<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  March 31, 2002
                                --------------

                                     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 MLIM Alternative Strategies LLC
                           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.
                        (A DELAWARE LIMITED PARTNERSHIP)

                 CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION


<Table>
<Caption>
                                                        MARCH 31,       DECEMBER 31,
                                                           2002             2001
                                                       (unaudited)
                                                      --------------- -----------------
<S>                                                    <C>               <C>
ASSETS
Equity in commodity futures trading accounts:
    Cash and options premium                           $ 228,314,798     $ 248,619,755
    Net unrealized profit on open contracts                3,009,603        14,955,289
Accrued interest                                             296,943           372,122
                                                      --------------- -----------------

                TOTAL                                  $ 231,621,344     $ 263,947,166
                                                      =============== =================

LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES:
    Brokerage commissions payable                        $ 1,109,842       $ 1,236,104
    Profit share payable                                       1,749         5,986,222
    Redemptions payable                                    3,935,189         2,523,375
    Administrative fees payable                               48,255            53,744
                                                      --------------- -----------------

            Total liabilities                              5,095,035         9,799,445
                                                      --------------- -----------------

MINORITY INTEREST                                            154,860           170,731

PARTNERS' CAPITAL:
General Partner (15,044 and 15,044 Units)                  2,319,263         2,556,954
Limited Partner (1,453,317 and 1,479,238 Units)          224,052,186       251,420,036
                                                      --------------- -----------------

            Total partners' capital                      226,371,449       253,976,990
                                                      --------------- -----------------

                TOTAL                                  $ 231,621,344     $ 263,947,166
                                                      =============== =================

NET ASSET VALUE PER UNIT
(Based on 1,468,361 and 1,494,282 Units outstanding)        $ 154.17          $ 169.97
                                                      =============== =================
</Table>


See notes to consolidated financial statements.


                                       2
<Page>

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

                      CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (unaudited)


<Table>
<Caption>
                                                    FOR THE THREE         FOR THE THREE
                                                     MONTHS ENDED          MONTHS ENDED
                                                      MARCH 31,             MARCH 31,
                                                         2002                  2001
                                                   -----------------   ---------------------
<S>                                                    <C>                     <C>
REVENUES:
    Trading income (loss):
      Realized                                         $ (8,937,790)           $ 57,097,690
      Change in unrealized                              (11,946,914)            (24,154,053)
                                                   -----------------   ---------------------

            Total trading results                       (20,884,704)             32,943,637
                                                   -----------------   ---------------------

     Interest income                                        890,921               3,897,027
                                                   -----------------   ---------------------

            Total revenues                              (19,993,783)             36,840,664
                                                   -----------------   ---------------------

EXPENSES:
    Administrative fees                                     152,263                 179,557
    Brokerage commissions                                 3,502,038               4,129,816
                                                   -----------------   ---------------------

            Total expenses                                3,654,301               4,309,373
                                                   -----------------   ---------------------

    NET INCOME (LOSS) BEFORE
    MINORITY INTEREST AND
    PROFIT SHARE ALLOCATION                             (23,648,084)             32,531,291

    Profit Share Allocation                                  (9,639)             (5,861,481)
    Minority interest in (income) loss                       15,871                 (17,214)
                                                   -----------------   ---------------------

NET INCOME (LOSS)                                      $(23,641,852)           $ 26,652,596
                                                   =================   =====================

NET INCOME (LOSS) PER UNIT:
    Weighted average number of units
        outstanding                                       1,497,586               1,592,579
                                                   =================   =====================

    Net income (loss) per weighted average
     General Partner and Limited Partner Unit              $ (15.79)                $ 16.74
                                                   =================   =====================
</Table>

See notes to consolidated financial statements.


                                       3
<Page>

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

           CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
              FOR THE THREE MONTHS ENDED MARCH 31, 2002 AND 2001
                                   (unaudited)

<Table>
<Caption>
                                             GENERAL        LIMITED
                               UNITS         PARTNER        PARTNERS          TOTAL
                           -------------  ------------  ---------------  --------------
<S>                           <C>         <C>            <C>             <C>
PARTNERS' CAPITAL,
  December 31, 2000           1,630,261   $ 3,219,589    $ 279,947,681   $ 283,167,270

Net income                            -       317,660       26,334,936      26,652,596

Redemptions                     (97,397)            -      (17,301,273)    (17,301,273)
                           -------------  ------------  ---------------  --------------

PARTNERS' CAPITAL,
  March 31, 2001              1,532,864   $ 3,537,249    $ 288,981,344   $ 292,518,593
                           =============  ============  ===============  ==============

PARTNERS' CAPITAL,
  December 31, 2001           1,494,282   $ 2,556,954    $ 251,420,036   $ 253,976,990

Additions                        25,813             -        4,298,845       4,298,845

Net loss                              -      (237,691)     (23,404,161)    (23,641,852)

Redemptions                     (51,734)            -       (8,262,534)     (8,262,534)
                           -------------  ------------  ---------------  --------------

PARTNERS' CAPITAL,
  March 31, 2002              1,468,361   $ 2,319,263    $ 224,052,186   $ 226,371,449
                           =============  ============  ===============  ==============
</Table>

See notes to consolidated financial statements.


                                       4
<Page>

                      ML JWH STRATEGIC ALLOCATION FUND L.P.
                        (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 March 31, 2002, and the
      results of its operations for the three months ended March 31, 2002
      and 2001. 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
      consolidated financial statements prepared in accordance with accounting
      principles generally accepted in the United States of America have been
      omitted. It is suggested that these consolidated financial statements be
      read in conjunction with the consolidated 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, 2001 (the "Annual Report").

2.    FAIR VALUE AND OFF-BALANCE SHEET RISK

      The nature of this Partnership has certain risks, which can not be
      presented on the financial statements. The following summarizes some of
      those risks.


                                       5
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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 of the markets in which the
derivative instruments are traded.

MLIM Alternative Strategies LLC ("MLIM AS LLC") 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. These procedures focus primarily on
monitoring the trading of JWH(R), calculating the Net Asset Value of the
Partnership as of the close of business on each day and reviewing outstanding
positions for over-concentrations. While MLIM AS LLC does not itself intervene
in the markets to hedge or diversify the Partnership'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 or trading
policies or to be trading erratically, MLIM AS LLC's basic risk control
procedures consist simply of the ongoing process of advisor monitoring, with
the market risk controls being applied by JWH(R) itself.

Credit Risk

The risks associated with exchange-traded contracts are typically perceived to
be less than those associated with over-the-counter (non-exchange-traded)
transactions, 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 also require margin in the over-the-counter markets.

The credit risk associated with these instruments from counterparty
nonperformance is the net unrealized profit on open contracts, if any, included
in the Consolidated Statements of Financial Condition. The Partnership attempts
to mitigate this risk by dealing exclusively with Merrill Lynch entities as
clearing brokers.

The Partnership, in its normal course of business, enters into various
contracts, with Merrill Lynch Pierce Fenner & Smith Inc. ("MLPF&S") acting as
its commodity broker. Pursuant to the brokerage agreement with MLPF&S (which
includes a netting arrangement), to the extent that such trading results in
receivables from and payables to MLPF&S, 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
trading 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
---------------------------------------
<S>      <C>        <C>        <C>
 2001    $172.60    $171.38    $190.83
---------------------------------------
 2002    $168.42    $162.64    $154.17
---------------------------------------
</Table>


                                       6
<Page>

PERFORMANCE SUMMARY

January 1, 2002 to March 31, 2002

Trading in the energy markets was profitable. Trading in natural gas and crude
oil resulted in gains. All markets posted gains in March, as crude and Brent
oil, gas oil, heating oil and unleaded gas produced profits.

Metals trading was moderately profitable. The Japanese government announced that
at the end of March they would no longer guarantee time deposits in excess of 10
million yen. Concerned Japanese citizens purchased physical gold, causing a
rally. Profits were realized in copper, zinc, nickel and silver as industrial
demand in anticipation of a strong global economic recovery pushed prices
higher.

Losses were posted across the board in agricultural commodity trading. Soybean
and sugar combined for the largest losses. The sector was flat by quarter end.

Stock index trading was unprofitable as volatile conditions made it difficult to
generate profits. Losses were realized in the Nikkei, DAX, Eurostoxx and NASDAQ
indices.

The interest rate sector sustained losses throughout the quarter. Optimism
surrounding the Japanese government's proposed anti-deflation measures had a
negative effect on Japanese government bonds. The sector as a whole was
unprofitable, as U.S. and Japanese interest rate contracts were unprofitable.

Significant losses occurred in the currency markets. The U.S. dollar weakened
against major currencies, particularly the Japanese yen. The sector performed
poorly, specifically the U.S. dollar/Japanese yen cross trades, as Japanese
fiscal year-end considerations made trading extremely volatile. Positions in
Swiss franc, Euro and British pound also turned in negative performances.

January 1, 2001 to March 31, 2001

Interest rate trading was the biggest contributor to the Partnership's overall
profitability during the quarter. The sector realized gains in all global bond
markets traded, primarily Asia. Interest rates declined at year-end and the
market reversed in January. Bonds generally benefited from the weakness in the
equity markets. Gains were realized in short-term interest rates on Central Bank
easing and the massive rally in Japanese government bonds as the Japanese
economy showed signs of sputtering.

Currency trading was profitable during the quarter. Currencies suffered losses
early in the quarter by a weakening in the Euro. The Euro tumbled to two-month
lows against the U.S. dollar in the wake of Turkey's lira currency float. Market
concerns about European bank exposure to Turkish assets pushed the Euro to new
lows. Strength in the U.S. dollar in March led to strong profits in Japanese
yen, Euro, Swiss franc and British pound. Cross-rate trading was also profitable
in March.

Trading in stock indices was profitable despite a slow start to the quarter. The
NASDAQ continued its slide into the new year, reaching a new 52 week low during
February. The Nikkei 225 set a 15-year low during February. Equity indices, in
general, declined sharply in March, leading to profits from short positions.

Agricultural commodities posted gains for the quarter. Corn and sugar were the
primary drivers for poor performance for January. This sector rebounded in March
as solid gains were attributable to sugar, corn and cotton all falling to new
contract lows.

Metals trading was moderately successful. Positions in gold were profitable amid
the Bank of England gold sale, but they failed to offset losses in other metals
traded in January. Gains in copper failed to offset losses in aluminum, nickel
and silver in February. All contracts were slightly profitable in March, leading
to a gain in the overall sector.


                                       7
<Page>

Energy trading was the lone sector which sustained losses for the quarter.
Losses were incurred when U.S. oil prices gained more than $2 a barrel on an
OPEC announcement that it would cut production by 1.5 million barrels a day
beginning February 1. OPEC officials made a follow-up announcement that they may
need to act again on concern of a cooling economy may reduce demand for oil
products.

CASH MANAGEMENT

Prior to June 2000, the Partnership invested a portion of its assets in
Government Securities. Effective June 2000, the Partnership liquidated the
Government Securities held and now can invest a portion of its assets in
Commercial Paper. As of December 31, 2001, and March 31, 2002, the
Partnership did not hold any Commercial Paper.

PART II - OTHER INFORMATION

Item 1.   Legal Proceedings

          There are no pending proceedings to which the Partnership or MLIM AS
          LLC 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
          March 31, 2002, the Partnership has sold 3,627,674 units of limited
          partnership interest, with an aggregate price of $464,580,977.

Item 3.   Defaults Upon Senior Securities

          None.

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

          None.

Item 5.   Other Information

          Effective March 1, 2002, Mr. Robert M. Alderman was elected a manager
          of MLIM AS LLC, the Partnership's General Partner. Mr. Alderman is a
          Managing Director of MLIM and Global Head of Retail Sales and Business
          Management for Alternative Investments. In this capacity, he is
          responsible for coordinating a global sales effort and managing the
          retail product line, which includes hedge funds, private equity
          opportunities, managed futures funds and exchange funds.

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

          (a) Exhibits

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

Reports on Form 8-K.

          There were no reports on Form 8-K filed during the first three months
          of fiscal 2002.


                                       8
<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:  MLIM ALTERNATIVE STRATEGIES LLC
                                                  (General Partner)


Date:  May 15, 2002                 By /s/ FABIO P. SAVOLDELLI
                                       -----------------------
                                       Fabio P. Savoldelli
                                       Chairman, Chief Executive Officer and
                                       Manager
                                       (Principal Executive Officer)




Date:  May 15, 2002                 By /s/ MICHAEL L. PUNGELLO
                                       -----------------------
                                       Michael L. Pungello
                                       Vice President, Chief Financial Officer
                                       and Treasurer
                                       (Principal Financial and Accounting
                                       Officer)


                                       9