<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 September 30, 2001
                               ------------------

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

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

         Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes X No
                                             ---  ---

<Page>

                         PART I - FINANCIAL INFORMATION

Item 1.  Financial Statements

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

                 CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

<Table>
<Caption>
                                                          SEPTEMBER 30,     DECEMBER 31,
                                                               2001             2000
                                                           (UNAUDITED)
                                                         --------------   --------------
<S>                                                      <C>              <C>
ASSETS
------
Equity in commodity futures trading accounts:
    Cash and options premium                             $  248,109,697   $  132,821,791
    Net unrealized profit on open contracts                  14,548,531       50,582,680
Commercial Paper (Cost $111,460,842)                                 --      111,460,842
Cash                                                                 --              254
Accrued interest                                                673,128        1,840,366
                                                         --------------   --------------

            Total assets                                 $  263,331,356   $  296,705,933
                                                         ==============   ==============

LIABILITIES AND PARTNERS' CAPITAL
---------------------------------
LIABILITIES:
    Profit share payable                                 $    5,957,085   $    2,594,708
    Brokerage commissions payable                             1,233,323        9,285,988
    Administrative fees payable                                  53,623           61,812
    Redemptions payable                                       3,766,186        1,421,678
                                                         --------------   --------------

            Total liabilities                                11,010,217       13,364,186
                                                         --------------   --------------

MINORITY INTEREST                                               176,782          174,477

PARTNERS' CAPITAL:
  General Partner (18,586 and 18,536 Units)                   3,270,939        3,219,589
  Limited Partners (1,414,138 and 1,611,725 Units)          248,873,418      279,947,681
                                                         --------------   --------------

            Total partners' capital                         252,144,357      283,167,270
                                                         --------------   --------------

                TOTAL                                    $  263,331,356   $  296,705,933
                                                         ==============   ==============

NET ASSET VALUE PER UNIT
  (Based on 1,432,724 and 1,630,261 Units outstanding)   $       175.99   $       173.69
                                                         ==============   ==============
</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 NINE   FOR THE NINE
                                                  MONTHS ENDED    MONTHS ENDED    MONTHS ENDED    MONTHS ENDED
                                                 SEPTEMBER 30,   SEPTEMBER 30,   SEPTEMBER 30,   SEPTEMBER 30,
                                                      2001           2000             2001           2000
                                                ---------------  --------------- --------------  --------------
<S>                                             <C>              <C>             <C>             <C>
REVENUES:
    Trading income (loss):
      Realized                                   $    4,866,049  $    1,366,222  $   49,171,867  $  (13,714,640)
      Change in unrealized                            8,172,627     (19,545,415)    (36,034,149)    (27,115,688)
                                                 --------------  --------------  --------------  --------------

            Total trading results                    13,038,676     (18,179,193)     13,137,718     (40,830,328)
                                                 --------------  --------------  --------------  --------------

     Interest income                                  2,158,462       4,492,287       8,303,850      13,390,817
                                                 --------------  --------------  --------------  --------------

            Total revenues                           15,197,138     (13,686,906)     21,441,568     (27,439,511)
                                                 --------------  --------------  --------------  --------------

EXPENSES:
    Administrative fees                                 155,721         164,061         498,890         582,111
    Brokerage commissions                             3,581,575       5,085,886      11,474,466      18,045,440
    Ongoing Offering Expense                                 --          43,510              --         174,043
                                                 --------------  --------------  --------------  --------------

            Total expenses                            3,737,296       5,293,457      11,973,356      18,801,594
                                                 --------------  --------------  --------------  --------------

    INCOME (LOSS) BEFORE
    MINORITY INTEREST AND
    PROFIT SHARE ALLOCATION                          11,459,842     (18,980,363)      9,468,212     (46,241,105)


    Profit Share Allocation                             (57,404)             --      (5,957,085)             --
    Minority Interest in (Income) Loss                   (7,903)          9,689          (2,305)         14,223
                                                 --------------  --------------  --------------  --------------

NET INCOME (LOSS)                                $   11,394,535  $  (18,970,674) $    3,508,822  $  (46,226,882)
                                                 ==============  ==============  ==============  ==============

NET INCOME (LOSS) PER UNIT:
    Weighted average number of General Partner
        and Limited Partners Units outstanding        1,462,465       2,014,776       1,521,718       2,221,048
                                                 ==============  ==============  ==============  ==============

    Net income (loss) per weighted average
     General Partner and Limited Partner Unit    $         7.79  $        (9.42) $         2.31  $       (20.81)
                                                 ==============  ==============  ==============  ==============
</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 NINE MONTHS ENDED SEPTEMBER 30, 2001 AND 2000
                                   (unaudited)



<Table>
<Caption>
                                              GENERAL          LIMITED
                           UNITS              PARTNER          PARTNERS             TOTAL
                       ---------------    ---------------    ---------------    ---------------
<S>                    <C>                <C>                <C>                <C>
PARTNERS' CAPITAL,
  December 31, 1999          2,460,563    $     4,087,563    $   356,132,296    $   360,219,859

Additions                      105,683             23,716         15,854,641         15,878,357

Net loss                            --           (522,714)       (45,704,168)       (46,226,882)

Redemptions                   (709,804)          (706,312)       (98,359,406)       (99,065,718)
                       ---------------    ---------------    ---------------    ---------------

PARTNERS' CAPITAL,
  September 30, 2000         1,856,442    $     2,882,253    $   227,923,363    $   230,805,616
                       ===============    ===============    ===============    ===============

PARTNERS' CAPITAL,
  December 31, 2000          1,630,261    $     3,219,589    $   279,947,681    $   283,167,270

Additions                       10,895              8,813          1,810,518          1,819,331

Net income                          --             42,537          3,466,285          3,508,822

Redemptions                   (208,432)                --        (36,351,066)       (36,351,066)
                       ---------------    ---------------    ---------------    ---------------

PARTNERS' CAPITAL,
  September 30, 2001         1,432,724    $     3,270,939    $   248,873,418    $   252,144,357
                       ===============    ===============    ===============    ===============
</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 September 30, 2001, and the results of
     its operations for the three and nine months ended September 30, 2001 and
     2000. However, the operating results for the interim periods may not be
     indicative of the results expected for the full year.

     Certain information and footnote disclosures normally included in annual
     financial statements prepared in 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, 2000 (the "Annual Report").

2.   FAIR VALUE AND OFF-BALANCE SHEET RISK

     In June 1998, the Financial Accounting Standards Board issued Statement of
     Financial Accounting Standard ("SFAS") No. 133, "Accounting for Derivative
     Instruments and Hedging Activities" (the "Statement"), effective for fiscal
     years beginning after June 15, 2000, as amended by SFAS No. 137. SFAS No.
     133 is further amended by SFAS No. 138, which clarifies issues surrounding
     interest risk, foreign currency denominated items, normal purchases and
     sales and net hedging. This Statement supercedes SFAS No. 119 ("Disclosure
     about Derivative Financial Instruments and Fair Value of Financial
     Instruments") and SFAS No. 105 ("Disclosure of Information about Financial
     Instruments with Off-Balance Sheet Risk and Financial Instruments with
     Concentrations of Credit Risk") whereby disclosure of average aggregate
     fair values and contract/notional values, respectively, of derivative
     financial instruments is no longer required for an entity such as the
     Partnership which carries its assets at fair value. Such Statement sets
     forth a much broader definition of a derivative instrument. The application
     of the provisions of SFAS No. 133, as amended by SFAS No. 137 and SFAS No.
     138, did not have a significant effect on the consolidated financial
     statements.

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

     MARKET RISK

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

     The General Partner, MLIM Alternative Strategies LLC ("MLIM AS LLC")
     (formerly Merrill Lynch Investment Partners, Inc.), has procedures in place
     intended to control market risk exposure, although there can


                                       5
<Page>

     be no assurance that they will, in fact, succeed in doing so. The
     procedures focus primarily on monitoring the trading of John W. Henry &
     Company, Inc. ("JWH(R)") and reviewing outstanding positions for
     over-concentrations. While MLIM AS LLC will 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 and trading policies or to be trading erratically, MLIM AS LLC's
     basic risk control procedures consist simply 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 transactions
     (non-exchange-traded), because exchanges typically (but not universally)
     provide clearinghouse arrangements in which the collective credit (in some
     cases limited in amount, in some cases not) of the members of the exchange
     is pledged to support the financial integrity of the exchange. In
     over-the-counter transactions, on the other hand, traders must rely solely
     on the credit of their respective individual counterparties. Margins, which
     may be subject to loss in the event of a default, are generally required in
     exchange trading, and counterparties may require margin in the
     over-the-counter markets.

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

     The Partnership, in its normal course of business, enters into various
     contracts, with Merrill Lynch Futures ("MLF") acting as its commodity
     broker. Pursuant to the brokerage agreement with MLF (which includes a
     netting arrangement), to the extent that such trading results in
     receivables from and payables to MLF, these receivables and payables are
     offset and reported as a net receivable or payable and are 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        JUL       AUG        SEP
<S>      <C>        <C>        <C>        <C>       <C>        <C>        <C>       <C>       <C>
 2000    $147.98    $149.61    $143.39    $141.10   $139.63    $134.11    $129.33   $134.06   $124.33
 2001    $172.60    $171.38    $190.83    $172.29   $176.63    $168.12    $161.28   $170.97   $175.99
</Table>

Performance Summary

JANUARY 1, 2001 TO SEPTEMBER 30, 2001

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.


                                       6
<Page>

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.

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.

April 1, 2001 to June 30, 2001

Trading in agricultural commodities was the sole profitable strategy for the
Partnership. Corn and cotton markets were profitable throughout the quarter.
Sugar positions sustained losses early on but rebounded by quarter end.

Energy trading was unprofitable despite posting the first monthly gain for the
sector for the year. Energy contracts in crude oil and heating oil had losses in
April and June. These losses offset the gains realized from natural gas
contracts in May. The gains were attributed to the sharp decline in prices and
from generally weakened markets.

The metals sector suffered losses during the quarter. Losses were incurred in
the gold markets in April and May, but rebounded slightly by June. Base metals
were mixed to flat. Silver and aluminum markets were unprofitable. Copper
trading was slightly profitable in June.

Losses were sustained in currency trading. In April, Pacific rim and European
currencies suffered losses, while slight profits were generated in the Mexican
peso, the Euro/Canadian dollar cross and the Thai baht. European currencies
rebounded in May. The quarter ended with losses in the Japanese yen and crosses
involving the yen.

Trading in stock indices was unprofitable. The sharp decline in stock prices in
April contributed to losses in all markets traded. Across the board, market
volatility continued into May. By June, most markets were flat but losses were
sustained in NASDAQ and German DAX trading.

Trading in the interest rates sector was difficult, leading to substantial
losses. British and Japanese interest rate markets were the only profitable
sectors. The Eurobund market and the U.S. interest rate complex proved tough to
trade and were the primary reason the sector lost money overall.

July 1, 2001 to September 30, 2001

Stock index trading was the most profitable strategy for the Partnership
during the quarter. Even with the decline in world equity markets, all indices
traded were profitable. Positions in the German DAX and Japanese Nikkei were
the most profitable.

Trading in the interest rate sector was also highly profitable. Strong gains
occurred with the U.S. interest rates and the Eurodollar, offsetting minor
losses in the Asian markets.

Metals trading was profitable. Base metals proved profitable early on but were
negated by losses in gold. Gold trading rebounded in September to erase
earlier losses.

Trading in agricultural commodities fluctuated, leading to losses by quarter
end. Gains in sugar realized in September could not offset earlier losses.
Corn, wheat and soybean oil positions also sustained losses.

Currency trading was unprofitable as small gains in Japanese yen and cross
trades involving the yen were overwhelmed by substantial losses incurred
trading European currencies and their cross trades.

Trading in the energy sector was not profitable. Large losses occurred in
crude oil in September.

JANUARY 1, 2000 TO SEPTEMBER 30, 2000
-------------------------------------

January 1, 2000 to March 31, 2000

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


                                       7
<Page>

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

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

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

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

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

April 1, 2000 to June 30, 2000

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

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

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

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

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

Interest rate positions were unprofitable throughout the quarter. After the
Federal Reserve raised interest rates 50 basis points, U.S. interest rates
rallied due to a combination of lower stock prices and a perception that the
Federal Reserve will be able to slow the economy. Since the most recent Fed
funds and discount rate increase, the long


                                       8
<Page>

bond has increased over 4 points or a decline of over 25 basis points in yield.
U.S. bonds were unprofitable when bonds rallied during June both after a higher
than expected unemployment report and on a lack of interest rate action by the
Federal Reserve.

July 1, 2000 to September 30, 2000

In the energy sector, crude prices were under $28 per barrel early in the
quarter and were subject to increased volatility. The current imbalance between
supply and demand suggests that there may be only a limited down trend in prices
over the near-term. By mid-quarter, this sector posted gains to offset losses as
Brent oil prices hit 10 year highs and U.S. crude coming within $1 of a new
post-Gulf War record amid evidence of historically low U.S. oil reserves.

Agricultural commodities were unprofitable in the beginning of the quarter.
Losses in cocoa, soybeans and wheat were sustained in August. Sugar proved to be
the most volatile commodity this quarter as sugar prices soared amid smaller
than expected harvests. Cold weather in Brazil slowed the cane harvest and may
have damaged the crop. Sugar positions had slight gains later in the month on a
spate of Asian buying. At quarter end, losses were sustained in sugar as world
sugar supplies remained burdensome and potential sales from India continued to
weigh on the market.

Metals trading was unprofitable as gold positions sustained losses throughout
the quarter. Gold prices dropped throughout July in anticipation of and after
the Bank of England 25 tonne bullion auction. Strong U.S. dollar gains put
pressure on gold in August, leading to almost three month price lows. Higher
copper prices supported by falling inventories and robust demand produced gains
in September.

Euro positions continued to struggle irregardless of improving European economic
data while a resilient U.S. economy attracted foreign capital. The currency
sector also suffered losses when the Japanese yen drew support from rising
expectations that Japan's second quarter gross domestic data will show
convincing strength in the wake of surprisingly robust all-industries figures.
The European Central Bank's surprise announcement mid-September that it would
sell some of its foreign exchange reserves for Euros gave the ailing currency a
boost late in the month. The intervention led to reverberations throughout
currency markets and despite some gains, positions in European and Asian
currencies were generally unprofitable.

Stock index trading was unprofitable during the quarter. The DAX German Index
was the primary contributor to underperformance during July. A position in the
Nikkei 225 suffered losses in response to the Bank of Japan's decision to hike
interest rates and end the 18-month zero interest policy in August. Losses in
the NASDAQ Stock Index were incurred at quarter end.

Interest rate trading was unprofitable for the Partnership. Reverberations from
the currency markets were felt in the interest rates markets. Positions in
Australian and Asian debt were most unprofitable and moderate losses were
sustained U.S. and European instruments.

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 when favorable to the Partnership. These holdings generally
have maturities of 30, 60 or 90 days and are held to maturity. The investments
in Commercial Paper are directed by MLIM AS LLC. At September 30, 2001, the
Partnership did not have an investment in Commercial Paper.


                                       9
<Page>

                           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 September 30, 2001, the
                   Partnership has sold 3,497,311 units of limited partnership
                   interest, with an aggregate price of $457,420,687.

Item 3.        Defaults Upon Senior Securities

               None.

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

               None.

Item 5.        Other Information

               Effective May 31, 2001, Merrill Lynch Investment Partners Inc.
               ("MLIP"), a Delaware corporation and General Partner of the
               Partnership, converted to a Delaware limited liability company.
               In connection with the conversion, MLIP's name was changed to
               MLIM Alternative Strategies LLC ("MLIM AS LLC"). This step was
               taken in connection with the ongoing reorganization of the
               various alternative investment groups under the Merrill Lynch
               Investment Managers umbrella. Effective August 14, 2001, Merrill
               Lynch Group, Inc. contributed all of the issued and outstanding
               shares of MLIM AS LLC to its affiliate Merrill Lynch Investment
               Managers in a tax free reorganization. The changes will have no
               impact on the Partnership's investors.

               All of the officers of MLIP continue in their former roles with
               MLIM AS LLC, except that also effective May 31, 2001, Ronald S.
               Rosenberg, formerly Chief Executive Officer of MLIP, became
               President of MLIM AS LLC and Fabio P. Savoldelli, formerly
               President of MLIP, became Chairman and Chief Executive Officer
               of MLIM AS LLC. In addition, each of the four directors of MLIP
               now serve on the board of managers of MLIM AS LLC.

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 nine
months of fiscal 2001.


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<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
                              (formerly Merrill Lynch Investment Partners, Inc.)
                                        (General Partner)






Date:  November 15, 2001  By /s/ Fabio P. Savoldelli
                             -----------------------
                             Fabio P. Savoldelli
                             Chairman, Chief Executive Officer and Manager




Date:  November 15, 2001  By /s/ Michael L. Pungello
                             -----------------------
                              Michael L. Pungello
                             Vice President, Chief Financial Officer
                             and Treasurer


                                       11