**Exhibit13.01**

 
|         | *** *** | ***BLACKROCK GLOBAL HORIZONS I L.P.***    |
|--------------|--------------|-------------------------------------------|
| *** *** | *** *** | ***(A Delaware Limited Partnership)***    |
| *** *** | *** *** | *** ***                              |
| *** *** | *** *** | *** ***                              |
|         |         | Financial  Statements for the years ended |
|         |         | December 31,  2008, 2007 and 2006    |
|         |         | and  Report of Independent Registered     |
|         |         | Public  Accounting Firm                   |

 

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**General Commodity FuturesTrading Risk Disclosure Statement**

 

Prospective investors reviewing the accompanyingstatements of financial condition of BlackRock Global Horizons I L.P. (the “Partnership”)should carefully consider whether their financial condition permits them toparticipate in the Partnership.  In sodoing, prospective investors should be aware that futures, forwards and optionstrading can quickly lead to large losses as well as gains.  Such trading losses can sharply reduce thenet asset value of the Partnership and consequently the value of an investor’sinterest in the Partnership.  Inaddition, potential restrictions on redemption may affect an investor’s abilityto withdraw from participation in the Partnership.

 

Further, the Partnership may be subject tosubstantial charges for management, distribution, advisory and brokeragefees.  The Partnership will need to makesubstantial trading profits to avoid depletion or exhaustion of its assets overtime.  This brief statement cannotdisclose all the risks and other factors necessary to evaluate a potentialinvestor’s participation in the Partnership. Therefore, before any prospective investor decides to invest in thePartnership, the prospective investor should carefully study the Partnership’sdisclosure document, including the description of the principal risk factorsstated therein.

 

Prospective investors should also be aware that thePartnership may trade foreign futures, forwards or options contracts.  Transactions on markets located outside theUnited States, including markets formally linked to a United States market, maybe subject to regulations which offer different or diminished protection to thePartnership and its participants. Further, United States regulatory authorities may be unable to compelthe enforcement of the rules of regulatory authorities or markets innon-United States jurisdictions where transactions for the Partnership maybeeffected.

 

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BLACKROCK GLOBAL HORIZONSI L.P.

(A Delaware LimitedPartnership)

 

TABLE OF CONTENTS

 
| ** **                                                                                                  | **Page** |
|-------------------------------------------------------------------------------------------------------------|----------|
|                                                                                                        |     |
| REPORT  OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM                                                    | 1        |
|                                                                                                        |     |
| FINANCIAL  STATEMENTS:                                                                                      |     |
|                                                                                                        |     |
| Statements  of Financial Condition as of December 31, 2008 and 2007                                    | 2        |
|                                                                                                        |     |
| Statements  of Operations for the years ended December 31, 2008, 2007 and 2006                         | 3        |
|                                                                                                        |     |
| Statements  of Changes in Partners’ Capital for the years ended December 31, 2008,  2007 and 2006 | 4        |
|                                                                                                        |     |
| Financial  Data Highlights for the years ended December 31, 2008, 2007 and 2006                        | 5-7      |
|                                                                                                        |     |
| Notes  to Financial Statements                                                                              | 8-17     |

 

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REPORT OF INDEPENDENTREGISTERED PUBLIC ACCOUNTING FIRM

 

To the Partners of

  BlackRock Global Horizons I L.P.:

 

We have auditedthe accompanying statements of financial condition of BlackRock Global HorizonsI L.P. (the “Partnership”) as of December 31, 2008 and 2007, and therelated statements of operations, changes in partners’ capital, and financialdata highlights for each of the three years in the period ended December 31,2008. These financial statements and financial data highlights are theresponsibility of the Partnership’s management. Our responsibility is to express an opinion on these financialstatements and financial data highlights based on our audits.

 

We conducted ouraudits in accordance with the standards of the Public Company AccountingOversight Board (United States).  Thosestandards require that we plan and perform the audit to obtain reasonableassurance about whether the financial statements and financial data highlightsare free of material misstatement.  ThePartnership is not required to have, nor were we engaged to perform, an auditof its internal control over financial reporting. Our audits includedconsideration of internal control over financial reporting as a basis fordesigning audit procedures that are appropriate in the circumstances, but notfor the purpose of expressing an opinion on the effectiveness of thePartnership’s internal control over financial reporting.  Accordingly, we express no such opinion.  An audit also includes examining, on a testbasis, evidence supporting the amounts and disclosures in the financialstatements, assessing the accounting principles used and significant estimatesmade by management, as well as evaluating the overall financial statementpresentation.  We believe that our auditsprovide a reasonable basis for our opinion.

 

In our opinion,the financial statements and financial data highlights referred to abovepresent fairly, in all material respects, the financial position of BlackRockGlobal Horizons I L.P. as of December 31, 2008 and 2007, the results ofits operations, the changes in its partners’ capital, and financial datahighlights for each of the three years in the period ended December 31,2008, in conformity with accounting principles generally accepted in the UnitedStates of America.

 

 

/s/ Deloitte &Touche LLP

 

Princeton, NewJersey

March 27, 2009

 

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BLACKROCK GLOBAL HORIZONSI L.P.

(A Delaware LimitedPartnership)

 

STATEMENTS OF FINANCIALCONDITION

DECEMBER 31, 2008 AND2007

 
| ** **                                                  | ** ** | **2008**    | ** **  | **2007**    | ** ** |
|-------------------------------------------------------------|------------|-------------|-------------|-------------|------------|
| **ASSETS:**                                                 |       |        |        |        |       |
|                                                        |       |        |        |        |       |
| Cash                                                        |       | $           | 169,133,129 |        | $          | 272,342 |   |
| Equity  in commodity futures trading accounts:              |       |        |        |        |       |
| Cash  (restricted cash $10,090,467 and $13,675,285)         |       | 67,504,316  |        | 182,801,160 |       |
| Net  unrealized profit on open contracts                    |       | 3,178,192   |        | 2,609,639   |       |
| Accrued  interest and other assets                          |       | 7,029       |        | 485,964     |       |
|                                                        |       |        |        |        |       |
| **TOTAL ASSETS**                                            |       | $           | 239,822,666 |        | $          | 186,169,105 |   |
|                                                        |       |        |        |        |       |
| **LIABILITIES AND PARTNERS’ CAPITAL**                  |       |        |        |        |       |
|                                                        |       |        |        |        |       |
| LIABILITIES:                                                |       |        |        |        |       |
|                                                        |       |        |        |        |       |
| Redemptions  payable                                        |       | $           | 4,637,184   |        | $          | 18,229,253 |   |
| Profit  Shares payable                                      |       | 5,542,345   |        | 1,877,704   |       |
| Distribution  fees payable                                  |       | 572,137     |        | 951,798     |       |
| Trading  Advisors’ management fees payable             |       | 261,954     |        | 452,594     |       |
| Brokerage  commissions and clearing costs payable           |       | 13,048      |        | 304,435     |       |
| Sponsor  fees payable                                       |       | 240,269     |        | 280,101     |       |
| Administrator  fees payable                                 |       | 104,106     |        | 181,732     |       |
| Professional  fees payable                                  |       | 334,454     |        | 96,539      |       |
| Other  fees payable                                         |       | 31,243      |        | 67,079      |       |
|                                                        |       |        |        |        |       |
| Total  liabilities                                          |       | 11,736,740  |        | 22,441,235  |       |
|                                                        |       |        |        |        |       |
| PARTNERS’  CAPITAL:                                    |       |        |        |        |       |
|                                                        |       |        |        |        |       |
| General  Partner (2,203,255 Units and 2,203,255 Units)      |       | 3,098,146   |        | 2,589,473   |       |
| Limited  Partners (162,267,856 Units and 130,216,471 Units) |       | 224,987,780 |        | 161,138,397 |       |
|                                                        |       |        |        |        |       |
| Total  partners’ capital                               |       | 228,085,926 |        | 163,727,870 |       |
|                                                        |       |        |        |        |       |
| **TOTAL LIABILITIES AND PARTNERS’ CAPITAL**            |       | $           | 239,822,666 |        | $          | 186,169,105 |   |
|                                                        |       |        |        |        |       |
| **NET ASSET VALUE PER UNIT (Note 8)**                       |       |        |        |        |       |

 
| See  notes to financial statements. |
|-------------------------------------|

 

2

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BLACKROCK GLOBAL HORIZONSI L.P.

(A Delaware LimitedPartnership)

 

STATEMENTS OF OPERATIONS

FOR THE YEARS ENDEDDECEMBER 31, 2008, 2007 AND 2006

 
| ** **                                                                        | ** ** | **2008**    | ** ** | **2007**    | ** ** | **2006**    | ** ** |
|-----------------------------------------------------------------------------------|------------|-------------|------------|-------------|------------|-------------|------------|
| **TRADING PROFITS (LOSSES):**                                                     |       |        |       |        |       |        |       |
| Realized                                                                          |       | $           | 55,994,522 |        | $          | 16,070,669  |       | $ | 16,620,657 |   |
| Change  in unrealized                                                             |       | 568,553     |       | (4,406,932  | )          | 2,030,261   |       |
| Brokerage  commissions and clearing costs                                         |       | (1,508,796  | )          | (621,832    | )          | —      |       |
|                                                                              |       |        |       |        |       |        |       |
| Total  trading profits                                                            |       | 55,054,279  |       | 11,041,905  |       | 18,650,918  |       |
|                                                                              |       |        |       |        |       |        |       |
| **INVESTMENT INCOME:**                                                            |       |        |       |        |       |        |       |
| Interest                                                                          |       | 3,051,305   |       | 9,194,631   |       | 12,178,428  |       |
|                                                                              |       |        |       |        |       |        |       |
| **EXPENSES:**                                                                     |       |        |       |        |       |        |       |
| Brokerage  commissions                                                            |       | —      |       | 9,623,405   |       | 17,712,085  |       |
| Profit  Shares                                                                    |       | 9,844,931   |       | 2,761,529   |       | 2,783,961   |       |
| Distribution  fees                                                                |       | 5,554,788   |       | 1,766,803   |       | —      |       |
| Trading  Advisors’ management fees                                           |       | 2,520,534   |       | 897,433     |       | —      |       |
| Sponsor  fees                                                                     |       | 2,278,530   |       | 739,849     |       | —      |       |
| Administrative  fees                                                              |       | —      |       | 344,493     |       | 615,580     |       |
| Administrator  fees                                                               |       | 681,190     |       | 279,460     |       | —      |       |
| Professional  fees                                                                |       | 558,322     |       | 108,332     |       | —      |       |
| Other                                                                             |       | 271,936     |       | 86,153      |       | —      |       |
| Total  expenses before waiver                                                     |       | 21,710,231  |       | 16,607,457  |       | 21,111,626  |       |
| Sponsor  fee waiver                                                               |       | —      |       | (98,165     | )          | —      |       |
| Total  expenses                                                                   |       | 21,710,231  |       | 16,509,292  |       | 21,111,626  |       |
| **NET INVESTMENT LOSS**                                                           |       | (18,658,926 | )          | (7,314,661  | )          | (8,933,198  | )          |
| **NET INCOME**                                                                    |       | $           | 36,395,353 |        | $          | 3,727,244   |       | $ | 9,717,720 |   |
| **NET INCOME PER UNIT:**                                                          |       |        |       |        |       |        |       |
| Weighted  average number of General Partner and Limited Partner Units outstanding |       |        |       |        |       |        |       |
| Series  A                                                                         |       | 104,183,816 |       | 121,732,320 |       | 156,950,282 |       |
| Series  F                                                                         |       | 129,265     |       | 143,617     |       | 166,816     |       |
| Series  G                                                                         |       | 37,267,948  |       | 42,136,152  |       | n/a         |       |
| Series  I                                                                         |       | 671,149     |       | 4,151,130   |       | 8,339,614   |       |
| Net  income per weighted average General Partner and Limited Partner Unit*        |       |        |       |        |       |        |       |
| Series  A                                                                         |       | $           | 0.2195     |        | $          | 0.0173      |       | $ | 0.0380 |   |
| Series  F                                                                         |       | $           | 45.68      |        | $          | 4.82        |       | $ | 9.38 |   |
| Series  G                                                                         |       | $           | 0.1996     |        | $          | 0.0205      |       | n/a |   |
| Series  I                                                                         |       | $           | 0.2731     |        | $          | 0.0453      |       | $ | 0.0547 |   |

 

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*Calculation ofnet income per weighted average General Partner and Limited Partner Unitexcludes amounts allocated to non—unitized interests for the years endedDecember 31, 2007 and 2006.

 
| See  notes to financial statements. |
|-------------------------------------|

 

3

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BLACKROCKGLOBAL HORIZONS I L.P.

(ADelaware Limited Partnership)

 

STATEMENTSOF CHANGES IN PARTNERS’ CAPITAL

FORTHE YEARS ENDED DECEMBER 31, 2008, 2007 AND 2006

 
| ** **                                 | ** ** | ** **  | ** ** | **General** | ** ** | **Limited Partners** | ** ** | ** **       | ** ** |
|--------------------------------------------|------------|-------------|------------|-------------|------------|---------------------------|------------|------------------|------------|
| ** **                                 | ** ** | **Units**   | ** ** | **Partner** | ** ** | **Unitized**              | ** ** | **Non-unitized** | ** ** | **Total** | ** ** |
| PARTNERS’  CAPITAL, DECEMBER 31, 2005 |       | 177,514,593 |       | $           | 2,297,491  |                      | $          | 201,750,316      |       | $ | 64,538,060 |   | $ | 268,585,867 |   |
|                                       |       |        |       |        |       |                      |       |             |       |   |   |
| Additions                                  |       | 20,464,172  |       | —      |       | 19,607,506                |       | 713,222          |       | 20,320,728 |   |
|                                       |       |        |       |        |       |                      |       |             |       |   |   |
| Net  income                                |       | —      |       | 87,114      |       | 7,901,995                 |       | 1,728,611        |       | 9,717,720 |   |
|                                       |       |        |       |        |       |                      |       |             |       |   |   |
| Conversion  (Note 8)                       |       | (24,826     | )          | —      |       | —                    |       | —           |       | — |   |
|                                       |       |        |       |        |       |                      |       |             |       |   |   |
| Redemptions                                |       | (53,113,724 | )          | (342,615    | )          | (56,725,088               | )          | (14,207,267      | )          | (71,274,970 | ) |
|                                       |       |        |       |        |       |                      |       |             |       |   |   |
| PARTNERS’  CAPITAL, DECEMBER 31, 2006 |       | 144,840,215 |       | 2,041,990   |       | 172,534,729               |       | 52,772,626       |       | 227,349,345 |   |
|                                       |       |        |       |        |       |                      |       |             |       |   |   |
| Combination  (Note 4)                      |       | 44,500,323  |       | 488,774     |       | 44,011,549                |       | (44,500,323      | )          | — |   |
|                                       |       |        |       |        |       |                      |       |             |       |   |   |
| Additions                                  |       | 5,889,674   |       | —      |       | 5,658,737                 |       | —           |       | 5,658,737 |   |
|                                       |       |        |       |        |       |                      |       |             |       |   |   |
| Net  income                                |       | —      |       | 58,709      |       | 3,792,645                 |       | (124,110         | )          | 3,727,244 |   |
|                                       |       |        |       |        |       |                      |       |             |       |   |   |
| Redemptions                                |       | (62,810,486 | )          | —      |       | (64,859,263               | )          | (8,148,193       | )          | (73,007,456 | ) |
|                                       |       |        |       |        |       |                      |       |             |       |   |   |
| PARTNERS’  CAPITAL, DECEMBER 31, 2007 |       | 132,419,726 |       | 2,589,473   |       | 161,138,397               |       | —           |       | 163,727,870 |   |
|                                       |       |        |       |        |       |                      |       |             |       |   |   |
| Additions                                  |       | 58,312,103  |       | —      |       | 61,302,743                |       | —           |       | 61,302,743 |   |
|                                       |       |        |       |        |       |                      |       |             |       |   |   |
| Net  income                                |       | —      |       | 508,673     |       | 35,886,680                |       | —           |       | 36,395,353 |   |
|                                       |       |        |       |        |       |                      |       |             |       |   |   |
| Redemptions                                |       | (26,260,718 | )          | —      |       | (33,340,040               | )          | —           |       | (33,340,040 | ) |
|                                       |       |        |       |        |       |                      |       |             |       |   |   |
| PARTNERS’  CAPITAL, DECEMBER 31, 2008 |       | 164,471,111 |       | $           | 3,098,146  |                      | $          | 224,987,780      |       | $ | — |   | $ | 228,085,926 |   |

 

See notes tofinancial statements.

 

4

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BLACKROCK GLOBAL HORIZONSI L.P.

(A Delaware LimitedPartnership)

 

FINANCIAL DATA HIGHLIGHTS

FOR THE YEAR ENDEDDECEMBER 31, 2008

 

The following per Unitdata and ratios have been derived from information provided in the financialstatements.  An individual Partner’sresults may vary from these ratios due to timing of income and expenses andcapital transactions.

 
| **Per Unit Operating Performance:** | ** ** | **Series A** | ** ** | **Series F** | ** ** | **Series G** | ** ** | **Series I** | ** ** |
|----------------------------------------------------|------------|-------------------|------------|-------------------|------------|-------------------|------------|-------------------|------------|
|                                               |       |              |       |              |       |              |       |              |       |
| Net  asset value, beginning of year                |       | $                 | 0.9835     |              | $          | 236.19            |       | $                 | 1.0224     |   | $ | 1.0520 |   |
|                                               |       |              |       |              |       |              |       |              |       |
| Realized  trading profits                          |       | 0.3054            |       | 73.49             |       | 0.3189            |       | 0.3341            |       |
| Change  in unrealized trading profits              |       | (0.0015           | )          | (0.31             | )          | (0.0014           | )          | (0.0016           | )          |
| Interest                                           |       | 0.0180            |       | 4.32              |       | 0.0189            |       | 0.0196            |       |
| Expenses                                           |       | (0.1312           | )          | (31.20            | )          | (0.1354           | )          | (0.1069           | )          |
|                                               |       |              |       |              |       |              |       |              |       |
| Net  asset value, end of year                      |       | $                 | 1.1742     |              | $          | 282.49            |       | $                 | 1.2234     |   | $ | 1.2972 |   |
|                                               |       |              |       |              |       |              |       |              |       |
| **Total Return:**                                  |       |              |       |              |       |              |       |              |       |
|                                               |       |              |       |              |       |              |       |              |       |
| Total  return (before Profit Shares)               |       | 25.46             | %          | 25.50             | %          | 25.58             | %          | 29.92             | %          |
| Profit  Shares                                     |       | -5.41             | %          | -5.26             | %          | -5.28             | %          | -5.74             | %          |
| Total  return                                      |       | 19.39             | %          | 19.60             | %          | 19.66             | %          | 23.30             | %          |
|                                               |       |              |       |              |       |              |       |              |       |
| **Ratios to Average Net Assets:(1)**               |       |              |       |              |       |              |       |              |       |
|                                               |       |              |       |              |       |              |       |              |       |
| Expenses  (before Profit Shares)                   |       | 7.23              | %          | 7.25              | %          | 7.25              | %          | 3.90              | %          |
| Profit  Shares                                     |       | 5.49              | %          | 5.03              | %          | 5.07              | %          | 6.29              | %          |
| Expenses                                           |       | 12.72             | %          | 12.28             | %          | 12.32             | %          | 10.19             | %          |
|                                               |       |              |       |              |       |              |       |              |       |
| Net  investment loss                               |       | -11.13            | %          | -10.56            | %          | -10.60            | %          | -8.40             | %          |

 

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(1) Included in theratios of expenses to average net assets are brokerage commissions and clearingcosts which are presented in Trading Profits (Losses) on the Statement ofOperations

 

See notes to financial statements.

 

5

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BLACKROCK GLOBAL HORIZONSI L.P.

(A Delaware LimitedPartnership)

 

FINANCIAL DATA HIGHLIGHTS

FOR THE YEAR ENDEDDECEMBER 31, 2007

 

The following per Unitdata and ratios have been derived from information provided in the financialstatements. An individual Partner’s results may vary from these ratios due totiming of income and expenses and capital transactions.

 
| **Per Unit Operating Performance:** | ** ** | **Series A** | ** ** | **Series F** | ** ** | **Series G** | ** ** | **Series I** | ** ** | **Non-unitized** | ** ** |
|----------------------------------------------------|------------|-------------------|------------|-------------------|------------|-------------------|------------|-------------------|------------|------------------|------------|
|                                               |       |              |       |              |       |              |       |              |       |             |       |
| Net  asset value, beginning of year                |       | $                 | 0.9625     |              | $          | 230.98            |       | $                 | 1.0000     |             | $          | 1.0010 |   | n/a |   |
|                                               |       |              |       |              |       |              |       |              |       |             |       |
| Realized  trading profits                          |       | 0.0818            |       | 19.70             |       | 0.0861            |       | 0.0881            |       | n/a              |       |
| Change  in unrealized trading profits              |       | (0.0211           | )          | (5.10             | )          | (0.0221           | )          | (0.0223           | )          | n/a              |       |
| Interest                                           |       | 0.0437            |       | 10.50             |       | 0.0448            |       | 0.0462            |       | n/a              |       |
| Expenses                                           |       | (0.0834           | )          | (19.89            | )          | (0.0864           | )          | (0.0610           | )          | n/a              |       |
|                                               |       |              |       |              |       |              |       |              |       |             |       |
| Net  asset value, end of year                      |       | $                 | 0.9835     |              | $          | 236.19            |       | $                 | 1.0224     |             | $          | 1.0520 |   | n/a |   |
|                                               |       |              |       |              |       |              |       |              |       |             |       |
| **Total Return:**                                  |       |              |       |              |       |              |       |              |       |             |       |
|                                               |       |              |       |              |       |              |       |              |       |             |       |
| Total  return (before Profit Shares)               |       | 3.63              | %          | 3.67              | %          | 3.69              | %          | 6.94              | %          | 2.26             | %          |
| Profit  Shares                                     |       | -1.50             | %          | -1.45             | %          | -1.49             | %          | -1.83             | %          | -1.72            | %          |
| Total  return                                      |       | 2.18              | %          | 2.26              | %          | 2.24              | %          | 5.09              | %          | 0.59             | %          |
|                                               |       |              |       |              |       |              |       |              |       |             |       |
| **Ratios to Average Net Assets:(1)**               |       |              |       |              |       |              |       |              |       |             |       |
|                                               |       |              |       |              |       |              |       |              |       |             |       |
| Expenses  (before Profit Shares)                   |       | 7.36              | %          | 7.24              | %          | 7.24              | %          | 4.49              | %          | 8.62             | %          |
| Profit  Shares                                     |       | 1.39              | %          | 1.39              | %          | 1.43              | %          | 1.54              | %          | 1.33             | %          |
| Expenses                                           |       | 8.75              | %          | 8.63              | %          | 8.67              | %          | 6.03              | %          | 9.95             | %          |
|                                               |       |              |       |              |       |              |       |              |       |             |       |
| Net  investment loss                               |       | -4.03             | %          | -4.04             | %          | -4.14             | %          | -1.04             | %          | -5.27            | %          |

 

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(1) Included inthe ratios of expenses to average net assets are brokerage commissions andclearing costs which are presented in Trading Profits (Losses) on the Statementof Operations.

 

See notes to financial statements.

 

6

----

 

BLACKROCK GLOBAL HORIZONSI L.P.

(A Delaware LimitedPartnership)

 

FINANCIAL DATA HIGHLIGHTS

FOR THE YEAR ENDEDDECEMBER 31, 2006

 

The following per Unitdata and ratios have been derived from information provided in the financialstatements. An individual Partner’s results may vary from these ratios due totiming of income and expenses and capital transactions.

 
| **Per Unit Operating Performance:** | ** ** | **Series A** | ** ** | **Series F** | ** ** | **Series I** | ** ** | **Non-unitized** | ** ** |
|----------------------------------------------------|------------|-------------------|------------|-------------------|------------|-------------------|------------|------------------|------------|
|                                               |       |              |       |              |       |              |       |             |       |
| Net  asset value, beginning of year                |       | $                 | 0.9264     |              | $          | 221.81            |       | $                | 0.9385     |   | n/a |   |
|                                               |       |              |       |              |       |              |       |             |       |
| Realized  trading profits                          |       | 0.0609            |       | 13.48             |       | 0.0643            |       | n/a              |       |
| Change  in unrealized                              |       | 0.0079            |       | 3.00              |       | 0.0057            |       | n/a              |       |
| Interest  income                                   |       | 0.0457            |       | 10.97             |       | 0.0470            |       | n/a              |       |
| Expenses                                           |       | (0.0784           | )          | (18.28            | )          | (0.0545           | )          | n/a              |       |
|                                               |       |              |       |              |       |              |       |             |       |
| Net  asset value, end of year                      |       | $                 | 0.9625     |              | $          | 230.98            |       | $                | 1.0010     |   | n/a |   |
|                                               |       |              |       |              |       |              |       |             |       |
| **Total Return:**                                  |       |              |       |              |       |              |       |             |       |
|                                               |       |              |       |              |       |              |       |             |       |
| Total  return before Profit Shares                 |       | 5.09              | %          | 5.09              | %          | 8.17              | %          | 3.59             | %          |
| Profit  Shares                                     |       | -1.19             | %          | -0.94             | %          | -1.45             | %          | -0.94            | %          |
| Total  return                                      |       | 3.89              | %          | 4.13              | %          | 6.67              | %          | 2.65             | %          |
|                                               |       |              |       |              |       |              |       |             |       |
| **Ratios to Average Net Assets:**                  |       |              |       |              |       |              |       |             |       |
|                                               |       |              |       |              |       |              |       |             |       |
| Expenses  (before Profit Shares)                   |       | 7.19              | %          | 7.10              | %          | 4.33              | %          | 8.14             | %          |
| Profit  Shares                                     |       | 1.21              | %          | 0.95              | %          | 1.27              | %          | 0.93             | %          |
| Expenses                                           |       | 8.40              | %          | 8.05              | %          | 5.60              | %          | 9.07             | %          |
|                                               |       |              |       |              |       |              |       |             |       |
| Net  investment loss                               |       | -3.53             | %          | -3.23             | %          | -0.59             | %          | -4.25            | %          |

 

See notes to financial statements.

 

7

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BLACKROCK GLOBAL HORIZONSI L.P.

(A Delaware LimitedPartnership)

 

NOTES TO FINANCIALSTATEMENTS

 

# 1.     ORGANIZATION

#  

BlackRock GlobalHorizons I L.P. (the “Partnership”) was organized as an open-end fund under theDelaware Revised Uniform Limited Partnership Act on May 11, 1993 andcommenced trading activities on January 4, 1994.  The Partnership engages in the speculativetrading of futures, options on futures and forward contracts on a wide range ofcommodities.  The Partnership currentlyissues Units of limited partnership interest (“Units”) of Series A and Iat Net Asset Value as of the beginning of each month. Series F and G areclosed to new investors.

 

 As of September 29, 2006, the Partnership’sgeneral partner became BlackRock Investment Management, LLC (“BlackRock” or the“General Partner”).  The former generalpartner was Merrill Lynch Alternative Investments (“MLAI”).  Until September 29, 2006, MLAI was awholly-owned subsidiary of Merrill Lynch Investment Managers LP (“MLIM”), whichin turn was an indirect wholly-owned subsidiary of Merrill Lynch & Co., Inc.(“Merrill Lynch”).  On September 29,2006, Merrill Lynch and BlackRock, Inc. merged the asset managementbusinesses of MLIM and BlackRock, Inc. to create a new independent assetmanagement company.  This resulted inBlackRock becoming the general partner of the Partnership.  At the same time, the Partnership’s name waschanged from Global Horizons I L.P. to BlackRock Global Horizons I L.P.  No changes were made to the Partnership’sinvestment objective or to the Partnership’s structure as a result of thesechanges.

 

 Effective after the close of business on December 29,2006, two of the three “non-unitized” series of the Partnership (BlackRockFutures Investments L.P. and BlackRock Principal Protection L.P.), were mergedinto the Partnership in a tax-free reorganization. All of the investors inBlackRock Futures Investments L.P. and BlackRock Principal Protection L.P.received new Series G Units of the Partnership with an initial Net AssetValue per Unit of  $1.00 equal to their December 31,2006 Net Asset Value.   Issuance of thenew Units had no adverse economic effect on investors in the Partnership oreither of the merged funds.

 

 As of December 31, 2007, BlackRockliquidated Principal Protection Plus Ltd., the sole investor in the non-unitizedseries of the Partnership. As such, Principal Protection Plus Ltd. redeemed itsinvestment  in the Partnership as of December 31,2007.

 

 Effective September 1, 2007, thePartnership revised its expense structure related to the Series Units andthe Partnership began paying its own operating expenses and no longer paysBlackRock an administrative fee of 0.25% annually.  Each Series is subject to a sponsor fee,distribution fee and Trading Advisors’ management fees based on the month-endnet assets of that Series.  Each Series paysa Profit Share to the Trading Advisors based upon each Series new tradingprofits, as defined.  Other operatingexpenses incurred are allocated to each Series based upon its net assets.

 

8

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# 2.               SUMMARY OFSIGNIFICANT ACCOUNTING POLICIES

#  

Revenue Recognition

 

Commodityfutures, forwards and options contracts transactions are recorded on trade dateand open contracts are reflected in Net unrealized profit on open contracts inthe Statements of Financial Condition as the difference between the originalcontract value and the market value.  Thechange in unrealized profit on open contracts from one period to the next isreflected in Change in unrealized in the Statements of Operations.

 

ForeignCurrency Transactions

 

 The Partnership’s functional currency is the U.S. dollar; however,it has trading activities in currencies other than the U.S. dollar.  Assets and liabilities denominated incurrencies other than the U.S. dollar are translated into U.S. dollars at therates in effect at the dates of the Statements of Financial Condition.  Income and expense items denominated incurrencies other than the U.S. dollar are translated into U.S. dollars at therates in effect during the year.  Gainsand losses resulting from the translation to U.S. dollars are reported inRealized in the Statements of Operations.

 

Cash at Brokers

 

**Beginning October 1,2007, the Partnership added NewEdge Financial LLC (“NewEdge”) as a clearingbroker.  NewEdge provides itsinstitutional clients with direct access to all major futures and optionsmarkets.**

** **

Aportion of the assets maintained at Merrill Lynch, Pierce, Fenner &Smith (“MLPF&S”) and NewEdge are restricted to meet maintenance marginrequirements.  Typically, marginrequirements range from 1% to 10% of the face value of the derivatives traded.

 

Income Taxes

 

 No provision for income taxes has been made inthese financial statements as each Partner is individually responsible forreporting income or loss based on such Partner’s respective share of thePartnership’s income and expenses as reported for income tax purposes.

 

ThePartnership is subject to the provision of Financial Accounting Standards Board(“FASB”) Interpretation No. 48 entitled *Accountingfor Uncertainty in Income Taxes* (“FIN 48”).  FIN 48 sets forth a minimum threshold forfinancial statement recognition of the benefit of a tax position taken orexpected to be taken in a tax return.

 

Thereare no unrecognized tax benefits in the accompanying financial statements.  The Partnership’s federal tax return issubject to examination by the Internal Revenue Service for the years ended2008, 2007 and 2006.

 

Distributions

 

TheLimited Partners are entitled to receive, equally per Unit, any distributionswhich may be made by the Partnership.  Nosuch distributions have been declared for the years ended December 31,2008, 2007 or 2006.

 

9

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Subscriptions

 

Unitsare offered as of the close of business at the end of each month.  Units are purchased as of the first businessday of any month at Net Asset Value, but the subscription request must besubmitted at least ten calendar days before the end of the preceding month.  Subscriptions submitted less than ten daysbefore the end of a month will be applied to Unit subscriptions as of thebeginning of the second month after receipt, unless revoked by BlackRock.

 

Redemptions

 

ALimited Partner may redeem some or all of such Partner’s Units at Net AssetValue as of the close of business on the last business day of any calendarmonth upon ten calendar days’ notice (“notice period”).  Units redeemed on or prior to the end of thetwelfth full month after purchase are assessed an early redemption charge of 3%of their Net Asset Value as of the date of redemption which is paid toBlackRock. The amount of the fees paid forthe years ended December 31, 2008, 2007 and 2006 are $19,900, $27,710 and$148,579, respectively.

 

Redemption requests are accepted within the noticeperiod.  The Partnership does not acceptany redemption requests after the notice period.  All redemption requests received after thenotice period will be processed the following month.

 

Dissolution of thePartnership

 

The Partnership willterminate on December 31, 2023 or at an earlier date if certain conditionsoccur, as well as under certain other circumstances as set forth in the LimitedPartnership Agreement of the Partnership.

 

Indemnifications

 

In the normal course of business, the Partnershipenters into contracts and agreements that contain a variety of representationsand warranties and which provide general indemnifications.  The Partnership’s maximum exposure underthese arrangements is unknown, as this would involve future claims that may bemade against the Partnership that have not yet occurred.  The Partnership expects the risk of anyfuture obligation under these indemnifications to be remote.

 

Estimates

 

Thepreparation of financial statements in conformity with accounting principlesgenerally accepted in the United States of America 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 as well as the reported amounts of revenues andexpenses during the reporting period. Actual results could differ from those estimates.

 

10

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3. CONDENSED SCHEDULES OF INVESTMENTS

 

The Partnership’sinvestments, defined as Net unrealized profit on open contracts on theStatements of Financial Condition, as of December 31, 2008, and 2007, areas follows:

 

2008

 
| ** **               | ** ** | ** **            | ** ** | **Long Positions** | ** ** | ** **          | ** ** | ** **            | ** ** | **Short Positions** | ** ** | ** **          | ** ** | **Net Unrealized**        | ** ** | ** **          | ** ** | ** **                | ** ** |
|--------------------------|------------|-----------------------|------------|-------------------------|------------|---------------------|------------|-----------------------|------------|--------------------------|------------|---------------------|------------|--------------------------------|------------|---------------------|------------|---------------------------|------------|
| **Commodity**            | ** ** | **Number**            | ** ** | **Unrealized**          | ** ** | **Percent of** | ** ** | **Number**            | ** ** | **Unrealized**           | ** ** | **Percent of** | ** ** | **Profit (Loss)**         | ** ** | **Percent of** | ** ** | ** **                | ** ** |
| **Industry Sector** | ** ** | **of Contracts** | ** ** | **Profit (Loss)**  | ** ** | **Net Assets** | ** ** | **of Contracts** | ** ** | **Profit (Loss)**   | ** ** | **Net Assets** | ** ** | **on Open Positons** | ** ** | **Net Assets** | ** ** | **Maturity Dates**   | ** ** |
|                     |       |                  |       |                    |       |                |       |                  |       |                     |       |                |       |                           |       |                |       |                      |       |
| Agriculture              |       | 219                   |       | $                       | 437,125    |                | 0.19       | %                     | (717       | )                        | $          | (666,125            | )          | -0.29                          | %          | $                   | (229,000   | )                         | -0.10      | % | January 09 - December  09 |   |
| Currencies               |       | 191,254               |       | 792,161                 |       | 0.35                | %          | (66,850               | )          | (742,116                 | )          | -0.33               | %          | 50,045                         |       | 0.02                | %          | January 09 - December  09 |       |
| Energy                   |       | 122                   |       | (33,326                 | )          | -0.01               | %          | (251                  | )          | 172,238                  |       | 0.08                | %          | 138,912                        |       | 0.07                | %          | January 09 - December  09 |       |
| Interest  rates          |       | 1,979                 |       | 2,514,795               |       | 1.10                | %          | (131                  | )          | 147,235                  |       | 0.06                | %          | 2,662,030                      |       | 1.16                | %          | March 09 - December 10    |       |
| Metals                   |       | 431                   |       | (1,055,524              | )          | -0.46               | %          | (510                  | )          | 1,653,688                |       | 0.73                | %          | 598,164                        |       | 0.27                | %          | January 09 - October 09   |       |
| Stock  indices           |       | 371                   |       | 120,219                 |       | 0.05                | %          | (132                  | )          | (162,178                 | )          | -0.07               | %          | (41,959                        | )          | -0.02               | %          | January 09 - March 09     |       |
|                     |       |                  |       |                    |       |                |       |                  |       |                     |       |                |       |                           |       |                |       |                      |       |
| Total                    |       |                  |       | $                       | 2,775,450  |                | 1.22       | %                     |       |                     | $          | 402,742             |       | 0.18                           | %          | $                   | 3,178,192  |                      | 1.40       | % |   |   |

 

2007

 
| ** **               | ** ** | ** **            | ** ** | **Long Positions** | ** ** | ** **          | ** ** | ** **            | ** ** | **Short Positions** | ** ** | ** **          | ** ** | **Net Unrealized**        | ** ** | ** **          | ** ** | ** **              | ** ** |
|--------------------------|------------|-----------------------|------------|-------------------------|------------|---------------------|------------|-----------------------|------------|--------------------------|------------|---------------------|------------|--------------------------------|------------|---------------------|------------|-------------------------|------------|
| **Commodity**            | ** ** | **Number**            | ** ** | **Unrealized**          | ** ** | **Percent of** | ** ** | **Number**            | ** ** | **Unrealized**           | ** ** | **Percent of** | ** ** | **Profit**                     | ** ** | **Percent of** | ** ** | ** **              | ** ** |
| **Industry Sector** | ** ** | **of Contracts** | ** ** | **Profit (Loss)**  | ** ** | **Net Assets** | ** ** | **of Contracts** | ** ** | **Profit (Loss)**   | ** ** | **Net Assets** | ** ** | **on Open Positons** | ** ** | **Net Assets** | ** ** | **Maturity Dates** | ** ** |
|                     |       |                  |       |                    |       |                |       |                  |       |                     |       |                |       |                           |       |                |       |                    |       |
| Agriculture              |       | 1,110                 |       | $                       | 771,016    |                | 0.47       | %                     | (290       | )                        | $          | (86,650             | )          | -0.05                          | %          | $                   | 684,366    |                    | 0.42       | % | January 08 - December  08 |   |
| Currencies               |       | 603,545               |       | 248,790                 |       | 0.15                | %          | (1,597,150            | )          | (109,974                 | )          | -0.07               | %          | 138,816                        |       | 0.08                | %          | January 08 - March 08   |       |
| Energy                   |       | 361                   |       | 782,026                 |       | 0.48                | %          | (70                   | )          | (175,400                 | )          | -0.11               | %          | 606,626                        |       | 0.37                | %          | January 08 - June 08    |       |
| Interest  rates          |       | 3,586                 |       | 923,143                 |       | 0.56                | %          | (1,677                | )          | (395,147                 | )          | -0.24               | %          | 527,996                        |       | 0.32                | %          | March 08 - September 09 |       |
| Metals                   |       | 611                   |       | (1,824,911              | )          | -1.11               | %          | (536                  | )          | 2,346,714                |       | 1.43                | %          | 521,803                        |       | 0.32                | %          | January 08 - April 08   |       |
| Stock  indices           |       | 456                   |       | 118,219                 |       | 0.07                | %          | (373                  | )          | 11,813                   |       | 0.01                | %          | 130,032                        |       | 0.08                | %          | January 08 - March 08   |       |
|                     |       |                  |       |                    |       |                |       |                  |       |                     |       |                |       |                           |       |                |       |                    |       |
| Total                    |       |                  |       | $                       | 1,018,283  |                | 0.62       | %                     |       |                     | $          | 1,591,356           |       | 0.97                           | %          | $                   | 2,609,639  |                    | 1.59       | % |   |   |
|                          |            |                       |            |                         |            |                     |            |                       |            |                          |            |                     |            |                                |            |                     |            |                         |            |  |  |  |  |

 

 No individual contract’s unrealized profit orloss comprised greater than 5% of the Partnership’s capital as of December 31,2008 or 2007.

 

11

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4.               COMBINATIONOF THE FEEDER FUNDS

 

Effective afterthe close of business on December 31, 2006, the Feeder Funds were mergedinto the Partnership in a tax-free reorganization. All of the investors in theFeeder Funds received new Series G Units of the Partnership with aninitial Net Asset Value per Unit of $1.00 equal to their December 31, 2006Net Asset Value.   Issuance of the newUnits had no adverse economic effect on investors in any of the FeederFunds.  BlackRock contributed $2,788 tothe Partnership, the amount necessary due to the effects of rounding to insureall investors received Units equal to the value of their original holdings(rounded up to the next whole dollar).  The net assets of the Partnership as of December 31, 2006 were notaffected by this transaction.

 

The followingsummarizes the affect of the transaction on the Partnership’s reported Partners’Capital.

 
| ** **                     | ** ** | **Non-unitized** | ** ** | ** **        | ** ** |
|--------------------------------|------------|------------------|------------|-------------------|------------|
| ** **                     | ** ** | **Series**       | ** ** | **Series G** | ** ** |
|                           |       |             |       |              |       |
| December  31, 2006 as reported |       | $                | 52,772,626 |              | $          | — |   |
|                           |       |             |       |              |       |
| Conversion  to new Series      |       | (44,500,323      | )          | 44,503,111        |       |
|                           |       |             |       |              |       |
| Balance  as of January 1, 2007 |       | $                | 8,272,303  |              | $          | 44,503,111 |   |

 

5.               RELATED PARTYTRANSACTIONS

 

**Some of the Partnership’sU.S. dollar assets are maintained at MLPF&S.  MLPF&S is a wholly owned subsidiary ofMerrill Lynch, which in turn maintains a significant ownership interest inBlackRock, Inc., the parent company of the General Partner. On assets heldin U.S. dollars, Merrill Lynch credits the Partnership with interest at theprevailing 91-day U.S. Treasury bill rate. The Partnership is credited withinterest on any of its net gains actually held by MLPF&S in non-U.S. dollarcurrencies at a prevailing local rate received by Merrill Lynch.  Merrill Lynch may derive certain economicbenefit, in excess of the interest which Merrill Lynch pays to the Partnership,from possession of such assets. Additionally some of the Partnership’s U.S.dollar assets are maintained at PFPC, Inc. (“PFPC”), an affiliate of theGeneral Partner.  PFPC is the Partnership’sTransfer Agent.  The transfer agency feespaid to PFPC are included in Administrator fees on the Statement of Operations.**

** **

 Merrill Lynch charges the Partnership MerrillLynch’s cost of financing realized and unrealized losses on the Partnership’snon-U.S. dollar denominated positions. Such amounts are netted against interest income due to theinsignificance of such amounts.

 

Series A,F and G pay sponsor fees to BlackRock at an annual rate of 1.25% and Series Ipays sponsor fees at a rate of 1.00% of each Series’ month-end net assets.  Series A, F and G pay distribution feesat  3.00% of month-end net assets.  Series I does not pay distribution fees.

 

Effective September 1, 2007, MLPF&S andNewEdge are paid actual commodity brokerage commissions and clearing costs atmarket rates on a per trade basis, and as such, are recorded as a reduction oftrading profit.  Prior to September 1,2007, Series A, F and G Units paid brokerage commissions to MLPF&S ata flat monthly rate of .583 of 1% (a 7.00% annual rate) of the Series’ month-endtrading assets and such amounts were not transaction-based and were included inexpenses. Series I paid brokerage commissions to MLPF&S at a flatmonthly rate of .333 of 1% (a 4.00% annual rate) of the Series’ month-endtrading assets. Month-end trading assets were not reduced, for purposes ofcalculating brokerage commissions and administrative fees, by any accruedbrokerage commissions, administrative fees, Profit Shares or other fees orcharges.

 

12

----

 

BlackRockestimates that the round-turn equivalent commission rate charged to thePartnership by MLPF&S during the years ended December 31, 2008, 2007and 2006 was approximately $8, $41 and $47, respectively (not including, incalculating round-turn equivalents, forward contracts on a futures-equivalentbasis).

 

#  Inaddition, effective September 1,2007, BlackRock will reimburse thePartnership for fees and expenses paid by the Partnership, not including theTrading Advisors’ Profit Shares (such fees and expenses, exclusive of theTrading Advisors’ Profit Shares, collectively referred to herein as “CappedExpenses”) that would be in excess of 1/12 of 7.25% of the Fund’s net assetvalue (the “Expense Cap”) on the last business day of each month (each a “RegularlyScheduled Calculation Date”).  Because Series Iis not subject to the 3.0% distribution fee, the Expense Cap for Series Iis 4.25% annually, rather than the 7.25% annual Expense Cap for all otherSeries.  On each Regularly ScheduledCalculation Date, BlackRock will waive the portion of the sponsor fees thatwould otherwise be payable to BlackRock that is necessary to reduce the CappedExpenses until they equal the Expense Cap. If the waiver of the sponsor fees is not sufficient to lower the Partnership’sCapped Expenses to the Expense Cap, BlackRock will pay those Capped Expensesnecessary so that Capped Expenses do not exceed the Expense Cap.  However, if on any Regularly ScheduledCalculation Date Capped Expenses are less than the Expense Cap, the differencewill be used to reimburse BlackRock for any sponsor fees that were waived orany Capped Expenses paid by BlackRock on preceding Calculation Dates in thesame calendar year.  Any such amounts maynot be used to reimburse BlackRock for any sponsor fees that were waived or anyCapped Expenses paid by BlackRock in preceeding calendar years.

#  

6.     ADVISORY AGREEMENTS

 

 The Partnership and the Trading Advisors haveeach entered into Advisory Agreements. These Advisory Agreements generally renew one year after they areentered into, subject to certain renewal rights exercisable by the Partnership.The Trading Advisors determine the commodity futures, options on futures,forwards and options contracts trades to be made on behalf of their respectivePartnership accounts, subject to certain trading policies and to certain rightsreserved by BlackRock.  The terms of theAdvisory Agreements have not changed as a result of the change in the GeneralPartner of the Partnership.  Each Series paysmanagement fees to the Trading Advisors up to 3.00% of that Series netassets allocated to each individual Trading Advisor.

 

 Profit Shares, generally ranging from 15% to25% of any New Trading Profit, as defined, recognized by each Trading Advisorconsidered individually, irrespective of the overall performance of thePartnership, as of either the end of each calendar quarter or year and upon thenet reallocation of assets away from a Trading Advisor, are paid by thePartnership to each Trading Advisor. Profit Shares are also paid out in respect of Units redeemed as of theend of interim months, to the extent of the applicable percentage of any NewTrading Profit attributable to such Units.

 

13

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 7.            WEIGHTED AVERAGE UNITS

 

The weighted average number of Units outstanding iscomputed for purposes of disclosing net income (loss) per weighted averageUnit.  The weighted average number ofUnits outstanding for the years ended December 31, 2008, 2007 and 2006equals the Units outstanding as of such date, adjusted proportionately forUnits sold and redeemed based on the respective length of time each wasoutstanding during the year.

 

8.               PARTNER’S CAPITAL

 

At December 31,2008 and 2007, the Net Asset Values of the different Series of thePartnership are as follows:

 
| ** **                      | ** ** | ** **         | ** **  | ** **         | ** **  | **Net Asset**      | ** ** |
|---------------------------------|------------|--------------------|-------------|--------------------|-------------|--------------------|------------|
| ** **                      | ** ** | **Net Asset** | ** **  | **Number of** | ** **  | **Value per** | ** ** |
| **December 31, 2008** | ** ** | **Value**          | ** **  | **Units**          | ** **  | **Unit**           | ** ** |
|                            |       |               |        |               |        |               |       |
| Series  A                       |       | $                  | 151,208,477 |               | 128,773,188 |               | $          | 1.1742 |   |
| Series  F                       |       | 33,304,503         |        | 117,896            |        | $                  | 282.49     |   |
| Series  G                       |       | 42,809,400         |        | 34,991,420         |        | $                  | 1.2234     |   |
| Series  I                       |       | 763,546            |        | 588,607            |        | $                  | 1.2972     |   |
|                            |       | $                  | 228,085,926 |               | 164,471,111 |               |       |   |

 
| ** **                      | ** ** | ** **         | ** **  | ** **         | ** **  | **Net Asset**      | ** ** |
|---------------------------------|------------|--------------------|-------------|--------------------|-------------|--------------------|------------|
| ** **                      | ** ** | **Net Asset** | ** **  | **Number of** | ** **  | **Value per** | ** ** |
| **December 31, 2007** | ** ** | **Value**          | ** **  | **Units**          | ** **  | **Unit**           | ** ** |
|                            |       |               |        |               |        |               |       |
| Series  A                       |       | $                  | 90,473,777  |               | 91,995,885  |               | $          | 0.9835 |   |
| Series  F                       |       | 32,035,694         |        | 135,637            |        | $                  | 236.19     |   |
| Series  G                       |       | 40,219,435         |        | 39,338,704         |        | $                  | 1.0224     |   |
| Series  I                       |       | 998,964            |        | 949,500            |        | $                  | 1.0520     |   |
|                            |       | $                  | 163,727,870 |               | 132,419,726 |               |       |   |

 

BlackRock has agreed tomaintain a General Partner’s interest of at least 1% of the total capital ofeach Series in the Partnership. BlackRock and each Limited Partner share in the profits and losses ofthe Partnership in proportion to their respective interests in the Partnership.

 

On June 1,2006, an investor in Series A converted 1,040,907 Units to 1,016,081 Unitsof Series I, both valued at $1,022,483 resulting in the net conversion of24,826 Units. The conversion did notimpact partners’ capital as a whole.

 

14

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9.               COPPER SETTLEMENT

 

The Partnership, as a member of a class of plaintiffs,received a settlement payment in February 2005 relating to certain coppertrades made by a number of investors, including the Partnership, during aperiod in the mid-1990s. Members of the class were those who purchased or soldComex copper futures or options contracts between June 24, 1993 and June 15,1996.  The amount of the settlement forthe Partnership included in Realized under Trading profits (losses) on theStatements of Operations for the year ended December 31, 2006 is $42,374.

 

10.FAIR VALUE DISCLOSURES

 

EffectiveJanuary 1, 2008, the Partnership adopted FASB Statement of FinancialAccounting Standards  No. 157, *Fair Value Measurements* (“FAS 157”). FAS 157 defines fairvalue as the price that the Partnership would receive upon selling aninvestment or pay to transfer a liability in an orderly transaction to a marketparticipant in the principal or most advantageous market for the investment.FAS 157 emphasizes that valuation techniques maximize the use of observablemarket inputs and minimize the use of unobservable inputs. Inputs refer broadlyto the assumptions that market participants would use in pricing an asset orliability, including assumptions about risk to the extent the asset orliability is not traded on an exchange or an active market.  Inputs may be observable or unobservable.Observable inputs are inputs that reflect the assumptions market participantswould use in pricing an asset or liability developed based on market dataobtained from sources independent of the Partnership. Unobservable inputs areinputs that reflect the General Partner of the Partnership’s assumptions aboutwhat information market participants would use in pricing an asset or liabilitydeveloped based on the best information available in the circumstances.

 

FAS157 establishes a hierarchy that classifies these inputs into the three broadlevels listed below:

 

·                                          Level1 — price quotations in active markets/exchanges for identical securities.

 

·                                          Level2 — Other than quoted prices included within Level 1 that are observable forsubstantially the full term of the asset or liability, either directly orindirectly.  Level 2 assets includequoted prices for similar assets or liabilities in active markets; quotedprices for identical or similar assets or liabilities that are not active; andinputs other than quoted prices that are observable, such as those used in modelsor other valuation methodologies.

 

·                                          Level 3 —Primarily unobservable inputs for the valuation of the asset or liability.  Level 3 assets include investments for whichthere is little, if any, market activity. These inputs require significant judgment or estimation by the GeneralPartner of the Partnership.

 

Thefollowing table summarizes the valuation of the Partnership’s investments bythe above FAS 157 fair value hierarchy levels as of December 31, 2008.

 

 
| ** **                               | ** ** | ** **                      | ** ** | **Quoted Prices in Active**      | ** ** | **Significant Other** | ** ** |
|------------------------------------------|------------|---------------------------------|------------|-------------------------------------------------|------------|----------------------------|------------|
| ** **                               | ** ** | ** **                      | ** ** | **Markets for Identical Assets** | ** ** | **Observable Inputs** | ** ** |
| ** **                               | ** ** | **December 31, 2008** | ** ** | **(Level 1)**                              | ** ** | **(Level 2)**         | ** ** |
| Net  unrealized profit on open contracts |       | $                               | 3,178,192  |                                            | $          | 3,049,859                  |       | $ | 128,333 |   |
|                                          |            |                                 |            |                                                 |            |                            |            |  |  |  |

 

15

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11.         FAIRVALUE AND OFF-BALANCE SHEET RISK

 

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

 

MarketRisk

 

Derivativeinstruments involve varying degrees of off-balance sheet market risk.  Changes in the level or volatility ofinterest rates, foreign currency exchange rates or the market values of thefinancial instruments or commodities underlying such derivative instrumentsfrequently result in changes in the Partnership’s Net unrealized profit (loss)on such derivative instruments as reflected in the Statements of FinancialCondition.  The Partnership’s exposure tomarket risk is influenced by a number of factors, including the relationshipsamong the derivative instruments held by the Partnership as well as thevolatility and liquidity of the markets in which the derivative instruments aretraded.  Investments in foreign marketsmay also entail legal and political risks.

 

BlackRockhas procedures in place intended to control market risk exposure, although therecan be no assurance that they will, in fact, succeed in doing so.  These procedures focus primarily onmonitoring the trading of the Trading Advisors, calculating the Net Asset Valueof the Partnership as of the close of business on each day and reviewingoutstanding positions, or itself reallocating Partnership assets among TradingAdvisors (although typically only as of the end of a month) forover-concentrations.  While BlackRockdoes not itself intervene in the markets to hedge or diversify the Partnership’smarket exposure, BlackRock may urge the Trading Advisors to reallocatepositions in an attempt to avoid over-concentrations.  Except in cases in which it appears that theTrading Advisors have begun to deviate from past practice or trading policiesor to be trading erratically, BlackRock’s basic risk control procedures consistsimply of the ongoing process of Trading Advisor monitoring, with the marketrisk controls being applied by the Trading Advisors themselves.

 

CreditRisk

 

Therisks associated with exchange-traded contracts are typically perceived to beless than those associated with over-the-counter (non-exchange-traded)transactions, because exchanges typically (but not universally) 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-countertransactions, on the other hand, traders must rely solely on the credit of theirrespective individual counterparties. Margins, which may be subject to loss inthe event of a default, are generally required in exchange trading, andcounterparties may also require margin in the over-the-counter markets.

 

ThePartnership, in its normal course of business, enters into various contracts,with MLPF&S and NewEdge acting as its commodity brokers. Pursuant to thebrokerage agreements with MLPF&S and NewEdge (which includes nettingarrangements with each broker), to the extent that such trading results inreceivables from and payables to MLPF&S and NewEdge, these receivables andpayables are offset and reported as a net receivable or payable and included inthe Statements of Financial Condition under Equity in commodity futures tradingaccounts.

 

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12.         RECENTACCOUNTING PRONOUNCEMENT

 

InOctober 2008, FASB issued FASB Staff Position 157-3 (“FSP157-3”), *Determining the Fair Value of a Financial Asset When the Market forthat Asset is not Active,* which clarified the application of FAS 157in a market that is not active.  FSP157-3 is effective upon issuance, including prior periods for which financialstatements have not been issued.  Theimplementation of FSP 157-3 did not have a material impact on the Partnership’sfinancial statements.

 

InMarch 2008, FASB issued SFAS No. 161, *Disclosuresabout Derivative Instruments and Hedging Activities — an amendment of FASBStatement No. 133*(“FAS 161”)*.* FAS 161 expands the disclosure requirementsfor derivative instruments and hedging activities.  FAS 161 specifically requires enhanceddisclosures addressing: a) how and why an entity uses derivative instruments,b) how derivative instruments and related hedged items are accounted for underSFAS No. 133, *Accounting for DerivativeInstruments and Hedging Activities*, and its related interpretationsand c) how derivative instruments and related hedged items affect an entity’sfinancial position, financial performance and cash flows.  FAS 161 is effective for fiscal years andinterim periods beginning after November 15, 2008.  The impact on the Partnership financial statements, if any, is currently beingassessed.

 

13.         SUBSEQUENTEVENT

 

On January 1, 2009,Bank of America Corporation announced that it had completed its acquisition ofMerrill Lynch, the largest stockholder of BlackRock, Inc.

 

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   *   *  *   *   *   *   *   *   *   *  *   *   *

 

To the best of the knowledge and belief of the

undersigned, the information contained in this

report is accurate and complete.

 

 

Michael Pungello

Chief Financial Officer

of BlackRock Global Horizons I L.P.

and

Managing Director

BlackRock Investment Management, LLC

General Partner of

BlackRock Global Horizons I L.P.

 

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