<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, 2004

                     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>
                                                             MARCH 31,
                                                               2004         DECEMBER 31,
                                                            (UNAUDITED)         2003
                                                          --------------   --------------
<S>                                                       <C>              <C>
ASSETS
Equity in commodity futures trading accounts:
  Cash and option premiums                                $  900,627,991   $  654,099,468
  Net unrealized profit on open contracts                      8,598,055       53,778,379
Accrued interest                                                 776,164          456,197
Subscriptions receivable                                          31,259           47,562
                                                          --------------   --------------

          TOTAL                                           $  910,033,469   $  708,381,606
                                                          ==============   ==============

LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES:
  Brokerage commissions payable                           $    4,359,906   $    3,366,362
  Profit share payable                                         7,168,367        5,840,767
  Redemptions payable                                          4,439,635        3,039,004
  Ongoing offering costs payable                                       -          146,364
  Administrative fees payable                                    212,296          274,370
                                                          --------------   --------------

        Total liabilities                                     16,180,204       12,666,867
                                                          --------------   --------------

MINORITY INTEREST                                                253,699          237,332

PARTNERS' CAPITAL:
General Partner (34,788 and 34,732 Units)                      8,755,452        8,182,951
Limited Partner (3,515,750 and 2,917,183 Units)              884,844,114      687,294,456
                                                          --------------   --------------

        Total partners' capital                              893,599,566      695,477,407
                                                          --------------   --------------

          TOTAL                                           $  910,033,469   $  708,381,606
                                                          ==============   ==============

NET ASSET VALUE PER UNIT
(Based on 3,550,538 and 2,951,915 Units outstanding)      $       251.68   $       235.60
                                                          ==============   ==============
</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,
                                                               2004             2003
                                                          --------------   --------------
<S>                                                       <C>              <C>
REVENUES:
  Trading income (loss):
    Realized                                              $  111,801,700   $  106,628,926
    Change in unrealized                                     (45,186,061)     (49,194,206)
                                                          --------------   --------------

        Total trading results                                 66,615,639       57,434,720
                                                          --------------   --------------

  Interest income                                              1,924,593        1,101,654
                                                          --------------   --------------

        Total revenues                                        68,540,232       58,536,374
                                                          --------------   --------------

EXPENSES:
    Administrative fees                                          728,957          257,043
    Brokerage commissions                                     12,366,403        5,911,988
    Ongoing offering costs                                       348,101          125,000
                                                          --------------   --------------

        Total expenses                                        13,443,461        6,294,031
                                                          --------------   --------------

    NET INCOME BEFORE
    MINORITY INTEREST AND
    PROFIT SHARE ALLOCATION                                   55,096,771       52,242,343

    Profit share allocation                                   (7,168,367)      (5,685,056)
    Minority interest in income                                  (16,366)         (32,703)
                                                          --------------   --------------

NET INCOME                                                $   47,912,038   $   46,524,584
                                                          ==============   ==============

NET INCOME PER UNIT:
    Weighted average number of units outstanding               3,328,991        1,556,498
                                                          ==============   ==============

    Net income per weighted average
      General Partner and Limited Partner Unit            $        14.39   $        29.89
                                                          ==============   ==============
</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, 2004 AND 2003
                                   (unaudited)

<Table>
<Caption>
                                                      GENERAL          LIMITED
                                     UNITS            PARTNER          PARTNERS           TOTAL
                                 --------------    --------------   --------------    --------------
<S>                                   <C>          <C>              <C>               <C>
PARTNERS' CAPITAL,
  December 31, 2002                   1,450,002    $    3,438,707   $  314,858,961    $  318,297,668

Additions                               211,339            46,133       54,006,002        54,052,135

Net income                                    -           505,594       46,018,990        46,524,584

Redemptions                             (40,610)                -      (10,474,505)      (10,474,505)
                                 --------------    --------------   --------------    --------------

PARTNERS' CAPITAL,
  March 31, 2003                      1,620,731    $    3,990,434   $  404,409,448    $  408,399,882
                                 ==============    ==============   ==============    ==============

PARTNERS' CAPITAL,
  December 31, 2003                   2,951,915    $    8,182,951   $  687,294,456    $  695,477,407

Additions                               649,623            14,891      163,140,517       163,155,408

Net income                                    -           557,610       47,354,428        47,912,038

Redemptions                             (51,000)                -      (12,945,287)      (12,945,287)
                                 --------------    --------------   --------------    --------------

PARTNERS' CAPITAL,
  March 31, 2004                      3,550,538    $    8,755,452   $  884,844,114    $  893,599,566
                                 ==============    ==============   ==============    ==============
</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 recurring adjustments) necessary to
     present fairly the financial position of ML JWH Strategic Allocation
     Fund L.P. (the "Partnership") as of March 31, 2004, and the results of its
     operations for the three months ended March 31, 2004 and 2003. 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 accordance 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, 2003.

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 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
     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
     John W. Henry & Co., Inc., ("JWH(R)"), the trading 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 LLC
     does not itself intervene in the markets to hedge or diversify the
     Partnership's market exposure, MLAI LLC may urge JWH(R) to reallocate
     positions in an attempt to avoid over-concentration. However, such
     interventions are unusual. Except in cases in which it appears that JWH(R)
     has begun to deviate from past practice and trading policies or to be
     trading erratically, MLAI 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.

                                       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
                                ------------------------------
                         <S>    <C>        <C>        <C>
                         2003   $ 251.24   $ 269.78   $ 251.98
                         2004   $ 244.57   $ 265.91   $ 251.68
</Table>

     PERFORMANCE SUMMARY

     January 1, 2004 to March 31, 2004

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

     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 accomodating 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

                                        6
<Page>

     release of weekly inventory numbers provided by the 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 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

                                        7
<Page>

     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.

     January 1, 2003 to March 31, 2003

     The Partnership experienced gains in the interest rate, energy, stock index
     and currency sectors and losses in the metals and agricultural commodity
     sectors. Overall, for the quarter, the Partnership experienced a positive
     rate of return of almost 15%.

     Interest rate futures were the best performers for the quarter. Interest
     rates continued to push lower as economic data for the fourth quarter
     announced an annual growth rate for the economy of about 1% for 2002.
     Consumer spending and confidence remained low and even the housing market
     stumbled in March. The global fixed income markets continued their upward
     climb until mid-March when expectations of a short conflict triggered the
     liquidation of many fixed income investments hurting long exposures.

     Energy was also a strong performer for the quarter. With the continuation
     of the strike in Venezuela, the tensions with Iraq and the cold winter,
     long positions in oil and natural gas were profitable in the beginning of
     the year. In February, the best performing month, natural gas prices rose
     nearly 40% in a single day citing expected severely cold weather and supply
     shortages. Prices plummeted within a week of the start of the war with
     Iraq, causing the loss of almost half of the profits earned in January and
     February.

     Trading in stock indices posted gains for each of the months in the
     quarter. European stock markets attempted to start the year with some
     optimism only to succumb to eroding prices throughout the quarter. Global
     economies suffered throughout the quarter, however in mid-March the
     equities market did react with the currency and fixed income markets.
     Equities appeared to be more in tune to the overall market fundamental and
     were quick to resume their downward trend.

     The currency forward and futures trading had gains for the quarter. The
     weakening U.S. dollar was continuing to decline as it has for over a year
     and the Partnership was well positioned to capitalize on its U.S dollar
     positions against other currencies. In March, on hopes that the war with
     Iraq would be short, the U.S. dollar strengthened and returned some of the
     profits earned early in the year.

     The metals sector had slight losses for the quarter. Gold drove profits in
     January as it continued its run up. The general perception of risks in the
     financial markets and the geopolitical situation unfolding was the main
     driver for the gold market in January. The Partnership sustained losses in
     February as the long bias in precious metals hurt the portfolio when gold
     reversed its rising trend in February with the announcement that the German
     Bundesbank had sold a portion of its gold reserves. Industrial metals
     markets were choppy throughout the quarter.

     Trading in agricultural commodities posted losses for the quarter. The
     Partnership held positions in sugar, corn, wheat, cocoa, coffee and the
     soybean complex. Agricultural trading represents about 5% of the
     Partnership's trading.

                                        8
<Page>

     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 within 90 days of
     the filing date 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.

                                        9
<Page>

                           PART II - OTHER INFORMATION

Item 1.   Legal Proceedings

          There are no pending proceedings to which the Partnership or MLAI 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 3,310,000 units of limited partnership interest. As of
          March 31, 2004, the Partnership has sold 6,160,567 units of limited
          partnership interest, with an aggregate price of $1,071,861,333.

          Effective October 14, 2003, the Partnership registered additional
          2,738,667 units of limited partnership interest.

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.

Reports on Form 8-K.

          There were no reports on Form 8-K filed during the first three months
          of fiscal 2004.

                                       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: MERRIL LYNCH ALTERNATIVE
                                       INVESTMENTS  LLC
                                        (General Partner)


Date:  May 14, 2004            By  /s/ ROBERT M. ALDERMAN
                                   ----------------------
                                  Robert M. Alderman
                                  Chief Executive Officer, President and Manager
                                  (Principal Executive Officer)


Date:  May 14, 2004            By  /s/ MICHAEL L. PUNGELLO
                                   -----------------------
                                  Michael L. Pungello
                                  Vice President, Chief Financial Officer
                                  and Treasurer
                                  (Principal Financial and Accounting Officer)

                                       11
<Page>

                                                                   EXHIBIT 31.01

                     RULE 13a-14(a)/15d-14(a) CERTIFICATIONS

I, Robert M. Alderman, certify that:

1. I have reviewed this report on Form 10-Q of ML JWH Strategic Allocation Fund
L.P.;

2. Based on my knowledge, this report does not contain any untrue statement of a
material fact or omit to state a material fact necessary to make the statements
made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material respects the
financial condition, results of operations and cash flows of the registrant as
of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

   a) Designed such disclosure controls and procedures, or caused such
   disclosure controls and procedures to be designed under our supervision, to
   ensure that material information relating to the registrant, including its
   consolidated subsidiaries, is made known to us by others within those
   entities, particularly during the period in which this report is being
   prepared;

   b) Evaluated the effectiveness of the registrant's disclosure controls and
   procedures and presented in this report our conclusions about the
   effectiveness of the disclosure controls and procedures, as of the end of the
   period covered by this report based on such evaluation;

   c) Disclosed in this report any change in the registrant's internal control
   over financial reporting that occurred during the registrant's most recent
   fiscal quarter that has materially affected, or is reasonably likely to
   materially affect, the registrant's internal control over financial
   reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our
most recent evaluation of internal control over financial reporting, to the
registrant's auditors and the audit committee of registrant's board of directors
(or persons performing the equivalent functions):

   a) All significant deficiencies and material weaknesses in the design or
   operation of internal control over financial reporting which are reasonably
   likely to adversely affect the registrant's ability to record, process,
   summarize and report financial information; and

   b) Any fraud, whether or not material, that involves management or other
   employees who have a significant role in the registrant's internal control
   over financial reporting.

Date: May 14, 2004
     -----------------

By /s/ ROBERT M. ALDERMAN
   ----------------------
Robert M. Alderman
Chief Executive Officer, President and Manager
(Principal Executive Officer)

                                       12
<Page>

                                                                   EXHIBIT 31.02

                     RULE 13a-14(a)/15d-14(a) CERTIFICATIONS

I, Michael L. Pungello, certify that:

1. I have reviewed this report on Form 10-Q of ML JWH Strategic Allocation Fund
L.P.;

2. Based on my knowledge, this report does not contain any untrue statement of a
material fact or omit to state a material fact necessary to make the statements
made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material respects the
financial condition, results of operations and cash flows of the registrant as
of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

   a) Designed such disclosure controls and procedures, or caused such
   disclosure controls and procedures to be designed under our supervision, to
   ensure that material information relating to the registrant, including its
   consolidated subsidiaries, is made known to us by others within those
   entities, particularly during the period in which this report is being
   prepared;

   b) Evaluated the effectiveness of the registrant's disclosure controls and
   procedures and presented in this report our conclusions about the
   effectiveness of the disclosure controls and procedures, as of the end of the
   period covered by this report based on such evaluation;

   c) Disclosed in this report any change in the registrant's internal control
   over financial reporting that occurred during the registrant's most recent
   fiscal quarter that has materially affected, or is reasonably likely to
   materially affect, the registrant's internal control over financial
   reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our
most recent evaluation of internal control over financial reporting, to the
registrant's auditors and the audit committee of registrant's board of directors
(or persons performing the equivalent functions):

   a.) All significant deficiencies and material weaknesses in the design or
   operation of internal control over financial reporting which are reasonably
   likely to adversely affect the registrant's ability to record, process,
   summarize and report financial information; and

   b) Any fraud, whether or not material, that involves management or other
   employees who have a significant role in the registrant's internal control
   over financial reporting.

Date: May 14, 2004
     ------------------

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

                                       13
<Page>

                                                                   EXHIBIT 32.01

                           SECTION 1350 CERTIFICATION


In connection with this quarterly report of ML JWH Strategic Allocation Fund
L.P. on Form 10-Q for the period ended March 31, 2004 as filed with the
Securities and Exchange Commission on the date hereof, I, Robert M. Alderman,
certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant of the
Sarbanes-Oxley Act of 2002, that:

1. This quarterly report containing the financial statements fully complies with
the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of
1934; and

2. The information contained in this quarterly report fairly presents, in all
material respects, the financial condition and results of operations of ML JWH
Strategic Allocation Fund L.P.

Date: May 14, 2004
      ----------------

By /s/ ROBERT M. ALDERMAN
   ----------------------
Robert M. Alderman
Chief Executive Officer, President and Manager
(Principal Executive Officer)

                                       14
<Page>

                                                                   EXHIBIT 32.02

                           SECTION 1350 CERTIFICATION


In connection with this quarterly report of ML JWH Strategic Allocation Fund
L.P. on Form 10-Q for the period ended March 31, 2004 as filed with the
Securities and Exchange Commission on the date hereof, I, Michael L. Pungello,
certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant of the
Sarbanes-Oxley Act of 2002, that:

1. This quarterly report containing the financial statements fully complies with
the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of
1934; and

2. The information contained in this quarterly report fairly presents, in all
material respects, the financial condition and results of operations of ML JWH
Strategic Allocation Fund L.P.


Date: May 14, 2004
     ------------------

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

                                       15