<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 0-51086

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

           Delaware                                       20-1227929
-------------------------------               ---------------------------------
(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 the registrant is an accelerated filer (as
defined in Rule 12b-2 of the Exchange Act)  Yes / / No /X/

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

<Page>

                         PART I - FINANCIAL INFORMATION

Item 1.  Financial Statements

                        ML CORNERSTONE 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                                                                          $  45,082,825
  Net unrealized gain on open contracts                                             1,719,028
Accrued interest                                                                      114,286
                                                                                -------------

      TOTAL ASSETS                                                              $  46,916,139
                                                                                =============

LIABILITIES AND MEMBERS' CAPITAL:
LIABILITIES:
  Brokerage commissions payable                                                 $      18,577
  Management fee payable                                                               78,003
  Sponsor's fee payable                                                                80,352
  Redemptions payable                                                                 325,543
  Other fees payable                                                                   95,824
                                                                                -------------

    Total liabilities                                                                 598,299
                                                                                -------------
MEMBERS' CAPITAL:
  Sponsor's interest (21,248 Units issued and outstanding)                             19,650
  Members' interests (49,980,108 Units issued and outstanding)                     46,298,190
                                                                                -------------
      Total members' capital                                                       46,317,840
                                                                                -------------

       TOTAL LIABILITIES AND MEMBERS' CAPITAL                                   $  46,916,139
                                                                                =============
</Table>

NET ASSET VALUE PER UNIT (NOTE 2)

See notes to financial statements.

                                        2
<Page>

                        ML CORNERSTONE FUTURESACCESS LLC
                     (A DELAWARE LIMITED LIABILITY COMPANY)

                             STATEMENT OF OPERATIONS
                                   (unaudited)

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

    Realized                                                   $    (470,234)   $                    (1,672,375)
    Change in unrealized                                           1,946,404                          1,718,951
                                                               -------------    -------------------------------

      Total trading profits                                        1,476,170                             46,576
                                                               -------------    -------------------------------

INVESTMENT INCOME:

  Interest                                                           294,425                            460,559
                                                               -------------    -------------------------------

EXPENSES:
  Brokerage commissions                                               40,202                             87,894
  Management fee                                                     192,779                            327,715
  Sponsor's fee                                                      204,034                            349,089
  Other                                                               44,807                            112,169
                                                               -------------    -------------------------------

      Total expenses                                                 481,822                            876,867
                                                               -------------    -------------------------------

NET INVESTMENT LOSS                                                 (187,397)                          (416,308)
                                                               -------------    -------------------------------

NET INCOME (LOSS)                                              $   1,288,773    $                      (369,732)
                                                               =============    ===============================

NET INCOME (LOSS) PER UNIT:

Weighted average number of units outstanding                       7,148,004                          6,250,170
                                                               =============    ===============================

Net income (loss) per weighted average unit                    $      0.1803    $                       (0.0592)
                                                               =============    ===============================
</Table>

See notes to financial statements.

                                        3
<Page>

                        ML CORNERSTONE FUTURESACCESS LLC
                     (A DELAWARE LIMITED LIABILITY COMPANY)

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

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

Additions                   51,988,586        20,000       48,485,934     $ 48,505,934

Net loss                             -          (350)        (369,382)    $   (369,732)

Redemptions                 (1,987,230)            -       (1,818,362)    $ (1,818,362)
                            ----------     ---------     ------------     ------------
MEMBERS' CAPITAL,
  September 30, 2005        50,001,356     $   19,650    $ 46,298,190     $ 46,317,840
                            ==========     =========     ============     ============
</Table>

See notes to financial statements.

                                        4
<Page>

                        ML CORNERSTONE 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
     Cornerstone FuturesAccess LLC (the "Fund") as of September 30, 2005, and
     the results of its operations for the period February 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     NUMBER OF      NET ASSET
                     VALUE         UNITS      VALUE PER UNIT
                 ------------   ----------    --------------
     <S>         <C>            <C>           <C>
     Series A    $  7,544,302    8,130,769    $       0.9279
     Series C      30,719,531   33,328,337            0.9217
     Series I       6,645,670    7,143,365            0.9303
     Series D       1,408,337    1,398,885            1.0068
                 ------------   ----------
                 $ 46,317,840   50,001,356
                 ============   ==========
</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 profit 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
     Cornerstone Trading Company, Inc. ("Cornerstone"), 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 Cornerstone 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 Cornerstone 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 profit, 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       JULY       AUG.       SEP.
----------------------------------------------------------------------------------------------------
  <S>    <C>   <C>        <C>        <C>        <C>        <C>        <C>        <C>        <C>
  2005   n/a   $ 0.9847   $ 0.9286   $ 0.9424   $ 0.9291   $ 0.8983   $ 0.9171   $ 0.9021   $ 0.9279
</Table>

               Class C

<Table>
<Caption>
         JAN.    FEB.       MAR.        APR        MAY        JUN        JULY       AUG.       SEP.
----------------------------------------------------------------------------------------------------
  <S>    <C>   <C>        <C>        <C>        <C>        <C>        <C>        <C>        <C>
  2005   n/a   $ 0.9839   $ 0.9271   $ 0.9401   $ 0.9260   $ 0.8946   $ 0.9125   $ 0.8969   $ 0.9217
</Table>

               Class I

<Table>
<Caption>
         JAN.    FEB.       MAR.        APR        MAY        JUN        JULY       AUG.       SEP.
----------------------------------------------------------------------------------------------------
  <S>    <C>   <C>        <C>        <C>        <C>        <C>        <C>        <C>        <C>
  2005   n/a   $ 0.9850   $ 0.9292   $ 0.9433   $ 0.9303   $ 0.8998   $ 0.9189   $ 0.9042   $ 0.9303
</Table>

               Class D

<Table>
<Caption>
         JAN.    FEB.       MAR.        APR        MAY        JUN        JULY       AUG.       SEP.
----------------------------------------------------------------------------------------------------
  <S>          <C>        <C>        <C>        <C>        <C>        <C>        <C>        <C>
  2005   n/a     n/a        n/a      $ 1.0161   $ 1.0031   $ 0.9710   $ 0.9925   $ 0.9776   $ 1.0068
</Table>

Performance Summary

FEBRUARY 1, 2005 TO SEPTEMBER 30, 2005

February 1, 2005 to March 31, 2005

The Fund posted a loss for the first quarter of 2005. The currency and interest
rate sectors were unprofitable while the energy sector posted a small profit for
the quarter.

The largest losses were in the Currency Asset Allocation sector and the Short
Rate Asset Allocation sector. The Fund was long U.S. Eurodollars, which dropped
in price, and short in the European markets, which rose in price. This occurred
because the models identified the term structure as over discounting future rate
increases. Despite that, U.S. rates went up and European rates went down. The
Fund is long the U.S. and short Europe, with a short bias.

In the currency market, solid gains were posted, at the beginning of the period,
due to the long Sterling/short U.S. dollar position. The currency positions were
left unchanged in February. A current important driver of this position is the
United States' poor balance of payments position. In March, the U.S. dollar
rallied strongly as the U.S. economy remained strong and the U.S. Federal
Reserve spoke openly about inflation concerns. Inflation is generally bad for a
country's currency but in this case the market interpreted these statements as a
signal that short-term rates would rise more than expected. Rising interest
rates tend to be supportive of a country's currency, perhaps because of the
higher nominal return that can be earned on fixed income assets. Losses were
incurred in the British pound and the Japanese yen. Toward the end of the
period, the Fund reduced its exposure to the U.S. dollar as the momentum shifted
by cutting the British pound and Japanese yen positions and going more short
with the Euro. The Fund currently has a small short U.S. dollar exposure.

The interest rate sector had the greatest loss for the Fund. The Fund began
trading in February and had lackluster performance in short-term interest rates.
Though the Fund was net short on these instruments

                                        7
<Page>

globally in February, it was long U.S. short-term interest rates which decreased
in price more than the shorts. Over the course of the month, the Fund added
modestly to its net short position, and continued to adjust the short interest
rate position more often than was typical for their trading program.

April 1, 2005 to June 30, 2005

The Fund posted a loss for the second quarter of 2005. Losses were posted in all
sectors.

The interest rate sector posted a small loss for the Fund. The Short Rate Asset
Allocation model benefited from the rally at the front end of the U.S. yield
curve during the beginning of the quarter, though these gains were largely
offset by losses sustained early on by being short Euribor futures. Growth
expectations for Europe were again reduced leading to a rally in Euro
denominated fixed income. The Euribor short was removed and the Fund was left
with an average sized net long position in global term interest rates.
Mid-quarter, the short rate model proved to be moderately profitable as a basket
of long positions in the United States, the United Kingdom, and Canada did well.
In the U.S., the Fund had good timing as it increased its position after the
strong U.S. employment report. The Eurodollars recovered completely and the Fund
took long positions in the short end of the yield curve, primarily in the U.S.
In the bond markets, there remained a battle between fundamentals and momentum.
The end of the quarter saw poor performance in many of the fund's strategies.
The Bond Asset Allocation strategy had a brief short position, expressed mainly
in Japanese government bonds, which was unprofitable. Modest short positions
were taken in the Japanese, German, and Australian government bond markets and
money was lost on being short the short term interest rates in June. The
expectation in the markets was for the Euro denominated short term interest
rates to go down in price and up in rate. In June, European growth again
disappointed and speculation began to build about a European Central Bank rate
cut.

The Fund posted a loss in the energy sector. The quarter began with a gain
because the Fund added additional fundamental information to the crude oil
trading that it had long included in the trend analysis component of
international value. The Fund continued to trade this market with a systematic,
or model based, approach but the importance of the technical component
decreased. The Fund then focused its research on real commodities. It continued
to move the non-financials it traded over to fundamental models, most recently
natural gas. The research is continued with the goal of moving more energy
contracts to this mixed fundamental and technical framework.

The currency sector was the poorest performing sector for the quarter. The
Currency Asset Allocation strategy led International Value higher in April
thanks to U.S. dollar weakness against the Japanese yen and U.K. sterling. The
Fund added to its position to create a large U.S. dollar short. However, the
losses were driven by the currency model and the losses in the currency model
were driven by the Fund's long Japanese yen position. The U.S. dollar
appreciated mid-quarter as a result of economic strength in the U.S. The Euro,
in particular, suffered because of continued economic weakness and concerns
about the fate of the European constitution. Related to this, interest rate
differentials continued to move in favor of the U.S. currency. However, the
Fund's models identified the balance of payments imbalances that the U.S.
suffers relative to the rest of the world as a major negative factor for the
U.S. dollar. As a result, the Fund retains its long Japanese yen position
against being short the U.S. dollar and the Euro.

July 1, 2005 to September 30, 2005

The Fund posted a gain for the third quarter of 2005. The energy and currency
sectors were unprofitable while the interest rates sector posted a profit for
the quarter.

                                        8
<Page>

Solid profits were generated in the interest rates sector in the third quarter.
In the beginning of the quarter, most of the gains were contributed from the
Short Rate model. Within the Short Rate model, all of the gains came from
Euribor shorts. Many market participants had been expecting the European Central
Bank ("ECB") to cut rates in the near future. However, throughout July, ECB
members, through their public comments, expressed no inclination to cut rates
and economic data was firm. As such, expectations that rates would be cut
reversed and the short end of the yield curve returned to a more normal upward
sloping shape towards September. The losses generated in August, were largely
offset by the gains sustained in September. This sector saw impressive
performance towards the end of the quarter. In September, Europe and Japan
showed more growth and as a result interest rates went up worldwide. The
International Value program was short in fixed income across the board and thus
benefited from this increase in rates.

The currencies sector posted a small loss for the quarter. This sector
experienced a more volatile period, yet ended with a smaller loss than the
second quarter. As a result of the U.S. dollar weakness towards the Japanese yen
and the British pound, The Currency Asset Allocation strategy led the
International Value program higher in September.

The poorest performance posted was in the energy sector. The quarter began with
a small gain and saw the poorest performance towards the end of the quarter.
This was caused because of the low position levels of energy segments. During
August, concerns about growth in Europe caused the market to rally, even before
Hurricane Katrina, causing oil prices to increase and cutting expectations for
U.S. growth, two factors expected to again defer the day of vigorous,
self-sustaining European growth. In addition, the disruptions of the oil
refineries did not help the rest of the energy markets. The Fund reduced its
position during August and reduced its position further in September.

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 Cornerstone
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 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.

          The following exhibits are incorporated by reference or are filed
          herewith to this Quarterly Report on

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

          Exhibit 31.01
              and 31.02:     Are filed herewith.

          32.01 and          Section 1350 certifications
          32.02

          Exhibits 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 eight 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 CORNERSTONE 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