**UNITED STATES SECURITIES ANDEXCHANGE COMMISSION**

**Washington, D.C.20549**

**FORM 10-Q**

**(Mark One)**

| x                                                                                                                                                                                                                                         |   | **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)  OF THE SECURITIES EXCHANGE ACT OF 1934**  |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                      |   | ** **                                                                                    |
| **For the quarterly period ended September 30,  2007**                                                                                                                                                                                    |
| ** **                                                                                                                                                                                                                                |
| **OR**                                                                                                                                                                                                                                    |
| ** **                                                                                                                                                                                                                                |
| o                                                                                                                                                                                                                                         |   | **TRANSITION REPORT PURSUANT TO SECTION 13 OR  15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** |
|                                                                                                                                                                                                                                      |   | ** **                                                                                    |
| **For the transition period from                    to                 ** |
| ** **                                                                                                                                                                                                                                |
| **Commission File Number 0-52384**                                                                                                                                                                                                        |

 

**ML APM GLOBAL COMMODITYFUTURESACCESS LLC**

(Exact Name of Registrant asspecified in its charter)

| **Delaware**                     |   | **20-5269618**                     |
|----------------------------------|--------|------------------------------------|
| (State or other  jurisdiction of |   | (IRS Employer  Identification No.) |
| incorporation or  organization)  |   |                               |

 

**c/oMerrill Lynch Alternative Investments LLCHopewell Building No. 21200 Merrill Lynch Drive - First FloorPennington, New Jersey 08534**(Address of principal executive offices)(Zip Code)

**609-274-5838**(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) hasfiled all reports required to be filed by Section 13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter periodthat the registrant was required to file such reports), and (2) has beensubject to such filing requirements for the past 90 days.

Yes  x  No  o  

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

 

Indicate by check mark whether registrant is a shellcompany (as defined by Rule 12b-2 of the Exchange Act).
| Yes o |   | No  x |
|-------|--------|-----------------|

 

Indicate by checkmark whether the registrant has filed all documents and reports required to befiled by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934subsequent to the distribution of securities under a plan confirmed by a court.
|  | Yes  o  No  o |
|--|---------------------------------------------|

 

 

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**ML APM GLOBAL COMMODITY FUTURESACCESS LLC**

QUARTERLY REPORT FOR SEPTEMBER 30, 2007 ON FORM 10-Q

Table of Contents
|            | ** ** | ** **                                                                                  | ** ** | **PAGE**   |
|------------|------------|---------------------------------------------------------------------------------------------|------------|------------|
| PART I     |
| ** ** | ** ** | ** **                                                                                  | ** ** | ** ** |
| Item 1.    |       | Financial Statements                                                                        |       | 1          |
|       |       |                                                                                        |       |       |
| Item 2.    |       | Management’s Discussion and Analysis of Financial  Condition and Results of Operations |       | 7          |
|       |       |                                                                                        |       |       |
| Item 3.    |       | Quantitative and Qualitative Disclosures About  Market Risk                                 |       | 10         |
|       |       |                                                                                        |       |       |
| Item 4.    |       | Controls and Procedures                                                                     |       | 12         |
|       |       |                                                                                        |       |       |
| PART II    |
|       |       |                                                                                        |
| Item 1.    |       | Legal Proceedings                                                                           |       | 13         |
|       |       |                                                                                        |       |       |
| Item 2.    |       | Unregistered Sales of Equity Securities and Use of  Proceeds                                |       | 13         |
|       |       |                                                                                        |       |       |
| Item 3.    |       | Defaults Upon Senior Securities                                                             |       | 14         |
|       |       |                                                                                        |       |       |
| Item 4.    |       | Submission of Matters to a Vote of Security Holders                                         |       | 14         |
|       |       |                                                                                        |       |       |
| Item 5.    |       | Other Information                                                                           |       | 14         |
|       |       |                                                                                        |       |       |
| Item 6.    |       | Exhibits                                                                                    |       | 14         |

 

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PART I - FINANCIAL INFORMATION

**Item 1. FinancialStatements**

ML APM GLOBAL COMMODITY FUTURESACCESS LLC(a Delaware Limited Liability Company)

**STATEMENTS OF FINANCIAL CONDITION**
| ** **                                                                                       | ** ** | **September 30,** | ** ** | **December 31,** | ** ** |
|--------------------------------------------------------------------------------------------------|------------|------------------------|------------|-----------------------|------------|
| ** **                                                                                       | ** ** | **2007**               | ** ** | **2006**              | ** ** |
|                                                                                             |       | **(unaudited)**        |       |                  |       |
| **ASSETS:**                                                                                      | ** ** | ** **             | ** ** | ** **            | ** ** |
| Equity in commodity  futures trading accounts:                                                   |       |                   |       |                  |       |
| Cash (including  restricted cash of $2,893,400 for 2007 and $1,272,271 for 2006)                 |       | $                      | 40,452,977 |                  | $          | 10,138,738 |   |
| Options at  market (premium paid $2,980,653 for 2007 and $772,643 for 2006)                      |       | 5,355,850              |       | 585,476               |       |
| Net unrealized  profit (loss) on open contracts                                                  |       | (42,795                | )          | 208,001               |       |
| Cash                                                                                             |       | 36,331                 |       | —                |       |
| Deferred initial  offering costs                                                                 |       | 2,800                  |       | 55,000                |       |
| Accrued interest                                                                                 |       | 151,564                |       | 43,979                |       |
|                                                                                             |       |                   |       |                  |       |
| **TOTAL  ASSETS**                                                                                |       | $                      | 45,956,727 |                  | $          | 11,031,194 |   |
|                                                                                             |       |                   |       |                  |       |
| **LIABILITIES AND MEMBERS’ CAPITAL**                                                        | ** ** | ** **             | ** ** | ** **            | ** ** |
| LIABILITIES:                                                                                     |       |                   |       |                  |       |
| Brokerage  commissions payable                                                                   |       | $                      | 3,357      |                  | $          | 1,782 |   |
| Management fee  payable                                                                          |       | 57,038                 |       | 13,694                |       |
| Initial offering  costs payable                                                                  |       | 36,074                 |       | 60,000                |       |
| Sponsor fee  payable                                                                             |       | 56,840                 |       | —                |       |
| Performance fee  payable                                                                         |       | 433,015                |       | —                |       |
| Redemptions payable                                                                              |       | 2,479,170              |       | 4,449,999             |       |
| Other                                                                                            |       | 238,406                |       | 18,285                |       |
|                                                                                             |       |                   |       |                  |       |
| Total  liabilities                                                                               |       | 3,303,900              |       | 4,543,760             |       |
|                                                                                             |       |                   |       |                  |       |
| MEMBERS’ CAPITAL:                                                                           |       |                   |       |                  |       |
| Members’ Interest  (39,898,730 and 6,615,200 Units outstanding, unlimited Units authorized) |       | 42,652,827             |       | 6,487,434             |       |
| Total members’  capital                                                                     |       | 42,652,827             |       | 6,487,434             |       |
|                                                                                             |       |                   |       |                  |       |
| **TOTAL LIABILITIES AND MEMBERS’  CAPITAL**                                                 |       | $                      | 45,956,727 |                  | $          | 11,031,194 |   |

 

**NET ASSET VALUE PER UNIT (NOTE 2)**

 

See notes to financial statements.

1

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ML APM GLOBAL COMMODITYFUTURESACCESS LLC(a Delaware Limited Liability Company)

 

**STATEMENTS OF INCOME**(unaudited)
| ** **                                    | ** ** | **For the three** | ** ** | **For the nine** | ** ** |
|-----------------------------------------------|------------|-----------------------------|------------|----------------------------|------------|
| ** **                                    | ** ** | **months ended**       | ** ** | **months ended**      | ** ** |
| ** **                                    | ** ** | **September 30,**      | ** ** | **September 30,**     | ** ** |
| ** **                                    | ** ** | **2007**                    | ** ** | **2007**                   | ** ** |
| **TRADING  PROFIT:**                          | ** ** | ** **                  | ** ** | ** **                 | ** ** |
|                                          |       |                        |       |                       |       |
| Realized                                      |       | $                           | 1,273,691  |                       | $          | 1,510,687 |   |
| Change in unrealized                          |       | 2,182,592                   |       | 2,311,568                  |       |
| Brokerage commissions                         |       | (17,021                     | )          | (35,381                    | )          |
|                                          |       |                        |       |                       |       |
| Total trading profit                          |       | 3,439,262                   |       | 3,786,874                  |       |
|                                          |       |                        |       |                       |       |
| **INVESTMENT  INCOME:**                       | ** ** | ** **                  | ** ** | ** **                 | ** ** |
| Interest                                      |       | 438,015                     |       | 926,834                    |       |
|                                          |       |                        |       |                       |       |
| **EXPENSES:**                                 | ** ** | ** **                  | ** ** | ** **                 | ** ** |
| Management fee                                |       | 155,554                     |       | 327,045                    |       |
| Sponsor fee                                   |       | 152,644                     |       | 268,140                    |       |
| Performance fee                               |       | 433,015                     |       | 433,015                    |       |
| Other                                         |       | 113,382                     |       | 355,199                    |       |
|                                          |       |                        |       |                       |       |
| Total expenses                                |       | 854,595                     |       | 1,383,399                  |       |
|                                          |       |                        |       |                       |       |
| **NET  INVESTMENT LOSS**                      |       | (416,580                    | )          | (456,565                   | )          |
|                                          |       |                        |       |                       |       |
| **NET  INCOME**                               |       | $                           | 3,022,682  |                       | $          | 3,330,309 |   |
|                                          |       |                        |       |                       |       |
| **NET  INCOME PER UNIT:**                     | ** ** | ** **                  | ** ** | ** **                 | ** ** |
|                                          |       |                        |       |                       |       |
| Weighted average  number of Units outstanding |       |                        |       |                       |       |
| Class A                                       |       | 4,160,330                   |       | 3,779,023                  |       |
| Class C                                       |       | 18,722,033                  |       | 10,621,696                 |       |
| Class D                                       |       | 11,676,068                  |       | 11,523,023                 |       |
| Class I                                       |       | 5,316,326                   |       | 3,277,256                  |       |
|                                          |       |                        |       |                       |       |
| Net income per  weighted average Unit         |       |                        |       |                       |       |
| Class A                                       |       | $                           | 0.0740     |                       | $          | 0.0845 |   |
| Class C                                       |       | $                           | 0.0739     |                       | $          | 0.1443 |   |
| Class D                                       |       | $                           | 0.0773     |                       | $          | 0.0872 |   |
| Class I                                       |       | $                           | 0.0805     |                       | $          | 0.1443 |   |

 

See notes to financial statements.

 

2

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ML APM GLOBAL COMMODITYFUTURESACCESS LLC

(a Delaware Limited Liability Company)

**STATEMENT OF CHANGES IN MEMBERS’ CAPITAL**For the nine months ended September 30, 2007 (unaudited)
| ** **                | ** ** | **Members’ Capital**   | ** ** | ** **        | ** ** | ** **      | ** ** | **Members’ Capital**   | ** ** |
|---------------------------|------------|----------------------------------|------------|-------------------|------------|-----------------|------------|----------------------------------|------------|
| ** **                | ** ** | **December 31, 2006*** | ** ** | **Subscriptions** | ** ** | **Redemptions** | ** ** | **September 30, 2007** | ** ** |
| Class A                   |       | —                           |       | 4,259,433         |       | (222,719        | )          | 4,036,714                        |       |
| Class C                   |       | —                           |       | 21,324,642        |       | (1,517,133      | )          | 19,807,509                       |       |
| Class D                   |       | 6,615,200                        |       | 14,961,801        |       | (11,598,523     | )          | 9,978,478                        |       |
| Class I                   |       | —                           |       | 6,142,475         |       | (66,446         | )          | 6,076,029                        |       |
|                      |       |                             |       |              |       |            |       |                             |       |
| Total Members’ Units |       | 6,615,200                        |       | 46,688,351        |       | (13,404,821     | )          | 39,898,730                       |       |

 
| ** **                   | ** ** | **Members’ Capital**   | ** ** | ** **        | ** ** | ** **      | ** ** | ** **          | ** **  | **Members’ Capital**   | ** ** |
|------------------------------|------------|----------------------------------|------------|-------------------|------------|-----------------|------------|---------------------|-------------|----------------------------------|------------|
| ** **                   | ** ** | **December 31, 2006*** | ** ** | **Subscriptions** | ** ** | **Redemptions** | ** ** | **Net Income** | ** **  | **September 30, 2007** | ** ** |
| Class A                      |       | $                                | —     |              | $          | 4,255,472       |       | $                   | (233,025    | )                                | 319,456    |   | $ | 4,341,903 |   |
| Class C                      |       | —                           |       | 21,150,256        |       | (1,553,655      | )          | 1,533,113           |        | 21,129,714                       |       |
| Class D                      |       | 6,487,434                        |       | 14,615,995        |       | (11,476,308     | )          | 1,004,970           |        | 10,632,091                       |       |
| Class I                      |       | —                           |       | 6,144,935         |       | (68,586         | )          | 472,770             |        | 6,549,119                        |       |
|                         |       |                             |       |              |       |            |       |                |        |                             |       |
| Total Members’ Interest |       | $                                | 6,487,434  |              | $          | 46,166,658      |       | $                   | (13,331,574 | )                                | 3,330,309  |   | $ | 42,652,827 |   |

 

* The Fund commenced operations on December 1, 2006.

 

See notes to financial statements.

3

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ML APM GLOBAL COMMODITYFUTURESACCESS LLC

(a Delaware Limited Liability Company)

**NOTES TOFINANCIAL STATEMENTS**

(unaudited)

1.     SUMMARY OF SIGNIFICANTACCOUNTING POLICIES

In the opinion ofmanagement, the financial statements contain all adjustments necessary topresent fairly the financial position of ML APM Global Commodity FuturesAccessLLC (the “Fund”) as of September 30, 2007, and the results of its operationsfor the three months and nine months ended September 30, 2007.  However, the operating results for theinterim period may not be indicative of the results for the full year.

Certaininformation and footnote disclosures normally included in annual financialstatements prepared in accordance with accounting principles generally acceptedin the United States of America (“US GAAP”) have been omitted.  It is suggested that these financialstatements be read in conjunction with the financial statements and notesthereto included in the Fund’s Annual Report on Form 10-K filed with theSecurities and Exchange Commission for the period ended December 31, 2006.

The preparation offinancial statements in conformity with US GAAP requires management to makeestimates 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.

2.               NET ASSET VALUE PERUNIT

For financial reporting purposes, in conformity withUS GAAP, the Fund amortizes over a twelve-month period the initial offeringcosts for purposes of determining Net Asset Value. Such costs initially werepaid by Merrill Lynch Alternative Investments (“MLAI”).  For all other purposes, including computingNet Asset Value for purposes of member subscription and redemption activity,such costs are amortized over 60 months. Consequently, the Net Asset Value andNet Asset Value per Unit of the different Classes for financial reportingpurposes and for all other purposes are as follows:
|            | ** ** | **Net Asset Value** | ** ** | ** **               | ** ** | **Net Asset Value per Unit** | ** ** |
|------------|------------|-------------------------------|------------|--------------------------|------------|--------------------------------------------------|------------|
| ** ** | ** ** | **All Other  Purposes**  | ** ** | **Financial  Reporting** | ** ** | **Number of  Units**                        | ** ** | **All Other  Purposes** | ** ** | **Financial  Reporting** | ** ** |
| Class A    |       | $                             | 4,345,184  |                     | $          | 4,341,903                                        |       | 4,036,714 |   | $ | 1.0764 |   | $ | 1.0756 |   |
| Class C    |       | 21,136,160                    |       | 21,129,714               |       | 19,807,509                                       |       | 1.0671 |   | 1.0668 |   |
| Class D    |       | 10,649,436                    |       | 10,632,091               |       | 9,978,478                                        |       | 1.0672 |   | 1.0655 |   |
| Class I    |       | 6,551,499                     |       | 6,549,119                |       | 6,076,029                                        |       | 1.0783 |   | 1.0779 |   |
|       |       | $                             | 42,682,279 |                     | $          | 42,652,827                                       |       | 39,898,730 |   |   |   |   |   |
|            |            |                               |            |                          |            |                                                  |            |  |  |  |  |  |  |  |  |

 

4

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At December 31, 2006 theNet Asset Values of the different Classes of Units are as follows:

 
|            | ** ** | **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 |   |
|            |            |                               |            |                          |            |                                                  |            |  |  |  |  |  |  |  |  |

 

3.               MARKET AND CREDIT RISKS

The nature of this Fund hascertain risks, which cannot 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’sunrealized profit or market value on such derivative instruments as reflectedin the Statements of Financial Condition. The Fund’s exposure to market risk is influenced by a number of factors,including the relationships among the derivative instruments held by the Fundas well as the volatility and liquidity of the markets in which the derivativeinstruments are traded. Investments in foreign markets may also entail legaland political risks.

The Sponsor of theFund, MLAI, has procedures in place intended to control market risk exposure,although there can be no assurance that they will, in fact, succeed in doingso.  These procedures focus primarily onmonitoring the trading of Absolute Plus Management LLC (“APM”), the tradingadvisor, calculating the Net Asset Value of the Fund as of the close ofbusiness on each day and reviewing outstanding positions forover-concentrations.  While MLAI does notintervene in the markets to hedge or diversify the Fund’s market exposure, MLAImay urge APM to reallocate positions in an attempt to avoidover-concentrations.  However, suchinterventions are expected to be unusual. It is expected that MLAI’s basic risk control procedures will consist ofthe ongoing process of advisor monitoring, with the market risk controls beingapplied by APM.

Credit Risk

The 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-countertransactions, on the other hand, traders must rely solely on the credit oftheir respective individual counterparties. Margins, which may be subject toloss in the event of a default, are generally required in exchange trading, andcounterparties may also require margin in the over-the-counter markets.

The credit riskassociated with these instruments from counterparty nonperformance is theunrealized profit or market value of options, if any, included in the Statementsof Financial Condition. The Fund attempts to mitigate this risk by dealingexclusively with Merrill Lynch & Co. Inc. (“Merrill Lynch”) entities asclearing brokers.

5

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The Fund, in its normal course of business, entersinto various contracts with Merrill Lynch Pierce Fenner & Smith Inc. (“MLPF&S”)acting as its commodity broker.  Pursuantto the brokerage arrangement with MLPF&S (which includes a nettingarrangement), to the extent that such trading results in receivables from andpayables to MLPF&S, these receivables and payables are offset and reportedas a net receivable or payable and included in Equity in commodity futurestrading accounts in the Statements of Financial Condition.

4.               RECENT ACCOUNTINGPRONOUNCEMENT

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.

6

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**Item 2:    Management’s Discussion and Analysis ofFinancial Condition and Results of Operations**

MONTH-END NETASSET VALUE PER UNIT

(NON US GAAP)

 

MLAI believes that the Net Asset Value used tocalculate subscription and redemption value and to    report performance to investors throughoutthe year is the most valuable to the Members of the Fund.   Therefore, the charts below referencing NetAsset Value and performance measurements are based on the Net Asset Value forall other purposes, as discussed in Note 2 to the Financial Statements.

Class A
|      | ** ** | **Jan.** | ** ** | **Feb.** | ** ** | **Mar.** | ** ** | **Apr.** | ** ** | **May.** | ** ** | **Jun.** | ** ** | **July** | ** ** | **Aug.** | ** ** | **Sept.** | ** ** |
|------|------------|----------|------------|----------|------------|----------|------------|----------|------------|----------|------------|----------|------------|----------|------------|----------|------------|-----------|------------|
| 2007 |       | N/A      |       | $        | 0.9932     |     | $          | 0.9869   |       | $        | 0.9853     |     | 0.9827     |     | $          | 1.0022   |       | $         | 1.0161     |   | $ | 1.0259 |   | $ | 1.0764 |   |
|      |            |          |            |          |            |          |            |          |            |          |            |          |            |          |            |          |            |           |            |  |  |  |  |  |  |  |

 

Class C
|      | ** ** | **Jan.** | ** ** | **Feb.** | ** ** | **Mar.** | ** ** | **Apr.** | ** ** | **May.** | ** ** | **Jun.** | ** ** | **July** | ** ** | **Aug.** | ** ** | **Sept.** | ** ** |
|------|------------|----------|------------|----------|------------|----------|------------|----------|------------|----------|------------|----------|------------|----------|------------|----------|------------|-----------|------------|
| 2007 |       | $        | 0.9982     |     | $          | 0.9906   |       | $        | 0.9835     |     | $          | 0.9810   |       | $        | 0.9776     |     | $          | 0.9962    |       | $ | 1.0092 |   | $ | 1.0181 |   | $ | 1.0671 |   |
|      |            |          |            |          |            |          |            |          |            |          |            |          |            |          |            |          |            |           |            |  |  |  |  |  |  |  |  |  |

 

Class D
|      | ** ** | **Jan.** | ** ** | **Feb.** | ** ** | **Mar.** | ** ** | **Apr.** | ** ** | **May.** | ** ** | **Jun.** | ** ** | **July** | ** ** | **Aug.** | ** ** | **Sept.** | ** ** |
|------|------------|----------|------------|----------|------------|----------|------------|----------|------------|----------|------------|----------|------------|----------|------------|----------|------------|-----------|------------|
| 2007 |       | $        | 0.9816     |     | $          | 0.9762   |       | $        | 0.9712     |     | $          | 0.9708   |       | $        | 0.9695     |     | $          | 0.9899    |       | $ | 1.0049 |   | $ | 1.0160 |   | $ | 1.0672 |   |
|      |            |          |            |          |            |          |            |          |            |          |            |          |            |          |            |          |            |           |            |  |  |  |  |  |  |  |  |  |

 

Class I
|      | ** ** | **Jan.** | ** ** | **Feb.** | ** ** | **Mar.** | ** ** | **Apr.** | ** ** | **May.** | ** ** | **Jun.** | ** ** | **July** | ** ** | **Aug.** | ** ** | **Sept.** | ** ** |
|------|------------|----------|------------|----------|------------|----------|------------|----------|------------|----------|------------|----------|------------|----------|------------|----------|------------|-----------|------------|
| 2007 |       | $        | 0.9994     |     | $          | 0.9930   |       | $        | 0.9870     |     | $          | 0.9857   |       | $        | 0.9834     |     | $          | 1.0032    |       | $ | 1.0175 |   | $ | 1.0277 |   | $ | 1.0783 |   |
|      |            |          |            |          |            |          |            |          |            |          |            |          |            |          |            |          |            |           |            |  |  |  |  |  |  |  |  |  |

 

PerformanceSummary

January 1, 2007 toSeptember 30, 2007

January 1, 2007 toMarch 31, 2007

The Fund posted an overall loss for the quarter. Theenergy and interest rate sectors posted gains while the currency, metals andagriculture sectors posted losses.

The energy sector was the most profitable for theFund.  Energy prices dropped sharply atthe beginning of the quarter only to recover mid-quarter through the end of thequarter due to a combination of weather, sanguine geo-political concerns andnear term inventory patterns worldwide.

The interest rate sector was flat for the quarter.Profits were posted at the beginning of the quarter due to the U.S. FederalReserve, now data driven, refraining from another interest rate increase, butremained tilted to higher inflationary outcomes. Concurrently, the EuropeanCentral Bank and the Bank of England continued aggressive focus on reigning ininflationary expectations through higher market interest rates. Across theGroup of Four (G-4), the intent still remains biased towards reducing excessmarket liquidity and containing inflationary pressures stemming from,historically low risk premiums, higher confidence and higher economic activity.Long term bond prices retreated and the ten year sector European bonds finisheddown approximately 0.9% while U.S. bond prices fell 1.0% in value. Japaneseprices countered the trend increasing 0.3% with revised uncertainty of nearterm monetary policy changes. Short term yields continued to move up outsidethe U.S. as global fixed income trading had a positive impact onperformance.  Losses were postedmid-quarter however, due to the revisions of market sentiment based

7

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on seeming evidence of some slowing in U.S. realgrowth coupled with a continuation of rising growth prospects particularly inEurope and Asia. The quarter ended with profits posted to the Fund as shortterm yields continued to move up, outside the U.S. coupled with the fixedincome trading causing a positive impact on performance.

The currency sector was not profitable for theFund.  The quarter began with gainsposted for the Fund as the U.S. dollar reversed losses to move slightly higherby 1.2% due to the new evidence of sustained U.S. growth. However, lossesposted mid-quarter through the end of the quarter as the U.S. dollar resumed tomove slightly lower again subject to the new evidence of moderating U.S. growthand inflation.

The metals sector also incurred losses for the Fund.Due to volatility in the market, profits were posted mid-quarter only withlosses posted to the Fund at the beginning of the quarter and the end of thequarter due to the response in the market specific demand data which causedcopper to move lower and broader commodities to fluctuate.

The agricultural sector was the least profitable forthe Fund. The agricultural market was soft which attributed to the difficulttrading environment resulting in the Fund posting losses for the sector.

April 1, 2007 to June 30, 2007

The Fund posted profits for the quarter with interestrates, agriculture and currency sectors posting gains while the energy andmetal sectors posted losses.

The interest rate sector was the most profitable forthe Fund.  The fixed income marketstarted the month with a strong U.S. non-farm payroll number that suggested aresumption of an upward growth path, but later in the beginning of the quarterthe  GDP came out at only +1.3%, thelowest seen in 4 years, which suggested a possible continuation of slowing. InEurope, the macroeconomic numbers still suggest that the ECB and the BOE mustcontinue aggressive focus on reigning in inflationary expectations throughhigher interest rates. The intent across the Group of Four (G-4) still remainsa bias towards raising rates and containing inflationary pressures. Net for theperiod, long-term bond prices moved sideways at best while short term yieldscontinued to move up, outside the U.S. In the 10-year sector, European bondsfinished down approximately 0.7%, while U.S. bond prices rose 0.1% in value.Japanese fixed income prices finished up 0.3% with revised uncertainty of nearterm monetary policy changes. The fixed income portfolio provided a positiveimpact with a short position in rates across markets brought the overallstrategy close to flat mid quarter. The fixed income sector benefited at thequarter’s end from liquidations in global bond markets as consensus shiftedfrom an ease to a tightening.

The agriculture sector was profitable for the Fund.Profits were posted throughout the quarter. The quarter ended as wheat was thebest performer in grains as dry conditions throughout the world has estimatesof wheat stocks at a 30-year low. The ending stocks to use ratio is expected tobe 20% for 2007-2008 (the lowest in 11 years). Soybeans had a strong month asforecasts on planting acreage is the lowest in 12 years as more focus shifts tocorn for ethanol production. Dry weather in China contributed to a squeeze insupply as they are the world’s largest buyer of oilseed.

The currency sector was also profitable for the Fund.The quarter began with a small loss being posted to the Fund due to marketvolatility and a minimal gain mid-quarter. The U.S. dollar long and the Giltmarkets provided most of the gains.  TheJapanese and Australian markets were also a small positive to performance whilethe Euro zone ended roughly unchanged.

The energy sector posted losses for the Fund. Losseswere posted to the Fund the beginning of the quarter through mid-quarter inlieu of energy prices recovering from a combination of weather, keenlyheightened geopolitical concerns and continued draw in near term inventorypatterns worldwide. Profits were posted at the end of the quarter due to lowerthan expected inventories of gasoline and forecasts of exceptionally highdemand during upcoming summer driving season.

8

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The metals sector was the least profitable for theFund. At the beginning of the quarter profits were posted to the Fund due tothe Asian demand for copper and zinc. Zinc is used as a coating for preventingrust in steel when making buildings, cars and appliances. A shortage of zincwas caused by Chinese demand which is likely to continue as exploration is along process and no new mines are expected until early 2008.

July 1, 2007 to September 30, 2007

The Fund posted profits for the third quarter withgains being posted in all the sectors.

The agriculture sector posted the highest gains forthe Fund. The rally in commodities has made the deltas in certain options suchas cotton, sugar, hogs and cattle move up to 80% at the beginning of thequarter. Profits continued to be posted to the Fund mid-quarter as wheat had astrong month off of a continued drought in Australia, Canada, and other partsof Europe. U.S. supplies and inventories were at their lowest in 26 years.Wheat continued to trade strong at the end of the quarter due to the on-goingdrought conditions and estimates from United States Department of Agriculture (“USDA”)that projected inventories for 2007/2008 will be the lowest since 1973/1974.U.S. wheat exports are already up 66% from last year and the USDA is predictinga further 18% rise for 2007/2008.

The metals sector posted profits for the Fund. At thebeginning of the quarter profits were posted to the Fund as copper remainedstrong due to the labor unrest in Central and South America. However, losseswere posted to the Fund mid-quarter as industrial metals weakened from expectedslowing demand. The quarter ended with profits posted to the Fund as goldprices firmed on the continued weakness of the dollar and overall creditconcerns.

The energy sector posted profits for the Fund. Crudeoil traded over $78.00 a barrel on continued high demand beginning of thequarter plus the International Energy Agency forecasted that global demand willrise by 1.8% next year without any output increase from OPEC. The biggest newswas the Contango that existed from the first quarter of 2005 for oil correctedand moved to backwardation. Losses were posted to the Fund mid-quarter as crudeoil traded down to $70.00 a barrel on reported liquidation from hedge fundsraising cash for redemptions. Hurricane Dean did not impact U.S. oilproduction, but it later traded back up with inventory levels falling and arecord demand for gasoline. The quarter ended with profits posted to the Fundas crude oil had strong recovery as the Department of Energy’s Short-TermEnergy Outlook saw a continued low surplus production and weak inventories.According to Cambridge Energy Research Associates, 100 new rigs could be builtin the next four years, but new supply won’t hit until mid to late 2009.

The interest rate sector posted profits for theFund.  The beginning of the quarter waschallenging due to the subprime mortgage problems impacting global markets andU.S. interest rates started to reverse their trends of factoring a tighteningof rates causing the losses to be posted to the Fund. The U.S. Federal Fundsfutures have factored in an ease of 25 basis points by December 2007. Theshorter end of international curves showed less of a reaction due to a view thatthe problem will be contained in the U.S. Also, continued strength inunderlying economic fundamentals brought another rate hike by the Bank ofEngland. Profits were posted to the Fund mid-quarter as the U.S. FederalReserve lowered the discount rate to 5.75% from 6.25% in an attempt to boostcredit markets. Continued money market concerns caused short term U.S. treasurybills to have wild swings up to 100 basis points in one day. European CentralBank changed tone away from inflation by saying that the Central Bank is notcommitted to raising rates. The United Kingdom is showing first signs that pastinterest rate hikes are having an impact on its economy.  Even though the U.S. Federal Reserve furthercut rates by 50 basis points bringing the U.S. Federal Funds rate down to 4.75%and adding stability into financial markets at the end of the quarter, but itwas not enough to offset the losses posted to the Fund.

9

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The currency sector was also profitable for the Fund.The quarter began with profits being posted to the Fund as the fixed incomeportions were set up well to take in a period of global equity volatility.Profits continued to be posted through mid-quarter as the fixed income bookcontinued to benefit from a period of global equity volatility. The quarterended with a small loss being posted to the Fund as the fixed income portionwent long in Euro dollars and shorted the short duration instruments in theEuro zone.

**Item 3. Quantitativeand Qualitative Disclosures About Market Risk**

The Fund is a speculativecommodity pool. The market sensitive instruments held by it are acquired forspeculative trading purposes and all or substantially all of the Fund’s assetsare subject to the risk of trading loss. Unlike an operating company, the risk of market sensitive instruments isintegral, not incidental, to the Fund’s main line of business.

Market movements resultin frequent changes in the fair market value of the Fund’s open positions and,consequently, in its earnings and cash flow. The Fund’s market risk isinfluenced by a wide variety of factors, including the level and volatility ofinterest rates, exchange rates, equity price levels, the market value offinancial instruments and contracts, the diversification effects among the Fund’sopen positions and the liquidity of the markets in which it trades.

The Fund, under thedirection of APM, rapidly acquires and liquidates both long and short positionsin currency markets.  Consequently, it isnot possible to predict how a particular future market scenario will affectperformance, and the Fund’s past performance is not necessarily indicative ofits future results.

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

Quantifying The Fund’sTrading Value At Risk

QuantitativeForward-Looking Statements

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

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

Exchange maintenancemargin requirements have been used by the Fund as the measure of its Value atRisk.  Maintenance margin requirementsare set by exchanges to equal or exceed the maximum loss in the fair value ofany given contract incurred in 95%-99% of the one-day time periods included inthe historical sample (generally approximately one year) researched forpurposes of establishing margin levels. The maintenance margin levels are established by dealers and exchangesusing historical price studies as well as an assessment of current marketvolatility (including the implied volatility of the options on a given futurescontract) and economic fundamentals to provide a probabilistic estimate of themaximum expected near-term one-day price fluctuation.

10

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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 contracts havebeen 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.

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

Thefollowing table indicates the average, highest and lowest trading Value at Riskassociated with the Fund’s open positions by market category for the fiscalperiod. For the nine months ended September 30, 2007, the Fund’s averageMonth-end Net Asset Value for all other purposes was approximately $25,376,727.

 

**September 30, 2007**

 
| **Market Sector**   | ** ** | **Average  Value at Risk** | ** ** | **% of Average  Capitalization** | ** ** | **Highest Value  At Risk** | ** ** | **Lowest Value  At Risk** | ** ** |
|--------------------------|------------|--------------------------------------|------------|--------------------------------------------|------------|--------------------------------------|------------|-------------------------------------|------------|
|                     |       |                                 |       |                                       |       |                                 |       |                                |       |
| Agricultural Commodities |       | $                                    | 82,422     |                                       | 0.32       | %                                    | $          | 629,565                             |       | $ | 2,587 |   |
| Energy                   |       | 50,612                               |       | 0.20                                       | %          | 355,242                              |       | 1,215                               |       |
| Interest Rates           |       | 1,222,733                            |       | 4.82                                       | %          | 2,092,721                            |       | 390,839                             |       |
| Metals                   |       | 30,948                               |       | 0.12                                       | %          | 166,653                              |       | 2,545                               |       |
| F/X                      |       | 10,252                               |       | 0.04                                       | %          | 84,535                               |       | 9                                   |       |
|                     |       |                                 |       |                                       |       |                                 |       |                                |       |
| TOTAL                    |       | $                                    | 1,396,967  |                                       | 5.50       | %                                    | $          | 3,328,716                           |       | $ | 397,195 |   |

 

Material Limitations on Value at Riskas an Assessment of Market Risk

The face value of the market sectorinstruments held by the Fund is typically many times the applicable maintenancemargin requirement (maintenance margin requirements generally ranging betweenapproximately 1% and 10% of contract face value) as well as many times thecapitalization of the Fund.  Themagnitude of the Fund’s open positions creates a “risk of ruin” not typicallyfound in most other investment vehicles. Because of the size of its positions, certain market conditions —unusual, but historically recurring from time to time — could cause the Fund toincur severe losses over a short period of time.   The foregoing Value at Risk table — as wellas the past performance of the Fund — gives no indication of this “risk ofruin.”

**Non-Trading Risk**

Foreign Currency Balances;Cash on Deposit with MLPF&S

The Fund has non-tradingmarket risk on its foreign cash balances not needed for margin. However, thesebalances (as well as the market risk they represent) are immaterial.

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

11

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Item 4. Controls and Procedures

MLAI, the Sponsorof ML APM Global Commodity FuturesAccess LLC (the “Fund”), with theparticipation of the Sponsor’s Chief Executive Officer and the Chief FinancialOfficer, has evaluated the effectiveness of the design and operation of itsdisclosure controls and procedures with respect to the Fund as of the end ofthe period of this quarterly report, and, based on this evaluation, hasconcluded that these disclosure controls and procedures are effective.  Additionally, there were no significantchanges in the Fund’s internal controls or in other factors that couldsignificantly affect these controls subsequent to the date of this evaluation,including any corrective actions with regard to significant deficiencies andmaterial weaknesses.

12

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PART II - OTHERINFORMATION

Item 1.    Legal Proceedings

OnJuly 31, 2007, the CFTC issued an order against MLAI and an advisory affiliate,to which MLAI and the affiliate consented, containing findings, which MLAI andthe affiliate neither admitted nor denied, that MLAI and the affiliate filedwith the NFA a number of annual reports for commodity pools for which they actedas commodity pool operators after the deadline established by the CFTC’sregulations, in violation of CFTC Regulation 4.22(c).  MLAI and the affiliate were ordered to ceaseand desist from violating Regulation 4.22(c) and to pay a civil penalty in theamount of $500,000.

Item 2.    Unregistered Sales of Equity Securities andUse of Proceeds

(a) Issuance to accredited investors pursuant toRegulation D and Section 4(6) under the Securities Act.  The selling agent of the following Class ofUnits was MLPF&S.

 

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 |   |
|            |            |                  |            |            |            |  |  |  |  |

 

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     |       | 5,127,434        |       | 4,804,567  |       | 1.0672 |   |
|            |            |                  |            |            |            |  |  |  |  |

 

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 |   |
|            |            |                  |            |            |            |  |  |  |  |

 

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 |   |
|            |            |                  |            |            |            |  |  |  |  |

 

----

(1)                                  NetAsset Value for all other purposes

 

(b)         None.

(c)          None.

13

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Item 3.    Defaults Upon Senior Securities

None.

Item 4.    Submission of Matters to a Vote of SecurityHolders

None.

Item 5.    Other Information

None.

Item 6.    Exhibits

The followingexhibits are incorporated by reference or are filed herewith to this QuarterlyReport on Form 10-Q:

31.01 and

31.02               Rule13a-14(a)/15d-14(a) Certifications

Exhibit 31.01

and 31.02:      Are filed herewith.

32.01 and

32.02               Section1350 Certifications

Exhibit 32.01

and 32.02       Are filed herewith.

14

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934,the registrant 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

(Manager) |
|                                                            |
|                                                            |
| Date: November 14, 2007                                         | By | /s/ ROBERT D. OLLWERTHER |   |
|                                                            |   | Robert D. Ollwerther |
|                                                            |   | Chief Executive Officer and President |
|                                                            |   | (Principal Executive Officer) |
|                                                            |   |
|                                                            |   |
| Date: November  14, 2007                                        |   |
|                                                            | By | /s/ BARBRA E. KOCSIS |   |
|                                                            |   | Barbra E. Kocsis |
|                                                            |   | Chief Financial Officer |
|                                                            |   | (Principal Financial and Accounting Officer) |
|                                                                 |  |  |  |  |

 

15

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