fund's portfolio offers more
risk than reward. If so, JWH(R) may reduce the Fund's market commitment, both
taking profits and controlling risk. Conversely, JWH(R) may commit more than the
total assets of the Fund to the markets if the profit potential seems to justify
the added risk.

JOHN W. HENRY & COMPANY, INC.

BACKGROUND

                  John W. Henry & Company began managing assets in 1981 as a
sole proprietorship and was later incorporated in the State of California as
John W. Henry & Co., Inc. to conduct business as a commodity trading advisor.
JWH(R) reincorporated in Florida in 1997. JWH(R)'s offices are at 301 Yamato
Road, Suite 2200, Boca Raton, Florida, 33431-4931. JWH(R)'s registration as a
Commodity Trading Advisor became effective in November 1980. JWH(R) is a
member of the National Futures Association ("NFA") in this capacity.

TRADING STRATEGY

                  THE FOLLOWING DESCRIPTION OF JWH(R)'S TRADING STRATEGY RELATES
TO JWH(R) GENERALLY AND NOT TO THE FUND ITSELF.

                  GENERAL

                                       2
<Page>

                  JWH(R) specializes in managing institutional and individual
capital in the global futures, interest rate and foreign exchange markets. Since
1981, JWH(R) has developed and implemented proprietary trend-following trading
techniques that focus on long-term rather than short-term, day-to-day trends.
JWH(R) currently operates ten trading programs and two multi-program
composites.

                  IMPLEMENTING THE PROGRAM

                  The first step in the JWH(R) investment process is the
identification of sustained price movements -- or trends -- in a given market.
While there are many ways to identify trends, JWH(R) uses mathematical models
that attempt to distinguish real trends from interim volatility. It also
presumes that trends often exceed in duration the expectation of the general
marketplace.

                  JWH(R)'s historical performance demonstrates that, because
trends often last longer than most market participants expect, significant
returns can be generated from positions held over a long period of time. The
first step in the JWH(R) investment process is the identification of a price
trend. JWH(R) focuses on attempting to implement a trading methodology which
identifies a majority of the significant, as opposed to the more numerous small,
price trends in a given market.

                  JWH(R) attempts to pare losing positions relatively quickly
while allowing profitable positions to mature. Most losing positions are closed
within a few days or weeks, while others -- those where a profitable trend
continues --are retained. Positions held for two to four months are not unusual,
and positions have been held for more than one year. Historically, only 30% to
40% of all trades made pursuant to the investment methods have been profitable.
Large profits on a few trades in positions that typically exist for several
months have produced favorable results overall.

                  The greatest cumulative percentage decline in daily net asset
value which JWH(R) has experienced in any single program was nearly sixty
percent on a composite basis since its inception. Investors in the Fund should
understand that similar or greater drawdowns are possible in the future.

                  To reduce exposure to volatility in any particular market,
most JWH(R) programs participate in several markets at one time. In total,
JWH(R) participates in up to 60 markets, encompassing interest rates, foreign
exchange, and commodities such as agricultural products, energy and precious
metals. Most investment programs maintain a consistent portfolio composition to
allow opportunities in as many major market trends as possible.

                  Throughout the investment process, risk controls designed to
reduce the possibility of an extraordinary loss in any one market are
maintained. Proprietary research is conducted on an ongoing basis to refine the
JWH(R) investment strategies and attempt to reduce volatility while maintaining
the potential for excellent performance.

                  JWH(R) at its sole discretion may override computer-generated
signals, and may at times use discretion in the application of its quantitative
models which may affect performance positively or negatively. This could occur,
for example, when JWH(R) determines that markets are illiquid or erratic, which
may occur cyclically during holiday seasons or on the basis of
irregularly-occurring market events. Subjective aspects of JWH(R)'s quantitative
models also include the determination of the size of the position in relation to
account equity, when an account should commence trading, markets traded,
contracts and contract month selection, and effective trade execution.

                  PROGRAM MODIFICATIONS

                  Proprietary research is conducted on an ongoing basis to
refine the JWH(R) investment strategies and attempt to reduce volatility.
While the basic philosophy underlying the firm's investment methodology has
remained intact throughout its history, the potential benefits of employing
more than one investment methodology, or in varying combinations, is a
subject of continual testing, review and evaluation. Extensive research may
suggest substitution of alternative investment methodologies with respect to
particular contracts in light of relative differences in historical
performance achieved through testing different methodologies. In addition,
risk management research and analysis may suggest modifications regarding the
relative weighting among various contracts, the addition or deletion of
particular contracts for a program or a change in the degree of position size
in relation to account equity employed. However, most investment programs
maintain a consistent portfolio composition to allow opportunities in as many
major market trends as possible.

                                       3
<Page>

                  All cash in a JWH(R) investment program is available to be
used to trade in a JWH(R) program. The amounts committed to margin will vary
from time to time. As capital in each JWH(R) trading program increases,
additional emphasis and weighting may be placed on certain markets which have
historically demonstrated the greatest liquidity and profitability. Furthermore,
the weighting of capital committed to various markets in the trading programs is
dynamic, and JWH(R) may vary the weighting at its discretion as market
conditions, liquidity, position limit considerations and other factors warrant.
MLIM AS LLC will generally not be informed of any such changes.

                  Adjustments to the size of positions taken in relation to
account equity have been and continue to be an integral part of JWH(R)'s
investment strategy. At its discretion, JWH(R) may adjust position size in
relation to account equity in certain markets or entire programs. Such
adjustments may be made at certain times for some accounts but not for
others. Factors which may affect the decision to adjust position size in
relation to account equity include: ongoing research; program volatility;
current market volatility; risk exposure; and subjective judgment and
evaluation of these and other general market conditions. Such decisions to
change the size of a position may positively or negatively affect
performance, and will alter risk exposure for an account. Position size in
relation to account equity adjustments may lead to greater profits or losses,
more frequent and larger margin calls and greater brokerage expense. No
assurance is given that such adjustments will be to the financial advantage
of investors in the Fund. JWH(R) reserves the right, at its sole discretion,
to adjust its position size in relation to account equity policy without
notification to MLIM AS LLC.

                  ADDITION, REDEMPTION AND REALLOCATION OF CAPITAL FOR
                  COMMODITY POOL OR FUND ACCOUNTS

                  Investors purchase or redeem Units at Net Asset Value on
the close of business on the last business day of the month. In order to
provide market exposure commensurate with the Fund's equity on the date of
these transactions, JWH(R)'s general practice is to adjust positions as near
as possible to the close of business on the last trading date of the month.
The intention is to provide for additions and redemptions at a Net Asset
Value that will be the same for each of these transactions, and to eliminate
possible variations in Net Asset Values that could occur as a result of
inter-day price changes if, for example, additions were calculated on the
first day of the subsequent month. Therefore, JWH(R) may, at its sole
discretion, adjust its investment of the assets associated with the addition
or redemption as near as possible to the close of business on the last
business day of the month to reflect the amount then available for trading.
Based on JWH(R)'s determination of liquidity or other market conditions,
JWH(R) may decide to commence trading earlier in the day on, or before, the
last business day of the month, or at its sole discretion, delay adjustments
to trading for an account to a date or time after the close of business on
the last day of the month. No assurance is given that JWH(R) will be able to
achieve the objectives described above in connection with Fund equity level
changes. The use of discretion by JWH(R) in the application of this procedure
may affect performance positively or negatively.

                  PHYSICAL AND CASH COMMODITIES

                  JWH(R) may from time to time trade in physical or cash
commodities for immediate or deferred delivery, including specifically gold
bullion, as well as futures and forward contracts when JWH(R) believes that cash
markets offer comparable or superior market liquidity or the ability to execute
transactions at a single price. The Commodity Futures Trading Commission
("CFTC") does not regulate cash transactions, which are subject to the risk of
counterparty failure, inability or refusal to perform with respect to such
contracts.

                  THE JOINT VENTURE AGREEMENT

                  The advisory arrangement between the Fund and JWH(R) is a
joint venture ("Joint Venture"), a general partnership structure. The Joint
Venture Agreement terminates December 31, 2002, subject to automatic one-year
renewals, unless either the Fund or JWH(R) elects not to renew.

                  The Fund has agreed to indemnify JWH(R) and related persons
for any claims or proceedings involving the business or activities of the Fund,
provided that the conduct of such persons does not constitute gross negligence,
misconduct or breach of the Joint Venture Agreement or of any fiduciary
obligation to the Fund and was done in good faith and in a manner reasonably
believed to be in, or not opposed to, the best interests of the Fund.

                  JWH(R) and related persons will not be liable to the Joint
Venture, the Fund or any of the Partners in connection with JWH(R)'s management
of the Fund's assets except (i) by reason of acts or omissions in breach of the
Joint Venture Agreement, (ii) due to their misconduct or negligence, or (iii) by
reason of not having acted in good faith and in

                                       4
<Page>

the reasonable belief that such actions or omissions were in, or not opposed to,
the best interests of the Fund. Mr. John W. Henry will not be liable except for
his fraud or willful misconduct.

                  JWH(R) has invested $100,000 in the Joint Venture.

                  The Fund and the Joint Venture are herein collectively
referred to as the "Fund" unless the context otherwise requires.

                  USE OF PROCEEDS AND CASH MANAGEMENT INCOME

                  SUBSCRIPTION PROCEEDS.

                  The Fund's assets are used as security for and to pay the
Fund's trading losses as well as its expenses and redemptions. The primary use
of the proceeds of the sale of the Units is to permit JWH(R) to trade on a
speculative basis in a wide range of different futures, forwards and options on
futures markets on behalf of the Fund. While being used for this purpose, the
Fund's assets are also generally available for cash management, as more fully
described below under "-- Available Assets."

                  MARKET SECTORS.

                  The Fund trades in a diversified group of markets under the
direction of JWH(R). JWH(R) can, and does, from time to time, materially alter
the allocation of its overall trading commitments among different market
sectors. Except in the case of certain trading programs which are purposefully
limited in the markets which they trade, there is essentially no restriction on
the commodity interests which may be traded by JWH(R) or the rapidity with which
JWH(R) may alter its market sector allocations.

                  MARKET TYPES.

                  The Fund trades on a variety of United States and foreign
futures exchanges. Substantially all of the Fund's off-exchange trading takes
place in the highly liquid, institutionally-based currency forward markets.

                  Many of the Fund's currency trades are executed in the spot
and forward foreign exchange markets (the "FX Markets") where there are no
direct execution costs. Instead, the participants, banks and dealers in the FX
Markets take a "spread" between the prices at which they are prepared to buy and
sell a particular currency and such spreads are built into the pricing of the
spot or forward contracts with the Fund.

                  In its exchange of futures for physical ("EFP") trading, the
Fund acquires cash currency positions through banks and dealers, including
Merrill Lynch. The Fund pays a spread when it exchanges these positions for
futures. This spread reflects, in part, the different settlement dates of the
cash and the futures contracts, as well as prevailing interest rates, but also
includes a pricing spread in favor of the banks and dealers, which may include a
Merrill Lynch entity.

                  As in the case of its market sector allocations, the Fund's
commitments to different types of markets -- U.S. and non-U.S., regulated and
unregulated -- differ substantially from time to time as well as over time. The
Fund has no policy restricting its relative commitments to any of these
different types of markets, although generally the bulk of the Fund's trading
takes place on regulated exchanges.

                  CUSTODY OF ASSETS.

                  All of the Fund's assets -- other than the assets held in a
custodial account as described below under "--The Fund's U.S. Dollar Available
Assets Included in the Commercial Paper Program" -- are currently held in
customer accounts at Merrill Lynch.

                  AVAILABLE ASSETS.

                  The Fund earns income, as described below, on its "Available
Assets," which can be generally described as the cash actually held by the Fund
or invested in Commercial Paper holdings. Available Assets are held primarily in
U.S. dollars or in U.S. dollar denominated securities issued by major U.S.
corporations and are comprised of the following: (a) the Fund's cash balances
held in the offset accounts (as described below) -- which include "open trade
equity" (unrealized gain and loss on open positions) on United States futures
contracts, which is paid into or out of the Fund's account on a daily basis; (b)
short-term Commercial Paper purchased by the Fund; and (c) the Fund's cash
balance in foreign currencies derived from its trading in non-U.S. dollar
denominated futures and options contracts, which includes open trade equity on
those exchanges which settle gains and losses on open positions in such
contracts

                                       5
<Page>

prior to closing out such positions. Available Assets do not include, and the
Fund does not earn interest on, the Fund's gains or losses on its open forward,
commodity option and certain foreign futures positions since such gains and
losses are not collected or paid until such positions are closed out.

                  The Fund's Available Assets may be greater than, less than or
equal to the Fund's Net Asset Value (on which the redemption value of the Units
is based) primarily because Net Asset Value reflects all gains and losses on
open positions as well as accrued but unpaid expenses.

                  THE FUND'S U.S. DOLLAR AVAILABLE ASSETS INCLUDED IN THE
                  COMMERCIAL PAPER PROGRAM.

                  Prior to June 2000, approximately 80% of the Fund's U.S.
dollar Available Assets were managed directly by MLIM, pursuant to guidelines
established by MLIM AS LLC for which MLIM assumed no responsibility, in the
Government Securities market. As of June 2000, the Government Securities were
liquidated and the management agreement with MLIM was terminated. Commercial
Paper was then purchased. MLPF&S acts as custodian for the cash assets utilized
in the Commercial Paper Program. As of December 31, 2001, the Fund did not hold
any Commercial Paper. MLIM may in the future direct the Commercial Paper
Program for the Fund.

                  INTEREST EARNED ON THE FUND'S U.S. DOLLAR AVAILABLE ASSETS NOT
                  INCLUDED IN THE COMMERCIAL PAPER PROGRAM.

                  The Fund's U.S. dollar Available Assets not included in the
Commercial Paper Program are held in cash in offset accounts and in short-term
Treasury bills purchased from dealers unaffiliated with Merrill Lynch. Offset
accounts are non-interest bearing demand deposit accounts maintained with banks
unaffiliated with Merrill Lynch. An integral feature of the offset arrangements
is that the participating banks specifically acknowledge that the offset
accounts are MLPF&S customer accounts, not subject to any Merrill Lynch
liability.

                  MLPF&S credits the Fund, as of the end of each month, with
interest at the effective prevailing 91-day Treasury bill rate on the average
daily U.S. dollar Available Assets held in the offset accounts during such
month. The Fund receives all interest paid on the short-term Treasury bills in
which it invests.

                  The use of the offset account arrangements for the Fund's U.S.
dollar Available Assets may be discontinued by Merrill Lynch whether or not
Merrill Lynch otherwise continues to maintain its offset arrangements. The
offset arrangements are dependent on the banks' continued willingness to make
overnight credits available to Merrill Lynch, which, in turn, is dependent on
the credit standing of Merrill Lynch. If Merrill Lynch were to determine that
the offset arrangements had ceased to be practicable (either because Merrill
Lynch credit lines at participating banks were exhausted or for any other
reason), Merrill Lynch would thereafter attempt to invest all of the Fund's U.S.
dollar Available Assets not included in the Commercial Paper Program to the
maximum practicable extent in short-term Treasury bills. All interest earned on
the U.S. dollar Available Assets so invested would be paid to the Fund, but MLIM
AS LLC would expect the amount of such interest to be less than that available
to the Fund under the offset account arrangements. The remaining U.S. dollar
Available Assets of the Fund not included in the Commercial Paper Program would
be kept in cash to meet variation margin payments and pay expenses, but would
not earn interest for the Fund.

                  The banks at which the offset accounts are maintained make
available to Merrill Lynch interest-free overnight credits, loans or overdrafts
in the amount of the Fund's U.S. dollar Available Assets held in the offset
accounts, charging Merrill Lynch a small fee for this service. The economic
benefits derived by Merrill Lynch -- net of the interest credits paid to the
Fund and the fee paid to the offset banks -- from the offset accounts have not
exceeded 0.75% per annum of the Fund's average daily U.S. dollar Available
Assets held in the offset accounts. These revenues to Merrill Lynch are in
addition to the Brokerage Commissions and Administrative Fees paid by the Fund
to MLPF&S and MLIM AS LLC, respectively.

                  INTEREST PAID BY MERRILL LYNCH ON THE FUND'S NON-U.S. DOLLAR
                  AVAILABLE ASSETS.

                  Under the single currency margining system implemented for the
Fund, the Fund itself does not deposit foreign currencies to margin trading in
non-U.S. dollar denominated futures contracts and options, if any. MLPF&S
provides the necessary margin, permitting the Fund to retain the monies which
would otherwise be required for such margin as part of the Fund's U.S. dollar
Available Assets. The Fund does not earn interest on foreign margin deposits
provided by MLPF&S. The Fund does, however, earn interest on its non-U.S. dollar
Available Assets. Specifically, the Fund is credited by Merrill Lynch with
interest at prevailing local short-term rates on realized and unrealized

                                       6
<Page>

gains on non-U.S. dollar denominated positions for such gains actually held in
cash by the Fund. Merrill Lynch charges the Fund Merrill Lynch's cost of
financing realized and unrealized losses on such positions.

                  The Fund holds foreign currency gains and finances foreign
currency losses on an interim basis until converted into U.S. dollars and either
paid into or out of the Fund's U.S. dollar Available Assets. Foreign currency
gains or losses on open positions are not converted into U.S. dollars until the
positions are closed. Assets of the Fund while held in foreign currencies are
subject to exchange rate risk.

         CHARGES

         The following table summarizes the charges incurred by the Fund during
2001, 2000 and 1999.

<Table>
<Caption>
                                                         2001            2000            1999
                                                      -------------------------------------------
                        CHARGES                         DOLLAR          DOLLAR          DOLLAR
                                                        AMOUNT          AMOUNT          AMOUNT
-------------------------------------------------------------------------------------------------
<S>                                                   <C>             <C>             <C>
Brokerage Commissions                                 $15,061,052     $21,916,843     $28,008,137

Administrative Fees                                       654,829         750,433         903,488

Ongoing
Offering Costs                                                 --         174,043         108,777
                                                      -------------------------------------------
Total                                                 $15,715,881     $22,841,319     $29,020,402
                                                      ===========================================
</Table>

                  In addition to the above charges, the Fund and JWH(R) share
in the profits of the Joint Venture based on equity provided that 20%,
increased from 15% on October 1, 2000, of the Joint Venture's quarterly New
Trading Profits are allocated to JWH(R). For the years ended December 31, 2001,
2000 and 1999, JWH (R) received a profit share allocation of $5,861,385,
$2,586,818 and $4,103,927 and earned interest of $124,838, $7,986 and $103,835
on such amounts, respectively.

                         DESCRIPTION OF CURRENT CHARGES

                  The Fund and the Fund/JWH(R) Joint Venture are subject to the
following charges and priority profit allocation (Profit Share):

<Table>
<Caption>
RECIPIENT            NATURE OF PAYMENT               AMOUNT OF PAYMENT
---------            -----------------               -----------------
<S>                  <C>                             <C>
MLPF&S               Brokerage commissions           A flat-rate, monthly Brokerage
                                                     Commissions of 0.479 of 1% of the Joint
                                                     Venture's month-end assets (a 5.75%
                                                     annual rate). Prior to October 1, 2000,
                                                     the rate was .646 of 1% per month (a
                                                     7.75% annual rate).

                                                     During 2001, 2000 and 1999, the
                                                     round-turn (each purchase and sale or
                                                     sale and purchase of a single futures
                                                     contract) equivalent rate of the Fund's
                                                     flat-rate Brokerage Commissions was
                                                     approximately $98, $121 and $264.


MLPF&S               Use of Fund assets              MLPF&S may derive certain economic
                                                     benefit from the deposit of certain of
                                                     the Fund's U.S. dollar Available Assets
                                                     not included in the Commercial Paper
                                                     Program in offset accounts.


MLIM AS LLC          Administrative Fee              A monthly Administrative Fee of .021 of
                                                     1% (a 0.25% annual rate) of the Joint
                                                     Venture's month-end assets is paid to
                                                     MLIM AS LLC, which pays all routine
                                                     administrative expenses of the Joint
                                                     Venture, other than

</Table>

                                       7
<Page>

<Table>
<S>                  <C>                             <C>
                                                     the Fund's ongoing offering costs.

MLIB; Other          Bid-ask spreads                 Bid-ask spreads on forward and related trades.
Counterparties

JWH(R)               Profit Share                    20%, increased from 15% on October 1,
                                                     2000, of any New Trading Profits (as the
                                                     Fund owns substantially all of the Joint
                                                     Venture, such special allocation
                                                     effectively is made out of Trading
                                                     Profits which the Fund would otherwise
                                                     have received).

                                                     As Profit Shares are calculated on the
                                                     basis of quarter-end highs in cumulative
                                                     Trading Profit, substantial Profit
                                                     Shares may (irrespective of the fact
                                                     that Units are purchased at different
                                                     times and prices, and may have
                                                     materially different investment
                                                     experiences during a year) be accrued
                                                     during a calendar year even though the
                                                     joint venture has an overall loss for
                                                     such year.


JWH(R)               Management Fees                 MLPF&S pays JWH(R) annual Management
                                                     Fees of 2%, reduced from 4% on October
                                                     1, 2000, of the Fund's average month-end
                                                     assets, after reduction for a portion of
                                                     the Brokerage Commissions.


MLPF&S; Other        Extraordinary expenses          Actual payments to third parties; none
Third Parties                                        paid to date.

MLIM AS LLC          Ongoing offering                Actual costs incurred.
                     costs reimbursement

</Table>

                  REGULATION

                  MLIM AS LLC, JWH(R) and MLPF&S are each subject to
regulation by the CFTC and the NFA. Other than in respect of its periodic
reporting requirements under the Securities Exchange Act of 1934, and the
registration of the Units for continuous public distribution under the
Securities Act of 1933, the Fund itself is generally not subject to
regulation by the Securities and Exchange Commission (the "SEC"). However,
MLIM AS LLC itself is registered as an "investment adviser" under the
Investment Advisers Act of 1940. MLPF&S also regulated by the SEC and the
National Association of Securities Dealers.

                  (i) through (xii) -- not applicable.

                  (xiii)  The Fund has no employees.

         (d)      FINANCIAL INFORMATION ABOUT GEOGRAPHIC AREAS:

                  The Fund and the Joint Venture do not engage in material
operations in foreign countries, nor is a material portion of the Fund's
revenues derived from customers in foreign countries. The Fund does, however,
trade from the United States on a number of foreign commodity exchanges. The
Fund does not engage in the sales of goods or services.

ITEM 2:  PROPERTIES

                  The Fund does not use any physical properties in the conduct
of its business.

                  The Fund's only place of business is the place of business of
the MLIM AS LLC (MLIM Alternative Strategies LLC, Princeton Corporate Campus,
800 Scudders Mill Road - Section 2G, Plainsboro, New Jersey 08536). MLIM AS LLC
performs all administrative services for the Fund from MLIM AS LLC's offices.

ITEM 3:  LEGAL PROCEEDINGS

         JWH(R)

                                       8
<Page>

                  There neither now exists nor has there previously ever been
any material administrative, civil or criminal action against JWH(R) or its
principals.

         MERRILL LYNCH

                  Merrill Lynch -- a partner of MLIM (which is the sole
member of MLIM AS LLC, and MLPF&S and the 100% indirect owner of all Merrill
Lynch entities involved in the operation of the Fund) -- as well as certain
of its subsidiaries and affiliates have been named as defendants in civil
actions, arbitration proceedings and claims arising out of their respective
business activities. Although the ultimate outcome of these actions cannot be
predicted at this time and the results of legal proceedings cannot be
predicted with certainty, it is the opinion of management that the result of
these matters will not be materially adverse to the business operations or
financial condition of MLIM AS LLC or the Fund.

                  MLIM AS LLC itself has never been the subject of any material
litigation.

ITEM 4:  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

                  The Fund has never submitted any matter to a vote of its
Limited Partners.

                                     PART II

ITEM 5:  MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS

Item 5(a)

         (a)      MARKET INFORMATION:

                  There is no established public trading market for the Units,
nor will one develop. Limited Partners may redeem Units as of the end of each
month at Net Asset Value, subject to certain early redemption charges.

         (b)      HOLDERS:

                  As of December 31, 2001, there were 6,205 holders of Units,
including MLIM AS LLC.

         (c)      DIVIDENDS:

                  MLIM AS LLC has not made, and does not contemplate making,
any distributions on the Units.

         (d)      RECENT SALES OF UNREGISTERED SECURITIES; USE OF PROCEEDS FROM
                  REGISTERED SECURITIES:

                  The Fund originally registered 2,000,000 units of limited
partnership interest. The Fund subsequently registered an additional 2,960,000
units of limited partnership interest. As of December 31, 2001, the Fund has
sold 3,601,811 units of limited partnership interest, with an aggregate price of
$460,282,132.

Item 5(b)

                  Not applicable.

                                       9
<Page>

ITEM 6:  SELECTED FINANCIAL DATA

         The following selected financial data has been derived from the audited
consolidated financial statements of the Fund:

<Table>
<Caption>
                                                                         FOR THE YEAR ENDED DECEMBER 31,
INCOME STATEMENT DATA                               2001            2000            1999             1998             1997
-------------------------------------------------------------------------------------------------------------------------------
<S>                                          <C>              <C>             <C>              <C>              <C>
Revenues

Trading Profits (Loss):
    Realized                                   $ 43,747,023     $ 9,945,923      $ 9,335,723     $ 35,957,735     $ 18,820,033
    Change in Unrealized                        (35,627,391)     38,113,338      (14,570,342)      12,141,395       10,201,917
                                             ---------------  --------------  ---------------  ---------------  ---------------
    Total Trading Results                         8,119,632      48,059,261       (5,234,619)      48,099,130       29,021,950

Interest Income                                   9,573,671      17,179,996       17,854,409       12,766,955       12,021,263
                                             ---------------  --------------  ---------------  ---------------  ---------------
    Total Revenues                               17,693,303      65,239,257       12,619,790       60,866,085       41,043,213
                                             ---------------  --------------  ---------------  ---------------  ---------------
Expenses:
    Brokerage Commissions                        15,061,052      21,916,843       28,008,137       19,086,026       17,377,236
    Administrative Fees                             654,829         750,433          903,488          615,678          560,556
    Ongoing Offering Costs                                -         174,043          108,777                -                -
                                             ---------------  --------------  ---------------  ---------------  ---------------
    Total Expenses                               15,715,881      22,841,319       29,020,402       19,701,704       17,937,792
                                             ---------------  --------------  ---------------  ---------------  ---------------

Income (Loss) before Minority Interest and
Profit Share Allocation                           1,977,422      42,397,938      (16,400,612)      41,164,381       23,105,421
Profit Share Allocation                          (5,986,223)     (2,594,804)      (4,207,762)      (5,436,351)      (2,640,194)
Minority Interest in Income (Loss)                    3,746         (27,502)           7,926          (19,071)         (12,447)
                                             ---------------  --------------  ---------------  ---------------  ---------------

Net Income (Loss)                              $ (4,005,055)   $ 39,775,632    $ (20,600,448)    $ 35,708,959     $ 20,452,780
                                             ===============  ==============  ===============  ===============  ===============
</Table>

<Table>
<Caption>
                                              DECEMBER 31,    DECEMBER 31,      DECEMBER 31,     DECEMBER 31,      DECEMBER 31,
BALANCE SHEET DATA                                2001            2000              1999             1998              1997*
-----------------------------------------------------------------------------------------------------------------------------------
<S>                                          <C>             <C>               <C>               <C>              <C>
Fund Net Asset Value                         $ 253,976,990   $ 283,167,270     $ 360,219,859     $ 314,512,911    $ 223,735,828
Net Asset Value per Unit                          $ 169.97        $ 173.69          $ 146.40          $ 154.34         $ 135.40
                                             --------------------------------------------------------------------------------------
</Table>


* Balance sheet data is based on redemption values which differ immaterially
from Net Asset Values as determined under Generally Accepted Accounting
Principles ("GAAP") due to the treatment of organizational and initial offering
cost reimbursements.

<Table>
<Caption>
                                               MONTH-END NET ASSET VALUE PER UNIT
------------------------------------------------------------------------------------------------------------------------
          JAN.     FEB.     MAR.      APR.     MAY      JUNE      JULY     AUG.     SEPT.     OCT.     NOV.     DEC.
------------------------------------------------------------------------------------------------------------------------
<S>      <C>      <C>       <C>      <C>      <C>       <C>      <C>      <C>       <C>      <C>      <C>       <C>
   1997  $126.87  $126.83   $126.92  $126.34  $122.41   $122.74  $131.47  $127.12   $126.28  $129.54  $130.80   $135.40

   1998  $133.35  $132.47   $133.48  $128.97  $134.18   $132.11  $130.50  $143.13   $153.91  $155.19  $142.61   $154.34

   1999  $149.98  $153.82   $152.11  $158.66  $158.41   $164.26  $159.64  $159.75   $156.13  $143.66  $146.91   $146.40

   2000  $147.98  $149.61   $143.39  $141.10  $139.63   $134.11  $129.33  $134.06   $124.33  $131.37  $148.57   $173.69

   2001  $172.60  $171.38   $190.83  $172.29  $176.63   $168.12  $161.28  $170.97   $175.99  $183.39  $156.62   $169.97
</Table>

                  Prior to June 30, 1998, the Net Asset Value per Unit varies
from how it would be calculated for purposes of GAAP due to the amortization of
organizational and initial offering costs.

                                       10
<Page>

                      ML JWH STRATEGIC ALLOCATION FUND L.P.
                                DECEMBER 31, 2001

   TYPE OF POOL: Single-Advisor/Publicly-Offered/Not "Principal Protected"(1)
                       INCEPTION OF TRADING: July 15, 1996
                      AGGREGATE SUBSCRIPTIONS: $460,282,132
                      CURRENT CAPITALIZATION: $253,976,990
                   WORST MONTHLY DRAWDOWN:(2) (14.60)% (11/01)
            WORST PEAK-TO-VALLEY DRAWDOWN:(3) (24.34)% (7/99 - 9/00)

<Table>
<Caption>
                                          MONTHLY RATES OF RETURN(4)
-----------------------------------------------------------------------------------
MONTH                              2001       2000      1999       1998      1997
-----------------------------------------------------------------------------------
<S>                               <C>        <C>       <C>        <C>       <C>
January                           (0.63)%     1.08%    (2.82)%    (1.51)%    3.01%
February                          (0.70)      1.10      2.56      (0.66)    (0.03)
March                             11.35      (4.16)    (1.11)      0.77      0.07
April                             (9.71)     (1.59)     4.30      (3.38)    (0.46)
May                                2.51      (1.04)    (0.15)      4.04     (3.11)
June                              (4.81)     (3.95)     3.69      (1.54)     0.27
July                              (4.07)     (3.56)    (2.81)     (1.22)     7.11
August                             6.00       3.65      0.07       9.68     (3.31)
September                          2.94      (7.26)    (2.26)      7.53     (0.66)
October                            4.20       5.66     (7.99)      0.83      2.58
November                         (14.60)     13.10      2.26      (8.11)     0.97
December                           8.52      16.91     (0.35)      8.23      3.52
Compound Annual
Rate of Return                    (2.15)%    18.65%    (5.15)%    14.00%     9.93%
-----------------------------------------------------------------------------------
</Table>

                            -------------------------

                  (1) Certain funds, including funds sponsored by MLIM AS LLC,
are structured so as to guarantee to investors that their investment will be
worth no less than a specified amount (typically, the amount initially invested)
as of a date certain after the date of investment. The CFTC refers to such funds
as "Principal Protected." The Fund has no such feature.

                  (2) Worst Monthly Drawdown represents the largest negative
Monthly Rate of Return experienced by the Fund; a Drawdown is measured on the
basis of month-end Net Asset Value only, and does not reflect intra-month
figures.

                  (3) Worst Peak-to-Valley Drawdown represents the greatest
percentage decline from a month-end cumulative Monthly Rate of Return without
such cumulative Monthly Rate of Return being equaled or exceeded as of a
subsequent month-end. For example, if the Monthly Rate of Return was (1)% in
each of January and February, 1% in March and (2)% in April, the Peak-to-Valley
Drawdown would still be continuing at the end of April in the amount of
approximately (3)%, whereas if the Monthly Rate of Return had been approximately
3% in March, the Peak-to-Valley Drawdown would have ended as of the end of
February at approximately the (2)% level.

                  (4) Monthly Rate of Return is the net performance of the Fund
during the month of determination (including interest income and after all
expenses accrued or paid) divided by the total equity of the Fund as of the
beginning of such month.

                                       11
<Page>

ITEM 7: MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
        OF OPERATIONS

RESULTS OF OPERATIONS

GENERAL

                  Because JWH(R)'s systems are designed with the objective of
identifying and profiting from long-term price trends, they are unlikely to be
profitable in markets in which such trends do not occur. Static or erratic
prices are likely to result in losses. Similarly, unexpected events (for
example, a political upheaval, natural disaster or governmental intervention)
can lead to major short-term losses as well as gains.

                  While there can be no assurance that the JWH(R) Programs will
be profitable even in trending markets, markets in which substantial and
sustained price movements occur offer the best profit potential for the Fund.

PERFORMANCE SUMMARY

2001
<Table>
<S>                                                 <C>
Interest Rates and Stock Indices                    $  19,655,619
Commodities                                              (285,766)
Currencies                                             10,770,691
Energy                                                (18,991,683)
Metals                                                 (3,029,229)
                                                    --------------
                                                     $  8,119,632
                                                    ==============
</Table>

                  The Fund's overall trading strategy was successful. Gains
realized in the interest rate, stock index and currency sectors while
significant losses were realized in the energy sector.

                  Interest rate trading was the biggest contributor to the
Partnership's overall profitability. Bonds generally benefited from the
weakness in the equity markets. Gains were realized early on in short-term
interest rates on European Central Bank easing and a massive rally in
Japanese government bonds as the Japanese economy showed signs of sputtering.
Substantial losses occurred in mid year as the Eurobund market and the U.S.
interest rate complex proved tough to trade. Gains were realized post
September 11, particularly in the European and U.S. sub-sectors.

                  Currency trading was also successful. Losses were sustained
early on, as the Euro tumbled to two-month lows against the U.S. dollar in
the wake of Turkey's lira currency float. By March, strength in the U.S.
dollar led to strong profits in Japanese yen, Euro, Swiss franc and British
pound. At year-end, substantial gains were posted with the Japanese yen as
the driving factor.

                  Trading in stock indices was profitable. Short positions
were profitable as the NASDAQ reached a one-year low in February and the
Nikkei 225 reached a 15-year low also in February. Even as across the board
volatility and a decline in global equity markets continued through the year,
the Fund's short positions in most markets were profitable.

                  Agricultural commodities trading was unprofitable for the
Fund. Corn and sugar contracts were the primary performance for losses early
in the year. Sugar positions rebounded from earlier losses to post gains by
June. Trading in general fluctuated for the remainder of the year, leading to
overall losses.

                  Metals trading was not successful despite early gains
realized from gold positions amid the Bank of England sale. Losses from gold
positions continued until September 11, but rebounded strongly as investors
flocked to it as a safe haven. Silver and aluminum positions contributed to
the strategy's overall losses at year-end.

                  Trading in the energy markets resulted in significant
losses for the Fund. Losses on short positions occurred when U.S. oil price
gained more than $2 a barrel on OPEC's announcement that it would cut
production by 1.5 million barrels a day and a follow-up announcement that it
may need to cut production again on concern of a cooling economy may reduce
demand for oil products. Contracts in crude oil and heating oil were
unprofitable in April and June. Natural gas positions were unprofitable in
October.

2000

<Table>
<S>                                                   <C>
Interest Rates and Stock Indices                      $ 5,135,234
Commodities                                            (1,255,021)
Currencies                                             20,534,901
Energy                                                 34,180,035
Metals                                                (10,535,888)
                                             ---------------------
                                                     $ 48,059,261
                                             =====================
</Table>

                  The Fund's trading strategy was strong in November and
December leaving the Fund profitable for the year ended December 31, 2000 as
gains were realized in energies, currencies, interest rates and stock indices,
while losses were incurred in metals and commodities. Energy prices soared
higher on supply restrictions by OPEC. Positions in currencies were profitable
as the Euro and Japanese yen slumped in the fourth quarter to the advantage of
longer-term trend followers. Interest rates and stock indices markets were
slightly profitable despite erratic and volatile conditions. The metals markets
were unprofitable as gold prices continued to slide from February highs.
Burdensome world sugar supplies led to losses in the commodities markets.

                  Energy trading produced the largest gains for 2000. Crude and
heating oil prices surged early in the year as heating demand rose due to
inclement weather. Continued supply restrictions by OPEC raised the price of oil
to new highs, surpassing $30 per barrel for the first time since the Gulf War.
Prices continued to surge in the second quarter on worries of new standards for
reformulated gasoline. Energy costs remained high and were subject to increased
volatility in the third quarter on low U.S. oil reserves. By year end, the
imbalance between low supply and high demand for crude oil and natural gas
compounded by harsh winter weather supported high price trends.

                  Currencies trading posted strong gains late in the year.
Currency trading provided modest gains early in the year as the dollar rose
against the British pound and the Japanese yen. The Japanese yen continued
its depreciation despite the Bank of Japan's efforts to support it. Euro
positions continued to struggle despite improving European economic data
while the resilient U.S. economy attracted foreign capital. By year end, the
dollar continued its rally versus the Euro and the Japanese yen slumped to a
16 month low against the dollar on growing pessimism about Japan's economic
outlook.

                  Interest rates and stock indices markets posted modest
gains for the year. Gains were realized on short positions in the Nikkei 225
index as the index reached its two year low. Losses were incurred as
investors sold high technology issues, leading to losses in the NASDAQ Stock
index. Interest rate trading was profitable as the Fund capitalized on the
beginnings of a strong trend in interest rates. By year end, both the short
and long end of the U.S. yield curve were profitable, providing a strong
finish for the sector.

                                       12
<Page>

                  Agricultural commodities posted modest losses for the year.
Coffee prices were lower early on due to an oversupplied market. Brazil issued a
report which indicated 2000/01 sugar production would have a significant drop
due to the prior year's inclement weather. Sugar prices rose amid smaller than
expected world harvests and greater demand in Asia.

                  Metals trading was unprofitable. After reaching a February
high, gold prices fell nearly 10% as the Bank of France indicated that it might
sell gold reserves. Gold prices rebounded slightly in the third quarter. Losses
were also incurred in the aluminum, copper and nickel sectors. Copper prices
suffered from weaker than usual sale at year end.

1999

<Table>
<S>                                                 <C>
Interest Rates and Stock Indices                    $ (34,470,825)
Commodities                                            (4,165,419)
Currencies                                             27,765,382
Energy                                                 27,637,758
Metals                                                (22,001,515)
                                             ---------------------
                                                     $ (5,234,619)
                                             =====================
</Table>


                  The Fund finished 1999 with gains in currencies and
energies and losses in agricultural commodities, metals, interest rates and
stock indices. Decreasing world inventories for oil pushed prices to some of
their highest levels seen since the Gulf War. Positions in currencies were
profitable as the yen appreciated throughout most of the year and the Euro
continued a downward bias since its inception. The announcement by European
Central Banks to limit gold sales resulted in a spike in the gold market that
proved unprofitable and diminished market liquidity. The Fund also suffered
losses in Australian and Asian interest rates from volatile and uncertain
market conditions.

                  Currency trading produced the largest gains during 1999 for
the Fund. The first half of the year saw profitable positions in the Japanese
yen and Euro trading, which outweighed small losses in the British pound and
the Australian dollar. The continuation of the strong U.S. dollar, especially
relative to the new Euro, offset losses in other markets. The second half of
the year produced mixed results, as profitable trading in the Japanese yen
were offset by losses in European and emerging currency trading. Long
Japanese yen positions resulted in strong gains as the prospect of continued
economic recovery boosted share prices in Japan and the Japanese yen
appreciated against the U.S. dollar. Euro currency trading sustained losses
as it continued to trade in the same choppy pattern that has been evident
during most of 1999.

                  Energy trading produced strong gains during 1999. The Fund
profited from long positions in crude oil, gasoil and unleaded gas positions as
OPEC cut production to 1.716 million barrels per day and this resulted in higher
prices for crude. Near the end of the year, there was a continued upward
momentum in crude oil reflecting the tightening between supply and demand and
prices hitting ten-year highs.

                  Trading in agricultural commodities was unprofitable
overall for the Fund in 1999. Losses in coffee, corn, sugar and cotton,
outweighed small gains in coffee, soybean and cocoa during the first half of
the year. Agricultural commodities were weak almost across the board as they
were saddled with supply/demand imbalances and unpredictable weather
throughout the world. Despite a severe drought, Brazil issued higher than
expected crop projections, this coupled the anticipation of supply/demand
imbalance for coffee from an expected 2000-2001 bumper crop pushed coffee
prices lower during the fourth quarter.

                  Metals trading generated large losses for the Fund in 1999 as
losses in copper, nickel and silver offset gains in aluminum and gold. Gold had
failed to maintain its status as a safety vehicle and a monetary asset during
the

                                       13
<Page>


first half of 1999. In early June, gold had reached its lowest level in over 20
years. A major statement from the president of the European Central Bank stated
that the member banks had agreed not to expand their gold lending. This sent
gold prices sharply higher in late September. Short positions in gold resulted
in losses as prices hit multi-year highs. Early in the year, burdensome
warehouse stocks and questionable demand prospects weighed on base metals as
aluminum fell to a five-year low and copper fell to nearly an 11-year low. The
economic scenario for Asia, Brazil, Europe and emerging market nations helped to
keep copper and other base metals on the defensive as demand receded with
virtually no supply side response in the second quarter. A substantial increase
in Chinese imports combined with the recovery in the rest of Asia and Europe had
significantly improved demand for aluminum pushing prices higher during
December.

                  Stock index trading was unprofitable for the Fund in 1999. The
first half of the year saw gains in the Nikkei 225, slightly outweigh losses in
the All Ordinaries and the FTSE 100. The Nikkei 225 index continued to show
upward trends during the first half of the year in response to the economic
numbers that suggested the Japanese economy was firming. The second half of the
year produced losses that offset the gains from the first half of 1999. Stock
indices continued volatile and choppy trading throughout the remainder of the
year as losses in the FTSE 100 and All Ordinaries greatly offset gains in the
Nikkei 225.

                  Interest rate trading was volatile during the year as the
Federal Reserve raised interest rates three times and the Japanese government's
continued desire to keep short term rates at zero loomed over the markets
throughout the year. Interest rates generated the largest losses for the Fund in
1999. Early in the year, the yield on the Japanese government ten-year bond
increased to 1.8%, sharply above the record low of 0.695% it reached on October
7, 1998. This was triggered by the Japanese Trust Fund Bureau's decision to
absorb a smaller share of future issues, leaving the burden of financing future
budget deficits to the private sector. The second half of the year saw losses in
both the short and long end of the U.S. yield curve as the bond markets were
bearish after the Federal Reserve raised rates and the potential for more rates
hikes in 2000. Also, the long end of the Japanese yield curve and short end of
the Eurodollar yield curve generated losses during the fourth quarter.

LIQUIDITY; CAPITAL RESOURCES

                  The Fund borrows only to a limited extent and only on a
strictly short-term basis in order to finance losses on non-U.S. dollar
denominated trading positions pending the conversion of the Fund's U.S. dollar
deposits. These borrowings are at a prevailing short-term rate in the relevant
currency.

                  Inflation by itself does not affect profitability, but it can
cause price movements that do so.

                  The Fund's assets and open positions are generally highly
liquid.

                                 ---------------

                  The Fund changes its positions and market focus frequently.
Consequently, the fact that the Fund realized gains or incurred losses in
certain markets (gold, stock indices, currencies, etc.) in the past is not
necessarily indicative of whether the Fund will do so in the future.

ITEM 7A: QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

INTRODUCTION

                  The Fund is a speculative commodity pool. The market sensitive
instruments held by it are acquired for speculative trading purposes, and all or
substantially all of the Fund's assets are subject to the risk of trading loss.
Unlike an operating company, the risk of market sensitive instruments is
integral, not incidental, to the Fund's main line of business.

                  Market movements result in frequent changes in the fair market
value of the Fund's open positions and, consequently, in its earnings and cash
flow. The Fund's market risk is influenced by a wide variety of factors,
including the level and volatility of interest rates, exchange rates, equity
price levels, the market value of financial

                                       14
<Page>

instruments and contracts, the diversification effects among the Fund's open
positions and the liquidity of the markets in which it trades.

                  The Fund, under the direction of JWH(R), rapidly acquires and
liquidates both long and short positions in a wide range of different markets.
Consequently, it is not possible to predict how a possible future market
scenario will affect performance, and the Fund's past performance is not
necessarily indicative of its future results.

                  Value at Risk is a measure of the maximum amount which the
Fund could reasonably be expected to lose in a given market sector. However, the
inherent uncertainty of the Fund's speculative trading and the recurrence in the
markets traded by the Fund of market movements far exceeding expectations could
result in actual trading or non-trading losses far beyond the indicated Value at
Risk or the Fund's experience to date (i.e., "risk of ruin"). In light of the
foregoing as well as the risks and uncertainties intrinsic to all future
projections, the inclusion of the quantification in this section should not be
considered to constitute any assurance or representation that the Fund's losses
in any market sector will be limited to Value at Risk or by the Fund's attempts
to manage its market risk.

QUANTIFYING THE FUND'S TRADING VALUE AT RISK

                  QUANTITATIVE FORWARD-LOOKING STATEMENTS

                  The following quantitative disclosures regarding the Fund's
market risk exposures contain "forward-looking statements" within the meaning of
the safe harbor from civil liability provided for 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 the Securities Exchange Act of 1934).
All quantitative disclosures in this section are deemed to be forward-looking
statements for purposes of the safe harbor, except for statements of historical
fact.

                  The Fund's risk exposure in the various market sectors traded
by JWH(R) is quantified below in terms of Value at Risk. Due to the Fund's
mark-to-market accounting, any loss in the fair value of the Fund's open
positions is directly reflected in the Fund's earnings (realized or unrealized)
and cash flow (at least in the case of exchange-traded contracts in which
profits and losses on open positions are settled daily through variation
margin).

                  Exchange maintenance margin requirements have been used by the
Fund as the measure of its Value at Risk. Maintenance margin requirements are
set by exchanges to equal or exceed the 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 (approximately one year, generally) researched for
purposes of establishing margin levels. The maintenance margin levels are
established by dealers and exchanges using historical price studies as well as
an assessment of current market volatility (including the implied volatility of
the options on a given futures contract) and economic fundamentals to provide a
probabilistic estimate of the maximum expected near-term one-day price
fluctuation.

                  In the case of market sensitive instruments which are not
exchange-traded (almost exclusively currencies in the case of the Fund), the
margin requirements for the equivalent futures positions have been used as Value
at Risk. In those rare cases in which a futures-equivalent margin is not
available, dealers' margins have been used.

                  100% positive correlation in the different positions held in
each market risk category has been assumed. Consequently, the margin
requirements applicable to the open contracts have been aggregated to determine
each trading category's aggregate Value at Risk. The diversification effects
(which would reduce the Value at Risk estimates) resulting from the fact that
the Fund's positions are rarely, if ever, 100% positively correlated have not
been reflected.

THE FUND'S TRADING VALUE AT RISK IN DIFFERENT MARKET SECTORS

                  The following table indicates the average, highest, and lowest
trading Value at Risk associated with the Fund's open positions by market
category for the fiscal year 2001. During the fiscal year 2001, the Fund's
average capitalization was approximately $257,523,703. During the fiscal year
2000, the Fund's average capitalization was approximately $290,101,378.

                                       15
<Page>

<Table>
<Caption>
                                                         DECEMBER 31, 2001
                                                         -----------------
                        AVERAGE VALUE         % OF AVERAGE         HIGHEST VALUE       LOWEST VALUE
MARKET SECTOR              AT RISK           CAPITALIZATION           AT RISK             AT RISK
                      ------------------   ------------------   ------------------   -----------------
<S>                   <C>                  <C>                  <C>                  <C>
Interest Rates             11,341,553             4.40%             15,415,938            4,063,866
Currencies                 12,972,842             5.04%             21,052,191            8,888,944
Stock Indices               4,591,785             1.78%              5,976,913            2,768,978
Metals                      2,204,417             0.86%              2,587,900            1,641,300
Commodities                 1,728,274             0.67%              1,899,426            1,392,352
Energy                      4,967,390             1.93%              6,207,900            2,025,120
                       ---------------      ---------------      ---------------      ---------------
             Total         37,806,261            14.68%             53,140,268           20,780,560
                       ===============      ===============      ===============      ===============
</Table>

<Table>
<Caption>
                                                         DECEMBER 31, 2000
                                                         -----------------
                        AVERAGE VALUE         % OF AVERAGE         HIGHEST VALUE       LOWEST VALUE
MARKET SECTOR              AT RISK           CAPITALIZATION           AT RISK             AT RISK
                      ------------------   ------------------   ------------------   -----------------
<S>                   <C>                  <C>                  <C>                  <C>
Interest Rates             15,675,747            5.40%              18,496,997           10,268,729
Currencies                 15,842,697            5.46%              21,932,192           10,593,047
Stock Indices               5,256,667            1.81%               6,371,507            3,064,164
Metals                      3,316,354            1.14%               5,395,000            1,975,750
Commodities                 2,580,252            0.89%               4,074,413            1,601,205
Energy                      6,913,998            2.38%               9,427,200            5,408,460
                      ----------------      --------------       ---------------      ---------------
             Total         49,585,715           17.09%              65,697,309           32,911,355
                      ================      ==============       ===============      ===============
</Table>

Material Limitations on Value at Risk as an Assessment of Market Risk

                  The face value of the market sector instruments held by the
Fund is typically many times the applicable maintenance margin requirement
(maintenance margin requirements generally ranging between approximately 1% and
10% of contract face value) as well as many times the capitalization of the
Fund. The magnitude of the Fund's open positions creates a "risk of ruin" not
typically found in most other investment vehicles. Because of the size of its
positions, certain market conditions -- unusual, but historically recurring from
time to time -- could cause the Fund to incur severe losses over a short period
of time. Even comparatively minor losses could cause MLIM AS LLC to further
deleverage or terminate the Fund's trading. The foregoing Value at Risk table --
as well as the past performance of the Fund -- give no indication of this "risk
of ruin."

Non-Trading Risk

Foreign Currency Balances; Cash on Deposit with MLPF&S

                  The Fund controls the non-trading exchange rate risk of its
foreign currency balances by regularly converting its foreign currency balances
back into U.S. dollars on a weekly basis.

                  The Fund also has non-trading market risk on the approximately
20% of its assets which are held in cash at MLPF&S. The value of this cash is
not interest rate sensitive, but there is cash flow risk in that if interest
rates decline so will the cash flow generated on these monies.

CASH MANAGEMENT

                  Prior to June 2000, the Fund invested a portion of its
assets in Government Securities. Effective June 2000, the Fund liquidated the
Government Securities held and now can invest a portion of its assets in
Commercial Paper. As of December 31, 2001, the Fund did not hold any
Commercial Paper.

QUALITATIVE DISCLOSURES REGARDING PRIMARY TRADING RISK EXPOSURES

                                       16
<Page>

                  The following qualitative disclosures regarding the Fund's
market risk exposures -- except for (i) those disclosures that are statements
of historical fact and (ii) the descriptions of how the Fund manages its
primary market risk exposures -- constitute forward-looking statements within
the meaning of Section 27A of the Securities Act and Section 21E of the
Securities Exchange Act. The Fund's primary market risk exposures as well as
the strategies used and to be used by MLIM AS LLC and JWH(R) for managing such
exposures are subject to numerous uncertainties, contingencies and risks, any
one of which could cause the actual results of the Fund's risk controls to
differ materially from the objectives of such strategies. Government
interventions, defaults and expropriations, illiquid markets, the emergence
of dominant fundamental factors, political upheavals, changes in historical
price relationships, an influx of new market participants, increased
regulation and many other factors could result in material losses as well as
in material changes to the risk exposures and the risk management strategies
of the Fund. There can be no assurance that the Fund's current market
exposure and/or risk management strategies will not change materially or that
any such strategies will be effective in either the short- or long-term.
Investors must be prepared to lose all or substantially all of the time value
of their investment in the Fund.

                  The following were the primary trading risk exposures of the
Fund as of December 31, 2001, by market sector.

                  INTEREST RATES.

                  Interest rate risk is the principal market exposure of the
Fund. Interest rate movements directly affect the price of derivative sovereign
bond positions held by the Fund and indirectly the value of its stock index and
currency positions. Interest rate movements in one country, as well as relative
interest rate movements between countries, materially impact the Fund's
profitability. The Fund's primary interest rate exposure is to interest rate
fluctuations in the United States and the other G-7 countries. However, the Fund
also takes positions in the government debt of smaller nations -- e.g., New
Zealand and Australia. MLIM AS LLC anticipates that G-7 interest rates will
remain the primary market exposure of the Fund for the foreseeable future.

                  CURRENCIES.

                  The Fund trades in a large number of currencies. However,
the Fund's major exposures have typically been in the U.S. dollar/Japanese
yen, U.S. dollar/Euro and U.S. dollar/British pound positions. MLIM AS LLC
does not anticipate that the risk profile of the Fund's currency sector will
change significantly in the future. The currency trading Value at Risk figure
includes foreign margin amounts converted into U.S. dollars with an
incremental adjustment to reflect the exchange rate risk of maintaining Value
at Risk in a functional currency other than U.S. dollars.

                  STOCK INDICES.

                  The Fund's primary equity exposure is to G-7 equity index
price movements. As of December 31, 2001, the Fund's primary exposures were in
the S&P 500, Financial Times (England), Nikkei (Japan) and DAX (Germany) stock
indices. MLIM AS LLC anticipates little, if any, trading in non-G-7 stock
indices. The Fund is primarily exposed to the risk of adverse price trends or
static markets in the major U.S., European and Asian indices.

                  METALS.

                  The Fund's primary metals market exposure is to
fluctuations in the price of gold. Although JWH(R) trades base metals such as
aluminum, copper and zinc, the principal market exposures of the Fund have
consistently been in the precious metals, gold and silver. However, gold
prices have remained volatile over this period, and JWH(R) has from time to
time taken substantial positions as it has perceived market opportunities to
develop. MLIM AS LLC anticipates that gold will remain the primary metals
market exposure for the Fund.

                  COMMODITIES.

                                       17
<Page>

                  The Fund's primary commodities exposure is to agricultural
price movements, which are often directly affected by severe or unexpected
weather conditions. Corn and soy oil accounted for the substantial bulk of the
Fund's commodities exposure as of December 31, 2001. In the past, the Fund
has had material market exposure to coffee and live cattle and may do so
again in the future. However, MLIM AS LLC anticipates that JWH(R) will
maintain an emphasis on soybeans, grains, coffee and sugar, in which the Fund
has historically taken its largest positions.

                  ENERGY.

                  The Fund's primary energy market exposure is to gas and oil
price movements, often resulting from political developments in the Middle East.
Although JWH(R) trades natural gas to a limited extent, oil is by far the
dominant energy market exposure of the Fund. Oil prices can be volatile and
substantial profits and losses have been and are expected to continue to be
experienced in this market.

QUALITATIVE DISCLOSURES REGARDING NON-TRADING RISK EXPOSURE

                  The following were the only non-trading risk exposures of the
Fund as of December 31, 2001.

                  FOREIGN CURRENCY BALANCES.
                  The Fund's primary foreign currency balances are in Japanese
yen, Euros and British pounds.

                  SECURITIES POSITIONS.

                  Effective June 1, 2000, the Fund can invest in interest
bearing Commercial Papers generally with 30, 60 and 90 day maturities, which
it holds to maturity. As of December 31, 2001, the Fund did not hold any
Commercial Paper.

QUALITATIVE DISCLOSURES REGARDING MEANS OF MANAGING RISK EXPOSURE

TRADING RISK

                  MLIM AS LLC has procedures in place intended to control market
risk, although there can be no assurance that they will, in fact, succeed in
doing so. While MLIM AS LLC does not itself intervene in the markets to hedge or
diversify the Fund's market exposure, MLIM AS 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 and trading policies or to be trading
erratically, MLIM AS LLC's basic risk control procedures consist simply of the
ongoing process of monitoring JWH(R) with the market risk controls being applied
by JWH(R) itself.

RISK MANAGEMENT

                  JWH(R) attempts to control risk in all aspects of the
investment process -- from confirmation of a trend to determining the optimal
exposure in a given market, and to money management issues such as the startup
or upgrade of investor accounts. JWH(R) double checks the accuracy of market
data, and will not trade a market without multiple price sources for analytical
input. In constructing a portfolio, JWH(R) seeks to control overall risk as well
as the risk of any one position, and JWH(R) trades only markets that have been
identified as having positive performance characteristics. Trading discipline
requires plans for the exit of a market as well as for entry. JWH(R) factors the
point of exit into the decision to enter (stop loss). The size of JWH(R)'s
positions in a particular market is not a matter of how large a return can be
generated but of how much risk it is willing to take relative to that expected
return.

                  To attempt to reduce the risk of volatility while maintaining
the potential for excellent performance,

                                       18
<Page>

proprietary research is conducted on an ongoing basis to refine the JWH(R)
investment strategies. Research may suggest substitution of alternative
investment methodologies with respect to particular contracts; this may occur,
for example, when the testing of a new methodology has indicated that its use
might have resulted in different historical performance. In addition, risk
management research and analysis may suggest modifications regarding the
relative weighting among various contracts, the addition or deletion of
particular contracts for a program, or a change in position size in relation to
account equity. The weighting of capital committed to various markets in the
investment programs is dynamic, and JWH(R) may vary the weighting at its
discretion as market conditions, liquidity, position limit considerations and
other factors warrant.

                  JWH(R) may determine that risks arise when markets are
illiquid or erratic, which may occur cyclically during holiday seasons, or on
the basis of irregularly occurring market events. In such cases, JWH(R) at its
sole discretion may override computer-generated signals and may at times use
discretion in the application of its quantitative models, which may affect
performance positively or negatively.

                  Adjustments in position size in relation to account equity
have been and continue to be an integral part of JWH(R)'s investment strategy.
At its discretion, JWH(R) may adjust the size of a position in relation to
equity in certain markets or entire programs. Such adjustments may be made at
certain times for some programs but not for others. Factors which may affect the
decision to adjust the size of a position in relation to account equity include
ongoing research, program volatility, assessments of current market volatility
and risk exposure, subjective judgment, and evaluation of these and other
general market conditions.

NON-TRADING RISK

                  The Fund controls the non-trading exchange rate risk by
regularly converting foreign currency balances back into U.S. dollars (no less
frequently than weekly, and more frequently if a particular foreign currency
balance becomes unusually high).

                  MLIM AS LLC controls the interest-rate risk of the Fund's
non-trading instruments (Commercial Paper Holdings invested for cash management
purposes) by limiting the overall duration of such instruments to no more than
nine months. These risk control policies have been successful in the Fund's
operations to date, and MLIM AS LLC does not anticipate any change in these
policies. However, if the interest rate environment changes materially, MLIM AS
LLC might change the permissible duration of the Fund's Commercial Paper
Holdings.

                  The Fund has cash flow interest rate risk on its cash on
deposit with MLPF&S in that declining interest rates would cause the income from
such cash to decline. However, a certain amount of cash or cash equivalents must
be held by the Fund in order to facilitate margin payments and pay expenses and
redemptions. MLIM AS LLC does not take any steps to limit the cash flow risk on
the cash held on deposit at MLPF&S.


<Page>

ITEM 8:  FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

SELECTED QUARTERLY FINANCIAL DATA
     ML JWH STRATEGIC ALLOCATION FUND L.P.

Net Income by Quarter
Eight Quarters through December 31, 2001


<Table>
<Caption>
                         FOURTH         THIRD        SECOND          FIRST        FOURTH
                         QUARTER      QUARTER       QUARTER        QUARTER       QUARTER
                          2001           2001          2001           2001          2000
                      ------------   ------------  ------------   ------------  ------------
<S>                   <C>            <C>           <C>            <C>           <C>
Total Income          $ (3,748,265)  $ 15,197,138  $(30,596,234)  $ 36,840,664  $ 92,678,767
Total Expenses           3,765,611      3,802,604     3,942,075     10,188,068     6,676,252
                      ----------------------------------------------------------------------
Net Income            $ (7,513,876)  $ 11,394,534  $(34,538,309)  $ 26,652,596  $ 86,002,515

Net Income per Unit   $      (5.15)  $       7.79  $     (22.87)  $      16.74  $      48.49


<Caption>
                           THIRD         SECOND          FIRST
                         QUARTER        QUARTER        QUARTER
                            2000           2000           2000
                        ------------   ------------   ------------
<S>                     <C>            <C>            <C>
Total Income            $(13,686,906)  $(14,195,788)  $    443,183
Total Expenses             5,283,768      6,273,559      7,230,044
                        ------------------------------------------
Net Income              $(18,970,674)  $(20,469,347)  $ (6,786,861)

Net Income per Unit     $      (9.42)  $      (9.18)  $      (2.81)
</Table>



                  The financial statements required by this Item are included in
Exhibit 13.01.

                  The supplementary financial information ("information about
oil and gas producing activities") specified by Item 302 of Regulation S-K is
not applicable. MLIM AS LLC promoted the Fund and is its controlling person.

ITEM 9: CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
  FINANCIAL DISCLOSURE

                  There were no changes in or disagreements with independent
auditors on accounting and financial disclosure.

                                    PART III

                                       19
<Page>

ITEM 10:  DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT

         10(a) and 10(b)   IDENTIFICATION OF DIRECTORS AND EXECUTIVE OFFICERS:

                  As a limited partnership, the Fund itself has no officers or
directors and is managed by MLIM AS LLC. Trading decisions are made by JWH(R) on
behalf of the Fund.

                  The principal officers and the managers of MLIM AS LLC and
their respective business backgrounds are as follows:

FABIO P. SAVOLDELLI        Chairman, Chief Executive Officer and Manager

ROBERT M. ALDERMAN         Manager

FRANK M. MACIOCE           Vice President and Manager

STEVEN B. OLGIN            Vice President, Chief Administrative Officer and
                           Manager

MICHAEL L. PUNGELLO        Vice President, Chief Financial Officer and Treasurer

                  Fabio P. Savoldelli was born in 1961. Mr. Savoldelli is the
Chairman, Chief Executive Officer and a Manager of MLIM AS LLC. He
oversees the Fund's investments. Most recently, Mr. Savoldelli was Chief
Investment Officer for the Americas at the Chase Manhattan Private Bank,
responsible for managers investing assets in international and domestic
institutional, private client and ERISA funds. Previously, he was Deputy
Chief Investment Officer and Head of Fixed Income and Foreign Exchange at
Swiss Bank Corp. London Portfolio Management International. Mr. Savoldelli
was educated at the University of Windsor, Canada, and the London School of
Economics.

                  Effective March 1, 2002, Mr. Robert M. Alderman was elected
a manager of MLIM AS LLC. Mr. Alderman was born in 1960. Mr. Alderman is a
Managing Director of MLIM and global head of Retail Sales and Business
Management for Alternative Investments. Prior to re-joining Merrill Lynch and
the International Private Client Group in 1999, he was a partner in the
Nashville, Tennessee based firm of J.C. Bradford & Co. where he was the
Director of Marketing, and a National Sales Manager for Prudential
Investments. Mr. Alderman first joined Merrill Lynch in 1987 where he worked
until 1997. During his tenure at Merrill Lynch, Mr. Alderman has held
positions in Financial Planning, Asset Management and High Net Worth
Services. He received his Master's of Business Administration from the
Carroll School of Management Boston College and a Bachelor of Arts from
Clark University. Mr. Alderman was elected as a Manager effective March 1, 2002.

                  Frank M. Macioce was born in 1945. Mr. Macioce is a Vice
President and a Manager of MLIM AS LLC and the senior legal counsel
responsible for MLIM's Alternative Investments group. He joined MLIM in
February 2000. From 1995 to 2000, Mr. Macioce was General Counsel of
Operations, Services and Technology for Merrill Lynch, and from 1993 to 1995
served as Merrill Lynch Investment Banking General Counsel. From 1980 to 1993
he served as Assistant General Counsel of Merrill Lynch responsible for
Corporate Law. During his 28 years with Merrill Lynch, he has served as a
director and officer of a number of its affiliates. Mr. Macioce graduated
from Purdue University with a Bachelor of Science in Economics and Psychology
in 1967 and from Vanderbilt Law School with a Juris Doctor in 1972. Mr.
Macioce is a member of the New York Bar.

                  Steven B. Olgin was born in 1960. Mr. Olgin is a Vice
President, Chief Adminstrative Officer and a Manager of MLIM AS LLC. He
joined MLIM AS LLC in July 1994 and became a Vice President in July 1995.
From 1986 until July 1994, Mr. Olgin was an associate of the law firm of
Sidley & Austin. In 1982, Mr. Olgin graduated from The American University
with a Bachelor of Science in Business Administration and a Bachelor of Arts
in Economics. In 1986, he received his Juris Doctor from The John Marshall
Law School. Mr. Olgin is a member of the Managed Funds Association's
Government Relations Committee and has served as an arbitrator for the
National Futures Association. Mr. Olgin is a member of the Illinois Bar.

                  Michael L. Pungello was born in 1957. Mr. Pungello is a
Vice President, Chief Financial Officer and Treasurer of MLIM AS LLC. He was
First Vice President and Senior Director of Finance for Merrill Lynch's
Operations, Services and Technology Group from January 1998 to March 1999.
Prior to that, Mr. Pungello spent over 18 years with Deloitte & Touche LLP,
and was a partner in their financial services practice from June 1990 to
December 1997. He graduated from Fordham University in 1979 with a Bachelor
of Science in Accounting and received his Master's of Business Administration
in Finance from New York University in 1987.

                                       20
<Page>

                  As of December 31, 2001, the principals of MLIM AS LLC had no
investments in the Fund and MLIM AS LLC's general partner interest in the Fund
was valued at approximately $2,556,954.

                  MLIM AS LLC acts as general partner to eleven public futures
funds whose units of limited partnership interest are registered under the
Securities Exchange Act of 1934: The Futures Expansion Fund Limited Partnership,
ML Futures Investments II L.P., ML Futures Investments L.P., John W. Henry &
Co./Millburn L.P., The S.E.C.T.O.R. Strategy Fund (SM) L.P., The SECTOR Strategy
Fund II L.P., The SECTOR Strategy Fund V L.P., The SECTOR Strategy Fund VI L.P.,
ML Global Horizons L.P., ML Principal Protection L.P. and the Fund. Because MLIM
AS LLC serves as the sole general partner of each of these funds, the officers
and managers of MLIM AS LLC effectively manage them as officers and directors of
such funds.

         (c)      IDENTIFICATION OF CERTAIN SIGNIFICANT EMPLOYEES:

                  John W. Henry & Company, Inc. is the trading advisor of the
Fund. Were JWH(R)'s services no longer to be available to the Fund, the Fund
would, in all likelihood, dissolve.

         (d)      FAMILY RELATIONSHIPS:

                  None.

         (e)      BUSINESS EXPERIENCE:

                  See Items 10(a) and (b) above.

         (f)      INVOLVEMENT IN CERTAIN LEGAL PROCEEDINGS:

                  None.

         (g)      PROMOTERS AND CONTROL PERSONS:

                  Not applicable.

ITEM 11:  EXECUTIVE COMPENSATION

                  The officers of MLIM AS LLC are remunerated in their
respective positions. The Fund does not itself have any officers, managers or
employees. The Fund pays Brokerage Commissions to an affiliate of MLIM AS LLC
and Administrative Fees to MLIM AS LLC. MLIM AS LLC or its affiliates may
also receive certain economic benefits from holding certain of the Fund's
U.S. dollar Available Assets in offset accounts, as described in Item 1(c)
above. The managers and officers receive no "other compensation" from the
Fund, and the managers receive no compensation for serving as managers of
MLIM AS LLC. There are no compensation plans or arrangements relating to a
change in control of either the Fund or MLIM AS LLC.

ITEM 12:  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

         (a)      SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS:

<Table>
<Caption>
                                                            AMOUNT OF NATURE OF   PERCENT OF
TITLE OF CLASS                 NAME OF BENEFICIAL OWNER     BENEFICIAL OWNERSHIP  CLASS
-------------------------     ---------------------------  --------------------  ----------
<S>                           <C>                          <C>                   <C>
Limited Partnership Units      Daniel E. Koshland Jr.       159,569 Units         10.57%
                               P.O. Box 7310
                               Menlo Park, CA 94026
</Table>

         (b)      SECURITY OWNERSHIP OF MANAGEMENT:

                  As of December 31, 2001, MLIM AS LLC owned 15,044
unit-equivalent general partnership interests, which was 1.01% of the total
Units outstanding.

         (c)      CHANGES IN CONTROL:

                  None.

                                       21
<Page>

ITEM 13:  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

         (a)      TRANSACTIONS BETWEEN MERRILL LYNCH AND THE FUND

                  All of the service providers to the Fund, other than JWH(R),
are affiliates of Merrill Lynch. Merrill Lynch negotiated with JWH(R) over the
level of its advisory fees and Profit Share. However, none of the fees paid by
the Fund to any Merrill Lynch party were negotiated, and they are higher than
would have been obtained in arm's-length bargaining.

                  The Fund pays Merrill Lynch substantial Brokerage Commissions
and Administrative Fees as well as bid-ask spreads on forward currency trades.
The Fund also pays MLPF&S interest on short-term loans extended by MLPF&S to
cover losses on foreign currency positions.

                  Within the Merrill Lynch organization, MLIM AS LLC is the
direct beneficiary of the revenues received by different Merrill Lynch entities
from the Fund. MLIM AS LLC controls the management of the Fund and serves as its
promoter. Although MLIM AS LLC has not sold any assets, directly or indirectly,
to the Fund, MLIM AS LLC makes substantial profits from the Fund due to the
foregoing revenues.

                  No loans have been, are or will be outstanding between MLIM AS
LLC or any of its principals and the Fund.

                  MLIM AS LLC pays substantial selling commissions and trailing
commissions to MLPF&S for distributing the Units. MLIM AS LLC is ultimately paid
back for these expenditures from the revenues it receives from the Fund.

         (b)      CERTAIN BUSINESS RELATIONSHIPS:

                  MLPF&S, an affiliate of MLIM AS LLC, acts as the principal
commodity broker for the Fund.

                  In 2001, the Fund expensed: (i) Brokerage Commissions of
$15,061,052 to MLPF&S, which included $5,222,291 in Management Fees paid by
MLPF&S to JWH(R); and (ii) Administrative Fees of $654,829 to MLIM AS LLC. In
addition, MLIM AS LLC and its affiliates derived certain economic benefit
from possession of the Fund's assets, as well as from foreign exchange and
EFP trading.

                  See Item 1(c), "Narrative Description of Business -- Charges"
and "-- Description of Current Charges" for a discussion of other business
dealings between MLIM AS LLC affiliates and the Fund.

         (c)      INDEBTEDNESS OF MANAGEMENT:

                  The Fund is prohibited from making any loans, to management or
otherwise.

         (d)      TRANSACTIONS WITH PROMOTERS:

                  Not applicable.

                                       22
<Page>

                                     PART IV

ITEM 14:  EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K

<Table>
<Caption>
         (a)1.    FINANCIAL STATEMENTS:                                                               PAGE
                  ---------------------                                                               ----
         <S>                                                                                          <C>
                  Independent Auditors' Report                                                           1

                  Consolidated Statements of Financial Condition as of December 31, 2001 and 2000        2

                  For the years ended December 31, 2001, 2000 and 1999:
                           Consolidated Statements of Operations                                         3
                           Consolidated Statements of Changes in Partners' Capital                       4

                  Financial Data Highlights for the year ended December 31, 2001                         5

                  Notes to Consolidated Financial Statements                                          6-11
</Table>

         (a)2.    FINANCIAL STATEMENT SCHEDULES:

                  Financial statement schedules not included in this Form 10-K
have been omitted for the reason that they are not required or are not
applicable or that equivalent information has been included in the financial
statements or notes thereto.

         (a)3.    EXHIBITS:

                  The following exhibits are incorporated by reference or are
                  filed herewith to this Annual Report on Form 10-K:

<Table>
<Caption>
DESIGNATION:               DESCRIPTION
------------               -----------
<S>                        <C>
1.01                       Form of Selling Agreement among the Registrant, MLIM AS LLC, Merrill Lynch,
                           Pierce, Fenner & Smith Incorporated (the "Selling Agent") and JWH(R).


EXHIBIT 1.01:              Is incorporated herein by reference from Exhibit 1.01 contained in Amendment No.
                           2 to the Registration Statement (File No. 33-80509) filed on April 23, 1996, on
                           Form S-1 under the Securities Act of 1933 (the "Registrant's Registration
                           Statement").


3.01(i)                    Certificate of Limited Partnership of the Registrant.

EXHIBIT 3.01(i):           Is incorporated herein by reference from Exhibit 3.01 contained in the
                           Registrant's Registration Statement.

10.01                      Form of Joint Venture Agreement among the Registrant, MLIM AS LLC, MLPF&S and JWH(R).

EXHIBIT 10.01:             Is incorporated herein by reference from Exhibit 10.01 contained in the
                           Registrant's Registration Statement.

10.02                      Form of Customer Agreement between the Registrant's joint venture with JWH(R) and
                           MLPF&S.

EXHIBIT 10.02:             Is incorporated herein by reference from Exhibit 10.02 contained in the
                           Registrant's Registration Statement.

10.03                      Foreign Exchange Desk Service Agreement among Merrill Lynch Investment Bank,
                           MLIM AS LLC, MLPF&S and the Fund.
</Table>

                                       23
<Page>

<Table>
<S>                        <C>

EXHIBIT 10.03:             Is incorporated herein by reference from Exhibit 10.03 contained in the
                           Registrant's Registration Statement.

10.04                      Joint Venture Agreement Amendment among JWH(R)and the Fund.

EXHIBIT 10.04:             Is filed herewith.

10.05                      Form of Subscription Agreement and Power of Attorney (included as Exhibit C to
                           the Prospectus).

EXHIBIT 10.05:             Is incorporated herein by reference from Exhibit 10.05 contained in the
                           Registrant's Registration Statement.

10.06                      Form of Investment Advisory Contract among the Registrant's joint venture with
                           JWH(R), MLIM AS LLC, and MLPF&S.

EXHIBIT 10.06:             Is incorporated herein by reference from Exhibit 10.06 contained in the Registrant's
                           Registration Statement.

10.07                      Form of Custody Agreement among the Registrant's joint venture with JWH(R) and
                           MLPF&S

EXHIBIT 10.07:             Is incorporated herein by reference from Exhibit 10.07 contained in the
                           Registrant's Registration Statement.

10.08                      Form of Limited Liability Company Operating Agreement.

EXHIBIT 10.08:             Is incorporated herein by reference from Exhibit 10.08 contained in the
                           Registrant's Form 10-K, for the fiscal year ended December 31, 1997, filed March
                           30, 1998.

10.09                      Form of Amendatory Agreement.

EXHIBIT 10.09:             Is incorporated herein by reference from Exhibit 10.09 contained in the
                           Registrant's Registration Statement.

13.01                      2001 Annual Report and Independent Auditors' Report.

EXHIBIT 13.01:             Is filed herewith.

28.01                      Prospectus of the Fund dated June 18, 2001.

EXHIBIT 28.01:             Is incorporated herein by reference as filed with the Securities and Exchange
                           Commission pursuant to Rule 424 under the Securities Act of 1933, Registration
                           Statement (File No. 333-80509) on Form S-1, effective June 18, 2001.

</Table>

         (b)      REPORT ON FORM 8-K:

                  No reports on Form 8-K were filed during the fourth quarter of
2001.

                                       24
<Page>

                                   SIGNATURES


                  Pursuant to the requirements of Section 13 or 15(d) 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:  MLIM ALTERNATIVE STRATEGIES LLC
                               (FORMERLY MERRILL LYNCH INVESTMENT PARTNERS INC.)
                                             General Partner

                          By:  /s/ Fabio P. Savoldelli
                           ----
                          Fabio P. Savoldelli
                          Chairman Chief Executive Officer and Manager
                          (Principal Executive Officer)

         Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, this report has been signed on March 29, 2002 by the
following persons on behalf of the Registrant and in the capacities indicated.

<Table>
<Caption>
SIGNATURE                           TITLE                                                        DATE
---------                           -----                                                        ----
<S>                                 <C>                                                          <C>
/s/ Fabio P. Savoldelli             Chairman Chief Executive Officer and Manager                 March 29, 2002
------------------------            (Principal Executive Officer)
Fabio P. Savoldelli

/s/ Robert M. Alderman              Manager                                                      March 29, 2002
----------------------
Robert M. Alderman

/s/ Steven B. Olgin                 Vice President, Chief Administrative Officer and Manager     March 29, 2002
-------------------
Steven B. Olgin

/s/ Michael L. Pungello             Vice President, Chief Financial Officer and Treasurer        March 29, 2002
-----------------------             (Principal Financial and Accounting Officer)
Michael L. Pungello
</Table>

(Being the principal executive officer, the principal financial and accounting
officer and a majority of the managers of MLIM Alternative Strategies LLC)

MLIM ALTERNATIVE STRATEGIES    General Partner of Registrant     March 29, 2002
   LLC

By: /s/ Fabio P. Savoldelli
    -----------------------
    Fabio P. Savoldelli

                                       25
<Page>

                      ML JWH STRATEGIC ALLOCATION FUND L.P.

                                 2001 FORM 10-K

                                INDEX TO EXHIBITS

                     EXHIBIT
                     -------

Exhibit 10.04        Joint Venture Agreement Amendment among JWH(R)and the Fund

Exhibit 13.01        2001 Annual Report and Independent Auditors' Report

                                       26