** **

**UNITEDSTATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

 

**FORM 10-K**

 

| x      | **Annual Report Pursuant to Section 13 or  15(d) of the Securities Exchange Act of 1934**          |
|--------|---------------------------------------------------------------------------------------------------------|
|   | ** **                                                                                              |
|   | ** **                                                                                              | **For the fiscal year ended: December 31,  2007** | ** ** |
|   | ** **                                                                                              |
|   | ** **                                                                                              | **or** | ** ** |
|   | ** **                                                                                              |
| o      | **Transition Report Pursuant to Section 13 or  15(d) of the Securities Exchange Act of 1934** |

 

**Commission file number: 0-23240**

 

**BLACKROCK GLOBAL HORIZONS I L.P.**

(Exact name of registrant as specified in its charter)

 

| **Delaware**                    | ** ** | **13-3716393**      |
|---------------------------------|------------|---------------------|
| (State or other jurisdiction of |       | (I.R.S. Employer    |
| incorporation or organization)  |       | Identification No.) |

 

**c/o BlackRock InvestmentManagement LLC**

**55 East 52nd Street**

### ***New York, New York 10055***

(Address of principalexecutive offices)

 

Registrant’s telephonenumber, including area code:  **(609) 282-6996**

 

**Securities registered pursuant to Section 12(b) ofthe Act:**  None

 

**Securities registered pursuant to Section 12(g) ofthe Act:**  Limited Partnership Units

 

Indicate by checkmark whether registrant is a well-known seasoned issuer as defined by Rule 405of the Securities Act.

 
|   | Yes o   No x |   |
|--------|---------------------------------------|--------|

 

Indicate by checkmark whether registrant is not required to file reports pursuant to Section 13or 15(d) of the Act.

 
|   | Yes o   No x |   |
|--------|---------------------------------------|--------|

 

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

 
|   | Yes x   No o |   |
|--------|---------------------------------------|--------|

 

Indicate by check mark if disclosure of delinquent filers pursuant toItem 405 of Regulation S-K is not contained herein, and will not be contained,to the best of registrant’s knowledge, in definitive proxy or informationstatements incorporated by reference in Part III of this Form 10-K orany amendment to this Form 10-K.    x

 

Indicate by check markwhether the registrant is a large accelerated filer, an accelerated filer, or anon-accelerated filer.  See definition of“accelerated filer and large accelerated filer” in Rule 12b-2 of theExchange Act. Check one:

 
| Large accelerated filer o | Accelerated filer o | Non-accelerated filer x                   | Smaller reporting company o |
|--------------------------------|--------------------------|------------------------------------------------|----------------------------------|
|                           |                     | (Do not check if a smaller  reporting company) |                             |

 

Indicate by check markwhether registrant is a shell company (as defined by Rule 12b-2 of theExchange Act).

 
|   | Yes o   No x |   |
|--------|---------------------------------------|--------|

 

The limited partnershipunits of the registrant are not publicly traded. Accordingly, there is noaggregate market value for the registrant’s outstanding equity that is readilydeterminable.

 

As of February 1,2008, limited partnership units with an aggregate value of $166,266,507 wereoutstanding.

 

**Documents Incorporated by Reference**

 

The registrant’s2007 Annual Report and Report of Independent Registered Public Accounting Firm,and the annual report to security holders for the fiscal year ended December 31,2007 is incorporated by reference into Part II, Item 8 and Part IVhereof and filed as an Exhibit herewith. Copies of the annual report are available free of charge by contactingMichael Pungello at 609-282-6996.

 

 

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**BLACKROCK GLOBAL HORIZONS I L.P.**

 

ANNUAL REPORT FOR 2007 ONFORM 10-K

 

Table of Contents

 
| ** ** | PART I                                                                                                           | **PAGE** |
|------------|-----------------------------------------------------------------------------------------------------------------------|----------|
|       |                                                                                                                  |     |
| Item 1.    | Business                                                                                                              | 1        |
|       |                                                                                                                  |     |
| Item 1A.   | Risk factors                                                                                                          | 6        |
|       |                                                                                                                  |     |
| Item 2.    | Properties                                                                                                            | 12       |
|       |                                                                                                                  |     |
| Item 3.    | Legal Proceedings                                                                                                     | 12       |
|       |                                                                                                                  |     |
| Item 4.    | Submission  of Matters to a Vote of Security Holders                                                                  | 12       |
|       |                                                                                                                  |     |
|       | PART II                                                                                                          |     |
|       |                                                                                                                  |     |
| Item 5.    | Market for  Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases  of   Equity Securities | 13       |
|       |                                                                                                                  |     |
| Item 6.    | Selected Financial  Data                                                                                              | 16       |
|       |                                                                                                                  |     |
| Item 7.    | Management’s  Discussion and Analysis of Financial Condition and Results of Operations                           | 18       |
|       |                                                                                                                  |     |
| Item 7A.   | Quantitative  and Qualitative Disclosures about Market Risk                                                           | 25       |
|       |                                                                                                                  |     |
| Item 8.    | Financial  Statements and Supplementary Data                                                                          | 31       |
|       |                                                                                                                  |     |
| Item 9.    | Changes in  and Disagreements with Accountants on Accounting and Financial Disclosure                                 | 32       |
|       |                                                                                                                  |     |
| Item 9A.   | Controls and  Procedures                                                                                              | 32       |
|       |                                                                                                                  |     |
| Item 9B.   | Other Information                                                                                                     | 32       |
|       |                                                                                                                  |     |
|       | PART III                                                                                                         |     |
|       |                                                                                                                  |     |
| Item 10.   | Directors  and Executive Officers of the Registrant                                                                   | 33       |
|       |                                                                                                                  |     |
| Item 11.   | Executive  Compensation                                                                                               | 34       |
|       |                                                                                                                  |     |
| Item 12.   | Security  Ownership of Certain Beneficial Owners and Management and Related Stockholder  Matters                      | 35       |
|       |                                                                                                                  |     |
| Item 13.   | Certain  Relationships and Related Transactions                                                                       | 35       |
|       |                                                                                                                  |     |
| Item 14.   | Principal  Accountant Fees and Services                                                                               | 36       |
|       |                                                                                                                  |     |
|       | PART IV                                                                                                          |     |
|       |                                                                                                                  |     |
| Item 15.   | Exhibits and  Financial Statement Schedules                                                                           | 37       |

 

 

 

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**PART I**

 

**Item 1:   Business**

 

(a)                                  General Development of Business:

 

BlackRock Global Horizons I L.P. (the  “Partnership”) was organized under theDelaware Revised Uniform Limited Partnership Act on May 11, 1993 and begantrading operations on January 4, 1994. The Partnership trades in the international futures and forward marketsunder the direction of multiple independent professional advisors (the “TradingAdvisors”) applying proprietary strategies. The Partnership’s objective is toachieve, through speculative trading, substantial capital appreciation overtime.

 

(b)                                 Amendments to Charter Documents/NameChange:

 

On September 29, 2006, the Partnership’s generalpartner became BlackRock Investment Management, LLC (the “General Partner” or “BRIM”),a wholly owned subsidiary of BlackRock, Inc. (“BlackRock”). The formergeneral partner 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 29,2006 Merrill Lynch and BlackRock merged the asset management businesses of MLIMand BlackRock to create a new combined asset management company. Merrill Lynchretained significant ownership interest in the combined company.  This resulted in BRIM becoming the GeneralPartner.  In addition, the Partnership’sname was changed from Global Horizons I L.P. to BlackRock Global Horizons IL.P.  Previously, on January 15,2005, the Partnership changed its name from ML Global Horizons L.P. to GlobalHorizons I L.P.  No changes have occurredto the Partnership’s investment objective or to the Partnership’s structure asa result of these changes.  Allreferences in the notes to financial statements to “BlackRock” are to MLAIprior to September 29, 2006.

 

When the Partnership is offering its units of limitedpartnership interest (“Units”), it receives and processes subscriptions on acontinuous basis throughout each month. Investors whose subscriptions are accepted during a month are admittedto the Partnership as limited partners (each a “Limited Partner”) as of thebeginning of the immediately following month, acquiring Units at the net assetvalue (“Net Asset Value”) per Unit as of the date of admission.  Investors’ customer securities accounts aredebited in the amount of their subscriptions on a single monthly settlementdate within approximately ten calendar days of the issuance of the Units.

 

As of February 1,2004, the Partnership privately offered two new series of units of Units, Series Aand Series I.  The continuing unitswere renamed Series F.  As of January 2,2005, the Partnership created three “non-unitized” series of Units.  These series were invested in by otherinvestment partnerships which BRIM served as the general partner.

 

 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 AssetValue.   Issuance of the new Units had noadverse economic effect on investors in the Partnership or either of the mergedfunds.

 

Prior to September 1, 2007, the Partnership’s operating expenseswere paid by the General Partner. Effective September 1, 2007, the Partnership revised its expensestructure and the Partnership began paying its own operating expenses.

 

As of December 31, 2007, BlackRock began the formal liquidation ofPrincipal Protection Ltd., the last remaining “non-unitized series” investor inthe Partnership.

 

As of December 31, 2007, the capitalization ofthe Partnership was $163,727,870, and the Net Asset Value per Series F(the initial Series of Units), originally $100 as of January 4, 1994,had risen to $236.19.

 

Through December 31, 2007, the highest month-endNet Asset Value of Series F Units was $245.80 (February 29, 2004) andthe lowest was $97.36 (February 28, 1994).

 

 

1

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(c)                                  Financial Information about Segments:

 

The Partnership’s business constitutes only onesegment for financial reporting purposes, i.e*.,*a speculative “commodity pool”. The Partnership does not engage in sales ofgoods or services.  See Item 15 — “Exhibitsand Financial Statement Schedules”.

 

(d)                                 Narrative Description of Business:

 

***General***

 

The Partnership trades in the international futures,options on futures and forward markets with the objective of achievingsubstantial capital appreciation over time.

 

The Partnership’s assets are allocated and reallocatedby BRIM to Trading Advisors who apply proprietary trading strategies innumerous markets.

 

BRIM may, from time to time, direct certain individualTrading Advisors to manage their respective Partnership accounts as if theywere managing more equity than the actual capital allocated to them.

 

One of the objectives of the Partnership is to providediversification for a limited portion of the risk segment of the LimitedPartners’ portfolios.  Commodity poolperformance has historically demonstrated a low degree of performancecorrelation with traditional stock and bond holdings.  Since it began trading, the Partnership’sreturns have been significantly non-correlated with the United States stock andbond markets.

 

***Use of Proceeds and Interest***

 

Subscription Proceeds.

BRIM pays from its own funds the selling commissionsrelating to the sale of the Units. Accordingly, 100% of the proceeds of Unit sales are received in cash bythe Partnership and available for use in its speculative trading.  In such trading, the Partnership’s assets areused as security for and to pay the Partnership’s trading losses, as well asany expenses and redemptions.  Theprimary use of the proceeds of the sale of the Units is to permit the TradingAdvisors to trade on a speculative basis in a wide range of different futures,forwards and options on futures markets on behalf of the Partnership.  While being used for this purpose, thePartnership’s assets are also generally available to earn interest, as morefully described below.  The most recentcontinuous offering of Units began effective February 1, 2004.

 

Market Sectors.

The Partnership trades in a diversified group ofmarkets under the direction of multiple independent Trading Advisors.  These Trading Advisors can, and do, from timeto time, materially alter the allocation of their overall trading commitmentsamong different market sectors.  There isno restriction on the commodity interests, that may be traded by any TradingAdvisor or the frequency with which a Trading Advisor may alter its marketsector allocations.

 

Market Types.

The Partnership trades on a variety of United Statesand foreign futures exchanges. Substantially all of the Partnership’soff-exchange trading takes place in the highly liquid, institutional spot andforward foreign exchange markets (the “FX Markets”) where there are no directexecution costs.  Instead, theparticipant banks and dealers in the FX Markets take a “spread” between theprices at which they are prepared to buy and sell a particular currency, andsuch spreads are built into the pricing of the spot or forward contracts tradedwith the Partnership.  In its exchange offutures for physical (“EFP”) trading, the Partnership acquires cash currencypositions through banks and dealers.  ThePartnership pays a spread when it exchanges these positions for futures.  This spread reflects, in part, the differentsettlement dates of the cash and the futures contracts, as well as prevailinginterest rates, but also includes a pricing spread in favor of the banks anddealers, which may include a Merrill Lynch entity.

 

As inthe case of its market sector allocations, the Partnership’s commitments todifferent types of markets — U.S. and non-U.S., regulated and nonregulated —differ substantially from time to time, as well as over time.

 

2

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Custody of Assets.

Substantially all of the Partnership’s assets arecurrently held in customer accounts at Merrill Lynch, Pierce, Fenner &Smith (“MLPF&S”), NewEdge Financial, Inc. (“NewEdge”(formerly known asCalyon Financial Inc.)) or PFPC Trust Company (“PFPC Trust”).  MLPF&S and PFPC Trust are affiliates ofthe General Partner.

 

Interest Paid on the Partnership’s U.S. Dollar andNon-U.S. Dollar Assets.

On assets held in U.S. dollars, MLPF&S credits thePartnership with interest at the prevailing 91-day U.S. Treasury billrate.   On assets held in U.S. dollars,NewEdge credits the Partnership with interest at 98% of the prevailing 91-dayU.S. Treasury bill rate.  The Partnershipis credited with interest on any of its assets and net gains actually held byMLPF&S or NewEdge in non-U.S. dollar currencies at a prevailing local ratereceived by MLPF&S or NewEdge. MLPF&S or NewEdge may derive certain economic benefit, in excess ofthe interest which MLPF&S or NewEdge pays to the Partnership, frompossession of such assets.

 

MLPF&S charges the Partnership MLPF&S’s costof financing realized and unrealized losses on the Partnership’s non-U.S.dollar denominated positions.

 

Assets held at PFPC Trust earn interest at moneymarket interest rates.

 

***Charges***

 

The following table summarizes the charges incurred bythe Partnership during 2007, 2006 and 2005.

 
| ** **                        | ** ** | **2007**   | ** ** | **2006**         | ** ** | **2005**   | ** ** |
|-----------------------------------|------------|------------|------------|------------------|------------|------------|------------|
| ** **                        | ** ** | ** ** | ** ** | **% of Average** | ** ** | ** ** | ** ** | **% of Average** | ** ** | ** ** | ** ** | **% of Average** | ** ** |
| ** **                        | ** ** | **Dollar** | ** ** | **Month-End**    | ** ** | **Dollar** | ** ** | **Month-End** | ** ** | **Dollar** | ** ** | **Month-End** | ** ** |
| **Charges**                       | ** ** | **Amount** | ** ** | **Net Assets**   | ** ** | **Amount** | ** ** | **Net Assets** | ** ** | **Amount** | ** ** | **Net Assets** | ** ** |
| Brokerage                         |       |       |       |             |       |       |       |   |   |   |   |   |   |
| Commissions                       |       | $          | 9,623,405  |             | 4.97       | %          | $          | 17,712,085 |   | 7.06 | % | $ | 17,973,653 |   | 6.65 | % |
| Profit Shares                     |       | 2,761,529  |       | 1.43             | %          | 2,783,961  |       | 1.11 | % | 1,266,141 |   | 0.47 | % |
| Distribution fees                 |       | 1,766,803  |       | 0.91             | %          | —     |       | — |   | — |   | — |   |
| Trading Advisor's management fees |       | 897,433    |       | 0.46             | %          | —     |       | — |   | — |   | — |   |
| Sponsor fees                      |       | 641,684    |       | 0.33             | %          | —     |       | — |   | — |   | — |   |
| Administrative Fees               |       | 344,493    |       | 0.18             | %          | 615,580    |       | 0.24 | % | 622,238 |   | 0.23 | % |
| Administrator fees                |       | 279,460    |       | 0.14             | %          | —     |       | — |   | — |   | — |   |
| Professional fees                 |       | 108,332    |       | 0.06             | %          | —     |       | — |   | — |   | — |   |
| Other                             |       | 86,153     |       | 0.04             | %          | —     |       | — |   | — |   | — |   |
| Total                             |       | $          | 16,509,292 |             | 8.52       | %          | $          | 21,111,626 |   | 8.41 | % | $ | 19,862,032 |   | 7.35 | % |

 

The foregoingtable does not reflect the bid-ask spreads paid by the Partnership on itsforward trading, or the benefits which may be derived  from the deposit of certain of thePartnership’s U.S. dollar available assets maintained at MLPF&S andNewEdge.

 

The Partnership’saverage month-end Net Assets during 2007, 2006 and 2005 equaled $193,436,908,$250,940,436, and $270,409,956 respectively.

 

During 2007, 2006and 2005, the Partnership earned $9,194,631, $12,178,428 and $8,910,897,respectively, in interest income, or approximately 4.75%, 4.85% and 3.30%,respectively, of the Partnership’s average month-end Net Assets.

 

3

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##### ** **

##### **Description ofCurrent Charges**

 
| **Recipient**        | ** ** | **Nature of Payment**                   | ** ** | **Amount of Payment**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|----------------------|------------|-----------------------------------------|------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| MLPF&S           |       | Clearing Costs / Brokerage  Commissions |       | Effective September 1, 2007, MLPF&S is paid  their actual commodity brokerage commissions and clearing fees at market  rates. Prior to September 1, 2007, the flat monthly brokerage commission  rate for Series F was 0.583 of 1% (a 7.00% annual rate), previously  reduced from .0604 of 1% (a 7.25% annual rate). Prior to September 1,  2007, Series A, G and I incurred brokerage commissions of 7.00%, 7.00%  and 4.00% per year, respectively. Brokerage commissions for the non-unitized  series ranged from 7.25% to 8.75%.

  During 2007, 2006 and 2005, the round-turn equivalent rate (each purchase and  sale or sale and purchase of a single futures contract) charged to the  Partnership was approximately $41, $47 and $39, respectively. |
|                 |       |                                    |       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| NewEdge              |       | Clearing Costs / Brokerage  Commissions |       | NewEdge is paid actual commodity clearing fees at  market rates.

  During 2007, the round-turn equivalent rate (each purchase and sale or sale  and purchase of a single futures contract) of the Partnership’s clearing  costs was $ 4.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|                 |       |                                    |       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| MLPF&S/NewEdge   |       | Use of Partnership assets               |       | MLPF&S and NewEdge may derive certain economic  benefit from the deposit of certain of the Partnership’s U.S. dollar assets  in accounts maintained at MLPF&S and NewEdge.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|                 |       |                                    |       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| BRIM                 |       | Sponsor/Administrative Fees             |       | Effective September 1, 2007 Series A, F  and G pay sponsor fees at an annual rate of 1.25% and Series I pays sponsor  fees at an annual rate of 1.00%. Prior to September 1, 2007, the  Partnership paid administrative fee at an annul rate of 0.025% of the  Partnership’s month-end Net Assets to BRIM and BRIM paid all of the  Partnership’s routine administrative costs.                                                                                                                                                                                                                                                                                                                                                                              |
|                 |       |                                    |       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| Other Counterparties |       | Bid—ask spreads                    |       | Bid—ask spreads on forward and related trades.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|                 |       |                                    |       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| BRIM                 |       | Distribution fees                       |       | Effective September 1, 2007, Series A, F  and G pay distribution fees of 3% of the Partnership’s average month-end  assets allocated to that Series, after reduction for the fees accrued with  respect to such assets. Series I does not pay distribution fees.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |

 

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| Trading Advisors |   | Profit Shares               |   | All Trading Advisors can receive quarterly or annual  Profit Shares ranging from 17% to 25% (depending on the Trading Advisor) of  any New Trading Profit achieved by their Partnership account. Profit Shares  are also paid upon redemption of Units and upon the net reallocation of  assets away from a Trading Advisor. New Trading Profit is calculated  separately in respect of each Trading Advisor, irrespective of the overall  performance of the Partnership. As a result, the Partnership may pay  substantial Profit Shares during periods when it is incurring significant  overall losses.                                                                                                                                                                                                                       |
|------------------|--------|-----------------------------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|             |   |                        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| Trading Advisors |   | Management/Consulting fees  |   | Effective September 1, 2007, each  Series pays fees based on a percentage-of-assets (“Management Fees”) to  the Trading Advisors up to 3.00% of that Series net assets allocated to  each individual Trading Advisor. Prior to September 1, 2007, BRIM paid  the Trading Advisors annual consulting fees generally ranging up to 2.5% of  the Partnership’s average month-end Net Assets allocated to them for  management, after reduction for a portion of the brokerage commissions  accrued with respect to such assets.                                                                                                                                                                                                                                                                   |
|             |   |                        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| Transfer Agent   |   | Administrator fees          |   | Actual costs incurred are paid by the Partnership.  PFPC, Inc. (“PFPC”), an affiliate of the General Partner, is the  transfer agent for the Partnership.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|             |   |                        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| Administrator    |   | Administrator fees          |   | Actual costs incurred are paid by the Partnership.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|             |   |                        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| BRIM             |   | Sponsor fee reimbursement   |   | BRIM will reimburse the Partnership for fees and  expenses paid by the Partnership, not including the Trading Advisor’s Profit  Shares (such fees and expenses, exclusive of the Trading Advisor’s Profit  Shares, collectively referred to herein as “Capped Expenses”) that would be  in excess of 1/12 of 7.25% of the Partnership’s Net Asset Value (the “Expense  Cap”) on the last business day of each month (each a “Regularly Scheduled  Calculation Date”). Because Series I Units (the “Institutional Series”  which are offered to a limited number of institutional investors) are not  subject to the 3.0% distribution fee, the Expense Cap for Series I Units  is 4.25% annually, rather than the 7.25% annual Expense Cap for all other  Units. |
|             |   |                        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| Others           |   | Professional and Other fees |   | Actual costs incurred are paid by the Partnership.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|             |   |                        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| BRIM; Others     |   | Extraordinary expenses      |   | Actual costs incurred; none paid to date.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |

 

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***Regulation***

 

            The Partnership, BRIM, the TradingAdvisors, MLPF&S and NewEdge are each subject to regulation by, andregistered with, the Commodity Futures Trading Commission (the “CFTC”) and theNational Futures Association (“NFA”). Other than in respect of its periodic reporting requirements under theSecurities Exchange Act of 1934, as amended (the “Exchange Act”) thePartnership itself is generally not subject to regulation by the Securities andExchange Commission.  However, BRIMitself is registered as an “investment adviser” under the Investment AdvisersAct of 1940, as amended. In the event BRIM’s registration with the CFTC or NFAwere terminated, or suspended, BRIM would be unable to continue to manage thebusiness of the Partnership, and termination of the Partnership couldresult.  The CFTC and certain commodityexchanges have also established limits on the maximum net long or net shortposition which any person may hold or control in particular commodities.  Most exchanges also limit the changes infutures contract prices that may occur during a single trading day.  These limits may restrict the ability of thePartnership to establish or liquidate positions.  Currency forward contracts generally are notsubject to regulation by any United States Government agency.

 

            (i) through (xii) — notapplicable.

 

            (xiii) The Partnership has noemployees.

 

(e)                                  Financial Information about GeographicAreas

 

The Partnershipdoes not engage in material operations in foreign countries, nor is a materialportion of the Partnership’s revenue derived from customers in foreigncountries.  However, the Partnership trades,from the United States, on a number of foreign commodity exchanges.  The Partnership does not engage in the salesof goods or services.

 

**Item 1A:    Risk factors**

 

**InvestorsMay Lose All or Substantially All of Their Investment**

 

Investors must beprepared to lose all or substantially all of their investment.  The Partnership has no “principal protection”feature assuring the return of investors’ initial investment as of a specifiedfuture date.

 

**Past****Performance Not Necessarily Indicative of Future Results**

 

Past performance is notnecessarily indicative of future results. Neither the Trading Advisors’ nor the Partnership’s past performance maybe representative of how they or it, respectively, may trade in thefuture.  Additionally, the GeneralPartner has undertaken steps to change the fee structure of the Partnership,effective September 2007, and the General Partner believes that therevised fee structure should generally result in a lower cost of investment.

 

The General Partner hasgradually expanded the Partnership’s Trading Advisor portfolio over recentyears.  The effects of this increaseddiversification has yet to be determined.

 

**Volatile Markets; Highly Leveraged Trading**

 

Futures and forwards areinherently leveraged instruments.  Afutures or forward position may be opened by an initial deposit of only afraction of the “notional” value of the position with a clearing broker (in thecase of a futures contract) or a dealer (in the case of a forward).  When only a small fraction of the value ofthe position is deposited to open the position, a similarly small change in themarket value of the position can diminish or completely offset that deposit,requiring the deposit of additional capital with the clearing broker or dealer,and causing losses that are a multiple of the change in the market value of theposition.  For instance, if a futuresposition requiring the purchase and sale of $100,000 worth of a commodity has a10% initial “risk margin” deposit requirement, a futures position is opened bydepositing the minimum required $10,000 initial margin deposit, and the valueof the position declines 10% (or $10,000), the clearing broker carrying theposition will pay the $10,000 deposited to the clearinghouse as amark-to-market payment, and the account will be required to close the positionor deposit an additional $9,000 to bring the initial margin deposit back to 10%of the value of the now $90,000 position. In that scenario, the 10% market move caused losses of 100% of the$10,000 deposited to open the position. The risks of leveraged trading may be exacerbated due to the nature ofthe instruments underlying futures and forwards.  The values of such instruments tend to bevolatile and materially affected by unpredictable factors such as weather andgovernmental intervention.  Thecombination of 

 

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volatility in the valueof the underlying commodities and the leverage inherent in futures and forwardscreates a high degree of risk.

 

**Substantial Charges**

 

The Partnership is subject to substantial charges.

 

The incentive compensation paid to the TradingAdvisors is based on the individual performance of each Trading Advisor, notthe overall performance of the Partnership. Historically, the Partnership has paid incentive compensation to certainTrading Advisors during periods when the performance of the Partnership as awhole was breakeven or unprofitable.

 

**Importance****of General Market Conditions**

 

Overall market or economic conditions — which neitherBRIM nor any Trading Advisor can predict or control — have a material effect onperformance of the Partnership. Furthermore, such overall conditions can adversely affect theperformance of numerous Trading Advisors at or about the same time, despitetheir implementing different and independent strategies.  Consequently, the multi-Advisor structure ofthe Partnership does not assure that its performance will not be adverselyaffected by future market or economic conditions.

 

**No Diversification Benefits ifthe Partnership is Not Profitable**

 

If the Partnership does not trade successfully — afterdeduction of all fees and charges — it cannot serve as an effectivediversification for a traditional portfolio.

 

**No Assurance of Non-Correlation;Limited Value of Non-Correlation Even if Achieved**

 

Not only is the past performance of the Partnershipnot necessarily indicative of its future results (due to the speculativecharacter of managed futures), but also there can be no assurance, however thePartnership may perform, that the Partnership’s results will be non-correlatedwith (i.e., unrelated to) the general stock and bond markets.  If the Partnership’s performance is notnon-correlated to these markets, the Partnership cannot help diversify anoverall portfolio.

 

Investors should evaluate an investment in thePartnership in terms of the alternative of an investment in a cash equivalent,such as 91-day Treasury bills, which can be relied upon to (i) begenerally non-correlated with equity and debt price levels, (ii) generatea positive yield and cash flow, (iii) be highly liquid, (iv) havealmost no risk of loss of principal and (v) incur virtually no costs orexpenses.

 

Even if the Partnership’s performance is generallyboth profitable and non-correlated to the general stock and bond markets, it ishighly likely that there will be significant periods during which thePartnership’s results are similar to those of an investor’s stock and bondholdings, thereby reducing or eliminating the Partnership’s diversificationbenefits.  During unfavorable economiccycles, an investment in the Partnership may increase rather than mitigate aportfolio’s aggregate losses.

 

**Combining Independent TradingStrategies**

 

Combining independent trading strategies could involvesubstantial opportunity costs, as one Trading Advisor’s profits are frequentlyoffset by another Trading Advisor’s losses. Different Trading Advisors often take opposite positions for thePartnership, eliminating the profit potential of the combined positions.

 

**Systematic****Strategies**

 

The Partnership’s assets are allocated to TradingAdvisors that rely on technical, systematic strategies.  The widespread use of technical tradingsystems frequently results in numerous managers attempting to execute similartrades at or about the same time, altering trading patterns and affectingmarket liquidity.  Furthermore, theprofit potential of trend-following systems may be diminished by the changingcharacter of the markets, which may make historical price data (on whichtechnical programs are based) only marginally relevant to future marketpatterns.

 

7

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**Discretionary****Strategies**

 

Certain of the Partnership’s Trading Advisors arediscretionary rather than systematic traders. Discretionary trading managers may be prone to emotionalism and a lackof discipline in their trading.  Relyingon subjective trading judgment may produce less consistent results than thoseobtained by more systematic approaches.

 

**Increased****Assets Under Management**

 

A tendency has been observed that rates of returnachieved by managed futures advisors to decline as assets under managementincrease.  None of the Trading Advisorshas agreed to limit the amount of additional equity which it may manage, andmost of them are at or near their all-time high in assets under management.

 

**No Assurance of Trading Advisors’Continued Services; Competition for Trading Advisors**

 

There is noassurance that any Trading Advisor will be willing or able to continue toprovide advisory services to the Partnership. There is severe competition for the services of qualified TradingAdvisors, and the Partnership may not be able to retain satisfactoryreplacement or additional Trading Advisors on acceptable terms.  Trading Advisors generally have limitedcapacity and therefore, the General Partner attempts to equitably allocate suchcapacity among the different products advised by the General Partner.  The General Partner attempts to equitablyallocate such capacity, however, in certain circumstances, the Partnership maybe unable to employ a specific Trading Advisor (even if such Trading Advisormay be beneficial to the Partnership) due to such capacity constraints.

 

**Changes in Trading Strategy**

 

A Trading Advisormay make certain changes in its trading strategies without the knowledgeof  BRIM.

 

**Illiquid Markets**

 

Certain positions held by the Partnership may becomeilliquid, preventing a Trading Advisor from acquiring positions otherwiseindicated by its strategy or making it impossible for a Trading Advisor toclose out positions against which the market is moving.  In particular, many future exchanges imposelimits beyond which the price of a futures contract may not trade during thecourse of a trading day, and there is the potential for a futures contract tohit its daily price move limit for several days in a row, making it impossiblefor a Trading Advisor to liquidate a position experiencing dramatic losses.

 

**Redemptions Restricted**

 

Investors’ limited ability to redeem Units couldresult in there being a substantial difference between a Unit’s redemptionvalue and its Net Asset Value as of the date by which irrevocable redemptionrequests must be received.  Redemptioncharges apply through the end of the twelfth month after a Unit (other than an InstitutionalSeries Unit) is issued.

 

**Trading on Non-U.S. Exchanges**

 

The Trading Advisors trade extensively on non-U.S.exchanges.  These exchanges are notregulated by any United States governmental agency.  The Partnership could incur substantiallosses trading on foreign exchanges to which it would not have been subject hadthe Trading Advisors limited their trading to U.S. markets.

 

**Conflicts of Interest**

 

The Partnership is subject to a number of materialactual and potential conflicts of interest, raising the possibility thatinvestors will be disadvantaged to the benefit of BRIM, the Trading Advisors ortheir respective principals and affiliates. No formal policies or procedures have been adopted to resolve theseconflicts.  See “Conflicts of Interest.”

 

**Bankruptcy or Default**

 

The Partnership is subject to the risk of theinsolvency of the Clearing Broker, exchanges or clearinghouses.  Partnership assets could be lost or impoundedduring lengthy bankruptcy proceedings. Were a substantial portion of the Partnership’s capital to becomesubject to a bankruptcy proceeding, BRIM might suspend or limit trading,perhaps causing the Partnership to miss significant profit opportunities.  No partnership managed by  BRIM 

 

8

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has ever lost any assetsdue to the bankruptcy or default of a broker, exchange or clearinghouse, butthere can be no assurance that this will not happen in the future.  Under Commodity Futures Trading CommissionRegulation 1.20, the Clearing Broker is required to separately account for andsegregate in a customer segregated funds account the Partnership’s commodityfutures positions, the assets deposited as margin in respect of such positions,and any proceeds from such positions. The Clearing Broker may not obligate funds in the customer segregatedfunds account except to purchase, margin, guarantee, secure, transfer, adjust,or settle trades, contracts, or commodity option transactions of commodity oroption customers, and the Clearing Broker may not hold, dispose of, or use anycustomer funds as belonging to any person other than the Clearing Broker’scommodity or option customers.  Even so,if positions in the customer segregated funds account suffer losses in excessof the cash deposited to margin those positions, and the customer for whoseaccount those positions are carried does not meet the Clearing Broker’s callsfor additional margin, the Clearing Broker could be forced into bankruptcy ifit cannot satisfy those losses out of its own assets.  If that were to happen, because thePartnership’s positions and assets are commingled with other customer positionsin the customer segregated funds account at the Clearing Broker, thePartnership’s assets deposited with the Clearing Broker would be used pro ratawith the assets of other customers to satisfy any remaining losses from thosepositions in the account, and Partnership investors could incur substantiallosses, despite the Partnership having been otherwise highly profitable.

 

**Limited Regulatory Oversight**

 

The Partnership is not registered as an investmentcompany, under the Investment Company Act of 1940, as amended, or anycomparable regulatory requirements, and does not intend to do so.  Accordingly, the provisions of suchregulations, which among other things generally require investment companies tohave a majority of disinterested directors, require securities held in custodyat all times to be maintained in segregated accounts, impose certainoperational trading limitations and regulate the relationship between theinvestment company and its asset manager, are not applicable to an investmentin the Partnership.

 

**Currency Forward Trading**

 

The TradingAdvisors may trade forward contracts on currencies on behalf of thePartnership.  Forward contracts are nottraded on exchanges; rather, banks and dealers act as principals in thesemarkets.  Consequently, in respect to itsforward trading, the Partnership is subject to the risk of the inability orrefusal to perform with respect to such contracts on the part of the principalsor agents with or through which the Trading Advisors trade.  Any failure or refusal to discharge theircontractual obligations by the counterparties with which the Trading Advisorsdeal on the forward markets, whether due to insolvency, bankruptcy or othercauses, could subject the Partnership to substantial losses.  No Trading Advisor will be excused fromperformance under any forward contracts into which it has entered due to defaultsunder other forward contracts which in the Trading Advisor’s strategy were tohave substantially “covered” the non-defaulted contracts.  There is also the risk that a counterpartythat loses money on a contract with a Trading Advisor may seek to avoid itsobligations on legal grounds.

 

**Currency Options Trading**

 

The TradingAdvisors may trade options on currencies or on currency futures or forwardcontracts.  Although successful optionstrading requires many of the same skills as successful futures trading, therisks involved are somewhat different. For example, the assessment of near-term market volatility — which isdirectly reflected in the price of outstanding options — can be of much greatersignificance in trading options than it is in many long-term futuresstrategies.  Trading in options mayresult in substantial losses if market volatility is incorrectly predicted.

 

**Currency Markets May BeIlliquid or Disrupted**

 

Although generallyhighly liquid, the markets in which the Trading Advisors trade can experienceperiods of illiquidity, sometimes of significant duration.  For example, none of the participants in theforward markets are required to maintain a market in any particular currency orto maintain a reasonable spread between the “bid” and “asked” prices that theyquote.  Disruptions can occur in anymarket traded by the Trading Advisors due to unusually high trading volume,political intervention or other factors. Market illiquidity or disruption could result in major losses to thePartnership.

 

**Counterparty Risk**

 

Certain of the marketsin which Trading Advisors invest and trade are over-the-counter or “interdealer”markets.  The participants in thesemarkets typically are not subject to the type of strict credit evaluation andregulatory oversight applicable to members of “exchange-based” markets, andtransactions in these markets typically are not settled through exchanges orclearinghouses that guarantee the trades of their participants.  Rather, the responsibility for 

 

9

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performing under aparticular transaction rests solely with the counterparties to suchtransaction.  This results in the riskthat a counterparty may not settle a transaction with a Trading Advisor inaccordance with its terms, because the counterparty is either unwilling orunable to do so (for example, because of a credit or liquidity problemaffecting the counterparty), potentially resulting in significant loss.  In an attempt to mitigate the risk ofcounterparty default, many counterparties now require the posting ofcollateral.  However, this collateral maybe difficult to liquidate in a market crisis. In addition, a Trading Advisor could lose a significant portion of thePartnership’s capital while the Trading Advisor attempts to execute asubstitute transaction to replace a transaction under which a counterparty hasdefaulted.  In the event of acounterparty failure, the Partnership could lose all of its assets.

 

“Counterparty risk”is accentuated in the case of contracts having longer maturities as well as in thecase of a Trading Advisor that concentrates its transactions with a singlecounterparty or a limited number of counterparties.

 

BRIM has nocontrol over the counterparties with which the Trading Advisors enter intotransactions.  In addition, Trading Advisorsgenerally are not restricted from dealing with any particular counterparties orfrom concentrating any or all of their transactions for the Partnership with asingle counterparty or limited number of counterparties.

 

Many risks existwhen capital is maintained at unregulated entities (including the risk thatsuch unregulated entities could become insolvent).  In addition, most dealing agreements permitcounterparties to transfer customer funds from regulated to unregulatedaccounts in the counterparties’ discretion. BRIM has no ability to assess the extent to which the Trading Advisorsmaintain their assets in unregulated accounts that do not enjoy any protectionin the event of the bankruptcy of the counterparties holding such assets.

 

**Regulatory Changes Could Restrictthe Partnership’s Operations**

 

The Partnershipimplements a speculative, highly leveraged strategy.  From time to time there is governmentalscrutiny of these types of strategies and political pressure to regulate theiractivities.  For example, foreigngovernments have from time to time blamed the declines of their currencies onspeculative funds and imposed restrictions on speculative trading in certainmarkets, and the collapse of major hedge funds in 1998 and 2006 among certaincorporate and market events has led to significantly increased regulatorymonitoring of the activities of these funds and, to an extent, commodity poolssuch as the Partnership.

 

Regulatory changescould adversely affect the Partnership by restricting its markets, limiting itstrading and/or increasing the taxes to which Limited Partners are subject.  BRIM is not aware of any pending orthreatened regulatory developments that might adversely affect the Partnership.  However, adverse regulatory initiatives coulddevelop suddenly and without notice.

 

The following arenot risks but rather important tax features of investing in the Partnershipthat all prospective investors should carefully consider before decidingwhether to purchase Units.

 

I**nvestors AreTaxed Every Year on Their Share of the Partnership’s Profits — Not Only WhenThey Redeem as Would Be the Case if They Held Stocks or Bonds**

 

Investors aretaxed each year on their share of the Partnership’s income and gains,irrespective of whether they redeem any Units.

 

All performanceinformation included in this Form 10-K is presented on a pre-tax basis;the investors who experienced such performance were required to pay the relatedtaxes with money from other sources.

 

Over time, thecompounding effects of the annual taxation of the Partnership’s income arematerial to the economic consequences of investing in the Partnership.  For example, a 10% compound annual rate ofreturn over five years would result in an initial $10,000 investmentcompounding to $16,105.  However, if onefactors in a 30% tax rate each year (the blended tax rate on many of thefutures contracts traded by the Partnership is currently 23%), the result wouldbe $14,025.

 

**A Portion of the Partnership’sTrading Gains Are Taxed at Higher Capital Gains Rate**

 

Investors aretaxed on their share of any trading profits of the Partnership at both short-and long-term capital gain rates depending on the mix of U.S. exchange-tradedcontracts and non-U.S. contracts traded. These tax rates are not impacted by how long an investor holdsUnits.  Consequently, the tax rate on thePartnership’s trading gains may be higher than those applicable to otherinvestments held by an investor for a comparable period.

 

10

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**Tax Could Be Due From Investorson Their Share of the Partnership’s Interest Income Despite Overall Losses**

 

Investors may berequired to pay tax on their allocable share of the Partnership’s interestincome, even if the Partnership incurs overall losses.  Trading losses can only be used to offsettrading gains and $3,000 of ordinary income (including interest income) eachyear.  Consequently, if an investor wereallocated $5,000 of interest income and $10,000 of net trading losses, theinvestor would owe tax on $2,000 of interest income even though the investorwould have a $5,000 loss for the year. The $7,000 capital loss would carry forward, but subject to the samelimitation on its deductibility against interest income.

 

** Investment Advisory Fees**

 

Limited Partnerscould be required to treat the Trading Advisors’ Profit Shares, as well ascertain other expenses of the Partnership, as “investment advisory fees,” whichare subject to substantial restrictions on deductibility for individualtaxpayers.  BRIM has not, to date, beenclassifying the Trading Advisors’ performance-based compensation or any suchexpenses as “investment advisory fees,” a position to which the InternalRevenue Service (the “IRS”) might object.

 

**Tax Audit**

 

There can be noassurance that the Partnership’s tax returns will not be audited by theIRS.  If such an audit were to result inan adjustment, Limited Partners could be required to pay back taxes, interestand penalties, and could themselves be audited.

 

Prospectiveinvestors are strongly urged to consult their independent tax advisers andcounsel with respect to the possible tax consequences of an investment in thePartnership, particularly since such tax consequences may differ amonginvestors.  See “Federal Income TaxConsequences.”

 

**Credit Risk**

 

Heightened stressin the financial system stemming from ongoing issues in residential real estateand structured credit markets, as well as a fear of recession, has led tosignificant de-leveraging by financial institutions. This in turn has led todissipating liquidity and steep declines in valuations across a number of assetclasses, particularly in the credit markets. The disruptions in credit marketshave prompted many investors to sell their current holdings in search of safehavens, such as U.S. government bonds and precious metals. Historically, theseflight-to-quality conditions have created strong trends in the global fixedincome and commodities markets. Past market performance is not necessarilyindicative of future market performance.

 

**The Combination of ML &Co. and BlackRock**

 

The combinationtransaction between Merrill Lynch & Co., Inc. (“ML & Co.”)and BlackRock described in Item 1(b) above gives rise to numerousuncertainties and risks.  Merrill Lynch’sasset management business is transitioning from being a part of ML &Co. to being a part of BlackRock, which entails many changes, including theintegration of Merrill Lynch’s domestic and international asset managementbusiness and personnel with BlackRock’s existing business and personnel, andchanges in systems and employee benefit plans. These transition activities are complex, and may pose unexpecteddifficulties, or incur unexpected costs, in any of them, including: (i) thediversion of management’s attention to integration matters; (ii) difficultiesin achieving expected cost savings associated with the Transaction; (iii) difficultiesin the integration of operations and systems; (iv) difficulties in theassimilation of employees; (v) difficulties in replacing the support functionscurrently provided by Merrill Lynch to its asset management business, includingsupport and assistance in respect of risk management, financial and operationalfunctions; (vi) challenges in keeping existing clients and obtaining newclients, including potential conflicts of interest; and (vii) challengesin attracting and retaining key personnel. In order for BlackRock to maximize the synergies for which thetransaction was completed, BlackRock will have to, among other things,successfully integrate people, offices, systems and cultures from variousMerrill Lynch subsidiaries and BlackRock. There can be no assurance that such integration will occur efficientlyor successfully, and the financial condition of the Partnership and itsoperations could be materially affected by any of these risks.

 

11

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**Acquisition of Quellos fund offunds business**

 

On October 1,2007, BlackRock and BAA Holdings, LLC (“BAA”), a wholly-owned subsidiary ofBlackRock, completed the acquisition of the fund of funds business of Quellos Group,LLC and merged it with BlackRock’s existing absolute return and private equityfund of funds business (the “Acquisition”). The combined platform operates under the name BlackRock AlternativeAdvisors (“BAA”).  BAA is a business unitof BlackRock.  While the Acquisition andintegration with BAA has provided additional resources for the investmentprofessionals responsible for managing the Partnership, there has been nochange to the General Partner, the structure of the Partnership, its investmentobjective or to the management of the Partnership, in each case, as a result ofthe Acquisition; the same team of investment professionals continues to beresponsible for making the Partnership’s investments.  The BAA platform could be subject to similarrisks as those outlined above with respect to the combination of ML&Co. andBlackRock.

 

**General Trading Risk DisclosureStatement**

 

Prospectiveinvestors should carefully consider whether their financial condition permitsthem to participate in the Partnership. In so doing, prospective investors should be aware that futures andoptions trading 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’sUnits.  In addition, certain restrictionson redemption may affect an investor’s ability to withdraw from participationin the Partnership.  Further, thePartnership is subject to substantial charges for management, as well asadvisory and brokerage fees.  It may benecessary for the Partnership to make substantial trading profits to avoiddepletion or exhaustion of its assets. Notwithstanding the foregoing risk factors in this Memorandum, thisbrief statement cannot disclose all of the risks and other factors necessary toevaluate a potential investor’s participation in the Partnership.

 

**Item 2:   Properties**

 

The Partnershipdoes not use any physical properties in the conduct of its business.

 

The Partnership’sadministrative offices are the administrative offices of BRIM, 55 East 52ndStreet, New York, New York 10055.  BRIMperforms certain administrative services for the Partnership from BlackRock’soffices.

 

**Item 3:       Legal Proceedings**

 

The Partnership orBRIM has never been the subject of any material litigation.  BRIM, as well as certain of its subsidiariesand affiliates have been named as defendants in civil actions, arbitrationproceedings and claims arising out of their respective business activities.  Although the ultimate outcome of theseactions cannot be predicted at this time and the results of legal proceedingscannot be predicted with certainty, it is the opinion of management that theresult of these matters will not be materially adverse to the businessoperations or financial condition of BRIM or the Partnership.

 

**Item 4:       Submission of Matters to a Vote ofSecurity Holders**

 

None.

 

12

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**PART II**

 

**Item 5:       Market for Registrant’s Common Equityand Related Stockholder Matters**

 

    (a)           MarketInformation:

 

There is noestablished public trading market for the Units or the non-unitized series, norwill one develop.  Rather, LimitedPartners holding unitized series may purchase or redeem Units as of the end ofeach month at Net Asset Value, subject to certain early redemption charges whenapplicable and fifteen days prior notice with respect to redemption.

 

(b)           Holders:

 

As of December 31,2007, there were 1,578, 992, 1,807 and 20 holders of Series A, F, G and IUnits, respectively, including BRIM and its affiliates.

 

    (c)           Dividends:

 

The Partnershiphas made no distributions since trading commenced, nor does BRIM presentlyintend to make any distributions in the future.

 

(d)                                 Securities Authorized for Issuance UnderEquity Compensation Plans:

 

Not applicable.

 

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(e)           Recent Sales of UnregisteredSecurities: Uses of Proceeds From Registered Securities:

 

                Unregistered securities are issued to accreditedinvestors pursuant to Regulation D and Section 4(2) under theSecurities Act. The selling agent of the following Series of Units was FAMDistributors, a wholly owned subsidiary of Merrill Lynch and an affiliate ofBRIM.

 
| ** ** | ** ** | **SERIES A**     | ** **      | ** ** | ** ** | **SERIES I** | ** ** |
|------------|------------|------------------|-----------------|------------|------------|--------------|------------|
| ** ** | ** ** | **Subscription** | ** **      | ** ** | ** ** | ** **   | ** ** | ** ** | **Subscription** | ** ** | ** ** | ** ** | ** ** | ** ** |
| ** ** | ** ** | **Amount**       | ** **      | **Units**  | ** ** | **NAV**      | ** ** | ** ** | ** ** | **Amount** | ** ** | **Units** | ** ** | **NAV** | ** ** |
| Jan-06     |       | $                |  2,054,974 |       | 2,218,236  |         | $          |  0.9264 |   | Jan-06 |   | $ |  24,754 |   | 26,376 |   | $ |  0.9385 |   |
| Feb-06     |       | 1,639,979        |            | 1,734,693  |       | 0.9454       |       | Feb-06 |   | 9,999 |   | 10,416 |   | 0.9600 |   |
| Mar-06     |       | 1,389,984        |            | 1,479,966  |       | 0.9392       |       | Mar-06 |   | 49,508 |   | 51,781 |   | 0.9561 |   |
| Apr-06     |       | 1,779,990        |            | 1,863,669  |       | 0.9551       |       | Apr-06 |   | 9,999 |   | 10,263 |   | 0.9743 |   |
| May-06     |       | 1,674,990        |            | 1,699,635  |       | 0.9855       |       | May-06 |   | 148,525 |   | 147,478 |   | 1.0071 |   |
| Jun-06     |       | 3,534,972        |            | 3,598,668  |       | 0.9823       |       | Jun-06 |   | — |   | — |   | 1.0063 |   |
| Jul-06     |       | 2,114,983        |            | 2,163,887  |       | 0.9774       |       | Jul-06 |   | — |   | — |   | 1.0040 |   |
| Aug-06     |       | 834,991          |            | 871,962    |       | 0.9576       |       | Aug-06 |   | — |   | — |   | 0.9895 |   |
| Sep-06     |       | 1,004,986        |            | 1,073,015  |       | 0.9366       |       | Sep-06 |   | 15,000 |   | 15,497 |   | 0.9679 |   |
| Oct-06     |       | 769,997          |            | 825,823    |       | 0.9324       |       | Oct-06 |   | — |   | — |   | 0.9667 |   |
| Nov-06     |       | 1,129,989        |            | 1,186,091  |       | 0.9527       |       | Nov-06 |   | — |   | — |   | 0.9881 |   |
| Dec-06     |       | 1,409,983        |            | 1,476,731  |       | 0.9548       |       | Dec-06 |   | 9,901 |   | 9,985 |   | 0.9916 |   |
| Jan-07     |       | 914,992          |            | 950,641    |       | 0.9625       |       | Jan-07 |   | — |   | — |   | 1.0010 |   |
| Feb-07     |       | 569,990          |            | 583,289    |       | 0.9772       |       | Feb-07 |   | — |   | — |   | 1.0187 |   |
| Mar-07     |       | 434,991          |            | 457,933    |       | 0.9499       |       | Mar-07 |   | — |   | — |   | 0.9929 |   |
| Apr-07     |       | 834,995          |            | 909,482    |       | 0.9181       |       | Apr-07 |   | — |   | — |   | 0.9616 |   |
| May-07     |       | 214,995          |            | 226,884    |       | 0.9476       |       | May-07 |   | — |   | — |   | 0.9951 |   |
| Jun-07     |       | 30,000           |            | 30,621     |       | 0.9797       |       | Jun-07 |   | — |   | — |   | 1.0307 |   |
| Jul-07     |       | 374,998          |            | 375,900    |       | 0.9976       |       | Jul-07 |   | — |   | — |   | 1.0519 |   |
| Aug-07     |       | 175,000          |            | 179,616    |       | 0.9743       |       | Aug-07 |   | — |   | — |   | 1.0302 |   |
| Sep-07     |       | 39,999           |            | 44,027     |       | 0.9085       |       | Sep-07 |   | — |   | — |   | 0.9634 |   |
| Oct-07     |       | 24,999           |            | 26,561     |       | 0.9412       |       | Oct-07 |   | — |   | — |   | 1.0007 |   |
| Nov-07     |       | 1,374,998        |            | 1,412,427  |       | 0.9735       |       | Nov-07 |   | — |   | — |   | 1.0375 |   |
| Dec-07     |       | 665,998          |            | 689,510    |       | 0.9659       |       | Dec-07 |   | — |   | — |   | 1.0308 |   |
|            |            |                  |                 |            |            |              |            |  |  |  |  |  |  |  |  |  |  |  |  |

 

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(f)            **Issuer Purchases of EquitySecurities:**

 

                Limited Partners in unitizedseries may redeem their Units at the end of each calendar month at the thencurrent month-end Net Asset Value per Unit. The redemption of Units has no impact on the value of Units that remainoutstanding, and Units are not reissued once redeemed.

 

The following tablesummarizes the redemptions by Limited Partners during the fourth calendarquarter of 2007:

 
| Series F          | ** ** | ** **         | ** ** | **Redemption  Date** | ** **   |
|------------------------|------------|--------------------|------------|----------------------|--------------|
| **Month**              | ** ** | **Units Redeemed** | ** ** | **NAV Per  Unit**    | ** **   |
| October 31, 2007  |       | 1,057              |       | $                    |  233.86 |   |
| November 30, 2007 |       | 1,078              |       | 231.98               |         |
| December 31, 2007 |       | 1,443              |       | 236.19               |         |
|                   |       |               |       |                 |         |
| Total                  |       | 3,578              |       |                 |         |
|                        |            |                    |            |                      |              |  |

 
| Series A          | ** ** | ** **          | ** ** | **Redemption  Date** | ** **   |
|------------------------|------------|---------------------|------------|----------------------|--------------|
| **Month**              | ** ** | **Units  Redeemed** | ** ** | **NAV Per  Unit**    | ** **   |
| October 31, 2007  |       | 8,444,585           |       | $                    |  0.9735 |   |
| November 30, 2007 |       | 9,053,554           |       | 0.9659               |         |
| December 31, 2007 |       | 3,740,631           |       | 0.9835               |         |
|                   |       |                |       |                 |         |
| Total                  |       | 21,238,770          |       |                 |         |
|                        |            |                     |            |                      |              |  |

 
| Series G          | ** ** | ** **          | ** ** | **Redemption  Date** | ** **   |
|------------------------|------------|---------------------|------------|----------------------|--------------|
| **Month**              | ** ** | **Units  Redeemed** | ** ** | **NAV Per  Unit**    | ** **   |
| October 31, 2007  |       | 468,576             |       | $                    |  1.0123 |   |
| November 30, 2007 |       | 263,723             |       | 1.0041               |         |
| December 31, 2007 |       | 536,669             |       | 1.0224               |         |
|                   |       |                |       |                 |         |
| Total                  |       | 1,268,968           |       |                 |         |
|                        |            |                     |            |                      |              |  |

 
| Series I          | ** ** | ** **         | ** ** | **Redemption  Date** | ** **   |
|------------------------|------------|--------------------|------------|----------------------|--------------|
| **Month**              | ** ** | **Units Redeemed** | ** ** | **NAV Per  Unit**    | ** **   |
| October 31, 2007  |       | 2,161,930          |       | $                    |  1.0375 |   |
| November 30, 2007 |       | 107,561            |       | 1.0308               |         |
| December 31, 2007 |       | 1,016,081          |       | 1.0520               |         |
|                   |       |               |       |                 |         |
| Total                  |       | 3,285,572          |       |                 |         |
|                        |            |                    |            |                      |              |  |

 

15

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**Item 6:   SelectedFinancial Data**

 

The followingselected financial data has been derived from the audited financial statementsof the Partnership:

 
| ** **                              | ** ** | **For the Year**      | ** **       | **For the Year**      | ** ** | **For the Year**      | ** ** | **For the Year**      | ** **       | **For the Year**      | ** ** |
|-----------------------------------------|------------|-----------------------|------------------|-----------------------|------------|-----------------------|------------|-----------------------|------------------|-----------------------|------------|
| ** **                              | ** ** | **Ended**             | ** **       | **Ended**             | ** ** | **Ended**             | ** ** | **Ended**             | ** **       | **Ended**             | ** ** |
| ** **                              | ** ** | **December 31,** | ** **       | **December 31,** | ** ** | **December 31,** | ** ** | **December 31,** | ** **       | **December 31,** | ** ** |
| **Income Statement Data**               | ** ** | **2007**              | ** **       | **2006**              | ** ** | **2005**              | ** ** | **2004**              | ** **       | **2003**              | ** ** |
| Revenues:                               |       |                  |             |                  |       |                  |       |                  |             |                  |       |
|                                    |       |                  |             |                  |       |                  |       |                  |             |                  |       |
| Trading Profit (Loss)                   |       |                  |             |                  |       |                  |       |                  |             |                  |       |
| Realized                                |       | $                     |  16,070,669 |                  | $          |  16,620,657      |       | $                     |  680,616    |                  | $          |  8,179,826 |   | $ |  13,824,221 |   |
| Change in  Unrealized                   |       | (4,406,932            | )                | 2,030,261             |       | 1,837,104             |       | (700,154              | )                | (44,489               | )          |
| Brokerage  Commissions/                 |       |                  |             |                  |       |                  |       |                  |             |                  |       |
| Clearing costs                          |       | (621,832              | )                | —                |       | —                |       | —                |             | —                |       |
| Total Trading  Profit                   |       | 11,041,905            |             | 18,650,918            |       | 2,517,720             |       | 7,479,672             |             | 13,779,732            |       |
|                                    |       |                  |             |                  |       |                  |       |                  |             |                  |       |
| Investment Income:                      |       |                  |             |                  |       |                  |       |                  |             |                  |       |
|                                    |       |                  |             |                  |       |                  |       |                  |             |                  |       |
| Interest                                |       | 9,194,631             |             | 12,178,428            |       | 8,910,897             |       | 1,297,826             |             | 496,656               |       |
|                                    |       |                  |             |                  |       |                  |       |                  |             |                  |       |
| Expenses:                               |       |                  |             |                  |       |                  |       |                  |             |                  |       |
| Brokerage  Commissions                  |       | 9,623,405             |             | 17,712,085            |       | 17,973,653            |       | 5,725,678             |             | 3,601,088             |       |
| Profit Shares                           |       | 2,761,529             |             | 2,783,961             |       | 1,266,141             |       | 1,581,140             |             | 1,998,129             |       |
| Distribution  fees                      |       | 1,766,803             |             | —                |       | —                |       | —                |             | —                |       |
| Trading  Advisors’ management fees |       | 897,433               |             | —                |       | —                |       | —                |             | —                |       |
| Sponsor fees                            |       | 739,849               |             | —                |       | —                |       | —                |             | —                |       |
| Administrative  fees                    |       | 344,493               |             | 615,580               |       | 622,238               |       | 205,144               |             | 124,175               |       |
| Administrator  fees                     |       | 279,460               |             | —                |       | —                |       | —                |             | —                |       |
| Professional  fees                      |       | 108,332               |             | —                |       | —                |       | —                |             | —                |       |
| Other                                   |       | 86,153                |             | —                |       | —                |       | —                |             | —                |       |
| Incentive  override                     |       | —                |             | —                |       | —                |       | —                |             | 805,634               |       |
| Total expenses  before waiver           |       | 16,607,457            |             | 21,111,626            |       | 19,862,032            |       | 7,511,962             |             | 6,529,026             |       |
| Sponsor fee  waiver                     |       | (98,165               | )                | —                |       | —                |       | —                |             | —                |       |
| Total Expenses                          |       | 16,509,292            |             | 21,111,626            |       | 19,862,032            |       | 7,511,962             |             | 6,529,026             |       |
| Net Investment Loss                     |       | (7,314,661            | )                | (8,933,198            | )          | (10,951,135           | )          | (6,214,136            | )                | (6,032,370            | )          |
|                                    |       |                  |             |                  |       |                  |       |                  |             |                  |       |
| Net Income (Loss)                       |       | $                     |  3,727,244  |                  | $          |  9,717,720       |       | $                     |  (8,433,415 | )                     | $          |  1,265,536 |   | $ |  7,747,362 |   |

 
| ** **                             | ** ** | **December 31,** | ** **        | **December 31,** | ** ** | **December 31,** | ** ** | **December 31,** | ** **        | **December 31,** | ** ** |
|----------------------------------------|------------|-----------------------|-------------------|-----------------------|------------|-----------------------|------------|-----------------------|-------------------|-----------------------|------------|
| **Balance Sheet Data**                 | ** ** | **2007**              | ** **        | **2006**              | ** ** | **2005**              | ** ** | **2004**              | ** **        | **2003**              | ** ** |
| ** **                             | ** ** | ** **            | ** **        | ** **            | ** ** | ** **            | ** ** | ** **            | ** **        | ** **            | ** ** |
| Partnership Net Asset Value            |       | $                     |  163,727,870 |                  | $          |  227,349,345     |       | $                     |  268,585,867 |                  | $          |  246,428,990 |   | $ |  48,655,272 |   |
| Net Asset Value per Series F Unit |       | $                     | 236.19            |                  | $          | 230.98                |       | $                     | 221.81            |                  | $          | 230.10 |   | $ | 233.12 |   |
| Net Asset Value per Series A Unit |       | $                     | 0.9835            |                  | $          | 0.9625                |       | $                     | 0.9264            |                  | $          | 0.9615 |   | n/a |   |
| Net Asset Value per Series G Unit |       | $                     | 1.0224            |                  | n/a        |                  | n/a        |                  | n/a               |                  | n/a        |   |
| Net Asset Value per Series I Unit |       | $                     | 1.0520            |                  | $          | 1.0010                |       | $                     | 0.9385            |                  | $          | 0.9478 |   | n/a |   |

 
| **MONTH-END NET ASSET VALUE PER SERIES F (ORIGINAL UNIT)** | ** ** |
|------------------------------------------------------------|------------|
| ** **                                                 | ** ** | **Jan.** | ** ** | **Feb.** | ** ** | **Mar.** | ** ** | **Apr.** | ** ** | **May** | ** ** | **June** | ** ** | **July** | ** ** | **Aug.** | ** ** | **Sept.** | ** ** | **Oct.** | ** ** | **Nov.** | ** ** | **Dec.** | ** ** |
| 2003                                                       |       | $ | 209.82 |   | $ | 218.58 |   | $ | 208.20 |   | $ | 209.93 |   | $ | 220.27 |   | $ | 217.22 |   | $ | 213.38 |   | $ | 212.16 |   | $ | 213.21 |   | $ | 225.11 |   | $ | 224.93 |   | $ | 233.12 |   |
| 2004                                                       |       | $ | 238.09 |   | $ | 245.80 |   | $ | 244.21 |   | $ | 233.60 |   | $ | 230.71 |   | $ | 222.33 |   | $ | 220.06 |   | $ | 217.70 |   | $ | 217.77 |   | $ | 221.80 |   | $ | 229.90 |   | $ | 230.10 |   |
| 2005                                                       |       | $ | 222.30 |   | $ | 224.75 |   | $ | 225.37 |   | $ | 218.90 |   | $ | 219.29 |   | $ | 221.99 |   | $ | 218.32 |   | $ | 221.45 |   | $ | 221.00 |   | $ | 218.52 |   | $ | 222.81 |   | $ | 221.81 |   |
| 2006                                                       |       | $ | 226.51 |   | $ | 224.92 |   | $ | 229.05 |   | $ | 236.59 |   | $ | 235.57 |   | $ | 234.40 |   | $ | 229.73 |   | $ | 224.58 |   | $ | 223.58 |   | $ | 228.48 |   | $ | 228.99 |   | $ | 230.98 |   |
| 2007                                                       |       | $ | 234.65 |   | $ | 227.97 |   | $ | 220.32 |   | $ | 227.41 |   | $ | 235.28 |   | $ | 239.62 |   | $ | 234.03 |   | $ | 218.23 |   | $ | 226.09 |   | $ | 233.86 |   | $ | 231.98 |   | $ | 236.19 |   |

 

16

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**BLACKROCK GLOBAL HORIZONS I L.P.**

**December 31, 2007**

 

*Type of Pool:* Multi-Advisor/Publicly-Offered/Non-”PrincipalProtected”(1)

*Inception of Trading:* January 4, 1994

*Aggregate Subscriptions:*   $584,004,409

*Current Capitalization: * $163,727,870

*Worst Monthly Drawdown(2): *(7.13)%  (11/01)

*Worst Peak-to-Valley Drawdown(3): *(13.93)% (11/01-5/02)

 

----

 

*Net Asset Value per Series F(original unit),December 31, 2007: $236.19*

 

| **Monthly Rates of Return(4)** | ** ** |
|--------------------------------|------------|
| **Month**                      | ** ** | **2007** | ** ** | **2006** | ** ** | **2005** | ** ** | **2004** | ** ** | **2003** | ** ** |
| January                        |       | 1.59 | % | 2.12 | % | (3.39 | )% | 2.13 | % | 5.71 | % |
| February                       |       | (2.85 | ) | (0.70 | ) | 1.10 |   | 3.24 |   | 4.17 |   |
| March                          |       | (3.36 | ) | 1.84 |   | 0.28 |   | (0.65 | ) | (4.75 | ) |
| April                          |       | 3.22 |   | 3.29 |   | (2.87 | ) | (4.34 | ) | 0.83 |   |
| May                            |       | 3.46 |   | (0.43 | ) | 0.18 |   | (1.24 | ) | 4.92 |   |
| June                           |       | 1.84 |   | (0.50 | ) | 1.23 |   | (3.63 | ) | (1.38 | ) |
| July                           |       | (2.33 | ) | (1.99 | ) | (1.65 | ) | (1.02 | ) | (1.77 | ) |
| August                         |       | (6.75 | ) | (2.24 | ) | 1.43 |   | (1.07 | ) | (0.57 | ) |
| September                      |       | 3.60 |   | (0.45 | ) | (0.20 | ) | 0.04 |   | 0.49 |   |
| October                        |       | 3.44 |   | 2.19 |   | (1.12 | ) | 1.85 |   | 5.58 |   |
| November                       |       | (0.80 | ) | 0.22 |   | 1.96 |   | 3.65 |   | (0.08 | ) |
| December                       |       | 1.81 |   | 0.87 |   | (0.45 | ) | 0.09 |   | 3.64 |   |
|                           |       |   |   |   |   |   |   |   |   |   |   |
| Compound Annual                |       |   |   |   |   |   |   |   |   |   |   |
| Rate of Return                 |       | 2.26 | % | 4.13 | % | (3.60 | )% | (1.29 | )% | 17.45 | % |

----

(1) Pursuant to applicable CFTC regulations, a “Multi-Advisor”Partnership is defined as one that allocates no more than 25% of its tradingassets to any single manager.  Certainpartnerships are structured so as to guarantee to investors that theirinvestment will be worth no less than a specified amount (typically, theinitial purchase price) as of a date certain after the date of investment.  The CFTC refers to such Partnerships as “principalprotected”.  The Partnership has no suchfeature.

 

(2) Worst Monthly Drawdown represents the largest negative MonthlyRate of Return experienced since January 1, 2001 by Series F of thePartnership; a Drawdown is measured on the basis of month-end Net Asset Valueonly, and does not reflect intra-month figures.

 

(3) Worst Peak-to-Valley Drawdown represents the greatestpercentage decline since January 1, 2001 from a month-end cumulativeMonthly Rate of Return without such cumulative Monthly Rate of Return of Series Fbeing equaled or exceeded as of a subsequent month-end. For example, if theMonthly Rate of Return was (1)% in each of January and February, 1% in March and(2)% in April, the Peak-to-Valley Drawdown would still be continuing at the endof April in the amount of approximately (3)%, whereas if the Monthly Rateof Return had been approximately 3% in March, the Peak-to-Valley Drawdown wouldhave ended as of the end of February at approximately the (2)% level.

 

(4) Monthly Rate of Return is the net performance of Series Fof the Partnership during the month of determination (including interest incomeand after all expenses have been accrued or paid) divided by the total equityof the Partnership as of the beginning of such month.

 

**PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OFFUTURE RESULTS**

 

17

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**Item 7:   Management’sDiscussion and Analysis of Financial Condition and Results of Operations**

 

***                Operational Overview; TradingAdvisor Selections***

 

The Partnership’s results of operations depend on BRIM’s ability toselect Trading Advisors, and the Trading Advisors’ ability to trade profitably.BRIM’s selection procedures, as well as the Trading Advisors’ trading methods,are confidential, so that substantially the only available information relevantto the Partnership’s results of operations is its actual performance record todate.  However, because of thespeculative nature of its trading, the Partnership’s past performance is notnecessarily indicative of its future results.

 

Heightened stress in the financial system stemming from ongoing issuesin residential real estate and structured credit markets, as well as fear ofrecession, has led to significant de-leveraging by financial institutions.  This in turn has led to dissipating liquidityand steep declines in valuations across a number of asset classes, particularlyin the credit markets.  The disruptionsin credit markets have prompted many investors to sell their current holdingsin search of safe havens, such as U.S. government bonds and preciousmetals.  Historically, theseflight-to-quality conditions have created strong trends in the global fixedincome and commodities markets.  Recentmarket conditions have proved no exception and BRIM believes that thePartnership’s Trading Advisors have been able to capitalize on some of thesetrends without significantly affecting the Partnership’s day-to-dayoperations.  However, past marketperformance is not necessarily indicative of future market performance.

 

BRIM’s decision to terminate or reallocate assets among TradingAdvisors is based on a combination of factors. Trading Advisors are, ingeneral, terminated primarily for unsatisfactory performance, but other factors— for example, a change in BRIM’s or a Trading Advisor’s market outlook,apparent deviation from announced risk control policies,  changes in principals, commitment ofresources to other business activities, etc. — may also have a role in thetermination or reallocation decision. The market judgment and experience of BRIM’s principals is an importantfactor in its allocation decisions.

 

BRIM has no timetable or schedule formaking Trading Advisor changes or reallocations, and generally makes a medium-to long-term commitment to all Trading Advisors selected.  In particular, BRIM has to date, madeinfrequent reallocations of trading assets and adjustments in the TradingAdvisor combinations for the Partnership. However, there can be no assurance as to the frequency or number ofTrading Advisor changes that may take place in the future, or as to how longany of the current Trading Advisors will continue to manage assets for thePartnership.

 

***Results of Operations***

 

General

 

BRIM believes that multi-advisor futures funds should be regarded asmedium- to long-term (*i.e.*, three tofive year) investments, but it is difficult to identify trends in thePartnership’s operations and virtually impossible to make any predictionsregarding future results based on the results to date.  An investment in the Partnership may be lesssuccessful over a longer than a shorter period.

 

Markets with sustained price trends tend to be more favorable tomanaged futures investments than whipsaw, choppy markets, but (i) this isnot always the case, (ii) it is impossible to predict when price trendswill occur and (iii) different Trading Advisors are affected differentlyby trending markets as well as by particular types of trends.

 

BRIM attempts to control credit risk in the Partnership’s futures,forward and options trading by clearing trading through MLPF&S andNewEdge.  MLPF&S and NewEdge act as aclearing brokers or counterparty to the Partnership’s trades; they do notadvise with respect to, or direct, any such trading.

 

BRIM attempts to control the market risk inherent in the Partnership’strading by BRIM’s multi-advisor strategy and Trading Advisor selections.  BRIM reviews the positions acquired by theTrading Advisors on a daily basis in an effort to determine whether the overallpositions of the Partnership may have become what BRIM determines as beingexcessively concentrated in a limited number of markets — in which case BRIMmay, as of the next month or quarter-end, adjust the Partnership’s Trading Advisorcombination and/or allocations so as to attempt to reduce the risk of suchover-concentration occurring in the future.

 

18

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BRIM may consider making distributions to investors under certaincircumstances (for example, if substantial profits are recognized); however,BRIM has not made any distributions to date and does not intend to do so.

 

***PerformanceSummary***

* *
| *          * | *2007*     | ** **                            | ** ** | ** **        |
|----------------------------------------------------------------|------------|---------------------------------------|------------|-------------------|
| ** **                                                     | ** ** | ** **                            | ** ** | ** **        | ** ** |
| ** **                                                     | ** ** | ** **                            | ** ** | **Total Trading** | ** ** |
| ** **                                                     | ** ** | ** **                            | ** ** | **Profit (Loss)** | ** ** |
|                                                           |       |                                  |       |              |   |
|                                                           |       | Energy                                |       | $                 |  5,001,800 |   |
|                                                           |       | Interest Rates                        |       | 4,449,577         |   |
|                                                           |       | Currencies                            |       | 3,061,061         |   |
|                                                           |       | Agriculture                           |       | 1,615,881         |   |
|                                                           |       | Metals                                |       | (1,007,620        | ) |
|                                                           |       | Stock Indices                         |       | (1,456,962        | ) |
|                                                           |       |                                  |       | 11,663,737        |   |
|                                                           |       | Brokerage Commissions/ Clearing Costs |       | (621,832          | ) |
|                                                           |       |                                  |       | $                 |  11,041,905 |   |

 

The Partnership’s overalltrading performance was profitable with gains in the energy, interest rates,currencies and agricultural sectors contributing to the profits.

 

Trading in the energysector proved profitable for the Partnership despite several unprofitablemonths in the first half of the year. Early in the year crude oil surged on speculation that U.S. fuel demandwould jump because of increased economic growth and cold weather.  Natural gas advanced on forecasts forabove-average temperatures and an unpredictable Atlantic hurricane season.  Speculation was that hot weather would drivedemand while hurricanes may potentially disrupt supplies.  Crude oil rose after a government reportshowed an unexpected decline in U.S. inventories mid-year.  A government report that showed natural gasinventories rising more than expected, detracting from performance, as mildtemperatures were likely to continue in the Spring.  Crude oil continued to rise after the U.S.dollar fell to a record low against the Euro, boosting the appeal of commoditiesas alternative investments.  A U.S.energy department report indicating an unexpected drop in inventories of crudealso contributed to its rally.  Heatingoil rose late in the year amid forecasts of declining U.S. inventories andgains in crude oil prices.

 

The interest rate sectoralso posted an overall profit for the year despite losses posted intermittentlythroughout the year.  Early in the year,U.S. treasuries fell, pushing yields to the highest level since August of2006, as an industry report suggested the worst of the housing slump may beover.  Bonds also declined on heightenedconcern that inflation could accelerate after the Federal Reserve issued astatement that removed its past bias toward further interest rateincreases.   European bonds fell after areport showed unemployment in Germany slid to the lowest in almost six years,reinforcing expectations the European Central Bank will raise interest ratestwice more during the year.  A forecast thatthe Bank of Canada would raise interest rates as well triggered a sell-off inCanadian bonds.  Domestically, tradersreduced expectations that the U.S. Federal Reserve would lower its target forthe overnight lending rate following an unexpectedly strong U.S. home salesreport mid-year.  Short exposure to theEurodollar and Euribor futures, the German 5-year and 10-year bonds, as well asCanadian 10-year bonds, contributed to performance.  Contributing slightly to losses were longU.S. treasuries positions as turmoil in mortgage and corporate debt andequities drove investors from riskier assets. U.S. treasury yields fell after large financial institutions announcedwrite downs due to losses on sub-prime mortgage loans and credit, whichincreased speculation the U.S. Federal Reserve, would cut interest rates inJuly.  Long exposures to U.S. treasuriescontributed to performance.   U.S.treasuries had their best month in November in twelve years as concernover banks’ willingness to issue loans drove investors to the safety ofgovernment debt.  Long exposures in U.S.10-year treasuries detracted from performance. U.S. 10-year notes fell as a government plan to limit sub-prime mortgagedefaults reduced demand for the relative safety of U.S. debt.  However, at the end of the year, U.S.treasuries rose again, achieving the best annual returns since 2002, after agovernment report showed sales of new homes in the U.S. declined to a 12-yearlow.

 

Trading in currenciesalso posted an overall profit for the year although losses were posted  in the first and third quarters of theyear.  The Japanese yen declined againstthe U.S. dollar to the lowest in more than four years after a Japanesegovernment report showed a drop in retail sales.  The British pound hit a two year high againstthe Euro 

 

19

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and an eight year highagainst the Japanese yen on United Kingdom interest rates.   The British pound declined against othermajor currencies on expectation the European Central Bank will outpace the Bankof England in raising interest rates, making the United Kingdom currency lessattractive to hold.  During the secondquarter, the British pound rallied to its highest value since June 1981 asU.K. inflation continued to accelerate leading to the expectation the Bank ofEngland would raise rates in May.  TheJapanese yen dropped to a record low against the Euro and declined against theU.S. dollar.  The Canadian dollar reacheda high after a report predicted increased second quarter production, fuelingspeculation the Bank of Canada will increase rates.  Foreign exchange contributed heavily togains.  The U.S. dollar reboundedmid-year  from an all time low as reportsshowed gains in new home sales and manufacturing.  The rise in the Canadian dollar continued toa 30-year high after a government report showed the economy grew at its fastestpace in almost two years.  The Japaneseyen declined as the rebound in U.S. stocks encouraged investors to borrow inJapan’s currency to buy higher yielding assets elsewhere.  However, the Japanese yen later strengthenedon concern that losses from U.S. mortgages would prompt investors to cutriskier investments funded by loans in Japan. The Swiss franc also advanced as speculation of widening losses on bondsbacked by sub-prime mortgages prompted investors to unwind carry trades.  The British pound rose against the U.S.dollar as traders increased bets the Bank of England would lift interest ratesagain before year end.  One of theTrading Advisors liquidated its entire portfolio in August when drawdownlimits were breached and would reinvest when the market stabilized, as measuredby internal metrics and once model portfolio performance showed positiveperformance.  Performance was contributedthrough long exposures to the Canadian dollar, Australian dollar, and Britishpound versus the U.S. dollar.  Canada’sdollar rose to an all-time high against the U.S. dollar as record crude oilprices and the U.S. Federal Reserve’s rate cut spurred a rally in currencieslinked to commodity exports.  The Britishpound rose to its highest since May 1981, after the rate cut.  The U.S. dollar fell against the Euro late inthe year after reports on U.S. durable goods and employment were weaker thanexpected, and the U.S. commerce department report showed sales of new homesfell to a 12-year low in November.

 

Also contributing toprofits was trading in agricultural commodities, despite an unprofitable firsthalf of the year.  Corn declined sharplythe first two days of the year then rose on renewed speculation that higherenergy costs would spur demand for alternative fuels made from the crops.  Corn prices then fell after a governmentsurvey showed U.S. farmers planned to sow fifteen percent more grain in the spring,the most since 1944.  Sugar fell onspeculation that increasing supplies from India and Brazil would boost a globalsurplus.  Cotton prices declined on largesupplies of cotton, and later reversed on speculation that rain in Texas, thelargest U.S. grower, and dry weather in the Southeast may hinder cropdevelopment.  Sugar futures fell afterBrazil, the world’s largest producer, predicted a record sugarcane crop, addingto the global surplus of sweetener.  Latein the second quarter cotton rose to a 3-year high after rains disrupted plantingin Texas and a rally in grain prices offered higher profits in other crops,such as wheat and soybeans.  Coffeeplunged as mild temperatures and dry weather eased concern that crops may bedamaged in Brazil.  Wheat rose as wetweather stalled harvesting and damaged crops in the southern U.S. and farmersshifted from wheat to oilseeds, which have shorter growing seasons.  Coffee posted positive returns in July onspeculation that a crop damaging frost may develop in Brazil.  Cocoa declined on speculation that the maincrop in Ivory Coast, the top producer, may be shipped earlier than usualbecause of favorable weather.  Long wheatand soybean positions contributed to profits as wheat rose, extending a rally,on signs that dry weather may hurt production, further reducing world suppliesexpected to be the lowest in 26 years. Soybeans also rose on speculation weather may damage crops in the U.S.,the world’s  biggest exporter and roseabove $10 a bushel for the first time in three years on increased demand fromthe U.S.  short positions in hog futurescontributed as hog futures fell to the lowest since January 2004, onspeculation that imports from Canada and rising pork supplies would create asurplus.  Soybeans continued to rise onspeculation that China would increase their purchases of U.S. inventories tocap surging food costs.  Wheat rose aftera U.S. government report showed the U.S. crop was in the worst condition ineight years because of drought in parts of the southern Great Plains.  Corn gained, reaching an 11-year high, andsoybeans continued to rise, reaching a 34-year high.  Both increased on speculation that a newenergy bill and rising oil prices may increase the demand for crops used tomake alternative fuels.

 

Trading in the metalsposted losses for the Partnership. Copper prices declined in January on speculation rising inventorieswould outpace U.S. demand due to a continued U.S. housing slowdown.  Stockpiles monitored by the London metalexchange rose to the highest since April 2004.  Gold prices tumbled after government reportssignaled growth in the U.S. economy, strengthening the U.S. dollar andlessening the appeal of gold.  In thesecond quarter, copper reversed and gained as the U.S. dollar declinedagain.  Then copper fell again on speculationthat demand may slow in China, the world’s biggest consumer of copper.  Aluminum fell and gold continued its declineon speculation that investors will seek higher returns from U.S. treasury bondsas yields increased.  Nickel declined onspeculation stainless-steel makers would expand their use of alternative rawmaterials to reduce costs.  Copper roseearly in the third quarter on speculation that a weaker U.S. dollar wouldencourage buyers holding other currencies to purchase the metal.  Zinc gained during July as inventoriesof the metal slumped to the lowest in 16 years. Gold and silver rose as the dollar’s decline against the Euro boostedthe appeal of precious metals as an alternative investment.  Gold continued 

 

20

----

 

to rise late in the thirdquarter, as the declining value of the U.S. dollar and surging energy costsboosted the appeal of the metal.  Copperalso rose as a weaker U.S. dollar increased demand from international buyers.  Copper declined in November onspeculation that slowing economic growth would reduce usage in the U.S.  Copper, which often fluctuates with theeconomy, dropped on concern credit-market turmoil and high crude oil priceswould slow economic growth.  Coppercontinued its decline late in the year on renewed speculation the worst U.S.housing recession in 16 years will continue to cut demand for the metal.  Gold rose as declining U.S. dollar, risingenergy costs, and continuing conflict in the Middle East boosted the appeal ofthe metal as an alternative investment.

 

The stock indices sectorwas the worst performing sector for the Partnership.  The S&P Index was up in January asU.S. stocks rallied, capping the longest stretch of monthly gains in more thana decade, due to the month’s early decrease in energy prices and continuedstrong economic data.  The Nikkei 225 wasalso up in January sending the index to a nine-month high after theJapanese yen weakened against both the U.S. dollar and Euro.  Then there was a large sell off in China andU.S. stocks plunged, erasing all of the gains. The Dow Jones Industrial Average experienced the largest declines sincethe first trading day after September 11, 2001.  Furthermore, United Kingdom stocksexperienced the largest decline in several months.  Early in the second quarter, long equitypositions contributed as global indices rallied on strong earnings andcontinued merger activity.  Losses latein that quarter detracted from performance on concerns that losses tied to subprime mortgages would deepen and spread to the overall market.  The S&P had its biggest decline inJuly.  European government bonds rose,pushing 10-year yields to the lowest level in more than two months, as the riskof owning corporate debt soared.  Contributingslightly were long U.S. treasuries positions as turmoil in mortgage andcorporate debt and equities drove investors from riskier assets.  Further detracting was dynamically tradingGerman bunds and U.S. treasuries.  Germanbunds touched a six-week low the final week of the month after reports showedhigh money supply.  U.S. equities roseafter the economy expanded more than forecasted and the U.S. Federal Reservecut interest rates by 25 basis points. Early in November, domestic stocks fell to three month lows, led byfinancial companies and energy producers, on growing concern from mortgagelosses.  However, the last week ofNovember, U.S. stocks rose, capping the best weekly gain since March, afterU.S. Federal Reserve chairman signaled he may cut interest rates and thetreasury moved closer to a plan to prevent thousands of Americans from losingtheir homes.  Japanese stocks droppedafter the Bank of Japan’s quarterly Tankan survey showed business confidencefell more than estimated.  Additionally,U.S. home prices slumped by the most in at least six years, sparking concernthe worsening housing recession will lead to more losses on mortgage-backedsecurities.  In the U.S., equities had arecovery led by oil and technology shares. However, at year end, most U.S. stocks fell as slower retail sales and adrop in home prices overshadowed the rally in energy companies.

 
| *                   * | *2006*     | ** **     | ** ** | ** **        |
|----------------------------------------------------------------------------------------------------------------------|------------|----------------|------------|-------------------|
| ** **                                                                                                           | ** ** | ** **     | ** ** | ** **        | ** ** |
| ** **                                                                                                           | ** ** | ** **     | ** ** | **Total Trading** | ** ** |
| ** **                                                                                                           | ** ** | ** **     | ** ** | **Profit (Loss)** | ** ** |
|                                                                                                                 |       |           |       |              |   |
|                                                                                                                 |       | Stock Indices  |       | $                 |  11,185,920 |   |
|                                                                                                                 |       | Metals         |       | 8,770,349         |   |
|                                                                                                                 |       | Currencies     |       | 1,175,704         |   |
|                                                                                                                 |       | Energy         |       | (87,580           | ) |
|                                                                                                                 |       | Interest Rates |       | (183,363          | ) |
|                                                                                                                 |       | Agriculture    |       | (2,210,112        | ) |
|                                                                                                                 |       |           |       | $                 |  18,650,918 |   |

 

The Partnership’s overalltrading performance was profitable with gains in the stock indices, metals andcurrencies sectors contributing to the profits.

 

The largest profits wereposted in the stock indices sector. Trading in stock indices also posted gains early in the year. Strongdomestic and international markets contributed to performance. The increasedvolatility in the European markets provided increased opportunities forshort-term trend followers. Mid-year trading in the stock indices sectorcontributed to losses due to trading volatility and the belief that additionalU.S. rate hikes would occur. The sector finished the year with strong profitsas the Dow Jones Industrial Average and the S&P 500 Index climbed to theirhighest levels.  The Democratic victoryin the U.S. elections and strong corporate earnings helped pushed the stockindices higher.  Strong year-end home salescontributed to profits as well.

 

21

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Trading in the metalssector proved profitable for the Partnership. Metals rallied due to base and precious metal holdings. Aluminum andzinc both rallied early in the year due to global growth and supply issues.Precious and base metals contributed to performance through long positions ingold, silver and copper as demand increased. Gold rallied above $650 per ounce and copper rallied on strong globalgrowth, particularly booming demand from China and potential miningdisruptions. Silver also contributed to profits, based on speculation thatBarclays bank would offer a Silver Exchange-Traded Fund (ETF).  Gold continued to rally towards the end ofthe year as jewelers increased inventory for the holidays and as India beganits wedding season.  However, towardsyear-end other metals declined as copper was down due to high inventories whichtraders took as weakening demand.

 

Trading in the currenciessector also contributed to profits primarily due to strong profits in thelatter part of the year.    Foreignexchange contributed positively to the Partnership as the U.S. dollar weakeneddue to the continuation of December’s carry trade reversal and the continuedexpectation for the slowdown in Federal Funds rate increases by the U.S.Federal Reserve. Contributing to performance were long Canadian dollar andBritish pound positions, while detracting from performance were positions inthe Euro and Swiss franc. Foreign exchange detracted due to strong reversals inMarch.  Long exposures to the Mexicanpeso, Japanese yen, Canadian dollar and the British pound during choppy marketconditions all contributed to losses. The U.S. dollar fell based on narrowing interest rate differentials andanticipation that the U.S. Federal Reserve would soon end its rate hike cyclein mid-year. Slower growth reversed the chance of a rate hike in the U.S.,which negatively impacted the U.S. dollar. The British pound also gainedagainst the U.S. dollar on speculation the interest-rate gap between Britainand the U.S. would narrow.  Profits wererealized the latter part of the year by being short the U.S. dollar,particularly against the Australian dollar which rose as speculation that theReserve Bank of Australia would raise interest rates a third time in 2006.

 

Trading in the energysector posted slight losses for the Partnership.  Crude oil rallied due to geopolitical issuesbut gains were not enough to offset losses from the decline in refined products,such as unleaded gasoline and heating oil. Geopolitical issues led to increasedvolatility within the sector and caused gasoline prices to surge as supplydecreased reversing the downward price trend experienced earlier in the firstquarter.  The energy sector postedmoderate gains for the second quarter. Energy was then flat through mid-year asprices retreated off recent highs. Long positions in crude oil continued tocontribute to profits, while short positions in natural gas caused losses as pricesspiked.  Crude oil futures rose sharplyearly in the third quarter under the fear that fighting would spread throughoutthe Middle East, but later sold-off causing small losses. Natural gas, alsorallied early in the third quarter as demand for electricity spiked during theheat wave in the U.S. Crude oil was down due to the end of the driving seasonin the third quarter and decreased tensions with Iran. Natural gas plummeted asmild weather reduced demand for the fuel from power generators.  Crude declined despite OPEC pledging to cutdaily production.  Additionally, aboveaverage temperatures in the U.S. led to higher than average stockpiles andfurther depressed prices.   At year-endthe energy sector contributed to profits although not enough to offset lossesrealized most of the year. Profits in the last quarter were generated throughshort positions in heating oil, natural gas and crude oil.  Heating oil prices dropped and heating oilfutures fell as mild weather in the U.S. continued.

 

The interest rate sectoralso posted losses despite profits consistent profits through the first half ofthe year.  Short positions inEurodollars, the front end of the U.S. curve, German bunds, Japanese governmentbonds and U.S. Treasuries all drove performance. The short positions in U.S.Treasuries profited due to higher interest rates as a result of increasedinflationary pressure and as markets declined on stronger than expectedconsumer confidence and rising inflationary fears.  Performance was driven in the fixed incomesector through short positions in global interest rates, specifically shortpositions to U.K. gilts and German bunds. Short positions in the Euro alsocontributed to profits due to speculation that the European Central Bank wouldraise rates throughout the year. Short exposures to global interest rates,particularly Japan and Europe, slightly detracted from gains mid-year as globalbond prices rallied. The beginning of the third quarter proved to be adifficult environment for the Partnership as speculation over the U.S. interestrate policy and geo-political events created an environment of heightenedvolatility and a reversal of some larger long-term trends. Fixed income marketsrallied on expectations that further rate hikes would be put on hold as theU.S. economy slowed. This reversed the downward trend in the sector, resultingin losses through exposures to global interest rates. Treasury yields declinedon speculation the U.S. Federal Reserves’ previous rate increases would proveso damaging to the housing market that the economic growth would slow moresharply than expected. Poor performance was also seen through short positionsin the U.S. 5 and 10 year Treasury notes and to the 30 year Treasury bond.European notes declined on speculation that the European Central Bank wouldraise interest rates further to stem inflation. U.S. Treasuries fell to their first December lost in five yearsamid evidence the economy was rebounding from two quarters of slowinggrowth.  Stronger than expected reportson home sales, consumer confidence and manufacturing led investors to pareexpectations for interest-rate cuts by the Federal Reserve in 2007.

 

22

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The agricultural sectorwas the worst performing sector for the Partnership despite slight gains latein the year.  Short positions in coffeeand long positions in corn detracted from performance. Some losses weremitigated through long positions in sugar as demand grew for ethanol, a sugarby-product. Detracting from performance were long exposures to the soybeancomplex.  Contributing slightly in March weregains resulting from short positions in coffee and the meat complex as pricescontinued to decrease.  Short positionsin cotton profited as prices declined. However, small losses occurred across other markets due to choppyconditions. Exposures to corn, cattle, and sugar added losses.  Long positions to corn and wheat declined asprices declined based on weather and harvest expectations. Cocoa detracted fromperformance as it retreated from its upward trend and reversed significantly asmarket participants thought recent highs were based merely on speculativebuying, rather than on supply and demand conditions. U.S. soybean and corncrops improved as rains relieved stress caused by weeks of dry weather. Thesegains were mitigated through short positions in hogs and cattle and longexposures to the grain complex. Corn and soybean prices rose over 13% for themonth of September, the most since December 2005, due to rainy weather inthe U.S. Midwest. Sugar, the best-performing commodity in 2005, droppedsignificantly from February as production expanded in Brazil and India,the world’s biggest cane growers. Soybeans rose as wheat and corn threatened toreduce global plantings of soybeans. Some of the price increases in soybeans were attributed to the increasein corn prices, indicating that farmers may plant more corn and fewer soybeansin 2007.

 
| *                    * | *2005*     | ** **     | ** ** | ** **        |
|----------------------------------------------------------------------------------------------------------------------------|------------|----------------|------------|-------------------|
| ** **                                                                                                                 | ** ** | ** **     | ** ** | **Total Trading** | ** ** |
| ** **                                                                                                                 | ** ** | ** **     | ** ** | **Profit (Loss)** | ** ** |
|                                                                                                                       |       |           |       |              |   |
|                                                                                                                       |       | Metals         |       | $                 |  6,047,758 |   |
|                                                                                                                       |       | Stock Indices  |       | 4,752,243         |   |
|                                                                                                                       |       | Interest Rates |       | 1,606,865         |   |
|                                                                                                                       |       | Energy         |       | 1,017,906         |   |
|                                                                                                                       |       | Agriculture    |       | (554,215          | ) |
|                                                                                                                       |       | Currencies     |       | (10,352,837       | ) |
|                                                                                                                       |       |           |       | $                 |  2,517,720 |   |

 

Although the Partnershiphad a net loss for the year ended December 31, 2005 the Partnership’soverall trading performance was profitable with trading in metals and stockindices contributing the most profits.

 

Trading in the metalssector posted the most profits for the year. Long positions in base and precious metals contributed to profits earlyin the year but detracted from performance in the second quarter.  Long metal positions in the third quarter,specifically copper, contributed to profits as global growth increased speculationthat demand and therefore, prices would increase.  Metals continued their upward trend throughthe latter part of the year as demand remained strong for base and preciousmetals.

 

Trading in stock indicesposted solid trading profits as well for the year despite losses posted in thefirst half of the year.  Losses occurredearly in the year due to a trend reversal from long global equities to shortglobal equities.  Trading in stockindices contributed positively to performance in the second half of the yearwith long positions in global equities contributing the most as global marketsrallied.  Trading in the Nikkei, DAX andEuropean equities posted strong gains as they rallied at year end.

 

The interest rate sectorposted gains for the year primarily due to profits posted in the first half ofthe year despite this sector detracting from performance for the Partnership inthe second half of the year.  In thebeginning of the year the interest rate sector was the best performing sectoras the Partnership benefited from long U.S. dollar positions versus the Euroand long Euro and Japanese fixed incomes. Long positions in the ten-year German bund also contributed to gains.Mid-year a rally in bond prices attributed to losses as did long positions inJapanese and European government bonds. Trading in German bunds further detracted from performance.   Gains were posted in October primarilydue to short exposures to U.S. and European yield curves, as bond prices fellover concerns that the central banks would continue to raise rates; howeverthese profits were not enough to outweigh losses posted throughout the latterpart of the fourth quarter.  Interestrates detracted as the U.S. yield curve inverted, resulting in a challengingenvironment for trading managers. Additionally, the market perception that theFederal Reserve would end its interest rate increase sooner rather than latersparked a sell off of the U.S. dollar. Furthermore, many global long-term interest rates moved lower, causing

 

23

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negative returns forselect short positions, particularly to the German bund and British gilt.

 

Trading in the energysector also posted gains for the Partnership despite the sector detracting fromperformance in the fourth quarter. Gains were experienced in the energy sectoras the Partnership benefited from long positions in crude oil and gas as theseindustries profited.  During the secondquarter, crude oil and heating oil declined as crude oil fell in price, whichnegatively impacted trend followers.  Trading in the energy sector posted thelargest gains in the third quarter.  Longenergy positions in the entire energy complex, as well as a rally in the energysector due to Hurricane Katrina attributed to those gains.  Natural gas retreated from its record highprices set in September, negatively impacting trading managers. Natural gascontinued its decline throughout the fourth quarter detracting fromperformance.

 

Trading in theagricultural sector posted losses for the Partnership for the year, with thefirst and latter part of the year contributing to profits and mid-yeardetracting from performance.  During thefirst quarter, gains were experienced from long positions in cattle and hogmarkets.  Gains were posted due tocoffee, which experienced a lack of supply and a growing demand.   Gains in exposure to hogs and soybeans werenot enough to offset trading losses in other commodities.  Long exposure to soymeal further attributedto losses.  Short exposure to corn andlong exposure to London coffee detracted from performance in the thirdquarter.  Agriculture posted small gainsat the end of the year as long sugar positions rallied due to an expectation ofreduced supplies.

 

Trading in the currencysector posted the largest losses for the Partnership for the year, despitesmall gains posted in the second quarter. Losses in the beginning of the year were due to a trend reversal fromshort U.S. dollar positions to long U.S. dollar positions.  Long Japanese yen and Swiss franc positionsalso experienced losses.  With the U.S.Federal Reserve expressing concern about inflation, investors predicted thatinterest rates and the U.S. dollar would rise. This caused losses as investors fled from emerging currencies.  In the second quarter, long positions in theBritish pound and the Australian dollar contributed to gains.  Short positions to the British pound andSwiss franc enabled the Partnership to capitalize on trend reversals in themarket in the latter half of the second quarter.  China’s revaluation of the yuan causedvolatility across the currency markets. The U.S. dollar weakened based on higher oil prices and the potentialFederal Reserve slowdown in September. British pounds detracted from performance in the foreign sector.  The U.S. dollar rallied against most majorcurrencies, primarily the yen, which attributed to losses.  Higher yielding carry trades reversed causinglosses to be posted as well.  The yearended with currencies on the upswing. Short Euro and Swiss franc and long Mexican peso positions contributedto performance.

 

#### ***VariablesAffecting Performance***

#### * *

The principal variable,which determines the net performance of the Partnership, is grossprofitability.

 

During most periods setforth under “Selected Financial Data,” the interest rates in many countrieswere at unusually low levels.  The lowinterest rates in the United States (although higher than in many othercountries) negatively impacted revenues because interest income is typically acomponent of the Partnership’s profitability. In addition, low interest rates are frequently associated with reducedfixed income market volatility, and in static markets the Partnership’s profitpotential generally tends to be diminished. On the other hand, during periods of higher interest rates, the relativeattractiveness of a high risk investment such as the Partnership may be reducedas compared to high yielding and much lower risk fixed income investments.

 

Prior to September 1,2007 the Partnership’s brokerage commissions and administrative fees were aconstant percentage of the Partnership’s assets allocated to trading.  The only Partnership costs (other thancurrency trading costs) which were not based on a percentage of the Partnership’sassets (allocated to trading or total) were the Profit Shares payable to theTrading Advisors on an Trading Advisor-by-Trading Advisor basis.  Effective September 1, 2007, thePartnership revised its expense structure and the Partnership began paying itsown operating expenses.  Grossprofitability is in turn affected by the percentage of the Partnership’s assetsallocated to trading.  During periodswhen Profit Shares are a high percentage of net trading gains, it is likelythat there has been substantial performance non-correlation among the TradingAdvisors (so that the total Profit Shares paid to those Trading Advisors whichhave traded profitably are a high percentage, or perhaps even in excess, of thetotal profits recognized, as other Trading Advisors have incurred offsettinglosses, reducing overall trading gains but not the Profit Shares paid to thesuccessful Trading Advisors) suggesting the likelihood of generally trendless,non-consensus markets.

 

Unlike manyinvestment fields, there is no meaningful distinction in the operations of thePartnership between realized and unrealized profits.  Most of the contracts traded by the Partnershipare highly liquid and can be

 

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closed out at any time.

 

Except in unusualcircumstances, factors (*e.g.* regulatoryapprovals, cost of goods sold, employee relations and the like) which oftenmaterially affect an operating business have virtually no impact on thePartnership.

 

***Liquidity;Capital Resources***

 

                                                                                               The Partnership borrows only to a limitedextent and only on a strictly short-term basis in order to finance losses onnon-U.S. dollar denominated trading positions pending the conversion of thePartnership’s U.S. dollar deposits. These borrowings are at a prevailing short-term rate in the relevantcurrency.  They have been immaterial tothe Partnership’s operation to date and are expected to continue to be so.

 

                                                                                               Substantially all of the Partnership’sassets are held in cash except for the net unrealized profit on openpositions.  The Net Asset Value of thePartnership’s cash is not affected by inflation.  However, changes in interest rates couldcause periods of strong up or down price trends, during which the Partnership’sprofit potential generally increases. Inflation in commodity prices could also generate price movements, whichthe Trading Advisors’ strategies might successfully follow.

 

                                                                                               Except in very unusual circumstances, thePartnership should be able to close out any or all of its open tradingpositions and liquidate any or all of its securities holdings quickly and atmarket prices.  This permits a TradingAdvisor to limit losses as well as reduce market exposure on short noticeshould its strategies indicate doing so. In addition, because there generally is a readily available market valuefor the Partnership’s positions and assets, the Partnership’s monthly Net AssetValue calculations typically are precise, and investors need only wait tenbusiness days to receive the full redemption proceeds of their Units.

 

                                                                                               There were no material commitments for capitalexpenditures as  of December 31,2007, the end of the most recent fiscal year.

 

***ContractualObligations, Commitments and Contingencies***

 

                                                                                                The Partnership has no applicabledisclosure under this Item 7 regarding off-balance sheet arrangements and tabulardisclosure of contractual obligations pursuant to Regulation S-K, Item 303(a)(4) and303(a)(5), respectively, as the Partnership does not have any off balance sheetcommitments that are likely to have a significant impact on its financialposition or contractual obligations long term in nature.

 

**Item 7A:****Quantitative andQualitative Disclosures about Market Risk**

 

***Introduction***

 

Past Performance Not NecessarilyIndicative of Future Results

 

                                                            The Partnership is a speculativecommodity pool.  Unlike an operatingcompany, the risk of market sensitive instruments traded by it is integral, notincidental, to the Partnership’s main line of business.

 

                                                            Market movements result in frequentchanges in the fair market value of the Partnership’s open positions and,consequently, in its earnings and cash flows. The Partnership’s market risk is influenced by a wide variety offactors, including the level and volatility of interest rates, exchange rates,equity price levels, the market value of financial instruments and contracts,the diversification effects among the Partnership’s open positions and theliquidity of the markets in which it trades.

 

                                                            The Partnership, under the direction ofits Trading Advisors, rapidly acquires and liquidates both long and shortpositions in a wide range of different markets. Consequently, it is not possible to predict how a possible future marketscenario will affect performance, and the Partnership’s past performance is notnecessarily indicative of its future results.

 

                                                            Value at Risk is a measure of the maximumamount which the Partnership could reasonably be expected to lose in a givenmarket sector.  However, the inherentuncertainty of the Partnership’s speculative trading and

 

25

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the recurrence in the markets traded by thePartnership of market movements far exceeding expectations could result inactual trading or non-trading losses far beyond the indicated Value at Risk orthe Partnership’s experience to date (i.e.*,*  “risk of ruin”).  In light of the foregoing, as well as therisks and uncertainties intrinsic to all future projections, the inclusion ofthe quantification in this section should not be considered to constitute anyassurance or representations that the Partnership’s losses in any market sectorwill be limited to Value at Risk or by the Partnership’s attempt to managemarket risk.

 

                                                            Materiality, as used in this section “Quantitativeand Qualitative Disclosures About Market Risk,” is based on an assessment of reasonablypossible market movements and the potential losses caused by such movements,taking into account the leverage, optionality and multiplier features of thePartnership’s market sensitive instruments.

 

### ***Quantifying thePartnership’s Trading Value at Risk***

### *** ***

*                                                           **Quantitative Forward-LookingStatements*

 

*                                                           **The following quantitativedisclosures regarding the Partnership’s market risk exposures contain “forward-lookingstatements” within the meaning of the safe harbor from civil liability providedfor such statements by the Private Securities Litigation Reform Act of 1995(set forth in Section 27A of the Securities Act  and Section 21E of the ExchangeAct).  All quantitative disclosures inthis section are deemed to be forward-looking statements for purposes of thesafe harbor, except for statements of historical fact.*

 

                                                            The Partnership’s risk exposure in thevarious market sectors traded by the Trading Advisors is quantified below interms of Value at Risk.  Due to thePartnership’s mark-to-market accounting, any loss in the fair value of thePartnership’s open positions is directly reflected in the Partnership’searnings (realized or unrealized) and cash flows (at least in the case ofexchange-traded contracts in which profits and losses on open positions are settleddaily through variation margin).

 

                                                                                                Exchange maintenance margin requirementshave been used by the Partnership as the measure of its Value at Risk.  Maintenance margin requirements are set byexchanges to equal or exceed the maximum loss in the fair value of any givencontract incurred in 95% - 99% of the one-day time periods included in thehistorical sample (generally approximately one year) researched for purposes ofestablishing margin levels.  Maintenancemargin levels are established by dealers and exchanges using historical pricestudies, as well as an assessment of current market volatility and economicfundamentals, to provide a probabilistic estimate of the maximum expectednear-term one-day price fluctuation.

 

                                                            In the case of market sensitiveinstruments which are not exchange-traded (almost exclusively currencies in thecase of the Partnership), the margin requirements for the equivalent futurespositions have been used as Value at Risk. In those rare cases in which afutures-equivalent margin is not available, dealers’ margins have been used.

 

                                                            The fair value of the Partnership’sfutures and forward positions does not have any optionality component. However,certain of the Trading Advisors trade commodity options.  The Value at Risk associated with options isreflected in the following table as the margin requirement attributable to theinstrument underlying each option.

 

                                                            In quantifying the Partnership’s Value atRisk, 100% positive correlation in the different positions held in each market riskcategory has been assumed. Consequently, the margin requirements applicable tothe open contracts have been aggregated to determine each trading category’saggregate Value at Risk.  Thediversification effects resulting from the fact that the Partnership’spositions are rarely, if ever, 100% positively correlated, have not beenreflected.

 

26

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***The Partnership’s Trading Valueat Risk in Different Market Sectors***

 

                                                                                                Thefollowing tables indicate the average, highest and lowest trading Value at Riskassociated with the Partnership’s open positions by market category for thefiscal years 2007 and 2006. During the fiscal year 2007, the Partnership’saverage capitalization was $193,436,908. During the fiscal year 2006, thePartnership’s average capitalization was $250,940,436.

 

**Fiscal Year 2007**

 
| ** **        | ** ** | **Average**       | ** ** | **% of Average**   | ** ** | **Highest Value** | ** ** | **Lowest Value** | ** ** |
|-------------------|------------|-------------------|------------|--------------------|------------|-------------------|------------|------------------|------------|
| **Market Sector** | ** ** | **Value at Risk** | ** ** | **Capitalization** | ** ** | **At Risk**       | ** ** | **At Risk**      | ** ** |
|              |       |              |       |               |       |              |       |             |       |
| Agriculture       |       | $                 | 259,927    |               | 0.13       | %                 | $          | 905,590          |       | $ | 15,449 |   |
| Currencies        |       | 1,822,034         |       | 0.95               | %          | 4,834,394         |       | 188,916          |       |
| Energy            |       | 516,415           |       | 0.27               | %          | 1,218,410         |       | 13,728           |       |
| Interest Rates    |       | 9,388,250         |       | 4.85               | %          | 19,530,849        |       | 14,545           |       |
| Metals            |       | 1,188,724         |       | 0.61               | %          | 10,758,584        |       | 59,909           |       |
| Stock Indices     |       | 1,322,472         |       | 0.68               | %          | 2,728,825         |       | 47,138           |       |
|              |       |              |       |               |       |              |       |             |       |
| TOTAL             |       | $                 | 14,497,822 |               | 7.49       | %                 | $          | 39,976,652       |       | $ | 339,685 |   |

 

**Fiscal Year 2006**

 
| ** **        | ** ** | **Average**       | ** ** | **% of Average**   | ** ** | **Highest Value** | ** ** | **Lowest Value** | ** ** |
|-------------------|------------|-------------------|------------|--------------------|------------|-------------------|------------|------------------|------------|
| **Market Sector** | ** ** | **Value at Risk** | ** ** | **Capitalization** | ** ** | **At Risk**       | ** ** | **At Risk**      | ** ** |
|              |       |              |       |               |       |              |       |             |       |
| Agriculture       |       | $                 | 92,995     |               | 0.04       | %                 | $          | 251,914          |       | $ | 3,025 |   |
| Currencies        |       | 1,249,947         |       | 0.50               | %          | 6,381,088         |       | 245,989          |       |
| Energy            |       | 354,231           |       | 0.14               | %          | 1,696,701         |       | 48,066           |       |
| Interest Rates    |       | 10,737,571        |       | 4.28               | %          | 15,740,482        |       | 192,301          |       |
| Metals            |       | 1,559,263         |       | 0.62               | %          | 15,466,941        |       | 50,602           |       |
| Stock Indices     |       | 1,461,903         |       | 0.58               | %          | 6,996,574         |       | 48,698           |       |
|              |       |              |       |               |       |              |       |             |       |
| TOTAL             |       | $                 | 15,455,910 |               | 6.16       | %                 | $          | 46,533,700       |       | $ | 588,681 |   |

 

Average, highest andlowest Value at Risk amounts relate to the month-end amounts for each month-endduring the fiscal year. Average Capitalization is the average of the Partnership’scapitalization at the end of each calendar quarter of fiscal years 2007 and2006.

 

### ***Material Limitations on Value at Risk as an Assessmentof Market Risk***

### *** ***

                                                The face value of the market sectorinstruments held by the Partnership is typically many times the applicablemaintenance margin requirement (maintenance margin requirements generallyranging between approximately 1% and 10% of contract face value) as well asmany times the capitalization of the Partnership.  The magnitude of the Partnership’s openpositions creates a “risk of ruin” not typically found in most other investmentvehicles.  Because of the size of itspositions, certain market conditions, unusual, but historically recurring fromtime to time, could cause the Partnership to incur severe losses over a shortperiod of time.  The foregoing Value atRisk table as well as the past performance of the Partnership give noindication of this “risk of ruin”.

 

27

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***Non-Trading Risk***

 

#### *                                                ForeignCurrency Balances; Cash on Deposit with MLPF&S, NewEdge and PFPC Trust*

#### * *

                                                The Partnership has non-trading marketrisk on its foreign cash balances not needed for margin.  However, these balances (as well as themarket risk they represent) are generally immaterial.  The Partnership controls the non-tradingexchange rate risk of its foreign currency balances by regularly converting itsforeign currency balances back to U.S. dollars on a weekly basis.

 

                                                The Partnership also has non-tradingmarket risk on the approximately 90%-95% of its assets which are held in cashat MLPF&S, NewEdge or PFPC Trust. The value of this cash is not interest rate sensitive, but there is cashflow risk in that if interest rates decline so will the cash flow generated onthese monies.  This cash flow risk isgenerally insignificant.

 

***Qualitative Disclosures Regarding Primary Trading Risk Exposures***

 

*                                               **The following qualitativedisclosures regarding the Partnership’s market risk exposures, except for (i) thosedisclosures that are statements of historical fact and (ii) thedescriptions of how the Partnership manages its primary market risk exposure,constitute forward-looking statements within the meaning of Section 27A ofthe Securities Act and Section 21E of the Exchange Act.  The Partnership’s primary market riskexposures as well as the strategies used by BRIM and the Trading Advisors formanaging such exposures are subject to numerous uncertainties, contingenciesand risks, any one of which could cause the actual results of the Partnership’srisk controls to differ materially from the objectives of such strategies.  Government interventions, defaults andexpropriations, illiquid markets, the emergence of dominant fundamentalfactors, political upheavals, changes in historical price relationships, aninflux of new market participants, increased regulation and many other factorscould result in material losses as well as in material changes to the riskexposures and the risk management strategies of the Partnership.  There can be no assurance that thePartnership’s current market exposure and/or risk management strategies willnot change materially or that any such strategies will be effective in eitherthe short- or long-term. Investors must be prepared to lose all orsubstantially all of their investment in the Partnership.*

 

                                                The following were the primary tradingrisk exposures of the Partnership as of December 31, 2007, by marketsector:

 

**                                               ****Interest Rates**

 

                                                Interest rate risk is the principalmarket exposure of the Partnership. Interest rate movements directly affect the price of futures and forwardsovereign futures and forward bond positions held by the Partnership andindirectly the value of its stock index and currency positions.  Interest rate movements in one country aswell as relative interest rate movements between countries can be expected tomaterially impact the Partnership’s profitability.  The Partnership’s primary interest rateexposure is to interest rate fluctuations in the United States and the otherG-7 countries.  However, the Partnershipalso takes positions based upon or indexed to the government debt of smallernations e.g.*,* New Zealand and Australia.  BRIM anticipates that G-7 interest rates willremain the primary market exposure of the Partnership for the foreseeablefuture.

 

**                                               ****Currencies**

 

                                                The Partnership trades in a large numberof currencies, and exchange rate risk is a significant market exposure of thePartnership.  The Partnership’s majorexposures have typically been to pricing relationships between the U.S.dollar/Japanese yen, U.S. dollar/Euro and U.S. dollar/British pound positionsas well as U.S. dollar/Canadian dollar, U.S. dollar/Australian dollar and U.S.dollar/Swiss franc.  BRIM does notanticipate that the risk profile of the Partnership’s currency sector willchange significantly in the future.  Thecurrency trading Value at Risk figure includes foreign margin amounts convertedinto U.S. dollars with an incremental adjustment to reflect the exchange raterisk of maintaining Value at Risk in a functional currency other than U.S.dollars.

 

28

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**Stock Indices**

 

                                                The Partnership has significant equityexposure is to G-7 equity index price movements, although as of December 31,2007, the Partnership’s primary exposures were in the stock indices fromSoutheast Asian countries. The Partnership is primarily exposed to the risk ofadverse price trends or static markets in the major G-7 and Asian indices.

 

**Metals**

 

The Partnership’s primary metals market exposure is tofluctuations in the price of gold and silver. Although certain of the TradingAdvisors trade base metals such as aluminum, nickel, copper and tin, theprincipal market exposures of the Partnership have consistently been in theprecious metals.  BRIM anticipates thatgold will remain the primary metal market exposure for the Partnership.

 

**                                               ****Agriculture Commodities**

 

                                                The Partnership’s primary agriculturalcommodities exposure is to agricultural price movements, which are oftendirectly affected by severe or unexpected weather conditions.  Soybeans, grains, livestock and sugaraccounted for the substantial bulk of the Partnership’s commodity exposure asof December 31, 2007.  In the past,the Partnership has had material market exposure to orange juice and cotton andmay do so again in the future.  However,BRIM anticipates that the Trading Advisors will maintain an emphasis onsoybeans, grains and sugar, in which the Partnership has historically taken itslargest positions.

 

**                                               ****Energy**

 

                                                The Partnership’s primary energy marketexposure is to natural gas and oil price movements, often resulting frompolitical developments in the Middle East. Energy prices can be volatile and substantial profits and losses havebeen and are expected to continue to be experienced in this market.

 

***Qualitative Disclosures Regarding Non-Trading Risk Exposure***

 

                                                The following were the non-trading riskexposures of the Partnership as of December 31, 2007.

 

**                                               ****Foreign Currency Balances**

 

**                                               **The Partnership’s primary foreigncurrency balances are in Japanese yen, British pounds and Euros.  The Partnership has minimal exchange rateexposure on these balances.

 

**                                               ****U.S. Dollar Balances**

 

**                                               **The Partnership holds its U.S. dollars incash at MLPF&S, NewEdge and PFPC Trust. The Partnership has immaterial cash flow and interest-rate risk on itscash on deposit with MLPF&S or NewEdge in that declining interest rateswould cause the income from such cash to decline.

 

### ***Qualitative Disclosures Regarding Means of ManagingRisk Exposure***

### *** ***

*Trading Risk*

 

                                                BRIM has procedures in place intended tocontrol market risk exposure, although there can be no assurance that theywill, in fact, succeed in doing so. These procedures focus primarily on monitoring the trading of theTrading Advisors selected from time to time for the Partnership, and reviewingoutstanding positions for over-concentration both on an TradingAdvisor-by-Trading Advisor and on an overall Partnership basis.  While BRIM does not itself intervene in themarkets to hedge or diversify the Partnership’s market exposure, BRIM may urgeTrading Advisors to reallocate positions, or itself reallocate Partnershipassets among Trading Advisors (although typically only as of the end of amonth), in an attempt to avoid over-concentration.  However, such interventions are unusual.

 

                                                At the Trading Advisor level, eachTrading Advisor applies its own risk management policies to its trading.  These policies generally limit the totalexposure that may be taken per “risk unit” of assets under management.  In addition, many Trading Advisors followdiversification guidelines (often formulated in terms of the maximum margin,

 

29

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which they will commit to positions in any one contract or group ofrelated contracts), as well as imposing “stop-loss” points at which openpositions must be closed out. Occasionally, Trading Advisors will limit themarket exposure of their Partnership account through acquiring put or calloptions which “collar” the risk of open positions.  However, because of the typically high degreeof liquidity in the markets traded by the Partnership and the expense ofacquiring options, most Trading Advisors rely simply on stop-loss policies,requiring the liquidation of positions once losses of a certain magnitude havebeen incurred.

 

                                                Certain Trading Advisors treat their riskcontrol policies as strict rules; others only as general guidelines forcontrolling risk.

 

*Non-Trading Risk*

 

                                                The Partnership controls the non-tradingexchange-rate risk of its foreign currency balances by regularly convertingthese balances back into U.S. dollars on a weekly basis.

 

                                                The Partnership has cash flow interestrate risk on its cash on deposit with MLPF&S and NewEdge in that declininginterest rates would cause the income from such cash to decline.  However, a certain amount of cash or cashequivalents must be held by the Partnership in order to facilitate marginpayments and pay expenses and redemptions. BRIM does not take any steps to limit the cash flow risk on its cashheld on deposit at MLPF&S,  NewEdgeand PFPC Trust.

 

30

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**Item 8:   Financial Statements and SupplementaryData**

 

                                                                                               Financial statements required by thisitem, including the report of independent registered public accounting firm,Deloitte & Touche LLP, for the fiscal years ended December 31,2007, 2006 and 2005, are included as Exhibit 13.01 to this report.

 

                                                                                               The following summarized quarterlyfinancial information presents the results of operations for the three monthperiods ended March 31, June 30, September 30 and December 31,2007 and 2006.  This information has notbeen audited.

 

Selected QuarterlyFinancial Data (unaudited)

                        BlackRock Global Horizons I L.P.

 

Net Income by Quarter

Eight Quarters throughDecember 31, 2007

 
| ** **                          | ** ** | **Fourth**  | ** ** | **Third**   | ** ** | **Second**  | ** ** | **First**   | ** ** | **Fourth**  | ** ** | **Third**   | ** ** | **Second**  | ** ** | **First**   | ** ** |
|-------------------------------------|------------|-------------|------------|-------------|------------|-------------|------------|-------------|------------|-------------|------------|-------------|------------|-------------|------------|-------------|------------|
| ** **                          | ** ** | **Quarter** | ** ** | **Quarter** | ** ** | **Quarter** | ** ** | **Quarter** | ** ** | **Quarter** | ** ** | **Quarter** | ** ** | **Quarter** | ** ** | **Quarter** | ** ** |
| ** **                          | ** ** | **2007**    | ** ** | **2007**    | ** ** | **2007**    | ** ** | **2007**    | ** ** | **2006**    | ** ** | **2006**    | ** ** | **2006**    | ** ** | **2006**    | ** ** |
| Total Income (Loss)                 |       | $           | 13,121,880 |        | $          | (8,767,764  | )          | $           | 22,725,734 |        | $          | (6,221,482) |       | $           | 12,243,403 |        | $          | (7,213,610 | ) | $ | 12,244,345 |   | $ | 13,554,927 |   |
| Total Expenses                      |       | 5,144,206   |       | 2,685,334   |       | 5,362,300   |       | 3,939,284   |       | 4,935,983   |       | 4,600,423   |       | 6,167,733   |       | 5,407,206   |       |
| Net Income (Loss)                   |       | $           | 7,977,674  |        | $          | (11,453,098 | )          | $           | 17,363,434 |        | $          | (10,160,766 | )          | $           | 7,307,420  |        | $          | (11,814,033 | ) | $ | 6,076,612 |   | $ | 8,147,721 |   |
|                                |       |        |       |        |       |        |       |        |       |        |       |        |       |        |       |        |       |
| Net Income (Loss) per Series A Unit |       | $           | 0.0433     |        | $          | (0.0575)    |       | $           | 0.0800     |        | $          | (0.0435     | )          | $           | 0.0303     |        | $          | (0.0451 | ) | $ | 0.0230 |   | $ | 0.0285 |   |
| Net Income (Loss) per Series F Unit |       | $           | 10.13      |        | $          | (13.65      | )          | $           | 19.33      |        | $          | (10.52      | )          | $           | 7.46       |        | $          | (10.89 | ) | $ | 5.41 |   | $ | 7.22 |   |
| Net Income (Loss) per Series G Unit |       | $           | 0.0443     |        | $          | (0.0583     | )          | $           | 0.0830     |        | $          | (0.0465     | )          | n/a         |       | n/a         |       | n/a |   | n/a |   |
| Net Income (Loss) per Series I Unit |       | $           | 0.0667     |        | $          | (0.0513     | )          | $           | 0.0904     |        | $          | (0.0390     | )          | $           | 0.0417     |        | $          | (0.0375 | ) | $ | 0.0279 |   | $ | 0.0358 |   |
|                                |       |        |       |        |       |        |       |        |       |        |       |        |       |        |       |        |       |
| Weighted average units Series A     |       | 103,656,598 |       | 116,067,900 |       | 128,919,989 |       | 138,284,792 |       | 147,149,479 |       | 153,655,292 |       | 158,529,087 |       | 168,467,271 |       |
| Weighted average units Series F     |       | 138,151     |       | 141,019     |       | 144,883     |       | 150,415     |       | 157,113     |       | 164,741     |       | 169,015     |       | 176,395     |       |
| Weighted average units Series G     |       | 40,207,380  |       | 41,405,106  |       | 42,802,351  |       | 44,129,770  |       | n/a         |       | n/a         |       | n/a         |       | n/a         |       |
| Weighted average units Series I     |       | 2,757,932   |       | 4,537,254   |       | 4,635,761   |       | 4,673,575   |       | 6,250,746   |       | 9,618,896   |       | 8,945,918   |       | 8,542,897   |       |

 

Calculation of net income(loss) per weighted average general partner and limited partner unit excludesnet income (loss) allocated to non-unitized interests.

 

The supplementaryfinancial information (“information about oil and gas producing activities”) specifiedby Item 302 of Regulation S-K is not applicable.

 

31

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**Item 9: Changesin and Disagreements with Accountants on Accounting and Financial Disclosure**

 

There were nochanges in or disagreements with Deloitte & Touche LLP on accountingor financial disclosure.

 

**Item 9A: Controls and Procedures**

 

*Evaluation of Disclosure andProcedures*

 

The GeneralPartner, with the participation of the Partnership’s Chief Operating Officerand the Chief Financial Officer, has evaluated the effectiveness of the designand operation of its disclosure controls and procedures with respect to thePartnership as of and for the year which ended December 31, 2007, and,based on its evaluation, has concluded that these disclosure controls andprocedures are effective.  Additionally,there were no significant changes in the General Partner’s internal controlswith respect to the Partnership over financial reporting which materiallyaffect such internal controls.

 

*Changes in Internal Control overFinancial Reporting*

 

No change ininternal control over financial reporting ( as defined in Rule 13a-15(f) underthe Exchange Act) occurred during the quarter ended December 31, 2007 thathas materially affected, or is reasonable likely to materially affect, thePartnership’s internal control over financial reporting.

 

*Management’s Report on InternalControl over Financial Reporting*

 

The Partnership’smanagement is responsible for establishing and maintaining adequate internalcontrol over financial reporting.  ThePartnership’s internal control over financial reporting is a process designedunder the supervision of the Partnership’s Chief Executive Officer and ChiefFinancial Officer and effected by management, other personnel and serviceproviders to provide reasonable assurance regarding the reliability offinancial reporting and the preparation of financial statements for externalpurposes in accordance with generally accepted accounting principals andincludes those policies and procedures that:

 
|   | · | Pertain to the  maintenance of records that in reasonable detail accurately and fairly  reflect the transactions and dispositions of the assets of the Partnership;                                                                                                                                                                                      |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                                                                                                     |
|   | · | Provide reasonable  assurance that transactions are recorded as necessary to permit preparation  of financial statements in accordance with generally accepted accounting  principles, and that receipts and expenditures of the Partnership are being  made only in accordance with authorizations of management and directors of  the Partnership; and |
|   |   |                                                                                                                                                                                                                                                                                                                                                     |
|   | · | Provide reasonable  assurance regarding prevention or timely detection of unauthorized  acquisition, use or disposition of the Partnership’s assets that could have a  material effect on the financial statements.                                                                                                                                 |

 

Because of itsinherent limitations, internal control over financial reporting can provideonly reasonable assurance with respect to financial statement preparation andpresentation.  Projections of anyevaluation of effectiveness to future periods are subject to the risks thatcontrols may become inadequate because of changes in conditions, or that the degreeof compliance with the policies or procedures may deteriorate.

 

The Partnership’smanagement assessed the effectiveness of the Partnership’s internal controlover financial reporting at December 31, 2007.  In making this assessment, management usedthe criteria set forth by the Committee of Sponsoring Organizations of theTreadway Commission (COSO) in “Internal Control-Integrated Framework”.

 

Based on itsassessment, the Partnership’s management concluded that, at December 31,2007, the Partnership’s internal control over financial reporting waseffective.

 

**Item 9B: Other Information**

 

Not Applicable.

 

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**PART III**

 

**Item 10: Directors,Executive Officers  and CorporateGovernance of the Registrant**

 

10(a) and 10(b)                Identification of Directors and ExecutiveOfficers:

 

The Partnership ismanaged by BlackRock.  Trading decisionsare made by the Trading Advisors on behalf of the Partnership.  BlackRock promotes the Partnership and is itscontrolling persons.

 

The managers andexecutive officers of the Partnership and BlackRock, with the responsibilityfor the Partnership as of December 31, 2007, and their respective businessbackgrounds are as follows.

 

**Edward Rzeszowski****                                    **President of the Partnership (Age 36)

 

**Michael L. Pungello****                                 **Vice President, Chief Financial Officerand Treasurer of the Partnership (Age 50)

 

**Howard P. Berkowitz****                            **Managing Director of BlackRock, Inc.(Age 67)

 

Edward Rzeszowski is the President of the GeneralPartner and a Managing Director of the BlackRock Fund of Funds Team (describedbelow).  His responsibilities include evaluating potential hedge fundmanagers and monitoring existing managers with a focus on managedfutures, macro funds and statistical arbitrage. Previously, Mr. Rzeszowskiwas a Director with Merrill Lynch’s fund of funds team.  In this role, he was responsible for theselection and analysis of hedge funds with a focus on managedfutures, macro funds and statistical arbitrage, and served as senior hedge fundanalyst and Portfolio Manager for the Merrill Lynch Global Horizons I L.P.Previously, Mr. Rzeszowski was a Senior Quantitative Analyst for theMerrill Lynch fund of funds team, responsible for risk management of themanaged futures product line.  He becameemployed with Merrill Lynch in 1995 and has held various positions in thefinance department of certain Merrill Lynch asset managementsubsidiaries.  His additional previous work experience includes OMRSystems Corporation (a financial investments service company), where he wasresponsible for the consolidation of managed futures risks. Mr. Rzeszowskiearned a Bachelor of Arts degree in economics and finance from the Universityof Pittsburgh.

 

Michael L. Pungello isChief Financial Officer of the General Partner and a Managing Director ofBRIM.  Mr. Pungello was previouslythe Chief Financial Officer of MLAI.  Hewas First Vice President and Senior Director of Finance for Merrill Lynch’sOperations, Services and Technology Group from January 1998 to March 1999.Prior to that, Mr. Pungello spent over 18 years with Deloitte &Touche LLP, and was a partner in their financial services practice from June 1990to December 1997. He graduated from Fordham University in 1979 with aBachelor of Science in Accounting and received his Master’s of BusinessAdministration in Finance from New York University in 1987.

 

Howard P. Berkowitz isthe Chief Executive Officer and Chief Investment Officer of BlackRock’s Fund ofHedge Funds Group and Managing Director at BlackRock.  He is a member of BlackRock’s ManagementCommittee. Mr. Berkowitz joined BlackRock, Inc. in 2003 whenBlackRock acquired a majority interest in fund of fund manager HPB Management. Mr. Berkowitzcontinues to serve as President, CEO and CIO of that company, now namedBlackRock HPB Management.  Prior tojoining BlackRock, Mr. Berkowitz was the founder and managing partner ofHPB Associates, a fund of hedge funds that he initially formed in 1979 as atraditional equity hedge fund. In 1967, Mr. Berkowitz co-founded andmanaged Steinhardt, Fine, Berkowitz & Co., one of the earliestsuccessful entrants in the hedge fund industry.   Mr. Berkowitz served a three-year termas National Chairman of the Anti-Defamation League. He also serves on theboards and investment committees of the UJA Federation, Wharton Undergraduate Schoolof Finance, Steadman Hawkins Sports Medicine Foundation, Cancer ResearchInstitute, the Anti-Defamation League, and the New York City Ballet. Inaddition, Mr. Berkowitz currently serves as President of the WashingtonInstitute for Near East Policy. Mr. Berkowitz earned a BS degree ineconomics from the Wharton School of the University of Pennsylvania in 1962,and a MBA degree from New York University in 1964.

 

33

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As of December 31,2007, BRIM’s general partner interest in the Partnership was valued at$2,589,473.

 

(c)                                  Identification of Certain SignificantEmployees:

 

None.

 

(d)                                 Family Relationships:

 

None.

 

(e)                                  Business Experience:

 

See Items 10(a) and10(b) above.

 

(f)                                    Involvement in Certain Legal Proceedings:

 

None.

 

(g)                                 Promoters and Control Persons:

 

Not applicable.

 

(h)                                 Section 16(a) BeneficialOwnership Reporting Compliance:

 

Not applicable.

 

(i)                                     Code of Ethics:

 

BRIM has adopted acode of ethics, as of the end of the period covered by this report, whichapplies to the Partnership’s principal executive officer and principalfinancial officer or persons performing similar functions.  A copy of the code of ethics is availableupon request by calling 609-282-6996.

 

(j)                                     Audit Committee Financial Expert:

 

Not applicable. (Neither the Partnership nor BRIM hasan audit committee.)

 

**Item 11: ExecutiveCompensation**

 

The Partnership’sPresident and Chief Financial Officer, which are its only officers, managers,or employees, do not receive compensation from the Partnership.  Instead, they are remunerated by BRIM intheir respective positions with BRIM. The Partnership pays Brokerage Commissions to an affiliate of BRIM andAdministrative Fees to BRIM. BRIM or its affiliates may also receive certaineconomic benefits from the possession of the Partnership’s U.S. dollar assetsin offset accounts, as described in Item 1(c) above.  The managers and officers receive no “othercompensation” from the Partnership. There are no compensation plans or arrangements relating to a change incontrol of either the Partnership or BRIM.

 

34

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** **

**Item12:  Security Ownership of CertainBeneficial Owners and Management and Related Stockholders Matters**

 

(a)                                  Securities Authorized for Issuance UnderEquity Compensation Plans:

 

None.

 

(b)                                 Security Ownership of Certain BeneficialOwners:

 

Not applicable,the Units are non-voting.  ThePartnership is managed   by BlackRockInvestment Management, LLC, its General Partner.

 

(c)                                  Security Ownership of Management:

 

As of December 31, 2007, BRIM owned 2,203,255Units (unit-equivalent general partnership interests), which was approximately1.66 % of the total Units outstanding.

 

(d)                                 Changes in Control:

 

None.

 

**Item 13:  CertainRelationships and Related Transactions, and Director Independence**

 

(a)                                  Transactions between Merrill Lynch, BRIMor PFPC and the Partnership:

 

The Partnership pays indirectly MerrillLynch through MLPF&S and BRIM substantial brokerage commissions and administrativefees, respectively, as well as bid-ask spreads on forward currency trades. ThePartnership also pays MLPF&S interest on short-term loans extended byMLPF&S to cover losses on foreign currency positions.

 

In 2007, the Partnership expensed:  (i) Brokerage commissions of $9,681,646,which included $2,051,813 in consulting fees earned by the Trading Advisors(non-unitized Series paid consulting fees separately from the unitizedSeries); (ii) Administrative fees of $344,493 to BRIM; (iii) Sponsorfees of $641,684 (net of waiver) to BRIM; (iv) Clearing costs of $362,400to MLPF&S; (v) Distribution fees of $1,766,803 to BRIM and (vi) Advisoryfees for transfer agency services of $215,460 to PFPC.  In addition, BRIM and Merrill Lynch and itsaffiliates may have derived certain economic benefits from possession of thePartnership’s assets, as well as from foreign exchange and EFP trading.

 

See Item 1(c), “Narrative Description of Business —Charge” and  “— Description of CurrentCharges” for a discussion of other business dealings between BRIM affiliatesand the Partnership.

 

The Partnership is prohibited from makingany loans, to management or otherwise

 

BRIM may be viewed as a beneficiary of the revenuesreceived by different Merrill Lynch entities from the Partnership due toMerrill Lynch’s ownership stake in BRIM. BRIM controls the management of the Partnership and serves as itspromoter. Although BRIM has not sold any assets, directly or indirectly, to thePartnership, BRIM has made substantial profits from the Partnership due to theforegoing revenues.

 

(b)                                  Review, Approval or Ratification ofTransactions with Related Persons:

 

All of the service providers to the Partnership, otherthan the Trading Advisors, NewEdge and OMR Systems Corporation are affiliatesof BRIM or Merrill Lynch.  BRIMnegotiated with the Trading Advisors over the level of their Management Feesand Profit Shares.  However, none of thefees paid by the Partnership to any BRIM or Merrill Lynch party were negotiated,and they are likely higher than those that may have been obtained in arm’s-lengthbargaining.   OMR Systems Corporation provides administrativeservices to the Partnership and is paid by BRIM.   PFPC, an affiliate of BRIM, is the TransferAgent of the Partnership and is paid by BRIM.

 

35

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The Partnership is prohibited from making any loans,to management or otherwise.  No loanshave been, are or will be outstanding between BRIM or any of its principals andthe Partnership.

 

(c)                                  Transactions with Promoters:

 

BRIM paid substantial selling commissions and trailingcommissions to MLPF&S for distributing the Units.  BRIM is ultimately paid back for theseexpenditures from the revenues it receives from the Partnership.

 

(d)                                 Director Independence:

 

Not applicable.

 

**Item 14: Principal Accountant Fees and Services**

 

1)              Audit Fees

 

Aggregate fees for professional services rendered byDeloitte & Touche LLP in connection with the audit of the Partnership’sfinancial statements as of and for the year ended December 31, 2007 were$110,000.  Aggregate fees for theseservices for the year ended December 31, 2006 were $100,000.

 

2)              Audit-RelatedFees

 

There were noother audit-related fees for the years ended December 31, 2007 or 2006related to the Partnership.

 

3)              TaxFees

 

Aggregate fees forprofessional services rendered by Deloitte Tax LLP in connection with the taxcompliance, advice and preparation of the Partnership’s tax returns for theyear ended December 31, 2007 were $235,000. Aggregate fees for theseservices for the Partnership for the year ended December 31, 2006 were$182,000.

 

4)              AllOther Fees

 

No fees were paidto Deloitte and Touche LLP, Deloitte Tax LLP or any member firms of DeloitteTouche Tohmatsu and their respective affiliates during the years ended December 31,2007 or 2006 for any other professional services in relation to thePartnership.

 

5)              Pre-ApprovalPolicies

 

Although BRIM andthe Partnership do not have pre-approval policies, the Chief Financial Officerof the Partnership pre-approves the engagement of the Partnership’s auditor forall services to be provided by the auditor.

 

36

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**PART IV**

 

**Item 15: Exhibits and Financial StatementSchedules**

 
| 1.     | Financial  Statements (found in Exhibit 13.01):                     | Page   |
|--------|--------------------------------------------------------------------------|--------|
|   |                                                                     |   |
|   | Report of  Independent Registered Public Accounting Firm                 | 1      |
|   |                                                                     |   |
|   | Statements of  Financial Condition as of December 31, 2007 and 2006 | 2      |
|   |                                                                     |   |
|   | For the years  ended December 31, 2007, 2006 and 2005:              |   |
|   |                                                                     |   |
|   | Statements of  Operations                                                | 3      |
|   |                                                                     |   |
|   | Statements of  Changes in Partners’ Capital                         | 4      |
|   |                                                                     |   |
|   | Financial Data  Highlights                                               | 5-7    |
|   |                                                                     |   |
|   | Notes to  Financial Statements                                           | 8-16   |

 

2.                                       Financial Statement Schedules:

 

Financial statementschedules not included in this Form 10-K have been omitted for the reasonthat they are not required or are not applicable or that equivalent informationhas been included in the financial statements or notes thereto.

 

3.                                       Exhibits required by Item 601 ofRegulation 5-k:

 

The following exhibitsare incorporated by reference or are filed herewith to this Annual Report on Form 10-K:

 
| **Designation**         | ** ** | **Description**                                                                                                                                                                                                                                                                                         |
|-------------------------|------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                    |       |                                                                                                                                                                                                                                                                                                    |
| 1.01                    |       | Selling  Agreement among the Partnership, BRIM, or MLPF&S, the Selling Agent and  the Trading Advisors.                                                                                                                                                                                             |
|                    |       |                                                                                                                                                                                                                                                                                                    |
| Exhibit 1.01:      |       | Is incorporated  herein by reference from Exhibit 1.01 contained in Amendment No. 1  to the Registration Statement (File No. 33-62998) filed on  September 10, 1993, on Form S-1 under the Securities Act of 1933  (the “Registrant’s Registration Statement”). |
|                    |       |                                                                                                                                                                                                                                                                                                    |
| 3.01(i)                 |       | Amended and  Restated Certificate of Limited Partnership of the Registrant, dated  August 25, 1994.                                                                                                                                                                                                |
|                    |       |                                                                                                                                                                                                                                                                                                    |
| Exhibit 3.01(i):   |       | Is incorporated  herein by reference from Exhibit 3.01(i) contained in the  Registrant’s Registration Statement.                                                                                                                                                                         |
|                    |       |                                                                                                                                                                                                                                                                                                    |
| 3.01(ii)                |       | Amended and Restated  Limited Partnership Agreement of the Partnership.                                                                                                                                                                                                                                 |
|                    |       |                                                                                                                                                                                                                                                                                                    |
| Exhibit 3.01(ii):  |       | Is incorporated  herein by reference from Exhibit 3.01(ii) contained in the  Registrant’s Registration Statement (as Exhibit A).                                                                                                                                                    |
|                    |       |                                                                                                                                                                                                                                                                                                    |
| 3.01(iii)               |       | Amended and  Restated Certificate of Limited Partnership of the Partnership, dated  July 27, 1995.                                                                                                                                                                                                 |
|                    |       |                                                                                                                                                                                                                                                                                                    |
| Exhibit 3.01(iii): |       | Is incorporated  by reference from Exhibit 3.02(iii) contained in the Registrant’s  report on Form 10-Q for the Quarter Ended June 30, 1995.                                                                                                                                   |

 

 

37

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| 3.01(iv)               |   | Amended and  Restated Certificate of Limited Partnership of the Partnership, dated  January 13, 2005.                                                                                                                                           |
|------------------------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                   |   |                                                                                                                                                                                                                                                 |
| Exhibit 3.01(iv): |   | Is incorporated  herein by reference from Exhibit 3.01(iv) contained in the Registrant’s report  Form 10-K for the year ended December 31, 2004.                                                                                                |
|                   |   |                                                                                                                                                                                                                                                 |
| 10.01(d)               |   | Form of  Advisory Agreement between the Partnership, BRIM and prospective Trading  Advisors.                                                                                                                                                    |
|                   |   |                                                                                                                                                                                                                                                 |
| Exhibit 10.01(d): |   | Is incorporated  by reference from Exhibit 10.01(d) contained in the Registrant’s  report on Form 10-Q for the Quarter Ended June 30, 1995.                                                                                 |
|                   |   |                                                                                                                                                                                                                                                 |
| Exhibit 10.02:    |   | Is incorporated  herein by reference from Exhibit 10.02 contained in the Registrant’s  Registration Statement.                                                                                                                             |
|                   |   |                                                                                                                                                                                                                                                 |
| 10.03                  |   | Form of  Customer Agreement between the Partnership and MLPF&S or NewEdge.                                                                                                                                                                  |
|                   |   |                                                                                                                                                                                                                                                 |
| Exhibit 10.03:    |   | Is incorporated  herein by reference from Exhibit 10.03 contained in the Registrant’s  Registration Statement.                                                                                                                             |
|                   |   |                                                                                                                                                                                                                                                 |
| 10.05                  |   | Form of  Subscription Agreement and Power of Attorney.                                                                                                                                                                                          |
|                   |   |                                                                                                                                                                                                                                                 |
| Exhibit 10.05:    |   | Is incorporated  herein by reference from Exhibit 10.05 contained in the Registrant’s  Registration Statement (as Exhibit D).                                                                                                         |
|                   |   |                                                                                                                                                                                                                                                 |
| 10.06                  |   | Foreign Exchange  Desk Service Agreement, dated July 1, 1993 among Merrill Lynch  International Bank, MLIM LLC, MLPF&S and the Partnership.                                                                                                 |
|                   |   |                                                                                                                                                                                                                                                 |
| Exhibit 10.06:    |   | Is incorporated  herein by reference from Exhibit 10.06 contained in Amendment No. 1  to the Registration Statement.                                                                                                                       |
|                   |   |                                                                                                                                                                                                                                                 |
| Exhibit 10.07:    |   | Is incorporated  herein by reference from Exhibit 10.07 contained in the Registrant’s  report on Form 10-K for the year ended December 31, 1996.                                                                                 |
|                   |   |                                                                                                                                                                                                                                                 |
| 13.01                  |   | 2007 Annual  Report and Report of Independent Registered Public Accounting Firm.                                                                                                                                                                     |
|                   |   |                                                                                                                                                                                                                                                 |
| Exhibit 13.01:    |   | Is filed  herewith.                                                                                                                                                                                                                                  |
|                   |   |                                                                                                                                                                                                                                                 |
| 28.01                  |   | Prospectus of  the Partnership dated December 6, 1995.                                                                                                                                                                                          |
|                   |   |                                                                                                                                                                                                                                                 |
| Exhibit 28.01:    |   | Is incorporated  by reference as filed with the Securities and Exchange Commission pursuant to  Rule 424 under the Securities Act of 1933, Registration Statement (File  No. 33-88994) on Form S-1, effective December 6, 1995). |
| 31.01 and              |   |                                                                                                                                                                                                                                                 |
| 31.02                  |   | Rule 13a-14(a)/15d-14(a) Certifications                                                                                                                                                                                                    |
|                   |   |                                                                                                                                                                                                                                                 |
| Exhibit 31.01     |   |                                                                                                                                                                                                                                                 |
| and 31.02:             |   | Are filed  herewith.                                                                                                                                                                                                                                 |
|                   |   |                                                                                                                                                                                                                                                 |
| 32.01 and              |   |                                                                                                                                                                                                                                                 |
| 32.02                  |   | Section 1350  Certifications                                                                                                                                                                                                                    |
|                   |   |                                                                                                                                                                                                                                                 |
| Exhibit 32.01     |   |                                                                                                                                                                                                                                                 |
| and 32.02:             |   | Are filed  herewith.                                                                                                                                                                                                                                 |

 

38

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SIGNATURES

 

Pursuant to therequirements of Section 13 or 15(d) of the Securities Exchange Act of1934, the Registrant has duly caused this report to be signed on its behalf bythe undersigned, thereunto duly authorized on March 28, 2008.

 
|   | **BLACKROCK  GLOBAL HORIZONS I L.P.**         |
|--------|-----------------------------------------------|
|   |                                          |   |
|   | By: **BLACKROCK INVESTMENT  MANAGEMENT, LLC** |
|   |                                               | General Partner |   |
|   |                                          |   |
|   | By                                            | /s/ EDWARD RZESZOWSKI |
|   | Edward Rzeszowski                             |   |
|   | President                                     |   |
|   | (Principal Executive  Officer)                |   |
|        |                                               |  |  |  |

 

Pursuant to the requirements of Section 13 or 15(d) ofthe Securities Exchange Act of 1934, this report has been signed below by thefollowing persons on behalf of the Registrant and in the capacities indicated.

 
| **Signature**           | ** ** | **Title**                                     | ** ** | **Date**             |
|-------------------------|------------|-----------------------------------------------|------------|----------------------|
|                    |       |                                          |       |                 |
| /s/Edward  Rzeszowski   |       | President of the  Registrant                  |       | March 28,  2008 |
| Edward  Rzeszowski      |       | (Principal  Executive Officer)                |       |                 |
|                    |       |                                          |       |                 |
| /s/Michael L.  Pungello |       | Chief Financial  Officer of the Registrant    |       | March 28,  2008 |
| Michael L.  Pungello    |       | (Principal  Financial and Accounting Officer) |       |                 |
|                    |       |                                          |       |                 |
| /s/Howard P.  Berkowitz |       | Managing  Director of BlackRock, Inc.    |       | March 28,  2008 |
| Howard P. Berkowitz     |       |                                          |       |                 |

 

(Being the principal executive officer, the principalfinancial and accounting officer and a majority of the managers of BlackRockInvestment Management LLC)

 

**BLACKROCK INVESTMENT MANAGEMENT, LLC**
| General Partner  of Registrant |                  | March 28,  2008 |
|--------------------------------|-----------------------|----------------------|
|                           |                  |                 |
| By                             | /s/ EDWARD RZESZOWSKI |                 |   |   |
| Edward Rzeszowski              |                  |                 |
| Managing Director of  BRIM     |                  |                 |
|                                |                       |                      |  |  |

 

----

 

**BLACKROCK GLOBAL HORIZONS I L.P.**

 

2007 FORM 10-K

 

INDEX TO EXHIBITS

 
| **Exhibit**        | ** ** | ** **                                                                      |
|--------------------|------------|---------------------------------------------------------------------------------|
|               |       |                                                                            |
| Exhibit 13.01 |       | 2007 Annual  Report and Report of Independent Registered Public Accounting Firm |
|               |       |                                                                            |
| Exhibit 31.01      |       | Certification of  Edward Rzeszowski                                             |
|               |       |                                                                            |
| Exhibit 31.02      |       | Certification of  Michael L. Pungello                                           |
|               |       |                                                                            |
| Exhibit 32.01      |       | Section 1350  Certification of Edward Rzeszowski                                |
|               |       |                                                                            |
| Exhibit 32.02      |       | Section 1350  Certification of Michael L. Pungello                              |

 

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