**Exhibit 13.01**

 

***ML APM GLOBAL COMMODITYFUTURESACCESS LLC***

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

** **

*Financial Statements for theyear ended December 31, 2007 and for the period December 1, 2006(commencement of operations) to December 31, 2006 and Report of IndependentRegistered Public Accounting Firm*

* *

* *

 

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ML APM GLOBALCOMMODITY FUTURESACCESS LLC

(A DelawareLimited Liability Company)

 
| TABLE  OF CONTENTS                                                                                                                                                                          | ** ** |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|
|                                                                                                                                                                                        |       |
| ** **                                                                                                                                                                                  | **Page**   |
|                                                                                                                                                                                        |       |
| REPORT  OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM                                                                                                                                    | 1          |
|                                                                                                                                                                                        |       |
| FINANCIAL  STATEMENTS:                                                                                                                                                                      |       |
|                                                                                                                                                                                        |       |
| Statements  of Financial Condition as of December 31, 2007 and 2006                                                                                                                    | 2          |
|                                                                                                                                                                                        |       |
| Statements of  Operations for the year ended December 31, 2007 and for the period  December 1, 2006 (commencement of operations) to December 31, 2006                        | 3          |
|                                                                                                                                                                                        |       |
| Statements of Changes  in Members’ Capital for the year ended December 31, 2007 and for the  period December 1, 2006 (commencement of operations) to  December 31, 2006 | 4          |
|                                                                                                                                                                                        |       |
| Financial Data  Highlights for the year ended December 31, 2007 and for the period December 1,  2006 (commencement of operations) to December 31, 2006                       | 5-6        |
|                                                                                                                                                                                        |       |
| Notes  to Financial Statements                                                                                                                                                              | 7-13       |

 

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REPORT OFINDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

To the Members of

  ML APM Global Commodity FuturesAccess LLC

 

We have audited the accompanying statements offinancial condition of ML APM Global Commodity FuturesAccess LLC (the “Fund”),as of December 31, 2007 and 2006, and the related statements of operationsand changes in members’ capital and the financial data highlights for the yearended December 31, 2007 and for the period December 1, 2006(commencement of operations) to December 31, 2006.  These financialstatements and financial data highlights are the responsibility of the Fund’smanagement.  Our responsibility is to express an opinion on these financialstatements and financial data highlights based on our audits.

 

We conducted our audits in accordance with thestandards of the Public Company Accounting Oversight Board (UnitedStates).  Those standards require that we plan and perform the audit toobtain reasonable assurance about whether the financial statements andfinancial data highlights are free of material misstatement.  The Fund isnot required to have, nor were we engaged to perform, an audit of its internalcontrol over financial reporting.  Our audits included consideration ofinternal control over financial reporting as a basis for designing auditprocedures that are appropriate in the circumstances, but not for the purposeof expressing an opinion on the effectiveness of the Fund’s internal controlover financial reporting.  Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting theamounts and disclosures in the financial statements, assessing the accountingprinciples used and significant estimates made by management, as well asevaluating the overall financial statement presentation. We believe that ouraudits provide a reasonable basis for our opinion.

 

In our opinion, the financial statements andfinancial data highlights referred to above present fairly, in all materialrespects, the financial position of ML APM Global Commodity FuturesAccess LLCas of December 31, 2007 and 2006, the results of its operations, thechanges in its members’ capital, and the financial data highlights for the yearended December 31, 2007 and for the period December 1, 2006(commencement of operations) to December 31, 2006, in conformity withaccounting principles generally accepted in the United States of America.

 

 
| /s/ Deloitte &  Touche LLP |   |
|-------------------------------------|--------|
|                                |   |
| Princeton, New Jersey               |   |
| March 31, 2008                 |   |

 

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ML APM GLOBALCOMMODITY FUTURESACCESS LLC

(A DelawareLimited Liability Company)

 

STATEMENTS OFFINANCIAL CONDITION

DECEMBER 31, 2007and December 31, 2006

 
| ** **                                                                       | ** ** | **December 31,** | ** ** | **December 31,** | ** ** |
|----------------------------------------------------------------------------------|------------|-----------------------|------------|-----------------------|------------|
| ** **                                                                       | ** ** | **2007**              | ** ** | **2006**              | ** ** |
|                                                                             |       |                  |       |                  |       |
| **ASSETS:**                                                                      | ** ** | ** **            | ** ** | ** **            | ** ** |
| Equity in  commodity futures trading accounts:                                   |       |                  |       |                  |       |
| Cash (including  restricted cash of $6,068,085 for 2007 and $1,272,271 for 2006) |       | $                     | 57,821,014 |                  | $          | 10,138,738 |   |
| Options at  market (premium paid $4,367,164 for 2007 and $772,643 for 2006)      |       | 6,520,243             |       | 585,476               |       |
| Net unrealized  profit on open contracts                                         |       | 589,384               |       | 208,001               |       |
| Cash                                                                             |       | 13,740                |       | —                |       |
| Deferred initial  offering costs                                                 |       | —                |       | 55,000                |       |
| Accrued interest                                                                 |       | 191,067               |       | 43,979                |       |
|                                                                             |       |                  |       |                  |       |
| **TOTAL  ASSETS**                                                                |       | $                     | 65,135,448 |                  | $          | 11,031,194 |   |
|                                                                             |       |                  |       |                  |       |
| **LIABILITIES  AND MEMBERS’ CAPITAL**                                       | ** ** | ** **            | ** ** | ** **            | ** ** |
| LIABILITIES:                                                                     |       |                  |       |                  |       |
| Brokerage  commissions payable                                                   |       | $                     | 16,935     |                  | $          | 1,782 |   |
| Management fee  payable                                                          |       | 80,070                |       | 13,694                |       |
| Sponsor fee  payable                                                             |       | 70,822                |       | —                |       |
| Performance fee  payable                                                         |       | 936,548               |       | —                |       |
| Initial offering  costs payable                                                  |       | 27,965                |       | 60,000                |       |
| Redemptions payable                                                              |       | 142,377               |       | 4,449,999             |       |
| Other                                                                            |       | 291,685               |       | 18,285                |       |
|                                                                             |       |                  |       |                  |       |
| Total  liabilities                                                               |       | 1,566,402             |       | 4,543,760             |       |
|                                                                             |       |                  |       |                  |       |
| MEMBERS’  CAPITAL:                                                          |       |                  |       |                  |       |
|  Members’ Interest (56,168,576 and 6,615,200  Units)                   |       | 63,569,046            |       | 6,487,434             |       |
| Total members’  capital                                                     |       | 63,569,046            |       | 6,487,434             |       |
|                                                                             |       |                  |       |                  |       |
| **TOTAL  LIABILITIES AND MEMBERS’ CAPITAL**                                 |       | $                     | 65,135,448 |                  | $          | 11,031,194 |   |

 

**NET ASSETVALUE PER UNIT (NOTE 5)**

(Based on56,168,576 and 6,615,200 Units outstanding, unlimited Units authorized)

 

See notes tofinancial statements.

 

2

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ML APM GLOBALCOMMODITY FUTURESACCESS LLC

(A DelawareLimited Liability Company)

 

STATEMENTS OFOPERATIONS

FOR THE YEAR ENDEDDECEMBER 31, 2007 AND FOR THE PERIOD DECEMBER 1, 2006

(COMMENCEMENT OFOPERATIONS) TO DECEMBER 31, 2006

 
| ** **                                    | ** ** | **December 31,** | ** ** | **December 31,** | ** ** |
|-----------------------------------------------|------------|-----------------------|------------|-----------------------|------------|
| ** **                                    | ** ** | **2007**              | ** ** | **2006**              | ** ** |
| **TRADING  PROFIT (LOSS):**                   | ** ** | ** **            | ** ** | ** **            | ** ** |
|                                          |       |                  |       |                  |       |
| Realized                                      |       | $                     | 4,791,852  |                  | $          | (238,314 | ) |
| Change in  unrealized                         |       | 2,721,629             |       | 20,834                |       |
| Brokerage  commissions                        |       | (82,693               | )          | (3,465                | )          |
|                                          |       |                  |       |                  |       |
| Total trading  profit (loss)                  |       | 7,430,788             |       | (220,945              | )          |
|                                          |       |                  |       |                  |       |
| **INVESTMENT  INCOME:**                       | ** ** | ** **            | ** ** | ** **            | ** ** |
| Interest                                      |       | 1,459,136             |       | 45,356                |       |
|                                          |       |                  |       |                  |       |
| **EXPENSES:**                                 | ** ** | ** **            | ** ** | ** **            | ** ** |
| Management fee                                |       | 543,610               |       | 13,694                |       |
| Sponsor fee                                   |       | 465,974               |       | —                |       |
| Performance fee                               |       | 936,548               |       | —                |       |
| Other                                         |       | 426,215               |       | 23,284                |       |
|                                          |       |                  |       |                  |       |
| Total expenses                                |       | 2,372,347             |       | 36,978                |       |
|                                          |       |                  |       |                  |       |
| **NET  INVESTMENT INCOME (LOSS)**             |       | (913,211              | )          | 8,378                 |       |
|                                          |       |                  |       |                  |       |
| **NET  INCOME (LOSS)**                        |       | $                     | 6,517,577  |                  | $          | (212,567 | ) |
|                                          |       |                  |       |                  |       |
| **NET  INCOME (LOSS) PER UNIT:**              | ** ** | ** **            | ** ** | ** **            | ** ** |
|                                          |       |                  |       |                  |       |
| Weighted average  number of Units outstanding |       |                  |       |                  |       |
| Class A                                  |       | 3,900,017             |       | n/a                   |       |
| Class C                                  |       | 13,552,158            |       | n/a                   |       |
| Class D                                  |       | 12,898,046            |       | 11,150,000            |       |
| Class I                                  |       | 4,433,866             |       | n/a                   |       |
|                                          |       |                  |       |                  |       |
| Net income  (loss) per weighted average Unit  |       |                  |       |                  |       |
| Class A                                  |       | $                     | 0.1533     |                  | n/a        |   |
| Class C                                  |       | $                     | 0.2127     |                  | n/a        |   |
| Class D                                  |       | $                     | 0.1607     |                  | $          | (0.0191 | ) |
| Class I                                  |       | $                     | 0.2174     |                  | n/a        |   |

 

See notes tofinancial statements.

 

3

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ML APM GLOBALCOMMODITY FUTURESACCESS LLC

(A DelawareLimited Liability Company)

 

STATEMENTS OFCHANGES IN MEMBERS’ CAPITAL

FOR THE YEAR ENDEDDECEMBER 31, 2007 AND FOR THE PERIOD DECEMBER 1, 2006

(COMMENCEMENT OFOPERATIONS) TO DECEMBER 31, 2006

 
| ** **                | ** ** | ** **           | ** ** | ** **        | ** ** | ** **      | ** ** | **Members’ Capital**  | ** ** | ** **        | ** ** | ** **      | ** ** | **Members’ Capital**  | ** ** |
|---------------------------|------------|----------------------|------------|-------------------|------------|-----------------|------------|----------------------------|------------|-------------------|------------|-----------------|------------|----------------------------|------------|
| ** **                | ** ** | **Initial Offering** | ** ** | **Subscriptions** | ** ** | **Redemptions** | ** ** | **December 31, 2006** | ** ** | **Subscriptions** | ** ** | **Redemptions** | ** ** | **December 31, 2007** | ** ** |
|                      |       |                 |       |              |       |            |       |                       |       |              |       |            |       |                       |       |
| Class A*             |       | —               |       | —            |       | —          |       | —                     |       | 4,470,511         |       | (222,719        | )          | 4,247,792                  |       |
| Class C              |       | —               |       | —            |       | —          |       | —                     |       | 26,151,093        |       | (2,689,173      | )          | 23,461,920                 |       |
| Class D              |       | 11,150,000           |       | —            |       | (4,534,800      | )          | 6,615,200                  |       | 24,658,509        |       | (11,598,523     | )          | 19,675,186                 |       |
| Class I              |       | —               |       | —            |       | —          |       | —                     |       | 8,875,453         |       | (91,775         | )          | 8,783,678                  |       |
|                      |       |                 |       |              |       |            |       |                       |       |              |       |            |       |                       |       |
| Total Members’ Units |       | 11,150,000           |       | —            |       | (4,534,800      | )          | 6,615,200                  |       | 64,155,566        |       | (14,602,190     | )          | 56,168,576                 |       |

 
| ** **                   | ** ** | ** **           | ** ** | ** **        | ** ** | ** **      | ** ** | ** **   | ** ** | **Members’ Capital**  | ** ** | ** **        | ** ** | ** **      | ** ** | ** **     | ** ** | **Members’ Capital**  | ** ** |
|------------------------------|------------|----------------------|------------|-------------------|------------|-----------------|------------|--------------|------------|----------------------------|------------|-------------------|------------|-----------------|------------|----------------|------------|----------------------------|------------|
| ** **                   | ** ** | **Initial Offering** | ** ** | **Subscriptions** | ** ** | **Redemptions** | ** ** | **Net Loss** | ** ** | **December 31, 2006** | ** ** | **Subscriptions** | ** ** | **Redemptions** | ** ** | **Net Income** | ** ** | **December 31, 2007** | ** ** |
|                         |       |                 |       |              |       |            |       |         |       |                       |       |              |       |            |       |           |       |                       |       |
| Class A*                |       | $                    | —     |              | $          | —          |       | $            | —     |                       | $          | —            |       | $               | —     |           | $          | 4,484,410                  |       | $ | (233,025 | ) | $ | 597,999 |   | $ | 4,849,384 |   |
| Class C                 |       | —               |       | —            |       | —          |       | —       |       | —                     |       | 26,424,408        |       | (2,847,647      | )          | 2,882,803      |       | 26,459,564                 |       |
| Class D                 |       | 11,150,000           |       | —            |       | (4,449,999      | )          | (212,567     | )          | 6,487,434                  |       | 25,153,084        |       | (11,476,308     | )          | 2,072,896      |       | 22,237,106                 |       |
| Class I                 |       | —               |       | —            |       | —          |       | —       |       | —                     |       | 9,156,130         |       | (97,017         | )          | 963,879        |       | 10,022,992                 |       |
|                         |       |                 |       |              |       |            |       |         |       |                       |       |              |       |            |       |           |       |                       |       |
| Total Members’ Interest |       | $                    | 11,150,000 |              | $          | —          |       | $            | (4,449,999 | )                          | $          | (212,567          | )          | $               | 6,487,434  |           | $          | 65,218,032                 |       | $ | (14,653,997 | ) | $ | 6,517,577 |   | $ | 63,569,046 |   |

 

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* Units issued onFebruary 1, 2007.

See notes tofinancial statements.

 

4

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ML APM GLOBALCOMMODITY FUTURESACCESS LLC

(A DelawareLimited Liability Company)

 

FINANCIAL DATAHIGHLIGHTS

FOR THE YEAR ENDEDDECEMBER 31, 2007

 
| **Per Unit Operating Performance:** | ** ** | **Class A*** | ** ** | **Class C** | ** ** | **Class D** | ** ** | **Class I** | ** ** |
|----------------------------------------------------|------------|-------------------|------------|------------------|------------|------------------|------------|------------------|------------|
|                                               |       |              |       |             |       |             |       |             |       |
| Net asset value,  beginning of period              |       | $                 | 1.0000     |             | $          | 1.0000           |       | $                | 0.9807     |   | $ | 1.0000 |   |
|                                               |       |              |       |             |       |             |       |             |       |
| Realized trading  profit                           |       | 0.0988            |       | 0.1100           |       | 0.1098           |       | 0.1111           |       |
| Change in  unrealized trading profit               |       | 0.0651            |       | 0.0544           |       | 0.0545           |       | 0.0550           |       |
| Brokerage  commissions                             |       | (0.0020           | )          | (0.0021          | )          | (0.0021          | )          | (0.0021          | )          |
| Interest income                                    |       | 0.0388            |       | 0.0423           |       | 0.0420           |       | 0.0425           |       |
| Expenses                                           |       | (0.0591           | )          | (0.0768          | )          | (0.0547          | )          | (0.0654          | )          |
|                                               |       |              |       |             |       |             |       |             |       |
| Net asset value,  end of period                    |       | $                 | 1.1416     |             | $          | 1.1278           |       | $                | 1.1302     |   | $ | 1.1411 |   |
|                                               |       |              |       |             |       |             |       |             |       |
| **Total  Return:**                                 | ** ** | ** **        | ** ** | ** **       | ** ** | ** **       | ** ** | ** **       | ** ** |
|                                               |       |              |       |             |       |             |       |             |       |
| Total return  before Performance fees              |       | 15.87             | % (b)      | 14.65            | %          | 17.53            | %          | 16.26            | %          |
| Performance fees                                   |       | -1.62             | % (b)      | -1.78            | %          | -2.13            | %          | -2.02            | %          |
| Total return  after Performance fees               |       | 14.13             | % (b)      | 12.78            | %          | 15.24            | %          | 14.11            | %          |
|                                               |       |              |       |             |       |             |       |             |       |
| **Ratios  to Average Net Assets:**                 | ** ** | ** **        | ** ** | ** **       | ** ** | ** **       | ** ** | ** **       | ** ** |
|                                               |       |              |       |             |       |             |       |             |       |
| Expenses (excluding  Performance fees)             |       | 4.43              | % (a)      | 5.09             | %          | 3.26             | %          | 3.62             | %          |
| Performance fees                                   |       | 1.95              | % (a)      | 2.78             | %          | 2.74             | %          | 3.12             | %          |
| Expenses  (including Performance fees)             |       | 6.38              |  %    | 7.87             | %          | 6.00             | %          | 6.74             | %          |
|                                               |       |              |       |             |       |             |       |             |       |
| Net investment  loss                               |       | -2.23             | % (a)      | -3.77            | %          | -1.46            | %          | -2.72            | %          |

 

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* Units were issued on February 1,2007.

(a) The ratios havebeen annualized.

(b) Notannualized.  

 

See notes to financialstatements.

 

5

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ML APM GLOBALCOMMODITY FUTURESACCESS LLC

(A DelawareLimited Liability Company)

 

FINANCIAL DATAHIGHLIGHTS

FOR THE PERIODDECEMBER 1, 2006 (COMMENCEMENT OF OPERATIONS) TO DECEMBER 31, 2006

 

The following perUnit data and ratios have been derived from information provided in thefinancial statements.

 
| **Per Unit Operating Performance:**   | ** ** | **Class D** | ** ** |
|---------------------------------------|------------|------------------|------------|
|                                  |       |             |       |
| Net asset value, beginning of period  |       | $                | 1.0000     |   |
|                                  |       |             |       |
| Realized trading loss                 |       | (0.0217          | )          |
| Change in unrealized trading profit   |       | 0.0019           |       |
| Brokerage commissions                 |       | (0.0003          | )          |
| Interest income                       |       | 0.0041           |       |
| Expenses                              |       | (0.0033          | )          |
|                                  |       |             |       |
| Net asset value, end of period        |       | $                | 0.9807     |   |
|                                  |       |             |       |
| **Total Return:**                     | ** ** | ** **       | ** ** |
|                                  |       |             |       |
| Total return                          |       | -1.91            | % (b)      |
|                                  |       |             |       |
| **Ratios to Average Net Assets: (a)** | ** ** | ** **       | ** ** |
|                                  |       |             |       |
| Expenses                              |       | 5.50             | %          |
|                                  |       |             |       |
| Net investment income                 |       | 1.14             | %          |

 

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| (a) The ratio has been annualized |   |   |   |
|----------------------------------------|--------|--------|--------|
| (b) Not annualized                |   |   |   |

 

See notes to financialstatements.

 

6

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ML APM GLOBALCOMMODITY FUTURESACCESS LLC

(A DelawareLimited Liability Company)

 

NOTES TO FINANCIALSTATEMENTS

 

1.       SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES

 

Organization

 

ML APMGlobal Commodity FuturesAccess LLC (the “Fund”), a Merrill Lynch FuturesAccessProgram (the “Program”) fund, was organized under the Delaware LimitedLiability Company Act on May 17, 2004 and commenced trading activities on December 1,2006. The Fund engages in the speculative trading of futures, options onfutures and forward contracts on a wide range of commodities. Absolute PlusManagement, LLC (“APM”) is the trading advisor of the Fund.  Merrill Lynch Alternative Investments LLC (“MLAI”)is the Sponsor of the Fund. MLAI is an indirect wholly-owned subsidiary ofMerrill Lynch & Co., Inc. (“Merrill Lynch”). Merrill Lynch,Pierce, Fenner & Smith Incorporated (“MLPF&S”), a wholly-ownedsubsidiary of Merrill Lynch, is the Fund’s commodity broker.

 

TheProgram is a group of commodity pools sponsored by MLAI (each pool is a “ProgramFund” or collectively, “Program Funds”) each of which places substantially allof its assets in a managed futures and forward trading account managed by asingle commodity trading advisor.  EachProgram Fund is generally similar in terms of fees, Classes of Units andredemption rights. Each of the Program Funds implements a different tradingstrategy.

 

TheFund offers four Classes of Units: Class A, Class C, Class D,and Class I. Each Class of Units was offered at $1.00 per Unit duringthe initial offering period and subsequently is offered at Net Asset Value perUnit for all other purposes (see Note 5). The four Classes of Units are subjectto different sponsor fees.

 

Estimates

 

Thepreparation of financial statements in conformity with accounting principlesgenerally accepted in the United States of America (“US GAAP”) requiresmanagement to make estimates and assumptions that affect the reported amountsof assets and liabilities and disclosure of contingent assets and liabilitiesat the date of the financial statements and the reported amounts of revenuesand expenses during the reporting period. Actual results could differ from those estimates.

 

RevenueRecognition

 

Commodityfutures, options on futures and forward contract transactions are recorded onthe trade date.  Open  futures and forward contracts are reflectedin Net unrealized profit on open contracts in the Statement of FinancialCondition as the difference between the original contract value and the marketvalue (for those commodity interests for which market quotations are readilyavailable) or at fair value.  Optioncontracts are valued at market (last sale price) as of the last business day ofthe reporting period and shown on the Statement of Financial Condition.  The change in unrealized profit (loss) onopen contracts and options from one period to the next is reflected in Changein unrealized under Trading profit (loss) in the Statement of Operations.

 

ForeignCurrency Transactions

 

                        The Fund’sfunctional currency is the U.S. dollar; however, it transacts business incurrencies other than the U.S. dollar. Assets and liabilities denominated in currencies other than the U.S.dollar are translated into U.S. dollars at the rates in effect at the date ofthe Statement of Financial Condition. Income and expense items denominated in 

 

7

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                        currenciesother than the U.S. dollar are translated into U.S. dollars at the rates ineffect during the period.  Gains andlosses resulting from the translation to U.S. dollars are reported in Realizedin the Statement of Operations.

 

Cashat Broker

 

Aportion of the assets maintained at MLPF&S is restricted cash required tomeet maintenance margin requirements. Included in cash deposits with the brokerat December 31, 2007 and 2006 were restricted cash for margin requirementsof $6,068,085 and $1,272,271, respectively.

 

OperatingExpenses, Offering Costs and Selling Commissions

 

The Fundpays for all routine operating costs (including offering costs, administration,custody, transfer, exchange and redemption process, legal, regulatory filing,tax, audit, escrow, accounting and printing fees and expenses) incurred by theFund.  The Fund also pays anyextraordinary expenses.

 

MLAIpaid all the expenses incurred in connection with the initial offering of theUnits. The Fund is reimbursing MLAI for these costs in 60 monthlyinstallments.  For financial reportingpurposes in conformity with U.S GAAP, the Fund amortizes the total initialoffering costs of $42,000 over a twelve-month period (the Fund revised itsestimate of initial offering costs from $60,000 to $42,000 during the yearended December 31, 2007.  For allother purposes, including determining the Net Asset Value per Unit forsubscription and redemption purposes, the Fund amortizes offering costs over a60 month period (see Note 5).

 

Class AUnits are subject to a sales commission paid to Merrill Lynch ranging from 1.0%to 2.5%.  Class D and Class IUnits are subject to sales commissions up to 0.5%.  The rate assessed to a given subscription isbased upon the subscription amount. Commissions are directly deducted from subscription amounts.  Class C Units are not subject to anysales commissions.

 

Income Taxes

 

Noprovision for income taxes has been made in the accompanying financialstatements as each Member is individually responsible for reporting income orloss based on such Member’s share of the Fund’s income and expenses as reportedfor income tax purposes.

 

Distributions

 

TheMembers are entitled to receive, equally per Unit, any distributions which maybe made by the Fund.  No suchdistributions have been declared for the year ended December 31, 2007 andfor the period ended December 31, 2006.

 

Subscriptions

 

Unitsare offered as of the close of business at the end of each month.  Units are purchased as of the first businessday of any month at Net Asset Value for all other purposes (see Note 5), butthe subscription request must be submitted at least three calendar days beforethe end of the preceding month. Subscriptions submitted less than three days before the end of the monthwill be applied to Units subscriptions as of the beginning of the second monthafter receipt, unless revoked by MLAI.

 

8

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Redemptions andExchanges

 

                       A Membermay redeem or exchange some or all of such Member’s Units at Net Asset Valuefor all other purposes (see Note 5) as of the close of business, on the lastbusiness day of any month, upon ten calendar days’ notice (“notice period”).

 

Aninvestor in the Fund can exchange these Units for Units of the same Class inother Program Funds as of the beginning of each calendar month upon at leastten days prior notice.  The minimumexchange amount is $10,000.

 

Redemptionrequests are accepted within the notice period. The Fund does not accept any redemption requests after the noticeperiod.  All redemption requests receivedafter the notice period will be processed for the following month.

 

Dissolution of theFund

 

The Fund may terminate if certain circumstancesoccur as set forth in the offering memorandum, which include but are notlimited to the following:

 

(a)                      Bankruptcy, dissolution, withdrawal or othertermination of the trading advisor of this Fund.

(b)                     Any event which would make unlawful thecontinued existence of this Fund.

(c)                      Determination by MLAI to liquidate orwithdraw from the Fund.

 

Indemnifications

 

In the normal course of business, the Fund enters intocontracts and agreements that contain a variety of representations andwarranties and which provide general indemnifications.  The Fund’s maximum exposure under thesearrangements is unknown, as this would involve future claims that may be madeagainst the Fund that have not yet occurred. The Fund expects the risk of any future obligation under theseindemnifications to be remote.

 

9

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2.               CONDENSED SCHEDULES OF INVESTMENTS

 

The Fund’s investmentsinclude Options at market and Net unrealized profit on open contracts in theStatements of Financial Condition as of December 31, 2007 and 2006 are asfollows:

 

**2007**

 
| ** **                  | ** ** | **Long Positions** | ** ** | **Short Positions** | ** ** | **Net Unrealized**        | ** ** | ** **         | ** ** | ** **     | ** ** |
|-----------------------------|------------|-------------------------|------------|--------------------------|------------|--------------------------------|------------|--------------------|------------|----------------|------------|
| **Commodity Industry** | ** ** | **Number of**      | ** ** | **Unrealized**           | ** ** | **Percent of**            | ** ** | **Number of** | ** ** | **Unrealized** | ** ** | **Percent of** | ** ** | **Profit** | ** ** | **Percent of** | ** ** | ** ** | ** ** |
| **Sector**                  | ** ** | **Contracts**           | ** ** | **Profit**               | ** ** | **Members’ Capital** | ** ** | **Contracts**      | ** ** | **Profit**     | ** ** | **Members’ Capital** | ** ** | **on Open Positions** | ** ** | **Members’ Capital** | ** ** | **Maturity Dates** | ** ** |
|                        |       |                    |       |                     |       |                           |       |               |       |           |       |   |   |   |   |   |   |   |   |
| Futures  Contracts          |       |                    |       |                     |       |                           |       |               |       |           |       |   |   |   |   |   |   |   |   |
|                        |       |                    |       |                     |       |                           |       |               |       |           |       |   |   |   |   |   |   |   |   |
| Interest rates              |       | 1,804                   |       | $                        | 463,505    |                           | 0.73       | %                  | (448       | )              | $          | 125,879 |   | 0.20 | % | $ | 589,384 |   | 0.93 | % | March 2008 |   |
|                        |       |                    |       |                     |       |                           |       |               |       |           |       |   |   |   |   |   |   |   |   |
| Sector Total                |       |                    |       | $                        | 463,505    |                           | 0.73       | %                  |       |           | $          | 125,879 |   | 0.20 | % | $ | 589,384 |   | 0.93 | % |   |   |

 

Options

 
| ** **    | ** ** | ** ** | ** ** | **Cost**  | ** ** | ** ** | ** ** | ** ** | ** ** | **Market** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** **                     | ** ** |
|---------------|------------|------------|------------|-----------|------------|------------|------------|------------|------------|------------|------------|------------|------------|------------|------------|------------|------------|--------------------------------|------------|
| Agriculture   |       | 967        |       | $         | 1,550,162  |       | 2.44       | %          | 967        |       | $          | 2,425,546  |       | 3.82       | %          | $          | 875,384    |                           | 1.38       | % | May 2008 - June 2008 |   |
| Energy        |       | 215        |       | 1,222,845 |       | 1.92       | %          | 215        |       | 2,280,460  |       | 3.59       | %          | 1,057,615  |       | 1.67       | %          | May 2008                  |       |
| Metals        |       | 338        |       | 1,594,157 |       | 2.51       | %          | 338        |       | 1,814,237  |       | 2.85       | %          | 220,080    |       | 0.34       | %          | May 2008 - June 2008 |       |
|          |       |       |       |      |       |       |       |       |       |       |       |       |       |       |       |       |       |                           |       |
| Options Total |       |       |       | $         | 4,367,164  |       | 6.87       | %          |       |       | $          | 6,520,243  |       | 10.26      | %          | $          | 2,153,079  |                           | 3.39       | % |   |   |

 

**2006**

 
| ** **                  | ** ** | **Long Positions** | ** ** | **Short Positions** | ** ** | **Net Unrealized**        | ** ** | ** **         | ** ** | ** **     | ** ** |
|-----------------------------|------------|-------------------------|------------|--------------------------|------------|--------------------------------|------------|--------------------|------------|----------------|------------|
| **Commodity Industry** | ** ** | **Number of**      | ** ** | **Unrealized**           | ** ** | **Percent of**            | ** ** | **Number of** | ** ** | **Unrealized** | ** ** | **Percent of** | ** ** | **Profit (Loss)** | ** ** | **Percent of** | ** ** | ** ** | ** ** |
| **Sector**                  | ** ** | **Contracts**           | ** ** | **Profit (Loss)**   | ** ** | **Members’ Capital** | ** ** | **Contracts**      | ** ** | **Profit**     | ** ** | **Members’ Capital** | ** ** | **on Open Positions** | ** ** | **Members’ Capital** | ** ** | **Maturity Dates** | ** ** |
|                        |       |                    |       |                     |       |                           |       |               |       |           |       |   |   |   |   |   |   |   |   |
| Futures  Contracts          |       |                    |       |                     |       |                           |       |               |       |           |       |   |   |   |   |   |   |   |   |
|                        |       |                    |       |                     |       |                           |       |               |       |           |       |   |   |   |   |   |   |   |   |
| Interest rates              |       | 87                      |       | $                        | (13,674    | )                              | -0.21      | %                  | (303       | )              | $          | 221,675 |   | 3.42 | % | $ | 208,001 |   | 3.21 | % | March 2007 |   |
|                        |       |                    |       |                     |       |                           |       |               |       |           |       |   |   |   |   |   |   |   |   |
| Sector Total                |       |                    |       | $                        | (13,674    | )                              | -0.21      | %                  |       |           | $          | 221,675 |   | 3.42 | % | $ | 208,001 |   | 3.21 | % |   |   |

 

Options

 
| ** **    | ** ** | ** ** | ** ** | **Cost** | ** ** | ** ** | ** ** | ** ** | ** ** | **Market** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** **                     | ** ** |
|---------------|------------|------------|------------|----------|------------|------------|------------|------------|------------|------------|------------|------------|------------|------------|------------|------------|------------|--------------------------------|------------|
| Agriculture   |       | 171        |       | $        | 276,398    |       | 4.26       | %          |       |       | $          | 265,765    |       | 4.10       | %          | $          | (10,633    | )                              | -0.16      | % | May 2007 |   |
| Energy        |       | 46         |       | 214,295  |       | 3.30       | %          |       |       | 132,628    |       | 2.04       | %          | (81,667    | )          | -1.26      | %          | May 2007                  |       |
| Metals        |       | 59         |       | 281,950  |       | 4.35       | %          |       |       | 187,083    |       | 2.88       | %          | (94,867    | )          | -1.46      | %          | May 2007 - June 2007 |       |
|          |       |       |       |     |       |       |       |       |       |       |       |       |       |       |       |       |       |                           |       |
| Options Total |       |       |       | $        | 772,643    |       | 11.91      | %          |       |       | $          | 585,476    |       | 9.02       | %          | $          | (187,167   | )                              | -2.89      | % |   |   |

 

No individualcontract’s unrealized gain or loss comprised greater than 5% of Members’Capital as of December 31, 2007 and 2006.

 

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3.                    RELATED PARTY TRANSACTIONS

 

The Fund’s U.S. dollar assets are maintained atMLPF&S. On assets held in U.S. dollars, Merrill Lynch credits the Fund withinterest at the most favorable rate payable by MLPF&S to accounts ofMerrill Lynch affiliates but not less than 75% of such prevailing rate.  The Fund is credited with interest on any ofits assets and net gains actually held by MLPF&S non-U.S. dollar currenciesat a prevailing local rate received by Merrill Lynch.  Merrill Lynch may derive certain economicbenefit, in excess of the interest which Merrill Lynch pays to the Fund, frompossession of such assets.

 

Merrill Lynch charges the Fund at prevailing localinterest rates for financing realized and unrealized losses on the Fund’snon-U.S. dollar-denominated positions. Such amounts are netted against interest income due to theinsignificance of such amounts.

 

The Fund’s Class A Units pay Sponsor fees to MLAIat a flat monthly rate equal to .125% (a 1.50% annual rate) of the Class’month-end assets, Class C Units pay Sponsor fees to MLAI at a flat monthlyrate equal to .2083% (a 2.50% annual rate) of the Class’ month-end assets, Class IUnits pay Sponsor fees to MLAI at a flat monthly rate equal to .0917% (a 1.10%annual rate) of the Class’ month-end assets. Class D Units do not pay Sponsor fees.

 

The Fund pays brokerage commissions on actual cost perround turn.  The average round-turncommission rate charged to the Fund for the year ended December 31, 2007and for the period ended December 31, 2006 were approximately $7.63 and$10.47 respectively (not including, in calculating round-turn, forwardcontracts on a futures-equivalent basis).

 

TheFund pays APM annual management fees of 1.50% of the Fund’s average month-endassets allocated to them after reduction for the brokerage commissions accruedwith respect to such assets.  MLAIreceives 25% of the 1.50% management fee for sponsoring and providing ongoingadministration and operational support to the Fund.

 

4.                    ADVISORY AGREEMENT

 

TheFund and APM have entered into an Advisory Agreement. This Agreement shallcontinue in effect until December 31, 2016. Thereafter, this Agreementshall be automatically renewed for successive three-year periods, on the sameterms, unless terminated by either APM or the Fund upon 90 days’ notice to theother party.  APM determines thecommodity futures, options on futures and forward contract trades to be made onbehalf of their respective Fund accounts, subject to certain trading policiesand to certain rights reserved by MLAI.

 

Performancefees paid by the Fund are calculated as 15% of any New Trading Profit, asdefined, and earned by APM as of either the end of each calendar year or uponthe net reallocation of assets away from APM. MLAI receives 25% of the 15% performance fees.  Performance fees are also paid out in respectof Units redeemed as of the end of interim months, to the extent of theapplicable percentage of any New Trading Profit attributable to such Units.

 

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5.                    NET ASSET VALUE PER UNIT

 

Forfinancial reporting purposes, in conformity with U.S. GAAP, the Fund amortizesover a twelve-month period the total initial offering costs payable to MLAI forpurposes of determining Net Asset Value. For all other purposes, including computing Net Asset Value for purposesof member subscription and redemption activity, such costs are amortized over60 months.  Consequently, as of December 31,2007 and 2006, the Net Asset Value and Net Asset Value per Unit of the differentClasses for financial reporting purposes and for all other purposes are asfollows:

 

December 31,2007

 
| ** **   | ** ** | **Net Asset Value**             | ** ** | ** **               | ** ** | **Net Asset Value per Unit** | ** ** |
|--------------|------------|-------------------------------------------|------------|--------------------------|------------|--------------------------------------------------|------------|
| ** **   | ** ** | **All Other  Purposes  (unaudited)** | ** ** | **Financial  Reporting** | ** ** | **Number of  Units**                        | ** ** | **All Other  Purposes  (unaudited)** | ** ** | **Financial  Reporting** | ** ** |
| Class A |       | $                                         | 4,852,693  |                     | $          | 4,849,384                                        |       | 4,247,792 |   | $ | 1.1424 |   | $ | 1.1416 |   |
| Class C |       | 26,466,199                                |       | 26,459,564               |       | 23,461,920                                       |       | 1.1280 |   | 1.1278 |   |
| Class D |       | 22,254,692                                |       | 22,237,106               |       | 19,675,186                                       |       | 1.1311 |   | 1.1302 |   |
| Class I |       | 10,025,466                                |       | 10,022,992               |       | 8,783,678                                        |       | 1.1414 |   | 1.1411 |   |
|         |       | $                                         | 63,599,050 |                     | $          | 63,569,046                                       |       | 56,168,576 |   |   |   |   |   |
|              |            |                                           |            |                          |            |                                                  |            |  |  |  |  |  |  |  |  |

 

December 31,2006

 
| ** **   | ** ** | **Net Asset Value**             | ** ** | ** **               | ** ** | **Net Asset Value per Unit** | ** ** |
|--------------|------------|-------------------------------------------|------------|--------------------------|------------|--------------------------------------------------|------------|
| ** **   | ** ** | **All Other  Purposes  (unaudited)** | ** ** | **Financial  Reporting** | ** ** | **Number of  Units**                        | ** ** | **All Other  Purposes  (unaudited)** | ** ** | **Financial  Reporting** | ** ** |
| Class D |       | $                                         | 6,491,434  |                     | $          | 6,487,434                                        |       | 6,615,200 |   | $ | 0.9813 |   | $ | 0.9807 |   |
|              |            |                                           |            |                          |            |                                                  |            |  |  |  |  |  |  |  |  |

 

6.               WEIGHTED AVERAGE UNITS

 

Theweighted average number of Units outstanding for each Class is computedfor purposes of calculating net income per weighted average Unit.  The weighted average number of Unitsoutstanding for each Class for the year ended December 31, 2007 andfor the period ended December 31, 2006 equals the Units outstanding foreach Class as of such date, adjusted proportionately for Units sold orredeemed based on the respective length of time each was outstanding during theperiod.

 

7.               RECENT ACCOUNTINGPRONOUNCEMENTS

 

In September 2006, the Financial Accounting Standards Board (“FASB”)issued Statement of Financial Accounting Standards No. 157, Fair ValueMeasurements (“FAS 157”).  FAS 157 establishes a common definitionfor fair value under US GAAP, establishes a framework for measuring fair valueand expands disclosure requirements about such fair value measurements. FAS 157 is effective for fiscal years beginning after November 15,2007.  The Fundis currently evaluating theimpact of adopting FAS 157 on its financial statements.

 

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Effective January 1, 2007, the Fund adopted the provisions of  FASB Interpretation No. 48 (“FIN 48”) Accounting for Uncertainty inIncome Taxes, an interpretation of FASB Statement No. 109. FIN 48prescribes 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. The implementation of this pronouncement had no impact onthe financial statements.

 

8.         MARKET AND CREDIT RISK

 

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

 

### Market Risk

 

Derivative instruments involve varying degrees ofmarket risk.  Changes in the level orvolatility of interest rates, foreign currency exchange rates or the marketvalues of the financial instruments or commodities underlying such derivativeinstruments frequently result in changes in the Fund’s net unrealized profit onopen contracts on such derivative instruments as reflected in the Statement ofFinancial Condition.  The Fund’s exposureto market risk is influenced by a number of factors, including therelationships among the derivative instruments held by the Fund as well as thevolatility and liquidity of the markets in which the derivative instruments aretraded.  Investments in foreign marketsmay also entail legal and political risks.

 

MLAIhas procedures in place intended to control market risk exposure, althoughthere can be no assurance that they will, in fact, succeed in doing so.  These procedures focus primarily onmonitoring the trading of APM, calculating the Net Asset Value of the Fund asof the close of business on each day and reviewing outstanding positions forover-concentrations.  While MLAI does notintervene in the markets to hedge or diversify the Fund’s market exposure, MLAImay urge APM to reallocate positions in an attempt to avoidover-concentrations.  However, suchinterventions are expected to be unusual. It is expected that MLAI’s basic risk control procedures will consist ofthe ongoing process of advisor monitoring, with the market risk controls beingapplied by APM.

 

Credit Risk

 

The risks associated withexchange-traded contracts are typically perceived to be less than thoseassociated with over-the-counter (non-exchange-traded) transactions, becauseexchanges typically provide clearinghouse arrangements in which the collectivecredit (in some cases limited in amount, in some cases not) of the members ofthe exchange is pledged to support the financial integrity of theexchange.  In over-the-countertransactions, on the other hand, traders must rely solely on the credit oftheir respective individual counterparties. Margins, which may be subject to loss in the event of a default, aregenerally required in exchange trading, and counterparties may also requiremargin in the over-the-counter markets.

 

The credit riskassociated with these instruments from counterparty nonperformance is the Netunrealized profit on open contracts, if any, included in the Statement ofFinancial Condition. The Fund attempts to mitigate this risk by dealingexclusively with Merrill Lynch entities as clearing brokers.

 

The Fund, in itsnormal course of business, enters into various contracts with MLPF&S actingas its commodity broker.  Pursuant to thebrokerage arrangement with MLPF&S (which includes a netting arrangement),to the extent that such trading results in receivables from and payables toMLPF&S, these receivables and payables are offset and reported as a netreceivable or payable and are included in Equity in commodity futures tradingaccounts in the Statement of Financial Condition.

 

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*     *    *     *     *    *     *     *    *     *      *

 

To the best of the knowledge and belief of the

undersigned, the information contained in this

reportis accurate and complete.

 
|   |   | /s/  Barbra E. Kocsis                          |   |   |
|--------|--------|------------------------------------------------|--------|--------|
|   |   |      Barbra E. Kocsis |   |   |

Chief Financial Officer

Merrill Lynch Alternative Investments LLC

Sponsor of

ML APM Global Commodity FuturesAccess LLC

 

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