**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 March 31, 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 of Registrant asspecified in its charter)

| **Delaware**                                               | ** ** | **20-5269618**                     |
|------------------------------------------------------------|------------|------------------------------------|
| (State or other  jurisdiction of                           |       | (IRS Employer  Identification No.) |
| incorporation or  organization)                            |       |                               |
|                                                       |
| **c/o  Merrill Lynch Alternative Investments LLC**         |
| **Princeton  Corporate Campus**                            |
| **800  Scudders Mill Road - Section 2G**                   |
| **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.  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 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 APMGLOBAL COMMODITY FUTURESACCESS LLC**

QUARTERLY REPORT FOR MARCH 31, 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                                 |       | 8        |
|       |       |                                                                                        |       |     |
| Item 4.    |       | Controls and  Procedures                                                                    |       | 10       |
|       |       |                                                                                        |       |     |
|       |       | PART II                                                                                     |       |     |
|       |       |                                                                                        |       |     |
| Item 1.    |       | Legal Proceedings                                                                           |       | 11       |
|       |       |                                                                                        |       |     |
| Item 2.    |       | Unregistered  Sales of Equity Securities and Use of Proceeds                                |       | 12       |
|       |       |                                                                                        |       |     |
| Item 3.    |       | Defaults Upon  Senior Securities                                                            |       | 12       |
|       |       |                                                                                        |       |     |
| Item 4.    |       | Submission of  Matters to a Vote of Security Holders                                        |       | 12       |
|       |       |                                                                                        |       |     |
| Item 5.    |       | Other Information                                                                           |       | 12       |
|       |       |                                                                                        |       |     |
| Item 6.    |       | Exhibits and  Reports on Form 8-K                                                           |       | 13       |

 

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PART I - FINANCIAL INFORMATION

Item 1.    Financial Statements

ML APM GLOBAL COMMODITYFUTURESACCESS LLC

(a DelawareLimited Liability Company)

STATEMENTS OFFINANCIAL CONDITION
| ** **                                                                                 | ** ** | **March 31,  2007** | ** ** | **December 31,  2006** | ** ** |
|--------------------------------------------------------------------------------------------|------------|--------------------------|------------|-----------------------------|------------|
| ** **                                                                                 | ** ** | **(unaudited)**          | ** ** | ** **                  | ** ** |
|                                                                                       |       |                     |       |                        |       |
| **ASSETS:**                                                                                | ** ** | ** **               | ** ** | ** **                  | ** ** |
| Equity in commodity  futures trading accounts:                                             |       |                     |       |                        |       |
| Cash (including  restricted cash of $2,272,694 for 2007 and $1,272,271 for 2006)           |       | $                        | 18,315,541 |                        | $          | 10,138,738 |   |
| Options at  market (premium paid $1,322,161 for 2007 and $772,643 for 2006)                |       | 1,255,501                |       | 585,476                     |       |
| Net unrealized  profit on open contracts                                                   |       | 103,861                  |       | 208,001                     |       |
| Deferred initial  offering costs                                                           |       | 40,005                   |       | 55,000                      |       |
| Cash                                                                                       |       | 9,583                    |       | —                      |       |
| Accrued interest                                                                           |       | 61,627                   |       | 43,979                      |       |
|                                                                                       |       |                     |       |                        |       |
| **TOTAL  ASSETS**                                                                          |       | $                        | 19,786,118 |                        | $          | 11,031,194 |   |
|                                                                                       |       |                     |       |                        |       |
| **LIABILITIES AND MEMBERS’  CAPITAL**                                                 | ** ** | ** **               | ** ** | ** **                  | ** ** |
| LIABILITIES:                                                                               |       |                     |       |                        |       |
| Brokerage  commissions payable                                                             |       | $                        | 2,424      |                        | $          | 1,782 |   |
| Management fee  payable                                                                    |       | 24,572                   |       | 13,694                      |       |
| Initial offering  costs payable                                                            |       | 57,000                   |       | 60,000                      |       |
| Sponsor fee  payable                                                                       |       | 16,718                   |       | —                      |       |
| Redemptions  payable                                                                       |       | 198,566                  |       | 4,449,999                   |       |
| Other                                                                                      |       | 85,204                   |       | 18,285                      |       |
|                                                                                       |       |                     |       |                        |       |
| Total  liabilities                                                                         |       | 384,484                  |       | 4,543,760                   |       |
|                                                                                       |       |                     |       |                        |       |
| MEMBERS’ CAPITAL:                                                                     |       |                     |       |                        |       |
|  Members’ Interest  (19,838,926 and 6,615,200 Units)                             |       | 19,401,634               |       | 6,487,434                   |       |
| Total members’  capital                                                               |       | 19,401,634               |       | 6,487,434                   |       |
|                                                                                       |       |                     |       |                        |       |
| **TOTAL  LIABILITIES AND MEMBERS’ CAPITAL**                                           |       | $                        | 19,786,118 |                        | $          | 11,031,194 |   |
|  Based upon  (19,838,926 and 6,615,200 Units outstanding, unlimited Units authorized) |       |                     |       |                        |       |
|                                                                                       |       |                     |       |                        |       |
| **NET ASSET VALUE PER UNIT (NOTE 2)**                                                      | ** ** | ** **               | ** ** | ** **                  | ** ** |

 

See notes tofinancial statements.

1

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ML APM GLOBAL COMMODITYFUTURESACCESS LLC 

(a Delaware Limited Liability Company)

STATEMENT OFOPERATIONS

(unaudited)
| ** **                                    | ** ** | **March 31,  2007** | ** ** |
|-----------------------------------------------|------------|--------------------------|------------|
| **TRADING  LOSS:**                            | ** ** | ** **               | ** ** |
|                                          |       |                     |       |
| Realized                                      |       | $                        | (160,628   | ) |
| Change in unrealized                          |       | 16,367                   |       |
| Brokerage commissions                         |       | (6,404                   | )          |
|                                          |       |                     |       |
| Total trading loss                            |       | (150,665                 | )          |
|                                          |       |                     |       |
| **INVESTMENT  INCOME:**                       | ** ** | ** **               | ** ** |
| Interest                                      |       | 145,490                  |       |
|                                          |       |                     |       |
| **EXPENSES:**                                 | ** ** | ** **               | ** ** |
| Management fee                                |       | 53,761                   |       |
| Sponsor fee                                   |       | 24,959                   |       |
| Other                                         |       | 119,331                  |       |
|                                          |       |                     |       |
| Total expenses                                |       | 198,051                  |       |
|                                          |       |                     |       |
| **NET  INVESTMENT LOSS**                      |       | (52,561                  | )          |
|                                          |       |                     |       |
| **NET  LOSS**                                 |       | $                        | (203,226   | ) |
|                                          |       |                     |       |
| **NET  LOSS PER UNIT:**                       | ** ** | ** **               | ** ** |
|                                          |       |                     |       |
| Weighted average  number of Units outstanding |       |                     |       |
| Class A                                       |       | 3,358,565                |       |
| Class C                                       |       | 2,193,175                |       |
| Class D                                       |       | 9,017,430                |       |
| Class I                                       |       | 1,137,883                |       |
|                                          |       |                     |       |
| Net loss per  weighted average Unit           |       |                     |       |
| Class A                                       |       | $                        | (0.0136    | ) |
| Class C                                       |       | $                        | (0.0213    | ) |
| Class D                                       |       | $                        | (0.0099    | ) |
| Class I                                       |       | $                        | (0.0190    | ) |

 

See notes tofinancial statements.

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ML APM GLOBAL COMMODITYFUTURESACCESS LLC

(a DelawareLimited Liability Company)

STATEMENT OF CHANGES INMEMBERS’ CAPITAL

For the three monthsended March 31, 2007 

(unaudited)
| ** **                 | ** ** | **Members’ Capital**  | ** ** | ** **        | ** ** | ** **      | ** ** | **Members’ Capital** | ** ** |
|----------------------------|------------|---------------------------------|------------|-------------------|------------|-----------------|------------|--------------------------------|------------|
| ** **                 | ** ** | **December 31, 2006** | ** ** | **Subscriptions** | ** ** | **Redemptions** | ** ** | **March 31, 2007**   | ** ** |
|                       |       |                            |       |              |       |            |       |                           |       |
| Class A                    |       | —                          |       | 3,481,380         |       | —          |       | 3,481,380                      |       |
| Class C                    |       | —                          |       | 5,019,300         |       | (201,897        | )          | 4,817,403                      |       |
| Class D                    |       | 6,615,200                       |       | 8,057,117         |       | (5,465,200      | )          | 9,207,117                      |       |
| Class I                    |       | —                          |       | 2,333,026         |       | —          |       | 2,333,026                      |       |
|                       |       |                            |       |              |       |            |       |                           |       |
| Total Members’  Units |       | 6,615,200                       |       | 18,890,823        |       | (5,667,097      | )          | 19,838,926                     |       |

 
| ** **                   | ** ** | **Members’ Capital**  | ** ** | ** **        | ** ** | ** **      | ** ** | ** **          | ** ** | **Members’ Capital** | ** ** |
|------------------------------|------------|---------------------------------|------------|-------------------|------------|-----------------|------------|---------------------|------------|--------------------------------|------------|
| ** **                   | ** ** | **December 31, 2006** | ** ** | **Subscriptions** | ** ** | **Redemptions** | ** ** | **Net Income** | ** ** | **March 31, 2007**   | ** ** |
|                         |       |                            |       |              |       |            |       |                |       |                           |       |
| Class A                      |       | $                               | —     |              | $          | 3,479,710       |       | $                   | —     |                           | $          | (45,709 | ) | $ | 3,434,001 |   |
| Class C                      |       | —                          |       | 4,981,430         |       | (198,566        | )          | (46,665             | )          | 4,736,199                      |       |
| Class D                      |       | 6,487,434                       |       | 7,895,997         |       | (5,364,640      | )          | (89,184             | )          | 8,929,607                      |       |
| Class I                      |       | —                          |       | 2,323,495         |       | —          |       | (21,668             | )          | 2,301,827                      |       |
|                         |       |                            |       |              |       |            |       |                |       |                           |       |
| Total Members’ Interest |       | $                               | 6,487,434  |              | $          | 18,680,632      |       | $                   | (5,563,206 | )                              | $          | (203,226 | ) | $ | 19,401,634 |   |

 

See notes to financialstatements.

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ML APM GLOBALCOMMODITY FUTURESACCESS LLC 

(a Delaware Limited Liability Company)

NOTES TO FINANCIALSTATEMENTS

(unaudited)

1.               SUMMARYOF SIGNIFICANT ACCOUNTING 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 March 31, 2007, and the results of its operations forthe three months ended March 31, 2007. However, the operating results for the interim period may not beindicative 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 were paid by MerrillLynch Alternative Investments (“MLAI”). For all other purposes, including computing Net Asset Value for purposesof member subscription and redemption activity, such costs are amortized over60 months. Consequently, the Net Asset Value and Net Asset Value per Unit ofthe different Classes for financial reporting purposes and for all otherpurposes are as follows:

At March 31, 2007 the Net Asset Values of thedifferent 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 A    |       | $                             | 3,435,749  |                     | 3,434,001  |                                             | 3,481,380  |   | $ | 0.9869 |   | $ | 0.9864 |   |
| Class C    |       | 4,737,731                     |       | 4,736,199                |       | 4,817,403                                        |       | $ | 0.9835 |   | $ | 0.9831 |   |
| Class D    |       | 8,941,503                     |       | 8,928,607                |       | 9,207,117                                        |       | $ | 0.9712 |   | $ | 0.9698 |   |
| Class I    |       | 2,302,647                     |       | 2,301,827                |       | 2,333,026                                        |       | $ | 0.9870 |   | $ | 0.9866 |   |
|       |       | $                             | 19,417,630 |                     | $          | 19,400,634                                       |       | 19,838,926 |   |   |   |   |   |
|            |            |                               |            |                          |            |                                                  |            |  |  |  |  |  |  |  |  |

 

4

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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 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’sNet unrealized profit on such derivative instruments as reflected in theStatements of Financial Condition.  TheFund’s exposure to market risk is influenced by a number of factors, includingthe relationships among the derivative instruments held by the Fund as well asthe volatility and liquidity of the markets in which the derivative instrumentsare traded. 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 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 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 cases limited in amount, in some cases not)of the members of the exchange is pledged to support the financial integrity ofthe exchange.  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 risk associatedwith these instruments from counterparty nonperformance is the Net unrealizedprofit, if any, included in the Statements of Financial Condition. The Fundattempts to mitigate this risk by dealing exclusively with Merrill Lynch &Co. Inc. (“Merrill Lynch”) entities as clearing brokers.

5

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The Fund, in its normalcourse of business, enters into various contracts, with Merrill Lynch Pierce Fenner& Smith Inc. (“MLPF&S”) acting as its commodity broker.  Pursuant to the brokerage arrangement withMLPF&S (which includes a netting arrangement), to the extent that suchtrading results in receivables from and payables to MLPF&S, thesereceivables and payables are offset and reported as a net receivable orpayable and included in Equity in commodity futures trading accounts in theStatements of Financial Condition.

4.               RECENT ACCOUNTINGPRONOUNCEMENTS

In July 2006, the FinancialAccounting Standards Board (“FASB”) issued Interpretation No. 48 (“FIN 48”),Accounting for Uncertainty in Income Taxes — an interpretation of FASBStatement No. 109. FIN 48 prescribes the minimum recognition threshold a taxposition must meet in connection with accounting for uncertainties in incometax positions taken or expected to be taken by an entity before being measuredand recognized in the financial statements. Adoption of FIN 48 is required forfiscal years beginning after December 15, 2006. The Fund has evaluated its taxpositions and has determined that the implementation of this pronouncement doesnot have a material impact on the Fund’s 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’sDiscussion and 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 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.** | ** ** |
| 2007       |       | N/A        |       | $          | 0.9932     |   | $ | 0.9869 |   |
|            |            |            |            |            |            |  |  |  |  |  |  |  |  |

 
| Class C    | ** ** | ** ** | ** ** | ** ** | ** ** |
|------------|------------|------------|------------|------------|------------|
| ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
|            | ** ** | **Jan.**   | ** ** | **Feb.**   | ** ** | **Mar.** | ** ** |
| 2007       |       | $          | 0.9982     |       | $          | 0.9906 |   | $ | 0.9835 |   |
|            |            |            |            |            |            |  |  |  |  |  |  |  |  |  |

 
| Class D    | ** ** | ** ** | ** ** | ** ** | ** ** |
|------------|------------|------------|------------|------------|------------|
| ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
|            | ** ** | **Jan.**   | ** ** | **Feb.**   | ** ** | **Mar.** | ** ** |
| 2007       |       | $          | 0.9816     |       | $          | 0.9762 |   | $ | 0.9712 |   |
|            |            |            |            |            |            |  |  |  |  |  |  |  |  |  |

 
| Class I    | ** ** | ** ** | ** ** | ** ** | ** ** |
|------------|------------|------------|------------|------------|------------|
| ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
|            | ** ** | **Jan.**   | ** ** | **Feb.**   | ** ** | **Mar.** | ** ** |
| 2007       |       | $          | 0.9994     |       | $          | 0.9930 |   | $ | 0.9870 |   |
|            |            |            |            |            |            |  |  |  |  |  |  |  |  |  |

 

Performance Summary

January 1, 2007 to March 31, 2007

The Fund posted anoverall loss for the quarter. The energy and interest rate sectors  posting gains while the currency, metals andagriculture sectors posted losses.

The energy sectorwas the most profitable for the Fund. Energy prices dropped sharply at thebeginning 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 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 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 bondsfinished down approximately 0.9% while U.S. bond prices fell 1.0% in value.Japanese prices countered the trend increasing 0.3% with revised uncertainty ofnear term monetary policy changes. Short term yields continued to move upoutside the U.S. global fixed income trading had a positive impact onperformance. Losses were posted mid-quarter however, due to the revisions ofmarket sentiment based on seeming evidence of some slowing in U.S. real growthcoupled with a continuation of rising growth prospects particularly in Europeand Asia. The quarter ended with profits posted to the Fund 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 this sector.

Item 3.             Quantitative andQualitative Disclosures About 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 futuremarket scenario 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

8

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1933and Section 21E of the Securities Exchange Act of 1934).  All quantitative disclosures in this sectionare deemed to be forward-looking statements for purposes of the safe harbor,except for statements of historical fact.

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

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

In the case of market sensitive instruments which are notexchange-traded (almost exclusively currencies in the case of the Fund), themargin requirements for the equivalent futures positions have been used asValue at Risk.  In those rare cases inwhich a futures-equivalent margin is not available, dealers’ margins have beenused.

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

***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 three months ended March 31, 2007, the Fund’s average Month-endNet Asset Value for all other purposes was approximately $10,964,651.
|                           | ** ** | **March 31, 2007** | ** ** |
|---------------------------|------------|------------------------------|------------|
| ** **                | ** ** | **Average**                  | ** ** | **% of Average** | ** ** | **Highest Value** | ** ** | **Lowest Value** | ** ** |
| **Market Sector**    | ** ** | **Value at Risk**  | ** ** | **Capitalization** | ** ** | **At Risk** | ** ** | **At Risk** | ** ** |
|                      |       |                         |       |   |   |   |   |   |   |
| Agricultural  Commodities |       | $                            | 6,701      |   | 0.06 | % | $ | 13,034 |   | $ | 2,586 |   |
| Energy                    |       | $                            | 4,226      |   | 0.04 | % | $ | 6,856 |   | $ | 1,215 |   |
| Interest Rates            |       | 651,539                      |       | 5.94 | % | 1,027,743 |   | 390,839 |   |
| Metals                    |       | 5,987                        |       | 0.05 | % | 10,837 |   | 2,545 |   |
| Currencies                |       | 410                          |       | 0.00 | % | 1,208 |   | 9 |   |
|                      |       |                         |       |   |   |   |   |   |   |
| TOTAL                     |       | $                            | 668,863    |   | 6.09 | % | $ | 1,059,678 |   | $ | 397,194 |   |

 

9

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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.”

**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 is immaterial.

Item4.    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 and materialweaknesses.

10

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PART II - OTHERINFORMATION

Item 1.    LegalProceedings

There have been no administrative, civil or criminal actions, whetherpending or concluded, against MLAI or Merrill Lynch or any of its individualprincipals during the past five years which would be considered “material” asthat term is defined in Section 4.24(l)(2) of the Regulations of the CFTC,except as described below.

On May 21, 2002, MLPF&S, with no admission of wrongdoing orliability, agreed to pay $48 million to the State of New York, $50 million tothe remaining states, Washington, D.C. & Puerto Rico and $2 million toNASAA relating to an investigation conducted by the New York Attorney Generalconcerning research practices.

On March 19, 2003, Merrill Lynch & Co., Inc., the parent companyand an approved person of MLPF&S, consented to an injunctive actioninstituted by the Securities and Exchange Commission (the “SEC”).  In its complaint, the SEC alleged that threeyears ago, in 1999, Merrill Lynch aided and abetted Enron Corp.’s (“Enron”)violations of Sections 10(b), 13(a), 13(b)(2) and 13(b)(5) of the Exchange Actand Rules 10b-5, 12b-20, 13a-1, 13a-3 and 13b2-1 thereunder, as a result ofMerrill Lynch engaging in certain year-end transactions designed and proposedby Enron.  Without admitting or denyingthe allegations, Merrill Lynch consented to the entry of an injunctionenjoining it from violating the above-referenced provisions, and agreed to paydisgorgement, penalties and interest in the amount of $80 million.  In its release announcing the settlement, theCommission acknowledged that in agreeing to resolve this matter on the termsdescribed above, the Commission took into account certain affirmative conductby Merrill Lynch.

In April 2003, MLPF&S entered into a settlement with the SEC, theNational Association of Securities Dealers (the “NASD”) and the New York StockExchange (the “NYSE”) as part of a joint settlement with the SEC, the NASD andthe NYSE arising from a joint investigation by the SEC, the NASD and the NYSEinto research analysts conflicts of interests. Pursuant to the terms of the settlement with the SEC, NASD and NYSE,MLPF&S, without admitting or denying the allegations, consented to acensure.  In addition, MLPF&S agreedto a payment of (I) $100 million, which was offset in its entirety by theamount already paid by MLPF&S in the related proceeding with the State ofNew York and the other states (II) $75 million to fund the provision ofindependent research to investors; and (III) $25 million to promote investoreducation.  The payments for theprovision of independent research to investors and to promote investoreducation are required to be made over the course of the next five years.  MLPF&S also agreed to comply with certainundertakings.

In March 2006, MLPF&S entered into a settlement with the SECarising from an investigation related to MLPF&S’ retention and productionof e-mail.  The SEC found that MLPF&Swillfully violated Section 17(a) of the Exchange Act, and Rules 17a-4(b)(4) and17a-4(j) thereunder.  Without admittingor denying the allegations, Merrill Lynch consented to the entry of aninjunction enjoining it from violating the above-referenced provisions, enteredinto an undertaking regarding its policies and procedures and agreed to pay acivil penalty $2,500,000.

11

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Item 2.             Unregistered Sales ofEquity Securities and Use 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 |   |
|            |            |                                                                        |            |            |            |  |  |  |  |

 

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

 

CLASS D
| ** ** | ** ** | **     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     |       | 5,969,997                                                              |       | 6,147,032 |       | 0.9712           |       |
|            |            |                                                                        |            |           |            |                  |            |  |  |

 

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     |       | 25,000                                                                 |       | 25,329     |       | 0.9870 |   |
|            |            |                                                                        |            |            |            |  |  |  |  |

 

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(1) Net AssetValue for all other purposes

(b)         None.

(c)          None.

Item 3.                                DefaultsUpon Senior Securities

None.

Item 4.                                Submissionof Matters to a Vote of Security Holders

None.

Item 5.                                OtherInformation

None.

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Item 6.                                Exhibitsand Reports on Form 8-K.

(a)       Exhibits.

The following exhibits are incorporated by referenceor are filed herewith to this Quarterly Report on Form 10-Q:

31.01 and

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

Exhibit 31.01and 31.02:                     Arefiled herewith.

32.01 and32.02                                               Section1350 Certifications

Exhibit 32.01

and 32.02                        Are filed herewith.

(b) Reports onForm 8-K.

There were noreports on Form 8-K filed during the three months of fiscal 2007.

13

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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: May 15,  2007 | By                            | /s/ BENJAMIN C. WESTON |
|                |                          | Benjamin C.  Weston |
|                |                          | Chief Executive  Officer and President |
|                |                          | (Principal Executive Officer) |
|                |                          |   |
|                |                          |   |
| Date: May 15,  2007 |                          |   |
|                | By                            | /s/ BARBRA E. KOCSIS |
|                |                          | Barbra E. Kocsis |
|                |                          | Chief Financial  Officer |
|                |                          | (Principal  Financial and Accounting Officer) |
|                     |                               |  |  |

 

14

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