**Exhibit 13.01(a)**

***MLMILLBURN GLOBAL L.L.C.***

***(ADelaware Limited Liability Company)***

*** ***

 

FinancialStatements for the years ended

December 31, 2006and 2005 and Independent

Auditors’ Report

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ML MILLBURN GLOBALL.L.C.

(A DelawareLimited Liability Company)

TABLE OF CONTENTS
|                                                                       |   | **Page** |
|-----------------------------------------------------------------------|--------|----------|
|                                                                  |   |     |
| INDEPENDENT AUDITORS’ REPORT                                     |   | 1        |
|                                                                  |   |     |
| FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER  31, 2006 AND 2005: |   |     |
|                                                                  |   |     |
|                                                                  |   |     |
| Statements of  Financial Condition                                    |   | 2        |
|                                                                  |   |     |
| Statements of  Income                                                 |   | 3        |
|                                                                  |   |     |
| Statements of  Changes in Member’s Capital                       |   | 4        |
|                                                                  |   |     |
| Notes to  Financial Statements                                        |   | 5-11     |

 

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INDEPENDENTAUDITORS’ REPORT

To the Member of

  MLMillburn Global L.L.C.:

We have auditedthe accompanying statements of financial condition of ML Millburn Global L.L.C.(the “Company”) as of December 31, 2006 and 2005, and the related statements ofincome and of changes in member’s capital forthe years then ended. These financial statements are the responsibilityof the Company’s management.  Ourresponsibility is to express an opinion on these financial statements based onour audits.

We conducted our auditsin accordance with auditing standards generally accepted in the United Statesof America. Those standards require that we plan and perform the audit toobtain reasonable assurance about whether the financial statements are free ofmaterial misstatement. The Company is not required to have, nor were we engagedto perform, an audit of its internal control over financial reporting. An auditincludes consideration of internal control over financial reporting as a basisfor designing audit procedures that are appropriate in the circumstances, butnot for the purpose of expressing an opinion on the effectiveness of theCompany’s internal control over financial reporting.  Accordingly, we express no such opinion.  An audit also includes examining, on a test basis,evidence supporting the amounts and disclosures in the financial statements,assessing the accounting principles used and significant estimates made bymanagement, as well as evaluating the overall financial statement presentation.  We believe that our audits provide areasonable basis for our opinion.

In our opinion,the financial statements referred to above present fairly, in all materialrespects, the financial position of ML Millburn Global L.L.C. as of December31, 2006 and 2005, and the results of its operations and changes in its member’scapital for the years then ended, inconformity with accounting principles generally accepted in the United Statesof America.
| /s/ Deloitte & Touche LLP |   |
|-------------------------------|--------|

New York, New York

March 27, 2007

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ML MILLBURN GLOBALL.L.C.

(A DelawareLimited Liability Company)

STATEMENTS OFFINANCIAL CONDITION

DECEMBER 31, 2006AND 2005
| ** **                                                                      | ** ** | **December 31,** | ** ** | **December 31,** | ** ** |
|---------------------------------------------------------------------------------|------------|-----------------------|------------|-----------------------|------------|
| ** **                                                                      | ** ** | **2006**              | ** ** | **2005**              | ** ** |
| **ASSETS:**                                                                     |       |                  |       |                  |       |
| Equity in commodity  futures trading accounts:                                  |       |                  |       |                  |       |
| Cash (includes  restricted cash of $3,479,737 for 2006 and $4,412,180 for 2005) |       | $                     | 10,933,109 |                  | $          | 11,425,020 |   |
| Net unrealized  profit (loss) on open contracts                                 |       | 643,921               |       | (126,382              | )          |
| Due from Member                                                                 |       | —                |       | 114,376               |       |
| Accrued interest                                                                |       | 46,152                |       | 35,386                |       |
|                                                                            |       |                  |       |                  |       |
| **TOTAL  ASSETS**                                                               |       | $                     | 11,623,182 |                  | $          | 11,448,400 |   |
|                                                                            |       |                  |       |                  |       |
| **LIABILITIES AND MEMBER’S  CAPITAL**                                      |       |                  |       |                  |       |
|                                                                            |       |                  |       |                  |       |
| **LIABILITIES:**                                                                |       |                  |       |                  |       |
| Brokerage  commissions payable                                                  |       | $                     | 82,295     |                  | $          | 80,264 |   |
| Due to Member                                                                   |       | 1,362,638             |       | —                |       |
| Profit Shares  and administrative fees payable                                  |       | 139,045               |       | 2,361                 |       |
|                                                                            |       |                  |       |                  |       |
| Total  liabilities                                                              |       | 1,583,978             |       | 82,625                |       |
|                                                                            |       |                  |       |                  |       |
| **MEMBER’S CAPITAL:**                                                      |       |                  |       |                  |       |
| Voting Member                                                                   |       | 10,039,204            |       | 11,365,775            |       |
|                                                                            |       |                  |       |                  |       |
| Total Member’s  capital                                                    |       | 10,039,204            |       | 11,365,775            |       |
|                                                                            |       |                  |       |                  |       |
| **TOTAL LIABILITIES AND MEMBER’S  CAPITAL**                                |       | $                     | 11,623,182 |                  | $          | 11,448,400 |   |

 

See notes tofinancial statements.

2

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ML MILLBURN GLOBALL.L.C.

(A DelawareLimited Liability Company)

STATEMENTS OFINCOME

FOR THE YEARSENDED DECEMBER 31, 2006 AND 2005
|                             | ** ** | **2006**  | ** ** | **2005**  | ** ** |
|-----------------------------|------------|-----------|------------|-----------|------------|
| **TRADING  PROFIT (LOSS):** |       |      |       |      |       |
|                        |       |      |       |      |       |
| Realized                    |       | $         | 581,201    |      | $          | 1,522,114 |   |
| Change in unrealized        |       | 770,303   |       | (404,538  | )          |
|                        |       |      |       |      |       |
| Total trading profit        |       | 1,351,504 |       | 1,117,576 |       |
|                        |       |      |       |      |       |
| **INVESTMENT  INCOME:**     |       |      |       |      |       |
|                        |       |      |       |      |       |
| Interest                    |       | 541,567   |       | 379,617   |       |
|                        |       |      |       |      |       |
| **EXPENSES:**               |       |      |       |      |       |
| ** **                  |       |      |       |      |       |
| Brokerage  commissions      |       | 964,694   |       | 1,026,563 |       |
| Profit Shares               |       | 148,563   |       | —    |       |
| Administrative  fees        |       | 28,373    |       | 30,193    |       |
|                        |       |      |       |      |       |
| Total expenses              |       | 1,141,630 |       | 1,056,756 |       |
|                        |       |      |       |      |       |
| **NET  INVESTMENT LOSS**    |       | (600,063  | )          | (677,139  | )          |
|                        |       |      |       |      |       |
| **NET  INCOME**             |       | $         | 751,441    |      | $          | 440,437 |   |

 

See notes tofinancial statements.

3

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ML MILLBURN GLOBALL.L.C.

(A DelawareLimited Liability Company)

STATEMENTS OFCHANGES IN MEMBER’S CAPITAL

FOR THE YEARSENDED DECEMBER 31, 2006 AND 2005
|                         | ** ** | **Voting Member** | ** ** |
|-------------------------|------------|------------------------|------------|
|                    |       |                   |       |
| MEMBER’S  CAPITAL, |       |                   |       |
| DECEMBER 31, 2004       |       | $                      | 13,817,516 |   |
|                    |       |                   |       |
| Net Income              |       | 440,437                |       |
|                    |       |                   |       |
| Withdrawals -  net      |       | (2,892,178             | )          |
|                    |       |                   |       |
| MEMBER’S  CAPITAL, |       |                   |       |
| DECEMBER 31, 2005       |       | 11,365,775.00          |       |
|                    |       |                   |       |
| Net Income              |       | 751,441                |       |
|                    |       |                   |       |
| Withdrawals -  net      |       | (2,078,012             | )          |
|                    |       |                   |       |
| MEMBER’S  CAPITAL, |       |                   |       |
| DECEMBER 31,  2006      |       | $                      | 10,039,204 |   |

 

See notes tofinancial statements.

4

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ML MILLBURN GLOBALL.L.C.

(A DelawareLimited Liability Company)

NOTES TO FINANCIALSTATEMENTS

1.               SUMMARYOF SIGNIFICANT ACCOUNTING POLICIES

Organization

ML Millburn Global L.L.C. (the “Company”) wasorganized under the Delaware Limited Liability Company Act on November 22, 1996and commenced trading activities on December 2, 1996.  The Company engages in the speculativetrading of futures, options on futures and forward contracts on a wide range ofcommodities. Millburn Ridgefield Corporation (“Millburn”) is the tradingadvisor to the Company. Merrill Lynch Alternative Investments LLC (“MLAI”), anindirect wholly-owned subsidiary of Merrill Lynch & Co., Inc. (“MerrillLynch”), has been delegated administrative authority of the Company. MerrillLynch, Pierce Fenner & Smith Incorporated (“MLPF&S”), a wholly-ownedsubsidiary of Merrill Lynch, is the Company’s commodity broker.

The Company has authorized two classes of MembershipInterests: Non-Voting Interests and Voting Interests (collectively, “Interests”).  These two classes of Interests have commoneconomic interests in the Company.  TheNon-Voting Interests, which may only be held by non-United States investmentfunds sponsored by MLAI, would not participate in the management of theCompany, or engage, directly or indirectly in, participate in or control anyportion of the business activities or affairs of the Company.  Currently, there are no Non-Voting Members.  Management of the Company is vested solely inthe Voting Interests, which may only be held by United States limitedpartnerships.  Currently, there is onlyone Voting Member of the Company (the “Member”). The Member controls allbusiness activities and affairs of the Company, subject to the tradingauthority vested in and delegated to Millburn and the administrative authorityvested in and delegated to MLAI.  TheMember is a “commodity pool” sponsored and managed by MLAI.

Estimates

The preparation of financial statements in conformitywith accounting principles generally accepted in the United States of Americarequires management to make estimates and assumptions that affect the reportedamounts of assets and liabilities and disclosure of contingent assets andliabilities at the date of the financial statements as well as the reportedamounts of revenues and expenses during the reporting period.  Actual results could differ from thoseestimates.

RevenueRecognition

Commodity futures, options on futures and forwardcontract transactions are recorded on the trade date, and open contracts arereflected in Net unrealized profit (loss) on open contracts in the Statementsof Financial Condition as the difference between the original contract valueand the market value (for those commodity interests for which market quotationsare readily available) or at fair value. The change in net unrealized profit(loss) on open contracts from one period to the next is reflected in Change inunrealized in the Statements of Income.

5

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Foreign CurrencyTransactions

The Company’s functionalcurrency is the U.S. dollar; however, it transacts business in currencies otherthan the U.S. dollar.  Assets andliabilities denominated in currencies other than the U.S. dollar are translatedinto U.S. dollars at the rates in effect at the dates of the Statements ofFinancial Condition.  Income and expenseitems denominated in currencies other than the U.S. dollar are translated intoU.S. dollars at the rates in effect during the period.  Gains and losses resulting from thetranslation to U.S. dollars are reported in Realized in the Statements ofIncome.

Cash at Broker

A portion of theassets maintained at MLPF&S is restricted cash required to meet maintenancemargin requirements. Includedin cash deposits with the broker at December 31, 2006 and 2005 is restrictedcash for margin requirements of $3,479,737 and $4,412,180, respectively.

Due to / Due fromMember

The Member reallocatesits assets for trading between the Company and another similar company. Thisreallocation generally occurs on a quarterly basis and is recorded as Dueto/Due from member until the cash is paid/received.  The contribution/withdrawal to or from themember is also included in these accounts. The Member may contribute or withdraw all or some of its cash.

Operating Expenses

MLAI pays for alloperating costs (including all legal, accounting, printing, postage and similaradministrative expenses) of the Company.

Income Taxes

No provision forincome taxes has been made in the accompanying financial statements as theMember is individually responsible for reporting income or loss based on suchMember’s respective share of the Company’s income and expenses as reported forincome tax purposes.

Distributions

The Company hasmade no distributions for the years ended December 31, 2006 or 2005.

Contribution/Withdrawals

The Member maycontribute or withdraw some or all of its capital at Net Asset Value as of theclose of business on any business day. There are no withdrawal fees or charges.

Dissolution

The Company willterminate on December 31, 2046 or at an earlier date if certain conditionsoccur, as well as under certain other circumstances as set forth in theOrganization Agreement.

6

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Indemnifications

In the normal course ofbusiness, the Company enters into contracts and agreements that contain a varietyof representations and warranties and which provide general indemnifications.The Company’s maximum exposure under these arrangements is unknown, as thiswould involve future claims that may be made against the Company that have notyet occurred.  The Company expects therisk of any future obligation under these indemnifications to be remote.

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2.               CONDENSED SCHEDULESOF INVESTMENTS

The Company’sinvestments, defined as Net unrealized profit (loss) on open contracts on theStatements of Financial Condition, as of December 31, 2006 and 2005 are asfollows:
| 2006                     | ** ** | **Long Positions** | ** ** | **Short Positions** | ** ** | **Net Unrealized**    | ** ** | ** **         | ** ** | ** **             | ** ** |
|--------------------------|------------|-------------------------|------------|--------------------------|------------|----------------------------|------------|--------------------|------------|------------------------|------------|
| **Commodity**            | ** ** | **Number of**      | ** ** | **Unrealized**           | ** ** | **Percent of**        | ** ** | **Number of** | ** ** | **Unrealized**         | ** ** | **Percent of** | ** ** | **Profit (Loss)** | ** ** | **Percent of** | ** ** | ** ** | ** ** |
| **Industry Sector** | ** ** | **Contracts**           | ** ** | **Profit (Loss)**   | ** ** | **Partners' Capital** | ** ** | **Contracts**      | ** ** | **Profit (Loss)** | ** ** | **Partners' Capital** | ** ** | **on Open Positions** | ** ** | **Partners' Capital** | ** ** | **Maturity Dates** | ** ** |
|                     |       |                    |       |                     |       |                       |       |               |       |                   |       |   |   |   |   |   |   |   |   |
| Currencies               |       | 1,391,232               |       | $                        | 186,190    |                       | 1.85       | %                  | (658,815   | )                      | $          | 218,780 |   | 2.18 | % | $ | 404,970 |   | 4.03 | % | March 07 |   |
| Interest rates           |       | 91                      |       | (84,629                  | )          | -0.84                      | %          | (384               | )          | 175,690                |       | 1.75 | % | 91,061 |   | 0.91 | % | March 07 - September 07 |   |
| Metals                   |       | 30                      |       | (10,510                  | )          | -0.11                      | %          | (2                 | )          | (300                   | )          | 0.00 | % | (10,810 | ) | -0.11 | % | March 07 - December 07 |   |
| Stock indices            |       | 175                     |       | 158,700                  |       | 1.58                       | %          | —             |       | —                 |       | 0.00 | % | 158,700 |   | 1.58 | % | January 07 - March 07 |   |
|                     |       |                    |       |                     |       |                       |       |               |       |                   |       |   |   |   |   |   |   |   |   |
| Total                    |       |                    |       | $                        | 249,751    |                       | 2.48       | %                  |       |                   | $          | 394,170 |   | 3.93 | % | $ | 643,921 |   | 6.41 | % |   |   |

 
| 2005                     | ** ** | **Long Positions** | ** ** | **Short Positions** | ** ** | **Net Unrealized**    | ** ** | ** **         | ** ** | ** **             | ** ** |
|--------------------------|------------|-------------------------|------------|--------------------------|------------|----------------------------|------------|--------------------|------------|------------------------|------------|
| **Commodity**            | ** ** | **Number of**      | ** ** | **Unrealized**           | ** ** | **Percent of**        | ** ** | **Number of** | ** ** | **Unrealized**         | ** ** | **Percent of** | ** ** | **Profit (Loss)** | ** ** | **Percent of** | ** ** | ** ** | ** ** |
| **Industry Sector** | ** ** | **Contracts**           | ** ** | **Profit (Loss)**   | ** ** | **Partners' Capital** | ** ** | **Contracts**      | ** ** | **Profit (Loss)** | ** ** | **Partners' Capital** | ** ** | **on Open Positions** | ** ** | **Partners' Capital** | ** ** | **Maturity Dates** | ** ** |
|                     |       |                    |       |                     |       |                       |       |               |       |                   |       |   |   |   |   |   |   |   |   |
| Currencies               |       | 1,237,592               |       | $                        | (154,261   | )                          | -1.36      | %                  | (2,425,468 | )                      | $          | (232,518 | ) | -2.05 | % | $ | (386,779 | ) | -3.41 | % | March 06 |   |
| Interest rates           |       | 73                      |       | 25,459                   |       | 0.22                       | %          | (277               | )          | 43,861                 |       | 0.39 | % | 69,320 |   | 0.61 | % | March 06 - September 06 |   |
| Metals                   |       | 71                      |       | 124,302                  |       | 1.09                       | %          | (5                 | )          | 3,820                  |       | 0.03 | % | 128,122 |   | 1.12 | % | February 06 - October 06 |   |
| Stock indices            |       | 189                     |       | 62,955                   |       | 0.55                       | %          | —             |       | —                 |       | 0.00 | % | 62,955 |   | 0.55 | % | January 06 - March 06 |   |
|                     |       |                    |       |                     |       |                       |       |               |       |                   |       |   |   |   |   |   |   |   |   |
| Total                    |       |                    |       | $                        | 58,455     |                       | 0.50       | %                  |       |                   | $          | (184,837 | ) | -1.63 | % | $ | (126,382 | ) | -1.13 | % |   |   |

 

No individualcontract’s unrealized gain or loss comprised greater than 5% of the Member’sCapital as of December 31, 2006 or 2005.

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3.               FINANCIAL DATAHIGHLIGHTS

The following ratios have been derived from information provided in thefinancial statements for the year ended December 31, 2006.
| **Total Return:**                             |   |   |   |
|-----------------------------------------------|--------|--------|--------|
| ** **                                    |   |   |   |
| Total return  before Profit Shares            |   | 7.63   | %      |
| Profit Shares                                 |   | 1.35   | %      |
| Total return  After Profit Shares             |   | 6.48   | %      |
|                                          |   |   |   |
| **Ratios  to Average Member’s Capital:** |   |   |   |
| ** **                                    |   |   |   |
| Expenses  (excluding Profit Shares)           |   | 8.99   | %      |
| Profit Shares                                 |   | 1.35   | %      |
| Expenses  (including Profit Shares)           |   | 10.34  | %      |
|                                          |   |   |   |
| Net investment  loss                          |   | -5.43  | %      |

 

4.               RELATED PARTYTRANSACTIONS

The Company’s U.S. dollarassets are maintained at MLPF&S.  Onassets held in U.S. dollars, Merrill Lynch credits the Company with interest atthe prevailing 91-day U.S. Treasury bill rate. The Company is credited with interest on any of its assets and net gainsactually held by MLPF&S in non-U.S. dollar currencies at a prevailing localinterest rate received by Merrill Lynch. Merrill Lynch may derive certain economic benefit, in excess of theinterest that Merrill Lynch pays to the Company, from possession of suchassets.

Merrill Lynch charges theCompany Merrill Lynch’s cost of financing realized and unrealized losses on theCompany’s non-U.S. dollar-denominated positions.  Such amounts are netted against interestincome due to the insignificance of such amounts.

Following theallocation of the Company’s trading profit (loss) and interest income to theMember’s capital account, MLAI calculates the brokerage commissions,administrative fees, Profit Shares and other expenses due from the Company tothird parties.  Such commissions, feesand expenses are specifically calculated for the Member as of the end of eachaccounting period and deducted from the Member’s capital account and paid outby the Company.  The Company currentlypays brokerage commissions to MLPF&S at flat monthly rate of .708 of 1% (a8.50% annual rate) of the Member’s month-end trading assets, reflecting the feearrangement between the Member and MLPF&S.

The Company paysMLAI a monthly administrative fee of .021 of 1% (a .25% annual rate) of theMember’s month-end trading assets. Month-end trading assets are not reduced for purposes of calculatingbrokerage commissions and administrative fees by any accrued brokeragecommissions, administrative fees, Profit Shares or other fees or charges.

MLPF&S paysMillburn an annual consulting fee of 2% of the Company’s average month-endtrading assets, after reduction for a portion of brokerage commissions.

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5.               ADVISORY AGREEMENT

The AdvisoryAgreement between the Company and Millburn has remained essentially unchangedsince the inception of the Company.  ThisAgreement is in effect for successive one-year terms, but, in fact, given thesingle advisor structure of the Company, the Company would terminate wereMillburn to withdraw.  Millburndetermines the commodity futures, options on futures and forward contracttrades to be made on behalf of the Company, subject to certain rights reservedby MLAI.

The Company paysto Millburn an annual Profit Share equal to 20% of any New Trading Profit, asdefined, attributable to the Member’s respective capital accounts.  Profit Shares are calculated separately inrespect of the Member’s respective capital accounts.  Profit Shares are also paid to Millburn uponthe withdrawal of capital from the Company by the Member.

6.               RECENT ACCOUNTING PRONOUNCEMENTS

In July 2006, the Financial Accounting StandardsBoard (“FASB”) issued Interpretation No. 48 (“FIN 48”), Accounting forUncertainty in Income Taxes — an interpretation of FASB Statement No. 109. FIN48 prescribes the minimum recognition threshold a tax position must meet inconnection with accounting for uncertainties in income tax positions taken orexpected to be taken by an entity before being measured and recognized in thefinancial statements. Adoption of FIN 48 is required for fiscal years beginningafter December 15, 2006. The impact on the Company’s financial statements, ifany, is currently being assessed.

In September 2006, the FASB issued Statement ofFinancial Accounting Standards No. 157, Fair Value Measurements (“FAS 157”). FAS 157 establishes a common definition for fair value under accountingprinciples generally accepted in the United States of America, establishes aframework for measuring fair value and expands disclosure requirements aboutsuch fair value measurements.  FAS 157 is effective for fiscal yearsbeginning after November 15, 2007.  The Company is currently evaluatingthe impact of adopting FAS 157 on its financial statements.

7.               MARKET AND CREDITRISK

The nature of this Company has certain risks, whichcannot all be presented on the financial statements.  The following summarizes some of those risks.

MarketRisk

Derivativeinstruments involve varying degrees of market risk, and changes in the level orvolatility of interest rates, foreign currency exchange rates or the marketvalues of the underlying financial instruments or commodities underlying suchderivative instruments frequently result in changes in the Company’s netunrealized profit on such derivative instruments as reflected in the Statementsof Financial Condition.  The Company’sexposure to market risk is influenced by a number of factors, including therelationships among the derivative instruments held by the Company as well asthe volatility and liquidity in the markets in which such derivativeinstruments are traded.  Investments inforeign markets may also entail legal and political risks.

MLAI has procedures in place intended to controlmarket risk exposure, although there can be no assurance that they will, infact, succeed in doing so. These procedures focus primarily on monitoring thetrading of Millburn, calculating the Member’s capital account as of the closeof business each day and reviewing outstanding positions forover-concentrations. While MLAI does not itself intervene in the markets tohedge or diversify the Company’s market exposure, MLAI may consult withMillburn

10

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concerning the possibility of Millburn reducingtrading leverage or market concentrations. However, such interventions are unusual. Except in cases in which it appears that Millburn has begun to deviatefrom past practice and trading policies or to be trading erratically, MLAI’sbasic risk control procedures consist simply of the ongoing process of advisormonitoring with the market risk controls being applied by Millburn.

CreditRisk

Therisks associated with exchange-traded contracts are typically perceived to beless than those associated with over-the-counter (non-exchange-traded)transactions, because exchanges typically (but not universally) provideclearinghouse arrangements in which the collective credit (in some caseslimited in amount, in some cases not) of the members of the exchange is pledgedto support the financial integrity of the exchange.  In over-the-counter transactions, on theother hand, traders must rely solely on the credit of their respectiveindividual counterparties.  Margins,which may be subject to loss in the event of a default, are generally requiredin exchange trading, and counterparties may require margin in theover-the-counter markets.

The credit riskassociated with these instruments from counterparty nonperformance is the netunrealized profit, if any, included in the Statements of FinancialCondition.   The Company attempts to mitigate this risk by dealing exclusivelywith Merrill Lynch entities as clearing brokers.

The Company, in its normal course of business, entersinto various contracts, with MLPF&S acting as its commodity broker.  Pursuant to the brokerage agreement 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 Net unrealized profit (loss) on open contracts on theStatements of Financial Condition.

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*     *    *     *     *    *     *     *    *     *

To the best of the knowledge and belief of the  undersigned, the information containedin this report is accurate and complete.
|  | /s/ Barbra E. Kocsis |   |
|--|----------------------|--------|

Barbra E. Kocsis

Chief FinancialOfficer

Merrill LynchAlternative Investments LLC

Commodity PoolOperator of

ML Millburn Global L.L.C.

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***MLJWH FINANCIAL ANDMETALS PORTFOLIO L.L.C.*****(ADelaware Limited Liability Company*)***

Financial Statements forthe years endedDecember 31, 2006 and 2005 and IndependentAuditors’ Report

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ML JWH FINANCIALAND METALS PORTFOLIO L.L.C.

(A DelawareLimited Liability Company)

TABLE OF CONTENTS
|                                                       | ** ** | **Page** |
|-------------------------------------------------------|------------|----------|
|                                                  |       |     |
| INDEPENDENT AUDITORS’ REPORT                     |       | 1        |
|                                                  |       |     |
| FINANCIAL STATEMENTS FOR THE YEARS ENDED              |       |     |
|  DECEMBER 31,  2006 AND 2005:                    |       |     |
|                                                  |       |     |
|  Statements of  Financial Condition              |       | 2        |
|                                                  |       |     |
|  Statements of  Operations                       |       | 3        |
|                                                  |       |     |
|  Statements of  Changes in Member’s Capital |       | 4        |
|                                                  |       |     |
|  Notes to  Financial Statements                  |       | 5-11     |

 

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INDEPENDENTAUDITORS’ REPORT

To the Member of

  ML JWHFinancial and Metals Portfolio L.L.C.:

We have auditedthe accompanying statements of financial condition of ML JWH Financial andMetals Portfolio L.L.C. (the “Company”) as of December 31, 2006 and 2005, andthe related statements of operations and of changes in member’s capital for theyears then ended.  These financialstatements are the responsibility of the Company’s management.  Our responsibility is to express an opinionon these financial statements based on our audits.

We conducted ouraudits in accordance with auditing standards generally accepted in the UnitedStates of America. Those standards require that we plan and perform the auditto obtain reasonable assurance about whether the financial statements are freeof material misstatement. The Company is not required to have, nor were weengaged to perform, an audit of its internal control over financial reporting.An audit includes consideration of internal control over financial reporting asa basis for designing audit procedures that are appropriate in thecircumstances, but not for the purpose of expressing an opinion on theeffectiveness of the Company’s internal control over financial reporting.Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supportingthe amounts and disclosures in the financial statements, assessing theaccounting principles used and significant estimates made by management, aswell as evaluating the overall financial statement presentation.  We believe that our audits provide areasonable basis for our opinion.

In our opinion,the financial statements referred to above present fairly, in all materialrespects, the financial position of ML JWH Financial and Metals PortfolioL.L.C. as of December 31, 2006 and 2005, and the results of its operations andchanges in its member’s capital for the years then ended, in conformity withaccounting principles generally accepted in the United States of America.
| /s/ Deloitte & Touche LLP |   |
|-------------------------------|--------|

New York, New York

March 27, 2007

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ML JWH FINANCIALAND METALS PORTFOLIO L.L.C.

(A DelawareLimited Liability Company)

STATEMENTS OFFINANCIAL CONDITION

DECEMBER 31, 2006AND 2005
| ** **                                                                      | ** ** | **2006**   | ** ** | **2005**   | ** ** |
|---------------------------------------------------------------------------------|------------|------------|------------|------------|------------|
| **ASSETS:**                                                                     |       |       |       |       |       |
| Equity in  commodity futures trading accounts:                                  |       |       |       |       |       |
| Cash (includes restricted cash of $3,764,452 for  2006 and $2,610,545 for 2005) |       | $          | 9,102,271  |       | $          | 11,284,244 |   |
| Net unrealized profit on open contracts                                         |       | 8,462      |       | 551,157    |       |
| Due from Member                                                                 |       | 977,718    |       | —     |       |
| Accrued interest                                                                |       | 39,963     |       | 36,347     |       |
|                                                                            |       |       |       |       |       |
| **TOTAL ASSETS**                                                                |       | $          | 10,128,414 |       | $          | 11,871,748 |   |
|                                                                            |       |       |       |       |       |
| **LIABILITIES  AND MEMBER’S CAPITAL**                                      |       |       |       |       |       |
|                                                                            |       |       |       |       |       |
| **LIABILITIES:**                                                                |       |       |       |       |       |
| Brokerage commissions payable                                                   |       | $          | 87,307     |       | $          | 106,554 |   |
| Administrative fees payable                                                     |       | 1,902      |       | 2,469      |       |
| Due to Member                                                                   |       | —     |       | 396,949    |       |
|                                                                            |       |       |       |       |       |
| Total liabilities                                                               |       | 89,209     |       | 505,972    |       |
|                                                                            |       |       |       |       |       |
| **MEMBER’S  CAPITAL:**                                                     |       |       |       |       |       |
| Voting Member                                                                   |       | 10,039,205 |       | 11,365,776 |       |
|                                                                            |       |       |       |       |       |
| Total Member’s capital                                                     |       | 10,039,205 |       | 11,365,776 |       |
|                                                                            |       |       |       |       |       |
| **TOTAL  LIABILITIES AND MEMBER’S CAPITAL**                                |       | $          | 10,128,414 |       | $          | 11,871,748 |   |

 

See notes tofinancial statements.

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ML JWH FINANCIALAND METALS PORTFOLIO L.L.C.

(A DelawareLimited Liability Company)

STATEMENTS OFOPERATIONS

FOR THE YEARSENDED DECEMBER 31, 2006 AND 2005
|                             | ** ** | **2006** | ** ** | **2005**   | ** ** |
|-----------------------------|------------|----------|------------|------------|------------|
| **TRADING  PROFIT (LOSS):** |       |     |       |       |       |
| Realized                    |       | $        | 5,399      |       | $          | (1,025,511 | ) |
| Change in unrealized        |       | (542,695 | )          | (706,491   | )          |
|                        |       |     |       |       |       |
| Total trading loss          |       | (537,296 | )          | (1,732,002 | )          |
|                        |       |     |       |       |       |
| **INVESTMENT  INCOME:**     |       |     |       |       |       |
| Interest income             |       | 525,018  |       | 359,324    |       |
|                        |       |     |       |       |       |
|                        |       |     |       |       |       |
| **EXPENSES:**               |       |     |       |       |       |
| Brokerage  commissions      |       | 940,928  |       | 993,394    |       |
| Administrative  fees        |       | 27,674   |       | 29,217     |       |
|                        |       |     |       |       |       |
| Total expenses              |       | 968,602  |       | 1,022,611  |       |
|                        |       |     |       |       |       |
| **NET  INVESTMENT LOSS**    |       | (443,584 | )          | (663,287   | )          |
|                        |       |     |       |       |       |
| **NET LOSS**                |       | $        | (980,880   | )          | $          | (2,395,289 | ) |

 

See notes tofinancial statements.

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ML JWH FINANCIALAND METALS PORTFOLIO L.L.C.

(A DelawareLimited Liability Company)

STATEMENTS OFCHANGES IN MEMBER’S CAPITAL

FOR THE YEARS ENDED DECEMBER 31, 2006 AND 2005
|                                                 | ** ** | **Voting Member** | ** ** |
|-------------------------------------------------|------------|------------------------|------------|
|                                            |       |                   |       |
| MEMBER’S  CAPITAL,  DECEMBER 31, 2004 |       | $                 | 13,817,517 |   |
|                                            |       |                   |       |
| Net loss                                        |       | (2,395,289             | )          |
|                                            |       |                   |       |
| Withdrawals -  net                              |       | (56,452                | )          |
|                                            |       |                   |       |
| MEMBER’S  CAPITAL,  DECEMBER 31, 2005 |       | 11,365,776             |       |
|                                            |       |                   |       |
| Net loss                                        |       | (980,880               | )          |
|                                            |       |                   |       |
| Withdrawals -  net                              |       | (345,691               | )          |
|                                            |       |                   |       |
| MEMBER’S CAPITAL,  DECEMBER 31, 2006  |       | $                 | 10,039,205 |   |

 

See notes to financial statements.

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ML JWH FINANCIALAND METALS PORTFOLIO L.L.C.

(A DelawareLimited Liability Company)

NOTES TO FINANCIALSTATEMENTS

1.               SUMMARY OFSIGNIFICANT ACCOUNTING POLICIES

Organization

ML JWH Financial and Metals Portfolio L.L.C. (the “Company”)was organized under the Delaware Limited Liability Company Act on September 19,1996 and commenced trading activities on October 1, 1996.  The Company engages in the speculativetrading of futures, options on futures and forward contracts on a wide range ofcommodities.  John W. Henry &Company, Inc. (“JWH**®**”)is the trading advisor to the Company. Merrill Lynch Alternative InvestmentsLLC (“MLAI”), an indirect wholly-owned subsidiary of Merrill Lynch & Co.,Inc. (“Merrill Lynch”), has been delegated administrative authority of theCompany. Merrill Lynch, Pierce, Fenner & Smith Incorporated (“MLPF&S”),a wholly-owned subsidiary of Merrill Lynch, is the Company’s commodity broker.

The Company has authorized two classes of MembershipInterests: Non-Voting Interests and Voting Interests (collectively, “Interests”).  These two classes of Interests have commoneconomic interests in the Company, but the Non-Voting Interests, which may onlybe held by non-United States investment funds sponsored by MLAI, would notparticipate in the management of the Company, or engage in, directly orindirectly, participate in or control any portion of the business activities oraffairs of the Company.  Currently, thereare no Non-Voting Members.  Management ofthe Company is vested solely in the Voting Interests, which may only be held byUnited States limited partnerships. Currently, there is only one Voting Member of the Company (the “Member”).  The Member controls all business activitiesand affairs of the Company subject to the trading authority vested in anddelegated to JWH**®** and the administrative authority vested in anddelegated to MLAI.  The Member is a “commoditypool” sponsored and managed by MLAI.

Estimates

The preparation of financial statements in conformitywith accounting principles generally accepted in the United States of Americarequires management to make estimates and assumptions that affect the reportedamounts of assets and liabilities and disclosure of contingent assets and liabilitiesat the date of the financial statements as well as the reported amounts ofrevenues and expenses during the reporting period.  Actual results could differ from thoseestimates.

RevenueRecognition 

Commodity futures,options on futures and forward contract transactions are recorded on the tradedate and open contracts are reflected in Net unrealized profit (loss) on opencontracts in the Statements of Financial Condition as the difference betweenthe original contract value and the market value (for those commodity interestsfor which market quotations are readily available) or at fair value.  The change in unrealized profit on opencontracts from one period to the next is reflected in Change in unrealized inthe Statements of Operations.

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Foreign Currency Transactions

The Company’s functional currency is the U.S. dollar;however, it transacts business in currencies other than the U.S. dollar.  Assets and liabilities denominated incurrencies other than the U.S. dollar are translated into U.S. dollars at therates in effect at the dates of the Statements of Financial Condition.  Income and expense items denominated incurrencies other than the U.S. dollar are translated into U.S. dollars at therates in effect during the period.  Gainsand losses resulting from the translation to U.S. dollars are reported inRealized in the Statements of Operations.

Cash at Broker

A portion of theassets maintained at MLPF&S is restricted cash required to meet maintenancemargin requirements. Includedin cash deposits with the broker at December 31, 2006 and 2005 is restrictedcash for margin requirements of $3,764,452 and $2,610,545, respectively.

Due to / Due fromMember

The Memberreallocates its assets for trading between the Company and another similarcompany. This reallocation generally occurs on a quarterly basis and isrecorded as Due to/Due from Member until the cash is paid/received. Thecontribution/withdrawal to or from the Member is also included in theseaccounts. The Member may contribute or withdraw all or some of its cash.

Operating Expenses

MLAI pays for alloperating costs (including all legal, accounting, printing, postage and similaradministrative expenses) of the Company.

Income Taxes 

No provision forincome taxes has been made in the accompanying financial statements as theMember is individually responsible for reporting income or loss based on suchMember’s respective share of the Company’s income and expenses as reported forincome tax purposes.

Distributions

The Company hasmade no distributions for the years ended December 31, 2006 or 2005.

Contribution/Withdrawals

The Member maycontribute or withdraw some or all of its capital at the Net Asset Value as ofthe close of business on any business day. There are no withdrawal fees or charges.

Dissolution 

The Company willterminate on September 30, 2046 or at an earlier date if certain conditionsoccur, as well as under certain other circumstances as set forth in theOrganization Agreement.

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Indemnifications

In the normal course ofbusiness, the Company enters into contracts and agreements that contain avariety of representations and warranties and which provide generalindemnifications. The Company’s maximum exposure under these arrangements isunknown, as this would involve future claims that may be made against theCompany that have not yet occurred.  TheCompany expects the risk of any future obligation under these indemnificationsto be remote.

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2.               CONDENSED SCHEDULESOF INVESTMENTS

The Company’sinvestments, defined as Net unrealized profit (loss) on open contracts on theStatements of Financial Condition, as of      December 31, 2006 and 2005 are as follows:

 
| **2006**                    | ** ** | **Long Positions** | ** ** | **Short Positions** | ** ** | **Net Unrealized** | ** ** | ** **         | ** ** | ** **             | ** ** |
|-----------------------------|------------|-------------------------|------------|--------------------------|------------|-------------------------|------------|--------------------|------------|------------------------|------------|
| **Commodity Industry** | ** ** | **Number of**      | ** ** | **Unrealized**           | ** ** | **Percent of Net**      | ** ** | **Number of** | ** ** | **Unrealized**         | ** ** | **Percent of** | ** ** | **Profit (Loss)** | ** ** | **Percent of Net** | ** ** | ** ** | ** ** |
| **Sector**                  | ** ** | **Contracts**           | ** ** | **Profit (Loss)**   | ** ** | **Assets**              | ** ** | **Contracts**      | ** ** | **Profit (Loss)** | ** ** | **Net Assets** | ** ** | **on Open Positions** | ** ** | **Assets** | ** ** | **Maturity Dates** | ** ** |
|                        |       |                    |       |                     |       |                    |       |               |       |                   |       |   |   |   |   |   |   |   |   |
| Currencies                  |       | 29,135                  |       | $                        | 132,542    |                    | 1.32       | %                  | (1,152,700 | )                      | $          | 88,109 |   | 0.88 | % | $ | 220,650 |   | 2.20 | % | March 07 |   |
| Interest rates              |       | 184                     |       | (306,054                 | )          | -3.05                   | %          | (309               | )          | 83,019                 |       | 0.82 | % | (223,036 | ) | -2.22 | % | March 07 - December 07 |   |
| Metals                      |       | 26                      |       | 37,588                   |       | 0.37                    | %          | (15                | )          | 966                    |       | 0.01 | % | 38,556 |   | 0.38 | % | January 07 - March 07 |   |
| Stock indices               |       | 137                     |       | (27,708                  | )          | -0.27                   | %          | —             |       | —                 |       | 0.00 | % | (27,708 | ) | -0.28 | % | March 07 |   |
|                        |       |                    |       |                     |       |                    |       |               |       |                   |       |   |   |   |   |   |   |   |   |
| Total                       |       |                    |       | $                        | (163,632   | )                       | -1.63      | %                  |       |                   | $          | 172,094 |   | 1.71 | % | $ | 8,462 |   | 0.08 | % |   |   |

 

 
| **2005**                    | ** ** | **Long Positions** | ** ** | **Short Positions** | ** ** | **Net Unrealized** | ** ** | ** **         | ** ** | ** **             | ** ** |
|-----------------------------|------------|-------------------------|------------|--------------------------|------------|-------------------------|------------|--------------------|------------|------------------------|------------|
| **Commodity Industry** | ** ** | **Number of**      | ** ** | **Unrealized**           | ** ** | **Percent of Net**      | ** ** | **Number of** | ** ** | **Unrealized**         | ** ** | **Percent of** | ** ** | **Profit (Loss)** | ** ** | **Percent of Net** | ** ** | ** ** | ** ** |
| **Sector**                  | ** ** | **Contracts**           | ** ** | **Profit (Loss)**   | ** ** | **Assets**              | ** ** | **Contracts**      | ** ** | **Profit (Loss)** | ** ** | **Net Assets** | ** ** | **on Open Positions** | ** ** | **Assets** | ** ** | **Maturity Dates** | ** ** |
|                        |       |                    |       |                     |       |                    |       |               |       |                   |       |   |   |   |   |   |   |   |   |
| Currencies                  |       | 8,816                   |       | $                        | (159,227   | )                       | -1.40      | %                  | 1,134,542  |                   | $          | 246,128 |   | 2.17 | % | $ | 86,901 |   | 0.77 | % | March 06 |   |
| Interest rates              |       | —                  |       | —                   |       | —                  |       | (348               | )          | (53,720                | )          | -0.47 | % | (53,720 | ) | -0.47 | % | March 06 - December 06 |   |
| Metals                      |       | 91                      |       | 455,466                  |       | 4.01                    | %          | (34                | )          | (60,844                | )          | -0.54 | % | 394,622 |   | 3.47 | % | January 06 - February 06 |   |
| Stock indices               |       | 181                     |       | 123,354                  |       | 1.09                    | %          | —             |       | —                 |       | — |   | 123,354 |   | 1.09 | % | March 06 |   |
|                        |       |                    |       |                     |       |                    |       |               |       |                   |       |   |   |   |   |   |   |   |   |
| Total                       |       |                    |       | $                        | 419,593    |                    | 3.70       | %                  |       |                   | $          | 131,564 |   | 1.16 | % | $ | 551,157 |   | 4.86 | % |   |   |

 

No individual contract’sunrealized gain or loss comprised greater than 5% of the Members’ Capital as ofDecember 31, 2006 or 2005.

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3.               FINANCIAL DATAHIGHLIGHTS

The following ratios havebeen derived from information provided in the financial statements for the yearended December 31, 2006.
| **Total return:**                             |   |   |   |
|-----------------------------------------------|--------|--------|--------|
| ** **                                    |   |   |   |
| Total return                                  |   | -9.99  | %      |
|                                          |   |   |   |
| **Ratios  to Average Member’s Capital:** |   |   |   |
| ** **                                    |   |   |   |
| Expenses                                      |   | 8.81   | %      |
|                                          |   |   |   |
| Net investment  loss                          |   | -4.04  | %      |
|                                          |   |   |   |

 

4.               RELATEDPARTY TRANSACTIONS

The Company’s U.S. dollarassets are maintained at MLPF&S.  Onassets held in U.S. dollars, Merrill Lynch credits the Company with interest atthe prevailing 91-day U.S. Treasury bill rate. The Company is credited with interest on any of its assets and net gainsactually held by MLPF&S in non-U.S. dollar currencies at a prevailing localinterest rate received by Merrill Lynch. Merrill Lynch may derive certain economic benefit, in excess of theinterest that Merrill Lynch pays to the Company, from possession of suchassets.

Merrill Lynch charges theCompany Merrill Lynch’s cost of financing realized and unrealized losses on theCompany’s non-U.S. dollar-denominated positions.  Such amounts are netted against interestincome due to the insignificance of such amounts.

Following theallocation of the Company’s trading profit (loss) and interest income among theMember’s respective capital accounts, MLAI calculates the brokeragecommissions, Profit Shares, administrative fees and other expenses due from theCompany to third parties.  Suchcommissions, fees, Profit Shares and expenses are specifically calculated forthe Member as of the end of each accounting period and deducted from a Member’scapital account and paid out by the Company. The Company currently pays brokerage commissions to MLPF&S at a flatmonthly rate of .708 of 1% (an 8.5% annual rate) of the Member’s month-endtrading assets reflecting the fee arrangement between the Member andMLPF&S.

The Company paysMLAI a monthly administrative fee of .021 of 1% (a .25% annual rate) of theMember’s month-end trading assets. Month-end trading assets are not reduced forpurposes of calculating brokerage commissions and administrative fees by anyaccrued brokerage commissions, administrative fees, Profit Shares or other feesor charges.

MLPF&S paysJWH**®** an annual consulting fee of 2% of the Company’saverage month-end trading assets, after reduction for a portion of thebrokerage commissions.

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5.               ADVISORY AGREEMENT

The AdvisoryAgreement between the Company and JWH® isin effect for successive one-year terms, but, in fact, given the single advisorstructure of the Company, the Company would terminate were JWH® towithdraw.  JWH® determines the commodity futures, options onfutures and forward contract trades to be made on behalf of the Company,subject to certain Company trading policies and to certain rights reserved byMLAI.

The Company paysto JWH® a quarterly Profit Share equal to 20% of anyNew Trading Profit, as defined, attributable to the Member’s respective capitalaccounts.  Profit Shares are calculatedseparately in respect of the Member’s respective capital accounts.  Profit Shares are determined as of the end ofeach calendar quarter and are also paid to JWH® upon the withdrawal of capital from theCompany by the Member for whatever purpose, other than to pay expenses.

6.               RECENT ACCOUNTING PRONOUNCEMENTS

In July 2006, the FinancialAccounting Standards Board (“FASB”) issued Interpretation No. 48 (“FIN 48”),Accounting for Uncertainty in Income Taxes — an interpretation of FASBStatement No. 109. FIN 48 prescribes the minimum recognition threshold a taxposition must meet in connection with accounting for uncertainties in incometax positions taken or expected to be taken by an entity before being measuredand recognized in the financial statements. Adoption of FIN 48 is required forfiscal years beginning after December 15, 2006. The impact on the Company’sfinancial statements, if any, is currently being assessed.

In September 2006, the FASBissued 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 Companyis currently evaluating the impact of adopting FAS 157 on its financialstatements.

7.               MARKET AND CREDITRISKS

The nature of thisCompany has certain risks, which cannot all be presented on the financialstatements.  The following summarizessome of those risks.

Market Risk

Derivative instruments involve varying degrees ofmarket risk, and changes in the level or volatility of interest rates, foreigncurrency exchange rates or the market values of the underlying financialinstruments or commodities underlying such derivative instruments frequentlyresult in changes in the Company’s net unrealized profit on such derivativeinstruments as reflected in the Statements of Financial Condition. The Company’sexposure to market risk is influenced by a number of factors, including therelationships among the derivative instruments held by the Company as well asthe volatility and liquidity in the markets in which such derivativeinstruments are traded.  Investments inforeign markets may also entail legal and political risks.

MLAI has procedures in place intended to controlmarket risk exposure, although there can be no assurance that they will, infact, succeed in doing so.  Theseprocedures focus primarily on monitoring

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the trading of JWH®, calculating the Member’s capital accountas of the close of business each day and reviewing outstanding positions forover-concentrations.  While MLAI does notitself intervene in the markets to hedge or diversify the Company’s marketexposure, MLAI may consult with JWH® concerning the possibility of JWH® reducing trading leverage or marketconcentrations.  However, suchinterventions are unusual.  Except incases in which it appears that JWH® has begun to deviate from past practice andtrading policies or to be trading erratically, MLAI’s basic risk controlprocedures consist simply of the ongoing process of advisor monitoring with themarket risk controls being applied by JWH®.

Credit Risk

The risks associated with exchange-traded contractsare typically perceived to be less than those associated with over-the-counter(non-exchange-traded) transactions, because exchanges typically (but notuniversally) provide clearinghouse arrangements in which the collective credit (insome cases limited in amount, in some cases not) of the members of the exchangeis pledged to support the financial integrity of the exchange.  In over-the-counter transactions, on theother hand, traders must rely solely on the credit of their respectiveindividual counterparties.  Margins,which may be subject to loss in the event of a default, are generally requiredin exchange trading, and counterparties may require margin in theover-the-counter markets.

The credit riskassociated with these instruments from counterparty nonperformance is the netunrealized profit, if any, included in the Statements of FinancialCondition.   The Company attempts to mitigate this risk by dealing exclusivelywith Merrill Lynch entities as clearing brokers.

The Company, in itsnormal course of business, enters into various contracts, with MLPF&Sacting as its commodity broker.  Pursuantto the brokerage agreement with MLPF&S (which includes a nettingarrangement), to the extent that such trading results in receivables from andpayables to MLPF&S, these receivables and payables are offset and reportedas a net receivable or payable and included in the Net unrealized profit onopen contracts on the Statements of Financial Condition.

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*     *     *    *     *     *    *     *     *

To the best of the knowledge and belief of the  undersigned, the information containedin this report is accurate and complete.
|  | /s/ Barbra E. Kocsis |   |
|--|----------------------|--------|

Barbra E. Kocsis

Chief FinancialOfficer

Merrill LynchAlternative Investments LLC

Commodity PoolOperator

ML JWH Financial and Metals Portfolio L.L.C.

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