**UNITED STATESSECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 10-K**

**x****Annual Report Pursuant toSection 13 or 15(d)of the Securities Exchange Act of 1934**

**For the fiscal year ended: December 31, 2006**

**or**

**o****Transition Report Pursuant toSection 13or 15(d) of the Securities Exchange Act of 1934**

**Commission file number:**

**ML APMGLOBALCOMMODITY FUTURESACCESS LLC**

(Exact name of registrant as specified in its charter)
| **Delaware**                    | **20-5269618**       |
|---------------------------------|----------------------|
| (State or other jurisdiction of | (I.R.S. Employer     |
| incorporation or organization)  | Identification  No.) |

 

**c/oMerrill Lynch Alternative Investments LLCPrinceton Corporate Campus800 Scudders Mill Road – Section 2-GPlainsboro, New Jersey 08536**

(Address of principal executive offices)

Registrant’s telephone number, including areacode:  **(609)282-6996**

Securities registered pursuant to Section 12(b) of theAct: **None**

Securities registered pursuant to Section 12(g) of theAct:**Units of Limited Liability Company Interest**

Indicate by checkmark if the registrant is a well-known seasoned issuer, as defined in Rule 405of the Securities Act.

Yes o    Nox

Indicate by checkmark if the registrant is not required to file reports pursuant to Section 13or 15(d) of the Act.

Yes o    Nox

Indicate by checkmark whether the registrant (1) has filed all reports required to be filed bySection 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding12 months (or for such shorter period that the registrant was required to filesuch reports), and (2) has been subject to such filing requirements for thepast 90 days.

Yes x    Noo

Indicate by check mark if disclosure of delinquentfilers pursuant to Item 405 of Regulation S-K is not contained herein, and willnot be contained, to the best of registrant’s knowledge, in definitive proxy orinformation statements incorporated by reference in Part III of this Form 10-Kor any amendment to this Form 10-K. x

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

  Largeaccelerated filer o   Accelerated filer o   Non-accelerated filer x

Indicate by check markwhether registrant is a shell company (as defined by Rule 12b-2 of the Act).

Yes o    Nox

The Units of limited liability company interest of theregistrant are not publicly traded. Accordingly, there is no aggregate market value for the registrant’soutstanding equity that is readily determinable.

As January 31, 2007, units of limited liabilitycompany interest with an aggregate value of $5,684,140 were outstanding andheld by non-affiliates.

**Documents Incorporated by Reference**

The registrant’s 2006 Annual Report and Report ofIndependent Registered Public Accounting Firm, the annual report to securityholders for the period ended December 31, 2006, is incorporated by referenceinto Part II, Item 8, and Part IV hereof and filed as an Exhibit herewith.Copies of the annual report are available free of charge by contactingAlternative Investments Client Services at1-877-465-8435.

 

 

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**MLAPMGLOBAL COMMODITY**

**FUTURESACCESS LLC**

ANNUAL REPORT FOR 2006 ON FORM 10-K

Table of Contents
|           |                                                                                                                | ** ** |
|-----------|---------------------------------------------------------------------------------------------------------------------|------------|
| PART I    |
|      |                                                                                                                |       |
| Item  1.  | Business                                                                                                            | 1          |
|      |                                                                                                                |       |
| Item  1A. | Risk  Factors                                                                                                       | 6          |
|      |                                                                                                                |       |
| Item  2.  | Properties                                                                                                          | 7          |
|      |                                                                                                                |       |
| Item 3.   | Legal Proceedings                                                                                                   | 7          |
|      |                                                                                                                |       |
| Item 4.   | Submission  of Matters to a Vote of Security Holders                                                                | 8          |
|      |                                                                                                                |       |
| PART II   |
|      |                                                                                                                |       |
| Item 5.   | Market for  Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases  of Equity Securities | 8          |
|      |                                                                                                                |       |
| Item 6.   | Selected Financial  Data                                                                                            | 10         |
|      |                                                                                                                |       |
| Item 7.   | Management’s  Discussion and Analysis of Financial Condition and Results of Operations                         | 13         |
|      |                                                                                                                |       |
| Item 7A.  | Quantitative  and Qualitative Disclosures about Market Risks                                                        | 15         |
|      |                                                                                                                |       |
| Item 8.   | Financial  Statements and Supplementary Data                                                                        | 19         |
|      |                                                                                                                |       |
| Item 9.   | Changes in  and Disagreements with Accountants on Accounting and Financial Disclosure                               | 19         |
|      |                                                                                                                |       |
| Item 9A.  | Controls and  Procedures                                                                                            | 19         |
|      |                                                                                                                |       |
| Item 9B.  | Other Information                                                                                                   | 19         |
|      |                                                                                                                |       |
| PART III  |
|      |                                                                                                                |       |
| Item 10.  | Directors  and Executive Officers and Corporate Governance                                                          | 20         |
|      |                                                                                                                |       |
| Item 11.  | Executive  Compensation                                                                                             | 22         |
|      |                                                                                                                |       |
| Item 12.  | Security  Ownership of Certain Beneficial Owners and Management and Related Stockholder  Matters                    | 22         |
|      |                                                                                                                |       |
| Item 13.  | Certain  Relationships and Related Transactions                                                                     | 22         |
|      |                                                                                                                |       |
| Item 14.  | Principal  Accountant Fees and Services                                                                             | 23         |
|      |                                                                                                                |       |
| PART IV   |
|      |                                                                                                                |       |
| Item 15.  | Exhibits and  Financial Statement Schedules                                                                         | 24         |

 

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**PART I**

**Item 1:****          Business**

(a)                                  GeneralDevelopment of Business:

ML APM Global Commodity FuturesAccess LLC (the “Fund”)was organized under the Delaware Limited Liability Company Act on May 17, 2004and commenced trading activities on December 1, 2006. The Fund issues new unitsof limited liability company interest (“Units”) at Net Asset Value per Unit(see Item 6 for discussion of net asset value and net asset value per unit forsubscriptions and redemptions purposes hereinafter referred to as Net AssetValue and Net Asset Value per Unit for all other purposes) as of the beginningof each calendar month. The Fund engages in the speculative trading of futures,options on futures and forward contracts on a wide range of commodities.Absolute Plus Management, LLC (“APM”) is the trading advisor of the Fund.

Merrill Lynch Alternative Investments LLC (“MLAI”), isan indirect wholly-owned subsidiary of Merrill Lynch & Co., Inc. (“MerrillLynch”), is the Manager of the Fund. Merrill Lynch, Pierce, Fenner & Smith Incorporated (“MLPF&S”), awholly-owned subsidiary of Merrill Lynch, is the Fund’s commodity broker.

As of December 31, 2006, the capitalization of theFund for all other purposes was $6,491,434 and the Net Asset Value per Unit forall other purposes, originally $1.00 as of December 1, 2006 for class D hadfallen to $0.9813.  The Capitalizationand the Net Asset Value per Unit for financial reporting purposes in accordancewith accounting principles generally accepted in the United States of America (“GAAP”)was $6,487,434 and $0.9724 for Class D.

(b)                                 FinancialInformation about Segments:

The Fund’s business constitutes only one segment forfinancial reporting purposes, i.e*.,* aspeculative “commodity pool”. The Fund does not engage in sales of goods orservices.

(c)                                  NarrativeDescription of Business:

***General***

The Fund trades in the international futures andforward markets with the objective of achieving substantial capitalappreciation.

The Fund hasentered into an advisory agreement with APM whereby APM trades through amanaged account the Fund’s assets using The APM Hedged Global CommodityStrategy. In The APM Hedged Global Commodity Strategy, APM applies itstrend-following systems to a broadly-diversified portfolio of futures andforward markets, including, but not limited to, precious and industrial metals,grains, petroleum products, soft commodities, domestic and foreign interestrate futures, and currencies in their cross rates, and minor currency markets.

Use of Proceeds and Cash Management Income

Subscription Proceeds

The Fund’s cash isused as security for and to pay the Fund’s trading losses as well as itsexpenses and redemptions. The primary use of the proceeds of the sale of theUnits is to permit APM to trade on a speculative basis in a wide range of differentfutures and forwards markets on behalf of the Fund.  While being used for this purpose, the Fund’sassets are also generally available for cash management, as more fullydescribed below under “Cash Assets”.

Market Sectors

APM applies its proprietary systems to abroadly-diversified portfolio of futures and forward markets pursuant to theirInternational Value Program.  TheInternational Value Program may trade in the following markets:  CBOT, CME, EUREX, IME, LME, LIFFE, MATIF, ME,MEFF, NYMEX, NZFOE, SFE, SIMEX, TIFFE, TSE and may expand to include trading inother markets.

1

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 The Fund’scommitments to different types of markets – U.S. and non-U.S., regulated andnon-regulated – differ substantially from time to time, as well as overtime.  The Fund has no policy restrictingits relative commitment to any of these different types of markets.

Market Types

The Fund trades on a variety of United States andforeign futures exchanges.  Substantiallyall of the Fund’s off-exchange trading takes place in the highly liquid,institutionally-based currency forward markets.

Many of the Fund’s currency trades are executed in thespot and forward foreign exchange markets (the “FX Markets”) where there are nodirect execution costs.  Instead, theparticipants, banks and dealers in the FX markets take a “spread” between theprices at which they are prepared to buy and sell a particular currency andsuch spreads are built into the pricing of the spot or forward contracts withthe Fund.

Custody of Assets

All of the Fund’sassets are currently held in Commodity Futures Trading Commission (“CFTC”)regulated customer accounts at MLPF&S.

Cash Assets

The Fund will generally earn interest, as describedbelow, on its “Cash Assets”, which can be generally described as the cash actuallyheld by the Fund plus its “open trade equity” (unrealized gain and loss markedto market daily on open positions).  CashAssets are held primarily in U.S. dollars, and to a lesser extent in foreigncurrencies, and are comprised of the Fund’s cash balances held in the offsetaccounts (as described below) – which include “open trade equity” (unrealizedgain and loss on open positions) on United States futures contracts, which ispaid into or out of the Fund’s account on a daily basis; the Fund’s cashbalance in foreign currencies derived from its trading in non-U.S. dollardenominated futures and options contracts, which includes open trade equity onthose exchanges which settle gains and losses on open positions in suchcontracts prior to closing out such positions. Cash Assets do not include and the Fund does not earn interest income onthe Fund’s gains or losses on its open forward, commodity option and certainforeign futures positions since such gains and losses are not collected or paiduntil such positions are closed out.

The Fund’s Cash Assets may be greater than, less thanor equal to the Fund’s Net Asset Value (on which the redemption value of theUnits is based) primarily because Net Asset Value reflects all gains and losseson open positions as well as accrued but unpaid expenses.

Interest Earned on the Fund’s U.S. Dollar Cash Assets

The Fund’s U.S. dollar Cash Assets are held in cash atMLPF&S, which utilizes offset accounts.

Offset accounts are non-interest bearing demanddeposit accounts maintained with banks unaffiliated with Merrill Lynch.  An integral feature of the offsetarrangements is that the participating banks specifically acknowledge that theoffset accounts are MLPF&S customer accounts, not subject to any MerrillLynch liability.

MLPF&S credits the Fund with interest at the mostfavorable rate payable by MLPF&S to accounts of Merrill Lynch affiliatesbut not less than 75% of such prevailing rate. The Fund is credited with interest on any of its assets and net gainsactually held by MLPF&S non-U.S. dollar currencies at a prevailing localrate received by Merrill Lynch.  MerrillLynch may derive certain economic benefit, in excess of the interest, whichMerrill Lynch pays to the Fund, from possession of such assets.

The use of the offset account arrangements for theFund’s U.S. dollar Cash Assets may be discontinued by Merrill Lynch at anytime.  If Merrill Lynch were to terminatethe offset arrangements, it would attempt to invest all of the Fund’s U.S.dollar Cash Assets to the maximum practicable extent in short-term Treasurybills.  All interest earned on the U.S.dollar Available Assets so invested would be paid to the Fund but MLAI wouldexpect the amount of such interest to be less than that available to the Fundunder the offset account arrangements. The remaining U.S. dollar Available Assets of the Fund would be kept incash to meet variation margin payments and pay expenses, but would not earninterest for the Fund.

The banks at which the offset accounts are maintainedmake available to Merrill Lynch interest-free overnight credits, loans oroverdrafts in the amount of the Fund’s U.S. dollar Available Assets held in theoffset accounts, 

2

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chargingMerrill Lynch a small fee for this service. The economic benefits derived by Merrill Lynch – net of the interestcredits paid to the Fund and the fee paid to the offset banks – from the offsetaccounts have not exceeded 0.75% per annum of the Fund’s average daily U.S.dollar Available Assets held in the offset accounts.  These revenues to Merrill Lynch are inaddition to the Brokerage Commissions and Sponsor Fees paid by the Fund toMLPF&S and MLAI, respectively.

Interest Paid by Merrill Lynch on the Fund’s Non-U.S.Dollar Cash Assets

Under the singlecurrency margining system implemented for the Fund, the Fund itself does notdeposit foreign currencies to margin trading in non-U.S. dollar denominatedfutures contracts and options, if any. MLPF&S provides the necessary margin, permitting the Fund to retainthe monies which would otherwise be required for such margin as part of theFund’s U.S. dollar Cash Assets.  The Funddoes not earn interest on foreign margin deposits provided by MLPF&S. TheFund does, however, earn interest on its non-U.S. dollar Cash Assets.  Specifically, the Fund is credited by MerrillLynch with interest at prevailing short-term local rates on assets and netgains on non-U.S. dollar denominated positions for such gains actually held incash by the Fund.  Merrill Lynch chargesthe Fund Merrill Lynch’s cost of financing realized and unrealized losses onsuch positions.

The Fund holdsforeign currency gains and finances foreign currency losses on an interim basisuntil converted into U.S. dollars and either paid into or out of the Fund’sU.S. dollar Cash Assets.  Foreigncurrency gains or losses on open positions are not converted into U.S. dollarsuntil the positions are closed.  Assetsof the Fund while held in foreign currencies are subject to exchange rate risk.

3

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***Charges***

The followingtable summarizes the charges incurred by the Fund for the period December 1,2006 (Commencement of Operations) to December 31, 2006.

|                 | ** ** | ** **             | ** ** | **2006**                                                                                                  | ** ** |
|-----------------|------------|------------------------|------------|-----------------------------------------------------------------------------------------------------------|------------|
| **Charges**     | ** ** | **Dollar Amount** | ** ** | **% of Average  Month-End Net Assets   (all other purposes) (1)** | ** ** |
|            |       |                   |       |                                                                                                      |       |
| Other Expenses  |       | $                      | 23,284     |                                                                                                      | 0.26       | % |
| Management fees |       | 13,694                 |       | 0.16                                                                                                      | %          |
| Total           |       | $                      | 36,976     |                                                                                                      | 0.42       | % |

 

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(1) Not annualized.

The foregoing table does not reflect the bid-askspreads paid by the Fund on its forward trading, or the benefits which may bederived by Merrill Lynch from the deposit of certain of the Fund’s U.S. dollarassets maintained at MLPF&S.

 The Fund’s average month-end Net Asset Valuesfor all other purposes during 2006 equaled $8,820,717.

During 2006, the Fund earned $45,356 in interestincome, or approximately 0.5142% of the Fund’s average month-end Net AssetValues for all other purposes.

**Description of Current Charges**

 
| **Recipient**        | ** ** | **Nature of Payment** | ** ** | **Amount of Payment**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|----------------------|------------|-----------------------|------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| MLPF&S           |       | Brokerage Commissions |       | During 2006, the round-turn (each purchase and sale  or sale and purchase of a single futures contract) rate of the Fund’s  flat-rate Brokerage Commissions was approximately $10.47.                                                                                                                                                                                                                                                                                                                                                        |
|                 |       |                  |       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| MLPF&S           |       | Use of assets         |       | Merrill Lynch may derive an economic benefit from  the deposit of certain of the Fund’s U.S. dollar assets in accounts  maintained at MLPF&S.                                                                                                                                                                                                                                                                                                                                                                                            |
|                 |       |                  |       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| MLAI                 |       | Sponsor Fees          |       | A flat-rate monthly charge of 0.125 of 1% (1.50%  annual rate) on Class A units, flat-rate monthly charge of 0.2083 of 1%  (2.50% annual rate) on Class C units, a flat-rate monthly charge of 0.0917 of  1% (1.10% annual rate) on Class I units (including the monthly interest  credit and before reduction for accrued month-end redemptions, distributions,  brokerage commissions, sponsor fees, management fees or performance fees, in  each case as of the end of the month of determination).  Class D does not pay a Sponsor fee. |
|                 |       |                  |       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| MLAI and  MLPF&S |       | Sales Commissions     |       | Class A Units are subject to a sales commission paid  to Merrill Lynch ranging from 1.0% to 2.5%.   Class D and Class I Units are subject to sales commissions up to  0.5%.  The rate assessed to a given  subscription is based upon the subscription amount.  Sales commissions are directly deducted  from subscription amounts.  Class C  Units are not subject to any sales commissions.                                                                                                                                 |

 

4

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| Merrill Lynch  International Bank (“MLIB”) (or an affiliate); Other counterparties |   | Bid–ask spreads                                               |   | Bid–ask spreads on forwards and related trades.                                                                                                                                                                                                                                                                                                 |
|----------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                         |   |                                                               |   |                                                                                                                                                                                                                                                                                                                                                 |
| MLIB (or an  affiliate); Other counterparties                                                |   | EFP differentials                                                  |   | Certain of the Fund’s currency trades may be  executed in the form of “exchange of futures for physical” transactions, in  which a counterparty (which may be MLIB or an affiliate) receives an  additional “differential” spread for exchanging the Fund’s cash currency  positions for equivalent futures positions. |
|                                                                                         |   |                                                               |   |                                                                                                                                                                                                                                                                                                                                                 |
| APM                                                                                          |   | Annual performance fees                                            |   | 15% of any New Trading Profits, as defined,  generated by the Fund as a whole, as of the end of each calendar year.                                                                                                                                                                                                                                  |
|                                                                                         |   |                                                               |   |                                                                                                                                                                                                                                                                                                                                                 |
| APM                                                                                          |   | Management fees                                                    |   | A flat-rate monthly charge of 0.125 of 1% of the  Fund’s month-end assets (a 1.5% annual rate).                                                                                                                                                                                                                                                 |
|                                                                                         |   |                                                               |   |                                                                                                                                                                                                                                                                                                                                                 |
| Others                                                                                       |   | Operating expense of Fund including audit, legal and  tax services |   | Actual payments to third parties.                                                                                                                                                                                                                                                                                                                    |
|                                                                                         |   |                                                               |   |                                                                                                                                                                                                                                                                                                                                                 |
| MLAI;Others                                                                                  |   | Initial Offering Costs reimbursed                                  |   | Actual costs incurred.                                                                                                                                                                                                                                                                                                                               |

 

5

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***Regulation***

MLAI, APM andMLPF&S are each subject to regulation by the CFTC and the NFA.  Other than in respect of the registrationrequirements pertaining to the Fund’s securities under Section 12(g) of theSecurities Exchange Act of 1934, the Fund is generally not subject toregulation by the Securities and Exchange Commission (the “SEC”).  However, MLAI itself is registered as an “investmentadviser” under the Investment Advisers Act of 1940.  MLPF&S is also regulated by the SEC andthe National Association of Securities Dealers.

(i) through (xii) —not applicable.

(xiii)  The Fund has no employees.

(d)                                 FinancialInformation about Geographic Areas

The Fund does notengage in material operations in foreign countries, nor is a material portionof the Fund’s revenue derived from customers in foreign countries.

The Fund trades ona number of foreign commodity exchanges. The Fund does not engage in the sales of goods or services.

**Item1A:  Risk Factors**

## **PastPerformance Not Necessarily Indicative of Future Results**

Past performance is notnecessarily indicative of future results. The trading advisor’s past performance may not be representative of howit may trade in the future for the Fund.

## **VolatileMarkets; Highly Leveraged Trading**

Futures and forwardtrading is highly leveraged, and market price levels are volatile andmaterially affected by unpredictable factors such as weather and governmentalintervention.  The combination ofleverage and volatility creates a high degree of risk.

## **Importanceof General Market Conditions**

Overall market oreconomic conditions — which neither MLAI nor the trading advisor can predict orcontrol — have a material effect on the performance of any managed futuresstrategy.

## **ForwardTrading**

The Fund will tradecurrencies in the forward in addition to in the futures markets.  The forward markets are over-the-counter, notexchange, markets, and in trading in these markets, the Fund will be dependenton the credit standing of the counterparties with which they trade, without thefinancial support of any clearinghouse system. In addition, the prices offered for the same forward contract may varysignificantly among different forward market participants.  Forward market counterparties are under noobligation to enter into forward transactions with a Fund, includingtransactions through which the Fund is attempting to liquidate open positions.

## **IncreasedAssets Under Management**

There appears to be atendency for the rates of return achieved by managed futures advisors todecline as assets under management increase. The trading advisor has not agreed to limit the amount of additionalequity which it may manage.

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## **TradingAdvisor Risk**

The Fund is subject tothe risk of the bad judgment, negligence or misconduct of its tradingadvisor.  There have been a number ofinstances in recent years in which private investment funds have incurredsubstantial losses due to manager misconduct.

## **Changesin Trading Strategy**

Thetrading advisor may make material changes in its trading strategies without theknowledge of MLAI.

## **IlliquidMarkets**

Certain positions held bythe Fund may become illiquid, preventing the Fund’s trading advisor fromacquiring positions otherwise indicated by its strategy or making it impossiblefor the trading advisor to close out positions against which the market ismoving.

Certain futures marketsare subject to “daily price limits,” restricting the maximum amount by whichthe price of a particular contract can change during any given tradingday.  Once a contract’s price has moved “thelimit,” it may be impossible or economically non-viable to execute trades insuch contract.  From time to time, priceshave moved “the limit” for a number of consecutive days, making itimpossible for traders against whose positions the market was moving to preventlarge losses.

## **Tradingon Non-U.S. Exchanges**

The trading advisortrades extensively on non-U.S. exchanges. These exchanges are not regulated by any United States governmentalagency.  The Fund could incur substantiallosses trading on foreign exchanges to which it would not have been subject hadits trading advisor limited its trading to U.S. markets.

The profits and lossesderived from trading foreign futures and options will generally be denominatedin foreign currencies; consequently, the Fund will be subject to a certaindegree of exchange-rate risk in trading such contracts.

***TheFund Could Lose Assets and Have Its Trading Disrupted Due to the Bankruptcy ofMLPF&S or Others***

The Fund issubject to the risk of MLPF&S, exchange or clearinghouse insolvency.  Fund assets could be lost or impounded duringlengthy bankruptcy proceedings.  Were asubstantial portion of the Fund’s capital tied up in a bankruptcy, MLAI mightsuspend or limit trading, perhaps causing the Fund to miss significant profitopportunities.

**Item 2:****          Properties**

The Fund does notuse any physical properties in the conduct of its business.

The Fund’s sponsoroffices are the administrative offices of MLAI (Merrill Lynch AlternativeInvestments LLC, Princeton Corporate Campus, 800 Scudders Mill Road - Section2G, Plainsboro, New Jersey 08536).  MLAIperforms administrative services for the Fund from MLAI’s offices.

**Item 3:****          Legal Proceedings**

Therehave been no administrative, civil or criminal actions, whether pending orconcluded, against MLAI or Merrill Lynch or any of its individual principalsduring the past five years which would be considered “material” as that term isdefined in Section 4.24(l)(2) of the Regulations of the CFTC, except asdescribed below.

OnMay 21, 2002, MLPF&S, with no admission of wrongdoing or liability, agreedto pay $48 million to the State of New York, $50 million to the remainingstates, Washington, D.C. & Puerto Rico and $2 million to NASAA relating toan investigation conducted by the New York Attorney General concerning researchpractices.

OnMarch 19, 2003, Merrill Lynch & Co., Inc., the parent company and anapproved person of MLPF&S, consented to an injunctive action instituted bythe Securities and Exchange Commission (the “SEC”).  In its 

7

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complaint, the SEC alleged that three years ago, in 1999, Merrill Lynchaided and abetted Enron Corp.’s (“Enron”) violations of Sections 10(b), 13(a),13(b)(2) and 13(b)(5) of the Exchange Act and Rules 10b-5, 12b-20, 13a-1, 13a-3and 13b2-1 thereunder, as a result of Merrill Lynch engaging in certainyear-end transactions designed and proposed by Enron.  Without admitting or denying the allegations,Merrill Lynch consented to the entry of an injunction enjoining it fromviolating the above-referenced provisions, and agreed to pay disgorgement,penalties and interest in the amount of $80 million.  In its release announcing the settlement, theCommission acknowledged that in agreeing to resolve this matter on the termsdescribed above, the Commission took into account certain affirmative conductby Merrill Lynch.

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

InMarch 2006, MLPF&S entered into a settlement with the SEC arising from aninvestigation related to MLPF&S’ retention and production of e-mail.  The SEC found that MLPF&S willfullyviolated Section 17(a) of the Exchange Act, and Rules 17a-4(b)(4) and 17a-4(j)thereunder.  Without admitting or denyingthe allegations, Merrill Lynch consented to the entry of an injunctionenjoining it from violating the above-referenced provisions, entered into anundertaking regarding its policies and procedures and agreed to pay a civilpenalty $2,500,000.

**Item 4:****          Submission of Mattersto a Vote of Security Holders**

None.

**PART II**

**Item 5:****          Market for Registrant’sCommon Equity, Related Stockholder Matters and Issuer Purchases of EquitySecurities**

Item 5(a)

(a)                                  MarketInformation:

There is noestablished public trading market for the Units, and none is likely todevelop.  Members may redeem Units on tendays written notice to MLAI as of the last day of each month at their Net AssetValue for all other purposes, subject to certain early redemption charges.

(b)                                 Holders:

As of December 31,2006, there were 2 holders of Units including MLAI.

(c)                                  Dividends:

MLAI has not madeand does not contemplate making any distributions on the Units.

(d)                                 SecuritiesAuthorized for Issuance Under Equity Compensation Plans:

Not applicable.

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(e)                                  RecentSales of Unregistered Securities: Uses of Proceeds From Registered Securities:

Issuance toaccredited investors pursuant to Regulation D and Section 4(6) under theSecurities Act.  The selling agent of thefollowing Class of Units was MLPF&S.

CLASS A
| ** ** | ** ** | **Subscription** | ** ** | ** ** | ** ** | ** **       | ** ** |
|------------|------------|------------------|------------|------------|------------|------------------|------------|
| ** ** | ** ** | **Amount**       | ** ** | **Units**  | ** ** | **NAV (1)** | ** ** |
| Jan-06     |       |             | $          | —     |       | —           |       | $ | — |   |
| Feb-06     |       |             | —     |       | —     |             | —     |   |
| Mar-06     |       |             | —     |       | —     |             | —     |   |
| Apr-06     |       |             | —     |       | —     |             | —     |   |
| May-06     |       |             | —     |       | —     |             | —     |   |
| Jun-06     |       |             | —     |       | —     |             | —     |   |
| Jul-06     |       |             | —     |       | —     |             | —     |   |
| Aug-06     |       |             | —     |       | —     |             | —     |   |
| Sep-06     |       |             | —     |       | —     |             | —     |   |
| Oct-06     |       |             | —     |       | —     |             | —     |   |
| Nov-06     |       |             | —     |       | —     |             | —     |   |
| Dec-06     |       |             | —     |       | —     |             | —     |   |
| Jan-07     |       |             | —     |       | —     |             | —     |   |
| Feb-07     |       |             | $          | 3,235,749  |       | 3,235,749        |       | 1.0000 |   |
|            |            |                  |            |            |            |                  |            |  |  |  |

 

CLASS C
| ** ** | ** ** | **Subscription** | ** ** | ** ** | ** ** | ** **       | ** ** |
|------------|------------|------------------|------------|------------|------------|------------------|------------|
| ** ** | ** ** | **Amount**       | ** ** | **Units**  | ** ** | **NAV (1)** | ** ** |
| Jan-06     |       |             | $          | —     |       | —           |       | $ | — |   |
| Feb-06     |       |             | —     |       | —     |             | —     |   |
| Mar-06     |       |             | —     |       | —     |             | —     |   |
| Apr-06     |       |             | —     |       | —     |             | —     |   |
| May-06     |       |             | —     |       | —     |             | —     |   |
| Jun-06     |       |             | —     |       | —     |             | —     |   |
| Jul-06     |       |             | —     |       | —     |             | —     |   |
| Aug-06     |       |             | —     |       | —     |             | —     |   |
| Sep-06     |       |             | —     |       | —     |             | —     |   |
| Oct-06     |       |             | —     |       | —     |             | —     |   |
| Nov-06     |       |             | —     |       | —     |             | —     |   |
| Dec-06     |       |             | —     |       | —     |             | —     |   |
| Jan-07     |       |             | $          | 439,000    |       | 439,000          |       | 1.0000 |   |
| Feb-07     |       |             | $          | 680,997    |       | 682,225          |       | 0.9982 |   |
|            |            |                  |            |            |            |                  |            |  |  |  |

 

CLASS D
|            | ** ** | **Subscription** | ** ** | ** ** | ** ** | ** **       | ** ** |
|------------|------------|------------------|------------|------------|------------|------------------|------------|
| ** ** | ** ** | **Amount**       | ** ** | **Units**  | ** ** | **NAV (1)** | ** ** |
| Jan-06     |       |             | $          | —     |       | —           |       | $ | — |   |
| Feb-06     |       |             | —     |       | —     |             | —     |   |
| Mar-06     |       |             | —     |       | —     |             | —     |   |
| Apr-06     |       |             | —     |       | —     |             | —     |   |
| May-06     |       |             | —     |       | —     |             | —     |   |
| Jun-06     |       |             | —     |       | —     |             | —     |   |
| Jul-06     |       |             | —     |       | —     |             | —     |   |
| Aug-06     |       |             | —     |       | —     |             | —     |   |
| Sep-06     |       |             | —     |       | —     |             | —     |   |
| Oct-06     |       |             | —     |       | —     |             | —     |   |
| Nov-06     |       |             | —     |       | —     |             | —     |   |
| Dec-06     |       |             | $          | 11,150,000 |       | 11,150,000       |       | 1.0000 |   |
| Jan-07     |       |             | $          | 4,095,999  |       | 4,174,054        |       | 0.9813 |   |
| Feb-07     |       |             | $          | 1,699,999  |       | 1,731,865        |       | 0.9816 |   |
|            |            |                  |            |            |            |                  |            |  |  |  |

 

CLASS I
|            | ** ** | **Subscription** | ** ** | ** ** | ** ** | ** **       | ** ** |
|------------|------------|------------------|------------|------------|------------|------------------|------------|
| ** ** | ** ** | **Amount**       | ** ** | **Units**  | ** ** | **NAV (1)** | ** ** |
| Jan-06     |       |             | $          | —     |       | —           |       | $ | — |   |
| Feb-06     |       |             | —     |       | —     |             | —     |   |
| Mar-06     |       |             | —     |       | —     |             | —     |   |
| Apr-06     |       |             | —     |       | —     |             | —     |   |
| May-06     |       |             | —     |       | —     |             | —     |   |
| Jun-06     |       |             | —     |       | —     |             | —     |   |
| Jul-06     |       |             | —     |       | —     |             | —     |   |
| Aug-06     |       |             | —     |       | —     |             | —     |   |
| Sep-06     |       |             | —     |       | —     |             | —     |   |
| Oct-06     |       |             | —     |       | —     |             | —     |   |
| Nov-06     |       |             | —     |       | —     |             | —     |   |
| Dec-06     |       |             | —     |       | —     |             | —     |   |
| Jan-07     |       |             | $          | 20,000     |       | 20,000           |       | 1.0000 |   |
| Feb-07     |       |             | $          | 1,040,000  |       | 1,040,624        |       | 0.9994 |   |
|            |            |                  |            |            |            |                  |            |  |  |  |

 

----

(1) Net Asset Value for all other purposes

 

There are nounderwriting/selling agent discounts or commissions.

Item 5(b)

Not applicable.

Item 5(c)

Not applicable.

9

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**Item 6:****          Selected FinancialData**

The followingselected financial data has been derived from the financial statements of theFund.

 

|                                       | ** ** | **For the Period December** | ** ** |
|---------------------------------------|------------|--------------------------------------------|------------|
| ** **                            | ** ** | **1, 2006,**                          | ** ** |
| ** **                            | ** ** | **Commencement of**                   | ** ** |
| ** **                            | ** ** | **Operations to**                     | ** ** |
| **Statement of Operations** | ** ** | **December 31, 2006**            | ** ** |
|                                  |       |                                       |       |
| Trading profit  (loss)                |       |                                       |       |
| Realized                              |       | (238,314                                   | )          |
| Change in Unrealized                  |       | 20,834                                     |       |
| Brokerage Commissions                 |       | (3,465                                     | )          |
| Total trading loss                    |       | (220,945                                   | )          |
|                                  |       |                                       |       |
| INVESTMENT  INCOME:                   |       |                                       |       |
| Interest                              |       | 45,356                                     |       |
|                                  |       |                                       |       |
| EXPENSES:                             |       |                                       |       |
| Management fee                        |       | 13,694                                     |       |
| Other                                 |       | 23,284                                     |       |
| Total Expenses                        |       | 36,978                                     |       |
|                                  |       |                                       |       |
| NET INVESTMENT  LOSS                  |       | 8,378                                      |       |
|                                  |       |                                       |       |
| NET LOSS                              |       | $                                          | (212,567   | ) |
|                                       |            |                                            |            |  |

 

| Balance Sheet Data                | ** ** | **December 31, 2006** | ** ** |
|-----------------------------------|------------|-----------------------|------------|
|                              |       |                  |       |
| Members’ Capital             |       | $                     | 6,487,434  |   |
| Net Asset Value per  Class D Unit |       | $                     | 0.9807     |   |

 

10

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For financialreporting purposes, in conformity with GAAP, the Fund amortizes initialoffering costs payable to MLAI over twelve months for purposes of determiningNet Asset Value.  For all other purposes,including computing Net Asset Value for purposes of member subscription andredemption activity, such payment is amortized over 60 months.  Consequently, as of December 31, 2006, theNet Asset Value and Net Asset Value per Unit of the different Classes forfinancial reporting purposes and for all other purposes are as follows:
| ** ** | ** ** | **Net Asset Value**      | ** ** | **Net Asset Value per Unit** | ** ** |
|------------|------------|------------------------------------|------------|--------------------------------------------------|------------|
| ** ** | ** ** | **All Other   Purposes** | ** ** | **Financial   Reporting**                   | ** ** | **Number of   Shares** | ** ** | **All Other   Purposes** | ** ** | **Financial   Reporting** | ** ** |
| ** ** | ** ** | **(Unaudited)**                    | ** ** | ** **                                       | ** ** | ** ** | ** ** | **(Unaudited)** | ** ** | ** ** | ** ** |
| Class D    |       | $                                  | 6,491,434  |                                             | $          | 6,487,434 |   | 6,615,200 |   | $ | 0.9813 |   | $ | 0.9807 |   |
|            |            |                                    |            |                                                  |            |  |  |  |  |  |  |  |  |  |  |

 

MLAI believes thatthe Net Asset Value used to calculate subscription and redemption value andreport performance to investors throughout the year is the most valuable to theMembers of the Fund.  Therefore, thecharts below referencing Net Asset Value and performance measurements are basedon the Net Asset Value for “all other purposes”.

MONTH-END NET ASSET VALUE PER INITIAL UNIT - CLASS D
| ** ** | ** ** | **Jan.** | ** ** | **Feb.** | ** ** | **Mar.** | ** ** | **Apr.** | ** ** | **May** | ** ** | **June** | ** ** | **July** | ** ** | **Aug.** | ** ** | **Sept.** | ** ** | **Oct.** | ** ** | **Nov.** | ** ** | **Dec.** | ** ** |
|------------|------------|----------|------------|----------|------------|----------|------------|----------|------------|---------|------------|----------|------------|----------|------------|----------|------------|-----------|------------|----------|------------|----------|------------|----------|------------|
| 2006       |       | N/A      |       | N/A      |       | N/A      |       | N/A      |       | N/A     |       | N/A      |       | N/A      |       | N/A      |       | N/A       |       | N/A      |       | N/A      |       | $        | 0.9813     |   |
|            |            |          |            |          |            |          |            |          |            |         |            |          |            |          |            |          |            |           |            |          |            |          |            |          |            |  |

 

Pursuant to CFTC policy, monthly performance ispresented from December 1, 2006 (commencement of operations).

11

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**ML APMGLOBAL COMMODITY FUTURESACCESS LLC**

**(CLASS DUNITS)**(3)

**December 31, 2006**

*Type ofPool:*  Single AdvisorNon-“Principal Protected”(1)

*Inceptionof Trading:* December 1, 2006

*AggregateSubscriptions:*   $11,150,000

*Current Capitalization: * $6,491,434

*Net Asset Value per Unit forClass D, December 31, 2006:*  $0.9813

**MonthlyRates of Return**(2)

| Month                           | ** ** | **2006** | ** ** |
|---------------------------------|------------|----------|------------|
| January                         |       | —   |       |
| February                        |       | —   |       |
| March                           |       | —   |       |
| April                           |       | —   |       |
| May                             |       | —   |       |
| June                            |       | —   |       |
| July                            |       | —   |       |
| August                          |       | —   |       |
| September                       |       | —   |       |
| October                         |       | —   |       |
| November                        |       | —   |       |
| December                        |       | (1.87    | )          |
| Compound Annual Rate of  Return |       | -1.87    | %          |

 

----

(1) Certain Funds,including Funds sponsored by MLAI, are structured so as to guarantee toinvestors that their investment will be worth no less than a specified amount(typically, the initial purchase price) as of a date certain after the date ofinvestment.  The CFTC refers to suchFunds as “principal protected”.  The Fundhas no such feature.

(2) Monthly Rateof Return is the net performance of the Fund during the month of determination(including interest income and after all expenses have been accrued or paid)divided by the total equity of the Fund as of the beginning of such month*.*

(3) The informationpresented is based on Net Asset Value and Net Asset Value per Unit for allother purposes. The total return based on GAAP is -1.93%.

12

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**Item 7:****                                       Management’sDiscussion and Analysis of Financial Condition and Results of Operations**

***OperationalOverview***

This performancesummary is an outline description of how the Fund performed in the past, notnecessarily any indication of how it will perform in the future.  In addition, the general causes to whichcertain price movements are attributed may or may not in fact have caused suchmovements, but simply occurred at or about the same time.

APM is unlikely tobe profitable in markets in which such trends do not occur.  Static or erratic prices are likely to resultin losses.  Similarly, unexpected events(for example, a political upheaval, natural disaster or governmentalintervention) can lead to major short-term losses, as well as gains.

While there can beno assurance that APM will be profitable under any given market condition,markets in which substantial and sustained price movements occur typicallyoffer the best profit potential for the Fund.

***Resultsof Operations***

General

APM’s objective inproviding trading management services is to effect appreciation of the assetsof its clients through the speculative trading of financial instruments of anykind, which includes without limitation: (i) futures contracts that are nowtraded, or may be traded in the future, on exchanges located in the UnitedStates and abroad and options on such futures contracts and (ii) foreigncurrencies, foreign currency futures contracts, foreign currency forwardcontracts, foreign currency forward contracts and options relating thereto.

The APM HedgedGlobal Commodity Strategy (“APM HGC”) is a program that seeks to achieveconsistent long-term capital appreciation while adhering to volatility controland disciplined risk management principles. APM HGC intends to exploit thecoincident relationship between economic expansion and commodity demand, andthe options basket traded by APM HGC is designed to produce a stable negativecorrelation versus the global fixed income markets. When commodity demandincreases, APM HGC should benefit through a dynamic increase in the portfolioexposure to commodities. When economies contract, APM HGC should benefitthrough varying exposure to G-10 interest rate markets. The commodity optionsprogram trades on the major non-financial futures markets and utilizes twocomponents of commodity price behavior to its advantage: 1) The fat tail natureof commodity returns (caused by supply demand shocks/imbalances) and 2) thereverting nature of commodity price paths. Dynamic long option tradingpositions in the APM HGC portfolio benefit from rallying commodities, whilede-leveraging commodities that are falling in price. APM HGC rebalances theoptions basket in an effort to maximize the benefit of potential priceretracement and reversion probability by constraining the dollar allocation tothe basket. The optimization exercise results in a lower exposure to commoditiesthat have recently rallied significantly and more exposure to commodities thathave recently sold off. APM does not sell commodity options as part of APM HGC,nor does it plan to do so.

13

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***PerformanceSummary***

This performancesummary is an outline description of how the Fund performed in the past, notnecessarily any indication of how it will perform in the future.  In addition, the general causes to whichcertain price movements are attributed may or may not in fact have caused suchmovements, but simply occurred at or about the same time.
|                                               | ** ** | **Total Trading** | ** ** |
|-----------------------------------------------|------------|------------------------|------------|
| **2006**                                      | ** ** | **Profit (Loss)** | ** ** |
|                                          |       |                   |       |
|  Metals                                  |       | $                      | (95,103    | ) |
|  Agricultural Commodities                |       | (10,685                | )          |
|  Currencies                              |       | 81                     |       |
|  Energy                                  |       | (81,657                | )          |
|  Interest Rates                          |       | (31,799                | )          |
|  Subtotal                                |       | (219,163               | )          |
|  Change in Brokerage Commissions Payable |       | (1,782                 | )          |
|  Total                                   |       | $                      | (220,945   | ) |

 

***2006***

The Fund posted anoverall loss for the period with currency sector posting gains and agriculture,interest rates, energy and the metal sectors posting losses as the Fund startedtrading December 1, 2006.

The currencysector was the most profitable for the Fund. The U.S. dollar furthered recent losses to move slightly lower by 0.3%,subject to the then expected U.S. Federal Reserve policy modifications.

The agriculturalsector posted losses for the Fund. The agricultural market was soft whichattributed to the difficult trading environment resulting in the Fund postinglosses for this sector.

The interest ratesector posted losses for the Fund. The year end revisions of sentiment werebased on potentially stronger U.S. real growth and improving assessments forgrowth prospects particularly in Europe and the Pacific Rim. The U.S. FederalReserve, now data-driven, once again validated its stance by refraining fromanother interest rate increase. Concurrently, the European Central Bank andBank of England continue to focus on reigning in renewed inflationaryexpectations through higher market interest rates.

The energy sectorposted losses for the Fund. Energy prices dropped sharply from a combination ofweather, sanguine geo-political concerns and near-term inventory patternsworldwide.

The metals sectorwas the least profitable for the Fund. The metals collectively managed to losevalue in response to market specific demand data, moving copper lower by 9.5%and gold decreased roughly 1.7%.

Variables AffectingPerformance

Theprincipal variables that determine the net performance of the Fund are grossprofitability from the Fund’s trading activities and interest income.

Duringthe period set forth above in “Selected Financial Data”, the interest rates inmany countries were at unusually low levels. The low interest rates in the United States (although higher than inmany other countries) negatively impacted revenues because interest income istypically a major component of the Fund’s profitability.  In addition, low interest rates arefrequently associated with reduced fixed income market volatility, and instatic markets the Fund’s profit potential generally tends to bediminished.  On the other hand, duringperiods of higher interest rates, the relative attractiveness of a high riskinvestment such as the Fund may be reduced as compared to high yielding andmuch lower risk fixed-income investments.

14

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TheFund’s Management Fees and Sponsor Fees are a constant percentage of the Fund’sassets.  Brokerage Commissions, which arenot based on a percentage of the Fund’s assets, are based on actual roundturns.  The Performance Fees payable toAPM are based on the new Trading Profits generated by the Fund excludinginterest and after reduction of the Brokerage Commissions.

Unlikemany investment fields, there is no meaningful distinction in the operation ofthe Fund between realized and unrealized profits.  Most of the contracts traded by the Fund arehighly liquid and can be closed out at any time.

Exceptin unusual circumstances, factors—regulatory approvals, cost of goods sold,employee relations and the like—which often materially affect an operatingbusiness have virtually no impact on the Fund.

***Liquidity;Capital Resources***

The Fund borrowsonly to a limited extent and only on a strictly short-term basis in order tofinance losses on non-U.S. dollar denominated trading positions pending theconversion of the Fund’s U.S. dollar deposits. These borrowings are at aprevailing short-term rate in the relevant currency.

Substantially allof the Fund’s assets are held in cash. The Net Asset Value of the Fund’s cashis not affected by inflation. However, changes in interest rates could causeperiods of strong up or down price trends, during which the Fund’s profitpotential generally increases. Inflation in commodity prices could alsogenerate price movements, which the strategies might successfully follow.

Becausesubstantially all of the Fund’s assets are held in cash, the Fund should beable to close out any or all of its open trading positions and liquidate any orall of its securities holdings quickly and at market prices, except in veryunusual circumstances. This permits APM to limit losses as well as reducemarket exposure on short notice should its strategies indicate doing so. Inaddition, because there is a readily available market value for the Fund’spositions and assets, the Fund’s monthly Net Asset Value calculations areprecise, and investors need only wait ten business days to receive the fullredemption proceeds of their Units.

(The Fund has noapplicable off-balance sheet arrangements and tabular disclosure or contractualobligations of the type described in Items 3.03(a)(4) and 3.03(a)(5) ofRegulation S-K.)

**Item 7A:****Quantitative and Qualitative Disclosures AboutMarket Risks**

Introduction

The Fund is aspeculative commodity pool. The market sensitive instruments held by it areacquired for speculative trading purposes and all or substantially all of theFund’s assets are subject to the risk of trading loss.  Unlike an operating company, the risk ofmarket sensitive instruments is integral, not incidental, to the Fund’s mainline of business.

Market movementsresult in frequent changes in the fair market value of the Fund’s openpositions and, consequently, in its earnings and cash flow. The Fund’s marketrisk is influenced by a wide variety of factors, including the level andvolatility of interest rates, exchange rates, equity price levels, the marketvalue of financial instruments and contracts, the diversification effects amongthe Fund’s open positions and the liquidity of the markets in which it trades.

The Fund, underthe direction of APM, rapidly acquires and liquidates both long and shortpositions in currency markets. Consequently, it is not possible to predict how a particular futuremarket scenario will affect performance, and the Fund’s past performance is notnecessarily indicative of its future results.

Value at Risk is ameasure of the maximum amount which the Fund could reasonably be expected tolose in a given market sector. However, the inherent uncertainty of the Fund’sspeculative trading and the recurrence in the markets traded by the Fund ofmarket movements far exceeding expectations could result in actual trading ornon-trading losses far beyond the indicated Value at Risk or the Fund’sexperience to date (i.e., “risk of ruin”). In light of the foregoing, as wellas the risks and uncertainties intrinsic to all future projections, thequantifications included in this section should not be considered to constituteany assurance or representation that the Fund’s losses in any market sectorwill be limited to Value at Risk or by the Fund’s attempts to manage its marketrisk.

15

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Quantifying The Fund’s Trading Value At Risk

QuantitativeForward-Looking Statements

The followingquantitative disclosures regarding the Fund’s market risk exposures contain “forward-lookingstatement” within the meaning of the safe harbor form civil liability providedfor such statements by the Private Securities Litigation Reform Act of 1995(set forth in Section 27A of the Securities Act of 1933 and Section 21E of theSecurities Exchange Act of 1934).  Allquantitative disclosures in this section are deemed to be forward-lookingstatements for purposes of the safe harbor, except for statements of historicalfact.

The Fund’s riskexposure in the various market sectors traded by APM is quantified below interms of Value at Risk.  Due to the Fund’smark-to-market accounting, any loss in the fair value of the Fund’s openpositions is directly reflected in the Fund’s earnings (realized or unrealized)and cash flow (at least in the case of exchange-traded contracts in whichprofits and losses on open positions are settled daily through variationmargin).

Exchangemaintenance margin requirements have been used by the Fund as the measure ofits Value at Risk.  Maintenance marginrequirements are set by exchanges to equal or exceed the maximum loss in thefair value of any given contract incurred in 95%-99% of the one-day timeperiods included in the historical sample (generally approximately one year)researched for purposes of establishing margin levels.  The maintenance margin levels are establishedby dealers and exchanges using historical price studies as well as anassessment of current market volatility (including the implied volatility ofthe options on a given futures contract) and economic fundamentals to provide aprobabilistic estimate of the maximum expected near-term one-day pricefluctuation.

In the case ofmarket sensitive instruments which are not exchange-traded (almost exclusivelycurrencies in the case of the Fund), the margin requirements for the equivalentfutures positions have been used as Value at Risk.  In those rare cases in which afutures-equivalent margin is not available, dealers’ margins have been used.

100% positivecorrelation in the different positions held in each market risk category hasbeen assumed.  Consequently, the marginrequirements applicable to the open contracts have been aggregated to determineeach trading category’s aggregate Value at Risk.  The diversification effects resulting fromthe fact that the Fund’s positions are rarely, if ever, 100% positivelycorrelated have not been reflected.

***TheFund’s Trading Value at Risk in Different Market Sectors***

The following table indicates the average, highest and lowest tradingValue at Risk associated with the Fund’s open positions by market category forthe fiscal period. During the fiscal period 2006, the Fund’s average month-endNet Asset Value for all other purposes was approximately $8,820,717.
|                           | ** ** | **December 31, 2006** | ** ** |
|---------------------------|------------|---------------------------------|------------|
| ** **                | ** ** | **Average**                     | ** ** | **% of Average** | ** ** | **Highest Value** | ** ** | **Lowest Value** | ** ** |
| **Market Sector**    | ** ** | **Value at Risk**     | ** ** | **Capitalization** | ** ** | **At Risk** | ** ** | **At Risk** | ** ** |
|                      |       |                            |       |   |   |   |   |   |   |
| Agricultural  Commodities |       | $                               | 96,958     |   | 1.10 | % | $ | 96,958 |   | $ | 96,958 |   |
| Interest Rates            |       | 15,626,063                      |       | 177.15 | % | 15,626,063 |   | 15,626,063 |   |
| Metals                    |       | 74,280                          |       | 0.84 | % | 74,280 |   | 74,280 |   |
| Currencies                |       | 4,533                           |       | 0.05 | % | 4,533 |   | 4,533 |   |
|                      |       |                            |       |   |   |   |   |   |   |
| TOTAL                     |       | $                               | 15,801,834 |   | 179.14 | % | $ | 15,801,834 |   | $ | 15,801,834 |   |

 

MaterialLimitations on Value at Risk as an Assessment of Market Risk

The face value of the market sector instruments held by the Fund istypically many times the applicable maintenance margin requirement (maintenancemargin requirements generally ranging between approximately 1% and 10% ofcontract face value) as well as many times the capitalization of the Fund.  The magnitude of the Fund’s open positionscreates 

16

----

a “risk of ruin”not typically found in most other investment vehicles.  Because of the size of its positions, certainmarket conditions — unusual, but historically recurring from time to time —could cause the Fund to incur severe losses over a short period of time.  The foregoing Value at Risk table — as wellas the past performance of the Fund — gives no indication of this “risk ofruin.”

**Non-Trading Risk**

ForeignCurrency Balances; Cash on Deposit with MLPF&S

The Fund has non-trading market risk on its foreign cash balances not neededfor margin. However, these balances (as well as the market risk they represent)are immaterial.

The Fund also hasnon-trading market risk on the approximately 90%-95% of its assets which areheld in cash at MLPF&S. The value of this cash is not interest ratesensitive, but there is cash flow risk in that if interest rates decline sowill the cash flow generated on these monies. This cash flow risk isimmaterial.

**Qualitative Disclosures Regarding Primary TradingRisk Exposures**

The following qualitativedisclosures regarding the Fund’s market risk exposures — except for (i) thosedisclosures that are statements of historical fact and (ii) the descriptions ofhow the manages its primary market risk exposures — constitute forward-lookingstatements within the meaning of Section 27A of the Securities Act and Section21E of the Securities Exchange Act. The Fund’s primary market risk exposures aswell as the strategies used and to be used by MLAI and APM for managing suchexposures are subject to numerous uncertainties, contingencies and risks, anyone of which could cause the actual results of the Fund’s risk controls todiffer materially from the objectives of such strategies. Governmentinterventions, defaults and expropriations, illiquid markets, the emergence ofdominant fundamental factors, political upheavals, changes in historical pricerelationships, an influx of new market participants, increased regulation andmany other factors could result in material losses as well as in materialchanges to the risk exposures and the risk management strategies of the Fund.There can be no assurance that the Fund’s current market exposure and/or riskmanagement strategies will not change materially or that any such strategieswill be effective in either the short- or long-term. Investors must be preparedto lose all or substantially all of the time value of their investment in theFund.

The following werethe primary trading risk exposures of the Fund as of December 31, 2006, bymarket sector.

**InterestRates**.

Interest rate riskis the principal market exposure of the Fund. Interest rate movements directly affect the price of derivativesovereign bond positions held by the Fund and indirectly the value of its stockindex and currency positions. Interest rate movements in one country as well asrelative interest rate movements between countries materially impact the Fund’sprofitability. The Fund’s primary interest rate exposure is to interest ratefluctuations in the United States and the other G-7 countries.  However, the Fund also takes positions in thegovernment debt of smaller nations e.g., Australia. MLAI anticipates that G-7interest rates will remain the primary market exposure of the Fund for theforeseeable future.

**Currencies**.

The Fund trades ina number of currencies. However, the Fund’s major exposures have typically beenin the U.S. dollar/Japanese yen, U.S. dollar/Euro and U.S. dollar/Swiss francpositions. The Fund does not anticipate that the risk profile of the Fund’scurrency sector will change significantly in the future. The currency tradingValue at Risk figure includes foreign margin amounts converted into U.S.dollars with an incremental adjustment to reflect the exchange rate risk ofmaintaining Value at Risk in a functional currency other than U.S. dollars.

**Metals**.

The Fund’s metalsmarket exposure is to fluctuations in the price of non-precious metals.

**AgriculturalCommodities**

The Fund’s primaryagricultural commodities exposure is to agricultural price movements which areoften directly affected by severe or unexpected weather conditions. Soybeans,grains, and livestock accounted for the substantial bulk of the Fund’sagricultural commodities exposure as of December 31, 2006. However, it isanticipated that APM will maintain an emphasis on cotton, grains and sugar, inwhich the Fund has historically taken its largest positions.

**Energy**.

The Fund’s primary energy market exposure is tonatural gas and crude oil price movements, often resulting from politicaldevelopments in the Middle East. Oil prices can be volatile and substantialprofits and losses have been and are expected to continue to be experienced inthis market.

17

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**Qualitative Disclosures RegardingNon-Trading Risk Exposure**

The following were the only non-trading risk exposuresof the Fund as of December 31, 2006.

**Foreign Currency Balances.**

The Fund’s primaryforeign currency balances are in Japanese yen, British pounds and Euros.

**U.S.Dollar Cash Balance**.

The Fund holds U.S. dollars only in cash atMLPF&S. The Fund has immaterial cash flow interest rate risk on its cash ondeposit with MLPF&S in that declining interest rates would cause the incomefrom such cash to decline.

**Qualitative Disclosures Regarding Means of Managing Risk Exposure**

#### Trading Risk

MLAI hasprocedures in place intended to control market risk, although there can be noassurance that they will, in fact, succeed in doing so. While MLAI does notitself intervene in the markets to hedge or diversify the Fund’s marketexposure, MLAI may urge APM to reallocate positions in an attempt to avoidover-concentrations.  However, suchinterventions are unusual, except in cases in which it appears that APM hasbegun to deviate from past practice and trading policies or to be tradingerratically, MLAI’s basic control procedures consist of simply of the ongoingprocess of monitoring APM with the market risk controls being applied by APMitself.

RiskManagement

APM attempts tocontrol risk in all aspects of the investment process — from confirmation of atrend to determining the optimal exposure in a given market, and to moneymanagement issues such as the startup or upgrade of investor accounts.  APM double checks the accuracy of marketdata, and will not trade a market without multiple price sources for analyticalinput.  In constructing a portfolio, APMseeks to control overall risk as well as the risk of any one position, and APMtrades only markets that have been identified as having positive performancecharacteristics.  Trading disciplinerequires plans for the exit of a market as well as for entry.  APM factors the point of exit into thedecision to enter (stop loss).  The sizeof APM’s positions in a particular market is not a matter of how large a returncan be generated but of how much risk it is willing to take relative to thatexpected return.

Toattempt to reduce the risk of volatility while maintaining the potential forexcellent performance, proprietary research is conducted on an ongoing basis torefine the APM investment strategies. Research may suggest substitution of alternative investmentmethodologies with respect to particular contracts; this may occur, forexample, when the testing of a new methodology has indicated that its use mighthave resulted in different historical performance.  In addition, risk management research andanalysis may suggest modifications regarding the relative weighting amongvarious contracts, the addition or deletion of particular contracts for aprogram, or a change in position size in relation to account equity.  The weighting of capital committed to variousmarkets in the investment programs is dynamic, and APM may vary the weightingat its discretion as market conditions, liquidity, position limitconsiderations and other factors warrant.

APMmay determine that risks arise when markets are illiquid or erratic, which mayoccur cyclically during holiday seasons, or on the basis of irregularlyoccurring market events.  In such cases,APM at its sole discretion may override computer-generated signals and may attimes use discretion in the application of its quantitative models, which mayaffect performance positively or negatively.

Adjustments in position size in relation to accountequity have been and continue to be an integral part of APM’s investmentstrategy.  At its discretion, APM mayadjust the size of a position in relation to equity in certain markets orentire programs.  Such adjustments may bemade at certain times for some programs but not for others.  Factors which may affect the decision toadjust the size of a position in relation to account equity include ongoingresearch, program volatility, assessments of current market volatility and riskexposure, subjective judgment, and evaluation of these and other general marketconditions.

18

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## Non-Trading Risk

TheFund controls the non-trading exchange rate risk by regularly convertingforeign balances back into U.S. dollars at least once per week, and morefrequently if a particular foreign currency balance becomes unusually high.

The Fund has cashflow interest rate risk on its cash on deposit with MLPF&S in thatdeclining interest rates would cause the income from such cash to decline.However, a certain amount of cash or cash equivalents must be held by the Fundin order to facilitate margin payments and pay expenses and redemptions. MLAIdoes not take any steps to limit the cash flow risk on its cash held on depositat MLPF&S.

**Item 8: FinancialStatements and Supplementary Data**
|        | Net Loss by Quarter  (unaudited).      |
|--------|----------------------------------------|
|   | One Quarter  through December 31, 2006 |

 
|                   | ** ** | **Fourth**  | ** ** |
|-------------------|------------|-------------|------------|
| ** **        | ** ** | **Quarter** | ** ** |
| ** **        | ** ** | **2006**    | ** ** |
| Total Income      |       | $           | (175,589   | ) |
| Total Expenses    |       | 36,978      |       |
| Net Loss          |       | $           | (212,567   | ) |
|              |       |        |       |
| Net Loss per Unit |       | $           | (0.0191    | ) |

 

The financialstatements required by this Item are included in Exhibit 13.01.

The supplementaryfinancial information (“information about oil and gas producing activities”)specified by Item 302 of Regulation S-K is not applicable.  MLAI promoted the Fund and is its controllingperson.

**Item 9: Changesin and Disagreements with Accountants on Accounting and Financial Disclosure**

There were nochanges in or disagreements with the Fund’s independent registered publicaccounting firm on accounting and financial disclosure.

**Item 9A: Controlsand Procedures**

MLAI LLC, theManager of ML APM Global Commodity FuturesAccess LLC, with the participation ofthe Manager’s Chief Executive Officer and the Chief Financial Officer, hasevaluated the effectiveness of the design and operation of its disclosurecontrols and procedures with respect to the Fund as of the end of the periodcovered by this annual report, and, based on their evaluation, have concludedthat these disclosure controls and procedures are effective.  Additionally, there were no significantchanges in the Fund’s internal controls or in other factors that couldsignificantly affect these controls subsequent to the date of their evaluation,including any corrective actions with regard to significant deficiencies andmaterial weaknesses.

**Item9B:  Other Information**

Not Applicable.

19

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**PART III**

**Item 10: Directors, Executive Officers andCorporate Governance**

10(a) and 10(b)                 Identification of Directors andExecutive Officers:

As a limitedliability company, the Fund itself has no officers or directors and is managedby MLAI. Trading decisions are made by APM on behalf of the Fund.

Themanagers and executive officers of MLAI and their respective businessbackgrounds are as follows:
| **Benjamin C. Weston**    | Chief Executive Officer and President |
|---------------------------|---------------------------------------|
| ** **                |                                  |
| **Robert  D. Ollwerther** | Chief Operating Officer and Manager   |
| ** **                |                                  |
| **Barbra  E. Kocsis**     | Chief Financial Officer               |
| ** **                |                                  |
| **Robert  M. Alderman**   | Vice President and Manager            |
| ** **                |                                  |
| **Andrew  B. Weisman**    | Manager                               |

 

Benjamin C. Westonwas born in 1954. Mr. Weston is the Chief Executive Officer, President and aManager of MLAI and Head of MLAI’s Hedge Fund Development and Management Groupat Merrill Lynch where he is responsible for all hedge fund investmentactivities for Merrill Lynch worldwide. Mr. Weston joined Merrill Lynch fromIndeman Capital Management (IDM), a hedge fund incubation business formed in2003 with the backing of Ritchie Capital Management and Azimuth Trust. Beforefounding IDM, Mr. Weston worked as a consultant for Ritchie Capital which hejoined in September 2002 from Credit Suisse First Boston where he was aManaging Director and Head of the Funds Development Group. The FundsDevelopment Group developed and launched a series of market-leading hedgefunds, including three that today rank in the world’s 50 largest funds. Until2000, Mr. Weston served on the Management Committee of CSFB’s Fixed IncomeDivision and was Head of the Leveraged Capital Services Group, which advised aselect group of hedge funds on global market strategy, optimal investmentexpression and risk management. Prior to transferring to CSFB in 1996, Mr.Weston was Co-Head of Credit Suisse Financial Products in the Americas (CSFP)and a Member of the Executive Board from 1990 to 1995. Before founding CSFP inNew York in 1990, Mr. Weston held various senior management positions from 1983to 1990 at Bankers Trust including Head of the Capital Markets Group in London,Head of the Equity Derivatives business in Europe and Head of the bank’s equitybusinesses in Asia from Hong Kong. Mr. Weston started his career at JP Morganin 1978 where he worked in the Funding Services Group in New York and London.Mr. Weston received a Bachelor of Arts in International Studies from MiamiUniversity in 1976 and a Master of Arts in International Affairs with Honors inEconomics from The Johns Hopkins School of Advanced International Studies.

Robert D.Ollwerther was born in 1956. He is Chief Operating Officer for and a Manager ofMLAI. He is responsible for Finance, Operations, Technology and Administrationfor the Fund and other MLAI products which invest in hedge funds. He has over20 years of experience in the securities industry. He began his career withCoopers & Lybrand, CPAs. Since joining Merrill Lynch in 1981, he hasprimarily served in finance positions in the U.S. and abroad, including Chief FinancialOfficer for Europe, the Middle East and Africa, Chief Financial Officer forLatin America and Canada, Chief Financial Officer of Global Equity Markets,Director of Institutional and International Audit and Manager of Merrill LynchFinancial Reporting.  He holds a Bachelorof Science in Accounting from Fairfield University and a Master of BusinessAdministration from New York University, and is a Certified Public Accountant.

Barbra E. Kocsis******was born in 1966. She is ChiefFinancial Officer for MLAI. She is also a Director within the Merrill LynchGlobal Private Client Global Infrastructure Solutions group. Prior to that, shewas the Fund Controller of MLAI. Before coming to MLAI, Ms Kocsis held variousaccounting and tax positions at Derivatives Portfolio Management LLC from May1992 until May 1999, at which time she held the position of accountingdirector. Prior to that, she was an associate at Coopers & Lybrand in boththe audit and tax practices. She graduated cum laude from Monmouth College in1988 with a Bachelor of Science in Business Administration – Accounting and isa Certified Public Accountant.

20

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Robert M. Alderman wasborn in 1960. He is a Managing Director of Merrill Lynch Global Private Client,and a Vice President and a Manager of MLAI. He is responsible for coordinating a global sales effort and managingthe retail product line, which includes hedge funds, private equityopportunities, managed futures funds and exchange funds.  Prior to re-joining Merrill Lynch and theInternational Private Client Group in 1999, he was a partner in the Nashville,Tennessee-based firm of J.C. Bradford & Co. where he was the Director ofMarketing, and a National Sales Manager for Prudential Investments.  Mr. Alderman first joined Merrill Lynch in1987 where he worked until 1997.  Duringhis tenure at Merrill Lynch, Mr. Alderman has held positions in FinancialPlanning, Asset Management and High Net Worth Services.  He received his Master of BusinessAdministration from the Carroll School of Management, Boston College and aBachelor of Arts from Clark University.

Andrew B. Weisman wasborn 1959. He is a Manager of MLAI and is head of HFDMG’s ConsolidatedInvestment Analytics group.  Mr. Weismanjoined Merrill Lynch in August 2005. From April 2002 to July 2005, Mr. Weisman was a partner and director ofresearch for Stradivarius Capital Management, and from January 1998 until April2002, he served as Chief Investment Officer of Nikko SecuritiesInternational.  Mr. Weisman holds aMaster of International Affairs and a Bachelor of Arts from ColumbiaUniversity.

Asof December 31, 2006, the principals of MLAI had no investment in the Fund, andMLAI had no sponsor interest in the Fund.

MLAI acts as the sponsor, general partner or managerto eight public futures funds whose units of limited partner or memberinterests are registered under the Securities Exchange Act of 1934: John W.Henry & Co./Millburn L.P., ML JWH Strategic Allocation L.P., ML SelectFutures I L.P., ML Appleton FuturesAccess LLC, ML Aspect FuturesAccess LLC, MLWinton FuturesAccess LLC, ML Cornerstone FuturesAccess LLC and the Fund.Because MLAI serves as the sponsor, general partner or manager of each of thesefunds, the officers and managers of MLAI effectively manage them as officersand directors of such funds.

(c)                                  Identificationof Certain Significant Employees:

None.

(d)                                 FamilyRelationships:

None.

(e)                                  BusinessExperience:

See Item 10(a) and(b) above.

(f)                                    Involvementin Certain Legal Proceedings:

None.

(g)                                 Promotersand Control Persons:

Not applicable.

Section 16(a)Beneficial Ownership Reporting Compliance:

Not applicable.

Code of Ethics:

MLAI and Merrill Lynchhave adopted a code of ethics, as of the end of the period covered by thisreport, which applies to the Fund’s (MLAI’s) principal executive officer andprincipal financial officer or persons performing similar functions on behalfof the Fund.  A copy of the code ofethics is available to any person, without charge, upon request by calling1-877-465-8435.

21

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NominatingCommittee:

Not applicable. (Neitherthe Fund nor MLAI has nominating committee.)

Audit Committee:Audit Committee Financial Expert:

Not applicable.(Neither the Fund nor MLAI has an audit committee.  There are no listed Shares of the Partnershipor MLAI.)

**Item 11: ExecutiveCompensation**

The managers andofficers of MLAI are remunerated by Merrill Lynch in their respectivepositions. The Fund does not itself have any officers, managers oremployees.  The Fund pays BrokerageCommissions to an affiliate of MLAI and Sponsor Fees to MLAI.  MLAI or its affiliates may also receivecertain economic benefits from possession of the Fund’s U.S. dollarassets.  The managers and officersreceive no “other compensation” from the Fund, and the managers receive nocompensation for serving as managers of MLAI. There are no compensation plans or arrangements relating to a change incontrol of either the Fund or MLAI.

**Item 12: SecurityOwnership of Certain Beneficial Owners and Management and Related StockholderMatters**

(a)                                  SecurityOwnership of Certain Beneficial Owners:

Not applicable.(The Units are non-voting securities limited liability company interests. TheFund is managed by MLAI, its manager.)

(b)                                 SecurityOwnership of Management:

As of December 31,2006, MLAI owned no Unit-equivalent Member interests, the principals of MLAIdid not own any Units, and APM did not own any Units.

(c)                                  Changesin Control:

None.

**Item 13: CertainRelationships and Related Transactions**

(a)                                  Transactionsbetween Merrill Lynch and the Fund

All of the serviceproviders to the Fund, other than APM, are affiliates of Merrill Lynch or havebeen approved by Merrill Lynch.  MerrillLynch negotiated with APM over the level of its management fees and performancefees. However, none of the fees paid by the Fund to any Merrill Lynch partywere negotiated, and they could be higher than would have been obtained inarms-length bargaining.

The Fund paysMerrill Lynch substantial Brokerage Commissions and Sponsor Fees as well asbid-ask spreads on forward currency trades. The Fund also pays MLPF&S interest on short-term loans extended byMLPF&S to cover losses on foreign currency positions.

Within the MerrillLynch organization, MLAI is the beneficiary of the revenues received bydifferent Merrill Lynch entities from the Fund. MLAI controls the management of the Fund and serves as itspromoter.  Although MLAI has not sold anyassets, directly or indirectly, to the Fund, MLAI makes substantial profitsfrom the Fund due to the foregoing revenues.

No loans havebeen, are or will be outstanding between MLAI or any of its principals and theFund.

MLAI payssubstantial selling commissions and trailing commissions to MLPF&S fordistributing the Units.  MLAI isultimately paid back for these expenditures from the revenues it receives fromthe Fund.

22

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(b)                                 CertainBusiness Relationships:

MLPF&S, anaffiliate of MLAI, acts as the principal commodity broker for the Fund.

In 2006, the Fundexpensed:  (i) Brokerage Commissions of$3,465 to MLPF&S and $13,694 in management fees earned by APM.  In addition, MLAI and its affiliates may havederived certain economic benefits from possession of a portion of the Fund’sassets, as well as from foreign exchange and EFP trading.

See Item 1(c), “NarrativeDescription of Business — Charges” and “— Description of Current Charges”for a discussion of other business dealings between MLAI affiliates and theFund.

(c)                                  Indebtednessof Management:

None.

(d)                                 Transactionswith Promoters:

Not applicable.

**Item 14: PrincipalAccountant Fees and Services**

(a)                                  AuditFees

Aggregate fees billed for professional servicesrendered by Deloitte & Touche LLP in connection with the audit of the Fund’sfinancial statements as of and for the period ended December 31, 2006 were$18,000.

(b)                                 Audit-RelatedFees

There were no other audit-related fees billed for the period endedDecember 31, 2006, related to the Fund.

(c)                                  TaxFees

Aggregate feesbilled for professional services rendered by Deloitte Tax LLP in connectionwith the tax compliance, advice and preparation of the Fund’s tax returns forthe period ended December 31, 2006 were $27,500.

(d)                                 AllOther Fees

No fees were billed by Deloitte & Touche LLP, Deloitte Tax LLP, orany member firms of Deloitte Touche Tohmatsu and their respective affiliatesduring the period ended December 31, 2006 for any other professional servicesin relation to the Fund.

Neither the Fund nor MLAI has an audit committee to pre-approveprincipal accountant fees and services. In lieu of an audit committee, the managers and the principal financialofficer pre-approve all billings prior to the commencement of services.

23

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#### **PART IV**

**Item 15: Exhibitsand Financial Statement Schedules**

1.                                       FinancialStatements (found in Exhibit 13.01):
|                                                                                     | Page:  |
|-------------------------------------------------------------------------------------|--------|
|                                                                                |   |
| Report of Independent  Registered Public Accounting Firm                            | 1      |
|                                                                                |   |
| Statement of  Financial Condition as of December 31, 2006                           | 2      |
|                                                                                |   |
| For the period  December 1, 2006 (Commencement of Operations) to December 31, 2006: |   |
| Statement of Operations                                                             | 3      |
| Statement of Changes in Members’ Capital                                       | 4      |
| Financial Data Highlights December 31, 2006                                         | 5      |
|                                                                                |   |
| Notes to  Financial Statements                                                      | 6-12   |

 

2.                                       FinancialStatement Schedules:

Financialstatement schedules not included in this Form 10-K have been omitted for thereason that they are not required or are not applicable or that equivalentinformation has been included in the financial statements or notes thereto.

3.                                       Exhibits:

The followingexhibits are incorporated by reference or are filed herewith to this AnnualReport on Form 10-K:
| Designation    | ** ** | **Description**                                                                                                                                                                                                                                                    |
|----------------|------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|           |       |                                                                                                                                                                                                                                                               |
| 3.01           |       | Certificate of Formation of ML APM Global Commodity  FuturesAccess LLC.                                                                                                                                                                                            |
|           |       |                                                                                                                                                                                                                                                               |
| Exhibit 3.01:  |       | Is incorporated herein by reference from Exhibit  3.01 contained in the Registration Statement (File No. 000-51086) filed on  December 20, 2004, on Form 10 under the Securities Exchange Act of 1934 (the  “Registrant’s Registration Statement”). |
|           |       |                                                                                                                                                                                                                                                               |
| 3.02           | 3.02       |                                                                                                                                                                                                                                                               | Limited Liability Company Operating Agreement of ML  APM Global Commodity FuturesAccess LLC. |
|           |       |                                                                                                                                                                                                                                                               |   |
| Exhibit 3.02   |       | Is incorporated by reference from Exhibit 3.02  contained in the Registrant’s Registration Statement                                                                                                                                                          |
|           |       |                                                                                                                                                                                                                                                               |
| 3.03           | 10.01      |                                                                                                                                                                                                                                                               | Customer Agreement between ML APM Global Commodity  FuturesAccess LLC. and Merrill Lynch, Pierce, Fenner & Smith  Incorporated. |
|           |       |                                                                                                                                                                                                                                                               |   |
| Exhibit 10.01: |       | Is filed herewith.                                                                                                                                                                                                                                                 |
|           |       |                                                                                                                                                                                                                                                               |
| 3.04           | 10.02      |                                                                                                                                                                                                                                                               | Advisory Agreement by and among ML APM Global  Commodity FuturesAccess LLC and Merrill Lynch Alternative Investments LLC. |
|           |       |                                                                                                                                                                                                                                                               |   |
| Exhibit 10.02: |       | Is incorporated hereby by reference from  Exhibit 10.02 contained in the Registrant’s Registration Statement.                                                                                                                                            |

 
| 13.01           |   | 2006 Annual Report and Report of Independent  Registered Public Accounting Firm. |
|-----------------|--------|----------------------------------------------------------------------------------|
|            |   |                                                                             |
| Exhibit 13.01:  |   | Is filed herewith.                                                               |
|            |   |                                                                             |
| 31.01 and 31.02 |   | Rule 13a-14(a)/15d-14(a) Certifications                                          |
|            |   |                                                                             |
| Exhibit 31.01   |   |                                                                             |
| and 31.02:      |   | Are filed herewith.                                                              |
|            |   |                                                                             |
| 32.01 and 32.02 |   | Section 1350 Certifications                                                      |
|            |   |                                                                             |
| Exhibit 32.01   |   |                                                                             |
| and 32.02:      |   | Are filed herewith.                                                              |

 

24

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**SIGNATURES**

Pursuant to the requirements of Section 13 or 15(d) ofthe Securities Exchange Act of 1934, the Registrant has duly caused this reportto be signed on its behalf by the undersigned, thereunto duly authorized.

ML APM Global Commodity FuturesAccess LLC.
|        | **By:  MERRILL LYNCH ALTERNATIVE  INVESTMENTS LLC** |
|--------|----------------------------------------------------------|
|   |          Sponsor |
|   |                                                     |
|   | By:                                                      | /s/Benjamin C.  Weston |   |
|   | Benjamin C.  Weston                                      |
|   | Chief Executive  Officer and President                   |
|   | (Principal  Executive Officer)                           |

 

Pursuant to the requirements of Section 13 or 15(d) ofthe Securities Exchange Act of 1934, this report has been signed on March 30,2007 by the following persons on behalf of the Registrant and in the capacitiesindicated.
| Signature                 | ** ** | **Title** | ** **                            | **Date** |
|---------------------------|------------|-----------|---------------------------------------|----------|
|                      |       |      |                                  |     |
| /s/Benjamin C.  Weston    |       |      | Chief Executive Officer and President |     | March 30, 2007 |
| Bejamin C.  Weston        |       |      |                                  |     |
|                      |       |      |                                  |     |
| /s/ Robert D.  Ollwerther |       |      | Chief Operating Officer and Manager   |     | March 30, 2007 |
| Robert D.  Ollwerther     |       |      |                                  |     |
|                      |       |      |                                  |     |
| /s/Barbra E.  Kocsis      |       |      | Chief Financial Officer               |     | March 30, 2007 |
| Barbra E. Kocsis          |       |      |                                  |     |
|                      |       |      |                                  |     |
| /s/Robert M.  Alderman    |       |      | Vice President and Manager            |     | March 30, 2007 |
| Robert M.  Alderman       |       |      |                                  |     |
|                      |       |      |                                  |     |
| /s/Andrew B.  Weisman     |       |      | Manager                               |     | March 30, 2007 |
| Andrew B.  Weisman        |       |      |                                  |     |
|                           |            |           |                                       |          |  |  |  |

 

(Being the principal executive officer, the principal financial andaccounting officer and a majority of the managers of Merrill Lynch AlternativeInvestments LLC)

25

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**ML APM GLOBAL COMMODITY FUTURESACCESS LLC**

2006 FORM 10-K

INDEX TO EXHIBITS
|               | ** ** | Exhibit                                                                         |
|---------------|------------|---------------------------------------------------------------------------------|
|          |       |                                                                            |
| Exhibit 13.01 |       | 2006 Annual Report and Report of Independent Registered  Public Accounting Firm |

 

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