<PAGE>

                UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    FORM 10-Q

(Mark One)

(X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934

For the quarterly period ended  June 30, 2000
                                -------------

                                     OR

( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
    EXCHANGE ACT OF 1934

For the transition period from ___________ to _____________

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               (IRS Employer Identification No.)
incorporation or organization)

                   c/o Merrill Lynch Investment Partners Inc.
                           Princeton Corporate Campus
                       800 Scudders Mill Road - Section 2G
                          Plainsboro, New Jersey 08536
                          ----------------------------
                    (Address of principal executive offices)
                                   (Zip Code)

                                  609-282-6996
               -------------------------------------------------
              (Registrant's telephone number, including area code)

     Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15 (d) of 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
                                              ---       ---

<PAGE>


                         PART I - FINANCIAL INFORMATION

Item 1.  Financial Statements

              ML JWH STRATEGIC ALLOCATION FUND L.P. & JOINT VENTURE
                        (A DELAWARE LIMITED PARTNERSHIP)

                 CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION


<TABLE>
<CAPTION>
                                                                 June 30,         December 31,
                                                                   2000               1999
                                                               (unaudited)
                                                              -------------      --------------
<S>                                                          <C>                 <C>
ASSETS
------
Equity in commodity futures trading accounts:
    Cash and options premium                                  $  60,193,244      $   49,466,829
    Net unrealized profit on open contracts                       4,898,149          15,377,657

Government Securities (Cost $305,569,068)                                 -         302,660,752
Commercial Paper (Cost $225,993,089)                            226,774,405                   -
Cash                                                                  6,910              15,003
Accrued interest                                                    327,379           3,127,363
                                                              -------------      --------------
                TOTAL                                         $ 292,200,087      $  370,647,604
                                                              =============      ==============
LIABILITIES AND PARTNERS' CAPITAL
---------------------------------
LIABILITIES:
    Redemptions payable                                       $   8,898,334      $    3,609,053
    Profit share payable                                                  -           4,207,026
    Brokerage commissions payable                                 1,887,076           2,366,595
    Administrative fees payable                                      60,873              76,341
    Ongoing offering costs payable                                   21,755              21,755
                                                              -------------      --------------
            Total liabilities                                    10,868,038          10,280,770
                                                              -------------      --------------
MINORITY INTEREST                                                   142,345             146,975

PARTNERS' CAPITAL:
  General Partners (23,183 and 27,921 Units)                      3,113,810           4,087,563
  Limited Partners (2,073,489 and 2,432,642 Units)              278,075,894         356,132,296
                                                              -------------      --------------
            Total partners' capital                             281,189,704         360,219,859
                                                              -------------      --------------
                TOTAL                                         $ 292,200,087      $  370,647,604
                                                              =============      ==============
NET ASSET VALUE PER UNIT
  (Based on 2,096,672 and 2,460,563 Units outstanding)        $      134.11      $       146.40
                                                              =============      ==============
</TABLE>


See notes to consolidated financial statements.


                                        2

<PAGE>

               ML JWH STRATEGIC ALLOCATION FUND L.P. & JOINT VENTURE
                         (A DELAWARE LIMITED PARTNERSHIP)

                       CONSOLIDATED STATEMENTS OF OPERATIONS
                                    (unaudited)

<TABLE>
<CAPTION>
                                                For the three          For the three        For the six            For the six
                                                months ended            months ended        months ended           months ended
                                                  June 30,                June 30,            June 30,               June 30,
                                                    2000                    1999                2000                   1999
                                                ------------            ------------       ------------           -------------
<S>                                             <C>                    <C>                 <C>                    <C>
REVENUES:
    Trading income (loss):
      Realized                                  $ (7,698,035)           $ 22,012,418       $(15,080,862)          $ 35,788,110
      Change in unrealized                       (11,054,573)             12,879,410         (7,570,273)            (2,955,333)
                                                ------------            ------------       ------------           -------------
            Total trading results                (18,752,608)             34,891,828        (22,651,135)            32,832,777
                                                ------------            ------------       ------------           -------------
     Interest income                               4,556,820               4,288,858          8,898,530              8,185,317

                                                ------------            ------------       ------------           -------------
            Total revenues                       (14,195,788)             39,180,686        (13,752,605)            41,018,094
                                                ------------            ------------       ------------           -------------
EXPENSES:
    Administrative fees                              194,296                 230,945            418,050                435,788
    Brokerage commissions                          6,023,169               7,159,284         12,959,554             13,509,420
    Ongoing Offering Expense                          65,267                       -            130,533                      -
                                                ------------            ------------       ------------           -------------
            Total expenses                         6,282,732               7,390,229         13,508,137             13,945,208
                                                ------------            ------------       ------------           -------------
    NET INCOME (LOSS) BEFORE
    MINORITY INTEREST AND
    PROFIT SHARE ALLOCATION                      (20,478,520)             31,790,457        (27,260,742)            27,072,886

    Profit Share Allocation                                -              (4,103,978)                 -             (4,111,945)
    Minority Interest                                  9,173                 (12,189)             4,534                 (9,958)
                                                ------------            ------------       ------------           -------------
NET INCOME (LOSS)                               $(20,469,347)           $ 27,674,290       $(27,256,208)          $ 22,950,983
                                                ============            ============       ============           ============
NET INCOME (LOSS) PER UNIT:
    Weighted average number of units
        outstanding                                2,230,857               2,270,869          2,324,185              2,205,986
                                                ============            ============       ============           ============
    Net income (loss) per weighted average
    General Partner and Limited Partner Unit    $      (9.18)           $      12.19       $     (11.73)          $      10.40
                                                ============            ============       ============           ============
</TABLE>


See notes to consolidated financial statements.


                                      3
<PAGE>


                 ML JWH STRATEGIC ALLOCATION FUND L.P. & JOINT VENTURE
                           (A DELAWARE LIMITED PARTNERSHIP)

                CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
                For the six months ended June 30, 2000 and June 30, 1999
                                      (unaudited)
<TABLE>
<CAPTION>
                                     Units            General           Limited             Total
                                                      Partner           Partners
                                    ---------        ----------      -------------       -------------
<S>                                 <C>             <C>              <C>                 <C>
PARTNERS' CAPITAL,
  December 31, 1998                 2,037,826        $2,667,093      $ 311,845,818       $ 314,512,911

Additions                             346,273           736,661         52,411,008          53,147,669

Net income                                  -           172,336         22,778,647          22,950,983

Redemptions                          (112,650)                -        (17,505,711)        (17,505,711)
                                    ---------        ----------      -------------       -------------
PARTNERS' CAPITAL,
  June 30, 1999                     2,271,449        $3,576,090      $ 369,529,762       $ 373,105,852
                                    =========        ==========      =============       =============
PARTNERS' CAPITAL,
  December 31, 1999                 2,460,563        $4,087,563      $ 356,132,296       $ 360,219,859

Additions                             108,883            23,716         15,828,681          15,852,397

Net loss                                    -          (317,117)       (26,939,091)        (27,256,208)

Redemptions                          (472,774)         (680,352)       (66,945,992)        (67,626,344)
                                    ---------        ----------      -------------       -------------
PARTNERS' CAPITAL,
  June 30, 2000                     2,096,672        $3,113,810      $ 278,075,894       $ 281,189,704
                                    =========        ==========      =============       =============
</TABLE>
See notes to consolidated financial statements.


                                     4
<PAGE>

              ML JWH STRATEGIC ALLOCATION FUND L.P. & JOINT VENTURE
                        (A DELAWARE LIMITED PARTNERSHIP)

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                    (unaudited)

1.   SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

     These consolidated financial statements have been prepared without audit.
     In the opinion of management, the consolidated financial statements contain
     all adjustments (consisting of only normal recurring adjustments) necessary
     to present fairly the financial position of ML JWH Strategic Allocation
     Fund L.P (the "Partnership") as of June 30, 2000, and the results of its
     operations for the six months ended June 30, 2000 and June 30, 1999.
     However, the operating results for the interim periods may not be
     indicative of the results expected for the full year.

     Certain information and footnote disclosures normally included in annual
     financial statements prepared in accordance with generally accepted
     accounting principles have been omitted. It is suggested that these
     financial statements be read in conjunction with the financial statements
     and notes thereto included in the Partnership's Annual Report on form 10-K
     filed with the Securities and Exchange Commission for the year ended
     December 31, 1999 (the "Annual Report").

2.   FAIR VALUE AND OFF-BALANCE SHEET RISK

     In June 1998, the Financial Accounting Standards Board issued Statement of
     Financial Accounting Standard ("SFAS") No. 133, "Accounting for Derivative
     Instruments and Hedging Activities" (the "Statement"), effective for fiscal
     years beginning after June 15, 2000, as amended by SFAS No. 137. This
     Statement supercedes SFAS No. 119 ("Disclosure about Derivative Financial
     Instruments and Fair Value of Financial Instruments") and SFAS No. 105
     ("Disclosure of information about Financial Instruments with Off-Balance
     Sheet Risk and Financial Instruments with Concentrations of Credit Risk")
     whereby disclosure of average aggregate fair values and contract/notional
     values, respectively, of derivative financial instruments is no longer
     required for an entity such as the Partnership which carries its assets at
     fair value. Such Statement sets forth a much broader definition of a
     derivative instrument. The General Partner does not believe that the
     application of the provisions of such statement had a significant effect on
     the consolidated financial statements.

     SFAS No. 133 defines a derivative as a financial instrument or other
     contract that has all three of the following characteristics (1) one or
     more underlyings, notional amounts or payment provisions (2) requires no
     initial net investment or a smaller initial net investment than would be
     required relative to changes in market factors (3) terms require or permit
     net settlement. Generally, derivatives include futures, forwards, swaps,
     options or other financial instruments with similar characteristics such as
     caps, floors and collars.

     MARKET RISK

     Derivative instruments involve varying degrees of off-balance sheet market
     risk. Changes in the level or volatility of interest rates, foreign
     currency exchange rates or the market values of the financial instruments
     or commodities underlying such derivative instruments frequently result in
     changes in the Partnership's net unrealized profit (loss) on such
     derivative instruments as reflected in the Consolidated Statements of
     Financial Condition. The Partnership's exposure to market risk is
     influenced by a number of factors, including the relationships among the
     derivative instruments held by the Partnership as well as the volatility
     and liquidity in the markets in which such derivative instruments are
     traded.

     The General Partner has procedures in place intended to control market risk
     exposure, although there can be no assurance that they will, in fact,
     succeed in doing so. The procedures focus primarily on monitoring the
     trading of JWH, calculating the Net Asset Value of the Partnership as of
     the close of business each day and reviewing outstanding positions for
     over-concentrations. While the General Partner will not itself intervene in
     the markets to hedge or diversify the Partnership's market exposure, the
     General Partner may urge JWH to reallocate positions in an attempt to avoid


                                        5
<PAGE>

     over-concentrations. However, such interventions are unusual. Except in
     cases in which it appears that JWH has begun to deviate from past practice
     and trading policies or to be trading erratically, the General Partner's
     basic risk control procedures consist simply of monitoring JWH, with the
     market risk controls being applied by JWH itself.

     CREDIT RISK

     The risks associated with exchange-traded contracts are typically perceived
     to be less than those associated with over-the-counter transactions
     (non-exchange-traded), because exchanges typically (but not universally)
     provide clearinghouse arrangements in which the collective credit (in some
     cases limited in amount, in some cases not) of the members of the exchange
     is pledged to support the financial integrity of the exchange. In
     over-the-counter transactions, on the other hand, traders must rely solely
     on the credit of their respective individual counterparties. Margins, which
     may be subject to loss in the event of a default, are generally required in
     exchange trading, and counterparties may require margin in the
     over-the-counter markets.

     The credit risk associated with these instruments from counterparty
     non-performance is the net unrealized profit included in the Consolidated
     Statements of Financial Condition.

     The Partnership attempts to mitigate credit risk by dealing almost
     exclusively with Merrill Lynch entities as counterparties and clearing
     brokers.

     The Partnership, in its normal course of business, enters into various
     contracts, with MLF acting as its commodity broker. Pursuant to the
     brokerage agreement with MLF (which includes a netting arrangement), to
     the extent that such trading results in receivables from and payables to
     MLF, these receivables and payables are offset and reported as a net
     receivable or payable and included in the Consolidated Statements of
     Financial Condition under equity in commodity futures accounts.

Item 2:       MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
              CONDITION AND RESULTS OF OPERATIONS


                            MONTH-END NET ASSET VALUE PER UNIT
<TABLE>
<CAPTION>
       -------------------------------------------------------------------------
                     Jan.       Feb.       Mar.      Apr.       May       Jun.
       -------------------------------------------------------------------------
       <S>         <C>        <C>        <C>        <C>       <C>       <C>

           1999    $149.98    $153.82    $152.11    $158.66   $158.41    $164.26
       -------------------------------------------------------------------------
           2000    $147.98    $149.61    $143.39    $141.10   $139.63    $134.11
       -------------------------------------------------------------------------
</TABLE>


Performance Summary

January 1, 1999 to June 30, 1999
---------------------------------
January 1, 1999 to March 31, 1999

ML JWH Strategic Allocation Fund L.P. recorded slight losses in the three
month period ended March 31, 1999, largely reflecting poor performance in the
interest rate and metals market sectors.

Interest rate markets for the first part of the quarter moved upward; however,
March saw a significant decline in European rates as an economic slowdown became
more evident in the European Union. The expectation, realized in early April,
was that the European Central Bank (ECB) would lower rates in Europe to provide
a more favorable interest rate environment. Coupled with the change in direction
in European markets, there was increased volatility in Japanese interest rate
markets as the Bank of Japan switched from interest rate targeting to a monetary
growth targeting policy. In an effort to stem the current recession, Japanese
policy officials have attempted various fiscal and monetary stimuli, which have
caused significant directional changes in interest rates. U.S. interest rates
have continued to inch upward for the quarter. There are few signs that the U.S.
economy will slow during 1999.

Commodity markets have had mixed performance. Metals markets have been choppy
for the entire quarter and have not exhibited any clear trends. This lack of
direction has caused poor performance in the precious metals area


                                       6
<PAGE>

to be somewhat offset by base metal profits. The energy sector performed well
for the quarter with a major trend developing in March. Since the beginning of
March there has been a significant upward trend in crude oil prices. Agriculture
commodities experienced mixed performance with many markets showing potential
signs of reversal. Overall, the Fund had slight losses in these markets.

Currencies have provided positive performance for the Partnership. A
continuation of the strong dollar, especially relative to the new euro, offset
some of the losses in other markets. Contrary to the belief of many investment
banking economists, the euro has not started out as a strong currency and
there seems to be little flow into this new potential reserve currency. With a
decline of over seven percent for the quarter, the euro has not lived up to
its potential expectations.

Index performance was positive for the quarter with early losses offset by
significant gains in March with the increase in the Nikkei stock index.

On the balance for the quarter, profitable positions in global currencies,
energy, and agricultural commodities were offset by losses in interest rates and
metals.

April 1, 1999 to June 30, 1999

Interest rate markets followed a consistent pattern throughout the quarter
toward lower prices as strong economic growth in the U.S. was coupled by fears
of Federal Reserve bias to higher interest rates. Long-term rates rose above the
6% mark leading to the highest interest rates in over a year. Though only taking
a neutral policy stand at the end of the quarter, the Fed raised rates 25 basis
points on June 30. Europe, though having overall slower growth also showed the
same trend toward higher rates especially in the last two months. This rise in
longer-term yields came in spite of a rate cut by the European Central Bank in
early April in an effort to stem the slowing growth in key economies.

Commodity markets have had mixed performance. While many agricultural
commodities have continued to show a downtrend, the descent has been muted and
volatility has picked up as markets headed into the key summer season. In spite
of the lackluster trend performance in many agricultural commodities, there was
good performance from both the gold market and energy complexes. The gold market
has been in steep decline after the Bank of England announced that it would
begin auctioning some of its gold reserves starting in July. The energy markets
also have shown favorable trends with oil prices continuing their upward trend.

Currencies have provided positive performance for the Partnership with the
decline in the euro that began with its introduction at the beginning of the
year still in place. The key European currency has fallen from $1.17 to below
$1.03 since the beginning of the year. The yen has been rangebound for the
more recent period caused by intervention by the Bank of Japan which has tried
to stop the yen from appreciating. Other key currencies have not shown as
significant trends as the euro and thus had a smaller contribution to overall
performance.

The Nikkei index continued to show upward trends during the quarter in response
to the latest economic numbers that suggest the Japanese economy is firming
after its long decline.


January 1, 2000 to June 30, 2000
---------------------------------
January 1, 2000 to March 31, 2000

Trading in the energy sector produced profits for the quarter. Crude and heating
oil prices surged in January as heating demand rose during several snowstorms in
the Northeast -- the biggest world consumer of heating oil. Continued supply
restrictions by OPEC further pushed the price of oil to price levels near that
of the Gulf War. Profits were hindered in March after OPEC and Mexico said they
would raise oil production beginning April 1.


                                       7
<PAGE>

Performance of agricultural commodities was mixed, however, a profit was
produced for the quarter. Coffee prices were lower for the quarter due to an
oversupplied market, limiting the trading profits .

Currency trading provided modest gains as the dollar rose against the British
pound and to a 3 1/2 month high against the Japanese yen, as the U.S. economy
continued to outperform global economies. Currency markets provided gains as the
yen formed a profitable trend with its continued depreciation and contributed
significant profits. The Bank of Japan bought dollars for yen in an effort to
weaken the yen, however the yen moved higher despite the intervention.

The stock sector suffered losses in the Nikkei 225 Stock Index and the All
Ordinaries Share Price Index when the market fell in response to speculation
that the Group of Seven would take steps to weaken the yen. Towards the end of
the quarter, the Partnership fluctuated with gains and then losses in
positions in the Nikkei 225 Stock Index, the All Ordinaries Share Index and
FTSE 100 Index.

In metals trading, the fourth Bank of England auction of gold reserves was well
received and positions in gold were profitable, reaching a February high and
then falling nearly 10% at month-end. News that the Bank of France might sell
gold reserves drove the price of gold down by quarter-end producing losses for
the quarter.

Positions in interest rates were unprofitable. Many major central banks raised
rates in order to protect against the perception of impending inflation;
nevertheless, almost all bond markets experienced rallies in response to these
rate hikes which proved unprofitable for the sector.

April 1, 2000 to June 30, 2000

Performance of agricultural commodities was mixed and the sector had gains
overall for the quarter due to positions in coffee, corn and sugar. A report
from Brazil stated that due to unfavorable weather conditions that prevailed
last year, there will be a significant drop in the 2000/01 sugar production
which contributed to the rise in sugar prices. Good weather conditions exerted
pressure on the market in anticipation of a large yield during harvest and corn
prices were down.

Energy trading was profitable as surging crude prices and worries about new
standards for reformulated gasoline sent gas prices higher. Gains stemming
from crude continued throughout the quarter despite OPEC's increase in daily
quota amounts, crude markets remained bullish and prices remained well above
the $25 a barrel target set by OPEC.

Stock Indices were profitable for the quarter primarily due to gains from short
positions in the Nikkei 225 Index. The Japanese stock market declined as
investors sold high technology issues on concerns over the future course of the
U.S. market. During May, the Nikkei 225 hit its lowest level since May 1999.

Metals were unprofitable when gold prices ended higher for the quarter in
reaction to the Fed leaving interest rates unchanged and a report that the South
African Reserve Bank received a $500 million gold denominated loan. While other
central banks are decreasing reserves, this positive message to the bullion
market pushed up prices creating losses in short positions.

Currency trading proved unprofitable for the quarter due to losses from
positions in Japanese yen. In May, currencies suffered when the Japanese yen
appreciated against the dollar due to speculation that the Japanese government
was considering a stimulus package after the G8 summit in late July. The yen was
firmer in June due to capital data spending which indicated strong first-quarter
growth and signals that an end is near to Japan's 16-month old zero interest
rate policy.

Interest rate positions were unprofitable throughout the quarter. After the
Fed raised interest rates 50 bps, U.S. interest rates rallied due to a
combination of lower stock prices and a perception that the Fed will be able
to slow the economy. Since the most recent Fed funds and discount rate
increase, the long bond has increased over 4 points or a decline of over 25
basis points in yield. U.S. bonds were unprofitable when bonds rallied during
June both after a higher than expected unemployment report and on a lack of
interest rate action by the Fed.


                                    8
<PAGE>

Cash Management

Prior to May 26, 2000, MLAM invested approximately 80% of the Partnership's
assets in Government Securities. On May 26, 2000, the MLAM account was
liquidated and Government Securities were converted to Commercial Paper
Holdings. As of June 30, 2000 the Partnership held approximately $227 million
of Commercial Paper. As of December 31, 1999, the Partnership's MLAM account
totaled approximately $303 million.

As of June 30, 2000, the Partnership held the following securities:

<TABLE>
<CAPTION>
Par Value
---------------
Short Term         Description                                  Maturity Date                    Fair Value
---------------    -----------------------------------          -------------------              -------------
<S>                <C>                                          <C>                              <C>
     37,409,000    IBM Commercial Paper                         July 10, 2000                    $  37,341,561
     37,409,000    Prudential Funding Commercial Paper          July 10, 2000                       37,341,456
      8,043,000    Ford Motor Commercial Paper                  July 21, 2000                        8,012,410
      8,043,000    IBM Commercial Paper                         July 21, 2000                        8,012,457
     28,207,000    General Electric Commercial Paper            August 8, 2000                      28,007,306
     28,207,000    General Motors Commercial Paper              August 8, 2000                      28,007,001
      6,066,000    Citicorp Commercial Paper                    August 21, 2000                      6,008,959
      6,066,000    John Deere Commercial Paper                  August 21, 2000                      6,008,959
     28,369,000    Ford Motor Commercial Paper                  September 8, 2000                   28,007,689
     28,369,000    Hertz Commercial Paper                       September 8, 2000                   28,007,689
      6,099,000    American General Commercial Paper            September 19, 2000                   6,009,665
      6,099,000    General Motors Commercial Paper              September 19, 2000                   6,009,253
                                                                                                 -------------
                                                                         Total Debt              $ 226,774,405
                                                                                                 -------------

As of December 31, 1999, the Fund's MLAM account held the following securities:

<CAPTION>
Par Value
---------------
Long-Term          Description                                  Rate       Maturity Date                    Fair Value
---------------    -------------------------------------       -------     ----------------------           -------------
<S>                <C>                                         <C>         <C>                              <C>
     30,000,000    U.S. Treasury Note                           5.375%     February 15, 2001                $  29,751,563
     15,000,000    U.S. Treasury Note                           5.000%     February 28, 2001                   14,810,156
     13,500,000    U.S. Treasury Note                           5.625%     May 15, 2001                        13,399,804
     13,000,000    U.S. Treasury Note                           6.125%     December 31, 2001                   12,972,578
      1,000,000    U.S. Treasury Note                           6.000%     November 15, 2004                      994,375
     25,000,000    U.S. Treasury Note                           5.875%     February 15, 2001                   24,513,672
     12,000,000    Federal National Mortgage Association        5.720%     January 9, 2001                     11,926,200
     25,000,000    Federal National Mortgage Association        5.625%     March 15, 2001                      24,781,250
     23,000,000    Federal National Mortgage Association        5.375%     March 15, 2002                      22,468,240
                                                                                                            -------------
                                                                                    Subtotal                $ 155,617,838
                                                                                                            -------------
Short Term
---------------
      8,125,000    Federal Home Loan Discount Note              0.000%     January 14, 2000                     8,108,750
      6,370,000    Federal National Discount Note               0.000%     January 19, 2000                     6,352,164
     50,550,000    Federal Home Loan Discount Note              0.000%     February 17, 2000                   50,175,930
      4,000,000    U.S. Treasury Note                           5.375%     July 31, 2000                        3,989,375
     20,000,000    U.S. Treasury Note                           4.500%     September 30, 2000                  19,775,000
     59,500,000    U.S. Treasury Note                           4.625%     November 30, 2000                   58,641,695
                                                                                                            -------------
                                                                                     Subtotal               $ 147,042,914
                                                                                                            -------------
                                                                                     Total Debt             $ 302,660,752
                                                                                                            =============
</TABLE>


                                          9
<PAGE>


PART II - OTHER INFORMATION

Item 1.        Legal Proceedings

               There are no pending proceedings to which the Partnership or the
General Partner is a party.


Item 2.        Changes in Securities and Use of Proceeds

               (a) None.
               (b) None.
               (c) None.
               (d) The Partnership originally registered 2,000,000 units of
                   limited partnership interest. The Partnership subsequently
                   registered an additional 2,960,000 units of limited
                   partnership interest. As of June 30, 2000, the Partnership
                   has sold 4,299,684 units of limited partnership interest,
                   with an aggregate price of $455,585,270.

Item 3.        Defaults Upon Senior Securities

               None.

Item 4.        Submission of Matters to a Vote of Security Holders

               None.

Item 5.        Other Information

               None.

Item 6.        Exhibits and Reports on Form 8-K.

                  (a)  Exhibits

                  There are no exhibits required to be filed as part of this
report.

                  (b)      Reports on Form 8-K.

                  There were no reports on Form 8-K filed during the first six
months of fiscal 2000.


                                    10
<PAGE>


                                   SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.



                                   ML JWH STRATEGIC ALLOCATION FUND L.P.






                                   By:  MERRILL LYNCH INVESTMENT PARTNERS INC.
                                                 (General Partner)






Date:  August 15, 2000             By /s/ JOHN R. FRAWLEY, JR.
                                      ------------------------
                                      John R. Frawley, Jr.
                                      Chairman, Chief Executive Officer,
                                      President and Director




Date:  August 15, 2000             By /s/ MICHAEL L. PUNGELLO
                                      -----------------------
                                      Michael L. Pungello
                                      Vice President, Chief Financial Officer
                                      and Treasurer


                                    11