**UNITED STATES SECURITIESAND EXCHANGE 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  June 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 COMMODITY FUTURESACCESS LLC**

(Exact Name ofRegistrant as

specified in its charter)

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

 

**c/o Merrill Lynch AlternativeInvestments LLC**

**Princeton Corporate Campus**

**800 Scudders Mill Road - Section2G**

**Plainsboro,New Jersey 08536**

 (Address of principal executive offices)

(Zip Code)

**609-282-6091**

(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. Seedefinition of “accelerated filer and large accelerated filer” in Rule 12b-2 ofthe Exchange Act. (Check one):

Large acceleratedfiler o   Acceleratedfiler 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   Nox

Indicate by check mark whether the registrant hasfiled all documents and reports required to be filed by Sections 12, 13 or15(d) of the Securities Exchange Act of 1934 subsequent to the distribution ofsecurities under a plan confirmed by a court.

Yes o   No o

 

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**ML APM GLOBAL COMMODITY FUTURESACCESS LLC**

QUARTERLY REPORT FOR JUNE 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                                 |       | 9        |
| Item 4.  |       | Controls and Procedures                                                                     |       | 11       |
| PART  II |
| Item  1. |       | Legal  Proceedings                                                                          |       | 12       |
| Item 2.  |       | Unregistered Sales of Equity Securities and Use of  Proceeds                                |       | 12       |
| Item 3.  |       | Defaults Upon Senior Securities                                                             |       | 13       |
| Item 4.  |       | Submission of Matters to a Vote of Security Holders                                         |       | 13       |
| Item  5. |       | Other  Information                                                                          |       | 13       |
| Item 6.  |       | Exhibits                                                                                    |       | 13       |

 

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PART I - FINANCIALINFORMATION

Item1.    Financial Statements

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

STATEMENTS OF FINANCIALCONDITION
| ** **                                                                                             | ** ** | **June 30,  2007** | ** ** | **December 31,  2006** | ** ** |
|--------------------------------------------------------------------------------------------------------|------------|-------------------------|------------|-----------------------------|------------|
| ** **                                                                                             | ** ** | **(unaudited)**         | ** ** | ** **                  | ** ** |
| **ASSETS:**                                                                                            | ** ** | ** **              | ** ** | ** **                  | ** ** |
| Equity in commodity  futures trading accounts:                                                         |       |                    |       |                        |       |
| Cash (including  restricted cash of $1,794,729 for 2007 and $1,272,271 for 2006)                       |       | $                       | 30,146,217 |                        | $          | 10,138,738 |   |
| Options at  market (premium paid $2,224,238 for 2007 and $772,643 for 2006)                            |       | 2,172,945               |       | 585,476                     |       |
| Net unrealized  profit on open contracts                                                               |       | 201,103                 |       | 208,001                     |       |
| Cash                                                                                                   |       | 8,688                   |       | —                      |       |
| Deferred initial  offering costs                                                                       |       | 25,000                  |       | 55,000                      |       |
| Accrued interest                                                                                       |       | 123,381                 |       | 43,979                      |       |
|                                                                                                   |       |                    |       |                        |       |
| **TOTAL  ASSETS**                                                                                      |       | $                       | 32,677,334 |                        | $          | 11,031,194 |   |
|                                                                                                   |       |                    |       |                        |       |
| **LIABILITIES AND MEMBERS’  CAPITAL**                                                             | ** ** | ** **              | ** ** | ** **                  | ** ** |
| LIABILITIES:                                                                                           |       |                    |       |                        |       |
| Brokerage  commissions payable                                                                         |       | $                       | 3,391      |                        | $          | 1,782 |   |
| Management fee  payable                                                                                |       | 40,566                  |       | 13,694                      |       |
| Initial offering  costs payable                                                                        |       | 54,073                  |       | 60,000                      |       |
| Sponsor fee  payable                                                                                   |       | 37,152                  |       | —                      |       |
| Redemptions  payable                                                                                   |       | 88,663                  |       | 4,449,999                   |       |
| Other                                                                                                  |       | 194,716                 |       | 18,285                      |       |
|                                                                                                   |       |                    |       |                        |       |
| Total  liabilities                                                                                     |       | 418,561                 |       | 4,543,760                   |       |
|                                                                                                   |       |                    |       |                        |       |
| MEMBERS’ CAPITAL:                                                                                 |       |                    |       |                        |       |
|  Members’ Interest (32,428,501 and 6,615,200  Units outstanding, unlimited Units authorized) |       | 32,258,773              |       | 6,487,434                   |       |
| Total members’  capital                                                                           |       | 32,258,773              |       | 6,487,434                   |       |
|                                                                                                   |       |                    |       |                        |       |
| **TOTAL  LIABILITIES AND MEMBERS’ CAPITAL**                                                       |       | $                       | 32,677,334 |                        | $          | 11,031,194 |   |
|                                                                                                   |       |                    |       |                        |       |
| **NET ASSET VALUE PER UNIT (NOTE 2)**                                                                  | ** ** | ** **              | ** ** | ** **                  | ** ** |

 

See notes to financialstatements.

1

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

STATEMENTS OF OPERATIONS(unaudited)
| ** **                                    | ** ** | **For the three  months ended  June 30,  2007** | ** ** | **For the six  months ended  June 30,  2007** | ** ** |
|-----------------------------------------------|------------|---------------------------------------------------------------------|------------|-------------------------------------------------------------------|------------|
| **TRADING PROFIT:**                           | ** ** | ** **                                                          |       |                                                              |       |
|                                          |       |                                                                |       |                                                              |       |
| Realized                                      |       | $                                                                   | 397,624    |                                                              | $          | 236,996 |   |
| Change in  unrealized                         |       | 112,609                                                             |       | 128,976                                                           |       |
| Brokerage  commissions                        |       | (11,956                                                             | )          | (18,360                                                           | )          |
|                                          |       |                                                                |       |                                                              |       |
| Total trading  profit                         |       | 498,277                                                             |       | 347,612                                                           |       |
|                                          |       |                                                                |       |                                                              |       |
| **INVESTMENT INCOME:**                        | ** ** | ** **                                                          |       |                                                              |       |
| Interest                                      |       | 343,329                                                             |       | 488,819                                                           |       |
|                                          |       |                                                                |       |                                                              |       |
| **EXPENSES:**                                 | ** ** | ** **                                                          |       |                                                              |       |
| Management fee                                |       | 117,730                                                             |       | 171,491                                                           |       |
| Sponsor fee                                   |       | 90,537                                                              |       | 115,496                                                           |       |
| Other                                         |       | 122,486                                                             |       | 241,817                                                           |       |
|                                          |       |                                                                |       |                                                              |       |
| Total expenses                                |       | 330,753                                                             |       | 528,804                                                           |       |
|                                          |       |                                                                |       |                                                              |       |
| **NET INVESTMENT INCOME (LOSS)**              |       | 12,576                                                              |       | (39,985                                                           | )          |
|                                          |       |                                                                |       |                                                              |       |
| **NET INCOME**                                |       | $                                                                   | 510,853    |                                                              | $          | 307,627 |   |
|                                          |       |                                                                |       |                                                              |       |
| **NET INCOME PER UNIT:**                      | ** ** | ** **                                                          |       |                                                              |       |
|                                          |       |                                                                |       |                                                              |       |
| Weighted average number  of Units outstanding |       |                                                                |       |                                                              |       |
| Class A                                       |       | 3,678,022                                                           |       | 3,550,239                                                         |       |
| Class C                                       |       | 10,949,880                                                          |       | 6,571,528                                                         |       |
| Class D                                       |       | 13,875,571                                                          |       | 11,446,501                                                        |       |
| Class I                                       |       | 3,377,560                                                           |       | 2,257,722                                                         |       |
|                                          |       |                                                                |       |                                                              |       |
| Net income per weighted  average Unit         |       |                                                                |       |                                                              |       |
| Class A                                       |       | $                                                                   | 0.0156     |                                                              | $          | 0.0033 |   |
| Class C                                       |       | 0.0179                                                              |       | 0.0226                                                            |       |
| Class D                                       |       | 0.0138                                                              |       | 0.0089                                                            |       |
| Class I                                       |       | 0.0197                                                              |       | 0.0198                                                            |       |

 

See notes tofinancial statements.

2

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

STATEMENT OF CHANGES IN MEMBERS’ CAPITALFor the six months ended June 30, 2007 (unaudited)
| ** **                | ** ** | ** ** | ** ** | **Members’ Capital**  | ** ** | ** **        | ** ** | ** **      | ** ** | **Members’ Capital** | ** ** |
|---------------------------|------------|------------|------------|---------------------------------|------------|-------------------|------------|-----------------|------------|--------------------------------|------------|
| ** **                | ** ** | ** ** | ** ** | **December 31, 2006** | ** ** | **Subscriptions** | ** ** | **Redemptions** | ** ** | **June 30, 2007**    | ** ** |
|                      |       |       |       |                            |       |              |       |            |       |                           |       |
| Class A                   |       |       |       | —                          |       | 3,807,148         |       | (22,374         | )          | 3,784,774                      |       |
| Class C                   |       |       |       | —                          |       | 14,176,180        |       | (424,450        | )          | 13,751,730                     |       |
| Class D                   |       |       |       | 6,615,200                       |       | 14,204,149        |       | (9,900,933      | )          | 10,918,416                     |       |
| Class I                   |       |       |       | —                          |       | 4,009,705         |       | (36,124         | )          | 3,973,581                      |       |
|                      |       |       |       |                            |       |              |       |            |       |                           |       |
| Total Members’ Units |       |       |       | 6,615,200                       |       | 36,197,182        |       | (10,383,881     | )          | 32,428,501                     |       |

 
| ** **                   | ** ** | **Members’ Capital**  | ** ** | ** **        | ** ** | ** **      | ** ** | ** **          | ** **  | **Members’ Capital** | ** ** |
|------------------------------|------------|---------------------------------|------------|-------------------|------------|-----------------|------------|---------------------|-------------|--------------------------------|------------|
| ** **                   | ** ** | **December 31, 2006** | ** ** | **Subscriptions** | ** ** | **Redemptions** | ** ** | **Net Income** | ** **  | **June 30, 2007**    | ** ** |
|                         |       |                            |       |              |       |            |       |                |        |                           |       |
| Class A                      |       | $                               | —     |              | $          | 3,800,506       |       | $                   | (22,423     | )                              | $          | 11,702 |   | $ | 3,789,785 |   |
| Class C                      |       | —                          |       | 13,962,100        |       | (417,494        | )          | 148,830             |        | 13,693,436                     |       |
| Class D                      |       | 6,487,434                       |       | 13,865,995        |       | (9,664,640      | )          | 102,382             |        | 10,791,171                     |       |
| Class I                      |       | —                          |       | 3,975,557         |       | (35,889         | )          | 44,713              |        | 3,984,381                      |       |
|                         |       |                            |       |              |       |            |       |                |        |                           |       |
| Total Members’ Interest |       | $                               | 6,487,434  |              | $          | 35,604,158      |       | $                   | (10,140,446 | )                              | $          | 307,627 |   | $ | 32,258,773 |   |

 

See notes tofinancial statements.

3

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

NOTES TO FINANCIALSTATEMENTS

(unaudited)

1.     SUMMARY OF SIGNIFICANTACCOUNTING POLICIES

In the opinion of management, the financial statementscontain all adjustments necessary to present fairly the financial position ofML APM Global Commodity FuturesAccess LLC (the “Fund”) as of June 30, 2007, andthe results of its operations for the three months and six months ended June30, 2007.  However, the operating resultsfor the interim period may not be indicative of the results for the full year.

Certain information and footnote disclosures normallyincluded in annual financial statements prepared in accordance with accountingprinciples generally accepted in the United States of America (“US GAAP”) havebeen omitted.  It is suggested that thesefinancial statements be read in conjunction with the financial statements andnotes thereto 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 of financial statements in conformitywith US GAAP requires management to make estimates and assumptions that affectthe reported amounts of assets and liabilities and disclosure of contingent assetsand liabilities at the date of the financial statements and the reportedamounts of revenues and expenses during the reporting period.  Actual results could differ from thoseestimates.

2.               NET ASSET VALUE PERUNIT

For financial reportingpurposes, in conformity with US GAAP, the Fund amortizes over a twelve-monthperiod the initial offering costs for purposes of determining Net Asset Value.Such costs initially were paid by Merrill Lynch Alternative Investments (“MLAI”).  For all other purposes,

|            | ** ** | **Net Asset Value** | ** ** | ** **               | ** ** | **Net Asset Value per Unit** | ** ** |
|------------|------------|-------------------------------|------------|--------------------------|------------|--------------------------------------------------|------------|
| ** ** | ** ** | **All Other  Purposes**  | ** ** | **Financial  Reporting** | ** ** | **Number of  Units**                        | ** ** | **All Other  Purposes** | ** ** | **Financial  Reporting** | ** ** |
| Class A    |       | $                             | 3,792,928  |                     | 3,789,785  |                                             | 3,784,774  |   | $ | 1.0022 |   | $ | 1.0013 |   |
| Class C    |       | 13,699,088                    |       | 13,693,436               |       | 13,751,730                                       |       | 0.9962 |   | 0.9958 |   |
| Class D    |       | 10,808,276                    |       | 10,791,171               |       | 10,918,416                                       |       | 0.9899 |   | 0.9958 |   |
| Class I    |       | 3,986,481                     |       | 3,984,381                |       | 3,973,581                                        |       | 1.0032 |   | 1.0027 |   |
|       |       | $                             | 32,286,773 |                     | $          | 32,258,773                                       |       | 32,428,501 |   |   |   |   |   |
|            |            |                               |            |                          |            |                                                  |            |  |  |  |  |  |  |  |  |

 

At December 31, 2006 the Net Asset Values of thedifferent Classes of Units are as follows:

|            | ** ** | **Net Asset Value** | ** ** | ** **               | ** ** | **Net Asset Value per Unit** | ** ** |
|------------|------------|-------------------------------|------------|--------------------------|------------|--------------------------------------------------|------------|
| ** ** | ** ** | **All Othe  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 |   |
|            |            |                               |            |                          |            |                                                  |            |  |  |  |  |  |  |  |  |

 

4

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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 on such derivative instruments as reflected in the Statementsof Financial Condition.  The Fund’sexposure to market risk is influenced by a number of factors, including therelationships among the derivative instruments held by the Fund as well as thevolatility and liquidity of the markets in which the derivative instruments aretraded. Investments in foreign markets may also entail legal and politicalrisks.

The Sponsor of the Fund, MLAI, has procedures in placeintended to control market risk exposure, although there can be no assurancethat they will, in fact, succeed in doing so. These procedures focus primarily on monitoring the trading of AbsolutePlus Management LLC (“APM”), the trading advisor, calculating the Net AssetValue of the Fund as of the close of business on each day and reviewingoutstanding positions for over-concentrations. While MLAI does not intervene in the markets to hedge or diversify theFund’s market exposure, MLAI may urge APM to reallocate positions in an attemptto avoid over-concentrations.  However,such interventions are expected to be unusual. It is expected that MLAI’s basic risk control procedures will consist ofthe ongoing process of advisor monitoring, with the market risk controls beingapplied by APM.

Credit Risk

The risks associated with exchange-traded contractsare typically perceived to be less than those associated with over-the-counter(non-exchange-traded) transactions, because exchanges typically provideclearinghouse arrangements in which the collective credit (in some caseslimited in amount, in some cases not) of the members of the exchange is pledgedto support the financial integrity of the exchange.  In over-the-counter transactions, on theother hand, traders must rely solely on the credit of their respectiveindividual counterparties. Margins, which may be subject to loss in the eventof a default, are generally required in exchange trading, and counterpartiesmay also require margin in the over-the-counter markets.

The credit risk associated with these instruments fromcounterparty nonperformance is the unrealized profit, if any, included in the Statements of FinancialCondition. The Fund attempts to mitigate this risk by dealing exclusively withMerrill Lynch & Co. Inc. (“Merrill Lynch”) entities as clearing brokers.

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 futures tradingaccounts in the Statements of Financial Condition.

5

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4.               RECENT ACCOUNTINGPRONOUNCEMENTS

In June 2006, the Financial Accounting Standards Board (“FASB”) issuedInterpretation No. 48 (“FIN 48”), Accounting for Uncertainty in Income Taxes —an interpretation of FASB Statement No. 109. In May 2007, FASB amended this guidance by issuing FASB Staff PositionNo. FIN 48-1, Definition of settlement in FASB Interpretation No. 48.  FIN 48, as amended, prescribes the minimumrecognition threshold a tax position must meet in connection with accountingfor uncertainties in income tax positions taken or expected to be taken by anentity before being measured and recognized in the financial statements.  Adoption of FIN 48, as amended, is requiredfor fiscal years beginning after December 15, 2006.  The Fund has evaluated its tax positions andhas determined that the implementation of this pronouncement does not have amaterial impact to the financial statements.

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 Discussionand Analysis of Financial 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 toinvestors throughout the year is the most valuable to the Members of the Fund. Therefore,the charts below referencing Net Asset Value and performance measurements arebased on the Net Asset Value for all other purposes, as discussed in Note 2 tothe Financial Statements.

| Class A    | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
|------------|------------|------------|------------|------------|------------|------------|------------|------------|------------|------------|------------|
| ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
|            | ** ** | **Jan.**   | ** ** | **Feb.**   | ** ** | **Mar.**   | ** ** | **Apr.**   | ** ** | **May.**   | ** ** | **Jun.** | ** ** |
| 2007       |       | N/A        |       | $          | 0.9932     |       | $          | 0.9869     |       | $          | 0.9853     |   | 0.9827 |   | $ | 1.0022 |   |
|            |            |            |            |            |            |            |            |            |            |            |            |  |  |  |  |  |  |

 

| Class C    | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
|------------|------------|------------|------------|------------|------------|------------|------------|------------|------------|------------|------------|
| ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| ** ** | ** ** | **Jan.**   | ** ** | **Feb.**   | ** ** | **Mar.**   | ** ** | **Apr.**   | ** ** | **May.**   | ** ** | **Jun.** | ** ** |
| 2007       |       | $          | 0.9982     |       | $          | 0.9906     |       | $          | 0.9835     |       | $          | 0.9810 |   | $ | 0.9776 |   | $ | 0.9962 |   |
|            |            |            |            |            |            |            |            |            |            |            |            |  |  |  |  |  |  |  |  |

 

| Class D    | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
|------------|------------|------------|------------|------------|------------|------------|------------|------------|------------|------------|------------|
| ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| ** ** | ** ** | **Jan.**   | ** ** | **Feb.**   | ** ** | **Mar.**   | ** ** | **Apr.**   | ** ** | **May.**   | ** ** | **Jun.** | ** ** |
| 2007       |       | $          | 0.9816     |       | $          | 0.9762     |       | $          | 0.9712     |       | $          | 0.9708 |   | $ | 0.9695 |   | $ | 0.9899 |   |
|            |            |            |            |            |            |            |            |            |            |            |            |  |  |  |  |  |  |  |  |

 

| Class I    | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
|------------|------------|------------|------------|------------|------------|------------|------------|------------|------------|------------|------------|
| ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| ** ** | ** ** | **Jan.**   | ** ** | **Feb.**   | ** ** | **Mar.**   | ** ** | **Apr.**   | ** ** | **May.**   | ** ** | **Jun.** | ** ** |
| 2007       |       | $          | 0.9994     |       | $          | 0.9930     |       | $          | 0.9870     |       | $          | 0.9857 |   | $ | 0.9834 |   | $ | 1.0032 |   |
|            |            |            |            |            |            |            |            |            |            |            |            |  |  |  |  |  |  |  |  |

 

Performance Summary

January 1, 2007 to June 30, 2007

January 1, 2007 to March 31, 2007

The Fund posted anoverall loss for the quarter. The energy and interest rate sectors posted gainswhile the currency, metals and agriculture sectors posted losses.

The energy sectorwas the most profitable for the Fund.  Energyprices dropped sharply at the beginning of the quarter only to recovermid-quarter through the end of the quarter due to a combination of weather,sanguine geo-political concerns and near term inventory patterns worldwide.

The interest ratesector 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 European CentralBank 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 on performance.  Losses were posted mid-quarter however, due tothe revisions of market sentiment based on seeming evidence of some slowing inU.S. real growth coupled with a continuation of rising growth prospectsparticularly in Europe and Asia. The quarter ended with profits posted to theFund as short 

7

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term yieldscontinued to move up, outside the U.S. coupled with the fixed income tradingcausing a positive impact on performance.

The currencysector was not profitable for the Fund. The quarter began with gains posted for the Fund as the U.S. dollarreversed losses to move slightly higher by 1.2% due to the new evidence ofsustained U.S. growth. However, losses posted mid-quarter through the end ofthe quarter as the U.S. dollar resumed to move slightly lower again subject tothe new evidence of moderating U.S. growth and inflation.

The metals sectoralso incurred losses for the Fund. Due to volatility in the market, profitswere posted mid-quarter only with losses posted to the Fund at the beginning ofthe quarter and the end of the quarter due to the response in the marketspecific demand data which caused copper to move lower and broader commoditiesto fluctuate.

The agriculturalsector was the least profitable for the Fund. The agricultural market was softwhich attributed to the difficult trading environment resulting in the Fundposting losses for the sector.

April 1, 2007 toJune 30, 2007

The Fund postedprofits for the quarter with interest rates, agriculture and currency sectorsposting gains while the energy and metal sectors posted losses.

The interest ratesector was the most profitable for the Fund. The fixed income market started the month with a strong U.S. non-farmpayroll number that suggested a resumption of an upward growth path, but laterin the beginning of the quarter the  GDPcame out at only +1.3%, the lowest seen in 4 years, which suggested a possiblecontinuation of slowing. In Europe, the macroeconomic numbers still suggestthat the European Central Bank (“ECB”) and the Bank of England (“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 ten 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 agriculturesector was profitable for the Fund. Profits were posted throughout the quarter.The quarter ended as wheat was the best performer in grains as dry conditionsthroughout the world has estimates of wheat stocks at a 30-year low. The endingstocks to use ratio is expected to be 20% for 2007-2008 (the lowest in 11years). Soybeans had a strong month as forecasts on planting acreage is thelowest in 12 years as more focus shifts to corn for ethanol production. Dryweather in China contributed to a squeeze in supply as they are the world’slargest buyer of oilseed.

The currencysector was also profitable for the Fund. The quarter began with a small lossbeing posted to the Fund due to market volatility and a minimal gainmid-quarter. The U.S. dollar long and the British Gilt markets provided most ofthe gains.  The Japanese and Australianmarkets were also a small positive to performance while the Euro zone endedroughly unchanged.

The energy sectorposted losses for the Fund. Losses were posted to the Fund the beginning of thequarter through mid-quarter in lieu of energy prices recovering from acombination of weather, keenly heightened geopolitical concerns and continueddraw in near term inventory patterns worldwide. Profits were posted at the endof the quarter due to lower than expected inventories of gasoline and forecastsof exceptionally high demand during upcoming summer driving season.

8

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The metals sectorwas the least profitable for the Fund. At the beginning of the quarter profitswere posted to the Fund due to the Asian demand for copper and zinc. Zinc isused as a coating for preventing rust in steel when making buildings, cars andappliances. A shortage of zinc was caused by Chinese demand which is likely tocontinue as exploration is a long process and no new mines are expected untilearly 2008.

Item 3.    Quantitative and Qualitative DisclosuresAbout Market Risk

The Fund is a speculative commodity pool. The market sensitiveinstruments held by it are acquired for speculative trading purposes and all orsubstantially all of the Fund’s assets are subject to the risk of tradingloss.  Unlike an operating company, therisk of market sensitive instruments is integral, not incidental, to the Fund’smain line of business.

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

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

Valueat Risk is a measure of the maximum amount which the Fund could reasonably beexpected to lose in a given market sector. However, the inherent uncertainty ofthe Fund’s speculative trading and the recurrence in the markets traded by theFund of market movements far exceeding expectations could result in actualtrading or non-trading losses far beyond the indicated Value at Risk or theFund’s experience to date (i.e., “risk of ruin”). In light of the foregoing, aswell as the risks and uncertainties intrinsic to all future projections, thequantifications included in this section should not be considered to constituteany assurance or representation that the Fund’s losses in any market sectorwill be limited to Value at Risk or by the Fund’s attempts to manage its marketrisk.

Quantifying TheFund’s Trading Value At Risk

QuantitativeForward-Looking Statements

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

TheFund’s risk exposure in the various market sectors traded by APM is quantifiedbelow in terms of Value at Risk.  Due tothe Fund’s mark-to-market accounting, any loss in the fair value of the Fund’sopen positions is directly reflected in the Fund’s earnings (realized orunrealized) and cash flow (at least in the case of exchange-traded contracts inwhich profits and losses on open positions are settled daily through variationmargin).

9

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Exchangemaintenance margin requirements have been used by the Fund as the measure ofits Value at Risk.  Maintenance marginrequirements are set by exchanges to equal or exceed the maximum loss in thefair value of any given contract incurred in 95%-99% of the one-day time periodsincluded in the historical sample (generally approximately one year) researchedfor purposes 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.

In the case of market sensitive instruments which are not exchange-traded(almost exclusively currencies in the case of the Fund), the marginrequirements for the equivalent futures positions have been used as Value atRisk.  In those rare cases in which afutures-equivalent margin is not available, dealers’ margins have been used.

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

***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 six months ended June 30, 2007, the Fund’s average Month-endNet Asset Value for all other purposes was approximately $19,036,661.34.
|                           | ** ** | **June 30, 2007**           | ** ** |
|---------------------------|------------|-----------------------------|------------|
| ** **                | ** ** | **Average**                 | ** ** | **% of Average** | ** ** | **Highest Value** | ** ** | **Lowest Value** | ** ** |
| **Market Sector**    | ** ** | **Value at Risk** | ** ** | **Capitalization** | ** ** | **At Risk** | ** ** | **At Risk** | ** ** |
|                      |       |                        |       |   |   |   |   |   |   |
| Agricultural  Commodities |       | $                           | 6,161      |   | 0.03 | % | $ | 13,034 |   | $ | 2,586 |   |
| Energy                    |       | 5,250                       |       | 0.03 | % | 7,614 |   | 1,215 |   |
| Interest Rates            |       | 1,091,828                   |       | 5.74 | % | 1,800,957 |   | 390,839 |   |
| Metals                    |       | 5,505                       |       | 0.03 | % | 10,837 |   | 2,545 |   |
| Currencies                |       | 919                         |       | 0.00 | % | 3,150 |   | 9 |   |
|                      |       |                        |       |   |   |   |   |   |   |
| TOTAL                     |       | $                           | 1,109,663  |   | 5.83 | % | $ | 1,835,592 |   | $ | 397,194 |   |

 

MaterialLimitations on Value at Risk as an Assessment of Market Risk

The facevalue of the market sector instruments held by the Fund is typically many timesthe applicable maintenance margin requirement (maintenance margin requirementsgenerally ranging between approximately 1% and 10% of contract face value) aswell as many times the capitalization of the Fund.  The magnitude of the Fund’s open positionscreates a “risk of ruin” not typically found in most other investmentvehicles.  Because of the size of itspositions, certain market conditions — unusual, but historically recurring fromtime to time — could cause the Fund to incur severe losses over a short periodof time.   The foregoing Value at Risktable — as well as the past performance of the Fund — gives no indication ofthis “risk of ruin.”

10

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**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.

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, has concludedthat these disclosure controls and procedures are effective.  Additionally, there were no significantchanges in the Fund’s internal controls or in other factors that couldsignificantly affect these controls subsequent to the date of this evaluation,including any corrective actions with regard to significant deficiencies andmaterial weaknesses.

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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 theyacted as 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 ofEquity Securities and Use of Proceeds

(a) Issuance to accredited investors pursuant to RegulationD and Section 4(6) under the Securities Act. The selling agent of the following Class of Units 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 |   |
|            |            |                  |            |            |            |  |  |  |  |

 

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

 

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     |       | —           |       | —     |       | 0.9750 |   |
| Jul-07     |       | 750,000          |       | 757,652    |       | 0.9899 |   |
|            |            |                  |            |            |            |  |  |  |  |

 

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

 

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(1)             NetAsset Value for all other purposes

(b)         None.

(c)          None.

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Item 3.                                   DefaultsUpon Senior Securities

None.

Item 4.                                   Submissionof Matters to a Vote of Security Holders

None.

Item 5.                                   OtherInformation

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               Rule 13a-14(a)/15d-14(a)Certifications

Exhibit 31.01

and 31.02:      Are filed herewith.

32.01 and

32.02               Section 1350 Certifications

Exhibit 32.01

and 32.02       Are filed herewith.

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**SIGNATURES**

Pursuant to therequirements of the Securities Exchange Act of 1934, the registrant has dulycaused this report to be signed on its behalf by the undersigned thereunto dulyauthorized.

ML APM GLOBAL COMMODITY FUTURESACCESS LLC

 

 
|                   | By:  MERRILL LYNCH ALTERNATIVE |
|------------------------|--------------------------------|
|                   | INVESTMENTS LLC                |   |
|                   | (Manager)                      |   |
|                   |                           |   |
|                   |
| Date: August 14,  2007 | By                             | /s/ ROBERT D. OLLWERTHER |
|                   |                           | Robert D. Ollwerther |
|                   |                           | Chief Executive  Officer and President |
|                   |                           | (Principal Executive Officer) |
|                   |                           |   |
|                   |                           |   |
| Date: August 14,  2007 |                           |   |
|                   | By                             | /s/ BARBRA E. KOCSIS |
|                   |                           | Barbra E. Kocsis |
|                   |                           | Chief Financial  Officer |
|                   |                           | (Principal  Financial and Accounting Officer) |
|                        |                                |  |  |

 

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