<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, 2005
                                -------------

                                       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 Alternative Investments 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>
                                                                                   JUNE 30,
                                                                                     2005            DECEMBER 31,
                                                                                  (UNAUDITED)            2004
                                                                                ----------------   ----------------
<S>                                                                             <C>                <C>
ASSETS
Equity in commodity futures trading accounts:
   Cash                                                                         $  1,194,774,082   $  1,283,896,801
   Net unrealized profit on open contracts                                           106,868,875        145,214,452
Accrued interest                                                                       2,583,170          2,215,147
Subscriptions receivable                                                                  16,035             33,098
                                                                                ----------------   ----------------

      TOTAL ASSETS                                                              $  1,304,242,162   $  1,431,359,498
                                                                                ================   ================

LIABILITIES, PARTNERS' CAPITAL AND MINORITY INTEREST
LIABILITIES:
   Brokerage commissions payable                                                $      6,249,282   $      6,821,515
   Profit share payable                                                                    6,344         39,051,490
   Redemptions payable                                                                15,651,482         13,106,314
   Ongoing offering costs payable                                                         50,000                  -
   Administrative fees payable                                                           292,549            318,595
                                                                                ----------------   ----------------

      Total liabilities                                                               22,249,657         59,297,914
                                                                                ----------------   ----------------

PARTNERS' CAPITAL:
General Partner (59,018 and 51,570 Units)                                             12,548,931         13,425,275
Limited Partners (5,969,225 and 5,217,892 Units)                                   1,269,229,160      1,358,373,840
                                                                                ----------------   ----------------

      Total partners' capital                                                      1,281,778,091      1,371,799,115
                                                                                ----------------   ----------------

MINORITY INTEREST                                                                        214,414            262,469
                                                                                ----------------   ----------------
      TOTAL LIABILITIES, PARTNERS' CAPITAL AND MINORITY INTEREST                $  1,304,242,162   $  1,431,359,498
                                                                                ================   ================

NET ASSET VALUE PER UNIT
(Based on 6,028,243 and 5,269,462 Units outstanding)                            $         212.63   $         260.33
                                                                                ================   ================
</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        FOR THE SIX         FOR THE SIX
                                                       MONTHS ENDED        MONTHS ENDED        MONTHS ENDED        MONTHS ENDED
                                                         JUNE 30,            JUNE 30,            JUNE 30,            JUNE 30,
                                                           2005                2004                2005                2004
                                                     ----------------    ----------------    ----------------    ----------------
<S>                                                  <C>                 <C>                 <C>                 <C>
TRADING PROFITS (LOSSES):

   Realized                                          $    (39,603,041)   $   (171,209,177)   $   (198,870,538)   $    (59,407,477)
   Change in unrealized                                    49,176,344         (80,862,624)        (38,407,411)       (126,048,685)
                                                     ----------------    ----------------    ----------------    ----------------

      Total trading profits (losses)                        9,573,303        (252,071,801)       (237,277,949)       (185,456,162)
                                                     ----------------    ----------------    ----------------    ----------------

INVESTMENT INCOME:

   Interest                                                 8,590,728           2,741,267          16,432,404           4,665,860
                                                     ----------------    ----------------    ----------------    ----------------

EXPENSES:

   Administrative fees                                        833,516             602,658           1,657,828           1,331,615
   Brokerage commissions                                   17,733,360          12,343,137          35,255,037          24,709,540
   Ongoing offering costs                                     100,000                   -             100,000             348,101
                                                     ----------------    ----------------    ----------------    ----------------

      Total expenses                                       18,666,876          12,945,795          37,012,865          26,389,256
                                                     ----------------    ----------------    ----------------    ----------------
NET INVESTMENT LOSS                                       (10,076,148)        (10,204,528)        (20,580,461)        (21,723,396)
                                                     ----------------    ----------------    ----------------    ----------------
   LOSS BEFORE
   MINORITY INTEREST AND
   PROFIT SHARE ALLOCATION                                   (502,845)       (262,276,329)       (257,858,410)       (207,179,558)

   Profit share allocation                                         19             (16,750)             (6,344)         (7,185,117)
   Minority interest in (income) loss                             530              64,314              48,055              47,948
                                                     ----------------    ----------------    ----------------    ----------------

NET LOSS                                             $       (502,296)   $   (262,228,765)   $   (257,816,699)   $   (214,316,727)
                                                     ================    ================    ================    ================

NET LOSS PER UNIT:

   Weighted average number of General Partner
     and Limited Partners Units outstanding                 6,023,522           4,132,643           5,809,210           3,730,816
                                                     ================    ================    ================    ================

   Net loss per weighted average
     General Partner and Limited Partner Unit        $          (0.08)   $         (63.45)   $         (44.38)   $         (57.45)
                                                     ================    ================    ================    ================
</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 SIX MONTHS ENDED JUNE 30, 2005 AND 2004
                                   (unaudited)

<Table>
<Caption>
                                                            GENERAL               LIMITED
                                        UNITS               PARTNER               PARTNERS               TOTAL
                                 ------------------    ------------------    ------------------    ------------------
<S>                              <C>                   <C>                   <C>                   <C>
PARTNERS' CAPITAL,
   December 31, 2003                      2,951,915    $        8,182,951    $      687,294,456    $      695,477,407

Additions                                 1,526,678             1,565,071           363,296,697           364,861,768

Net loss                                          -            (1,826,389)         (212,490,338)         (214,316,727)

Redemptions                                (117,225)              (41,705)          (26,639,901)          (26,681,606)
                                 ------------------    ------------------    ------------------    ------------------

PARTNERS' CAPITAL,
   June 30, 2004                          4,361,368    $        7,879,928    $      811,460,914    $      819,340,842
                                 ==================    ==================    ==================    ==================

PARTNERS' CAPITAL,
   December 31, 2004                      5,269,462    $       13,425,275    $    1,358,373,840    $    1,371,799,115

Additions                                 1,098,572             1,593,722           237,385,962           238,979,684

Net loss                                          -            (2,470,066)         (255,346,633)         (257,816,699)

Redemptions                                (339,791)                    -           (71,184,009)          (71,184,009)
                                 ------------------    ------------------    ------------------    ------------------

PARTNERS' CAPITAL,
   June 30, 2005                          6,028,243    $       12,548,931    $    1,269,229,160    $    1,281,778,091
                                 ==================    ==================    ==================    ==================
</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

     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") and Joint Venture as of June 30, 2005, and
     the results of their operations for the three and six month periods ended
     June 30, 2005 and 2004. However, the operating results for the interim
     periods may not be indicative of the results for the full year.

     Certain information and footnote disclosures normally included in annual
     financial statements prepared in conformity with accounting principles
     generally accepted in the United States of America 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, 2004.

2.   FAIR VALUE AND OFF-BALANCE SHEET RISK

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

     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.

     The General Partner, Merrill Lynch Alternative Investments LLC ("MLAI") 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), the
     investment advisor, 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 MLAI does not itself intervene in the
     markets to hedge or diversify the Partnership's market exposure, MLAI 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, MLAI'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.

                                        5
<Page>

     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.        APR.        MAY         JUN.
               ----------------------------------------------------------------------------
               <S>    <C>         <C>         <C>         <C>         <C>         <C>
               2004   $  244.57   $  265.91   $  251.68   $  224.34   $  210.08   $  187.86
               2005   $  224.16   $  213.19   $  213.18   $  190.18   $  208.05   $  212.63
</Table>

Performance Summary

JANUARY 1, 2005 TO JUNE 30, 2005

January 1, 2005 to March 31, 2005

The energy sector was the best performing sector for the Partnership. The
quarter began with a loss due to higher energy prices. Events in the Middle East
and bad weather dominated the sector's price action. Mid-quarter, energies
rallied as commodity prices surged to a 24-year high due to signs of growing
global demand for everything energy-related. London gas oil and crude oil led
performance after the U.S. government reported an unexpected decline in U.S. oil
stockpiles. This raised concerns that refineries would have insufficient
supplies for making gasoline during peak summer demand. A Goldman Sachs
prediction that crude oil prices could spike up to as high as $105 per barrel
also bolstered the rise in oil prices. In addition, the International Energy
Agency raised its prediction for global consumption for a third consecutive
month, and forecasts of colder temperatures across Europe and the U.S. also
helped to drive energy prices even higher.

The agricultural commodities sector was profitable for the Partnership for the
quarter. Wheat helped returns as prices fell, early in the quarter, to a
20-month low after a report showed that U.S. exports slowed when the European
Union indicated it would subsidize exports of the grain for the first time since
June 2003. Corn slightly boosted returns as prices fell to the lowest level
since June 2001 on slumping demand for record supplies in the U.S., which is the
world's largest producer and exporter of the grain. The forecasted dry season in
Brazil was the driving factor behind the majority of the agricultural price
movements mid-quarter.

                                        6
<Page>

The Partnership was able to benefit from rising New York ("NY") coffee prices as
production declined and stocks held by roasters and producers fell to their
lowest level in 15 years. Profits from the rally in NY coffee caused by this
forecast were enough to offset the combined losses in various other agricultural
markets including corn, wheat and soybeans. Soybean prices rose in Chicago amid
speculation that the four-week drought in Brazil will reduce the harvest of the
world's second biggest crop. Wheat prices rose, later in the quarter, on
speculation that importers will increase purchases of U.S. supplies.

The stock indices sector was profitable for the quarter. Losses occurred in the
beginning of the quarter resulting from a sell off in world equity markets, as
stocks weakened because energy prices rose during January. Stock indices posted
a gain mid-quarter as the Nikkei rallied on hopes that quicker U.S. growth would
help Japan start an export-led economic recovery. However, at the end of the
quarter, higher bond yields and oil prices made equities less attractive to
investors as inflationary pressures started to weigh on the global economy. In
addition, stocks dropped as American International Group Inc., the world's
largest insurer, lost its top credit rating. In addition, General Motors, the
world's third largest borrower, announced that it was forecasting its biggest
quarterly loss since 1992. The largest gain was achieved in the Nasdaq e-mini,
while the largest loss occurred in the Nikkei.

The metals sector was unprofitable for the quarter. The loss in metals was due
to the weakness in both gold and aluminum. Gold, which recently has had a strong
inverse relationship with the U.S. dollar, came under pressure as the U.S.
dollar strengthened throughout the beginning of the quarter. Aluminum sustained
losses as supply increases in Shanghai put pressure on the market. The metals
sector posted negative returns, as inflation fears in the U.S. pushed gold
prices higher. Rising energy prices also bolstered the appeal of the precious
metals as a hedge against inflation. London copper prices rose after government
reports showed Japan's industrial production gained in January. The largest gain
in this sector was achieved in copper, while the largest loss occurred in gold.

The interest rate sector was unprofitable for the quarter. A significant portion
of the losses were directly related to the fixed income sector as the European,
Japanese and U.S. bond markets sold off. The catalyst for the dramatic move
higher in world interest rates was the cumulative effect of increases in both
energy prices and inflation expectations. On February 10th, the benchmark U.S.
ten-year Treasury note fell from recent highs after jobless claims unexpectedly
declined, exports rose, and the U.S. government sold $14 billion ten-year notes
at a higher-than-expected yield, a sign of weak demand. Federal Reserve Chairman
Alan Greenspan's testimony, prepared for the Senate Banking Committee, further
added pressure to the sector as he stated that the decline in long-term interest
rates during the past year "remains a conundrum". The release of a
higher-than-expected Producer Price Index (+0.8 vs. +0.2) in the U.S. helped to
spark inflation fears worldwide and added further to the fixed-income markets'
decline. The largest loss occurred in the Japanese government bond.

The currency sector was the most unprofitable sector in the quarter. The single
most influential factor driving performance in this sector was the U.S. dollar.
A significant portion of the loss in the beginning of the quarter was directly
related to the strength of the U.S. dollar against most major currencies. The
weak U.S. dollar trend, which had dominated the markets during the second half
of last year, began to reverse itself as market expectations of a Yuan
revaluation by the Chinese central bank began to diminish. The weakness of the
Japanese yen against the U.S. dollar mid-quarter also hurt performance. On
February 10th, the U.S. dollar rose to a three-month high against the Japanese
yen after a Commerce Department report showed the U.S. trade deficit narrowed in
January from a previous record high. The recent dollar strength began when
Federal Reserve Chairman Alan Greenspan predicted that the deficit in the U.S.
current account, the broadest measure of trade, may shrink. Further adding to
the Japanese yen's weakness were reports that showed Japanese household spending
and industrial output had dropped in December 2004, and that Japan had
officially fallen into a recession for the fourth time since 1991. Additional
losses in this sector occurred as the Swiss franc rose against the U.S. dollar
on speculation that the Swiss National Bank would raise its target interest
rate. The largest gain in this sector was achieved in the Japanese yen, while
the largest loss occurred in the Swiss franc.

April 1, 2005 to June 30, 2005

The Partnership posted trading profits for the quarter, with the currency and
fixed income sectors reporting profits and the remaining sectors posting losses.

                                        7
<Page>

The currency sector posted substantial profit for the quarter despite losses
early in the quarter due primarily to the strengthening of the Japanese yen.
Soon afterward, France's rejection of the European Union constitution dampened
expectations for economic growth in the region, resulting in the Euro's fall to
a seven-month low against the U.S. dollar. The Euro also weakened against most
other major currencies. The decline in the Euro was compounded by a report
pronouncing a drop in European business confidence, and the weakening of the
Swiss franc against the U.S. dollar. The quarter came to a positive close with
the U.S. dollar posting its largest quarterly gain against the Euro since 2001.
The widening spread between the two-year U.S. Treasury note and the German
schatz, along with the rally of the U.S. dollar against the Japanese yen also
contributed to positive returns.

The interest rate sector posted gains consistently throughout the quarter. Much
of the positive return was attributed to the strength in both Germany's and
Japan's fixed income markets. The benchmark German 10-year Bund reached record
highs with the slowing of the European economy and resultant expectations of an
interest rate reduction. Japan's government bond yields experienced record lows
because of anticipated economic slowdowns for two main reasons; the projection
that the demand for regional goods would wane because of a slowing U.S. economy,
and record high oil prices were expected to take a serious toll on the nation.

Agricultural commodities experienced losses throughout the quarter. There was no
discernable trend through the quarter, as most markets were marked by
volatility. Cotton experienced gains in April before posting significant losses
because of a swelling surplus. Further compounding losses was the poor
performance of corn, the largest U.S. crop, as unseasonably cool and dry weather
threatened the harvest. Coffee prices took a dive after the market overreacted
to news of the first rainfall of the year in Vietnam. After it became apparent
that the country's largest growing province continued to battle a drought, New
York coffee emerged as the strongest performer for the remainder of the quarter.
Soybeans also posted positive gains. However, the two positive contributors
could not compensate for the losses incurred throughout the sector.

The metals sector was quite volatile during the quarter, ultimately posting a
net loss. A decrease in the Institute for Supply Management Non-Manufacturing
Business Activity Index in April initially caused base metal prices to fall,
while precious metals continued to appreciate. Later, the Partnership was able
to benefit from the decline in gold prices and simultaneous strengthening of the
U.S. dollar. However, gold went on to experience significant volatility. Gold
prices rose as crude oil surged, then dipped with the strengthening of the U.S.
economy. Higher interest rates generally made investors more hesitant to hold
gold and silver, which do not offer fixed returns. The quarter ended with a
relatively strong performance from LME zinc.

Stock indices posted slight losses for all three months of the quarter. The
sector's lackluster performance is primarily a result of the overall volatility
of equity markets around the world. The quarter is more specifically defined by
IBM's and 3M's underperformance, the downgrade in Ford's and GM's credit
ratings, and the Federal Reserve's ninth consecutive hike in its benchmark
interest rate. The Partnership achieved noteworthy gains in the Eurostoxx 50,
while the greatest losses occurred in the Nasdaq e-mini.

The energy sector was the most unprofitable sector of the quarter. Although
energy has trended upward in the recent past, a leap in U.S. supplies and OPEC
output caused crude oil prices to take a 15% plunge in April. Additional
speculation over the slowing of major economies, such as the U.S., Europe, and
Japan, has also burdened sector performance. Crude oil temporarily rebounded
when U.S. crude oil stockpiles fell and the Royal Dutch/Shell group announced
the closing of two refinery units. However, just as it appeared that global
demand for oil would peak to a record 86.4 million barrels a day in the 4th
quarter, an Energy Department report informed investors of an unexpected surge
in supplies because of increased productivity in refineries. Overall, all energy
sector components were negative for the majority of the quarter.

JANUARY 1, 2004 TO JUNE 30, 2004

January 1, 2004 to March 31, 2004

The Partnership was profitable overall, with gains in all sectors except the
currency sector.

                                        8
<Page>

The interest sector was the most profitable sector for the Partnership. The
world trend of interest rates moving lower continued in January. This was a
result of the Federal Open Market Committee's December meeting statement that
interest rates were likely to remain low for a considerable time, which
influenced investors to further accept the current low yield environment. In
February, interest rates continued to move lower in the U.S., Europe and Asia.
U.S. Federal Reserve Bank Chairman Alan Greenspan commented in his semi-annual
testimony to the U.S. Congress that inflation in the U.S. continues to be of
little concern, and that the U.S. central bank could be patient in removing the
current accommodative monetary policy keeping interest rates low. Additionally,
employment in the U.S. continued to gradually show signs of improvement, further
pushing interest rates low. Market expectations that the Federal Reserve's
accommodating interest rate policy would remain in place, keeping rates low.
Interest rates in the European Central Bank community also felt the downward
pressure as the terrorist attack in Spain dampened confidence in local
economies. The biggest change in interest rates occurred in Japan, where rates
actually increased for the month.

The energy sector experienced gains despite losses early in the quarter. The
upward trend in crude prices and related products continued in a volatile
fashion during January. Energy prices became highly sensitive to the release of
weekly inventory numbers provided by the U.S. Department of Energy and the
American Petroleum Institute. The colder than expected winter weather, coupled
with numerous storms, also helped create large trading ranges on fears that
inventories would receive increased pressure. In February, daily volatility in
the crude oil markets remained at extremely high levels. Energy markets, with
the exception of natural gas, continued to move higher in reaction to low
inventory concerns. Additionally, prices were further buoyed by members of OPEC
who agreed to cut production approximately 10% by April 1st in order to support
higher prices during the upcoming seasonal slowdown. Conversely, natural gas
reacted to the anticipated warmer weather and reduced demand by sending prices
lower in a more orderly fashion than the crude markets. Buildups in U.S.
inventory levels at the end of the quarter, especially the magnitude of the
increases, surprised most energy analysts and sent crude prices lower.

Agricultural commodities posted gains during all three months of the quarter. In
January, corn had a significant run higher when the carry-over stocks were
reported lower than expected, and amid fears that China would soon become a
larger importer of U.S. corn production. New York coffee also benefited from a
run up in prices due to Brazilian farmers cutting down coffee plants in favor of
planting soybeans, which can yield two crops a year at its current high price.
Cotton had the largest loss when the price fell sharply late in the month on
fears that China would curb further buying, which in turn prompted speculative
long liquidation. In February, corn, soybeans, and soybean oil were the best
performing components of the sector. On the other hand, cotton and New York
coffee were the largest detractors in this group. In March, the best performance
in the sector came from cotton, which fell on reports by the U.S. Agricultural
Department that sales are slowing. Grains performed well due to rising prices
from surging exports. New York sugar sustained the largest loss for the sector
when prices dropped due to technical selling.

The metals sector also posted modest returns for all three months of the
quarter. Base metals performed well in January as prices continue to climb due
to strong demand from China, which is building its infrastructure. Nickel was
the exception, showing a considerable price correction this month from the
nearly 100% price increase over the past six months. Copper, aluminum and silver
had the best performance, while gold was the biggest detractor from profits.
Gold has become highly correlated to the Euro and rallied in the beginning of
February, only to fall back at the end of the month when the Euro fell. The
price of silver fared better as it was able to maintain its higher level by
taking more of a cue from base metals. Base metals maintained lofty levels due
to low inventory levels and increased global demand, particularly from China.
The best performance for this sector came from copper, silver and aluminum. Gold
and nickel posted the largest losses for this sector. In March, precious metals
moved higher despite the strengthening of the U.S. dollar. The driving force has
been the negative real interest rate (Fed Funds rate minus Consumer Price Index)
environment currently in the U.S. Silver had the best performance for the sector
while gold and nickel had the lowest returns.

Stock indices also experienced gains for the quarter. Despite increased
volatility, the sector was profitable in January. In February, most stock
indices appeared to be consolidating in recent ranges, as the financial markets

                                        9
<Page>

remained more attuned to the fixed-income and foreign exchange markets. The only
positive performance in this sector came from the Eurostoxx, while the other
components failed to register profits in February. During the first half of
March, increased concern over terrorist activity weighed heavily on share prices
pushing markets down. However, indices recovered in the latter half of the month
in reaction to favorable economic data. In the U.S., durable goods orders were
up, inflation remained benign and consumer confidence rose.

The currency sector posted considerable losses despite profits early in the
quarter. Following comments from then European Central Bank ("ECB") President
Jean-Claude Trichet about "excessive" currency volatility, the U.S. dollar
reacted swiftly by strengthening against most currencies in a significant
manner. Most currencies traded in volatile fashion for the remainder of the
month, thereby curtailing previous profits. The Japanese yen and the British
pound made the greatest contributions to profits, while the Swiss franc and
South African rand had the largest losses. In February, the U.S. dollar returned
to its weakening trend until mid-month, when officials in Europe began publicly
voicing concern over the level of the U.S. dollar and possible action that could
be taken in order to stem the slide. That was enough to reverse the trend and
strengthen the U.S. dollar, forcing the liquidation of large short positions.
The best performance for this sector came from the British pound and the
Euro/British pound cross. The Japanese yen and the Swiss franc recorded the
largest losses for the sector. In March, large losses were posted. The sector
was dominated by Japanese yen selling and U.S. dollar purchasing, orchestrated
by the Bank of Japan to allow Japanese exporters to hedge their U.S. dollar
profits at favorable rates for the Japanese fiscal year end, March 31. Most
other currencies traded in a sideways fashion in varying degrees of volatility.
The Euro came under pressure on expectations of ECB rate cuts. The British pound
was range bound due to fears that its recent rise would diminish export
activity. The South African rand posted the largest gains for the sector while
the largest losses came in the Japanese yen, British pound and the Euro.

April 1, 2004 to June 30, 2004

The Partnership experienced gains in the energy sector and losses in all other
sectors. Overall, for the quarter, the Partnership experienced a loss.

The energy sector was the only profitable sector for the Partnership resulting
in a profitable standpoint for April and May. Crude and related products were
positive with crude oil turning in the best performance in the sector for April
and May. Concerns about the continued violence in the Middle East and increased
global consumer demand helped to maintain prices at their lofty levels.
Additionally, tensions in the Middle East raise concerns about possible supply
disruptions as inventories of crude oil in the U.S. are below multi-year
averages. However, the wide price ranges made trend following difficult, as a
result the sector was at a negative for June. Crude oil prices and related
products remain robust as a result of the strong growth in the U.S. and China,
and continued geopolitical tensions in the Middle East.

Agricultural commodities experienced losses despite gains early in the quarter.
In April, the grain markets traded in a volatile fashion, reacting to favorable
weather conditions and continued strong demand. However in certain instances,
some grain markets were negatively affected by possible reduced demand by China
as well as by the recent strength in the U.S. dollar, which makes it more
expensive for foreigners to purchase U.S. grain. The sector in April showed the
best performance in cotton and London sugar, while wheat had the largest loss.
In June, the grain markets faced a downward price pressure for most of the month
as a result of China's decreased demand. The price of cotton continued to move
lower, partially due to the World Trade Organization's ruling in June that U.S.
subsides of U.S. farmers are illegal, paving the way for increased cotton
plantings in other countries. The best return in the sector came from cotton and
the largest loss was in New York coffee

Stock indices posted losses for all three months of the quarter. The major
global equity markets continue to struggle. Concerns over rising interest rates
and high energy prices have reduced enthusiasm for stocks. Despite the best
economy Japan has had in twenty years and the improvement in the U.S. and
European economies, the volatility of these markets has made trend following
very difficult. In general, major stock markets continued to climb higher after
reversing their slide in mid-May. The high cost of energy on corporate
profitability and the anticipation of rising interest rates have also dampened
enthusiasm. The German Dax was the largest loss for the sector in April, The
Japanese Nikkei was the poor performer for May and June.

                                       10
<Page>

The metals sector experienced losses for the quarter. The sector was
unprofitable for both April and May. Precious metal prices fell hard as
investors liquidated long positions which had been a hedge against the current
negative real rate of return environment in the U.S. Gold and silver had the
largest losses for the month of April. In May, the sector failed to register any
components in positive territory with the largest loss coming from aluminum. The
U.S. dollar strengthened mid June amid the possibility that an aggressive policy
by the U.S. Federal Reserve of raising interest rates would curtail the effects
of the negative real rate environment. Ultimately, gold buoyed by the weakening
U.S. dollar towards the end of June. Low levels of global inventories of base
metals propelled prices higher by the end of the month. The best performer was
silver, while the largest loss occurred in aluminum.

The interest sector suffered negative performance in April mainly due to the
pickup in the economy, but also statements made by the U.S. Federal Reserve
causing speculation that it may raise interest rates sooner than anticipated.
The largest loss for April occurred in the Euro Bund. Though the sector showed
improvement in May, the best results in the sector were achieved in the Euro
Bund and the short Sterling. U.S. interest rates were heavily influenced the
month of June by varying expectations as to whether it would raise the Federal
Funds rate would be raised by 25 or 50 basis points. In Europe, German interest
rates fell as bond prices rose after a report showed that German business
confidence unexpectedly dropped to a nine-month low in June as consumers
curtailed their spending activity. Interest rates in Japan rose during the month
driving yields to their highest levels in almost four years on expectations that
the Japanese economy will extend its longest expansion since 1997. The largest
losses occurred in the Japanese Government Bond and the Euro Bund.

The currency sector was the most unprofitable sector for the Partnership. The
sector posted considerable losses for the quarter. The foreign exchange markets
were most heavily influenced by the improving U.S. economy. In the beginning of
April, the U.S. dollar strengthened against most major currencies in response to
better-than-expected advances in U.S. job creation. Conversely, the best results
in the sector were achieved in the Swiss franc and the Euro for April. The U.S.
dollar was heavily influenced in the beginning of May by improving economic
numbers and revised expectations for continued growth in the U.S. However, by
the end of the month, the U.S. dollar relinquished most of its gains because of
actual economic data, while showing an improving economy didn't live up to
heightened expectations. The U.S. dollar ended the month little changed from
where it started at the beginning of the June. Market participants were less
inclined to act on price expectations ahead of the probable rate increase. The
largest gain was in the South African rand. The largest loss was in the Japanese
yen.

Item 3.   Quantitative and Qualitative Disclosures About Market Risk

Not applicable

Item 4.   Controls and Procedures

Merrill Lynch Alternative Investments LLC, the General Partner of ML JWH
Strategic Allocation Fund L.P., with the participation of the General Partner's
Chief Executive Officer and the Chief Financial Officer, has evaluated the
effectiveness of the design and operation of its disclosure controls and
procedures with respect to the Partnership as of the end of the period of this
quarterly report, and, based on this evaluation, has concluded that these
disclosure controls and procedures are effective. Additionally, there were no
significant changes in the Partnership's internal controls or in other factors
that could significantly affect these controls subsequent to the date of this
evaluation, including any corrective actions with regard to significant
deficiencies and material weaknesses.

                                       11
<Page>

                           PART II - OTHER INFORMATION

Item 1.   Legal Proceedings

          There are no pending proceedings to which the Partnership or MLAI 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 3,310,000 units of limited partnership interest. Effective
          October 14, 2003, the Partnership registered additional 2,738,667
          units of limited partnership interest. Effective May 21, 2004, the
          Partnership registered additional 4,460,000 units of limited
          partnership interest. As of June 30, 2005, the Partnership has sold
          9,250,302 units of limited partnership interest, with an aggregate
          price of $1,742,053,793.

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 2005.

                                       12
<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.

<Table>
<S>                                <C>

                                   ML JWH STRATEGIC ALLOCATION FUND L.P.

                                      By: MERRILL LYNCH ALTERNATIVE
                                           INVESTMENTS  LLC
                                            (General Partner)


Date:  August 12, 2005             By /s/ ROBERT M. ALDERMAN
                                      ----------------------
                                      Robert M. Alderman
                                      Chairman, Chief Executive Officer and Manager
                                      (Principal Executive Officer)


Date:  August 12, 2005             By /s/ MICHAEL L. PUNGELLO
                                      -----------------------
                                      Michael L. Pungello
                                      Vice President, Chief Financial Officer
                                      and Treasurer
                                      (Principal Financial and Accounting Officer)
</Table>

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