<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, 2002
                               ------------------

                                     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 33-22864

                           ML FUTURES INVESTMENTS L.P.
                           ---------------------------
                           (Exact Name of Registrant as
                             specified in its charter)

         Delaware                       36-3590615
-------------------------------        --------------
(State or other jurisdiction of        (IRS Employer Identification No.)
incorporation or organization)

                       c/o MLIM Alternative Strategies 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 FUTURES INVESTMENTS L.P.
                              ---------------------------
                            (a Delaware Limited Partnership)
                             ------------------------------

                           STATEMENTS OF FINANCIAL CONDITION
                           ---------------------------------


<Table>
<Caption>
                                                       September 30,       December 31,
                                                           2002                2001
                                                        (unaudited)
                                                       --------------     -------------
<S>                                                    <C>                <C>
ASSETS
------
Investment in MM LLC                                   $    12,266,633    $  12,802,184
Receivable from investment in MM LLC                           111,275           93,869
                                                       ---------------    -------------

            TOTAL                                      $    12,377,908    $  12,896,053
                                                       ===============    =============

LIABILITY AND PARTNERS' CAPITAL
-------------------------------
Redemptions payable                                    $       111,275    $      93,869
                                                       ---------------    -------------

      Total liabilities                                        111,275           93,869
                                                       ---------------    -------------

PARTNERS' CAPITAL:

  General Partner (540 and 540 Units)                          143,066          136,997
  Limited Partners (45,760 and 49,922 Units)                12,123,567       12,665,187
                                                       ---------------    -------------

     Total partners' capital                                12,266,633       12,802,184
                                                       ---------------    -------------

            TOTAL                                  $        12,377,908    $  12,896,053
                                                       ===============    =============
NET ASSET VALUE PER UNIT

  (Based on 46,300 and 50,462 Units outstanding)       $        264.94    $     253.70
                                                       ===============    =============
</Table>

See notes to financial statements.


                                       2

<Page>

                           ML FUTURES INVESTMENTS L.P.
                           ---------------------------
                        (a Delaware Limited Partnership)
                         ------------------------------

                            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,
                                                          2002                2001               2002                2001
                                                    -----------------   -----------------  -----------------   -----------------
<S>                                                 <C>                 <C>                <C>                  <C>
REVENUES:

  Income from investment in MM LLC                  $         687,529   $         155,507  $         497,603   $         282,065
                                                    -----------------   -----------------  -----------------   -----------------

NET INCOME                                          $         687,529   $         155,507  $         497,603   $         282,065
                                                    =================   =================  =================   =================

NET INCOME PER UNIT:
  Weighted average number of General Partner
   and Limited Partner Units outstanding                       47,184              52,026             48,645              54,029
                                                    =================   =================  =================   =================

  Net income per weighted average
   General Partner and Limited Partner Unit         $           14.57   $            2.99  $           10.23   $            5.22
                                                    =================   =================  =================   =================
</Table>


See notes to financial statements.

                                       3


<Page>

                           ML FUTURES INVESTMENTS L.P.
                           ---------------------------
                        (a Delaware Limited Partnership)
                         ------------------------------

                   STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
                   ------------------------------------------
              For the nine months ended September 30, 2002 and 2001
              -----------------------------------------------------
                                   (unaudited)


<Table>
<Caption>
                                            Units         General Partner     Limited Partners         Total
                                       ----------------   -----------------   -----------------   -----------------
<S>                                    <C>                <C>                 <C>                 <C>
PARTNERS' CAPITAL,
  December 31, 2000                             56,721    $        154,104    $     14,106,785    $     14,260,889

Net income                                           -               3,246             278,819             282,065

Redemptions                                     (5,226)                  -          (1,324,777)         (1,324,777)
                                       ----------------   -----------------   -----------------   -----------------

PARTNERS' CAPITAL,
  September 30, 2001                            51,495    $        157,350    $     13,060,827    $     13,218,177
                                       ================   =================   =================   =================

PARTNERS' CAPITAL,
  December 31, 2001                             50,462    $        136,997    $     12,665,187    $     12,802,184

Net income                                           -               6,069             491,534             497,603

Redemptions                                     (4,162)                  -          (1,033,154)         (1,033,154)
                                       ----------------   -----------------   -----------------   -----------------

PARTNERS' CAPITAL,
  September 30, 2002                            46,300    $        143,066    $     12,123,567    $     12,266,633
                                       ================   =================   =================   =================
</Table>


See notes to financial statements.

                                       4

<Page>

                           ML FUTURES INVESTMENTS L.P.
                           ---------------------------
                        (a Delaware Limited Partnership)
                         ------------------------------

                          NOTES TO FINANCIAL STATEMENTS
                          -----------------------------
                                  (unaudited)


1.   SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

     These financial statements have been prepared without audit. In
     the opinion of management, the financial statements contain all
     adjustments (consisting of only normal recurring adjustments)
     necessary to present fairly the financial position of ML Futures
     Investments L.P. (the "Partnership") as of September 30, 2002,
     and the results of its operations for the three and nine months
     ended September 30, 2002 and 2001. However, the operating results
     for the interim periods may not be indicative of the results for
     the full year.

     Certain information and footnote disclosures normally included in
     annual financial statements prepared in conformity with
     accounting principles generally accepted in the United States of
     America have been omitted. It is suggested that these financial
     statements be read in conjunction with the financial statements
     and notes thereto included in the Partnership's Annual Report on
     Form 10-K filed with the Securities and Exchange Commission for the
     year ended December 31, 2001.

2.   INVESTMENTS

     As of September 30, 2002 and December 31, 2001, the Partnership had
     an investment in ML Multi-Manager Portfolio ("MM LLC") of
     $12,266,633 and $12,802,184, respectively. As of September 30,
     2002, and December 31, 2001, the Partnership's percentage ownership
     share of MM LLC was 6.81% and 6.35%, respectively.

     Total revenues and fees with respect to the Partnership's
     investment are set forth as follows:


<Table>
<Caption>

                                        For the three months    For the three months   For the nine months    For the nine months
                                         ended September 30,     ended September 30,    ended September 30,    ended September 30,
                                                2002                    2001                    2002                   2001
                                             (Unaudited)             (Unaudited)            (Unaudited)             (Unaudited)
                                        --------------------    --------------------   --------------------   --------------------
<S>                                     <C>                     <C>                    <C>                    <C>
Realized profit                         $         1,227,750     $           277,214    $         1,292,787    $         1,752,496
Change in unrealized profit (loss)                 (138,735)                183,136                139,954               (656,251)
Interest income                                      64,702                 109,913                195,265                404,929

Brokerage commissions                               256,447                 294,119                788,156                888,071
Administrative fees                                   7,328                   8,403                 22,519                 25,373
Profit shares                                       202,413                 112,234                319,728                305,665
                                        --------------------    --------------------   --------------------   --------------------

Income from investment                  $           687,529     $           155,507    $           497,603    $           282,065
                                        ====================    ====================   ====================   ====================
</Table>

                                       5

<Page>

Condensed statements of financial condition and statements of operations for
MM LLC are set forth as follows:


<Table>
<Caption>
                           September 30,               December 31,
                                2002                       2001
                            (unaudited)
                      -------------------------  -------------------------
<S>                   <C>                        <C>
Assets                $            189,596,747   $            207,788,190
                      =========================  =========================
Liabilities           $              9,508,371   $              6,324,407
Members' Capital                   180,088,376                201,463,783
                      -------------------------  -------------------------
Total                 $            189,596,747   $            207,788,190
                      =========================  =========================

<Caption>

                      For the three months    For the three months   For the nine months    For the nine months
                       ended September 30,     ended September 30,    ended September 30,    ended September 30,
                              2002                    2001                    2002                   2001
                           (Unaudited)             (Unaudited)            (Unaudited)             (Unaudited)
                      --------------------    --------------------   --------------------   --------------------
<S>                   <C>                     <C>                    <C>                    <C>
Revenues              $          9,813,392    $          7,879,447   $         13,871,769   $         21,504,537

Expenses                         3,513,739               4,976,570              8,472,745             14,968,692
                      --------------------    --------------------   --------------------   --------------------
Net Income            $          6,299,653    $          2,902,877   $          5,399,024   $          6,535,845
                      ====================    ====================   ====================   ====================
</Table>



3.   FAIR VALUE AND OFF-BALANCE SHEET RISK

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

     Market Risk
     -----------

     Derivative financial 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 underlying financial instruments or commodities underlying such
     derivative instruments frequently resulted in changes in the
     Partnership's net unrealized profit (loss) on such derivative
     instruments as reflected in the Statements of Financial Condition or,
     with respect to Partnership assets invested in MM LLC, the net
     unrealized profit as reflected in the Statements of Financial Condition
     of the MM LLC. 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 and MM LLC, as well as the
     volatility and liquidity of such markets in which such derivative
     instruments are traded.

     MLIM Alternative Strategies LLC ("MLIM AS 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 the Advisors selected from
     time to time for the Partnership or MM LLC, and include calculating the
     Net Asset Value of the Advisors' respective Partnership accounts and MM
     LLC accounts as of the close of business on each day and reviewing
     outstanding positions for over-concentrations both on an
     Advisor-by-Advisor and on an overall Partnership basis. While MLIM AS
     LLC does not itself intervene in the markets to hedge or diversify the
     Partnership's market exposure, MLIM AS LLC may urge Advisors to
     reallocate positions, or itself reallocate Partnership assets, through
     MM LLC, among Advisors (although typically only as of the end


                                         6

<Page>

     of a month) in an attempt to avoid over-concentrations. However, such
     interventions are unusual. Except in cases in which it appears that an
     Advisor has begun to deviate from past practice or trading policies or to
     be trading erratically, MLIM AS LLC's basic risk control procedures
     consist simply of the ongoing process of advisor monitoring and
     selection with the market risk controls being applied by the Advisors
     themselves.

     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 require margin in the over-the-counter markets.

     The Partnership, through MM LLC, has credit risk in respect of its
     counterparties and brokers, but attempts to mitigate this risk by
     dealing exclusively with Merrill Lynch entities as clearing brokers.

     The Partnership, through MM LLC, 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 in the financial statements of MM LLC in the
     Equity in commodity futures trading accounts in the Statements of
     Financial Condition.

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>
       2001  $249.58  $251.97  $263.85  $256.16  $253.51  $253.68  $253.09  $254.51  $256.69
      ---------------------------------------------------------------------------------------
       2002  $246.27  $239.70  $243.32  $239.74  $242.38  $250.38  $254.47  $261.38  $264.94
      ---------------------------------------------------------------------------------------
</Table>

     Performance Summary

     All of the Partnership's assets are invested in MM LLC. The Partnership
     recognizes trading profits or losses as an investor in MM LLC. The
     following commentary describes the trading results of MM LLC.

     JANUARY 1, 2002 to SEPTEMBER 30, 2002
     -------------------------------------

     January 1, 2002 to March 31, 2002

     The energy sector was the only profitable trading strategy for the quarter.
     Natural gas short positions were profitable as the positions benefited
     from the mild weather in the United States. The sector experienced large
     declines in February due to increased concerns of the health of world
     economies. This lead to price instability. Gains were realized in March
     in the physical commodity markets, as fears of increased conflicts in
     the Middle East could potentially result in a shortage of oil supplies.


                                        7

<Page>

     Trading in stock indices resulted in losses for the quarter. Long equity
     exposures suffered losses in choppy market conditions as profit
     forecasts fell short and concern over the Enron accounting situation
     deepened. Uncertainty in the global marketplace prevailed, making for
     extremely difficult trading conditions. Long positions appreciated in
     March, notably in Japan, Germany and France, but not enough to offset
     earlier losses.

     Conflicting economic reports was the cause for losses in the interest rate
     sector. These reports prompted the Advisors to flip exposures from long
     positions to short positions in most major international bond markets
     during the quarter. European fixed income exposures posted losses under
     particularly direction-less markets. Global bond prices declined on
     growing optimism for a stronger economic outlook for the remainder of 2002.

     Trading in the metals sector was down for the quarter. Short positions
     in base metals were unsuccessful early on as base metals prices soared
     on the hope that an economic recovery in the United States would boost
     demand. Precious metal prices declined as the U.S. economy continued to
     show signs of stabilizing and inflation concerns waned. Long gold
     positioning generated gains as prices rose above $300 for the first time
     in two years.

     Currency trading resulted in losses for the Partnership. In January,
     gains were generated in short Japanese yen positions as the Japanese yen
     continued to depreciate against the U.S. dollar due to continued
     deterioration of economic fundamentals in Japan. In February, all of the
     futures traded currencies appreciated against the U.S. dollar, except
     the Canadian dollar. March was a relatively volatile month for G-7
     currencies. The U.S. dollar fell from 133 to 127.50 Japanese yen during
     the first week, and then almost completely reversed the move by
     month-end, causing losses.

     Agricultural trading was the least successful strategy. During January and
     February, coffee prices were in a downward trend. This trend sharply
     reversed in March as reduced exports from Mexico and Central America
     trimmed inventories of exchange-approved soybeans in U.S. warehouses. As
     prices rose, the Partnership's short positions sustained losses.

     April 1, 2002 to June 30, 2002

     Profits resulting from trading in the currency sector provided the
     Partnership with the majority of its gains in the second quarter.  The
     decline in the U.S. dollar continued through June unabated fueled by the
     decline in the U.S. equity markets.

     The interest rate sector was profitable for the Partnership despite its
     slow start. Yields on major debt-instruments continued to decline. U.S.
     fixed income markets have rallied sharply due to the flight-to-safety
     effect as well as the conviction that the U.S. Federal Reserve will
     raise rates later rather than sooner.

     The agricultural commodities sector posted small gains for the quarter.
     Strong gains were posted in livestock and grains in April as prices
     trended downward. Soybean by-products positions also contributed to the
     profits in this sector. The continued weakness in the U.S. dollar and
     low stockpiles in grains and soybeans should aid in sustaining a price
     rally in the summer months.

     The metals sector sustained slight losses for the quarter. In June, the
     uptrend in gold and silver reversed and losses were sustained on long
     position eliminating profits earned earlier in the quarter.


                                    8

<Page>

     Energy futures experienced whipsaw markets and trading brought in losses
     for the Partnership. The market was volatile during the quarter due to
     continued turmoil in the Middle East.

     Losses were experienced in the stock indices sector. The quarter began
     with the stall of the appreciation in the U.S. and European equity
     markets in April due to weak recovery expectations. The continued
     erosion of confidence in the quarter about corporate earnings and the
     timing of recovery caused both the U.S. and European markets to fall back.

     July 1, 2002 to September 30, 2002

     Results from the interest rate sector provided solid positive performance
     for the Partnership. The yield curve on major debt instruments declined
     throughout the quarter. This market environment was supported by the
     increased risk aversion, the continued U.S. stock market decline and the
     conflicting reports regarding the pace of the U.S. economic recovery.
     The economic news from Europe also pointed to a weak recovery overseas.

     Stock index futures also brought strong positive returns for the
     quarter. The downward market trend created a good environment for the
     short positions. Investors in the equity markets were still liquidating
     equity exposure.

     The energy sector pulled in positive performance despite choppy market
     conditions throughout the quarter. Crude oil led the gains as continued
     talk of military action against Iraq builds a risk premium into prices.

     Agriculture commodities also had gains. Grains and soybeans rallied due to
     weather and supply concerns. The summer drought produced expectations of a
     reduced harvest this season. The sector returned some gains later in
     September, as recent harvests were not as bad as was feared.

     Metals produced gains this quarter, citing declines in precious and base
     metals throughout the quarter due to liquidation pressures in the market.
     Gold, however, had a weak rally during the second half of the quarter.

     Currency trading was the only sector with overall losses. The sector was
     choppy throughout the quarter making it difficult for any of the trend
     following traders to lock onto a market trend.

     The Partnership, as a member of a class of plaintiffs, received a
     settlement payment in August relating to certain copper trades made by a
     number of investors, including the Partnership, during a period in the
     mid-1990s. Members of the class were those who purchased or sold Comex
     copper futures or options contracts between June 24, 1993 and June 15,
     1996. The amount of the settlement for the Partnership was $109,968,
     which is included in the realized profit of the Partnership. The effect
     of the settlement payment was included in the Partnership's performance
     in August.

     JANUARY 1, 2001 to SEPTEMBER 30, 2001
     -------------------------------------

     January 1, 2001 to March 31, 2001

     Trading in the interest rate sector was highly profitable for the
     Partnership during the quarter. Long positions in the Euro resulted in
     gains in January. The impact of the weakening U.S. economy and the
     Federal Reserve's move to cut interest rates was felt throughout the
     interest rate futures market, as Euro futures contracts rose
     dramatically since December 2000. Euro-yen and Euro-bund cross futures
     trading produced gains for the sector.


                                      9


<Page>

     Agricultural trading was profitable despite losses sustained early in the
     quarter. During January, the agricultural sector faced weak grain and
     oilseed prices. Excellent growing weather in the U.S., Argentina and
     Brazil, concerns about U.S. export potential and inventories at
     historically high levels, kept the markets on the defensive. Contract
     lows in cotton produced gains for short positions. The cotton market
     sank to a 15-year low as a result of short supply and increased demand.
     Potential increased planting, paired with a drop in demand, forced
     prices lower.

     Currency trading resulted in gains for the Partnership. Losses were
     realized during January and February on long Euro and Swiss franc
     trading. After rallying from a low of 82--83 cents to 96 cents, the Euro
     fell back to the 90 cent level, despite strong fundamentals. This
     resulted in losses for the Partnership's long positions. The sector
     rebounded strongly in March on substantial gains from short Japanese yen
     positions.

     Trading in the metals markets was successful. Losses from short silver
     positions were sustained in January as silver had a minor technical run
     as it reached its four month high. Short silver positions were
     profitable in February as silver prices reversed its earlier trend and
     declined as the market was generally weak and on gold's failure to rally
     weighed on the market. March was a volatile trading month as another
     attempted gold rally failed, resulting in gains in short positions.

     Stock index trading was moderately successful despite uncertainty in equity
     markets. Short S&P 500 and NASDAQ positions resulted in gains as global
     equity markets remain caught between negative news about earnings and
     the potential positive effects of further monetary easing.

     Energy trading was the only unprofitable sector during the quarter.
     Natural gas prices pulled back in January after rallying during the last
     few months, resulting in losses. Crude oil prices were driven lower by
     both a seasonal downturn in global oil usage and heavier than normal
     refinery maintenance work, reducing the demand. Short natural gas
     positions were unprofitable in March on concerns over supply availability.

     April 1, 2001 to June 30, 2001

     Trading in agricultural commodities was profitable despite a sluggish
     start to the quarter. The market for grains has been weak throughout the
     beginning of 2001. Excellent crops in Argentina and Brazil and a good
     start to the U.S. growing season has resulted in weakness in the grain
     complex. Also, during the quarter, profits from short corn and cotton
     positions outweighed losses from soybeans.

     Stock index trading was profitable for the Partnership as long NASDAQ 100
     positions outweighed losses from German DAX trading. Trading in S&P
     contracts was successful despite continued volatility.

     Trading in the energy sector was down slightly. Despite profitable
     unleaded gas trading, losses were posted on long light crude oil and
     heating oil positions. Crude prices fell due to increased total
     inventories, stemming from the effects of crude oil stores rising more
     than 42 million barrels over the last few months. The energy sector
     faded from downside pressure from a slowing global economy, inventory
     surplus and OPEC's decision to leave production levels unchanged.

     Currency trading suffered losses, particularly in Euro and Japanese yen
     positions. The further weakening of the Euro and Japanese yen displayed
     how the global economy is not immune to the slowdown of the U.S.
     economy. Gains were posted in the Canadian dollar at quarter end due to
     a healthy trade surplus and a favorable short-term interest rate
     differential.


                                          10


<Page>

     The metals sector performed poorly. Weakness in the Euro, a decline in the
     Australian dollar to all time lows and producer and Central Bank selling
     sent gold prices lower. Silver trading was volatile, as China's silver
     exports have been high due to poor domestic demand, adversely affecting
     prices.

     Trading in the interest rate markets accounted for most of the
     Partnership's trading losses for the quarter. Positions in Euro-bund
     futures, three-month Euribor futures and U.S. ten-year notes were
     unprofitable.

     July 1, 2001 to September 30, 2001

     Trading in the interest rate sector was very successful as significant
     gains were realized throughout the quarter on Eurodollar positions.
     These gains more than offset losses on U.S. Treasury and Japanese
     ten-year bonds. Swiss franc short term interest rate contract trading
     and short Sterling 500 positions offset losses on long Gilt positions in
     September.

     Metals trading was profitable throughout the quarter. Positions in
     aluminum, copper, silver and nickel produced profits. Long gold
     positions were profitable as investors flocked to gold for safety in the
     aftermath of the terrorist attacks.

     Stock index trading was also successful as the Partnership's various short
     positions were profitable. Major indices in the world markets fell as
     corporate earnings, in general, were poor and the global economic slump
     would worsen as a result of the terrorist attacks.

     Trading in the energy sector was moderately unsuccessful. The sector
     continued to face downside pressure as in the prior months. Natural gas
     prices fell as the heat wave in the Northeast dissipated. Oil prices
     sank, as traders feared the attacks would not only cripple the airline
     industry (a major consumer of oil), but would also trigger a global
     economic recession, cutting the demand for oil. Agricultural trading was
     unprofitable during the quarter. Early gains from coffee failed to
     outpace losses from corn and short wheat positions. Grain prices rose in
     July on concerns that hot and dry weather would cause lower 2001
     production. Soybeans fell on fears of larger than expected crop outputs.
     Cotton fell to a 15-year low due to abundant crops. Cattle fell to a
     one-year low on demand concerns.

     Trading in the currency markets was unprofitable. Losses were sustained
     from Canadian dollar and Swiss franc positions early on. Short Japanese
     yen positions were unprofitable in August. Long British pound positions
     were profitable in September as the currency appreciated versus the U.S.
     dollar on concerns over the negative economic implications from the
     September 11 terrorist attacks.

     Item 3. Quantitative and Qualitative Disclosures About Market Risk

     Not applicable

     Item 4. Controls and Procedures

     MLIM Alternative Strategies LLC, the General Partner of ML Futures
     Investments 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 their evaluation, have
     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 their evaluation, including any
     corrective actions with regard to significant deficiencies and material
     weaknesses.


                                      11

<Page>

                           PART II - OTHER INFORMATION

Item 1.   Legal Proceedings

          There are no pending proceedings to which the Partnership or MLIM
          AS LLC is a party.

Item 2.   Changes in 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.

          There are no exhibits required to be filed with this report.

          (b) REPORTS ON FORM 8-K.

          There were no reports on Form 8-K filed during the first nine
          months of fiscal 2002.

                                       12

<Page>

                                   SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.

                                   ML FUTURES INVESTMENTS L.P.




                                   By:  MLIM ALTERNATIVE STRATEGIES LLC
                                          (General Partner)






Date:  November 14, 2002           By /s/ FABIO P. SAVOLDELLI
                                      -----------------------
                                      Fabio P. Savoldelli
                                      Chairman, Chief Executive Officer
                                      and Manager
                                      (Principal Executive Officer)







Date:  November 14, 2002           By /s/ MICHAEL L. PUNGELLO
                                      -----------------------
                                      Michael L. Pungello
                                      Vice President, Chief Financial
                                      Officer and Treasurer
                                      (Principal Financial and
                                      Accounting Officer)








                                      13

<Page>

                                   EXHIBIT 99

         Form of Certification Pursuant to Section 1350 of Chapter 63
         ------------------------------------------------------------
                    of Title 180 of the United States Code
                    --------------------------------------

I, Fabio P. Savoldelli, certify that:

1. I have reviewed this quarterly report on Form 10-Q of ML Futures
Investments L.P.;

2. Based on my knowledge, this quarterly 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 quarterly
report;

3. Based on my knowledge, the financial statements, and other financial
information included in this quarterly 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 quarterly report;

4. The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:

     a) designed such disclosure controls and procedures to ensure that material
     information relating to the registrant, is made known to us by others
     within those entities, particularly during the period in which this
     quarterly report is being prepared;

     b) evaluated the effectiveness of the registrant's disclosure controls and
     procedures as of a date within 90 days prior to the filing date of this
     quarterly report (the "Evaluation Date"); and

     c) presented in this quarterly report our conclusions about the
     effectiveness of the disclosure controls and procedures based on our
     evaluation as of the Evaluation Date;

5. The registrant's other certifying officers and I have disclosed, based on our
most recent evaluation, to the registrant's auditors and the audit committee of
board of directors (or persons performing the equivalent function):

     a) all significant deficiencies, if any, in the design or operation of
     internal controls which could adversely affect the registrant's ability to
     record, process, summarize and report financial data and have identified
     for the registrant's auditors any material weaknesses in internal controls;
     and

     b) any fraud, whether or not material, that involves management or other
     employees who have a significant role in the registrant's internal
     controls; and

6. The registrant's other certifying officers and I have indicated in this
quarterly report whether or not there were significant changes in internal
controls or in other factors that could significantly affect internal controls
subsequent to the date of our most recent evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.

Date: November 14, 2002
-----------------------

By /s/ FABIO P. SAVOLDELLI
   -----------------------
Fabio P. Savoldelli
Chairman, Chief Executive Officer and Manager
(Principal Executive Officer)


                                     14

<Page>

                                   EXHIBIT 99

         Form of Certification Pursuant to Section 1350 of Chapter 63
         ------------------------------------------------------------
                    of Title 180 of the United States Code
                    --------------------------------------

I, Michael L. Pungello, certify that:

1. I have reviewed this quarterly report on Form 10-Q of ML Futures
Investments L.P.;

2. Based on my knowledge, this quarterly 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 quarterly
report;

3. Based on my knowledge, the financial statements, and other financial
information included in this quarterly 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 quarterly report;

4. The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:

     a) designed such disclosure controls and procedures to ensure that material
     information relating to the registrant, is made known to us by others
     within those entities, particularly during the period in which this
     quarterly report is being prepared;

     b) evaluated the effectiveness of the registrant's disclosure controls and
     procedures as of a date within 90 days prior to the filing date of this
     quarterly report (the "Evaluation Date"); and

     c) presented in this quarterly report our conclusions about the
     effectiveness of the disclosure controls and procedures based on our
     evaluation as of the Evaluation Date;

5. The registrant's other certifying officers and I have disclosed, based on our
most recent evaluation, to the registrant's auditors and the audit committee of
board of directors (or persons performing the equivalent function):

     a) all significant deficiencies, if any, in the design or operation of
     internal controls which could adversely affect the registrant's ability to
     record, process, summarize and report financial data and have identified
     for the registrant's auditors any material weaknesses in internal controls;
     and

     b) any fraud, whether or not material, that involves management or other
     employees who have a significant role in the registrant's internal
     controls; and

6. The registrant's other certifying officers and I have indicated in this
quarterly report whether or not there were significant changes in internal
controls or in other factors that could significantly affect internal controls
subsequent to the date of our most recent evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.

Date: November 14, 2002
-----------------------

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


                                    15