**UNITED STATES SECURITIES ANDEXCHANGE 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, 2007**                                                                                                                                                                                         | ** ** |
| ** **                                                                                                                                                                                                                                 | ** ** |
| **OR**                                                                                                                                                                                                                                     | ** ** |
| ** **                                                                                                                                                                                                                                 | ** ** |
| **o****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 ofRegistrant as specified in its charter)

| **Delaware**                     | ** ** | **20-1227929**                     |
|----------------------------------|------------|------------------------------------|
| (State or other  jurisdiction of |       | (IRS Employer  Identification No.) |
| incorporation or  organization)  |       |                               |

 

**c/o Merrill Lynch AlternativeInvestments LLC**

**Princeton Corporate Campus**

**800 Scudders Mill Road -  Section 2G**

**Plainsboro, New Jersey 08536**

(Address ofprincipal executive offices)

(Zip Code)

**609-282-6091**

(Registrant’stelephone number, including area code

Indicate by check mark whether the registrant (1) has filed all reportsrequired to be filed by Section 13 or 15(d) of the Securities Exchange Act of1934 during the preceding 12 months (or for such shorter period that theregistrant was required to file such reports), and (2) has been subject to suchfiling requirements for the past 90 days.

Yes x   Noo

Indicate by check mark whether the registrant is a large acceleratedfiler, an accelerated filer, or a non-accelerated filer.  See definition of “accelerated filer andlarge accelerated filer” in Rule 12b-2 of the Exchange Act. (Check one):

Large acceleratedfiler o         Acceleratedfiler o          Non-accelerated filer x

Indicate by check mark whether registrant is a shell company (asdefined by Rule 12b-2 of the Exchange Act).

Yes o    No x

Indicate by check mark whether the registrant has filed all documentsand reports required to be filed by Sections 12, 13 or 15(d) of the SecuritiesExchange Act of 1934 subsequent to the distribution of securities under a planconfirmed by a court. 

Yes o    Noo

 

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**MLCORNERSTONE FUTURESACCESS LLC**

QUARTERLY REPORTFOR MARCH 31, 2007 ON FORM 10-Q

Table of Contents
|          | ** ** | ** **                                                                                  | ** ** | ** ** |
|----------|------------|---------------------------------------------------------------------------------------------|------------|------------|
| PART I   |
|     |
| Item 1.  |       | Financial  Statements                                                                       |       | 1          |
|     |       |                                                                                        |       |       |
| Item 2.  |       | Management’s  Discussion and Analysis of Financial Condition and Results of Operations |       | 8          |
|     |       |                                                                                        |       |       |
| Item 3.  |       | Quantitative  and Qualitative Disclosures About Market Risk                                 |       | 10         |
|     |       |                                                                                        |       |       |
| Item 4.  |       | Controls and  Procedures                                                                    |       | 12         |
|     |       |                                                                                        |       |       |
| PART  II |
|     |
| Item 1.  |       | Legal Proceedings                                                                           |       | 13         |
|     |       |                                                                                        |       |       |
| Item 2.  |       | Unregistered  Sales of Equity Securities and Use of Proceeds                                |       | 14         |
|     |       |                                                                                        |       |       |
| Item 3.  |       | Defaults Upon  Senior Securities                                                            |       | 14         |
|     |       |                                                                                        |       |       |
| Item 4.  |       | Submission of  Matters to a Vote of Security Holders                                        |       | 14         |
|     |       |                                                                                        |       |       |
| Item 5.  |       | Other Information                                                                           |       | 14         |
|     |       |                                                                                        |       |       |
| Item 6   |       | Exhibits and  Reports on Form 8-K                                                           |       | 15         |

 

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PART I - FINANCIAL INFORMATION

ML Cornerstone FutureAccess LLC

(a Delaware LimitedLiability Company)

STATEMENT OF FINANCIAL CONDITION
| ** **                                                                            | ** ** | **March 31,** | ** **  | **December 31,** | ** ** |
|---------------------------------------------------------------------------------------|------------|--------------------|-------------|-----------------------|------------|
| ** **                                                                            | ** ** | **2007**           | ** **  | **2006**              | ** ** |
| ** **                                                                            | ** ** | **(unaudited)**    | ** **  | ** **            | ** ** |
|                                                                                  |       |               |        |                  |       |
| **ASSETS:**                                                                           | ** ** | ** **         | ** **  | ** **            | ** ** |
| Equity in commodity  futures trading accounts:                                        |       |               |        |                  |       |
| Cash (including  restricted cash of $37,485,109 for 2007 and $28,072,260 for 2006)    |       | $                  | 147,845,843 |                  | $          | 143,557,926 |   |
| Net unrealized  profit (loss) on open contracts                                       |       | (2,253,912         | )           | 2,046,680             |       |
| Cash                                                                                  |       | 95,478             |        | 78,401                |       |
| Accrued interest                                                                      |       | 644,066            |        | 595,529               |       |
|                                                                                  |       |               |        |                  |       |
| **TOTAL**                                                                             |       | $                  | 146,331,475 |                  | $          | 146,278,536 |   |
|                                                                                  |       |               |        |                  |       |
| **LIABILITIES AND MEMBERS’  CAPITAL:**                                           | ** ** | ** **         | ** **  | ** **            | ** ** |
| LIABILITIES:                                                                          |       |               |        |                  |       |
| Brokerage  commissions payable                                                        |       | $                  | 121,527     |                  | $          | 105,040 |   |
| Management fee  payable                                                               |       | 243,164            |        | 243,160               |       |
| Sponsor fee  payable                                                                  |       | 239,949            |        | 242,011               |       |
| Redemptions  payable                                                                  |       | 3,018,455          |        | 4,516,504             |       |
| Initial offering  costs payable                                                       |       | 77,373             |        | 80,425                |       |
| Other                                                                                 |       | 311,543            |        | 277,879               |       |
|                                                                                  |       |               |        |                  |       |
| Total  liabilities                                                                    |       | 4,012,011          |        | 5,465,019             |       |
|                                                                                  |       |               |        |                  |       |
| MEMBERS’ CAPITAL:                                                                |       |               |        |                  |       |
|   Sponsor’s  Interest (21,248 and 21,248 Units)                        |       | 19,283             |        | 20,656                |       |
|   Members’  Interest (156,024,249 and 144,378,189 Units)               |       | 142,300,181        |        | 140,792,861           |       |
|                                                                                  |       |               |        |                  |       |
| Total members’  capital                                                          |       | 142,319,464        |        | 140,813,517           |       |
|                                                                                  |       |               |        |                  |       |
| **TOTAL LIABILITIES AND MEMBERS’  CAPITAL**                                      |       | $                  | 146,331,475 |                  | $          | 146,278,536 |   |
| ** **                                                                            |       |               |        |                  |       |
| **NET  ASSET VALUE PER UNIT (Note 2)**                                                |       |               |        |                  |       |
| (Based on 156,045,497  and 144,399,437 units outstanding, unlimited units authorized) |       |               |        |                  |       |

 

See notes tofinancial statements.

1

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ML CORNERSTONEFUTURESACCESS LLC

(a DelawareLimited Liability Company)

STATEMENTS OF OPERATIONS

(unaudited)
| ** **                                   | ** ** | **For the three** | ** **  | **For the three** | ** ** |
|----------------------------------------------|------------|-----------------------------|-------------|-----------------------------|------------|
| ** **                                   | ** ** | **months ended**       | ** **  | **months ended**       | ** ** |
| ** **                                   | ** ** | **March 31,**          | ** **  | **March 31,**          | ** ** |
| ** **                                   | ** ** | **2007**                    | ** **  | **2006**                    | ** ** |
| **TRADING  PROFIT (LOSS)**                   | ** ** | ** **                  | ** **  | ** **                  | ** ** |
|                                         |       |                        |        |                        |       |
| Realized                                     |       | $                           | (5,984,555  | )                           | $          | 5,148,728 |   |
| Change in unrealized                         |       | (4,300,592                  | )           | 475,929                     |       |
| Brokerage commissions                        |       | (220,008                    | )           | (85,753                     | )          |
|                                         |       |                        |        |                        |       |
| Total trading profit (loss)                  |       | (10,505,155                 | )           | 5,538,904                   |       |
|                                         |       |                        |        |                        |       |
| **INVESTMENT  INCOME:**                      | ** ** | ** **                  | ** **  | ** **                  | ** ** |
| Interest                                     |       | 1,872,014                   |        | 720,200                     |       |
|                                         |       |                        |        |                        |       |
| **EXPENSES:**                                | ** ** | ** **                  | ** **  | ** **                  | ** ** |
| Management fee                               |       | 734,275                     |        | 351,571                     |       |
| Sponsor fee                                  |       | 727,116                     |        | 372,318                     |       |
| Performance fee                              |       | —                      |        | 1,170,176                   |       |
| Other                                        |       | 144,233                     |        | 49,746                      |       |
| Total expenses                               |       | 1,605,624                   |        | 1,943,811                   |       |
|                                         |       |                        |        |                        |       |
| **NET  INVESTMENT INCOME (LOSS)**            |       | 266,390                     |        | (1,223,611                  | )          |
|                                         |       |                        |        |                        |       |
| **NET  INCOME (LOSS)**                       |       | $                           | (10,238,765 | )                           | $          | 4,315,293 |   |
|                                         |       |                        |        |                        |       |
| **NET  INCOME (LOSS) PER UNIT:**             | ** ** | ** **                  | ** **  | ** **                  | ** ** |
| ** **                                   | ** ** | ** **                  | ** **  | ** **                  | ** ** |
| Weighted average number of Units outstanding |       |                        |        |                        |       |
| Class A                                      |       | 19,928,555                  |        | 11,024,508                  |       |
| Class C                                      |       | 105,343,773                 |        | 49,750,399                  |       |
| Class D                                      |       | 12,648,044                  |        | 1,398,885                   |       |
| Class I                                      |       | 18,070,126                  |        | 7,591,037                   |       |
|                                         |       |                        |        |                        |       |
| Net income (loss) per weighted average Units |       |                        |        |                        |       |
| Class A                                      |       | $                           | (0.0644     | )                           | $          | 0.0637 |   |
| Class C                                      |       | $                           | (0.0656     | )                           | $          | 0.0608 |   |
| Class D                                      |       | $                           | (0.0697     | )                           | $          | 0.0718 |   |
| Class I                                      |       | $                           | (0.0641     | )                           | $          | 0.0641 |   |

 

See notes to financialstatements.

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ML CORNERSTONEFUTURESACCESS LLC

(a Delaware Limited Liability Company)

STATEMENTS OFCHANGES IN MEMBERS’ CAPITAL

For the three monthsended March 31, 2007 and 2006 

(unaudited)
| ** **                 | ** ** | **Members’ Capital  December 31, 2005** | ** ** | **Subscriptions** | ** ** | **Redemptions** | ** ** | **Members’ Capital  March 31, 2006** | ** ** | **Members’ Capital  December 31, 2006** | ** ** | **Subscriptions** | ** ** | **Redemptions** | ** ** | **Members’ Capital  March 31, 2007** | ** ** |
|----------------------------|------------|-------------------------------------------------------------|------------|-------------------|------------|-----------------|------------|----------------------------------------------------------|------------|-------------------------------------------------------------|------------|-------------------|------------|-----------------|------------|----------------------------------------------------------|------------|
|                       |       |                                                        |       |              |       |            |       |                                                     |       |                                                        |       |              |       |            |       |                                                     |       |
| Class A                    |       | 10,021,657                                                  |       | 2,048,606         |       | (375,679        | )          | 11,694,584                                               |       | 18,539,535                                                  |       | 1,994,546         |       | (751,699        | )          | 19,782,382                                               |       |
| Class C                    |       | 43,063,748                                                  |       | 12,076,880        |       | (1,388,219      | )          | 53,752,409                                               |       | 99,282,281                                                  |       | 11,499,389        |       | (6,302,949      | )          | 104,478,721                                              |       |
| Class D                    |       | 1,398,885                                                   |       | —            |       | —          |       | 1,398,885                                                |       | 10,145,705                                                  |       | 3,056,607         |       | —          |       | 13,202,312                                               |       |
| Class I                    |       | 7,295,006                                                   |       | 506,391           |       | (76,142         | )          | 7,725,255                                                |       | 16,410,668                                                  |       | 2,512,421         |       | (362,255        | )          | 18,560,834                                               |       |
|                       |       |                                                        |       |              |       |            |       |                                                     |       |                                                        |       |              |       |            |       |                                                     |       |
| Total Members’  Units |       | 61,779,296                                                  |       | 14,631,877        |       | (1,840,040      | )          | 74,571,133                                               |       | 144,378,189                                                 |       | 19,062,963        |       | (7,416,903      | )          | 156,024,249                                              |       |
|                       |       |                                                        |       |              |       |            |       |                                                     |       |                                                        |       |              |       |            |       |                                                     |       |
| Class A                    |       | 10,611                                                      |       | —            |       | —          |       | 10,611                                                   |       | 10,611                                                      |       | —            |       | —          |       | 10,611                                                   |       |
| Class C                    |       | 10,637                                                      |       | —            |       | —          |       | 10,637                                                   |       | 10,637                                                      |       | —            |       | —          |       | 10,637                                                   |       |
| Class D                    |       | —                                                      |       | —            |       | —          |       | —                                                   |       | —                                                      |       | —            |       | —          |       | —                                                   |       |
| Class I                    |       | —                                                      |       | —            |       | —          |       | —                                                   |       | —                                                      |       | —            |       | —          |       | —                                                   |       |
|                       |       |                                                        |       |              |       |            |       |                                                     |       |                                                        |       |              |       |            |       |                                                     |       |
| Total Sponsor’s Units |       | 21,248                                                      |       | —            |       | —          |       | 21,248                                                   |       | 21,248                                                      |       | —            |       | —          |       | 21,248                                                   |       |

 

See notes to financialstatments.

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ML CORNERSTONEFUTURESACCESS LLC

(a Delaware Limited Liability Company)

STATEMENTS OFCHANGES IN MEMBERS’ CAPITAL

For the threemonths ended March 31, 2007 and 2006 

(unaudited)
| ** **                    | ** ** | **Members’ Capital  December 31, 2005** | ** ** | **Subscriptions** | ** ** | **Redemptions** | ** ** | **Net Income** | ** ** | **Members’ Capital  March 31, 2006** | ** ** | **Members’ Capital  December 31, 2006** | ** ** | **Subscriptions** | ** ** | **Redemptions** | ** ** | **Net Loss** | ** ** | **Members’ Capital  March 31, 2007** | ** ** |
|-------------------------------|------------|-------------------------------------------------------------|------------|-------------------|------------|-----------------|------------|---------------------|------------|----------------------------------------------------------|------------|-------------------------------------------------------------|------------|-------------------|------------|-----------------|------------|-------------------|------------|----------------------------------------------------------|------------|
|                          |       |                                                        |       |              |       |            |       |                |       |                                                     |       |                                                        |       |              |       |            |       |              |       |                                                     |       |
| Class A                       |       | $                                                           | 9,635,030  |              | $          | 2,002,452       |       | $                   | (374,091   | )                                                        | $          | 701,126                                                     |       | $                 | 11,964,517 |            | $          | 18,197,781        |       | $                                                        | 1,934,350  |   | $ | (699,131 | ) | $ | (1,283,448 | ) | $ | 18,149,552 |   |
| Class C                       |       | 41,024,353                                                  |       | 11,664,740        |       | (1,361,133      | )          | 3,025,634           |       | 54,353,594                                               |       | 95,452,360                                                  |       | 10,868,743        |       | (5,753,952      | )          | (6,914,808        | )          | 93,652,343                                               |       |
| Class D                       |       | 1,466,886                                                   |       | —            |       | —          |       | 100,433             |       | 1,567,319                                                |       | 10,910,363                                                  |       | 3,290,996         |       | —          |       | (880,956          | )          | 13,320,403                                               |       |
| Class I                       |       | 7,048,458                                                   |       | 495,800           |       | (78,503         | )          | 486,831             |       | 7,952,586                                                |       | 16,232,357                                                  |       | 2,445,755         |       | (342,049        | )          | (1,158,180        | )          | 17,177,883                                               |       |
|                          |       |                                                        |       |              |       |            |       |                |       |                                                     |       |                                                        |       |              |       |            |       |              |       |                                                     |       |
| Total Members’ Interests |       | $                                                           | 59,174,727 |              | $          | 14,162,992      |       | $                   | (1,813,727 | )                                                        | $          | 4,314,024                                                   |       | $                 | 75,838,016 |            | $          | 140,792,861       |       | $                                                        | 18,539,844 |   | $ | (6,795,132 | ) | $ | (10,237,392 | ) | $ | 142,300,181 |   |
|                          |       |                                                        |       |              |       |            |       |                |       |                                                     |       |                                                        |       |              |       |            |       |              |       |                                                     |       |
| Class A                       |       | $                                                           | 10,221     |              | $          | —          |       | $                   | —     |                                                     | $          | 651                                                         |       | $                 | 10,872     |            | $          | 10,424            |       | $                                                        | —     |   | $ | — |   | $ | (681 | ) | $ | 9,743 |   |
| Class C                       |       | 10,152                                                      |       | —            |       | —          |       | 618                 |       | 10,770                                                   |       | 10,232                                                      |       | —            |       | —          |       | (692              | )          | 9,540                                                    |       |
| Class D                       |       | —                                                      |       | —            |       | —          |       | —              |       | —                                                   |       | —                                                      |       | —            |       | —          |       | —            |       |                                                     |       |
| Class I                       |       | —                                                      |       | —            |       | —          |       | —              |       | —                                                   |       | —                                                      |       | —            |       | —          |       | —            |       |                                                     |       |
|                          |       |                                                        |       |              |       |            |       |                |       |                                                     |       |                                                        |       |              |       |            |       |              |       |                                                     |       |
| Total Sponsor’s Interest |       | $                                                           | 20,373     |              | $          | —          |       | $                   | —     |                                                     | $          | 1,269                                                       |       | $                 | 21,642     |            | $          | 20,656            |       | $                                                        | —     |   | $ | — |   | $ | (1,373 | ) | $ | 19,283 |   |
|                          |       |                                                        |       |              |       |            |       |                |       |                                                     |       |                                                        |       |              |       |            |       |              |       |                                                     |       |
| Total Members’ Capital   |       | $                                                           | 59,195,100 |              | $          | 14,162,992      |       | $                   | (1,813,727 | )                                                        | $          | 4,315,293                                                   |       | $                 | 75,859,658 |            | $          | 140,813,517       |       | $                                                        | 18,539,844 |   | $ | (6,795,132 | ) | $ | (10,238,765 | ) | $ | 142,319,464 |   |

 

See notes to financialstatements.

4

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ML CORNERSTONEFUTURESACCESS LLC

(a DelawareLimited Liability Company)

NOTES TO FINANCIALSTATEMENTS

(unaudited)

1.     SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

In the opinion of management, the financial statementscontain all adjustments necessary to present fairly the financial position ofML Cornerstone FuturesAccess LLC (the “Fund”) as of March 31, 2007, and theresults of its operations for the three months ended March 31, 2007 and2006.  However, the operating results forthe interim periods may not be indicative of the results for the full year.

Certaininformation and footnote disclosures normally included in annual financialstatements prepared in accordance with accounting principles generally acceptedin the United States of America (“US GAAP”) have been omitted.  It is suggested that these financialstatements be read in conjunction with the financial statements and notesthereto included in the Fund’s Annual Report on Form 10-K filed with theSecurities and Exchange Commission for the year ended December 31, 2006.

The preparation offinancial statements in conformity with US GAAP requires management to makeestimates and assumptions that affect the reported amounts of assets andliabilities and disclosure of contingent assets and liabilities at the date ofthe financial statements and the reported amounts of revenues and expensesduring the reporting period.  Actualresults could differ from those estimates.

2.               NET ASSET VALUE PERUNIT

For financial reporting purposes, in conformity withUS GAAP, the Fund deducted the total initial offering costs at inception fromMembers’ Capital for purposes of determining Net Asset Value.  For all other purposes, including computingNet Asset Value for purposes of member subscription and redemption activity,such costs are amortized over 60 months. Consequently, the Net Asset Value andNet Asset Value per Unit of the different Classes for financial reportingpurposes and for all other purposes are as follows:

At March 31, 2007 the Net Asset Values of thedifferent Classes of Units are as follows:
|            | ** ** | **Net Asset Value** | ** **  | ** **               | ** ** | **Net Asset Value per Unit** | ** ** |
|------------|------------|-------------------------------|-------------|--------------------------|------------|--------------------------------------------------|------------|
| ** ** | ** ** | **All Other  Purposes**  | ** **  | **Financial  Reporting** | ** ** | **Number of  Units**                        | ** ** | **All Other  Purposes** | ** ** | **Financial  Reporting** | ** ** |
| Class A    |       | $                             | 18,172,509  |                     | $          | 18,159,295                                       |       | 19,792,993 |   | $ | 0.9181 |   | $ | 0.9175 |   |
| Class C    |       | 93,715,128                    |        | 93,661,883               |       | 104,489,358                                      |       | $ | 0.8969 |   | $ | 0.8964 |   |
| Class D    |       | 13,321,772                    |        | 13,320,403               |       | 13,202,312                                       |       | $ | 1.0090 |   | $ | 1.0089 |   |
| Class I    |       | 17,187,428                    |        | 17,177,883               |       | 18,560,834                                       |       | $ | 0.9260 |   | $ | 0.9255 |   |
|       |       | $                             | 142,396,837 |                     | $          | 142,319,464                                      |       | 156,045,497 |   |   |   |   |   |

 

5

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At December 31, 2006 theNet Asset Values of the different Classes of Units are as follows:
|            | ** ** | **Net Asset Value** | ** **  | ** **               | ** ** | **Net Asset Value per Unit** | ** ** |
|------------|------------|-------------------------------|-------------|--------------------------|------------|--------------------------------------------------|------------|
| ** ** | ** ** | **All Other  Purposes**  | ** **  | **Financial  Reporting** | ** ** | **Number of  Units**                        | ** ** | **All Other  Purposes** | ** ** | **Financial  Reporting** | ** ** |
| Class A    |       | $                             | 18,221,804  |                     | $          | 18,208,205                                       |       | 18,550,146 |   | $ | 0.9823 |   | $ | 0.9816 |   |
| Class C    |       | 95,517,833                    |        | 95,462,592               |       | 99,292,918                                       |       | $ | 0.9620 |   | $ | 0.9614 |   |
| Class D    |       | 10,912,052                    |        | 10,910,363               |       | 10,145,705                                       |       | $ | 1.0755 |   | $ | 1.0754 |   |
| Class I    |       | 16,242,254                    |        | 16,232,357               |       | 16,410,668                                       |       | $ | 0.9897 |   | $ | 0.9891 |   |
|       |       | $                             | 140,893,943 |                     | $          | 140,813,517                                      |       | 144,399,437 |   |   |   |   |   |

 

3.               MARKET AND CREDIT RISKS

Thenature of this Partnership has certain risks, which cannot be presented on thefinancial statements.  The followingsummarizes some of those risks.

Market Risk

Derivativeinstruments involve varying degrees of market risk.  Changes in the level or volatility of   interest rates, foreign currency exchangerates or the market values of the financial instruments or  commodities underlying such derivativeinstruments frequently result in changes in the Partnership’s net unrealizedprofit (loss) on such derivative instruments as reflected in the Statements ofFinancial Condition.  The Partnership’sexposure to market risk is influenced by a number of factors, including therelationships among the derivative instruments held by the Partnership as wellas the volatility and liquidity of the markets in which the derivativeinstruments are traded. Investments in foreign markets may also entail legaland political risks.

The Sponsor of theFund, Merrill Lynch Alternative Investments LLC (“MLAI”), has procedures inplace intended to control market risk exposure, although there can be noassurance that they will, in fact, succeed in doing so.  These procedures focus primarily onmonitoring the trading of Cornerstone Trading Company, Inc. (“Cornerstone”),calculating the Net Asset Value of the Fund as of the close of business on eachday and reviewing outstanding positions for over-concentrations.  While MLAI does not intervene in the marketsto hedge or diversify the Fund’s market exposure, MLAI may urge Cornerstone toreallocate positions in an attempt to avoid over-concentrations.  However, such interventions are expected tobe unusual.  It is expected that MLAI’sbasic risk control procedures will consist of the ongoing process of advisormonitoring, with the market risk controls being applied by Cornerstone.

Credit Risk

The risksassociated with exchange-traded contracts are typically perceived to be lessthan those associated with over-the-counter (non-exchange-traded) transactions,because exchanges typically (but not universally) provide clearinghousearrangements 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 thefinancial integrity of the exchange.  Inover-the-counter transactions, on the other hand, traders must rely solely onthe credit of their respective individual counterparties.  Margins, which may be subject

6

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to loss in theevent of a default, are generally required in exchange trading, andcounterparties may also require margin in the over-the-counter markets.

The credit riskassociated with these instruments from counterparty nonperformance is the net unrealizedprofit, if any, included in the Statements of Financial Condition. The Fundattempts to mitigate this risk by dealing exclusively with Merrill Lynch &Co., Inc. (“Merrill Lynch”) entities as clearing brokers.

The Fund, in its normalcourse 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 withMLPF&S (which includes a netting arrangement), to the extent that suchtrading results in receivables from and payables to MLPF&S, thesereceivables and payables are offset and reported as a net receivable or payableand included in Equity in commodity futures trading accounts in the Statementsof Financial Condition.

4.               RECENT ACCOUNTING PRONOUNCEMENTS

InJuly 2006, the Financial Accounting Standards Board (“FASB”) issuedInterpretation No. 48 (“FIN 48”), Accounting for Uncertainty in Income Taxes —an interpretation of FASB Statement No. 109. FIN 48 prescribes the minimumrecognition threshold a tax position must meet in connection with accountingfor uncertainties in income tax positions taken or expected to be taken by anentity before being measured and recognized in the financial statements.Adoption of FIN 48 is required for fiscal years beginning after December 15,2006. The Fund has evaluated its tax positions and has determined that theimplementation of this pronouncement does not have a material impact on theFund’s financial statements.

In September 2006, theFASB issued Statement of Financial Accounting Standards No. 157, Fair ValueMeasurements (“FAS 157”).  FAS 157 establishes a common definitionfor fair value under accounting principles generally accepted in the UnitedStates of America, establishes a framework for measuring fair value and expandsdisclosure requirements about such fair value measurements.  FAS 157 iseffective for fiscal years beginning after November 15, 2007.  The Fund iscurrently evaluating the impact of adopting FAS 157 on its financial statements.

7

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Item2: Management’s Discussion and Analysis of Financial Condition and Resultsof Operations

MONTH-END NET ASSET VALUEPER UNIT

(NON US GAAP)

MLAI believes that the Net Asset Value used to calculate subscriptionand redemption value and to report performance to investors throughout the yearis the most valuable to the Members of the Fund.  Therefore, the charts below referencing NetAsset Value and performance measurements are based on the Net Asset Value forall other purposes, as discussed in Note 2 to the financial statements.
|  |  Class A |
|--|---------------|

 
|      | ** ** | **Jan** | ** ** | **Feb** | ** ** | **Mar** | ** ** |
|------|------------|---------|------------|---------|------------|---------|------------|
| 2006 |       | $       | 0.9693     |    | $          | 0.9888  |       | $ | 1.0245 |   |
| 2007 |       | $       | 0.9856     |    | $          | 0.9306  |       | $ | 0.9181 |   |

 
|  |  Class C |
|--|---------------|

 
|      | ** ** | **Jan** | ** ** | **Feb** | ** ** | **Mar** | ** ** |
|------|------------|---------|------------|---------|------------|---------|------------|
| 2006 |       | $       | 0.9597     |    | $          | 0.9781  |       | $ | 1.0125 |   |
| 2007 |       | $       | 0.9644     |    | $          | 0.9098  |       | $ | 0.8969 |   |

 
|  |  Class D |
|--|---------------|

 
|      | ** ** | **Jan**       | ** ** | **Feb**       | ** ** | **Mar**       | ** ** |
|------|------------|---------------|------------|---------------|------------|---------------|------------|
| 2006 |       | $ 1.0585 |       | $ 1.0812 |       | $ 1.1222 |       |
| 2007 |       | $ 1.0805 |       | $ 1.0215 |       | $ 1.0090 |       |

 
|  |  Class I |
|--|---------------|

 
|      | ** ** | **Jan**       | ** ** | **Feb**       | ** ** | **Mar**       | ** ** |
|------|------------|---------------|------------|---------------|------------|---------------|------------|
| 2006 |       | $ 0.9745 |       | $ 0.9944 |       | $ 1.0310 |       |
| 2007 |       | $ 0.9934 |       | $ 0.9383 |       | $ 0.9260 |       |

 

PerformanceSummary

January 1, 2007 toMarch 31, 2007

The Fund posted anoverall loss for the quarter with agriculture and stock indices posting gainswhile metals, energy, currencies and interest rates posted losses.

The agricultural sectorwas the most profitable for the Fund. The agricultural market was soft whichattributed to the difficult trading environment. Gains were posted at thebeginning of the quarter only to reverse with losses mid-quarter due to thewarm winter the U.S. had been experiencing ended abruptly with longer termforecasts indicating temperatures well below normal which caused the Fund toreverse its position and went from short to long. However, as the quarter endedthe Fund reversed its positions in grains as the United States Department ofAgriculture released its prospective plantings report for the 2007 plantingseason. Farmers intend to plant 90.5 million acres of corn compared to anexpectation of

8

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about 88 million acres.The market reaction was to send corn limit down with rest of the grains.

The stock indices sectorposted the second highest profits for the Fund. The markets were choppy andexposures changed continuously. Losses were posted mid-quarter but they wereoffset by gains at the beginning and the end of the quarter.

The metals sector postedlosses for the Fund. Profits were generated from mid-quarter through the end ofthe quarter only, as long positions were held in all the metals.

The energy sector postedlosses for the Fund. Losses were posted for the Fund throughout the quarter dueto the fact the energy sector had mixed positions.

The currency sectorposted losses for the Fund. The quarter began with losses being posted to theFund continuing through mid-quarter as short positions held in the U.S. dollar,Eurodollar and German bund. The quarter ended with a short position being addedin the U.S. dollar (vs. the Norwegian krone and the Japanese yen) however,could not offset losses.

The interest rate sectorwas the least profitable for the Fund. Interest rate related positions postedlosses at the beginning of the quarter due to the Fund’s positioning for worldrates to increase however, they decreased. Interest rates decreased mid-quarterin both the U.S. and Japan, on a perceived decrease in rate hike prospects. Thequarter ended with short term interest rate positions remaining substantiallyunchanged.

January 1, 2006 toMarch 31, 2006

The Fund posted anoverall gain for the quarter with interest rates, energy, and metal sectorsposting gains while agricultural and currencies sectors posted losses.

The interest rate sectorwas the most profitable for the Fund. Although the Fund was generally net short, the best performer in ShortRate Asset Allocation was a long position in the Canadian market. In addition,the Fund was modestly profitable in a short position in U.S. Eurodollarfutures. These positions continued to be profitable through mid-quarter as themarket priced in roughly one more U.S. Federal Reserve tightening than had beenanticipated in January. Our other major short term interest rate position,short Euribor (Euro denominated three month interest rate) futures, wasmodestly profitable as well as the consensus shifted to expect still strongereconomic growth in Europe. Interest rates went up at the end of the quarter andthe strategy was short fixed income. In particular, the Fund was short and didwell in German Bunds, Euribor and U.S. Eurodollars.

The energy sector postedthe second highest profit for the Fund. The best performer for the Fund was a short position in natural gas. Acontinued mild winter in the U.S. has contributed to lower prices. Excellent performancemid-quarter was mainly due to the energy markets, most of which were short. Inparticular, natural gas futures dropped around 30%. However, by the end of thequarter, the energy sector short positions adversely affected the Fund.

The metals sector postedprofits for the Fund. Profits were generated in the metals sector even througha volatile climate. The quarter ended with the bullish speculative environmentfueling long term trends.

The agricultural sectorposted losses for the Fund. The agricultural market was soft which attributedto the difficult trading environment resulting in the Fund posting losses forthis sector.

The currency sector wasthe least profitable for the Fund. Currency Asset Allocation continued tostruggle the beginning of the quarter losing money in short positions in theAustralian dollar. The Fund has closed out all currency positions and willprobably not re-enter until the U.S. dollar shifts to negative

9

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momentum.

Item 3. Quantitativeand Qualitative Disclosures About Market Risk

The Fund is a speculative commodity pool. Themarket sensitive instruments held by it are acquired for speculative tradingpurposes and all or substantially all of the Fund’s assets are subject to therisk of trading loss.  Unlike anoperating company, the risk of market sensitive instruments is integral, notincidental, to the Fund’s main line of business.

Market movements result in frequent changesin the fair market value of the Fund’s open positions and, consequently, in itsearnings and cash flow. The Fund’s market risk is influenced by a wide varietyof factors, including the level and volatility of interest rates, exchangerates, equity price levels, the market value of financial instruments andcontracts, the diversification effects among the Fund’s open positions and theliquidity of the markets in which it trades.

The Fund, under the direction of Cornerstone,rapidly acquires and liquidates both long and short positions in a wide rangeof different markets.  Consequently, itis not possible to predict how a particular future market scenario will affectperformance, and the Fund’s past performance is not necessarily indicative ofits future results.

Value at Risk is a measure of the maximumamount which the Fund could reasonably be expected to lose in a given marketsector. However, the inherent uncertainty of the Fund’s speculative trading andthe recurrence in the markets traded by the Fund of market movements farexceeding expectations could result in actual trading or non-trading losses farbeyond the indicated Value at Risk or the Fund’s experience to date (i.e.,“risk of ruin”). In light of the foregoing, as well as the risks anduncertainties intrinsic to all future projections, the quantifications includedin this section should not be considered to constitute any assurance orrepresentation that the Fund’s losses in any market sector will be limited toValue at Risk or by the Fund’s attempts to manage its market risk.

Quantifying The Fund’s Trading Value At Risk

Quantitative Forward-Looking Statements

The following quantitative disclosuresregarding the Fund’s market risk exposures contain “forward-looking statement”within the meaning of the safe harbor from civil liability provided for suchstatements by the Private Securities Litigation Reform Act of 1995 (set forthin Section 27A of the Securities Act of 1933 and Section 21E of the SecuritiesExchange Act of 1934).  All quantitativedisclosures in this section are deemed to be forward-looking statements forpurposes of the safe harbor, except for statements of historical fact.

The Fund’s risk exposure in the variousmarket sectors traded by Cornerstone is quantified below in terms of Value atRisk.  Due to the Fund’s mark-to-marketaccounting, any loss in the fair value of the Fund’s open positions is directlyreflected in the Fund’s earnings (realized or unrealized) and cash flow (atleast in the case of exchange-traded contracts in which profits and losses onopen positions are settled daily through variation margin).

Exchange maintenance margin requirements havebeen used by the Fund as the measure of its Value at Risk.  Maintenance margin requirements are set byexchanges to equal or exceed the maximum loss in the fair value of any givencontract incurred in 95%-99% of the one-day time periods included in thehistorical sample (generally approximately one year) researched for purposes of

10

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establishing marginlevels.  The maintenance margin levelsare established by dealers and exchanges using historical price studies as wellas an assessment of current market volatility (including the implied volatilityof the options on a given futures contract) and economic fundamentals toprovide a probabilistic estimate of the maximum expected near-term one-dayprice fluctuation.

In the case of market sensitive instruments which are notexchange-traded (almost exclusively currencies in the case of the Fund), themargin requirements for the equivalent futures positions have been used asValue at Risk.  In those rare cases inwhich a futures-equivalent margin is not available, dealers’ margins have beenused.

100% positive correlation in the different positions held in eachmarket risk category has been assumed. Consequently, the margin requirements applicable to the open contractshave been aggregated to determine each trading category’s aggregate Value atRisk.  The diversification effects resultingfrom the fact that the Fund’s positions are rarely, if ever, 100% positivelycorrelated have not been reflected.

***The Fund’s Trading Value at Risk in DifferentMarket Sectors***

The following table indicates theaverage, highest and lowest trading Value at Risk associated with the Fund’sopen positions by market category for the fiscal period. For the three monthsended March 31, 2007 and March 31, 2006, the Fund’s average month-end Net AssetValue for all other purposes was $143,300,584 and $66,635,051 respectively.

**March 31,2007**

 
| ** **             | ** ** | **Average**                 | ** ** | **% of Average** | ** ** | **Highest Value** | ** ** | **Lowest Value** | ** ** |
|------------------------|------------|-----------------------------|------------|----------------------------|------------|------------------------|------------|-----------------------|------------|
| **Market Sector** | ** ** | **Value at Risk** | ** ** | **Capitalization**         | ** ** | **At Risk**       | ** ** | **At Risk**      | ** ** |
|                   |       |                        |       |                       |       |                   |       |                  |       |
| Agriculture            |       | $                           | 124,768    |                       | 0.09       | %                      | $          | 139,895               |       | $ | 103,364 |   |
| Currencies             |       | 298,454                     |       | 0.21                       | %          | 815,817                |       | 28,854                |       |
| Energy                 |       | 12,431                      |       | 0.01                       | %          | 17,798                 |       | 2,566                 |       |
| Interest Rates         |       | 13,843,364                  |       | 9.66                       | %          | 15,887,910             |       | 12,178,261            |       |
| Metals                 |       | 91,965                      |       | 0.06                       | %          | 117,942                |       | 61,269                |       |
| Stock Indices          |       | 239,626                     |       | 0.17                       | %          | 300,253                |       | 152,473               |       |
|                   |       |                        |       |                       |       |                   |       |                  |       |
| TOTAL                  |       | $                           | 14,610,608 |                       | 10.20      | %                      | $          | 17,279,615            |       | $ | 12,526,787 |   |

 

**March 31,2006**
| ** **             | ** ** | **Average**                 | ** ** | **% of Average** | ** ** | **Highest Value** | ** ** | **Lowest Value** | ** ** |
|------------------------|------------|-----------------------------|------------|----------------------------|------------|------------------------|------------|-----------------------|------------|
| **Market Sector** | ** ** | **Value at Risk** | ** ** | **Capitalization**         | ** ** | **At Risk**       | ** ** | **At Risk**      | ** ** |
|                   |       |                        |       |                       |       |                   |       |                  |       |
| Agriculture            |       | $                           | 5,859      |                       | 0.01       | %                      | $          | 13,813                |       | $ | 385 |   |
| Currencies             |       | 158,670                     |       | 0.24                       | %          | 238,520                |       | 6,078                 |       |
| Energy                 |       | 8,909                       |       | 0.01                       | %          | 13,630                 |       | 3,915                 |       |
| Interest Rates         |       | 5,417,008                   |       | 8.13                       | %          | 6,485,368              |       | 4,243,191             |       |
| Metals                 |       | 6,901                       |       | 0.01                       | %          | 16,726                 |       | 78                    |       |
| Stock Indices          |       | —                      |       | 0.00                       | %          | —                 |       | —                |       |
|                   |       |                        |       |                       |       |                   |       |                  |       |
| TOTAL                  |       | $                           | 5,597,347  |                       | 8.40       | %                      | $          | 6,768,057             |       | $ | 4,253,647 |   |

 

11

----

Material Limitations on Value at Risk as an Assessmentof Market Risk

The face value of the market sector instruments held by the Partnershipis typically many times the applicable maintenance margin requirement (maintenancemargin requirements generally ranging between approximately 1% and 10% ofcontract face value) as well as many times the capitalization of thePartnership.  The magnitude of thePartnership’s open positions creates a “risk of ruin” not typically found inmost other investment vehicles.  Becauseof the size of its positions, certain market conditions — unusual, buthistorically recurring from time to time — could cause the Partnership to incursevere losses over a short period of time.  The foregoing Value at Risk table — as well as the past performance ofthe Partnership — gives no indication of this “risk of ruin.”

**Non-Trading Risk**

Foreign Currency Balances; Cash on Deposit with MLPF&S

The Fund has non-trading market risk on its foreign cash balances notneeded for margin. However, these balances (as well as the market risk theyrepresent) are immaterial.

The Fund also has non-trading market risk on the approximately 90%-95%of its assets which are held in cash at MLPF&S. The value of this cash is notinterest rate sensitive, but there is cash flow risk in that if interest ratesdecline so will the cash flow generated on these monies. This cash flow risk isimmaterial.

Item 4. Controls and Procedures

Merrill Lynch Alternative Investments LLC, the GeneralPartner of ML Cornerstone FuturesAccess LLC (the “Fund”), with theparticipation of the Sponsor’s Chief Executive Officer and the Chief FinancialOfficer, has evaluated the effectiveness of the design and operation of itsdisclosure controls and procedures with respect to the Fund as of the end ofthe period of this quarterly report, and, based on this evaluation, hasconcluded that these disclosure controls and procedures are effective.  Additionally, there were no significantchanges in the Fund’s internal controls or in other factors that couldsignificantly affect these controls subsequent to the date of this evaluation,including any corrective actions with regard to significant deficiencies andmaterial weaknesses.

12

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PART II - OTHER INFORMATION

Item1.           Legal Proceedings

There have been noadministrative, civil or criminal actions, whether pending or concluded,against MLAI or Merrill Lynch or any of its individual principals during thepast five years which would be considered “material” as that term is defined inSection 4.24(l)(2) of the Regulations of the CFTC, except as described below.

On May 21, 2002, MLPF&S,with no admission of wrongdoing or liability, agreed to pay $48 million to theState of New York, $50 million to the remaining states, Washington, D.C. &Puerto Rico and $2 million to NASAA relating to an investigation conducted bythe New York Attorney General concerning research practices.

On March 19, 2003, MerrillLynch & Co., Inc., the parent company and an approved person of MLPF&S,consented to an injunctive action instituted by the Securities and ExchangeCommission (the “SEC”).  In itscomplaint, the SEC alleged that three years ago, in 1999, Merrill Lynch aidedand abetted Enron Corp.’s (“Enron”) violations of Sections 10(b), 13(a),13(b)(2) and 13(b)(5) of the Exchange Act and Rules 10b-5, 12b-20, 13a-1, 13a-3and 13b2-1 there under, as a result of Merrill Lynch engaging in certainyear-end transactions designed and proposed by Enron.  Without admitting or denying the allegations,Merrill Lynch consented to the entry of an injunction enjoining it fromviolating the above-referenced provisions, and agreed to pay disgorgement,penalties and interest in the amount of $80 million.  In its release announcing the settlement, theCommission acknowledged that in agreeing to resolve this matter on the termsdescribed above, the Commission took into account certain affirmative conductby Merrill Lynch.

In April 2003, MLPF&Sentered into a settlement with the SEC, the National Association of SecuritiesDealers (the “NASD”) and the New York Stock Exchange (the “NYSE”) as part of ajoint settlement with the SEC, the NASD and the NYSE arising from a jointinvestigation by the SEC, the NASD and the NYSE into research analystsconflicts of interests.  Pursuant to theterms of the settlement with the SEC, NASD and NYSE, MLPF&S, withoutadmitting or denying the allegations, consented to a censure.  In addition, MLPF&S agreed to a paymentof (I) $100 million, which was offset in its entirety by the amount alreadypaid by MLPF&S in the related proceeding with the State of New York and theother states (II) $75 million to fund the provision of independent research toinvestors; and (III) $25 million to promote investor education.  The payments for the provision of independentresearch to investors and to promote investor education are required to be madeover the course of the next five years. MLPF&S also agreed to comply with certain undertakings.

In March 2006, MLPF&Sentered into a settlement with the SEC arising from an investigation related toMLPF&S’ retention and production of e-mail. The SEC found that MLPF&S willfully violated Section 17(a) of theExchange Act, and Rules 17a-4(b)(4) and 17a-4(j) thereunder.  Without admitting or denying the allegations,Merrill Lynch consented to the entry of an injunction enjoining it fromviolating the above-referenced provisions, entered into an undertakingregarding its policies and procedures and agreed to pay a civil penalty $2,500,000.

13

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Item2.           Unregistered sales of EquitySecurities and Use of Proceeds
|  |   | (a) | Issuance to accredited investors pursuant to  Regulation D and Section 4(6) under the securities Act. The selling agent of  the following Class of Units was MLPF&S. |
|--|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

 
| CLASS A |   |
|---------|--------|

 
|            | ** ** | **Subscription** | ** ** | ** ** | ** ** | ** **       | ** ** |
|------------|------------|------------------|------------|------------|------------|------------------|------------|
| ** ** | ** ** | **Amount**       | ** ** | **Units**  | ** ** | **NAV (1)** | ** ** |
| Jan-07     |       | $                | 998,367    |       | 1,016,357  |             | $          | 0.9823 |   |
| Feb-07     |       | 460,191          |       | 466,915    |       | 0.9856           |       |
| Mar-07     |       | 475,792          |       | 511,274    |       | 0.9306           |       |
| Apr-07     |       | 210,832          |       | 229,639    |       | 0.9181           |       |
|            |            |                  |            |            |            |                  |            |  |  |

 
| CLASS C |   |
|---------|--------|

 
|            | ** ** | **Subscription** | ** ** | ** ** | ** ** | ** **       | ** ** |
|------------|------------|------------------|------------|------------|------------|------------------|------------|
| ** ** | ** ** | **Amount**       | ** ** | **Units**  | ** ** | **NAV** (1) | ** ** |
| Jan-07     |       | $                | 3,484,982  |       | 3,622,642  |             | $          | 0.9620 |   |
| Feb-07     |       | 3,841,647        |       | 3,983,458  |       | 0.9644           |       |
| Mar-07     |       | 3,542,114        |       | 3,893,289  |       | 0.9098           |       |
| Apr-07     |       | 4,277,951        |       | 4,769,708  |       | 0.8969           |       |
|            |            |                  |            |            |            |                  |            |  |  |

 
| CLASS D |   |
|---------|--------|

 
|            | ** ** | **Subscription** | ** ** | ** ** | ** ** | ** **       | ** ** |
|------------|------------|------------------|------------|------------|------------|------------------|------------|
| ** ** | ** ** | **Amount**       | ** ** | **Units**  | ** ** | **NAV (1)** | ** ** |
| Jan-07     |       | $                | 1,577,999  |       | 1,467,224  |             | $          | 1.0755 |   |
| Feb-07     |       | 1,637,997        |       | 1,515,962  |       | 1.0805           |       |
| Mar-07     |       | 75,000           |       | 73,421     |       | 1.0215           |       |
| Apr-07     |       | 1,360,000        |       | 1,347,869  |       | 1.0090           |       |
|            |            |                  |            |            |            |                  |            |  |  |

 
| CLASS I |   |
|---------|--------|

 
|            | ** ** | **Subscription** | ** ** | ** ** | ** ** | ** **       | ** ** |
|------------|------------|------------------|------------|------------|------------|------------------|------------|
| ** ** | ** ** | **Amount**       | ** ** | **Units**  | ** ** | **NAV (1)** | ** ** |
| Jan-07     |       | $                | 1,084,949  |       | 1,096,240  |             | $          | 0.9897 |   |
| Feb-07     |       | 576,998          |       | 580,832    |       | 0.9934           |       |
| Mar-07     |       | 783,808          |       | 835,349    |       | 0.9383           |       |
| Apr-07     |       | 186,748          |       | 201,672    |       | 0.9260           |       |
|            |            |                  |            |            |            |                  |            |  |  |

 

----

(1) Net AssetValue for all other purposes

(b)  None.

(c)  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.                                               |

 

14

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| Item 6. | Exhibits and Reports on Form 8-K. |
|---------|-----------------------------------|
|    |                              |
|    | (a) Exhibits.                |

 
|        | The  following exhibits are incorporated by reference or are filed herewith to  this Quarterly Report on Form 10-Q: |
|--------|---------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                |
|   | 31.01 and                                                                                                           |
|   | 31.02                                                                                                               | Rule 13a-14(a)/15d-14(a) Certifications |
|   |                                                                                                                |   |
|   | Exhibit 31.01                                                                                                       |
|   | and 31.02:                                                                                                          | Are filed herewith. |
|   |                                                                                                                |   |
|   | 32.01 and                                                                                                           |
|   | 32.02                                                                                                               | Section 1350 Certifications |
|   |                                                                                                                |   |
|   | Exhibit 32.01                                                                                                       |
|   | and 32.02                                                                                                           | Are filed herewith. |
|   |                                                                                                                |   |
|   | (b) Reports on Form 8-K.                                                                                            |
|   |                                                                                                                |
|   | There were no reports on Form 8-K filed during the  three months of fiscal 2007.                                    |
|        |                                                                                                                     |  |  |

 

15

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**SIGNATURES**

Pursuant to therequirements of the Securities Exchange Act of 1934, the registrant has dulycaused this report to be signed on its behalf by the undersigned thereunto dulyauthorized.
|                    | ML CORNERSTONE FUTURESACCESS LLC |                          |
|--------------------|----------------------------------|-------------------------------|
|               |                             |                          |
|               |                             |                          |
|               |                             | By: MERRILL LYNCH ALTERNATIVE |   |
|               | INVESTMENTS LLC                  |                          |
|               | (Manager)                        |                          |
|               |                             |                          |
|               |                             |                          |
| Date: May 15, 2007 |                             | By                            |  /s/ BENJAMIN C. WESTON |   |   |
|               |                             |                          | Benjamin C. Weston |   |
|               |                             |                          | Chief Executive Officer and President |   |
|               |                             |                          | (Principal Executive Officer) |   |
|               |                             |                          |   |   |
|               |                             |                          |   |   |
| Date: May 15, 2007 |                             |                          |   |   |
|               |                             | By                            |  /s/ BARBRA E. KOCSIS |   |   |
|               |                             |                          | Barbra E. Kocsis |   |
|               |                             |                          | Chief Financial Officer |   |
|               |                             |                          |   |   |
|               |                             |                          | (Principal Financial and Accounting Officer) |
|                    |                                  |                               |  |  |  |  |

 

16

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