<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 0-51087

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

            Delaware                                        20-1227880
-------------------------------                ---------------------------------
(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 APPLETON 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                                                              $     13,527,611
  Net unrealized gains on open contracts                                     970,585
Accrued interest                                                              28,651
                                                                    ----------------

      TOTAL ASSETS                                                  $     14,526,847
                                                                    ================

LIABILITIES AND MEMBERS' CAPITAL:
LIABILITIES:
  Management fee payable                                            $         24,123
  Sponsor's fee payable                                                       25,786
  Incentive fee payable                                                      155,778
  Redemptions payable                                                         22,478
  Other fees payable                                                          52,901
                                                                    ----------------

    Total liabilities                                                        281,066
                                                                    ----------------

MEMBERS' CAPITAL:

 Sponsor's Interest (20,324 Units)                                            20,898
 Members' Interests (13,848,140 Units)                                    14,224,883
                                                                    ----------------
    Total members' capital                                                14,245,781
                                                                    ----------------

      TOTAL LIABILITIES AND MEMBERS' CAPITAL                        $     14,526,847
                                                                    ================

NET ASSET VALUE PER UNIT (NOTE 2)
</Table>

See notes to financial statements.

                                        2
<Page>

                          ML APPLETON 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 (LOSSES):

    Realized                                    $          (35,525)   $         (177,688)
    Change in unrealized                                   576,768               970,585
                                                ------------------    ------------------

      Total trading profits (losses)                       541,243               792,897
                                                ------------------    ------------------

INVESTMENT INCOME:

  Interest                                                  87,772               125,659
                                                ------------------    ------------------

EXPENSES:
  Brokerage commissions                                          -                 2,971
  Management fee                                            59,418                90,113
  Incentive fee                                            108,088               155,777
  Sponsor's fee                                             64,032                87,914
  Other                                                     29,400                56,722
                                                ------------------    ------------------

      Total expenses                                       260,938               393,497
                                                ------------------    ------------------

NET INVESTMENT LOSS                                       (173,166)             (267,838)
                                                ------------------    ------------------

NET INCOME                                      $          368,077    $          525,059
                                                ==================    ==================

NET INCOME PER UNIT:

Weighted average number of Units outstanding             2,095,555             1,733,559
                                                ==================    ==================

Net income per weighted average Unit            $           0.1756    $           0.3029
                                                ==================    ==================
</Table>

See notes to financial statements.

                                        3
<Page>

                          ML APPLETON 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       INTEREST         TOTAL
                                      ------------    ------------   ------------    ------------
<S>                                     <C>           <C>            <C>             <C>
MEMBERS' CAPITAL,
 April 1, 2005                                   -    $          -   $          -    $          -

Additions                               14,784,808          19,999     14,593,928      14,613,927

Net income                                       -             899        524,160         525,059

Redemptions                               (916,344)              -       (893,205)       (893,205)
                                      ------------    ------------   ------------    ------------
MEMBERS' CAPITAL,
September 30, 2005                      13,868,464    $     20,898   $ 14,224,883    $ 14,245,781
                                      ============    ============   ============    ============
</Table>

See notes to financial statements.

                                        4
<Page>

                          ML APPLETON 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
     Appleton 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             $   1,644,006       1,594,736    $      1.0309
     Series C                10,663,728      10,397,557           1.0256
     Series I                 1,546,937       1,500,662           1.0308
     Series D                   391,110         375,509           1.0415
                          -------------    ------------
                          $  14,245,781      13,868,464
                          =============    ============
</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
     Appleton Capital Management ("Appleton"), 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 Appleton 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 Appleton 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>

Item 2:   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      $ 0.9844    $ 0.9424     $ 1.0084    $ 1.0226     $ 0.9499    $ 1.0309
</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      $ 0.9836    $ 0.9409     $ 1.0059    $ 1.0200     $ 0.9458    $ 1.0256
</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      $ 0.9856    $ 0.9448     $ 1.0122    $ 1.0294     $ 0.9585    $ 1.0415
</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      $ 0.9847    $ 0.9430     $ 1.0094    $ 1.0208     $ 0.9495    $ 1.0308
</Table>

Performance Summary

APRIL 1, 2005 TO SEPTEMBER 30, 2005

April 1, 2005 to June 30, 2005

The Fund posted a gain for the second quarter despite losses in the first two
months of the quarter. The Fund does primarily all of its trading in the
currency sector.

The majority of trading revolved around the Canadian dollar early in the
quarter. Previous gains made from a long Canadian dollar position versus the
Japanese yen reversed to losses as the trend came to an end in April. Holding
short positions in the Canadian dollar helped to get back from a downward trend
to a more flat performance. However, the dominant short position soon
experienced a reversal too sharp to avoid losses when the Canadian
dollar/Japanese yen position experienced a sharp reversal as it began to rise in
quick succession. The strength of the Canadian dollar throughout the quarter
attributed to profits late in the quarter as the Fund added to its long
positions.

Trading in the U.S. dollar was complex. The U.S. dollar appreciated against the
Japanese yen and Euro then gradually slid back down early in the quarter. During
the middle of the quarter the U.S. dollar began to move upwards against the
Japanese yen and the Euro, which continued through the end of the quarter. The
Euro's continual decline was responsible for the gains that were realized in the
latter part of the quarter.

The Japanese yen has proven to be a volatile market to trade in. The Japanese
yen contributed to most of the losses early in the quarter. Towards the end of
the quarter, the Japanese yen held steady against the U.S. dollar but remained
high on the portfolio's agenda as the Fund had a large exposure in the U.S.
dollar/ Japanese yen position.

                                        7
<Page>

July 1, 2005 to September 30, 2005

The Fund posted a gain for the third quarter thanks to a particularly strong
quarter end. The Fund does primarily all of its trading in the currency sector.

The big news in the beginning of the quarter was the decision by the People's
Bank of China (PBOC) on July 21st to alter their longstanding currency policy.
The decision to move to a managed float was probably the best conclusion that
currency market participants could have hoped for. The announcement caused the
U.S. dollar / Japanese yen to drop early in the quarter and the real time
calculation of volatility for the Fund jumped substantially causing the risk
management module to conclude the portfolio had exceeded its volatility limits.
It was as a result of this, and not due to any perceived trend reversal, that
more than half of the positions on the book were closed. As the quarter
progressed markets returned to their prior levels. Although much of the losses
had been locked in, these recoveries allowed the programs to creep back into
positive territory for the month and indeed for the year. As the quarter came to
an end the Japanese yen reached 14-month lows against the U.S. dollar, as well
as multi-year lows against the Canadian dollar. As a result, there were profits
to be made in the major currency markets and their crosses in the latter part of
the quarter.

The Canadian dollar / Japanese yen position had been a profitable pair for the
Fund throughout the quarter, with a large range in price fluctuation being one
that was played nicely several times, both long and short. During the middle of
the quarter the U.S. dollar / Canadian dollar position remained steady, the
Canadian dollar appeared to be showing signs of longer term strength. With the
other major currencies showing such indecision, it was this trade that seemed
the most promising. The Canadian dollar continued to march on. However, as the
quarter drew to a close the long exposure was slightly reduced.

Outright positions in the U.S. dollar had been thin on the ground this year,
with an ongoing battle between the bulls and the bears on the currency proving
inconclusive. The tail end of the quarter saw this change somewhat. With U.S.
dollar / Japanese yen and Euro / U.S. dollar getting above and below significant
levels respectively, the Fund reacted by taking on more and more outright U.S.
dollar exposure as the quarter drew to a close.

The recent addition of the Australian dollar to the trading opportunity set
reaped instant benefits. As the quarter came to an end the Australian dollar was
on the rise and prompted the fund to take more exposure in the Australian
currency.

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 Appleton
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.

                                        8
<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.

                                        9
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                                   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 APPLETON 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)

                                       10