**UNITED STATES**

**SECURITIES AND EXCHANGECOMMISSION**

**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, 2007**

 

**or**

 

**o****Transition Report Pursuant to Section 13**

**or 15(d) of the Securities Exchange Act of1934**

 

**Commission file number:000-52384**

 

**ML APM GLOBAL**

**COMMODITY FUTURESACCESSLLC**

(Exact name of registrant asspecified 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 LLC**

**Hopewell  Corporate Campus, Building No. 2**

**1200Merrill Lynch Drive – First Floor**

**Pennington, New Jersey 08534**

(Addressof principal executive offices)

 

Registrant’stelephone number, including area code:**  (609) 274-5838**

 

Securities registeredpursuant to Section 12(b) of the Act:**None**

 

Securities registeredpursuant to Section 12(g) of the Act:**Units ofLimited Liability Company Interest**

 

Indicate by check mark ifthe registrant is a well-known seasoned issuer, as defined in Rule 405 ofthe Securities Act.
|   |   | Yes  o |   | No  x |
|--------|--------|-------------|--------|------------|

 

Indicate by check mark ifthe registrant is not required to file reports pursuant to Section 13 or15(d) of the Act.
|   |   | Yes  o |   | No  x |
|--------|--------|-------------|--------|------------|

 

Indicate by check markwhether the registrant (1) has filed all reports required to be filed by Section 13or 15(d) of the Securities Exchange Act of 1934 during the preceding 12months (or for such shorter period that the registrant was required to filesuch reports), and (2) has been subject to such filing requirements forthe past 90 days.
|   |   | Yes  x |   | No  o |
|--------|--------|-------------|--------|------------|

 

Indicate by check mark ifdisclosure of delinquent filers pursuant to Item 405 of Regulation S-K is notcontained herein, and will not be contained, to the best of registrant’sknowledge, in definitive proxy or information statements incorporated byreference in Part III of this Form 10-K or any amendment to this Form 10-K.x

 

Indicate by check markwhether the registrant is a large accelerated filer, an accelerated filer, or anon-accelerated filer.  See definition of“accelerated filer and large accelerated filer” in Rule 12b-2 of theExchange Act.  Check one:

 
| Large accelerated filer o |   | Accelerated filer o |   | Non-accelerated filer x |
|--------------------------------|--------|--------------------------|--------|-------------------------|

 

Indicate by check mark whether registrant is a shell company (asdefined by Rule 12b-2 of the Act).
|   |   | Yes  o |   | No  x |
|--------|--------|-------------|--------|------------|

 

The Units of limitedliability company interest of the registrant are not publicly traded.  Accordingly, there is no aggregate marketvalue for the registrant’s outstanding equity that is readily determinable.

 

As January 31, 2008,units of limited liability company interest with a Net Asset Value of$77,734,662 were outstanding and held by non-affiliates.

 

**DocumentsIncorporated by Reference**

 

The registrant’s 2007 AnnualReport and Report of Independent Registered Public Accounting Firm, the annualreport to security holders for the year ended December 31, 2007, isincorporated by reference into Part II, Item 8, and Part IV hereofand filed as an Exhibit herewith. Copies of the annual report areavailable free of charge by contacting Alternative Investments Client Servicesat 1-866-MER-ALTS.

 

 

----

 

**ML APMGLOBAL COMMODITY**

**FUTURESACCESSLLC**

 

ANNUALREPORT FOR 2007 ON FORM 10-K

 

Tableof Contents

 
|        | PART I                                                                                                         | **PAGE** |
|-------------|---------------------------------------------------------------------------------------------------------------------|----------|
|        |                                                                                                                |     |
| Item 1.     | Business                                                                                                            | 1        |
|        |                                                                                                                |     |
| Item 1A.    | Risk Factors                                                                                                        | 6        |
|        |                                                                                                                |     |
| Item 1B.    | Unresolved Staff  Comments                                                                                          | 7        |
|        |                                                                                                                |     |
| Item 2.     | Properties                                                                                                          | 7        |
|        |                                                                                                                |     |
| Item 3.     | Legal Proceedings                                                                                                   | 7        |
|        |                                                                                                                |     |
| Item 4.     | Submission of  Matters to a Vote of Security Holders                                                                | 7        |
|        |                                                                                                                |     |
|        | 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                         | 17       |
|        |                                                                                                                |     |
| Item 7A.    | Quantitative  and Qualitative Disclosures about Market Risks                                                        | 21       |
|        |                                                                                                                |     |
| Item 8.     | Financial  Statements and Supplementary Data                                                                        | 25       |
|        |                                                                                                                |     |
| Item 9.     | Changes  in and Disagreements with Accountants on Accounting and Financial Disclosure                               | 26       |
|        |                                                                                                                |     |
| Item 9A(T). | Controls  and Procedures                                                                                            | 26       |
|        |                                                                                                                |     |
| Item 9B.    | Other  Information                                                                                                  | 27       |
|        |                                                                                                                |     |
|        | PART III                                                                                                       |     |
|        |                                                                                                                |     |
| Item 10.    | Directors  and Executive Officers and Corporate Governance                                                          | 28       |
|        |                                                                                                                |     |
| Item 11.    | Executive  Compensation                                                                                             | 30       |
|        |                                                                                                                |     |
| Item 12.    | Security  Ownership of Certain Beneficial Owners and Management and Related Stockholder  Matters                    | 30       |
|        |                                                                                                                |     |
| Item 13.    | Certain  Relationships and Related Transactions                                                                     | 30       |
|        |                                                                                                                |     |
| Item 14.    | Principal  Accountant Fees and Services                                                                             | 31       |
|        |                                                                                                                |     |
|        | PART IV                                                                                                        |     |
|        |                                                                                                                |     |
| Item 15.    | Exhibits  and Financial Statement Schedules                                                                         | 32       |

 

----

 

**PART I**

 

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

 

(a)                                  General Development of Business:

 

ML APM Global CommodityFuturesAccess LLC (the “Fund”) was organized under the Delaware LimitedLiability Company Act on May 17, 2004 and commenced trading activities on December 1,2006. The Fund issues new units of limited liability company interest (“Units”)at Net Asset Value per Unit (see Item 6 for discussion of net asset value andnet asset value per unit for subscriptions and redemptions purposes hereinafterreferred to as Net Asset Value and Net Asset Value per Unit for all otherpurposes) as of the beginning of each calendar month. The Fund engages in thespeculative trading of futures, options on futures and forward contracts on awide range of commodities. Absolute Plus Management, LLC (“APM”) is the tradingadvisor of the Fund.

 

Merrill Lynch AlternativeInvestments LLC (“MLAI”) is the sponsor and manager of the Fund.  MLAI is an indirect wholly-owned subsidiaryof Merrill Lynch & Co., Inc. (“Merrill Lynch”).  Merrill Lynch, Pierce, Fenner &Smith Incorporated (“MLPF&S”), a wholly-owned subsidiary of Merrill Lynch,is the Fund’s commodity broker.

 

As of December 31,2007, the Net Asset Value of the Fund for all other purposes was $63,599,050and the Net Asset Value per Unit for all other purposes, was $1.1424 for Class A,$1.1280 for Class C, $1.1311 for Class D and $1.1414 for Class I.The Net Asset Value per Unit for financial reporting purposes in conformitywith accounting principals generally accepted in the United States of America (“U.S.GAAP”) was $1.1416 for Class A, $1.1278 for Class C, $1.1302 for Class Dand $1.1411 for Class I, and the Net Asset Value of the Fund was$63,569,046.

 

The highest month-end NetAsset Value per Unit for all other purposes for Class A as of December 31,2007 was $1.1424 (December 31, 2007) and the lowest was $0.9827 (May 31,2007).  The highest month-end Net AssetValue per Unit for all other purposes for Class C as of December 31,2007 was $1.1280 (December 31, 2007) and the lowest was $0.9776 (May 31,2007).  The highest month-end Net AssetValue per Unit for all other purposes for Class D as of December 31,2007 was $1.1311 (December 31, 2007) and the lowest was $0.9695 (May 31,2007).  The highest month-end Net AssetValue per Unit for all other purposes for Class I as of December 31,2007 was $1.1414 (December 31, 2007) and the lowest was $0.9834 (May 31,2007).

 

(b)                                 Financial Information about Segments:

 

The Fund’s businessconstitutes only one segment for financial reporting purposes, i.e*.,* a speculative “commodity pool”. The Fund does not engagein sales of goods or services.

 

(c)                                  Narrative Description of Business:

 

***General***

 

The Fund trades in theinternational futures and forward markets with the objective of achievingsubstantial capital appreciation.

 

The Fund has entered into anadvisory agreement with Absolute Plus Management, LLC (“APM”) whereby APMtrades through a managed account the Fund’s assets using The APM Hedged GlobalCommodity Strategy. In The APM Hedged Global Commodity Strategy, APM appliesits trend-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.

 

*Employees*

 

The Fund has no employees.

 

1

----

 

Use of Proceeds and Cash Management Income

 

Subscription Proceeds

 

TheFund’s cash is used as security for and to pay the Fund’s trading losses aswell as its expenses and redemptions. The primary use of the proceeds of thesale of the Units is to permit APM to trade on a speculative basis in a widerange of different futures 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 proprietarysystems to a broadly-diversified portfolio of futures and forward marketspursuant to their International Value Program. The International 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.

 

The Fund’s commitments todifferent types of markets – U.S. and non-U.S., regulated and non-regulated –differ substantially from time to time, as well as over time.  The Fund has no policy restricting itsrelative commitment to any of these different types of markets.

 

Market Types

 

The Fund trades on a varietyof United States and foreign futures exchanges. Substantially all of the Fund’s off-exchange trading takes place in thehighly liquid, institutionally-based currency forward markets.

 

Many of the Fund’s currencytrades are executed in the spot and forward foreign exchange markets (the “FXMarkets”) where there are no direct execution costs.  Instead, the participants, banks and dealersin the FX markets take a “spread” between the prices at which they are preparedto buy and sell a particular currency and such spreads are built into thepricing of the spot or forward contracts with the Fund.

 

Custody of Assets

 

All of the Fund’s assets arecurrently held in Commodity Futures Trading Commission (“CFTC”) regulatedcustomer accounts at MLPF&S.

 

Cash Assets

 

The Fund will generally earninterest, as described below, on its “Cash Assets”, which can be generallydescribed as the cash actually held by the Fund plus its “open trade equity”(unrealized gain and loss marked to market daily on open positions).   Cash Assets are held primarily in U.S.dollars, and to a lesser extent in foreign currencies, and are comprised of theFund’s cash balances held in the offset accounts (as described below) – whichinclude “open trade equity” (unrealized gain and loss on open positions) onUnited States futures contracts, which is paid into or out of the Fund’saccount on a daily basis; the Fund’s cash balance in foreign currencies derivedfrom its trading in non-U.S. dollar denominated futures and options contracts,which includes open trade equity on those exchanges which settle gains andlosses on open positions in such contracts prior to closing out suchpositions.  Cash Assets do not includeand the Fund does not earn interest income on the Fund’s gains or losses on itsopen forward, commodity option and certain foreign futures positions since suchgains and losses are not collected or paid until such positions are closed out.

 

The Fund’s Cash Assets maybe greater than, less than or equal to the Fund’s Net Asset Value (on which theredemption value of the Units is based) primarily because Net Asset Valuereflects all gains and losses on open positions as well as accrued but unpaidexpenses.

 

2

----

 

Interest Earned on the Fund’sU.S. Dollar Cash Assets

 

The Fund’s U.S. dollar CashAssets are held in cash at MLPF&S, which utilizes offset accounts.

 

Offset accounts arenon-interest bearing demand deposit accounts maintained with banks unaffiliatedwith Merrill Lynch.  An integral featureof the offset arrangements is that the participating banks specificallyacknowledge that the offset accounts are MLPF&S customer accounts, notsubject to any Merrill Lynch liability.

 

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

 

The use of the offsetaccount arrangements for the Fund’s U.S. dollar Cash Assets may be discontinuedby Merrill Lynch at any time.  If MerrillLynch were to terminate the offset arrangements, it would attempt to invest allof the Fund’s U.S. dollar Cash Assets to the maximum practicable extent inshort-term Treasury bills.  All interestearned on the U.S. dollar Available Assets so invested would be paid to theFund but MLAI would expect the amount of such interest to be less than thatavailable to the Fund under the offset account arrangements.  The remaining U.S. dollar Available Assets ofthe Fund would be kept in cash to meet variation margin payments and payexpenses, but would not earn interest for the Fund.

 

The banks at which theoffset accounts are maintained make available to Merrill Lynch interest-freeovernight credits, loans or overdrafts in the amount of the Fund’s U.S. dollarAvailable Assets held in the offset accounts, charging Merrill Lynch a smallfee for this service.  The economicbenefits derived by Merrill Lynch – net of the interest credits paid to theFund and the fee paid to the offset banks – from the offset accounts have notexceeded 0.75% per annum of the Fund’s average daily U.S. dollar AvailableAssets held in the offset accounts. These revenues to Merrill Lynch are in addition to the BrokerageCommissions and Sponsor Fees paid by the Fund to MLPF&S and MLAI,respectively.

 

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

 

Underthe single currency margining system implemented for the Fund, the Fund doesnot deposit 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.

 

TheFund holds foreign currency gains and finances foreign currency losses on aninterim basis until converted into U.S. dollars and either paid into or out ofthe Fund’s U.S. dollar Cash Assets. Foreign currency gains or losses on open positions are not convertedinto U.S. dollars until the positions are closed.  Assets of the Fund while held in foreigncurrencies are subject to exchange rate risk.

 

3

----

 

***Charges***

 

Thefollowing table summarizes the charges incurred by the Fund for the year ended December 31,2007 and for the period December 1, 2006 (commencement of operations) to December 31,2006.

 
| ** **      | ** ** | ** **         | ** ** | **2007**                                                                                   | ** ** | ** **         | ** ** | **2006**                                                                                            | ** ** |
|-----------------|------------|--------------------|------------|--------------------------------------------------------------------------------------------|------------|--------------------|------------|-----------------------------------------------------------------------------------------------------|------------|
| **Charges**     | ** ** | **Dollar  Amount** | ** ** | **% of Average  Month-End Net Assets  (all other purposes)** | ** ** | **Dollar  Amount** | ** ** | **% of Average  Month-End Net Assets  (all other purposes) (1)** | ** ** |
|            |       |               |       |                                                                                       |       |               |       |                                                                                                |       |
| Performance fee |       | $                  | 936,548    |                                                                                       | 2.87       | %                  | $          | —                                                                                              |       | 0.00 | % |
| Sponsor fee     |       | 465,974            |       | 1.43                                                                                       | %          | —             |       | 0.00                                                                                                | %          |
| Other Expenses  |       | 426,215            |       | 1.30                                                                                       | %          | 23,284             |       | 0.26                                                                                                | %          |
| Management fee  |       | 543,610            |       | 1.66                                                                                       | %          | 13,694             |       | 0.16                                                                                                | %          |
| Total           |       | $                  | 2,372,347  |                                                                                       | 7.26       | %                  | $          | 36,978                                                                                              |       | 0.42 | % |

 

----

(1) Not annualized

 

The foregoing table does not reflect the bid-ask spreads paid by theFund on its forward trading, or the benefits which may be derived by MerrillLynch from the deposit of certain of the Fund’s U.S. dollar assets maintainedat MLPF&S.

 

TheFund’s average month-end Net Asset Value for all other purposes during 2007 and2006 equaled $32,675,322 and $8,820,717, respectively.

 

During 2007, the Fund earned$1,459,136 in interest income, or approximately 4.47% of the Fund’s averagemonth-end Net Assets for all other purposes. During 2006, the Fund earned$45,356 in interest income, or approximately 0.5142% of the Fund’s averagemonth-end Net Assets for all other purposes.

 
|   | **Description  of Current Charges** |
|--------|-------------------------------------|

 
| **Recipient** | ** ** | **Nature of Payment** | ** ** | **Amount of Payment**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|---------------|------------|-----------------------|------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| MLPF&S    |       | Brokerage Commissions |       | During 2007 and 2006, the round-turn (each purchase and sale or sale  and purchase of a single futures contract) rate of the Fund’s Brokerage  Commissions was approximately $7.63 and $10.47, respectively.                                                                                                                                                                                                                                                                                                                                                |
|          |       |                  |       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| 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. |

 

4

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| 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. |
|----------------------------------------------------------------------------------------------|--------|-------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                         |   |                                                              |   |                                                                                                                                                                                                                                                                                                                                                                                                          |
| 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 and MLAI                                                                                 |   | 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. MLAI receives 25% of the 15%  Annual Performance Fees.                                                                                                                                                                                                                                    |
|                                                                                         |   |                                                              |   |                                                                                                                                                                                                                                                                                                                                                                                                          |
| APM and MLAI                                                                                 |   | Management fees                                                   |   | A flat-rate monthly charge of 0.125 of 1% of the Fund’s month-end  assets (a 1.5% annual rate). MLAI receives 25% of the 1.5% annual rate.                                                                                                                                                                                                                                                               |
|                                                                                         |   |                                                              |   |                                                                                                                                                                                                                                                                                                                                                                                                          |
| Others                                                                                       |   | Operating expense of Fund including audit, legal and tax services |   | Actual payments to third parties.                                                                                                                                                                                                                                                                                                                                                                             |
|                                                                                         |   |                                                              |   |                                                                                                                                                                                                                                                                                                                                                                                                          |
| MLAI; Others                                                                                 |   | Initial Offering Costsreimbursed                                  |   | Actual costs incurred.                                                                                                                                                                                                                                                                                                                                                                                        |

 

5

----

 

***Regulation***

 

MLAI, APM and MLPF&S are each subject to regulation by the CFTC andthe NFA.  Other than in respect of theregistration requirements pertaining to the Fund’s securities under Section 12(g) ofthe Securities 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 Financial Industry Regulatory Authority (the “FINRA”).

 

(d)                                 Financial Information about Geographic Areas

 

The Fund does not engage in material operations in foreign countries,nor is a material portion of the Fund’s revenue derived from customers inforeign countries.

 

The Fund trades on a number of foreign commodity exchanges.  The Fund does not engage in the sales ofgoods or services.

 

**Item 1A:  Risk Factors**

 

**Past Performance Not Necessarily Indicative ofFuture Results**

 

Past performance is not necessarily indicativeof future results.  The trading advisor’spast performance may not be representative of how it may trade in the futurefor the Fund.

 

**Volatile Markets****; Highly Leveraged Trading**

 

Futures and forward trading is highly leveraged,and market price levels are volatile and materially affected by unpredictablefactors such as weather and governmental intervention.  The combination of leverage and volatilitycreates a high degree of risk.

 

**Importance of General MarketConditions**

 

Overall market or economic conditions — whichneither MLAI nor the trading advisor can predict or control — have a materialeffect on the performance of any managed futures strategy.

 

**Forward Trading**

 

The Fund will trade currencies in the forwardmarkets in addition to in the futures markets. The forward markets are over-the-counter, non-exchange markets, and intrading in these markets, the Fund will be dependent on the credit standing ofthe counterparties with which they trade, without the financial support of anyclearinghouse system.  In addition, theprices offered for the same forward contract may vary significantly amongdifferent forward market participants. Forward market counterparties are under no obligation to enter intoforward transactions with a Fund, including transactions through which the Fundis attempting to liquidate open positions.

 

**Increased Assets****Under Management**

 

There appears to be a tendency for the rates ofreturn achieved by managed futures advisors to decline as assets undermanagement increase.  The trading advisorhas not agreed to limit the amount of additional equity which it may manage.

 

**Trading Advisor****Risk**

 

The Fund is subject to the risk of the badjudgment, negligence or misconduct of its trading advisor.  There have been a number of instances inrecent years in which private investment funds have incurred substantial lossesdue to manager misconduct.

 

6

----

 

**Changes in Trading Strategy**

 

The trading advisor may make materialchanges in its trading strategies without the knowledge of MLAI.

 

**Illiquid Markets**

 

Certain positions held by the Fund may becomeilliquid, preventing the Fund’s trading advisor from acquiring positionsotherwise indicated by its strategy or making it impossible for the tradingadvisor to close out positions against which the market is moving.

 

Certain futures markets are subject to “dailyprice limits,” restricting the maximum amount by which the price of a particularcontract can change during any given trading day.  Once a contract’s price has moved “the limit,”it may be impossible or economically non-viable to execute trades in suchcontract.  From time to time, prices havemoved “the limit” for a number of consecutive days, making it impossible fortraders against whose positions the market was moving to prevent large losses.

 

**Trading on Non-U.S. Exchanges**

 

The trading advisor may trade extensively onnon-U.S. exchanges.  These exchanges arenot regulated by any United States governmental agency.  The Fund could incur substantial lossestrading on foreign exchanges to which it would not have been subject had itstrading advisor limited its trading to U.S. markets.

 

The profits and losses derived from tradingforeign futures and options will generally be denominated in foreigncurrencies; consequently, the Fund will be subject to a certain degree ofexchange-rate risk in trading such contracts.

 

**The Fund****Could Lose Assets and Have ItsTrading Disrupted Due to the Bankruptcy of One of the Parties**

 

The Fund is subject to the risk of insolvencyof a counterparty, an exchange, a clearinghouse or MLPF&S. Fund assetscould be lost or impounded during lengthy bankruptcy proceedings.  Were a substantial portion of the Fund’scapital tied up in a bankruptcy, MLAI might suspend or limit trading, perhapscausing the Fund to miss significant profit opportunities. There are increasedrisks in dealing with unregulated trading counterparties including the riskthat assets may not benefit from the protection afforded to “customer funds”deposited with regulated dealers and brokers.

 

**Item 1B:  Unresolved StaffComments**

 

Not applicable.

 

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

 

The Fund does not use any physical properties in the conduct of itsbusiness.

 

The Fund’s administrative offices are the administrative offices ofMLAI (Merrill Lynch Alternative Investments LLC, Hopewell Corporate Campus,Building No. 2, 1200 Merrill Lynch Drive – First Floor, Pennington, NewJersey 08534).  MLAI performs administrativeservices for the Fund from MLAI’s offices.

 

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

 

None.

 

**Item 4:****         ****Submission of Matters to a Voteof Security Holders**

 

None.

 

7

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**PART II**

 

**Item 5:  Market for Registrant’s Common Equity, RelatedStockholder Matters and Issuer Purchases of Equity Securities**

 

Item 5(a)

 

(a)                                  Market Information:

 

There is no established public trading market for the Units, and noneis likely to develop.  Members may redeemUnits on ten days written notice to MLAI as of the last day of each month attheir Net Asset Value for all other purposes, subject to certain earlyredemption charges.

 

(b)                                 Holders:

 

As of December 31, 2007, there were 530 holders of Units.

 

(c)                                  Dividends:

 

MLAI has not made and does not contemplate making any distributions onthe Units.

 

(d)                                 Securities Authorized for Issuance UnderEquity Compensation Plans:

 

Not applicable.

 

(e)                                  Recent Sales of Unregistered Securities

 

8

----

 

Issuanceto accredited investors pursuant to Regulation D and Section 4(6) underthe Securities Act.  The selling agent ofthe following Class of Units was MLPF&S.

 

During2007, the Fund issued Units as set forth in the following chart.

 

**CLASS A**

 
| ** ** | ** ** | **Subscription** | ** ** | ** ** | ** ** |
|------------|------------|------------------|------------|------------|------------|
| ** ** | ** ** | **Amount**       | ** ** | **Units**  | ** ** | **NAV (1)** | ** ** |
| Jan-07     |       | $—          |       | —     |       | $n/a |   |
| Feb-07     |       | 3,235,749        |       | 3,235,749  |       | 1.0000 |   |
| Mar-07     |       | 243,961          |       | 245,631    |       | 0.9932 |   |
| Apr-07     |       | 22,424           |       | 22,722     |       | 0.9869 |   |
| May-07     |       | 215,499          |       | 218,714    |       | 0.9853 |   |
| Jun-07     |       | 82,873           |       | 84,332     |       | 0.9827 |   |
| Jul-07     |       | 352,944          |       | 352,169    |       | 1.0022 |   |
| Aug-07     |       | 71,174           |       | 70,046     |       | 1.0161 |   |
| Sep-07     |       | 30,848           |       | 30,070     |       | 1.0259 |   |
| Oct-07     |       | 186,639          |       | 173,392    |       | 1.0764 |   |
| Nov-07     |       | —           |       | —     |       | 1.1056 |   |
| Dec-07     |       | 42,299           |       | 37,686     |       | 1.1224 |   |
| Jan-08     |       | 1,786,860        |       | 1,564,128  |       | 1.1424 |   |
| Feb-08     |       | 149,954          |       | 122,662    |       | 1.2225 |   |

 

**CLASS C**

 
| ** ** | ** ** | **Subscription** | ** ** | ** ** | ** ** |
|------------|------------|------------------|------------|------------|------------|
| ** ** | ** ** | **Amount**       | ** ** | **Units**  | ** ** | **NAV (1)** | ** ** |
| Jan-07     |       | $439,000         |       | 439,000    |       | $1.0000 |   |
| Feb-07     |       | 680,997          |       | 682,225    |       | 0.9982 |   |
| Mar-07     |       | 3,861,433        |       | 3,898,075  |       | 0.9906 |   |
| Apr-07     |       | 3,852,933        |       | 3,917,573  |       | 0.9835 |   |
| May-07     |       | 1,670,563        |       | 1,702,918  |       | 0.9810 |   |
| Jun-07     |       | 3,457,174        |       | 3,536,389  |       | 0.9776 |   |
| Jul-07     |       | 3,592,585        |       | 3,606,289  |       | 0.9962 |   |
| Aug-07     |       | 1,214,985        |       | 1,203,909  |       | 1.0092 |   |
| Sep-07     |       | 2,380,586        |       | 2,338,264  |       | 1.0181 |   |
| Oct-07     |       | 1,338,306        |       | 1,254,152  |       | 1.0671 |   |
| Nov-07     |       | 2,108,301        |       | 1,925,565  |       | 1.0949 |   |
| Dec-07     |       | 1,827,545        |       | 1,646,734  |       | 1.1098 |   |
| Jan-08     |       | 4,037,339        |       | 3,579,201  |       | 1.1280 |   |
| Feb-08     |       | 3,584,330        |       | 2,971,835  |       | 1.2061 |   |

 

**CLASS D**

 
| ** ** | ** ** | **Subscription** | ** ** | ** ** | ** ** |
|------------|------------|------------------|------------|------------|------------|
| ** ** | ** ** | **Amount**       | ** ** | **Units**  | ** ** | **NAV (1)** | ** ** |
| Jan-07     |       | $4,095,999       |       | 4,174,054  |       | $0.9813 |   |
| Feb-07     |       | 1,699,999        |       | 1,731,865  |       | 0.9816 |   |
| Mar-07     |       | 2,099,999        |       | 2,151,198  |       | 0.9762 |   |
| Apr-07     |       | 5,969,998        |       | 6,147,032  |       | 0.9712 |   |
| May-07     |       | —           |       | —     |       | 0.9708 |   |
| Jun-07     |       | —           |       | —     |       | 0.9695 |   |
| Jul-07     |       | 750,000          |       | 757,652    |       | 0.9899 |   |
| Aug-07     |       | —           |       | —     |       | 1.0049 |   |
| Sep-07     |       | —           |       | —     |       | 1.0160 |   |
| Oct-07     |       | 5,177,434        |       | 9,851,419  |       | 1.0672 |   |
| Nov-07     |       | 1,899,999        |       | 1,734,367  |       | 1.0955 |   |
| Dec-07     |       | 3,459,656        |       | 3,110,922  |       | 1.1121 |   |
| Jan-08     |       | 748,059          |       | 661,355    |       | 1.1311 |   |
| Feb-08     |       | —           |       | —     |       | 1.2119 |   |

 

**CLASS I**

 
| ** ** | ** ** | **Subscription** | ** ** | ** ** | ** ** |
|------------|------------|------------------|------------|------------|------------|
| ** ** | ** ** | **Amount**       | ** ** | **Units**  | ** ** | **NAV (1)** | ** ** |
| Jan-07     | ** ** | $20,000          |       | 20,000     |       | $1.0000 |   |
| Feb-07     | ** ** | 1,040,000        |       | 1,040,624  |       | 0.9994 |   |
| Mar-07     |       | 1,263,495        |       | 1,272,402  |       | 0.9930 |   |
| Apr-07     | ** ** | 223,565          |       | 226,510    |       | 0.9870 |   |
| May-07     |       | 1,028,998        |       | 1,043,926  |       | 0.9857 |   |
| Jun-07     | ** ** | 399,499          |       | 406,243    |       | 0.9834 |   |
| Jul-07     |       | 767,379          |       | 764,932    |       | 1.0032 |   |
| Aug-07     | ** ** | 371,999          |       | 365,601    |       | 1.0175 |   |
| Sep-07     |       | 1,030,000        |       | 1,002,237  |       | 1.0277 |   |
| Oct-07     | ** ** | 1,082,198        |       | 1,003,615  |       | 1.0783 |   |
| Nov-07     |       | 849,999          |       | 768,118    |       | 1.1066 |   |
| Dec-07     | ** ** | 1,078,998        |       | 961,245    |       | 1.1225 |   |
| Jan-08     |       | 2,535,059        |       | 2,221,008  |       | 1.1414 |   |
| Feb-08     | ** ** | 2,721,249        |       | 2,227,246  |       | 1.2218 |   |

 

----

(1) Net Asset Value for all other purposes

 

Item 5(b)

 

Not applicable.

 

Item 5(c)

 

Not applicable.

 

9

----

 

**Item 6:****         ****Selected Financial Data**

 

The following selected financial data has been derived from thefinancial statements of the Fund.

** **
| **Statement of Operations** | ** ** | **For the Year Ended  December 31, 2007** | ** ** | **For the Period December  1, 2006,  (commencement of  operations) to  December 31, 2006** | ** ** |
|---------------------------------------|------------|--------------------------------------------------------------------|------------|------------------------------------------------------------------------------------------------------------------------------------|------------|
| ** **                            | ** ** | ** **                                                         | ** ** | ** **                                                                                                                         | ** ** |
| Trading profit  (loss)                |       |                                                               |       |                                                                                                                               |       |
| Realized                              |       | $                                                                  | 4,791,852  |                                                                                                                               | $          | (238,314 | ) |
| Change in  Unrealized                 |       | 2,721,629                                                          |       | 20,834                                                                                                                             |       |
| Brokerage  Commissions                |       | (82,693                                                            | )          | (3,465                                                                                                                             | )          |
| Total trading  profit (loss)          |       | 7,430,788                                                          |       | (220,945                                                                                                                           | )          |
|                                  |       |                                                               |       |                                                                                                                               |       |
| INVESTMENT  INCOME:                   |       |                                                               |       |                                                                                                                               |       |
| Interest                              |       | 1,459,136                                                          |       | 45,356                                                                                                                             |       |
|                                  |       |                                                               |       |                                                                                                                               |       |
| EXPENSES:                             |       |                                                               |       |                                                                                                                               |       |
| Management fee                        |       | 543,610                                                            |       | 13,694                                                                                                                             |       |
| Sponsor fee                           |       | 465,974                                                            |       | —                                                                                                                             |       |
| Performance fee                       |       | 936,548                                                            |       | —                                                                                                                             |       |
| Other                                 |       | 426,215                                                            |       | 23,284                                                                                                                             |       |
| Total Expenses                        |       | 2,372,347                                                          |       | 36,978                                                                                                                             |       |
|                                  |       |                                                               |       |                                                                                                                               |       |
| NET INVESTMENT  INCOME (LOSS)         |       | (913,211                                                           | )          | 8,378                                                                                                                              |       |
|                                  |       |                                                               |       |                                                                                                                               |       |
| NET INCOME  (LOSS)                    |       | $                                                                  | 6,517,577  |                                                                                                                               | $          | (212,567 | ) |

 

 
| **Balance Sheet Data**                 | ** ** | **December 31, 2007** | ** ** | **December 31, 2006** | ** ** |
|----------------------------------------|------------|----------------------------|------------|----------------------------|------------|
|                                   |       |                       |       |                       |       |
| Members’ Capital                  |       | $                          | 63,569,046 |                       | $          | 6,487,434 |   |
|                                   |       |                       |       |                       |       |
| Net Asset Value  per Class A Unit |       | $                          | 1.1416     |                       | N/A        |   |
| Net Asset Value  per Class C Unit |       | $                          | 1.1278     |                       | N/A        |   |
| Net Asset Value  per Class D Unit |       | $                          | 1.1302     |                       | $          | 0.9807 |   |
| Net Asset Value  per Class I Unit |       | $                          | 1.1411     |                       | N/A        |   |

 

10

----

 

For financial reporting purposes, in conformity with GAAP, the Fundamortizes initial offering costs payable to MLAI over twelve months forpurposes of determining Net Asset Value. For all other purposes, including computing Net Asset Value for purposesof member subscription and redemption activity, such payment is amortized over60 months.  Consequently, as of December 31,2007 and 2006, the Net Asset Value and Net Asset Value per Unit of thedifferent Classes for financial reporting purposes and for all other purposesare as follows:

 

**December 31, 2007**

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

 

**December 31, 2006**

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

 

11

----

 

MLAI believes that the Net Asset Value used to calculate subscriptionand redemption value and report performance to investors throughout the year isthe most valuable to the Members of the Fund. Therefore, the charts below referencing Net Asset Value and performancemeasurements are based on the Net Asset Value for all other purposes.

 

MONTH-END NET ASSET VALUE PER INITIAL UNIT - CLASS A

 
| ** ** | ** ** | **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      |       | N/A      |       |
| 2007       |       | N/A      |       | $        | 0.9932     |     | $          | 0.9869   |       | $       | 0.9853     |     | $          | 0.9827   |       | $        | 1.0022     |      | $          | 1.0161   |       | $        | 1.0259     |     | $          | 1.0764 |   | $ | 1.1056 |   | $ | 1.1224 |   | $ | 1.1424 |   |
|            |            |          |            |          |            |          |            |          |            |         |            |          |            |          |            |          |            |           |            |          |            |          |            |          |            |  |  |  |  |  |  |  |  |  |  |  |

 

MONTH-END NET ASSET VALUE PER INITIAL UNIT - CLASS C

 
| ** ** | ** ** | **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      |       | N/A      |       |
| 2007       |       | $        | 0.9982     |     | $          | 0.9906   |       | $        | 0.9835     |    | $          | 0.9810   |       | $        | 0.9776     |     | $          | 0.9962    |       | $        | 1.0092     |     | $          | 1.0181   |       | $ | 1.0671 |   | $ | 1.0949 |   | $ | 1.1098 |   | $ | 1.1280 |   |
|            |            |          |            |          |            |          |            |          |            |         |            |          |            |          |            |          |            |           |            |          |            |          |            |          |            |  |  |  |  |  |  |  |  |  |  |  |  |

 

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     |   |
| 2007       |       | $        | 0.9816     |     | $          | 0.9762   |       | $        | 0.9712     |    | $          | 0.9708   |       | $        | 0.9695     |     | $          | 0.9899    |       | $        | 1.0049     |     | $          | 1.0160   |       | $ | 1.0672 |   | $ | 1.0955 |   | $ | 1.1121 |   | $ | 1.1311 |   |
|            |            |          |            |          |            |          |            |          |            |         |            |          |            |          |            |          |            |           |            |          |            |          |            |          |            |  |  |  |  |  |  |  |  |  |  |  |  |

 

MONTH-END NET ASSET VALUE PER INITIAL UNIT - CLASS I

 
| ** ** | ** ** | **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      |       | N/A      |       |
| 2007       |       | $        | 0.9994     |     | $          | 0.9930   |       | $        | 0.9870     |    | $          | 0.9857   |       | $        | 0.9834     |     | $          | 1.0032    |       | $        | 1.0175     |     | $          | 1.0277   |       | $ | 1.0783 |   | $ | 1.1066 |   | $ | 1.1225 |   | $ | 1.1414 |   |
|            |            |          |            |          |            |          |            |          |            |         |            |          |            |          |            |          |            |           |            |          |            |          |            |          |            |  |  |  |  |  |  |  |  |  |  |  |  |  |

 

Pursuantto CFTC policy, monthly performance is presented from December 1, 2006(commencement of operations).

 

12

----

 

**ML APM GLOBAL COMMODITY FUTURESACCESS LLC**

**(CLASS A UNITS)**(5)

**December 31, 2007**

 

*Type of Pool:*  Single Advisor Non-“Principal Protected”(1)

*Inception of Trading:* February 1, 2007

*Aggregate Subscriptions:*   $4,484,410

*Current Capitalization: * $4,852,693

*Worst Monthly Drawdown(2): *(0.68)% (February 2007)

*Worst Peak-to-Valley Drawdown(3): *(1.73)%  (February - May 2007)

 

*Net Asset Value per Unitfor Class A, December 31, 2007:*   $1.1424

 

**Monthly Rates of Return-Class A (4)**

 

| **Month**                       | ** ** | **2007** | ** ** |
|---------------------------------|------------|----------|------------|
| January                         |       | 0.00     | %          |
| February                        |       | (0.68    | )          |
| March                           |       | (0.64    | )          |
| April                           |       | (0.16    | )          |
| May                             |       | (0.26    | )          |
| June                            |       | 1.98     |       |
| July                            |       | 1.39     |       |
| August                          |       | 0.97     |       |
| September                       |       | 4.92     |       |
| October                         |       | 2.71     |       |
| November                        |       | 1.52     |       |
| December                        |       | 1.78     |       |
| Compound Annual  Rate of Return |       | 14.24    | %          |

 

----

(1) Certain Funds, including Funds sponsored by MLAI, arestructured so as to guarantee to investors that their investment will be worthno less than a specified amount (typically, the initial purchase price) as of adate certain after the date of investment. The CFTC refers to such Funds as “principal protected”.  The Fund has no such feature.

 

(2) WorstMonthly Drawdown represents the largest negative Monthly Rate of Returnexperienced since February 1, 2007 by the Fund; a drawdown is measured onthe basis of month-end Net Asset Value only, and does not reflect intra-monthfigures.

 

(3) WorstPeak-to-Valley Drawdown represents the greatest percentage decline since February 1,2007 from a month-end cumulative Monthly Rate of Return without such cumulativeMonthly Rate of Return being equaled or exceeded as of a subsequentmonth-end.  For example, if the MonthlyRate of Return was -1% in each of January and February, 1% in March and-2% in April, the Peak-to-Valley Drawdown would still be continuing at the endof April in the amount of approximately -3%, whereas if the Monthly Rateof Return had been approximately 3% in March, the Peak-to-Valley Drawdown wouldhave ended as of the end of February at approximately the -2% level.

 

(4) MonthlyRate of Return is the net performance of the Fund during the month ofdetermination (including interest income and after all expenses have beenaccrued or paid) divided by the total capital of the Fund as of the beginningof such month*.*

 

(5) Theinformation presented is based on Net Asset Value and Net Asset Value per Unitfor all other purposes.  The inception todate total return based on U.S. GAAP is 14.13%.

 

13

----

 

**ML APM GLOBAL COMMODITY FUTURESACCESS LLC**

**(CLASS C UNITS)**(5)

**December 31, 2007**

 

*Type of Pool:*  Single Advisor Non-“Principal Protected”(1)

*Inception of Trading:* January 1, 2007

*Aggregate Subscriptions:*   $26,424,408

*Current Capitalization: * $26,466,199

*Worst Monthly Drawdown(2): *(0.76)% (February 2007)

*Worst Peak-to-Valley Drawdown(3): *(2.23)%  (January – May 2007)

 

*Net Asset Value per Unitfor Class C, December 31, 2007:*   $1.1280

** **

**Monthly Rates of Return-Class C (4)**

** **

| **Month**                       | ** ** | **2007** | ** ** |
|---------------------------------|------------|----------|------------|
| January                         |       | -0.18    | %          |
| February                        |       | (0.76    | )          |
| March                           |       | (0.72    | )          |
| April                           |       | (0.25    | )          |
| May                             |       | (0.35    | )          |
| June                            |       | 1.90     |       |
| July                            |       | 1.30     |       |
| August                          |       | 0.88     |       |
| September                       |       | 4.81     |       |
| October                         |       | 2.61     |       |
| November                        |       | 1.36     |       |
| December                        |       | 1.64     |       |
| Compound Annual  Rate of Return |       | 12.81    | %          |

 

----

(1) Certain Funds, including Funds sponsored by MLAI, arestructured so as to guarantee to investors that their investment will be worthno less than a specified amount (typically, the initial purchase price) as of adate certain after the date of investment. The CFTC refers to such Funds as “principal protected”.  The Fund has no such feature.

 

(2) WorstMonthly Drawdown represents the largest negative Monthly Rate of Returnexperienced since January 1, 2007 by the Fund; a drawdown is measured onthe basis of month-end Net Asset Value only, and does not reflect intra-monthfigures.

 

(3) WorstPeak-to-Valley Drawdown represents the greatest percentage decline since January 1,2007 from a month-end cumulative Monthly Rate of Return without such cumulativeMonthly Rate of Return being equaled or exceeded as of a subsequentmonth-end.  For example, if the MonthlyRate of Return was -1% in each of January and February, 1% in March and-2% in April, the Peak-to-Valley Drawdown would still be continuing at the endof April in the amount of approximately -3%, whereas if the Monthly Rateof Return had been approximately 3% in March, the Peak-to-Valley Drawdown wouldhave ended as of the end of February at approximately the -2% level.

 

(4) MonthlyRate of Return is the net performance of the Fund during the month ofdetermination (including interest income and after all expenses have beenaccrued or paid) divided by the total capital of the Fund as of the beginningof such month*.*

 

(5) Theinformation presented is based on Net Asset Value and Net Asset Value per Unitfor all other purposes.  The inception todate total return based on U.S. GAAP is 12.78%.

 

14

----

 

**ML APM GLOBAL COMMODITY FUTURESACCESS LLC**

**(CLASS I UNITS)**(5)

**December 31, 2007**

 

*Type of Pool:*  Single Advisor Non-“Principal Protected”(1)

*Inception of Trading:* January 1, 2007

*Aggregate Subscriptions:*   $9,156,130

*Current Capitalization: * $10,025,466

*Worst Monthly Drawdown(2): *(0.64)% (February 2007)

*Worst Peak-to-Valley Drawdown(3): *(1.60)%  (January – May 2007)

 

*Net Asset Value per Unitfor Class I, December 31, 2007:*   $1.1414

** **

**Monthly Rates of Return-Class I (4)**

** **

| **Month**                       | ** ** | **2007** | ** ** |
|---------------------------------|------------|----------|------------|
| January                         |       | -0.06    | %          |
| February                        |       | (0.64    | )          |
| March                           |       | (0.60    | )          |
| April                           |       | (0.13    | )          |
| May                             |       | (0.23    | )          |
| June                            |       | 2.02     |       |
| July                            |       | 1.42     |       |
| August                          |       | 1.00     |       |
| September                       |       | 4.92     |       |
| October                         |       | 2.63     |       |
| November                        |       | 1.43     |       |
| December                        |       | 1.68     |       |
| Compound Annual  Rate of Return |       | 14.13    | %          |

 

----

(1) Certain Funds, including Funds sponsored by MLAI, arestructured so as to guarantee to investors that their investment will be worthno less than a specified amount (typically, the initial purchase price) as of adate certain after the date of investment. The CFTC refers to such Funds as “principal protected”.  The Fund has no such feature.

 

(2) WorstMonthly Drawdown represents the largest negative Monthly Rate of Returnexperienced since January 1, 2007 by the Fund; a drawdown is measured onthe basis of month-end Net Asset Value only, and does not reflect intra-monthfigures.

 

(3) WorstPeak-to-Valley Drawdown represents the greatest percentage decline since January 1,2007 from a month-end cumulative Monthly Rate of Return without such cumulativeMonthly Rate of Return being equaled or exceeded as of a subsequentmonth-end.  For example, if the MonthlyRate of Return was -1% in each of January and February, 1% in March and-2% in April, the Peak-to-Valley Drawdown would still be continuing at the endof April in the amount of approximately -3%, whereas if the Monthly Rateof Return had been approximately 3% in March, the Peak-to-Valley Drawdown wouldhave ended as of the end of February at approximately the -2% level.

 

(4) MonthlyRate of Return is the net performance of the Fund during the month ofdetermination (including interest income and after all expenses have beenaccrued or paid) divided by the total capital of the Fund as of the beginningof such month*.*

 

(5) Theinformation presented is based on Net Asset Value and Net Asset Value per Unitfor all other purposes.  The inception todate total return based on U.S. GAAP is 14.11%.

 

15

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**ML APM GLOBAL COMMODITY FUTURESACCESS LLC**

**(CLASS D UNITS)**(5)

**December 31, 2007**

 

*Type of Pool:*  Single Advisor Non-“Principal Protected”(1)

*Inception of Trading:* December 1, 2006

*Aggregate Subscriptions:*   $36,303,086

*Current Capitalization: * $22,254,692

*Worst Monthly Drawdown(2): *(1.87)% (December 2006)

*Worst Peak-to-Valley Drawdown(3): *(3.05)%  (December 2006 – May 2007)

 

*Net Asset Value per Unitfor Class D, December 31, 2007:*   $1.1311

 

**Monthly Rates of Return-Class D ****(4)**

 

| **Month**                       | ** ** | **2007** | ** ** | **2006** | ** ** |
|---------------------------------|------------|----------|------------|----------|------------|
| January                         |       | 0.03     | %          |     |       |
| February                        |       | (0.55    | )          |     |       |
| March                           |       | (0.51    | )          |     |       |
| April                           |       | (0.04    | )          |     |       |
| May                             |       | (0.14    | )          |     |       |
| June                            |       | 2.11     |       |     |       |
| July                            |       | 1.51     |       |     |       |
| August                          |       | 1.10     |       |     |       |
| September                       |       | 5.05     |       |     |       |
| October                         |       | 2.65     |       |     |       |
| November                        |       | 1.52     |       |     |       |
| December                        |       | 1.71     |       | -1.87    | %          |
| Compound Annual  Rate of Return |       | 15.26    | %     | -1.87    | %          |

 

----

(1) Certain Funds, including Funds sponsored by MLAI, are structuredso as to guarantee to investors that their investment will be worth no lessthan a specified amount (typically, the initial purchase price) as of a datecertain after the date of investment. The CFTC refers to such Funds as “principal protected”.  The Fund has no such feature.

 

(2) WorstMonthly Drawdown represents the largest negative Monthly Rate of Returnexperienced since December 1, 2007 by the Fund; a drawdown is measured onthe basis of month-end Net Asset Value only, and does not reflect intra-monthfigures.

 

(3) WorstPeak-to-Valley Drawdown represents the greatest percentage decline since December 1,2007 from a month-end cumulative Monthly Rate of Return without such cumulativeMonthly Rate of Return being equaled or exceeded as of a subsequentmonth-end.  For example, if the MonthlyRate of Return was -1% in each of January and February, 1% in March and-2% in April, the Peak-to-Valley Drawdown would still be continuing at the endof April in the amount of approximately -3%, whereas if the Monthly Rateof Return had been approximately 3% in March, the Peak-to-Valley Drawdown wouldhave ended as of the end of February at approximately the -2% level.

 

(4) MonthlyRate of Return is the net performance of the Fund during the month ofdetermination (including interest income and after all expenses have beenaccrued or paid) divided by the total capital of the Fund as of the beginningof such month*.*

 

(5) Theinformation presented is based on Net Asset Value and Net Asset Value per Unitfor all other purposes.  The inception todate total return based on U.S. GAAP is 15.24%.

 

16

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**Item 7:****                                                         ****Management’s Discussion andAnalysis of Financial Condition and Results of Operations**

 

***Operational Overview***

 

This performance summary is an outline description of how the Fundperformed in the past, not necessarily any indication of how it will perform inthe future.  In addition, the generalcauses to which certain price movements are attributed may or may not in facthave caused such movements, but simply occurred at or about the same time.

 

APM is unlikely to be profitable in markets in which trends do notoccur. Erratic prices are likely to result in losses.  Similarly, unexpected events (for example, apolitical upheaval, natural disaster or governmental intervention) can lead tomajor short-term losses, as well as gains.

 

While there can be no assurance that APM will be profitable under anygiven market condition, markets in which substantial and sustained price movementsoccur typically offer the best profit potential for the Fund.

 

***Results of Operations***

 

General

 

APM’s objective in providing tradingmanagement services is to effect appreciation of the assets of its clientsthrough the speculative trading of financial instruments of any kind, whichincludes without limitation: (i) futures contracts that are now traded, ormay be traded in the future, on exchanges located in the United States andabroad and options on such futures contracts and (ii) foreign currencies, foreigncurrency futures contracts, foreign currency forward contracts, foreigncurrency forward contracts and options relating thereto.

 

The APM Hedged Global Commodity Strategy (“APMHGC”) is a program that seeks to achieve consistent long-term capital appreciationwhile adhering to volatility control and disciplined risk managementprinciples. APM HGC intends to exploit the coincident relationship betweeneconomic expansion and commodity demand, and the options basket traded by APMHGC is designed to produce a stable negative correlation versus the globalfixed income markets. When commodity demand increases, APM HGC may benefitthroughincrease in the portfolio exposure to commodities. When economiescontract, APM HGC may benefit through varying exposure to G-10 interest ratemarkets. The commodity options program trades on the major non-financialfutures markets and seeks to utilize primarily two components of commodityprice behavior to its advantage: 1) The fat tail nature of commodity returns(caused by supply demand shocks/imbalances) and 2) the reverting nature ofcommodity price paths. Long option trading positions in the APM HGC portfoliobenefit from rallying commodities, while de-leveraging commodities that arefalling in price. APM HGC seeks to rebalance the options basket in an effort tomaximize the benefit of potential price retracement and reversion probabilityby constraining the dollar allocation to the basket. The optimization exerciseresults in a lower exposure to commodities that have recently rallied and moreexposure to commodities that have recently sold off. APM does not sellcommodity options as part of APM HGC, and the Fund understands that APM doesnot plan to sell commodity options as part of APM HGC.

 

17

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***Performance Summary***

 

This performance summary is an outline description of how the Fundperformed in the past, not necessarily any indication of how it will perform inthe future.  In addition, the generalcauses to which certain price movements are attributed may or may not in facthave caused such movements, but simply occurred at or about the same time.

 
| **2007**                                 | ** ** | **Total Trading  Profit (Loss)** | ** ** |
|------------------------------------------|------------|--------------------------------------------|------------|
| ** **                               |
|                                     |       |                                       |       |
| Energy                                   |       | 2,643,036                                  |       |
| Interest Rates                           |       | 2,109,597                                  |       |
| Agricultural  Commodities                |       | 1,726,763                                  |       |
| Metals                                   |       | 955,905                                    |       |
| Currencies/FX                            |       | 10,640                                     |       |
| Subtotal                                 |       | 7,445,941                                  |       |
| Change in  Brokerage Commissions Payable |       | (15,153                                    | )          |
| Total                                    |       | $                                          | 7,430,788  |   |
|                                          |            |                                            |            |  |

 

TheFund posted profits for the year with gains being posted in all the sectors.

 

Theenergy sector was the most profitable for the Fund. Energy prices droppedsharply at the beginning of the year but recovered mid-quarter through the endof the first quarter due to a combination of weather, geo-political concernsand near term inventory patterns worldwide. Profits continued to be posted atthe end of the second quarter due to lower than expected summer driving season.Crude oil traded over $78.00 a barrel on continued high demand during the thirdquarter along with the International Energy Agency forecast that global demandwill rise by 1.8% in 2008 without any output increase from OPEC. Losses wereposted to the Fund mid-quarter as crude oil traded down to $70.00 a barrel.Hurricane Dean did not significantly impact U.S. oil production, but it latertraded back up with inventory levels falling and a record demand for gasoline. The third quarter ended withprofits posted to the Fund as crude oil had strong recovery as the Departmentof Energy’s Short-Term Energy Outlook reported a continued low surplus production and weak inventories. The yearended with profits being posted to the Fund as crude oil traded higher asinventory figures announced by the Energy Department prompted a drop of 3.3million barrels to the lowest figure since January of 2005. Theassassination of Bhutto in Pakistan heightened geopolitical uncertainty in theregion which generally contributes to keeping oil firm.

 

Theinterest rate sector posted profits for the Fund. Profits were posted at thebeginning of the year in connection with the U.S. Federal Reserve refrainedfrom another interest rate increase, amid inflationary concerns. Concurrently,the European Central Bank and the Bank of England continue aggressive focus onreigning in inflationary expectations through higher market interest rates.Across the Group of Four (G-4) a focus remains towards reducing excess market liquidity andcontaining inflationary pressures stemming from, relatively low risk premiums,generally higher confidence and stronger economic activity. Long term bondprices retreated and European bonds finished down approximately 0.9% while U.S.bond prices fell 1.0% in value. Japanese prices countered the trend increasing0.3% with revised uncertainty of near term monetary policy changes. However,losses were posted in the middle part of the first quarter partly due to therevisions of market sentiment based on seeming evidence of some slowing in U.S.real growth coupled with a continuation of rising growth prospects particularlyin Europe and Asia. The first quarter ended with profits posted to the Fund asshort term yields continued to move up outside the U.S. coupled with the fixedincome trading. Profits were posted to the Fund as the fixed income marketstarted the second quarter with a strong U.S. non-farm payroll number thatsuggested a resumption of an upward growth path, however, the GDP came out atonly +1.3%, the lowest seen in 4 years, which suggested a possible continuationof slowing.   Net for the period,long-term bond prices moved sideways while short term yields continued to moveup outside the U.S. In the 10-year sector, European bonds finished downapproximately 0.7%, while U.S. bond prices rose 0.1% in value. Japanese fixedincome prices finished up 0.3% with revised uncertainty of near term monetarypolicy changes. The fixed income portfolio provided a positive impact with ashort position in rates across markets brought the overall strategy close toflat mid quarter. The fixed income sector benefited at the quarters end fromliquidations in global bond markets as consensus shifted from an ease to atightening. The beginning of the third quarter was

 

18

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challengingdue to the subprime mortgage problems impacting global markets and U.S.interest rates starting to reverse their trends of factoring a tightening ofrates causing the losses to be posted to the Fund. The Federal Funds futureshad factored in an ease of 25 basis points by December 2007. The shorterend of international curves showed less of a reaction due to a view that theproblem will be contained in the U.S. Also, continued strength in underlying economic fundamentals broughtanother rate hike by the Bank of England. Profits were posted to the Fund midquarter as the Federal Reserve lowered the discount rate to 5.75% from 6.25% inan attempt to boost credit markets. Continued money market concerns causedshort term U.S. treasury bills to have volatile swings up to 100 basis pointsin one day.  The United Kingdom isshowing first signs that past interest rate hikes are having an impact on itseconomy. The Federal Reserve cutting rates by 50 basis points bringing theFederal Funds rate down to 4.75% and adding stability into financial markets atthe end of the third quarter, it was not enough to offset the losses posted tothe Fund. In the fourth quarter, the Federal Reserve lowered rates by 50 basispoints on Federal Funds and Discount Rate. The Federal Reserve and otherCentral Banks executed an additional ease by providing funds through an auctionprocess over the year end. The S&P downgraded its outlook of two major bondinsurers, MBIA and Ambac which increased concerns for credit concerns infinancial markets. The year ended with profits being posted to the Fund.

 

Theagriculture sector posted profits for the Fund. The agricultural market wassoft which attributed to the difficult trading environment resulting in theFund posting losses at the beginning of the year. The losses posted to the Fundat the beginning of the year were offset through profits being posted to theFund throughout the second quarter as wheat was the best performer in grains asdry conditions throughout the world had estimates of wheat stocks around a30-year low, the ending stocks to use ratio is expected to be 20% for 2007-2008(the lowest in 11 years). Soybeans also had a strong second quarter asforecasts on planting acreage was among the lowest in 12 years as more focusshifts to corn for ethanol production. Dry weather in China contributed to asqueeze in supply as China is the world’s largest buyer of oilseed.  The rally in commodities such as cotton,sugar, hogs and cattle moved up to 80% at the beginning of the third quarter.Profits continued to be posted to the Fund mid-quarter as wheat had a strongmonth in connection with a continued drought in Australia, Canada, and otherparts of Europe. U.S. supplies and inventories were among their lowest in 26years. Wheat continued to trade strong at the end of the third quarter due tothe on-going drought conditions. The softs reduced performance by approximately1.40% with coffee and wheat the primary contributors to the loss at thebeginning of the fourth quarter. Wheat graded strong as a weak dollar increasedspeculation that demand will grow outside the United States. Also, inventorieswill probably be lowered by continued drought conditions in the U.S. plainregion.  * *Soybean futures rose to among theirhighest level in 34 years as drought conditions hit Argentina.  Sugar rose to its highest level in 10 monthsas shipment delays from India were expected due to bottlenecks at ports as theyear ended.

 

Themetals sector posted profits for the Fund. Due to volatility in the market theonly profits posted to the Fund at the beginning of the year was during themiddle part of the first quarter partly due to the response in the marketspecific demand data which caused copper to move lower and broader commoditiesto fluctuate. At the beginning of the second quarter profits were posted to theFund due to the Asian demand for copper and zinc. Profits were posted to theFund at the beginning of the third quarter as copper remained strong partly dueto the labor unrest in Central and South America. Losses were posted to theFund mid-quarter as industrial metals weakened from expected slowing demand,however offset at the end of the third quarter with profits posted for the Fundas gold prices firmed on the continued weakness of the dollar and overallcredit concerns. The year ended with profits posted to the Fund as goldcontinued to climb on the weakness of the U.S. dollar finishing the year withits best yearly gain since 1979.

 

Thecurrency sector was also profitable for the Fund. At the beginning of the firstquarter profits were posted to the Fund due to the U.S. dollar reversed lossesto move slightly higher by 1.2%, subject to the new evidence of sustained U.S.growth. However, losses were posted to the Fund mid-quarter through the end ofthe first quarter as the U.S. dollar resumed moving slightly lower againsubject to the new evidence of moderating U.S. growth and inflation. The secondquarter began with a small loss being posted to the Fund due to marketvolatility and a minimal gain mid quarter. The U.S. dollar long positions andthe Gilt markets provided most of the gains at the end of the second quarter.The third quarter began with profits being posted to the Fund as the fixedincome portions were set up well to take in a period of global equityvolatility. Profits continued to be posted through mid-quarter as the fixedincome book continued to benefit from a period of global equity volatility.However, the quarter ended with a small loss due to the fixed income portion ofthe sector which was basically long Euro dollars and short the very shortduration instruments in the Euro zone. The year ended with profits posted to the Fund in spite of the continuedturmoil in the financial markets.

 

19

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| **2006**                                 | ** ** | **Total Trading  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   | ) |

 

TheFund posted an overall loss for the period with currency sector posting gainsand agriculture, interest rates, energy and the metal sectors posting losses asthe Fund started trading December 1, 2006.

 

Thecurrency sector was the most profitable for the Fund.  The U.S. dollar furthered recent losses tomove slightly lower by 0.3%, subject to the then expected U.S. Federal Reservepolicy modifications.

 

Theagricultural sector posted losses for the Fund. The agricultural market wassoft which attributed to the difficult trading environment resulting in theFund posting losses for this sector.

 

Theinterest rate sector posted losses for the Fund. The year end revisions ofsentiment were based on potentially stronger U.S. real growth and improvingassessments for growth prospects particularly in Europe and the Pacific Rim.The U.S. Federal Reserve, now data-driven, once again validated its stance byrefraining from another interest rate increase. Concurrently, the EuropeanCentral Bank and Bank of England continue to focus on reigning in renewedinflationary expectations through higher market interest rates.

 

Theenergy sector posted losses for the Fund. Energy prices dropped sharply from acombination of weather, sanguine geo-political concerns and near-term inventorypatterns worldwide.

 

Themetals sector was the least profitable for the Fund. The metals collectivelymanaged to lose value in response to market specific demand data, moving copperlower 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 in staticmarkets the Fund’s profit potential generally tends to be diminished.  On the other hand, during periods of higherinterest rates, the relative attractiveness of a high risk investment such asthe Fund may be reduced as compared to high yielding and much lower riskfixed-income investments.

 

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.

 

20

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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 borrows only to a limited extent and only on a strictlyshort-term basis in order to finance losses on non-U.S. dollar denominatedtrading positions pending the conversion of the Fund’s U.S. dollar deposits.These borrowings are at a prevailing short-term rate in the relevant currency.

 

Substantially all of the Fund’s assets are held in cash. The Net AssetValue of the Fund’s cash is not affected by inflation. However, changes ininterest rates could cause periods of strong up or down price trends, duringwhich the Fund’s profit potential generally increases. Inflation in commodityprices could also generate price movements, which the strategies mightsuccessfully follow.

 

Because substantially all of the Fund’s assets are held in cash, theFund should be able to close out any or all of its open trading positions andliquidate any or all of its securities holdings quickly and at market prices,except in very unusual circumstances. This permits APM to limit losses as wellas reduce market exposure on short notice should its strategies indicate doingso. In addition, 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.

 

(TheFund has no applicable off-balance sheet arrangements and tabular disclosure orcontractual obligations of the type described in Items 3.03(a) (4) and3.03(a) (5) of Regulation S-K.)

 

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

 

Introduction

 

TheFund is a speculative commodity pool. The market sensitive instruments held byit are acquired for speculative trading purposes and all or substantially allof the Fund’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.

 

Marketmovements result in frequent changes in the fair market value of the Fund’sopen positions 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.

 

TheFund, under the direction of APM, rapidly acquires and liquidates both long andshort positions in currency markets. Consequently, it is not possible to predict how a particular future marketscenario will affect performance, and the Fund’s past performance is notnecessarily indicative of its future results.

 

Valueat Risk is a measure of the maximum amount which the Fund could reasonably beexpected to lose in a given market sector. However, the inherent uncertainty ofthe Fund’s speculative trading and the recurrence in the markets traded by theFund of market movements far exceeding expectations could result in actualtrading or non-trading losses far beyond the indicated Value at Risk or theFund’s experience to date (i.e., “risk of ruin”). In light of the foregoing, aswell as 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.

 

21

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Quantifying The Fund’sTrading Value At Risk

 

QuantitativeForward-Looking Statements

 

Thefollowing quantitative disclosures regarding the Fund’s market risk exposurescontain “forward-looking statement” within the meaning of the safe harbor formcivil liability provided for such statements by the Private SecuritiesLitigation Reform Act of 1995 (set forth in Section 27A of the SecuritiesAct of 1933 and Section 21E of the Securities Exchange Act of 1934).  All quantitative disclosures in this sectionare deemed to be forward-looking statements for purposes of the safe harbor,except for statements of historical fact.

 

TheFund’s risk exposure in the various market sectors traded by APM is quantifiedbelow in terms of Value at Risk.  Due tothe Fund’s mark-to-market accounting, any loss in the fair value of the Fund’sopen positions is directly reflected in the Fund’s earnings (realized orunrealized) and cash flow (at least in the case of exchange-traded contracts inwhich profits 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 of market sensitive instruments which are notexchange-traded (almost exclusively currencies in the case of the Fund), themargin requirements for the equivalent futures positions have been used asValue at Risk.  In those rare cases inwhich a futures-equivalent margin is not available, dealers’ margins have beenused.

 

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

 

***The Fund’s Trading Valueat Risk in Different Market Sectors***

 

The following table indicates the average,highest and lowest trading Value at Risk associated with the Fund’s openpositions by market category for the fiscal period. During the year ended December 31,2007 and for the period December 1, 2006 (commencement of operations) to December 31,2006, the Fund’s average month-end Net Asset Value for all other purposes wasapproximately $32,675,322 and $8,820,717, respectively.

 
| ** **                | ** ** | **December 31, 2007**      | ** ** |
|---------------------------|------------|--------------------------------------|------------|
| **Market Sector**    | ** ** | **Average  Value at Risk** | ** ** | **% of Average  Capitalization** | ** ** | **Highest Value  At Risk** | ** ** | **Lowest Value  At Risk** | ** ** |
|                      |       |                                 |       |   |   |   |   |   |   |
| Agricultural  Commodities |       | $                                    | 19,276     |   | 0.06 | % | $ | 58,422 |   | $ | 2,586 |   |
| Energy                    |       | 19,519                               |       | 0.06 | % | 51,490 |   | 1,215 |   |
| Interest Rates            |       | 1,924,370                            |       | 5.89 | % | 4,994,439 |   | 390,839 |   |
| Metals                    |       | 18,570                               |       | 0.05 | % | 71,341 |   | 2,545 |   |
| Currencies                |       | 1,986                                |       | 0.01 | % | 11,880 |   | 9 |   |
|                      |       |                                 |       |   |   |   |   |   |   |
| TOTAL                     |       | $                                    | 1,983,721  |   | 6.07 | % | 5,187,572 |   | $ | 397,194 |   |
|                           |            |                                      |            |  |  |  |  |  |  |  |  |  |

 

22

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| ** **                | ** ** | **December 31, 2006**      | ** ** |
|---------------------------|------------|--------------------------------------|------------|
| **Market Sector**    | ** ** | **Average  Value at Risk** | ** ** | **% of Average  Capitalization** | ** ** | **Highest Value  At Risk** | ** ** | **Lowest Value  At Risk** | ** ** |
|                      |       |                                 |       |   |   |   |   |   |   |
| Agricultural  Commodities |       | $                                    | 3,624      |   | 0.04 | % | $ | 3,624 |   | $ | 3,624 |   |
| Interest Rates            |       | 584,122                              |       | 6.62 | % | 584,122 |   | 584,122 |   |
| Metals                    |       | 2,777                                |       | 0.03 | % | 2,777 |   | 2,777 |   |
| Currencies                |       | 169                                  |       | 0.00 | % | 169 |   | 169 |   |
|                      |       |                                 |       |   |   |   |   |   |   |
| TOTAL                     |       | $                                    | 590,692    |   | 6.69 | % | $ | 590,692 |   | $ | 590,692 |   |

 

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 a “risk of ruin” not typically found in most other investmentvehicles.  Because of the size of itspositions, certain market conditions — unusual, but historically recurring fromtime to time — could cause the Fund to incur severe losses over a short periodof time.   The foregoing Value at Risktable — as well as the past performance of the Fund — gives no indication ofthis “risk of ruin.”

 

**Non-Trading Risk**

 

Foreign Currency Balances; Cash on Depositwith MLPF&S

 

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

 

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

 

**Qualitative DisclosuresRegarding Primary Trading Risk Exposures**

 

Thefollowing qualitative disclosures regarding the Fund’s market risk exposures — exceptfor (i) those disclosures that are statements of historical fact and (ii) thedescriptions of how the Fund manages its primary market risk exposures — constituteforward-looking statements within the meaning of Section 27A of theSecurities Act and Section 21E of the Securities Exchange Act. The Fund’sprimary market risk exposures as well as the strategies used and to be used byMLAI and APM for managing such exposures are subject to numerous uncertainties,contingencies and risks, any one of which could cause the actual results of theFund’s risk controls to differ materially from the objectives of suchstrategies. Government interventions, defaults and expropriations, illiquidmarkets, the emergence of dominant fundamental factors, political upheavals,changes in historical price relationships, and an influx of new marketparticipants, increased regulation and many other factors could result inmaterial losses as well as in material changes to the risk exposures and therisk management strategies of the Fund. There can be no assurance that the Fund’scurrent market exposure and/or risk management strategies will not changematerially or that any such strategies will be effective in either the short-or long-term. Investors must be prepared to lose all or substantially all ofthe time value of their investment in the Fund.

 

23

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The following were the primary trading riskexposures of the Fund as of December 31, 2007, by market sector.

 

**Interest Rates**.

 

Interest rate risk is theprincipal 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 in a numberof currencies. However, the Fund’s major exposures have typically been in theU.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 metals marketexposure is to fluctuations in the price of precious and non-precious metals.

 

**Agricultural Commodities**

 

The Fund’s primaryagricultural commodities exposure is to agricultural price movements which areoften directly affected by severe or unexpected weather conditions. Grains,sugar, and livestock accounted for the substantial bulk of the Fund’sagricultural commodities exposure as of December 31, 2007.

** **

**Energy**.

 

The Fund’s primary energymarket exposure is to natural gas and crude oil price movements, oftenresulting from political developments in the Middle East. Oil prices can bevolatile and substantial profits and losses have been and are expected tocontinue to be experienced in this market.

 

**QualitativeDisclosures Regarding Non-Trading Risk Exposure**

 

The following were the only non-trading riskexposures of the Fund as of December 31, 2007.

 

**Foreign Currency Balances****.**

 

The Fund’s primary foreigncurrency balances are in 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.

 

**QualitativeDisclosures Regarding Means of Managing Risk Exposure**

** **

#### **TradingRisk**

#### ** **

MLAI has procedures in placeintended to control market risk, although there can be no assurance that theywill, in fact, succeed in doing so. While MLAI does not itself intervene in themarkets to hedge or diversify the Fund’s market exposure, MLAI may urge APM toreallocate positions in an attempt to avoid over-concentrations.  However, such interventions are unusual,except in cases in which it appears that APM has begun to deviate from pastpractice and trading policies or to be trading erratically, MLAI’s basiccontrol procedures consist of simply of the ongoing process of monitoring APMwith the market risk controls being applied by APM itself.

 

Risk Management

 

APM attempts to control riskin all aspects of the investment process — from confirmation of a trend todetermining the optimal exposure in a given market, and to money managementissues such as the startup or upgrade of investor accounts.  APM double checks the accuracy of marketdata, and will not trade a market without

 

24

----

 

multiple price sources for analytical input.  In constructing a portfolio, APM seeks tocontrol overall risk as well as the risk of any one position, and APM tradesonly 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 account equity have beenand continue to be an integral part of APM’s investment strategy.  At its discretion, APM may adjust the size ofa position in relation to equity in certain markets or entire programs.  Such adjustments may be made at certain timesfor some programs but not for others. Factors which may affect the decision to adjust the size of a positionin relation to account equity include ongoing research, program volatility,assessments of current market volatility and risk exposure, subjectivejudgment, and evaluation of these and other general market conditions.

 

## Non-TradingRisk

 

The Fund controls the non-tradingexchange rate risk by regularly converting foreign balances back into U.S.dollars at least once per week, and more frequently if a particular foreigncurrency balance becomes unusually high.

 

The Fund has cash flow interest rate riskon its cash on deposit with MLPF&S in that declining interest rates wouldcause the income from such cash to decline. However, a certain amount of cashor cash equivalents must be held by the Fund in order to facilitate marginpayments and pay expenses and redemptions. MLAI does not take any steps tolimit the cash flow risk on its cash held on deposit at MLPF&S.

 

**Item 8: Financial Statements and Supplementary Data**

 

Net Profit (Loss) by Quarter

Five Quarters through December 2007

 
| ** **                                       | ** ** | **Fourth  Quarter  2007** | ** ** | **Third  Quarter  2007** | ** ** | **Second  Quarter  2007** | ** ** | **First  Quarter  2007** | ** ** | **Fourth  Quarter  2006** | ** ** |
|--------------------------------------------------|------------|---------------------------|------------|--------------------------|------------|---------------------------|------------|--------------------------|------------|---------------------------|------------|
| Total Income (Loos)                              |       | $                         | 4,176,216  |                     | $          | 3,877,277                 |       | $                        | 841,606    |                      | $          | (5,175 | ) | $ | (175,589 | ) |
| Total Expenses                                   |       | 988,948                   |       | 854,595                  |       | 330,753                   |       | 198,051                  |       | 36,978                    |       |
| Net Income  (Loss)                               |       | $                         | 3,187,268  |                     | $          | 3,022,682                 |       | $                        | 510,853    |                      | $          | (203,226 | ) | $ | (212,567 | ) |
|                                             |       |                      |       |                     |       |                      |       |                     |       |                      |       |
| Net Income  (Loss) per weighted average Unit (a) |       | $                         | 0.0619     |                     | $          | 0.0758                    |       | $                        | 0.0160     |                      | $          | (0.0139 | ) | $ | (0.0191 | ) |

 

----

(a) The Net Income (Loss) per Unit is based on the weighted averageof the total Units per each quarter.

 

The financial statements required by this Item are included in Exhibit 13.01.

 

The supplementary financial information (“information about oil and gasproducing activities”) specified by Item 302 of Regulation S-K is notapplicable.

 

25

----

 

**Item 9: Changes in and Disagreements with Accountants on Accountingand Financial Disclosure**

 

There were no changes in or disagreements with the Fund’s independentregistered public accounting firm on accounting and financial disclosure.

 

**Item 9A(T):****Controls and Procedures**

 

MLAI’sChief Executive Officer and the Chief Financial Officer, on behalf of the Fund,has evaluated the effectiveness of the design and operation of its disclosurecontrols and procedures with respect to the Fund as of and for the year whichended December 31, 2007, and, based on its evaluation, has concluded thatthese disclosure controls and procedures are effective. Additionally, therewere no significant changes in the Fund’s internal controls over financialreporting which materially affect such internal control.

 

*Changes in Internal Control over Financial Reporting*

 

Nochange in internal control over financial reporting (as defined in Rule 13a-15(f) underthe Exchange Act ) occurred during the year ended December 31, 2007 thathas materially affected, or is reasonable likely to materially affect, the Fund’sinternal control, over financial reporting.

 

*Management’s Report on Internal Control over Financial Reporting:*

 

TheFund’s management is responsible for establishing and maintaining adequateinternal control over financial reporting.  The Fund’s internal controlover financial reporting is a process designed under the supervision of MLAI’sChief Executive Officer and the Chief Financial Officer, on behalf of the Fundand is effected by management, other personnel and service providers to providereasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance withgenerally accepted accounting principles and included those policy andprocedures that:

 

·                                          Pertain to the maintenance of records that inreasonable detail accurately and fairly reflect the transactions and dispositionsof the assets of the Fund.

 

·                                          Provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles, andthat  receipts and expenditures of the Fund are being made only inaccordance with authorizations of management and directors of the Fund; and

 

·                                          Provide reasonable assurance regardingprevention or timely detection of unauthorized acquisitions, use or dispositionof the Fund’s assets that could have a material effect on the financialstatements.

 

Because of its inherent limitations, internalcontrol over financial reporting can only provide only reasonable assurancewith respect to financial statement preparation and presentation. Projections of any evaluation of effectiveness to future periods are subject tothe risks that controls may become inadequate because of changes in condition,or that the degree of compliance with the policies or procedures maydeteriorate.

 

The Fund’s management assessed the effectiveness ofthe Funds’ internal control over financial reporting as December 31,2007.  In making this assessment, management used the criteria set forthby the Committee of Sponsoring Organizations of the Treadway Commission (COSO)in “Internal Control-Integrated Framework”.

 

Based on its assessment the Fund’s managementconcluded that at December 31, 2007, the Fund’s internal control overfinancial report was effective.

 

MLAI LLC, the Manager of ML APM Global Commodity FuturesAccess LLC, withthe participation of the Manager’s Chief Executive Officer and the ChiefFinancial Officer, have evaluated the effectiveness of the design and operationof its disclosure controls and procedures with respect to the Fund as of theend of the period covered by this annual report, and, based on theirevaluation, have concluded that these disclosure controls and procedures areeffective.  Additionally, there were nosignificant changes in the Fund’s internal controls or in other

 

26

----

 

factors that could significantly affect these controls subsequent tothe date of their evaluation, including any corrective actions with regard tosignificant deficiencies and material weaknesses.

 

**Item 9B:  Other Information**

 

Not Applicable.

 

27

----

 

**PART III**

 

**Item 10: Directors,Executive Officers and Corporate Governance**

 

10(a) and 10(b)                 Identification of Directorsand Executive Officers:

 

Asa limited liability company, the Fund has no officers or directors and ismanaged by MLAI. Trading decisions are made by APM on behalf of the Fund.

 

The managers and executive officers of MLAI and their respectivebusiness backgrounds are as follows:

 
| **Paul  Morton**      |   | Chief  Executive Officer, President and Manager |
|-----------------------|--------|-------------------------------------------------|
|                  |   |                                            |
| **Barbra  E. Kocsis** |   | Chief  Financial Officer                        |
|                  |   |                                            |
| **Steven  B. Olgin**  |   | Vice  President and Manager                     |
|                  |   |                                            |
| **Thomas  W. Lee**    |   | Vice  President and Manager                     |
|                  |   |                                            |
| **Shawn  T. Wells**   |   | Vice  President                                 |

 

Paul Morton is the ChiefExecutive Officer, President and Manager of MLAI, and also serves as the COOfor the Global Investment and Insurance Solutions (GIIS) group for MerrillLynch.  As COO of GIIS, Mr. Mortonleads the market investments business within the group, which includessecondary equity, debt, listed options, futures and FX for Merrill Lynch’sGlobal Wealth Management division.  Priorto serving as COO of GIIS, Mr. Morton worked in the equity and debttrading management of Merrill Lynch. Prior to joining Merrill Lynch in 1996, Mr. Mortonworked in the equity derivatives at Paine Webber.  From 1988-1993, Mr. Morton served as anofficer in the US Army for five years.  Mr. Mortonholds a BS (Aerospace Engineering) from the United States Military Academy atWest Point (1988) and a MBA (Finance) from the Wharton School at the Universityof Pennsylvania (1995).

 

Barbra E. Kocsis****isthe Chief Financial Officer for MLAI. She is also a Director within the MerrillLynch Global Private Client Global Infrastructure Solutions group. Prior tothat, she was the Fund Controller of MLAI. Before coming to MLAI, Ms Kocsisheld various accounting and tax positions at Derivatives Portfolio ManagementLLC from May 1992 until May 1999, at which time she held the positionof accounting director. Prior to that, she was an associate at Coopers &Lybrand in both the audit and tax practices. She graduated cum laude fromMonmouth College in 1988 with a Bachelor of Science in Business Administration –Accounting and is a Certified Public Accountant.

 

Steven B. Olgin is a Vice President and a Manager ofthe Manager, is registered with NFA as a principal of the Manager and is aManaging Director of Merrill Lynch Global Private Client (“GPC”).  Before joining the Manager in 1994, Mr. Olginwas an associate of the law firm of Sidley & Austin, from 1986 until1994.  Mr. Olgin graduated from TheAmerican University with a Bachelor of Science in Business Administration and aBachelor of Arts in Economics, and received his Juris Doctor from The JohnMarshall Law School.  Mr. Olgin wasa member of the Managed Funds Association’s Government Relations Committee and hasserved as an arbitrator for NFA.

 

Thomas W. Lee**is a ManagingDirector in Merrill Lynch’s Market Investments and Origination Group,responsible for Global Private Client’s equity and debt new issue businesses,and is a Vice President and Manager of the Manager, and his registration as aprincipal of the Manager is pending with NFA. Prior to joining Merrill Lynch in 1998, Mr. Lee was a corporatesecurities attorney at the law firm of Brown & Wood.  Mr. Lee received his J.D. from EmoryUniversity School of Law and a B.S. from Cornell University.

* *

*Shawn Wells***is*a Vice President of the Manager and the GeneralCounsel, a position he has held since October 2005.  Prior to that time, Mr. Wells served asSenior Associate General Counsel at Franklin Templeton Investments, serving asChief Counsel of the firm’s International and Alternative Strategies divisionsfrom October 1996 to December 1997 and again from September 1998to October 2005.  Mr. Wells isa Certified Public*

* *

*28*

----

* *

*Accountant, and received a BBA in Finance andAccounting from the University of Texas at Austin, and his JD from SouthernMethodist University, where he was an editor of the SMU Law Review.*

 

As of December 31, 2007, the principals of MLAIhad no investment in the Fund, and MLAI had no sponsor interest in the Fund.

 

MLAI acts as the sponsor, general partner or managerto ten public futures funds whose units of limited partner or member interestsare registered under the Securities Exchange Act of 1934: ML Trend-FollowingFutures Fund, L.P., ML Select Futures I L.P., ML Appleton FuturesAccess LLC, MLAspect FuturesAccess LLC, ML Winton FuturesAccess LLC, ML CornerstoneFuturesAccess LLC, ML Chesapeake FuturesAccess LLC, ML Systematic MomentumFuturesAccess LLC, ML Transtrend DTP Enhanced 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)    | Identification of Certain Significant Employees:                    |
|--------|--------|---------------------------------------------------------------------|
|   |   |                                                                |
|   |   | None.                                                               |
|   |   |                                                                |
|   | (d)    | Family Relationships:                                               |
|   |   |                                                                |
|   |   | None.                                                               |
|   |   |                                                                |
|   | (e)    | Business Experience:                                                |
|   |   |                                                                |
|   |   | See Item 10(a) and (b) above.                             |
|   |   |                                                                |
|   | (f)    | Involvement in Certain Legal Proceedings:                           |
|   |   |                                                                |
|   |   | None.                                                               |
|   |   |                                                                |
|   | (g)    | Promoters and Control Persons:                                      |
|   |   |                                                                |
|   |   | Not applicable.                                                     |
|   |   |                                                                |
|   |   | Section 16(a) Beneficial  Ownership Reporting Compliance: |
|   |   |                                                                |
|   |   | Not applicable.                                                     |
|   |   |                                                                |
|   |   | Code of Ethics:                                                     |

 

MLAIand Merrill Lynch have adopted a code of ethics, as of the end of the periodcovered by this report, which applies to the Fund’s (MLAI’s) principalexecutive officer and principal financial officer or persons performing similarfunctions on behalf of the Fund.  A copyof the code of ethics is available to any person, without charge, upon requestby calling 1-866-MER-ALTS.

 

NominatingCommittee:

 

Notapplicable. (Neither the Fund nor MLAI has nominating committee.)

 

AuditCommittee: Audit Committee Financial Expert:

 

Notapplicable. (Neither the Fund nor MLAI has an audit committee.  There are no listed

sharesof the Fund or MLAI.)

 

29

----

 

**Item 11: Executive Compensation**

 

The managers and officers of MLAI are remunerated by Merrill Lynch intheir respective positions. The Fund does not itself have any officers,managers or employees.  The Fund paysBrokerage Commissions to an affiliate of MLAI and Sponsor Fees to MLAI.  MLAI or its affiliates may also receive certaineconomic benefits from possession of the Fund’s U.S. dollar assets.  The managers and officers receive no “othercompensation” from the Fund, and the managers receive no compensation forserving as managers of MLAI.  There areno compensation plans or arrangements relating to a change in control of eitherthe Fund or MLAI.

 

**Item 12: Security Ownership of Certain Beneficial Owners andManagement and Related Stockholder Matters**

 

(a)                                  SecurityOwnership of Certain Beneficial Owners:

 

None.

 

(b)                                 SecurityOwnership of Management:

 

As of December 31, 2007, MLAI owned no Unit-equivalent memberinterests, the principals of MLAI did not own any Units, and APM did not ownany Units.

 

(c)                                  Changes inControl:

 

None.

 

**Item 13: Certain Relationships and Related Transactions**

 

(a)                                  Transactionsbetween Merrill Lynch and the Fund

 

All of the service providers to the Fund, other thanAPM, are affiliates of Merrill Lynch or have been approved by MerrillLynch.  Merrill Lynch negotiated with APMover the level of its management fees and performance fees. However, none ofthe fees paid by the Fund to any Merrill Lynch party were negotiated, and theycould be higher than would have been obtained in arms-length bargaining.

 

The Fund pays Merrill Lynchsubstantial Brokerage Commissions and Sponsor Fees as well as bid-ask spreadson forward currency trades.  The Fundalso pays MLPF&S interest on short-term loans extended by MLPF&S tocover losses on foreign currency positions.

 

Within the Merrill Lynchorganization, MLAI is the beneficiary of the revenues received by differentMerrill 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 have been, are orwill be outstanding between MLAI or any of its principals and the Fund.

 

MLAI pays substantialselling commissions and trailing commissions to MLPF&S for distributing theUnits.  MLAI is ultimately paid back forthese expenditures from the revenues it receives from the Fund.

 

(b)                                 CertainBusiness Relationships:

 

MLPF&S, an affiliate of MLAI, acts as the principal commoditybroker for the Fund.

 

30

----

 

In 2007, the Fund expensed:  (i) BrokerageCommissions of $82,693 to MLPF&S (ii) management fees of $407,708earned by APM and $135,902 earned by MLAI and (iii) sponsor fees of$465,974 to MLAI.  In addition, MLAI andits affiliates may have derived certain economic benefits from possession of aportion of the Fund’s assets, as well as from foreign exchange and EFP trading.

 

See Item 1(c), “Narrative Description of Business — Charges” and “—Description of Current Charges” for a discussion of other business dealingsbetween MLAI affiliates and the Fund.

 

(c)                                  Indebtedness ofManagement:

 

None.

 

(d)                                 Transactionswith Promoters:

 

Not applicable.

 

**Item 14: Principal Accountant Fees and Services**

 

(a)                                  Audit Fees

 

Aggregate fees billed for professionalservices rendered by Deloitte & Touche LLP in connection with theaudit of the Fund’s financial statements as of and for the year ended December 31,2007 were $69,000. Aggregate fees billed for these services for the periodended December 31, 2006 were $18, 000.

 

(b)                                 Audit-Related Fees

 

There were no other audit-related fees billed for the period ended December 31,2007, related to the Fund.

 

(c)                                  Tax Fees

 

Aggregate fees billed for professional services rendered by DeloitteTax LLP in connection with the tax compliance, advice and preparation of theFund’s tax returns for the year ended December 31, 2007 were $64,000.Aggregate fees billed for these services for the period ended December 31,2006 were $27,500.

 

(d)                                 All Other Fees

 

No fees were billed by Deloitte & Touche LLP, Deloitte TaxLLP, or any member firms of Deloitte Touche Tohmatsu and their respectiveaffiliates during the year ended December 31, 2007 and for the periodended December 31, 2006 for any other professional services in relation tothe 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.

 

31

----

#### ** **

#### **PART IV**

#### ** **

**Item 15: Exhibits and Financial Statement Schedules**

 
| ** ** | ** **                                                                                                                                                                                  | ** **                                                                                                                                                                                                                                            | **Page:** |
|------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------|
|       | 1.                                                                                                                                                                                          | Financial Statements (found in Exhibit 13.01):                                                                                                                                                                                                   |      |
|       |                                                                                                                                                                                        |                                                                                                                                                                                                                                                  |
|       | REPORT OF INDEPENDENT  REGISTERED PUBLIC ACCOUNTING FIRM                                                                                                                                    | 1                                                                                                                                                                                                                                                     |
|       |                                                                                                                                                                                        |                                                                                                                                                                                                                                                  |
|       | FINANCIAL STATEMENTS:                                                                                                                                                                       |                                                                                                                                                                                                                                                  |
|       |                                                                                                                                                                                        |                                                                                                                                                                                                                                                  |
|       | Statements of Financial  Condition as of December 31, 2007 and 2006                                                                                                                    | 2                                                                                                                                                                                                                                                     |
|       |                                                                                                                                                                                        |                                                                                                                                                                                                                                                  |
|       | Statements of  Operations for the year ended December 31, 2007 and for the period  December 1, 2006 (commencement of operations) to December 31, 2006                        | 3                                                                                                                                                                                                                                                     |
|       |                                                                                                                                                                                        |                                                                                                                                                                                                                                                  |
|       | Statements of Changes  in Members’ Capital for the year ended December 31, 2007 and for the  period December 1, 2006 (commencement of operations) to  December 31, 2006 | 4                                                                                                                                                                                                                                                     |
|       |                                                                                                                                                                                        |                                                                                                                                                                                                                                                  |
|       | Financial Data  Highlights for the year ended December 31, 2007 and for the period December 1,  2006 (commencement of operations) to December 31, 2006                       | 5-6                                                                                                                                                                                                                                                   |
|       |                                                                                                                                                                                        |                                                                                                                                                                                                                                                  |
|       | Notes to Financial  Statements                                                                                                                                                              | 7-13                                                                                                                                                                                                                                                  |
|       |                                                                                                                                                                                        |                                                                                                                                                                                                                                                  |
|       | 2.                                                                                                                                                                                          | Financial Statement Schedules:                                                                                                                                                                                                                        |      |
|       |                                                                                                                                                                                        |                                                                                                                                                                                                                                                  |
|       |                                                                                                                                                                                        | Financial statement schedules not included in this Form 10-K  have been omitted for the reason that they are not required or are not  applicable or that equivalent information has been included in the financial  statements or notes thereto. |      |
|       |                                                                                                                                                                                        |                                                                                                                                                                                                                                                  |      |
|       | 3.                                                                                                                                                                                          | Exhibits:                                                                                                                                                                                                                                             |      |
|       |                                                                                                                                                                                        |                                                                                                                                                                                                                                                  |      |
|       |                                                                                                                                                                                        | The following exhibits are incorporated by reference or are filed  herewith to this Annual Report 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. 000-52384) 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 incorporated by reference from Exhibit 10.01 contained in the  Registrant’s Registration Statement.                                                                                                                                                                            |                                                                                                                                    |
|                |       |                                                                                                                                                                                                                                                                                   |                                                                                                                                    |
| 3.04                | 10.02      |                                                                                                                                                                                                                                                                                   | Advisory Agreement by and among ML Absolute Plus Management LLC and  Merrill Lynch Alternative Investments LLC.                         |   |
|                     |            |                                                                                                                                                                                                                                                                                        |                                                                                                                                         |  |  |

 

32

----

 
| Exhibit 10.02: |   | Is incorporated hereby by reference from Exhibit 10.02 contained  in the Registrant’s Registration Statement. |   |
|---------------------|--------|-------------------------------------------------------------------------------------------------------------------------|--------|
|                |   |                                                                                                                    |   |
| 13.01               |   | 2007 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.                                                                                                    |   |

 

33

----

 

**SIGNATURES**

 

Pursuant to the requirementsof Section 13 or 15(d) of the Securities Exchange Act of 1934, theRegistrant has duly caused this report to be signed on its behalf by theundersigned, thereunto duly authorized.

 
|   | ML APM GLOBAL COMMODITY FUTURESACCESS LLC      |
|--------|------------------------------------------------|
|   |                                           |
|   |                                           |
|   | By: Merrill Lynch Alternative Investments LLC  |
|   |  Its: Manager                             |
|   |                                           |
|   |                                           |
|   | By:                                            | /s/ Paul Morton |
|   | Paul Morton                                    |
|   | Chief Executive Officer, President and Manager |
|   | (Principal Executive Officer)                  |

 

 

Pursuant to the requirementsof Section 13 or 15(d) of the Securities Exchange Act of 1934, thisreport has been signed on March 31, 2008 by the following persons onbehalf of the Registrant and in the capacities indicated.

 
| **Signature**        | ** ** | **Title**                                      | ** ** | **Date**            |
|----------------------|------------|------------------------------------------------|------------|---------------------|
|                 |       |                                           |       |                |
| /s/ Paul Morton      |       | Chief Executive Officer, President and Manager |       | March 31, 2008 |
| Paul F. Morton       |       |                                           |       |                |
|                 |       |                                           |       |                |
| /s/ Barbra E. Kocsis |       | Chief Financial Officer                        |       | March 31, 2008 |
| Barbra E. Kocsis     |       |                                           |       |                |
|                 |       |                                           |       |                |
| /s/ Steven B. Olgin  |       | Vice President and Manager                     |       | March 31, 2008 |
| Steven B. Olgin      |       |                                           |       |                |
|                 |       |                                           |       |                |
| /s/ Thomas W. Lee    |       | Vice President and Manager                     |       | March 31, 2008 |
| Thomas W. Lee        |       |                                           |       |                |
|                 |       |                                           |       |                |
| /s/ Shawn T. Wells   |       | Vice President                                 |       | March 31, 2008 |
| Shawn T. Wells       |       |                                           |       |                |
|                 |       |                                           |       |                |

 (Being the principal executive officer, theprincipal financial and accounting officer and a majority of the managers ofMerrill Lynch Alternative Investments LLC)

 

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** **

**ML APM GLOBAL COMMODITYFUTURESACCESS LLC**

 

2007FORM 10-K

 

INDEXTO EXHIBITS

 
| ** **         | ** ** | **Exhibit**                                                                     |
|--------------------|------------|---------------------------------------------------------------------------------|
|               |       |                                                                            |
| Exhibit 13.01 |       | 2007 Annual Report and Report of Independent Registered Public  Accounting Firm |
|               |       |                                                                            |
| 31.01 and 31.02    |       | Rule 13a-14(a)/15d-14(a) Certifications                                         |
|               |       |                                                                            |
| 32.01 and 32.02    |       | Section 1350 Certifications                                                     |

 

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