<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 March 31, 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 / / No /X/

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                         PART I - FINANCIAL INFORMATION

Item 1.  Financial Statements

                        ML CORNERSTONE FUTURESACCESS LLC
                     (A DELAWARE LIMITED LIABILITY COMPANY)

                        STATEMENT OF FINANCIAL CONDITION
                                   (unaudited)

<Table>
<Caption>
                                                                     MARCH 31,
                                                                       2005
                                                                   ------------
<S>                                                                <C>
ASSETS
Equity in commodity futures trading accounts:
  Cash                                                             $ 10,202,929
  Net unrealized losses on open contracts                              (443,558)
Accrued interest                                                         15,601
                                                                   ------------

    TOTAL                                                          $  9,774,972
                                                                   ============

LIABILITIES AND MEMBERS' CAPITAL
LIABILITIES:
  Brokerage fee payable                                            $      7,809
  Management fee payable                                                 16,244
  Sponsor's fee payable                                                  18,129
  Other fees payable                                                     21,156
                                                                   ------------

    Total liabilities                                                    63,338
                                                                   ============

MEMBERS' CAPITAL:
  Members (10,471,160 Units issued and outstanding)                   9,711,634
                                                                   ------------

       TOTAL                                                       $  9,774,972
                                                                   ============
NET ASSET VALUE PER UNIT (NOTE 2)
</Table>

See notes to financial statements.

                                        2
<Page>

                        ML CORNERSTONE FUTURESACCESS LLC
                     (A DELAWARE LIMITED LIABILITY COMPANY)

                             STATEMENT OF OPERATIONS
                                   (unaudited)

<Table>
<Caption>
                                                                    FOR THE TWO
                                                                   MONTHS ENDED
                                                                     MARCH 31,
                                                                       2005
                                                                   ------------
<S>                                                                <C>
TRADING LOSS:
  Trading loss:
    Realized                                                       $   (165,566)
    Change in unrealized                                               (443,558)
                                                                   ------------

      Total trading loss                                               (609,124)
                                                                   ------------
INVESTMENT INCOME
  Interest                                                               24,797
                                                                   ------------
EXPENSES:
  Brokerage commissions                                                  18,126
  Management fee                                                         24,847
  Sponsor's fee                                                          21,904
  Other expense                                                          27,189
                                                                   ------------

      Total expenses                                                     92,066
                                                                   ------------
NET INVESTMENT LOSS                                                     (67,269)
                                                                   ------------

NET LOSS                                                           $   (676,393)
                                                                   ============
NET LOSS PER UNIT:

Weighted average number of Units outstanding                          7,849,230
                                                                   ============

Net loss per weighted average Unit                                 $    (0.0862)
                                                                   ============
</Table>

See notes to financial statements.

                                        3
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                        ML CORNERSTONE FUTURESACCESS LLC
                     (A DELAWARE LIMITED LIABILITY COMPANY)

                    STATEMENT OF CHANGES IN MEMBERS' CAPITAL
                     FOR THE TWO MONTHS ENDED MARCH 31, 2005
                                   (unaudited)

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

Additions                                        10,490,660          10,407,229

Net loss                                                  -            (676,393)

Redemptions                                         (19,500)            (19,202)
                                               ------------        ------------
MEMBERS' CAPITAL,
  March 31, 2005                                 10,471,160        $  9,711,634
                                               ============        ============
</Table>

See notes to financial statements.

                                        4
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                        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 March 31, 2005, and the
     results of its operations for the two months ended March 31, 2005. However,
     the operating results for the interim periods may not be indicative of the
     results for the period ended December 31, 2005. The Fund commenced
     operations on February 1, 2005 and has a fiscal year end of December 31.

     Certain information and footnote disclosures normally included in 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 March 31, 2005 the Net Asset Values of the different series of Units
     were:

<Table>
<Caption>
                                                       NET ASSET
                             NET ASSET    NUMBER OF    VALUE PER
                               VALUE        UNITS        UNIT
                           ------------   ----------   ---------
        <S>                <C>            <C>          <C>
        Series A           $  1,391,914    1,498,940   $  0.9286
        Series C              7,480,498    8,069,056      0.9271
        Series I                839,222      903,164      0.9292
                           ------------   ----------
                           $  9,711,634   10,471,160
                           ============   ==========
</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
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      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"), 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 (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 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
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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
                   -------------------------------------------
                   <S>              <C>     <C>       <C>
                   2005             n/a     $ 0.9847  $ 0.9286
</Table>

                   Class C

<Table>
<Caption>
                                    JAN        FEB         MAR
                   -------------------------------------------
                   <S>              <C>     <C>       <C>
                   2005             n/a     $ 0.9839  $ 0.9271
</Table>

                   Class I

<Table>
<Caption>
                                    JAN        FEB         MAR
                   -------------------------------------------
                   <S>              <C>     <C>       <C>
                   2005             n/a     $ 0.9850  $ 0.9292
</Table>

Performance Summary

January 1, 2005 to March 31, 2005

The Fund posted a loss for the first quarter of 2005. The currencies and
interest rates 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 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.

                                        7
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Item 3.  Quantitative and Qualitative Disclosures About Market Risk

     Not applicable

Item 4. Controls and Procedures

Merrill Lynch Alternative Investments LLC, the General Partner 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 within 60 days of the filing date 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
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                           PART II - OTHER INFORMATION

Item 1.  Legal Proceedings

         There are no pending proceedings to which the Fund or MLAI 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 as part of this document.

         (b) Reports on Form 8-K.

         There were no reports on Form 8-K filed during the three 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 CORNERSTONE FUTURESACCESS LLC


                               By: MERRILL LYNCH ALTERNATIVE
                                            INVESTMENTS LLC
                                            (General Partner)


Date: May 16, 2005             By /s/ ROBERT M. ALDERMAN
                                  -----------------------
                                  Robert M. Alderman
                                  Chief Executive Officer, President and Manager
                                  (Principal Executive Officer)


Date: May 16, 2005
                               By /s/ MICHAEL L. PUNGELLO
                                  -----------------------
                                  Michael L. Pungello
                                  Vice President, Chief Financial Officer
                                  and Treasurer
                                  (Principal Financial and Accounting Officer)