**Exhibit 13.01**

***MLAPM GLOBAL COMMODITY***

***FUTURESACCESSLLC***

***(A Delaware Limited LiabilityCompany)***

*Financial Statements for the period December 1, 2006(Commencement of Operations) to December 31, 2006 and Report of IndependentRegistered Public Accounting Firm*

 

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ML APM GLOBALCOMMODITY FUTURESACCESS LLC

(A DelawareLimited Liability Company)

TABLE OF CONTENTS
|                                                                                                                                   | ** ** | Page   |
|-----------------------------------------------------------------------------------------------------------------------------------|------------|--------|
|                                                                                                                              |       |   |
| REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING  FIRM                                                                          |       | 1      |
|                                                                                                                              |       |   |
| FINANCIAL STATEMENTS:                                                                                                             |       |   |
|                                                                                                                              |       |   |
| Statement of Financial Condition as of December 31,  2006                                                                         |       | 2      |
|                                                                                                                              |       |   |
| Statement of  Operations for the period December 1, 2006 (commencement of operations) to  December 31, 2006                       |       | 3      |
|                                                                                                                              |       |   |
| Statement of  Changes in Members’ Capital for the period December 1, 2006 (commencement of  operations) to December 31, 2006 |       | 4      |
|                                                                                                                              |       |   |
| Financial Data  Highlights for the period December 1, 2006 (commencement of operations) to  December 31, 2006                     |       | 5      |
|                                                                                                                              |       |   |
| Notes to  Financial Statements                                                                                                    |       | 6-12   |

 

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REPORT OFINDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Members of

  ML APM Global Commodity FuturesAccess LLC

We haveaudited the accompanying statement of financial condition of ML APM GlobalCommodity FuturesAccess LLC (the “Fund”) as of December 31, 2006, and therelated statements of operations and of changes in members’ capital, and thefinancial data highlights for the period December 1, 2006 (commencement ofoperations) to December 31, 2006. These financial statements and financial datahighlights are the responsibility of the Fund’s management. Our responsibilityis to express an opinion on these financial statements and financial datahighlights based on our audit.

We conducted ouraudit in accordance with standards of the Public Company Accounting OversightBoard (United States). Those standards require that we plan and perform theaudit to obtain reasonable assurance about whether the financial statements andfinancial data highlights are free of material misstatement. The Fund is notrequired to have, nor were we engaged to perform, an audit of its internalcontrol over financial reporting. Our audit included consideration of internalcontrol over financial reporting as a basis for designing audit procedures thatare appropriate in the circumstances, but not for the purpose of expressing anopinion on the effectiveness of the Fund’s internal control over financialreporting. Accordingly, we express no such opinion. An audit also includesexamining, on a test basis, evidence supporting the amounts and disclosures inthe financial statements, assessing the accounting principles used andsignificant estimates made by management, as well as evaluating the overallfinancial statement presentation.  Webelieve that our audit provides a reasonable basis for our opinion.

In our opinion,the financial statements and financial data highlights referred to abovepresent fairly, in all material respects, the financial position of ML APMGlobal Commodity FuturesAccess LLC as of December 31, 2006, the results of itsoperations, changes in its members’ capital, and the financial data highlightsfor the period December 1, 2006 (commencement of operations) to December 31,2006, in conformity with accounting principles generally accepted in the UnitedStates of America.

 
| /s/ Deloitte & Touche LLP |   |
|-------------------------------|--------|
| New York, New York            |
| March 27, 2007                |

 

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ML APM GLOBALCOMMODITY FUTURESACCESS LLC(A Delaware Limited Liability Company)

STATEMENT OFFINANCIAL CONDITIONDECEMBER 31, 2006
| ** **                                        | ** ** | **December 31,** | ** ** |
|---------------------------------------------------|------------|-----------------------|------------|
| ** **                                        | ** ** | **2006**              | ** ** |
|                                              |       |                  |       |
| **ASSETS:**                                       |       |                  |       |
| Equity in commodity  futures trading accounts:    |       |                  |       |
| Cash (including  restricted cash of $1,272,271)   |       | $                     | 10,138,738 |   |
| Options at  market (premium paid $772,643)        |       | 585,476               |       |
| Net unrealized  gains on open contracts           |       | 208,001               |       |
| Deferred initial  offering costs                  |       | 55,000                |       |
| Accrued interest                                  |       | 43,979                |       |
|                                              |       |                  |       |
| **TOTAL  ASSETS**                                 |       | $                     | 11,031,194 |   |
|                                              |       |                  |       |
| **LIABILITIES AND MEMBERS’  CAPITAL**        |       |                  |       |
| LIABILITIES:                                      |       |                  |       |
| Brokerage  commissions payable                    |       | $                     | 1,782      |   |
| Management fee  payable                           |       | 13,694                |       |
| Initial offering  costs payable                   |       | 60,000                |       |
| Redemptions  payable                              |       | 4,449,999             |       |
| Other                                             |       | 18,285                |       |
|                                              |       |                  |       |
| Total  liabilities                                |       | 4,543,760             |       |
|                                              |       |                  |       |
| MEMBERS’ CAPITAL:                            |       |                  |       |
| Members’  Interest (6,615,200 Class D Units) |       | 6,487,434             |       |
| Total members’  capital                      |       | 6,487,434             |       |
|                                              |       |                  |       |
| **TOTAL LIABILITIES AND MEMBERS’  CAPITAL**  |       | $                     | 11,031,194 |   |

 

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

(Based on 6,615,200 ClassD Units outstanding, unlimited Units authorized)

 

See notes to financialstatements.

 

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ML APM GLOBALCOMMODITY FUTURESACCESS LLC(A Delaware Limited Liability Company)

STATEMENT OFOPERATIONSFOR THE PERIOD DECEMBER 1, 2006(COMMENCEMENT OF OPERATIONS) TO DECEMBER 31, 2006
| **TRADING  PROFIT (LOSS):**                           | ** ** | ** ** | ** ** |
|-------------------------------------------------------|------------|------------|------------|
|                                                  |       |       |       |
| Realized                                              |       | $          | (238,314   | ) |
| Change in unrealized                                  |       | 20,834     |       |
| Brokerage commissions                                 |       | (3,465     | )          |
|                                                  |       |       |       |
| Total trading loss                                    |       | (220,945   | )          |
|                                                  |       |       |       |
| **INVESTMENT  INCOME:**                               | ** ** | ** ** | ** ** |
| Interest                                              |       | 45,356     |       |
|                                                  |       |       |       |
| **EXPENSES:**                                         | ** ** | ** ** | ** ** |
| Management fee                                        |       | 13,694     |       |
| Other                                                 |       | 23,284     |       |
|                                                  |       |       |       |
| Total expenses                                        |       | 36,978     |       |
|                                                  |       |       |       |
| **NET  INVESTMENT INCOME**                            |       | 8,378      |       |
|                                                  |       |       |       |
| **NET  LOSS**                                         |       | $          | (212,567   | ) |
|                                                  |       |       |       |
| **NET  LOSS PER UNIT:**                               | ** ** | ** ** | ** ** |
|                                                  |       |       |       |
| Weighted average  number of Units outstanding Class D |       | 11,150,000 |       |
|                                                  |       |       |       |
| Net loss per weighted  average Unit Class D           |       | $          | (0.0191    | ) |

 

See notes tofinancial statements.

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ML APM GLOBALCOMMODITY FUTURESACCESS LLC(A Delaware Limited Liability Company)

STATEMENT OFCHANGES IN MEMBERS’ CAPITALFOR THE PERIOD DECEMBER 1, 2006(COMMENCEMENT OF OPERATIONS) TO DECEMBER 31, 2006
|                           | ** ** | ** **                | ** ** | ** **        | ** ** | ** **      | ** ** | **Members’ Capital**  | ** ** |
|---------------------------|------------|---------------------------|------------|-------------------|------------|-----------------|------------|---------------------------------|------------|
| ** **                | ** ** | **Initial Offering** | ** ** | **Subscriptions** | ** ** | **Redemptions** | ** ** | **December 31, 2006** | ** ** |
|                      |       |                      |       |              |       |            |       |                            |       |
| Class D                   |       | 11,150,000                |       | —            |       | (4,534,800      | )          | 6,615,200                       |       |
|                      |       |                      |       |              |       |            |       |                            |       |
| Total Members’ Units |       | 11,150,000                |       | —            |       | (4,534,800      | )          | 6,615,200                       |       |

 
|                              | ** ** | ** **                | ** ** | ** **        | ** ** | ** **      | ** ** | ** **          | ** ** | **Members’ Capital**  | ** ** |
|------------------------------|------------|---------------------------|------------|-------------------|------------|-----------------|------------|---------------------|------------|---------------------------------|------------|
| ** **                   | ** ** | **Initial Offering** | ** ** | **Subscriptions** | ** ** | **Redemptions** | ** ** | **Net Income** | ** ** | **December 31, 2006** | ** ** |
|                         |       |                      |       |              |       |            |       |                |       |                            |       |
| Class D                      |       | $                         | 11,150,000 |              | $          | —          |       | $                   | (4,449,999 | )                               | $          | (212,567 | ) | $ | 6,487,434 |   |
|                         |       |                      |       |              |       |            |       |                |       |                            |       |
| Total Members’ Interest |       | $                         | 11,150,000 |              | $          | —          |       | $                   | (4,449,999 | )                               | $          | (212,567 | ) | $ | 6,487,434 |   |

 

See notes to financial statements.

 

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ML APM GLOBALCOMMODITY FUTURESACCESS LLC(A Delaware Limited Liability Company)

FINANCIAL DATAHIGHLIGHTSFOR THE PERIOD DECEMBER 1, 2006 (COMMENCEMENT OF OPERATIONS) TO DECEMBER 31,2006

The following perUnit data and ratios have been derived from information provided in thefinancial statements.
| ** **                             | ** ** | **Class D** | ** ** |
|----------------------------------------|------------|------------------|------------|
| **Per  Unit Operating Performance:**   |       |             |       |
| ** **                             |       |             |       |
| Net asset value,  beginning of period  |       | $                | 1.0000     |   |
|                                   |       |             |       |
| Realized trading  loss                 |       | (0.0217          | )          |
| Change in  unrealized trading profit   |       | 0.0019           |       |
| Brokerage  commissions                 |       | (0.0003          | )          |
| Interest income                        |       | 0.0041           |       |
| Expenses                               |       | (0.0033          | )          |
|                                   |       |             |       |
| Net asset value,  end of period        |       | $                | 0.9807     |   |
|                                   |       |             |       |
| **Total  Return: (b)**                 |       |             |       |
|                                   |       |             |       |
| Total return                           |       | -1.91            | %          |
|                                   |       |             |       |
| **Ratios  to Average Net Assets: (a)** |       |             |       |
|                                   |       |             |       |
| Expenses                               |       | 5.50             | %          |
|                                   |       |             |       |
| Net investment income                  |       | 1.14             | %          |

 

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(a) The ratios have been annualized.

(b) Non annualized.

 

See notes to financial statements.

 

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ML APM GLOBALCOMMODITY FUTURESACCESS LLC(A Delaware Limited Liability Company)

NOTES TO FINANCIALSTATEMENTS

1.                    SUMMARY OFSIGNIFICANT ACCOUNTING POLICIES

Organization

ML APM Global Commodity FuturesAccess LLC (the “Fund”),a Merrill Lynch FuturesAccess Program (the “Program”) fund, was organized underthe Delaware Limited Liability Company Act on May 17, 2004 and commencedtrading activities on December 1, 2006. The Fund engages in the speculativetrading of futures, options on futures and forward contracts on a wide range ofcommodities. Absolute Plus Management, LLC (“APM”) is the trading advisor ofthe Fund.  Merrill Lynch AlternativeInvestments LLC (“MLAI”) is the Sponsor of the Fund. MLAI is an indirectwholly-owned subsidiary of Merrill Lynch & Co., Inc. (“Merrill Lynch”).Merrill Lynch, Pierce, Fenner & Smith Incorporated (“MLPF&S”), awholly-owned subsidiary of Merrill Lynch, is the Fund’s commodity broker.

The Program is a group of commodity pools sponsored byMLAI (each pool is a “Program Fund” or collectively, “Program Funds”) each ofwhich places substantially all of its assets in a managed futures and forwardtrading account managed by a single commodity trading advisor.  Each Program Fund is generally similar interms of fees, Classes of Units and redemption rights. Each of the ProgramFunds implements a different trading strategy.

The Fund offers four Classes of Units: Class A, ClassC, Class D, and Class I. Each Class of Units was offered at $1.00 per Unitduring the initial offering period and subsequently is offered at Net AssetValue per Unit for all other purposes (see Note 5). The four Classes of Unitsare subject to different sponsor fees.

Estimates

The preparation offinancial statements in conformity with accounting principles generallyaccepted in the United States of America (“US GAAP”) requires management tomake estimates and assumptions that affect the reported amounts of assets andliabilities and disclosure of contingent assets and liabilities at the date ofthe financial statements and the reported amounts of revenues and expensesduring the reporting period.  Actualresults could differ from those estimates.

RevenueRecognition

Commodity futures,options on futures and forward contract transactions are recorded on the tradedate.  Open futures and forward contractsare reflected in Net unrealized gains on open contracts in the Statement ofFinancial Condition as the difference between the original contract value andthe market value (for those commodity interests for which market quotations arereadily available) or at fair value. Option contracts are valued at market (last sale price) as of the lastbusiness day of the reporting period and shown on the Statement of FinancialCondition.  The change in unrealizedprofit (loss) on open contracts and options from one period to the next isreflected in Change in unrealized under Trading profit (loss) in the Statementof Operations.

Foreign Currency Transactions

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

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Cash at Broker

A portion of the assets maintained at MLPF&S isrestricted cash required to meet maintenance margin requirements. Included incash deposits with the broker at December 31, 2006 was restricted cash formargin requirements of $1,272,271.

Operating Expenses, Offering Costs and SellingCommissions 

The Fund pays forall routine operating costs (including offering costs, administration, custody,transfer, exchange and redemption process, legal, regulatory filing, tax,audit, escrow, accounting and printing fees and expenses) incurred by the Fund.  The Fund also pays any extraordinaryexpenses.

MLAI paid all theexpenses incurred in connection with the initial offering of the Units. TheFund is reimbursing MLAI for these costs in 60 monthly installments.  For financial reporting purposes inconformity with US GAAP, the Fund amortized the total initial offering costs of$60,000 over a twelve-month period.  Forall other purposes, including determining the Net Asset Value per Unit forsubscription and redemption purposes, the Fund amortizes offering costs over a60 month period (see Note 5).

Class A Units aresubject to a sales commission paid to Merrill Lynch ranging from 1.0% to2.5%.  Class D and Class I Units aresubject to sales commissions up to 0.5%. The rate assessed to a given subscription is based upon the subscriptionamount.  Commissions are directlydeducted from subscription amounts. Class C Units are not subject to any sales commissions.

As of December 31,2006, the Fund has only Class D Units.

Income Taxes

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

Distributions

The Members areentitled to receive, equally per Unit, any distributions which may be made bythe Fund.  No such distributions havebeen declared for the period ended December 31, 2006.

Subscriptions

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

Redemptions andExchanges

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

An investor in the Fund can exchange these Units forUnits of the same Class in other Program Funds as of the beginning of eachcalendar month upon at least ten days prior notice.  The minimum exchange amount is $10,000.

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Dissolution of theFund 

The Fund mayterminate if certain circumstances occur, as set forth in the offeringmemorandum.

Indemnifications

In the normalcourse of business, the Fund enters into contracts and agreements that containa variety of representations and warranties and which provide generalindemnifications.  The Fund’s maximumexposure under these arrangements is unknown, as this would involve futureclaims that may be made against the Fund that have not yet occurred.  The Fund expects the risk of any futureobligation under these indemnifications to be remote.

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2.                     CONDENSEDSCHEDULE OF INVESTMENTS

The Fund’sinvestments, include Options at market and Net unrealized gains on opencontracts in the Statement of Financial Condition as of December 31, 2006 andare as follows:
| ** **                  | ** ** | **Long Positions** | ** ** | **Short Positions** | ** ** | **Net Unrealized**        | ** ** | ** **         | ** ** | ** **             | ** ** |
|-----------------------------|------------|-------------------------|------------|--------------------------|------------|--------------------------------|------------|--------------------|------------|------------------------|------------|
| **Commodity Industry** | ** ** | **Number of**      | ** ** | **Unrealized**           | ** ** | **Percent of**            | ** ** | **Number of** | ** ** | **Unrealized**         | ** ** | **Percent of** | ** ** | **Profit (Loss)** | ** ** | **Percent of** | ** ** | ** ** | ** ** |
| **Sector**                  | ** ** | **Contracts**           | ** ** | **Profit (Loss)**   | ** ** | **Members’ Capital** | ** ** | **Contracts**      | ** ** | **Profit (Loss)** | ** ** | **Members’ Capital** | ** ** | **on Open Positions** | ** ** | **Members’ Capital** | ** ** | **Maturity Dates** | ** ** |
|                        |       |                    |       |                     |       |                           |       |               |       |                   |       |   |   |   |   |   |   |   |   |
| Futures Contracts           |       |                    |       |                     |       |                           |       |               |       |                   |       |   |   |   |   |   |   |   |   |
|                        |       |                    |       |                     |       |                           |       |               |       |                   |       |   |   |   |   |   |   |   |   |
| Interest rates              |       | 87                      |       | (13,674                  | )          | -0.21                          | %          | (303               | )          | 221,675                |       | 3.42 | % | 208,001 |   | 3.21 | % | March  2007 |   |
|                        |       |                    |       |                     |       |                           |       |               |       |                   |       |   |   |   |   |   |   |   |   |
| Sector Total                |       |                    |       | $                        | (13,674    | )                              | -0.21      | %                  |       |                   | $          | 221,675 |   | 3.42 | % | $ | 208,001 |   | 3.21 | % |   |   |
|                             |            |                         |            |                          |            |                                |            |                    |            |                        |            |  |  |  |  |  |  |  |  |  |  |  |

 

Options

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

 

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

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3.                     RELATED PARTYTRANSACTIONS

The Fund’s U.S. dollarassets are maintained at MLPF&S. On assets held in U.S. dollars, MerrillLynch credits the Fund with interest at the most favorable rate payable byMLPF&S to accounts of Merrill Lynch affiliates but not less than 75% ofsuch prevailing rate.  The Fund iscredited with interest on any of its assets and net gains actually held byMLPF&S non-U.S. dollar currencies at a prevailing local rate received byMerrill Lynch.  Merrill Lynch may derivecertain economic benefit, in excess of the interest which Merrill Lynch pays tothe Fund, from possession of such assets.

Merrill Lynch charges theFund at prevailing local interest rates for financing realized and unrealizedlosses on the Fund’s non-U.S. dollar-denominated positions.  Such amounts are netted against interestincome due to the insignificance of such amounts.

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

The Fund pays brokeragecommissions on actual cost per round turn. The average round-turn commission rate charged to the Fund for theperiod ended December 31, 2006 was approximately $10.47 (not including, incalculating round-turn, forward contracts on a futures-equivalent basis).

The Fund pays APM annualmanagement fees of 1.50% of the Fund’s average month-end assets allocated tothem after reduction for the brokerage commissions accrued with respect to suchassets.

4.                     ADVISORYAGREEMENT

The Fund and APM haveentered into an Advisory Agreement. This Agreement shall continue in effectuntil December 31, 2016. Thereafter, this Agreement shall be automaticallyrenewed for successive three-year periods, on the same terms, unless terminatedby either APM or the Fund upon 90 days’ notice to the other party.  APM determines the commodity futures, optionson futures and forward contract trades to be made on behalf of their respectiveFund accounts, subject to certain trading policies and to certain rights reservedby MLAI.

Performance fees paid by the Fund are calculated as15% of any New Trading Profit, as defined, and earned by APM as of either theend of each calendar year or upon the net reallocation of assets away fromAPM.  Performance fees are also paid outin respect of Units redeemed as of the end of interim months, to the extent ofthe applicable percentage of any New Trading Profit attributable to such Units.

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5.                     NET ASSETVALUE PER UNIT

For financial reporting purposes, in conformity withUS GAAP, the Fund amortizes over a twelve-month period the total initialoffering costs payable to MLAI for purposes of determining Net AssetValue.  For all other purposes, includingcomputing Net Asset Value for purposes of member subscription and redemptionactivity, such costs are amortized over 60 months.  Consequently, as of December 31, 2006, theNet Asset Value and Net Asset Value per Unit of the different Classes forfinancial reporting purposes and for all other purposes are as follows:

December 31, 2006
|            | ** ** | **Net Asset Value**                   | ** ** | ** **                     | ** ** | **Net Asset Value per Unit** | ** ** |
|------------|------------|-------------------------------------------------|------------|--------------------------------|------------|--------------------------------------------------|------------|
| ** ** | ** ** | **(Unaudited)  All Other   Purposes** | ** ** | **Financial   Reporting** | ** ** | **Number of   Shares**                 | ** ** | **(Unaudited)  All Other   Purposes** | ** ** | **Financial   Reporting** | ** ** |
| Class D    |       | $                                               | 6,491,434  |                           | $          | 6,487,434                                        |       | 6,615,200 |   | $ | 0.9813 |   | $ | 0.9807 |   |
|            |            |                                                 |            |                                |            |                                                  |            |  |  |  |  |  |  |  |  |

 

6.                     WEIGHTEDAVERAGE UNITS

The weighted average number of Units outstanding foreach Class is computed for purposes of calculating net income per weightedaverage Unit.  The weighted averagenumber of Units outstanding for each Class for the period endedDecember 31, 2006 equals the Units outstanding for each Class as of suchdate, adjusted proportionately for Units sold or redeemed based on therespective length of time each was outstanding during the period.

7.                     RECENT ACCOUNTING PRONOUNCEMENTS

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

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

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8.                     MARKET ANDCREDIT RISK

The nature of this Fundhas certain risks, which cannot all be presented on the financial statements.  The following summarizes some of those risks.

Market Risk

Derivative instrumentsinvolve varying degrees of market risk. Changes in the level or volatility of interest rates, foreign currencyexchange rates or the market values of the financial instruments or commoditiesunderlying such derivative instruments frequently result in changes in the Fund’snet unrealized gains on open contracts on such derivative instruments asreflected in the Statement of Financial Condition.  The Fund’s exposure to market risk isinfluenced by a number of factors, including the relationships among thederivative instruments held by the Fund as well as the volatility and liquidityof the markets in which the derivative instruments are traded.  Investments in foreign markets may alsoentail legal and political risks.

MLAI has procedures inplace intended to control market risk exposure, although there can be noassurance that they will, in fact, succeed in doing so.  These procedures focus primarily onmonitoring the trading of APM, calculating the Net Asset Value of the Fund asof the close of business on each day and reviewing outstanding positions forover-concentrations.  While MLAI does notitself intervene in the markets to hedge or diversify the Fund’s market exposure,MLAI may urge APM to reallocate positions in an attempt to avoidover-concentrations.  However, suchinterventions are expected to be unusual. It is expected that MLAI’s basic risk control procedures will consist ofthe ongoing process of advisor monitoring, with the market risk controls beingapplied by APM itself.

Credit Risk

The risksassociated with exchange-traded contracts are typically perceived to be lessthan those associated with over-the-counter (non-exchange-traded) transactions,because exchanges typically provide clearinghouse arrangements in which thecollective credit (in some cases limited in amount, in some cases not) of themembers of the exchange is pledged to support the financial integrity of theexchange.  In over-the-counter transactions,on the other hand, traders must rely solely on the credit of their respectiveindividual counterparties.  Margins,which may be subject to loss in the event of a default, are generally requiredin exchange trading, and counterparties may also require margin in theover-the-counter markets.

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

The Fund, in its normal course of business, entersinto various contracts with MLPF&S acting as its commodity broker.  Pursuant to the brokerage arrangement withMLPF&S (which includes a netting arrangement), to the extent that suchtrading results in receivables from and payables to MLPF&S, thesereceivables and payables are offset and reported as a net receivable or payableand are included in Equity in commodity futures trading accounts in theStatement of Financial Condition.

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*     *    *     *     *    *     *     *    *     *      *

To the best of theknowledge and belief of the

undersigned, theinformation contained in this

reportis accurate and complete.

 
| /s/ Barbra E. Kocsis                      |
|-------------------------------------------|
| Barbra E. Kocsis                          |
| Chief Financial Officer                   |
| Merrill Lynch Alternative Investments LLC |
| Sponsor of                                |
| ML APM Global Commodity FuturesAccess LLC |

 

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