<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, 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 0-51085

                           ML ASPECT FUTURESACCESS LLC
                           ---------------------------
                          (Exact Name of Registrant as
                            specified in its charter)

            Delaware                                        20-1227650
-------------------------------                ---------------------------------
(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 / /

Indicate by check mark whether registrant is an accelerated filer (as defined by
Rule 12b-2 of the Act).
                                                                  Yes / / No /X/

Indicate by check mark whether registrant is a shell company (as defined by Rule
12b-2 of the Act).
                                                                  Yes / / No /X/

<Page>

                         PART I - FINANCIAL INFORMATION

Item 1.  Financial Statements

                           ML ASPECT FUTURESACCESS LLC
                     (A DELAWARE LIMITED LIABILITY COMPANY)

                        STATEMENT OF FINANCIAL CONDITION
                                   (unaudited)

<Table>
<Caption>
                                                                   SEPTEMBER 30,
                                                                       2005
                                                                  --------------
<S>                                                               <C>
ASSETS:
Equity in commodity futures trading accounts:
  Cash                                                            $   24,186,099
  Net unrealized gains on open contracts                                 522,014
Accrued interest                                                          62,029
                                                                  --------------
            TOTAL ASSETS                                          $   24,770,142
                                                                  ==============

LIABILITIES AND MEMBERS' CAPITAL:
LIABILITIES:
  Brokerage commissions payable                                   $       11,608
  Management fee payable                                                  40,710
  Sponsor's fee payable                                                   29,760
  Incentive fee payable                                                  262,494
  Redemptions payable                                                     63,328
  Other fees payable                                                      59,728
                                                                  --------------
         Total liabilities                                               467,628
                                                                  --------------

MEMBERS' CAPITAL:

 Sponsor's Interest (20,647 Units)                                        21,663
 Members' Interests (23,061,438 Units)                                24,280,851
                                                                  --------------
         Total members' capital                                       24,302,514
                                                                  --------------
            TOTAL LIABILITIES AND MEMBERS' CAPITAL                $   24,770,142
                                                                  ==============
NET ASSET VALUE PER UNIT (NOTE 2)
</Table>

See notes to financial statements.

                                        2
<Page>

                           ML ASPECT FUTURESACCESS LLC
                     (A DELAWARE LIMITED LIABILITY COMPANY)

                               STATEMENT OF INCOME
                                   (unaudited)

<Table>
<Caption>
                                                                            FOR THE PERIOD
                                                                            APRIL 1, 2005
                                                      FOR THE THREE       (COMMENCEMENT OF
                                                       MONTHS ENDED         OPERATIONS)TO
                                                    SEPTEMBER 30, 2005    SEPTEMBER 30, 2005
                                                    ------------------    ------------------
<S>                                                 <C>                   <C>
TRADING PROFITS:

   Realized                                         $          363,529    $          833,883
   Change in unrealized                                         44,485               521,923
                                                    ------------------    ------------------
      Total trading profits                                    408,014             1,355,806
                                                    ------------------    ------------------
INVESTMENT INCOME:
   Interest                                                    164,678               252,926
                                                    ------------------    ------------------
EXPENSES:
   Management fee                                              104,641               173,416
   Incentive fee                                                80,932               262,494
   Sponsor's fee                                                73,915               114,840
   Brokerage commissions                                        28,661                54,925
   Other                                                        34,731                67,923
                                                    ------------------    ------------------
      Total expenses                                           322,880               673,598
                                                    ------------------    ------------------
NET INVESTMENT LOSS                                           (158,202)             (420,672)
                                                    ------------------    ------------------
NET INCOME                                          $          249,813    $          935,135
                                                    ==================    ==================
NET INCOME PER UNIT:

Weighted average number of Units outstanding                 2,598,720             2,885,261
                                                    ==================    ==================
Net income per weighted average Unit                $           0.0961    $           0.3241
                                                    ==================    ==================
</Table>

See notes to financial statements.

                                        3
<Page>

                           ML ASPECT FUTURESACCESS LLC
                     (A DELAWARE LIMITED LIABILITY COMPANY)

                    STATEMENT OF CHANGES IN MEMBERS' CAPITAL
            FOR THE PERIOD APRIL 1, 2005 (COMMENCEMENT OF OPERATIONS)
                              TO SEPTEMBER 30, 2005
                                   (unaudited)

<Table>
<Caption>
                                                      MEMBERS' CAPITAL
                                 -----------------------------------------------------------
                                                  SPONSOR'S        MEMBERS'
                                     UNITS         INTEREST       INTERESTS        TOTAL
                                 ------------    ------------   ------------    ------------
<S>                                <C>           <C>            <C>             <C>
MEMBERS' CAPITAL,
 April 1, 2005                              -    $          -   $          -    $          -

Additions                          23,893,709          19,999     24,176,211      24,196,210

Net income                                  -           1,664        933,471         935,135

Redemptions                          (811,624)              -       (828,831)       (828,831)
                                 ------------    ------------   ------------    ------------

MEMBERS' CAPITAL,
  September 30, 2005               23,082,085    $     21,663   $ 24,280,851    $ 24,302,514
                                 ============    ============   ============    ============
</Table>

See notes to financial statements.

                                        4
<Page>

                           ML ASPECT FUTURESACCESS LLC
                     (A DELAWARE LIMITED LIABILITY COMPANY)

                          NOTES TO FINANCIAL STATEMENTS
                                   (unaudited)

1.   SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

     In the opinion of management, the financial statements contain all
     adjustments necessary to present fairly the financial position of ML Aspect
     FuturesAccess LLC (the "Fund") as of September 30, 2005, and the results of
     its operations for the period April 1, 2005 (commencement of operations) to
     September 30, 2005. However, the operating results for the interim period
     may not be indicative of the results for the period ending December 31,
     2005.

     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
     Fund's Form 10 filed with the Securities and Exchange Commission.

2.   NET ASSET VALUE PER UNIT

     At September 30, 2005 the Net Asset Values of the different series of Units
     are as follows:

<Table>
<Caption>
                                                      NET ASSET
                       NET ASSET       NUMBER OF      VALUE PER
                         VALUE           UNITS          UNIT
                    ---------------  ------------   -------------
     <S>             <C>              <C>            <C>
     Series A        $   1,620,053     1,543,018     $    1.0499
     Series C           11,295,913    10,773,801          1.0485
     Series D            7,007,745     6,571,743          1.0663
     Series I            4,378,803     4,193,523          1.0442
                    ---------------  ------------
                     $  24,302,514    23,082,085
                    ===============  ============
</Table>

3.   FAIR VALUE AND OFF-BALANCE SHEET RISK

     The nature of this Fund 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 Fund's net unrealized gains on open contracts on such
     derivative instruments as reflected in the Statement of Financial
     Condition. The Fund's exposure to market risk is influenced by a number of
     factors, including the relationships among the derivative instruments held
     by the Fund as well as the volatility and liquidity of the markets in which
     the derivative instruments are traded.

                                        5
<Page>

     Merrill Lynch Alternative Investments LLC ("MLAI"), the Sponsor of the
     Fund, 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
     Aspect Capital Limited ("Aspect"), the trading advisor, calculating the Net
     Asset Value of the Fund 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 Fund's market
     exposure, MLAI may urge Aspect to reallocate positions in an attempt to
     avoid over-concentrations. However, such interventions are expected to be
     unusual. It is expected that MLAI's basic risk control procedures will
     consist of the ongoing process of advisor monitoring, with the market risk
     controls being applied by Aspect itself.

     CREDIT RISK

     The risks associated with exchange-traded contracts are typically perceived
     to be less than those associated with over-the-counter
     (non-exchange-traded) transactions, because exchanges typically 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 gains on open contracts, if any,
     included in the Statement of Financial Condition. The Fund attempts to
     mitigate this risk by dealing exclusively with Merrill Lynch entities as
     clearing brokers.

     The Fund, 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 arrangement 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 equity
     from commodity futures trading accounts in the Statement of Financial
     Condition.

                                        6
<Page>

Item2:    Management's Discussion and Analysis of Financial Condition and
          Results of Operations

                       MONTH-END NET ASSET VALUE PER UNIT

                Class A

<Table>
<Caption>
            JAN.       FEB.       MAR.        APR.       MAY        JUN.        JUL.       AUG.        SEP.
  -----------------------------------------------------------------------------------------------------------
  <S>       <C>        <C>         <C>      <C>        <C>         <C>        <C>         <C>        <C>
  2005      n/a        n/a         n/a      $ 0.9690   $ 1.0071    $ 1.0401   $ 1.0206    $ 1.0532   $ 1.0499
</Table>

                Class C

<Table>
<Caption>
            JAN.       FEB.       MAR.        APR.       MAY        JUN.        JUL.       AUG.        SEP.
  -----------------------------------------------------------------------------------------------------------
  <S>       <C>        <C>         <C>      <C>        <C>         <C>        <C>         <C>        <C>
  2005      n/a        n/a         n/a      $ 0.9682   $ 1.0054    $ 1.0376   $ 1.0206    $ 1.0521   $ 1.0485
</Table>

                Class D

<Table>
<Caption>
            JAN.       FEB.       MAR.        APR.       MAY        JUN.        JUL.       AUG.        SEP.
  -----------------------------------------------------------------------------------------------------------
  <S>       <C>        <C>         <C>      <C>        <C>         <C>        <C>         <C>        <C>
  2005      n/a        n/a         n/a      $ 0.9702   $ 1.0096    $ 1.0447   $ 1.0308    $ 1.0655   $ 1.0663
</Table>

                Class I

<Table>
<Caption>
            JAN.       FEB.       MAR.        APR.       MAY        JUN.        JUL.       AUG.        SEP.
  -----------------------------------------------------------------------------------------------------------
  <S>       <C>        <C>         <C>      <C>        <C>         <C>        <C>         <C>        <C>
  2005      n/a        n/a         n/a      $ 0.9693   $ 1.0078    $ 1.0417   $ 1.0188    $ 1.0520   $ 1.0442
</Table>

Performance Summary

APRIL 1, 2005 TO SEPTEMBER 30, 2005

April 1, 2005 to June 30, 2005

The Fund posted an overall gain for the quarter after incurring losses early on.
The interest rate sector posted the majority of the profits, followed by the
currency and stock indices sectors. Losses were posted in the metals,
agriculture, and energy sectors.

Trading in interest rates was profitable throughout the quarter. Short term
interest rates were profitable as speculation that the next move in U.K.
interest rates could be downward. Sweden's Riksbank cut interest rates as well.
Speculation that the U.K. will likely cut interest rates before the end of the
year continued.

The currency sector posted gains despite losses early on. Currency markets were
dominated by the strengthening U.S. dollar and the Euro falling to seven month
lows after the French rejected the European constitution. The currency markets
were the most profitable towards the end of the quarter.

Trading in stock indices was also profitable for the Fund. Trading in stock
indices was turbulent in the beginning of the quarter as the sharp mid-month
falls triggered by the Asian indices impacted performance. Mid-quarter global
markets recovered and stock indices were a source of profit. The quarter ended
with gains as European and Asian markets enjoyed a good month.

Losses were posted in the metals sector throughout the month. Base metal markets
suffered a sharp drop after copper reached new highs, hurting the long positions
held in the Fund.

Trading in agricultural commodities posted losses for the Fund. Trading in soft
agricultural markets attributed to these losses.

                                        7
<Page>

The largest losses were posted in the energy sector. Trading in energies was
difficult as crude fell back from its highs, but remained volatile amid
speculation about refinery capacity issues. The downward trend in natural gas
continued throughout the quarter.

July 1, 2005 to September 30, 2005

Overall the Fund experienced a gain for the quarter. The energy, stock
indices, agriculture and metals sectors posted gains while currencies and
interest rates sectors posted losses.

The energy sector posted the highest gains for the Fund. The beginning of the
quarter had volatile reversals in price as bad weather threatened to disrupt
supplies. Performance was dominated by the energy sector in the middle of the
quarter due to the Fund's long positions reaping the benefits of the record high
oil prices. Concerns over U.S. refinery problems pushed up prices of crude oil
and its products. Crude oil fell back at the end of the quarter after Hurricane
Rita's impact was less than what was originally feared. Profits in natural gas
reached an all time high as refinery concerns continued.

Trading in stock indices was also profitable for the Fund. Trading in stock
indices was strong throughout the quarter. The S&P 500 reached four year highs
and the Fund had strong returns from Asian indices and the DAX index. The
quarter ended with an upward trend in global equity markets, with the exception
of a flat U.S. market which contributed to stock index positions performing
strongly. Japanese stocks enjoyed particularly strong growth after Prime
Minister Koizumi's election victory and positive economic reports.

The agricultural sector was the third highest profit sector for the Fund.
Trading short in grains and cocoa attributed to the gains.

The metals sector was also profitable for the Fund. The metals sector posted
small losses through mid quarter. However, the gold market was a strong
performer at the end of quarter due to inflation being a bigger concern than
slowing growth which stimulated the gold market.

The currency sector posted losses for the Fund. The currency markets were very
volatile in reaction to China ending its policy of pegging its currency at 8.3
yuan to the U.S. dollar. During the quarter, the U.S. dollar declined against
most major currencies due to the expected slowdown in growth because of higher
energy prices in the U.S.

The interest rate sector was the least profitable for the Fund. Early in the
quarter, Japanese ten year bonds were hit by the Chinese yuan revaluation and
move to a managed floating exchange rate regime, and failed to recover
despite some economic data. U.S. bonds also slid amid a raft of strong
economic data releases as well as the U.S. Federal Reserve Chairman, Alan
Greenspan's optimistic testimony to Congress. Interest rate positions also
did poorly due to the short in Eurodollar profiting from the general
weakening in fixed income which continued its poor performance through mid
quarter. This was caused by fears that the hurricane's impact on U.S.
consumer spending will mean no further rate hikes this year, and a December
increase is no longer priced into the market. The quarter ended with fixed
income markets also retreating, hurting the Fund's long bonds positions but
rewarding the short in Eurodollar as U.S. rate tightening continued.

                                        8
<Page>

Item 3.   Quantitative and Qualitative Disclosures About Market Risk

      Not applicable

Item 4.   Controls and Procedures

Merrill Lynch Alternative Investments LLC, the Sponsor of ML Aspect
FuturesAccess LLC, with the participation of the Sponsor'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 Fund 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 Fund'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 Fund or MLAI is a party.

Item 2.   Unregistered Sales of Equity Securities and Use of Proceeds

          (a) None.
          (b) None.
          (c) None.
          (d) None.

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.

               The following exhibits are incorporated by reference or are filed
               herewith to this Quarterly Report on Form 10-Q:

31.01 and
31.02          Rule 13a-14(a)/15d-14(a) Certifications

EXHIBIT 31.01
AND 31.02:     Are filed herewith.

32.01 and
32.02          Section 1350 Certifications

EXHIBIT 32.01
AND 32.02:     Are filed herewith.

           (b) Reports on Form 8-K.

           There were no reports on Form 8-K filed during the six months of
           fiscal 2005.

                                       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 ASPECT FUTURESACCESS LLC


                               By: MERRILL LYNCH ALTERNATIVE
                                       INVESTMENTS LLC
                                        (Sponsor)


Date: November 14, 2005        By /s/ ROBERT M. ALDERMAN
                                  ----------------------
                                  Robert M. Alderman
                                  Chief Executive Officer, President and Manager
                                  (Principal Executive Officer)


Date: November 14, 2005
                               By /s/ MICHAEL L. PUNGELLO
                                  -----------------------
                                  Michael L. Pungello
                                  Vice President, Chief Financial Officer
                                  and Treasurer
                                  (Principal Financial and Accounting Officer)

                                       11