**Exhibit13.01**
| *** *** | ***BLACKROCK GLOBAL HORIZONS I L.P.***   |
|--------------|------------------------------------------|
| *** *** | ***(A Delaware Limited  Partnership)***  |
| *** *** | *** ***                             |
| *** *** | *** ***                             |
|         | Financial Statements for the years ended |
|         | December 31, 2006, 2005 and 2004         |
|         | and Report of Independent Registered     |
|         | Public Accounting Firm                   |

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**General Commodity Futures TradingRisk 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 and options tradingcan 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, certain 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, and advisory and brokerage fees.  It may be necessary for the Partnership tomake substantial trading profits to avoid depletion or exhaustion of itsassets.  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 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 in non-UnitedStates jurisdictions where transactions for the Partnership maybe effected.

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BLACKROCK GLOBAL HORIZONS I L.P.

(A Delaware LimitedPartnership)

TABLE OF CONTENTS
| REPORT OF INDEPENDENT REGISTERED PUBLIC  ACCOUNTING FIRM                                               |   | 1      |
|--------------------------------------------------------------------------------------------------------|--------|--------|
|                                                                                                   |   |   |
| FINANCIAL STATEMENTS:                                                                                  |   |   |
|                                                                                                   |   |   |
| Statements of  Financial Condition as of December 31, 2006 and 2005                                    |   | 2      |
|                                                                                                   |   |   |
| Statements of  Operations for the years ended December 31, 2006, 2005 and 2004                         |   | 3      |
|                                                                                                   |   |   |
| Statements of  Changes in Partners’ Capital for the years ended December 31, 2006, 2005 and  2004 |   | 4      |
|                                                                                                   |   |   |
| Financial Data  Highlights for the year ended December 31, 2006                                        |   | 5      |
|                                                                                                   |   |   |
| Notes to  Financial Statements                                                                         |   | 6-15   |

 

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTINGFIRM

To the Partners of   BlackRock Global Horizons I L.P.:

We have auditedthe accompanying statements of financial condition of BlackRock Global HorizonsI L.P. (formerly Global Horizons I L.P.) (the “Partnership”) as ofDecember 31, 2006 and 2005, and the related statements of operations andchanges in partners’ capital for each of the three years in the period endedDecember 31, 2006 and the financial data highlights for the year ended December31, 2006. 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. An audit includesconsideration 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, 2006 and 2005, the results ofits operations and the changes in its partners’ capital for each of the threeyears in the period ended December 31, 2006, and financial data highlights forthe year then ended, in conformity with accounting principles generallyaccepted in the United States of America.
| /s/ Deloitte & Touche LLP |   |
|-------------------------------|--------|
|                          |
| New York, New York            |
| March 27, 2007                |

 

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BLACKROCK GLOBALHORIZONS I L.P.(A Delaware Limited Partnership)

STATEMENTS OFFINANCIAL CONDITIONDECEMBER 31, 2006 AND 2005
| ** **                                                           | ** ** | **2006**    | ** **  | **2005**    | ** ** |
|----------------------------------------------------------------------|------------|-------------|-------------|-------------|------------|
| **ASSETS:**                                                          | ** ** | ** **  | ** **  | ** **  | ** ** |
|                                                                 |       |        |        |        |       |
| Equity in commodity  futures trading accounts:                       |       |        |        |        |       |
| Cash (Restricted  cash 42,150,062 and 31,504,879)                    |       | $           | 226,593,453 |        | $          | 274,496,535 |   |
| Net unrealized  profit on open contracts                             |       | 7,016,571   |        | 4,986,310   |       |
| Accrued interest and  other assets                                   |       | 1,002,444   |        | 992,410     |       |
|                                                                 |       |        |        |        |       |
| **TOTAL  ASSETS**                                                    |       | $           | 234,612,468 |        | $          | 280,475,255 |   |
|                                                                 |       |        |        |        |       |
| **LIABILITIES AND PARTNERS’  CAPITAL**                          | ** ** | ** **  | ** **  | ** **  | ** ** |
|                                                                 |       |        |        |        |       |
| **LIABILITIES:**                                                     | ** ** | ** **  | ** **  | ** **  | ** ** |
|                                                                 |       |        |        |        |       |
| Redemptions  payable                                                 |       | $           | 4,865,452   |        | $          | 9,945,759 |   |
| Brokerage  commissions payable                                       |       | 1,350,630   |        | 1,624,549   |       |
| Profit Shares  payable                                               |       | 1,000,416   |        | 117,551     |       |
| Administrative  fees payable                                         |       | 46,625      |        | 56,411      |       |
| Due to affiliate                                                     |       | —      |        | 145,118     |       |
|                                                                 |       |        |        |        |       |
| Total  liabilities                                                   |       | 7,263,123   |        | 11,889,388  |       |
|                                                                 |       |        |        |        |       |
| **PARTNERS’ CAPITAL:**                                          | ** ** | ** **  | ** **  | ** **  | ** ** |
|                                                                 |       |        |        |        |       |
| General Partner  (1,714,481 Units and 2,012,396 Units)               |       | 2,041,990   |        | 2,297,491   |       |
| Limited  Partners-Unitized (143,125,734 Units and 175,502,197 Units) |       | 172,534,729 |        | 201,750,316 |       |
| Limited  Partners-Non-unitized                                       |       | 52,772,626  |        | 64,538,060  |       |
|                                                                 |       |        |        |        |       |
| Total partners’  capital                                        |       | 227,349,345 |        | 268,585,867 |       |
|                                                                 |       |        |        |        |       |
| **TOTAL  LIABILITIES AND PARTNERS’ CAPITAL**                    |       | $           | 234,612,468 |        | $          | 280,475,255 |   |
|                                                                 |       |        |        |        |       |
| **NET ASSET VALUE PER UNIT (Note 8)**                                | ** ** | ** **  | ** **  | ** **  | ** ** |

 

Seenotes to financial statements.

2

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BLACKROCK GLOBAL HORIZONS I L.P.(A Delaware Limited Partnership)

STATEMENTS OFOPERATIONSFOR THE YEARS ENDED DECEMBER 31, 2006, 2005 AND 2004
| ** **                                                                        | ** ** | **2006**    | ** ** | **2005**    | ** ** | **2004**   | ** ** |
|-----------------------------------------------------------------------------------|------------|-------------|------------|-------------|------------|------------|------------|
| **TRADING  PROFITS (LOSSES):**                                                    | ** ** | ** **  | ** ** | ** **  | ** ** | ** ** | ** ** |
| Realized                                                                          |       | $           | 16,620,657 |        | $          | 680,616    |       | $ | 8,179,826 |   |
| Change in unrealized                                                              |       | 2,030,261   |       | 1,837,104   |       | (700,154   | )          |
|                                                                              |       |        |       |        |       |       |       |
| Total trading profits                                                             |       | 18,650,918  |       | 2,517,720   |       | 7,479,672  |       |
|                                                                              |       |        |       |        |       |       |       |
| **INVESTMENT  INCOME:**                                                           | ** ** | ** **  | ** ** | ** **  | ** ** | ** ** | ** ** |
| Interest income                                                                   |       | 12,178,428  |       | 8,910,897   |       | 1,297,826  |       |
|                                                                              |       |        |       |        |       |       |       |
| **EXPENSES:**                                                                     | ** ** | ** **  | ** ** | ** **  | ** ** | ** ** | ** ** |
| Brokerage commissions                                                             |       | 17,712,085  |       | 17,973,653  |       | 5,725,678  |       |
| Profit Shares                                                                     |       | 2,783,961   |       | 1,266,141   |       | 1,581,140  |       |
| Administrative fees                                                               |       | 615,580     |       | 622,238     |       | 205,144    |       |
|                                                                              |       |        |       |        |       |       |       |
| Total expenses                                                                    |       | 21,111,626  |       | 19,862,032  |       | 7,511,962  |       |
|                                                                              |       |        |       |        |       |       |       |
| **NET  INVESTMENT LOSS**                                                          |       | (8,933,198  | )          | (10,951,135 | )          | (6,214,136 | )          |
|                                                                              |       |        |       |        |       |       |       |
| **NET  INCOME (LOSS)**                                                            |       | $           | 9,717,720  |        | $          | (8,433,415 | )          | $ | 1,265,536 |   |
|                                                                              |       |        |       |        |       |       |       |
| **NET  INCOME (LOSS) PER UNIT:**                                                  | ** ** | ** **  | ** ** | ** **  | ** ** | ** ** | ** ** |
|                                                                              |       |        |       |        |       |       |       |
| Weighted average  number of General Partner and Limited Partner Units outstanding |       |        |       |        |       |       |       |
| Series A                                                                          |       | 156,950,282 |       | 158,164,103 |       | 41,739,953 |       |
| Series F                                                                          |       | 166,816     |       | 186,537     |       | 199,814    |       |
| Series I                                                                          |       | 8,339,614   |       | 8,007,483   |       | 970,488    |       |
|                                                                              |       |        |       |        |       |       |       |
| Net income (loss) per weighted average General Partner  and Limited Partner Unit* |       |        |       |        |       |       |       |
| Series A                                                                          |       | $           | 0.0380     |        | $          | (0.0268    | )          | $ | 0.0413 |   |
| Series F                                                                          |       | $           | 9.38       |        | $          | (8.65      | )          | $ | (3.12 | ) |
| Series I                                                                          |       | $           | 0.0547     |        | $          | (0.0061    | )          | $ | 0.1689 |   |

 

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*Calculation ofnet income (loss) per weighted average General Partner and Limited Partner Unitexcludes net income (loss) allocated to non-unitized interests for the yearsended December 31, 2006 and 2005.

 

See notes tofinancial statements.

3

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BLACKROCK GLOBALHORIZONS I L.P.

(A Delaware LimitedPartnership)

STATEMENTS OFCHANGES IN PARTNERS’ CAPITALFOR THE YEARS ENDED DECEMBER 31, 2006, 2005 AND 2004
| ** **                                 | ** ** | ** **  | ** ** | **General** | ** ** | **Limited Partners** | ** ** | ** **       | ** ** |
|--------------------------------------------|------------|-------------|------------|-------------|------------|---------------------------|------------|------------------|------------|
| ** **                                 | ** ** | **Units**   | ** ** | **Partner** | ** ** | **Unitized**              | ** ** | **Non-unitized** | ** ** | **Total** | ** ** |
| PARTNERS’  CAPITAL, DECEMBER 31, 2003 |       | 208,714     |       | $           | 496,775    |                      | $          | 48,158,497       |       | $ | — |   | $ | 48,655,272 |   |
|                                       |       |        |       |        |       |                      |       |             |       |   |   |
| Additions                                  |       | 109,835,116 |       | 698,374     |       | 102,941,546               |       | —           |       | 103,639,920 |   |
|                                       |       |        |       |        |       |                      |       |             |       |   |   |
| Net income                                 |       | —      |       | 20,321      |       | 1,245,215                 |       | —           |       | 1,265,536 |   |
|                                       |       |        |       |        |       |                      |       |             |       |   |   |
| Redemptions                                |       | (574,774    | )          | —      |       | (4,210,356                | )          | —           |       | (4,210,356 |   |
|                                       |       |        |       |        |       |                      |       |             |       |   |   |
| PARTNERS’  CAPITAL, DECEMBER 31, 2004 |       | 109,469,056 |       | 1,215,470   |       | 148,134,902               |       | —           |       | 149,350,372 |   |
|                                       |       |        |       |        |       |                      |       |             |       |   |   |
| Additions                                  |       | 92,064,612  |       | 1,153,893   |       | 84,724,425                |       | 97,084,491       |       | 182,962,809 |   |
|                                       |       |        |       |        |       |                      |       |             |       |   |   |
| Net loss                                   |       | —      |       | (30,294     | )          | (5,865,971                | )          | (2,537,150       | )          | (8,433,415 |   |
|                                       |       |        |       |        |       |                      |       |             |       |   |   |
| Redemptions                                |       | (24,019,075 | )          | (41,578     | )          | (25,243,040               | )          | (30,009,281      | )          | (55,293,899 |   |
|                                       |       |        |       |        |       |                      |       |             |       |   |   |
| 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 |   |

 

See notes to financialstatements.

4

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BLACKROCK GLOBAL HORIZONSI L.P.(A Delaware Limited Partnership)

FINANCIAL DATAHIGHLIGHTSFOR THE YEAR ENDED DECEMBER 31, 2006

The following per Unitdata and ratios have been derived from information provided in the financialstatements.
| **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 financialstatements.

5

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BLACKROCK GLOBAL HORIZONS I L.P.(A Delaware Limited Partnership)

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 and commencedtrading activities on January 4, 1994. The Partnership engages in the speculative trading of futures, optionson futures and forward contracts on a wide range of commodities.  The Partnership issues Units of limitedpartnership interest (“Units”) at Net Asset Value as of the beginning of eachmonth.

On September 29, 2006, the Partnership’s General Partner became BlackRockInvestment Management, LLC (“BlackRock”), a wholly owned subsidiary ofBlackRock, Inc.  The former GeneralPartner was Merrill Lynch Alternative Investments (“MLAI”).  Prior to 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, 2006Merrill Lynch and BlackRock, Inc. merged the asset management businesses ofMLIM and BlackRock, Inc. to create a new combined asset management company.Merrill Lynch retained significant ownership interest in the combinedcompany.  This resulted in BlackRockbecoming the General Partner of the Partnership.  Inaddition, the Partnership’s name was changed from Global Horizons I L.P. to BlackRock Global Horizons I L.P.   No changes have occurred to the Partnership’sinvestment objective or to the Partnership’s structure as a result of thesechanges.  All references in the notes tofinancial statements to “BlackRock” are to MLAI prior to September 29, 2006.

# 2.               SUMMARYOF SIGNIFICANT ACCOUNTING POLICIES

Revenue Recognition

Commodity futures, options on futures and forwardcontract transactions are recorded on trade date and open contracts arereflected in Net unrealized profit on open contracts in the Statements ofFinancial Condition as the difference between the original contract value andthe market value (for those commodity interests for which market quotations arereadily available).  The change inunrealized profit on open contracts from one period to the next is reflected inChange in unrealized in the Statements of Operations.

Foreign Currency Transactions

The Partnership’sfunctional currency is the U.S. dollar; however, it transacts business incurrencies other than the U.S. dollar. Assets and liabilities denominated in currencies other than the U.S.dollar are translated into U.S. dollars at the rates in effect at the dates ofthe Statements of Financial Condition. Income and expense items denominated in currencies other than the U.S.dollar are translated into U.S. dollars at the rates in effect during theperiod.  Gains and losses resulting fromthe translation to U.S. dollars are reported in Realized in the Statements ofOperations.

6

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Cash at Broker

A portion of the assets maintained at Merrill Lynch,Pierce, Fenner & Smith (“MLPF&S”) is restricted to meet maintenancemargin requirements.  Typically, marginrequirements range from 1% to 10% of the face value of the derivatives traded.

Operating Expenses, Ongoing Offering Costs and SellingCommissions 

BlackRock pays for all routine operating costs(including legal, accounting, printing, postage and similar administrativeexpenses) of the Partnership, including the costs, if any, of the ongoingoffering of the Units.  BlackRockreceives an administrative fee as well as a portion of the brokeragecommissions paid to MLPF&S by the Partnership.

No selling commissions have been or are paid directlyby Limited Partners.  All sellingcommissions are paid by BlackRock.

Income Taxes

No provision for income taxes has been made in thesefinancial statements as each Partner is individually responsible for reportingincome or loss based on such Partner’s respective share of the Partnership’sincome and expenses as reported for income tax purposes.

Distributions

The Limited Partners are entitled to receive, equallyper Unit, any distributions which may be made by the Partnership.  No such distributions have been declared forthe years ended December 31, 2006, 2005 or 2004.

Subscriptions

Units are offered as of the close of business at theend of each month.  Units are purchasedas of the first business day of any month at Net Asset Value, but thesubscription request must be submitted at least ten calendar days before theend of the preceding month. Subscriptions submitted less than ten days before the end of a monthwill be applied to Unit subscriptions as of the beginning of the second monthafter receipt, unless revoked by BlackRock.

Redemptions

A Limited Partner may redeem some or all of suchPartner’s Units at Net Asset Value as of the close of business on the last businessday of any calendar month upon ten calendar days’ notice.  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. The amount of the fees received for the Partnership for the years endedDecember 31, 2006, 2005 and 2004 are $148,579, $110,785 and $19,403,respectively.

Dissolution of thePartnership

The Partnership will terminate on December 31, 2023 orat an earlier date if certain conditions occur, as well as under certain othercircumstances as set forth in the Limited Partnership Agreement of thePartnership.

7

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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

The preparation of financial statements in conformitywith accounting principles generally accepted in the United States of Americarequires management to make estimates and assumptions that affect the reportedamounts of assets and liabilities and disclosure of contingent assets andliabilities at the date of the financial statements as well as the reportedamounts of revenues and expenses during the reporting period.  Actual results could differ from thoseestimates.

8

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3.               CONDENSEDSCHEDULES OF INVESTMENTS

The Partnership’s investments, defined as Netunrealized profit on open contracts on the Statements of Financial Condition,as of December 31, 2006, and 2005, are as follows:

2006

 
| ** **               | ** ** | ** **            | ** ** | **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              |       | 1,364                 |       | $                       | 636,526    |                | 0.28       | %                     | (850       | )                        | $          | (256,219            | )          | -0.11                          | %          | $                   | 380,307    |                     | 0.17       | % | January  07 - December 07 |   |
| Currencies               |       | 1,880,992             |       | 285,179                 |       | 0.13                | %          | (6,920,247            | )          | 1,343,481                |       | 0.59                | %          | 1,628,660                      |       | 0.72                | %          | January  07 - March 07   |       |
| Energy                   |       | 36                    |       | (76,888                 | )          | -0.03               | %          | (681                  | )          | 1,515,133                |       | 0.67                | %          | 1,438,245                      |       | 0.64                | %          | January  07 - June 07    |       |
| Interest rates           |       | 2,458                 |       | (1,428,245              | )          | -0.63               | %          | (6,443                | )          | 2,574,900                |       | 1.13                | %          | 1,146,655                      |       | 0.50                | %          | March  07 - September 08 |       |
| Metals                   |       | 365                   |       | 387,404                 |       | 0.17                | %          | (162                  | )          | 277,391                  |       | 0.12                | %          | 664,795                        |       | 0.29                | %          | January  07 - April 07   |       |
| Stock indices            |       | 2,146                 |       | 1,751,496               |       | 0.77                | %          | (32                   | )          | 6,413                    |       | 0.00                | %          | 1,757,909                      |       | 0.77                | %          | January  07 - March 07   |       |
|                     |       |                  |       |                    |       |                |       |                  |       |                     |       |                |       |                           |       |                |       |                     |       |
| Total                    |       |                  |       | $                       | 1,555,472  |                | 0.69       | %                     |       |                     | $          | 5,461,099           |       | 2.40                           | %          | $                   | 7,016,571  |                     | 3.09       | % |   |   |

 

2005

 
| ** **               | ** ** | ** **            | ** ** | **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              |       | 1,762                 |       | $                       | 2,241,726  |                | 0.83       | %                     | (1,675     | )                        | $          | (946,375            | )          | -0.35                          | %          | $                   | 1,295,351  |                      | 0.48       | % | January  06 - December 07 |   |
| Currencies               |       | 1,693,056             |       | (834,923                | )          | -0.31               | %          | (3,494,929            | )          | 1,560,017                |       | 0.58                | %          | 725,094                        |       | 0.27                | %          | January  06 - December 06 |       |
| Energy                   |       | 58                    |       | (40,250                 | )          | -0.01               | %          | (142                  | )          | (209,978                 | )          | -0.08               | %          | (250,228                       | )          | -0.09               | %          | January  06 - March 06    |       |
| Interest rates           |       | 4,464                 |       | 760,732                 |       | 0.28                | %          | (7,621                | )          | (869,250                 | )          | -0.32               | %          | (108,518                       | )          | -0.04               | %          | January  06 - December 07 |       |
| Metals                   |       | 1,315                 |       | 4,529,763               |       | 1.69                | %          | (358                  | )          | (1,407,519               | )          | -0.51               | %          | 3,122,244                      |       | 1.18                | %          | January  06 - April 06    |       |
| Stock indices            |       | 1,339                 |       | 209,188                 |       | 0.08                | %          | (239                  | )          | (6,821                   | )          | 0.00                | %          | 202,367                        |       | 0.08                | %          | January  06 - March 06    |       |
|                     |       |                  |       |                    |       |                |       |                  |       |                     |       |                |       |                           |       |                |       |                      |       |
| Total                    |       |                  |       | $                       | 6,866,236  |                | 2.56       | %                     |       |                     | $          | (1,879,926          | )          | -0.68                          | %          | $                   | 4,986,310  |                      | 1.88       | % |   |   |

 

No individual contract’sunrealized gain or loss comprised greater than 5% of the Partnership’s capitalas of December 31, 2006 or 2005.

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4.               COMBINATION OFMANAGED FUTURES FUNDS

Effective afterthe close of business on December 31, 2006, two other managed futures funds(BlackRock Futures Investments L.P. and BlackRock Principal Protection L.P.)that were invested in the non-unitized Series of the Partnership 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 Asset Valueper Unit of $1.00 equal to their December 31, 2006 Net Asset Value.   Issuance of the new Units had no adverseeconomic effect on investors in any of the funds.  BlackRock contributed $2,788 to thePartnership, the amount necessary due to the effects of rounding to insure allinvestors received Units equal to the value of their original holdings (roundedup to the next whole dollar).   The netassets of the Partnership as of December 31, 2006 were not affected by thistransaction.

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

**ThePartnership’s U.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 held inU.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.**

Merrill Lynch charges the Partnership Merrill Lynch’scost of financing realized and unrealized losses on the Partnership’s non-U.S.dollar denominated positions.  Suchamounts are netted against interest income due to the insignificance of suchamounts.

As of February 1, 2004, the Partnership was madeavailable for new investment.  Series Aand F Units pay brokerage commissions to MLPF&S at a flat monthly rate of..583 of 1% (a 7.00% annual rate) of the Series’ month-end trading assets.Series I pays brokerage commissions to MLPF&S at a flat monthly rate of..333 of 1% (a 4.00% annual rate) of the Series’ month-end trading assets. ThePartnership pays BlackRock a monthly administrative fee of .021 of 1% (a 0.25%annual rate) of the Partnership’s month-end trading assets.  Month-end trading assets are not reduced, forpurposes of calculating brokerage commissions and administrative fees, by anyaccrued brokerage commissions, administrative fees, Profit Shares or other feesor charges.  Prior to February 1, 2004the brokerage commissions on Series F was a monthly rate of .604 of 1% (a 7.25%annual rate).  Brokerage commissions forthe non-unitized Series range from .604 of 1% (a 7.25% annual rate) to .729 of1% (a 8.75% annual rate).

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BlackRock estimates that the round-turn equivalentcommission rate charged to the Partnership by MLPF&S during the years endedDecember 31, 2006, 2005 and 2004 was approximately $47, $39 and $90,respectively (not including, in calculating round-turn equivalents, forwardcontracts on a futures-equivalent basis).

MLPF&S pays the trading advisors (“Advisors”)annual consulting fees ranging up to 2.50% of the Partnership’s averagemonth-end assets allocated to them for management, after reduction for aportion of the brokerage commissions accrued with respect to such assets.

6.               ADVISORY AGREEMENTS

The Partnership and the Advisors have each enteredinto Advisory Agreements.  These AdvisoryAgreements generally renew one year after they are entered into, subject tocertain renewal rights exercisable by the Partnership. The Advisors determinethe commodity futures, options on futures and forward contract trades to bemade on behalf of their respective Partnership accounts, subject to certaintrading policies and to certain rights reserved by BlackRock.  The terms of the Advisory Agreements have notchanged as a result of the change in the General Partner of the Partnership.

Profit Shares, generally ranging from 17% to 25% ofany New Trading Profit, as defined, recognized by each Advisor consideredindividually, irrespective of the overall performance of the Partnership, as ofeither the end of each calendar quarter or year and upon the net reallocationof assets away from an Advisor, are paid by the Partnership to eachAdvisor.  Profit Shares are also paid outin respect of Units redeemed as of the end of interim months, to the extent ofthe applicable percentage of any New Trading Profit attributable to such Units.

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, 2006, 2005 and 2004 equalsthe Units outstanding as of such date, adjusted proportionately for Units soldand redeemed based on the respective length of time each was outstanding duringthe year.

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8.               UNITIZED ANDNON-UNITIZED SERIES

At December 31, 2006 and 2005, the Net Asset Values of the differentunitized Series and the non-unitized Series of the Partnership are as follows:

December 31, 2006

 
|                                           | ** ** | ** **         | ** **  | ** **         | ** **  | **Net Asset** | ** ** |
|-------------------------------------------|------------|--------------------|-------------|--------------------|-------------|--------------------|------------|
| ** **                                | ** ** | **Net Asset** | ** **  | **Number of** | ** **  | **Value per** | ** ** |
| ** **                                | ** ** | **Value**          | ** **  | **Units**          | ** **  | **Unit**           | ** ** |
|                                      |       |               |        |               |        |               |       |
| Unitized Series                           |       |               |        |               |        |               |       |
| Series A                                  |       | $                  | 134,723,235 |               | 139,974,357 |               | $          | 0.9625 |   |
| Series F                                  |       | 35,134,942         |        | 152,114            |        | $                  | 230.98     |   |
| Series I                                  |       | 4,718,542          |        | 4,713,744          |        | $                  | 1.0010     |   |
|                                      |       | $                  | 174,576,719 |               | 144,840,215 |               |       |   |
| Non-unitized  Series                      |       |               |        |               |        |               |       |
|                                      |       |               |        |               |        |               |       |
| BlackRock  Futures Investments L.P.       |       | $                  | 35,888,599  |               |        |               |       |   |
| BlackRock  Principal Protection L.P.      |       | 8,611,724          |        |               |        |               |       |
| BlackRock  Principal Protection Plus Ltd. |       | 8,272,303          |        |               |        |               |       |
|                                      |       | $                  | 52,772,626  |               |        |               |       |   |
|                                      |       |               |        |               |        |               |       |
| Total partners’  capital             |       | $                  | 227,349,345 |               |        |               |       |   |

 

December 31, 2005

 
|                                    | ** ** | ** **         | ** **  | ** **         | ** **  | **Net Asset** | ** ** |
|------------------------------------|------------|--------------------|-------------|--------------------|-------------|--------------------|------------|
| ** **                         | ** ** | **Net Asset** | ** **  | **Number of** | ** **  | **Value per** | ** ** |
| ** **                         | ** ** | **Value**          | ** **  | **Units**          | ** **  | **Unit**           | ** ** |
|                               |       |               |        |               |        |               |       |
| Unitized Series                    |       |               |        |               |        |               |       |
| Series A                           |       | $                  | 156,419,239 |               | 168,843,481 |               | $          | 0.9264 |   |
| Series F                           |       | 39,658,470         |        | 178,795            |        | $                  | 221.81     |   |
| Series I                           |       | 7,970,098          |        | 8,492,317          |        | $                  | 0.9385     |   |
|                               |       | $                  | 204,047,807 |               | 177,514,593 |               |       |   |
|                               |       |               |        |               |        |               |       |
| Non-unitized  Series               |       |               |        |               |        |               |       |
|                               |       |               |        |               |        |               |       |
| ML Futures  Investments L.P.       |       | $                  | 39,887,435  |               |        |               |       |   |
| ML Principal  Protection L.P.      |       | 10,232,424         |        |               |        |               |       |
| ML Principal  Protection Plus Ltd. |       | 14,418,201         |        |               |        |               |       |
|                               |       | $                  | 64,538,060  |               |        |               |       |   |
|                               |       |               |        |               |        |               |       |
| Total partners’  capital      |       | $                  | 268,585,867 |               |        |               |       |   |

 

Effective January 1,2005, three funds listed above (the “Feeder Funds”) in which BlackRock isGeneral Partner or sponsor, invested their net assets in the non-unitizedSeries of the Partnership.  The FeederFunds are all closed to new investment and are segregated from othersubscriptions as the non-unitized series. At the point of contribution, the total investment by the Feeder Fundswas $97,084,491.

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BlackRock hasagreed to maintain a General Partner’s interest of at least 1% of the totalcapital of the unitized Series in the Partnership.  BlackRock and each Limited Partner share inthe profits and losses of the Partnership in proportion to their respectiveinterests in the Partnership.

On June 1, 2006, an investor in Series A converted1,040,907 Units to 1,016,081 Units of Series I, both valued at $1,022,483resulting in the net conversion of 24,826 Units.  The conversion did not impact the Net AssetValue of the Partnership as a whole.

9.               COPPER SETTLEMENT

The Partnership, as a member ofa class of plaintiffs, received a settlement payment in February 2005 relatingto certain copper trades made by a number of investors, including thePartnership, during a period in the mid-1990s. Members of the class were thosewho purchased or sold Comex copper futures or options contracts between June24, 1993 and June 15, 1996.  The amountof the settlement for the Partnership included in Realized under Tradingprofits (losses) on the Statements of Operations for the years ended December31, 2006 and 2005 is $42,374 and $27,888, respectively.

10.         FAIR VALUE AND OFF-BALANCESHEET RISK

The nature of thisPartnership has certain risks, which cannot all be presented on the financialstatements.  The following summarizessome of those risks.

Market Risk

Derivative instruments involve varying degrees ofoff-balance sheet market risk.  Changesin the level or volatility of interest rates, foreign currency exchange ratesor the market values of the financial instruments or commodities underlyingsuch derivative instruments frequently result in changes in the Partnership’sNet unrealized profit (loss) on such derivative instruments as reflected in theStatements of Financial Condition.  ThePartnership’s exposure to market risk is influenced by a number of factors,including the relationships among the derivative instruments held by thePartnership as well as the volatility and liquidity of the markets in which thederivative instruments are traded. Investments in foreign markets may also entail legal and politicalrisks.

BlackRock has procedures in place intended to controlmarket risk exposure, although there can be no assurance that they will, infact, succeed in doing so.  These proceduresfocus primarily on monitoring the trading of the Advisors, calculating the NetAsset Value of the Partnership as of the close of business on each day andreviewing outstanding positions, or itself reallocating Partnership assetsamong Advisors (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 Advisors to reallocate positions in anattempt to avoid over-concentrations. Except in cases in which it appears that the Advisors have begun todeviate from past practice or trading policies or to be trading erratically,BlackRock’s basic risk control procedures consist simply of the ongoing processof Advisor monitoring, with the market risk controls being applied by theAdvisors themselves.

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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 (but notuniversally) provide clearinghouse arrangements in which the collective credit(in some cases limited in amount, in some cases not) of the members of theexchange is pledged to support the financial integrity of the exchange. Inover-the-counter transactions, on the other hand, traders must rely solely onthe credit of their respective individual counterparties. Margins, which may besubject to loss in the event of a default, are generally required in exchangetrading, and counterparties may also require margin in the over-the-countermarkets.

The credit risk associated with these instruments fromcounterparty nonperformance is the Net unrealized profit, if any, included inthe Statements of Financial Condition. The Partnership attempts to mitigatethis risk by dealing exclusively with Merrill Lynch entities as clearingbrokers.

The Partnership, in its normal course of business,enters into various contracts, with MLPF&S acting as its commodity broker.Pursuant to the brokerage agreement with MLPF&S (which includes a nettingarrangement), to the extent that such trading results in receivables from andpayables to MLPF&S, these receivables and payables are offset and reportedas a net receivable or payable and included in the Statements of FinancialCondition under Equity in commodity futures trading accounts.

11.         RECENT ACCOUNTINGPRONOUNCEMENTS

In July 2006, the FinancialAccounting Standards Board (“FASB”) issued Interpretation No. 48 (“FIN 48”)entitled “Accounting for Uncertainty in Income Taxes — an interpretation ofFASB Statement No. 109”. FIN 48 prescribes the minimum recognition threshold atax position must meet in connection with accounting for uncertainties inincome tax positions taken or expected to be taken by an entity before beingmeasured and recognized in the financial statements. Adoption of FIN 48 isrequired for fiscal years beginning after December 15, 2006. The impact on thePartnership financial statements, if any, is currently being assessed.

In September 2006, the SECstaff  issued Staff Accounting BulletinNo. 108,**“Considering the Effects of Prior Year Misstatements when QuantifyingMisstatements in Current Year Financial Statements” (“SAB 108”). Whilenot an official rule or interpretation of the SEC, SAB 108 was issued toaddress the diversity in practice in quantifying misstatements from prior yearsand assessing their effect on current year financial statements. SAB 108 iseffective for the first annual period ending after November 15, 2006, withearly application encouraged. The Partnership has assessed the impact of SAB108 on its financial statements and does not expect the impact of adoption tobe material to its financial statements.

In September 2006, the FASBissued Statement of Financial Accounting Standards No. 157, “Fair ValueMeasurements” (“FAS 157”).  FAS 157 establishes a common definition forfair value under accounting principles generally accepted in the United Statesof America, establishes a framework for measuring fair value and expandsdisclosure requirements about such fair value measurements.  FAS 157 iseffective for fiscal years beginning after November 15, 2007.  ThePartnership is currently evaluating the impact of adopting FAS 157 on itsfinancial statements.

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12.         SUBSEQUENT EVENT

As of January 1,2007 the Transfer Agent of the Partnership was changed to PFPC Inc., anaffiliate of the General Partner of the Fund.

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

To the best of theknowledge and belief of theundersigned, the information contained in thisreport is accurate and complete.

 

Michael PungelloChief Financial Officerof BlackRock Global Horizons I L.P.andManaging DirectorBlackRock Investment Management, LLCGeneral Partner ofBlackRock Global Horizons I L.P

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