**Exhibit 13.01**

 

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

***(A Delaware Limited Partnership)***

 

Financial Statements as of December 31, 2009 and2008 and for the years ended

December 31, 2009, 2008 and 2007

and Report of Independent Registered

Public Accounting Firm

 

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**General Commodity FuturesTrading Risk Disclosure Statement**

 

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

 

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

 

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

 

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BLACKROCK GLOBAL HORIZONSI L.P.

(A Delaware LimitedPartnership)

 

TABLE OF CONTENTS

 
| ** **                                                                                                 | **Page** |
|------------------------------------------------------------------------------------------------------------|----------|
|                                                                                                       |     |
| REPORT  OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM                                                   | 1        |
|                                                                                                       |     |
| FINANCIAL  STATEMENTS:                                                                                     |     |
|                                                                                                       |     |
| Statements of Financial Condition as of  December 31, 2009 and 2008                                   | 2        |
|                                                                                                       |     |
| Statements of Operations for the years ended  December 31, 2009, 2008 and 2007                        | 3        |
|                                                                                                       |     |
| Statements of Changes in Partners’ Capital for the  years ended December 31, 2009, 2008 and 2007 | 4        |
|                                                                                                       |     |
| Financial Data Highlights for the years ended  December 31, 2009, 2008 and 2007                       | 5-7      |
|                                                                                                       |     |
| Notes to Financial Statements                                                                              | 8-19     |

 

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REPORT OF INDEPENDENTREGISTERED PUBLIC ACCOUNTING FIRM

 

To the Partners of

BlackRock GlobalHorizons I L.P.:

 

We have auditedthe accompanying statements of financial condition of BlackRock Global HorizonsI L.P. (the “Partnership”) as of December 31, 2009 and 2008, and the relatedstatements of operations, changes in partners’ capital, and financial datahighlights for each of the three years in the period ended December 31,2009. These financial statements and financial data highlights are theresponsibility of the Partnership’s management. Our responsibility is to express an opinion on these financialstatements and financial data highlights based on our audits.

 

We conducted ouraudits in accordance with the standards of the Public Company AccountingOversight Board (United States).  Thosestandards require that we plan and perform the audit to obtain reasonableassurance about whether the financial statements and financial data highlightsare free of material misstatement.  ThePartnership is not required to have, nor were we engaged to perform, an auditof its internal control over financial reporting. Our audits includedconsideration of internal control over financial reporting as a basis fordesigning audit procedures that are appropriate in the circumstances, but not forthe purpose of expressing an opinion on the effectiveness of the Partnership’sinternal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supportingthe amounts and disclosures in the financial statements, assessing theaccounting principles used and significant estimates made by management, aswell as evaluating the overall financial statement presentation.  We believe that our audits provide areasonable basis for our opinion.

 

In our opinion,the financial statements and financial data highlights referred to abovepresent fairly, in all material respects, the financial position of BlackRockGlobal Horizons I L.P. as of December 31, 2009 and 2008, the results ofits operations, the changes in its partners’ capital, and financial datahighlights for each of the three years in the period ended December 31,2009, in conformity with accounting principles generally accepted in the UnitedStates of America.

 

 

/s/ Deloitte &Touche LLP

 

Princeton, NewJersey

March 31, 2010

 

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BLACKROCK GLOBAL HORIZONSI L.P.

(A Delaware LimitedPartnership)

 

STATEMENTS OF FINANCIALCONDITION

DECEMBER 31, 2009 AND2008

 
| ** **                                                     | ** ** | **2009**    | ** **  | **2008**    | ** ** |
|----------------------------------------------------------------|------------|-------------|-------------|-------------|------------|
| **ASSETS:**                                                    |       |        |        |        |       |
| ** **                                                     |       |        |        |        |       |
| Cash and cash equivalents                                      |       | $           | 218,690,094 |        | $          | 169,133,129 |   |
| Equity in commodity futures trading accounts:                  |       |        |        |        |       |
| Cash at brokers (restricted cash $21,761,607 and  $10,090,467) |       | 64,904,058  |        | 67,504,316  |       |
| Net unrealized profit on open contracts                        |       | 886,156     |        | 3,178,192   |       |
| Accrued interest and other assets                              |       | 25,948      |        | 7,029       |       |
|                                                           |       |        |        |        |       |
| **TOTAL ASSETS**                                               |       | $           | 284,506,256 |        | $          | 239,822,666 |   |
|                                                           |       |        |        |        |       |
|                                                           |       |        |        |        |       |
| **LIABILITIES AND PARTNERS’ CAPITAL**                     |       |        |        |        |       |
| ** **                                                     |       |        |        |        |       |
| LIABILITIES:                                                   |       |        |        |        |       |
|                                                           |       |        |        |        |       |
| Net unrealized loss on open contracts                          |       | $           | 906,015     |        | $          | — |   |
| Redemptions payable                                            |       | 5,342,237   |        | 4,637,184   |       |
| Profit Shares payable                                          |       | 498,174     |        | 5,542,345   |       |
| Distribution fees payable                                      |       | 703,082     |        | 572,137     |       |
| Trading Advisors’ management fees payable                 |       | 343,841     |        | 261,954     |       |
| Sponsor fees payable                                           |       | 295,234     |        | 240,269     |       |
| Administrator fees payable                                     |       | 166,599     |        | 104,106     |       |
| Professional fees payable                                      |       | 425,908     |        | 334,454     |       |
| Other fees payable                                             |       | 62,248      |        | 44,291      |       |
|                                                           |       |        |        |        |       |
| Total liabilities                                              |       | 8,743,338   |        | 11,736,740  |       |
|                                                           |       |        |        |        |       |
| PARTNERS’ CAPITAL:                                        |       |        |        |        |       |
|                                                           |       |        |        |        |       |
| General Partner (2,203,255 Units and 2,203,255  Units)         |       | 2,846,697   |        | 3,098,146   |       |
| Limited Partners (226,947,615 Units and 162,267,856  Units)    |       | 272,916,221 |        | 224,987,780 |       |
|                                                           |       |        |        |        |       |
| Total partners’ capital                                   |       | 275,762,918 |        | 228,085,926 |       |
|                                                           |       |        |        |        |       |
| **TOTAL LIABILITIES AND PARTNERS’  CAPITAL**              |       | $           | 284,506,256 |        | $          | 239,822,666 |   |
|                                                           |       |        |        |        |       |
| **NET ASSET VALUE PER UNIT (Note 8)**                          |       |        |        |        |       |

 

See notes to financial statements.

 

2

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BLACKROCK GLOBAL HORIZONSI L.P.

(A Delaware LimitedPartnership)

 

STATEMENTS OF OPERATIONS

FOR THE YEARS ENDEDDECEMBER 31, 2009, 2008 AND 2007

 
| ** **                                                                        | ** ** | **2009**    | ** **  | **2008**    | ** ** | **2007**    | ** ** |
|-----------------------------------------------------------------------------------|------------|-------------|-------------|-------------|------------|-------------|------------|
| **TRADING PROFITS (LOSSES):**                                                     |       |        |        |        |       |        |       |
| Realized                                                                          |       | $           | (1,275,527  | )           | $          | 55,994,522  |       | $ | 16,070,669 |   |
| Change in unrealized                                                              |       | (3,198,051  | )           | 568,553     |       | (4,406,932  | )          |
| Brokerage commissions and clearing costs                                          |       | (1,613,820  | )           | (1,508,796  | )          | (621,832    | )          |
|                                                                              |       |        |        |        |       |        |       |
| Total trading profits (losses)                                                    |       | (6,087,398  | )           | 55,054,279  |       | 11,041,905  |       |
|                                                                              |       |        |        |        |       |        |       |
| **INVESTMENT INCOME:**                                                            |       |        |        |        |       |        |       |
| Interest                                                                          |       | 906,015     |        | 3,051,305   |       | 9,194,631   |       |
|                                                                              |       |        |        |        |       |        |       |
| **EXPENSES:**                                                                     |       |        |        |        |       |        |       |
| Brokerage commissions                                                             |       | —      |        | —      |       | 9,623,405   |       |
| Profit Shares                                                                     |       | 1,144,351   |        | 9,844,931   |       | 2,761,529   |       |
| Distribution fees                                                                 |       | 6,767,790   |        | 5,554,788   |       | 1,766,803   |       |
| Trading Advisors’ management fees                                            |       | 3,162,393   |        | 2,520,534   |       | 897,433     |       |
| Sponsor fees                                                                      |       | 2,833,553   |        | 2,278,530   |       | 739,849     |       |
| Administrative fees                                                               |       | —      |        | —      |       | 344,493     |       |
| Administrator fees                                                                |       | 741,000     |        | 681,190     |       | 279,460     |       |
| Professional fees                                                                 |       | 751,701     |        | 558,322     |       | 108,332     |       |
| Other                                                                             |       | 327,923     |        | 271,936     |       | 86,153      |       |
| Total expenses before waiver                                                      |       | 15,728,711  |        | 21,710,231  |       | 16,607,457  |       |
| Sponsor fee waiver                                                                |       | —      |        | —      |       | (98,165     | )          |
| Total expenses                                                                    |       | 15,728,711  |        | 21,710,231  |       | 16,509,292  |       |
|                                                                              |       |        |        |        |       |        |       |
| **NET INVESTMENT LOSS**                                                           |       | (14,822,696 | )           | (18,658,926 | )          | (7,314,661  | )          |
|                                                                              |       |        |        |        |       |        |       |
| **NET INCOME (LOSS)**                                                             |       | $           | (20,910,094 | )           | $          | 36,395,353  |       | $ | 3,727,244 |   |
|                                                                              |       |        |        |        |       |        |       |
| **NET INCOME (LOSS) PER UNIT:**                                                   |       |        |        |        |       |        |       |
|                                                                              |       |        |        |        |       |        |       |
| Weighted average number of General Partner and Limited Partner Units  outstanding |       |        |        |        |       |        |       |
| Series A                                                                     |       | 156,463,730 |        | 104,183,816 |       | 121,732,320 |       |
| Series F                                                                     |       | 111,742     |        | 129,265     |       | 143,617     |       |
| Series G                                                                     |       | 32,344,957  |        | 37,267,948  |       | 42,136,152  |       |
| Series I                                                                     |       | 637,086     |        | 671,149     |       | 4,151,130   |       |
|                                                                              |       |        |        |        |       |        |       |
| Net income (loss) per weighted average General Partner and Limited  Partner Unit* |       |        |        |        |       |        |       |
| Series A                                                                     |       | $           | (0.0955     | )           | $          | 0.2195      |       | $ | 0.0173 |   |
| Series F                                                                     |       | $           | (23.43      | )           | $          | 45.68       |       | $ | 4.82 |   |
| Series G                                                                     |       | $           | (0.1024     | )           | $          | 0.1996      |       | $ | 0.0205 |   |
| Series I                                                                     |       | $           | (0.0566     | )           | $          | 0.2731      |       | $ | 0.0453 |   |

 

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*Calculation of netincome (loss) per weighted average General Partner and Limited Partner Unitexcludes amounts allocated to non-unitized interests for the year endedDecember 31, 2007.

 

See notes to financialstatements.

 

3

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BLACKROCK GLOBAL HORIZONSI L.P.

(A Delaware LimitedPartnership)

 

STATEMENTS OF CHANGES INPARTNERS’ CAPITAL

FOR THE YEARS ENDEDDECEMBER 31, 2009, 2008 AND 2007

 
| ** **                                | ** ** | ** **  | ** ** | **General** | ** ** | **Limited Partners** | ** ** | ** **       | ** ** |
|-------------------------------------------|------------|-------------|------------|-------------|------------|----------------------|------------|------------------|------------|
| ** **                                | ** ** | **Units**   | ** ** | **Partner** | ** ** | **Unitized**         | ** ** | **Non-unitized** | ** ** | **Total** | ** ** |
| PARTNERS’ CAPITAL, DECEMBER 31, 2006 |       | 144,840,215 |       | $           | 2,041,990  |                 | $          | 172,534,729      |       | $ | 52,772,626 |   | $ | 227,349,345 |   |
|                                      |       |        |       |        |       |                 |       |             |       |   |   |
| Combination (Note 4)                      |       | 44,500,323  |       | 488,774     |       | 44,011,549           |       | (44,500,323      | )          | — |   |
|                                      |       |        |       |        |       |                 |       |             |       |   |   |
| Additions                                 |       | 5,889,674   |       | —      |       | 5,658,737            |       | —           |       | 5,658,737 |   |
|                                      |       |        |       |        |       |                 |       |             |       |   |   |
| Net income                                |       | —      |       | 58,709      |       | 3,792,645            |       | (124,110         | )          | 3,727,244 |   |
|                                      |       |        |       |        |       |                 |       |             |       |   |   |
| Redemptions                               |       | (62,810,486 | )          | —      |       | (64,859,263          | )          | (8,148,193       | )          | (73,007,456 | ) |
|                                      |       |        |       |        |       |                 |       |             |       |   |   |
| PARTNERS’ CAPITAL, DECEMBER 31, 2007 |       | 132,419,726 |       | 2,589,473   |       | 161,138,397          |       | —           |       | 163,727,870 |   |
|                                      |       |        |       |        |       |                 |       |             |       |   |   |
| Additions                                 |       | 58,312,103  |       | —      |       | 61,302,743           |       | —           |       | 61,302,743 |   |
|                                      |       |        |       |        |       |                 |       |             |       |   |   |
| Net income                                |       | —      |       | 508,673     |       | 35,886,680           |       | —           |       | 36,395,353 |   |
|                                      |       |        |       |        |       |                 |       |             |       |   |   |
| Redemptions                               |       | (26,260,718 | )          | —      |       | (33,340,040          | )          | —           |       | (33,340,040 | ) |
|                                      |       |        |       |        |       |                 |       |             |       |   |   |
| PARTNERS’ CAPITAL, DECEMBER 31, 2008 |       | 164,471,111 |       | 3,098,146   |       | 224,987,780          |       | —           |       | 228,085,926 |   |
|                                      |       |        |       |        |       |                 |       |             |       |   |   |
| Additions                                 |       | 94,354,648  |       | —      |       | 104,949,318          |       | —           |       | 104,949,318 |   |
|                                      |       |        |       |        |       |                 |       |             |       |   |   |
| Net loss                                  |       |        |       | (251,449    | )          | (20,658,645          | )          | —           |       | (20,910,094 | ) |
|                                      |       |        |       |        |       |                 |       |             |       |   |   |
| Redemptions                               |       | (29,674,889 | )          | —      |       | (36,362,232          | )          | —           |       | (36,362,232 | ) |
|                                      |       |        |       |        |       |                 |       |             |       |   |   |
| PARTNERS’ CAPITAL, DECEMBER 31, 2009 |       | 229,150,870 |       | $           | 2,846,697  |                 | $          | 272,916,221      |       | $ | — |   | $ | 275,762,918 |   |

 

See notes to financial statements.

 

4

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BLACKROCK GLOBAL HORIZONSI L.P.

(A Delaware LimitedPartnership)

 

FINANCIAL DATA HIGHLIGHTS

FOR THE YEAR ENDEDDECEMBER 31, 2009

 

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

 
| ** **                            | ** ** | **Series A** | ** ** | **Series F** | ** ** | **Series G** | ** ** | **Series I** | ** ** |
|---------------------------------------|------------|-------------------|------------|-------------------|------------|-------------------|------------|-------------------|------------|
|                                  |       |              |       |              |       |              |       |              |       |
| **Per Unit Operating Performance:**   |       |              |       |              |       |              |       |              |       |
|                                  |       |              |       |              |       |              |       |              |       |
| Net asset value, beginning  of year   |       | $                 | 1.1742     |              | $          | 282.49            |       | $                 | 1.2234     |   | $ | 1.2972 |   |
|                                  |       |              |       |              |       |              |       |              |       |
| Realized trading losses               |       | (0.0081           | )          | (2.28             | )          | (0.0085           | )          | (0.0088           | )          |
| Change in unrealized  trading losses  |       | (0.0129           | )          | (2.76             | )          | (0.0133           | )          | (0.0144           | )          |
| Interest                              |       | 0.0044            |       | 1.05              |       | 0.0046            |       | 0.0048            |       |
| Expenses                              |       | (0.0801           | )          | (19.21            | )          | (0.0832           | )          | (0.0533           | )          |
|                                  |       |              |       |              |       |              |       |              |       |
| Net asset value, end of  year         |       | $                 | 1.0775     |              | $          | 259.29            |       | $                 | 1.1230     |   | $ | 1.2255 |   |
|                                  |       |              |       |              |       |              |       |              |       |
| **Total  Return:**                    |       |              |       |              |       |              |       |              |       |
|                                  |       |              |       |              |       |              |       |              |       |
| Total return (before Profit  Shares)  |       | -7.80             | %          | -7.81             | %          | -7.81             | %          | -4.97             | %          |
| Profit Shares                         |       | -0.51             | %          | -0.48             | %          | -0.48             | %          | -0.63             | %          |
| Total return                          |       | -8.24             | %          | -8.21             | %          | -8.21             | %          | -5.53             | %          |
|                                  |       |              |       |              |       |              |       |              |       |
| **Ratios to  Average Net Assets:(1)** |       |              |       |              |       |              |       |              |       |
|                                  |       |              |       |              |       |              |       |              |       |
| Expenses (before Profit  Shares)      |       | 6.65              | %          | 6.65              | %          | 6.65              | %          | 3.63              | %          |
| Profit Shares                         |       | 0.46              | %          | 0.48              | %          | 0.48              | %          | 0.64              | %          |
| Expenses                              |       | 7.11              | %          | 7.13              | %          | 7.13              | %          | 4.27              | %          |
|                                  |       |              |       |              |       |              |       |              |       |
| Net investment loss                   |       | -6.75             | %          | -6.73             | %          | -6.73             | %          | -3.93             | %          |

 

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

 

See notes to financial statements.

 

5

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BLACKROCK GLOBAL HORIZONSI L.P.

(A Delaware LimitedPartnership)

 

FINANCIAL DATA HIGHLIGHTS

FOR THE YEAR ENDEDDECEMBER 31, 2008

 

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

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

 

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

 

See notes to financial statements.

 

6

----

 

BLACKROCK GLOBAL HORIZONSI L.P.

(A Delaware LimitedPartnership)

 

FINANCIAL DATA HIGHLIGHTS

FOR THE YEAR ENDEDDECEMBER 31, 2007

 

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

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

 

----

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

 

See notes to financial statements.

 

7

----

 

BLACKROCK GLOBAL HORIZONS I L.P.

(A Delaware Limited Partnership)

 

NOTES TO FINANCIAL STATEMENTS

 

# 1.     ORGANIZATION

#  

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

 

BlackRock Investment Management, LLC (the “GeneralPartner” or “BRIM”), a wholly owned subsidiary of BlackRock, Inc. (“BlackRock”)is the general partner of the Partnership.

 

 Effective afterthe close of business on December 29, 2006, two of the three “non-unitized”series of the Partnership (BlackRock Futures Investments L.P. and BlackRockPrincipal Protection L.P.), were merged into the Partnership in a tax-freereorganization. All of the investors in BlackRock Futures Investments L.P. andBlackRock Principal Protection L.P. received new Series G Units of thePartnership with an initial Net Asset Value per Unit of  $1.00 equal to their December 31, 2006Net Asset Value.   Issuance of the newUnits had no adverse economic effect on investors in the Partnership or eitherof the merged funds.

 

 As of December 31,2007, BRIM liquidated Principal Protection Plus Ltd., the sole investor in thenon-unitized series of the Partnership. As such, Principal Protection Plus Ltd.redeemed its investment in the Partnership as of December 31, 2007.

 

PFPC Trust Company (“PFPC Trust”), an affiliate of theGeneral Partner, provides custody services for the Partnership. As of December 31,2009 and 2008, $218,690,094 and $169,133,129 , respectively, was held in custodyat PFPC Trust and invested in an affiliated BlackRock money market fund.  The Partnership’s assets will also be held incash and customer segregated accounts at Merrill Lynch, Pierce, Fenner &Smith Incorporated (“MLPF&S”),  anaffiliate of the General Partner, Newedge USA, LLC (“NUSA”), J.P. Morgan Inc. (“JPMFI”),UBS AG (“UBS”) and any other clearing brokers that may be utilized by thePartnership in the future (the “Clearing Brokers”) or allocated to one or morePortfolio Funds for which custodians and clearing brokers are selected by theindependent professional advisors of such Portfolio Funds or managed accounts(the “Trading Advisors”). JPMFI and UBS were added as clearing brokers in October 2009.

 

 Each Series issubject to a sponsor fee, distribution fee and trading advisors’ managementfees based on the month-end net assets of that Series. Series I does notpay a distribution fee. Each Series pays a Profit Share to the Trading Advisorsbased upon each Series new trading profits, as defined.  Other operating expenses incurred, andtrading profits (losses), are allocated to each Series based upon its netassets.

 

The Partnership will terminate on December 31,2023 or at an earlier date if certain conditions occur, as well as undercertain other circumstances as set forth in the Limited Partnership Agreementof the Partnership.

 

8

----

#  

# 2.               SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES

#  

The Partnership’sfinancial statements were prepared in accordance with accounting principlesgenerally accepted in the United States of America (“GAAP”).  The preparation of financial statements inaccordance with GAAP, requires management to make estimates and assumptionsthat affect the reported amounts of assets and liabilities and disclosure ofcontingent assets and liabilities at the date of the financial statements aswell as the reported amounts of revenues and expenses during the reportingperiod.  Actual results could differ fromthose estimates.

 

In June 2009, TheFinancial Accounting Standards Board (“FASB”) issued SFAS 168, *The FASB Accounting Standards Codification and the Hierarchy ofGenerally Accepted Accounting Principles*, a replacement of SFAS 162,*The Hierarchy of Generally Accepted AccountingPrinciples* (codified in FASB Topic 105 (ASC 105) *Generally Accepted Accounting Principles*), which establishesthe FASB ASC as the source of authoritative accounting principles recognized bythe FASB to be applied by non-governmental entities in the preparation offinancial statements in conformity with GAAP. The ASC does not change currentGAAP, but it introduces a new structure that organizes the authoritativestandards by topic. ASC 105 is effective for financial statements issued forperiods ending after September 15, 2009. As a result, both the ASC and thelegacy standards are referenced in the Partnership’s financial statements andfootnotes.

 

The Partnership is notrequired to provide a Statement of Cash Flows as permitted by ASC 230-15,Statement of Cash Flows (formerly, FAS No. 102, *Statement ofCash Flows-Exemption of Certain Enterprises and Classification of Cash Flows from Certain SecuritiesAcquired for Resale*).

 

Cash and CashEquivalents

 

The Partnership hasdefined cash and cash equivalents as cash, money market funds and short-term,highly liquid investments with maturities of three months or less whenacquired.  Money market funds, which areincluded in cash equivalents, are classified as Level 1 valuation inputs(quoted prices in active markets for identical assets) under the provisions ofAccounting Standards Codification (“ASC”) 820-10, *Fair ValueMeasurements and Disclosures* (“ASC 820-10”) (*Statement ofFinancial Accounting Standards* (“SFAS”) No. 157, *Fair Value Measurements*).

 

**Equity in Commodity Futures Trading Accounts**

 

Cash at brokers —

 

A portion of the assetsmaintained at each of the Clearing Brokers are restricted to meet maintenancemargin requirements.  Typically, marginrequirements range from 1% to 10% of the face value of the derivatives traded.

 

Net unrealized profit (loss) on open contracts —

 

The Partnership, in itsnormal course of business, enters into various derivatives contracts with theClearing Brokers, each acting as the Partnership’s clearing brokers. Pursuantto the brokerage agreements with the Clearing Brokers (which include nettingarrangements with each broker), to the extent that such trading results inreceivables from and payables to each of the Clearing Brokers, thesereceivables and payables are offset and reported as a net receivable or payablewith each broker.  Net receivables areincluded in the Statements of Financial Condition under Equity in commodityfutures trading accounts in net unrealized profit on open contracts and netpayables are included under Liabilities in net unrealized loss on opencontracts.

 

9

----

 

Commodity futures,forwards and options contracts transactions are recorded on trade date and thereceivables and payables represent the difference between the original contractvalue and the market value.  The changein unrealized profit (loss) on open contracts from one year to the next isreflected in Change in unrealized in the Statements of Operations.

 

Foreign CurrencyTransactions

 

The Partnership’s functional currency is the U.S.dollar; however, it has trading activities in currencies other than the U.S.dollar.  Assets and liabilitiesdenominated in currencies other than the U.S. dollar are translated into U.S.dollars at the rates in effect at the dates of the Statements of FinancialCondition.  Income and expense itemsdenominated in currencies other than the U.S. dollar are translated into U.S.dollars at the rates in effect during the year. Gains and losses resulting from the translation to U.S. dollars are reportedin Trading Profits (Losses): Realized in the Statements of Operations.

 

Income Taxes

 

 No provision for income taxes has been made in these financialstatements as each Partner is individually responsible for reporting income orloss based on such Partner’s respective share of the Partnership’s income andexpenses as reported for income tax purposes.

 

The Partnership issubject to the provision of Accounting Standards Codification (“ASC”) 740, *Income Taxes* (formerly Financial Accounting Standards Board(“FASB”) Interpretation 48, Accounting for Uncertainty in Income Taxes).  ASC 740 sets forth a minimum threshold forfinancial statement recognition of the benefit of a tax position taken orexpected to be taken in a tax return.

 

There are no unrecognizedtax benefits in the accompanying financial statements.  The Partnership’s federal tax return issubject to examination by the Internal Revenue Service for the years ended2009, 2008 and 2007.

 

Distributions

 

The Limited Partners areentitled to receive, equally per Unit, any distributions which may be made bythe Partnership.  No such distributionshave been declared for the years ended December 31, 2009, 2008 or 2007.

 

Subscriptions

 

Units are offered as ofthe close of business at the end of each month. Units are purchased as of the first business day of any month at NetAsset Value, but the subscription request generally must be received by theTransfer Agent at least ten calendar days before the end of the precedingmonth, or by such other date as determined by the General Partner, thedistributor and/or Administrator in their discretion and communicated to theinvestor. Except as otherwise agreed in accordance with the forgoing,   subscriptions submitted less than ten daysbefore the end of a month will be applied to Unit subscriptions as of thebeginning of the second month after receipt, unless revoked by BRIM.

 

10

----

 

Redemptions

 

A Limited Partner mayredeem some or all of such Partner’s Units at Net Asset Value as of the closeof business on the last business day of any calendar month upon at leastfifteen calendar days’ notice, or such lesser period as shall be acceptable tothe General Partner in its sole discretion in advance of the requested effectivedate of redemption (“notice period”). Units redeemed on or prior to the end of the twelfth full month afterpurchase are assessed an early redemption charge of 3% of their Net Asset Valueas of the date of redemption which is paid to BRIM. The amount of the fees paid for the years ended December 31, 2009,2008 and 2007 are $74,947, $19,900 and $27,710, respectively.

 

Redemptionrequests are accepted within the notice period. Except as may be determined by the General Partner in its solediscretion (as indicated above), the Partnership does not accept any redemptionrequests after the notice period and redemption requests received after thenotice period will be processed the following month.

 

Indemnifications

 

In thenormal course of business, the Partnership enters into contracts and agreementsthat contain a variety of representations and warranties and which providegeneral indemnifications.  ThePartnership’s maximum exposure under these arrangements is unknown, as thiswould involve future claims that may be made against the Partnership that havenot yet occurred.  The Partnershipexpects the risk of any future obligation under these indemnifications to beremote.

 

11

----

 

3.              CONDENSED SCHEDULES OF INVESTMENTS

 

The Partnership tradesfutures and forward contracts.  The levelof trading is affected by conditions in those markets.  During the year ended December 31, 2009,5,539,110 contracts were closed.  Thefair value of the Partnership’s futures and forward contracts by type, definedas Net unrealized profit (loss) on open contracts in the Statements ofFinancial Condition as of December 31, 2009 are as follows:
|                     |       |                    |       |                      |       |                   |       |                |       |                     |       |                     |       |                      |        |                    |       |                |       |                    |       |                |       |                           |       |                |       |                                |       |   |    |   |   |   |                           |   |
|--------------------------|------------|-------------------------|------------|---------------------------|------------|------------------------|------------|---------------------|------------|--------------------------|------------|--------------------------|------------|---------------------------|-------------|-------------------------|------------|---------------------|------------|-------------------------|------------|---------------------|------------|--------------------------------|------------|---------------------|------------|-------------------------------------|------------|--------|---------|--------|--------|--------|--------------------------------|--------|
|                     | ** ** |                    | ** ** |                      | ** ** | ** **             | ** ** |                | ** ** | ** **               | ** ** | ** **               | ** ** | ** **                | ** **  | ** **              | ** ** | ** **          | ** ** | ** **              | ** ** | ** **          | ** ** | ** **                     | ** ** | ** **          | ** ** | ** **                          | ** ** |
| ** **               | ** ** | **Long Positions** | ** ** | **Long Positions**   | ** ** | ** **             | ** ** | ** **          | ** ** | **Short Positions** | ** ** | **Short Positions** | ** ** | ** **                | ** **  | **Net unrealized** | ** ** | ** **          | ** ** | ** **              | ** ** |
| **Commodity**            | ** ** | **Number**              | ** ** | ** **                | ** ** | ** **             | ** ** | **Unrealized**      | ** ** | **Percent of**      | ** ** | **Commodity**            | ** ** | **Number**                | ** **  | ** **              | ** ** | ** **          | ** ** | **Unrealized**          | ** ** | **Percent of** | ** ** | **profit (loss) on** | ** ** | **Percent of** | ** ** | ** **                          | ** ** |
| **Industry Sector** | ** ** | **of Contracts**   | ** ** | **Gross Unrealized** | ** ** | **Profit (Loss)** | ** ** | **Net Assets** | ** ** | **Industry Sector** | ** ** | **of Contracts**    | ** ** | **Gross Unrealized** | ** **  | **Profit (Loss)**  | ** ** | **Net Assets** | ** ** | **open contracts** | ** ** | **Net Assets** | ** ** | **Maturity Dates**        | ** ** |
| ** **               | ** ** | ** **              | ** ** | ** **                | ** ** | ** **             | ** ** | ** **          | ** ** | ** **               | ** ** | ** **               | ** ** | ** **                | ** **  | ** **              | ** ** | ** **          | ** ** |                    | ** ** |                | ** ** | ** **                     | ** ** |                | ** ** | ** **                          | ** ** |
| Futures                  |       |                    |       | Gains                     |       | Losses                 |       |                |       |                     |       | Futures                  |       |                      |        | Gains                   |       | Losses              |       |                    |       |                |       |                           |       |                |       |                                |       |
| Agriculture              |       | 1,023                   |       | $                         | 982,535    |                   | $          | (158,124            | )          | $                        | 824,411    |                     | 0.30       | %                         | Agriculture |                    | (568       | )                   | $          | 159,142                 |       | $                   | (223,420   | )                              | $          | (64,278             | )          | -0.02                               | %          | $      | 760,133 |   | 0.28   | %      | January 10 -  May 10 |   |
| Currencies               |       | 569                     |       | 240,052                   |       | (449,588               | )          | (209,536            | )          | -0.08                    | %          | Currencies               |       | (463                      | )           | 313,343                 |       | (90,432             | )          | 222,911                 |       | 0.08                | %          | 13,375                         |       | 0.00                | %          | January 10 -  December 10 |       |
| Energy                   |       | 225                     |       | 480,824                   |       | (109,534               | )          | 371,290             |       | 0.13                     | %          | Energy                   |       | (158                      | )           | 33,782                  |       | (474,913            | )          | (441,131                | )          | -0.16               | %          | (69,841                        | )          | -0.03               | %          | January 10 -  July 10     |       |
| Interest rates           |       | 2,265                   |       | 250,907                   |       | (1,254,976             | )          | (1,004,069          | )          | -0.36                    | %          | Interest rates           |       | (1,094                    | )           | 595,914                 |       | (77,877             | )          | 518,037                 |       | 0.19                | %          | (486,032                       | )          | -0.17               | %          | March 10 -  December 10   |       |
| Metals                   |       | 219,746                 |       | 5,843,920                 |       | (387,661               | )          | 5,456,259           |       | 1.98                     | %          | Metals                   |       | (277,223                  | )           | 159,323                 |       | (4,729,827          | )          | (4,570,504              | )          | -1.66               | %          | 885,755                        |       | 0.32                | %          | January 10 -  December 10 |       |
| Stock indices            |       | 1,636                   |       | 1,005,269                 |       | (215,061               | )          | 790,208             |       | 0.29                     | %          | Stock indices            |       | (114                      | )           | 28,861                  |       | (121,886            | )          | (93,025                 | )          | -0.03               | %          | 697,183                        |       | 0.26                | %          | January 10 -  March 10    |       |
| Subtotal                 |       | 225,464                 |       | 8,803,507                 |       | (2,574,944             | )          | 6,228,563           |       | 2.26                     | %          | Subtotal                 |       | (279,620                  | )           | 1,290,365               |       | (5,718,355          | )          | (4,427,990              | )          | -1.60               | %          | 1,800,573                      |       | 0.66                | %          |                                |       |
|                     |       |                    |       |                      |       |                   |       |                |       |                     |       |                     |       |                      |        |                    |       |                |       |                    |       |                |       |                           |       |                |       |                                |       |
| Forwards                 |       |                    |       |                      |       |                   |       |                |       |                     |       | Forwards                 |       |                      |        |                    |       |                |       |                    |       |                |       |                           |       |                |       |                                |       |
| Currencies               |       | 442                     |       | 759,515                   |       | (1,991,882             | )          | (1,232,367          | )          | -0.45                    | %          | Currencies               |       | (481                      | )           | 1,527,996               |       | (2,080,769          | )          | (552,773                | )          | -0.20               | %          | (1,785,140                     | )          | -0.65               | %          | January 10 -  July 10     |       |
| Subtotal                 |       | 442                     |       | 759,515                   |       | (1,991,882             | )          | (1,232,367          | )          | -0.45                    | %          | Subtotal                 |       | (481                      | )           | 1,527,996               |       | (2,080,769          | )          | (552,773                | )          | -0.20               | %          | (1,785,140                     | )          | -0.65               | %          |                                |       |
|                     |       |                    |       |                      |       |                   |       |                |       |                     |       |                     |       |                      |        |                    |       |                |       |                    |       |                |       |                           |       |                |       |                                |       |
| Options                  |       |                    |       |                      |       |                   |       |                |       |                     |       | Options                  |       |                      |        |                    |       |                |       |                    |       |                |       |                           |       |                |       |                                |       |
| Agriculture              |       | —                  |       | —                    |       | —                 |       | —              |       | 0.00                     | %          | Agriculture              |       | (44                       | )           | —                  |       | (18,925             | )          | (18,925                 | )          | -0.01               | %          | (18,925                        | )          | -0.01               | %          | January 10 -  May 10      |       |
| Currencies               |       | 1                       |       | —                    |       | (7,377                 | )          | (7,377              | )          | 0.00                     | %          | Currencies               |       | —                    |        | —                  |       | —              |       | —                  |       | 0.00                | %          | (7,377                         | )          | 0.00                | %          | January 10 -  July 10     |       |
| Energy                   |       | 31                      |       | —                    |       | (8,990                 | )          | (8,990              | )          | 0.00                     | %          | Energy                   |       | —                    |        | —                  |       | —              |       | —                  |       | 0.00                | %          | (8,990                         | )          | 0.00                | %          | January 10 -  December 10 |       |
| Subtotal                 |       | 32                      |       | —                    |       | (16,367                | )          | (16,367             | )          | 0.00                     | %          | Subtotal                 |       | (44                       | )           | —                  |       | (18,925             | )          | (18,925                 | )          | -0.01               | %          | (35,292                        | )          | -0.01               | %          |                                |       |
|                     |       |                    |       |                      |       |                   |       |                |       |                     |       |                     |       |                      |        |                    |       |                |       |                    |       |                |       |                           |       |                |       |                                |       |
| Total                    |       | 225,938                 |       | $                         | 9,563,022  |                   | $          | (4,583,193          | )          | $                        | 4,979,829  |                     | 1.81       | %                         | Total       |                    | (280,145   | )                   | $          | 2,818,361               |       | $                   | (7,818,049 | )                              | $          | (4,999,688          | )          | -1.81                               | %          | $      | (19,859 | )      | 0.00   | %      |                           |   |

 

No individual contract’sunrealized profit or loss comprised greater than 5% of the Partnership’scapital as of December 31, 2009.

 

12

----

 

The Partnership tradesfutures and forward contracts.  The levelof trading is affected by conditions in those markets.  During the year ended December 31, 2008,309,479 contracts were closed.  The fairvalue of the Partnership’s futures and forward contracts by type, defined asNet unrealized profit on open contracts in the Statements of FinancialCondition as of December 31, 2008 are as follows:
|                |       |               |       |                 |       |              |       |           |       |                |       |                     |       |                 |        |                    |       |           |       |                    |       |                           |       |               |       |       |       |                                |   |   |      |   |   |   |                                |   |
|---------------------|------------|--------------------|------------|----------------------|------------|-------------------|------------|----------------|------------|---------------------|------------|--------------------------|------------|----------------------|-------------|-------------------------|------------|----------------|------------|-------------------------|------------|--------------------------------|------------|--------------------|------------|------------|------------|-------------------------------------|--------|--------|-----------|--------|--------|--------|-------------------------------------|--------|
| ** **          | ** ** | ** **         | ** ** | ** **           | ** ** | ** **        | ** ** | ** **     | ** ** | ** **          | ** ** | ** **               | ** ** | ** **           | ** **  | ** **              | ** ** | ** **     | ** ** | ** **              | ** ** |
| ** **          | ** ** | **Long Positions** | ** ** | **Long Positions**   | ** ** | ** **        | ** ** | ** **     | ** ** | **Short Positions** | ** ** | **Short Positions** | ** ** | ** **           | ** **  | **Net unrealized** | ** ** | ** **     | ** ** | ** **              | ** ** |
| **Commodity**       | ** ** | **Number**         | ** ** | ** **           | ** ** | ** **        | ** ** | **Unrealized** | ** ** | **Percent of**      | ** ** | **Commodity**            | ** ** | **Number**           | ** **  | ** **              | ** ** | **Unrealized** | ** ** | **Percent of**          | ** ** | **profit (loss) on** | ** ** | **Percent of**     | ** ** | ** ** | ** ** |
| **Industry Sector** | ** ** | **of Contracts**   | ** ** | **Gross Unrealized** | ** ** | **Profit (Loss)** | ** ** | **Net Assets** | ** ** | **Industry Sector** | ** ** | **of Contracts**         | ** ** | **Gross Unrealized** | ** **  | **Profit (Loss)**       | ** ** | **Net Assets** | ** ** | **open contracts** | ** ** | **Net Assets**                 | ** ** | **Maturity Dates** | ** ** |
| Futures             |       |               |       | Gains                |       | Losses            |       |           |       |                |       |                     |       |                 |        | Gains                   |       | Losses         |       |                    |       |                           |       |               |       |       |       |                                |   |
| Agriculture         |       | 219                |       | $                    | 442,355    |              | $          | (5,230         | )          | $                   | 437,125    |                     | 0.19       | %                    | Agriculture |                    | (717       | )              | $          | 351,687                 |       | $                              | (1,017,812 | )                  | $          | (666,125   | )          | -0.29                               | %      | $      | (229,000  | )      | -0.10  | %      | January 09  - December 09 |   |
| Currencies          |       | 108                |       | 119,713              |       | (87,931           | )          | 31,782         |       | 0.02                | %          | Currencies               |       | (146                 | )           | 157,180                 |       | (267,250       | )          | (110,070                | )          | -0.05                          | %          | (78,288            | )          | -0.03      | %          | January 09  - December 09 |   |
| Energy              |       | 122                |       | 155,966              |       | (189,292          | )          | (33,326        | )          | -0.01               | %          | Energy                   |       | (251                 | )           | 471,889                 |       | (299,651       | )          | 172,238                 |       | 0.08                           | %          | 138,912            |       | 0.07       | %          | January 09  - December 09 |   |
| Interest  rates     |       | 1,979              |       | 2,597,872            |       | (83,077           | )          | 2,514,795      |       | 1.10                | %          | Interest  rates          |       | (131                 | )           | 159,055                 |       | (11,820        | )          | 147,235                 |       | 0.06                           | %          | 2,662,030          |       | 1.16       | %          | March 09  - December 10   |   |
| Metals              |       | 431                |       | 477,606              |       | (1,533,130        | )          | (1,055,524     | )          | -0.46               | %          | Metals                   |       | (510                 | )           | 2,225,612               |       | (571,924       | )          | 1,653,688               |       | 0.73                           | %          | 598,164            |       | 0.27       | %          | January 09  - October 09  |   |
| Stock  indices      |       | 371                |       | 140,742              |       | (20,523           | )          | 120,219        |       | 0.05                | %          | Stock  indices           |       | (132                 | )           | 8,957                   |       | (171,135       | )          | (162,178                | )          | -0.07                          | %          | (41,959            | )          | -0.02      | %          | January 09  - March 09    |   |
| Subtotal            |       | 3,230              |       | 3,934,254            |       | (1,919,183        | )          | 2,015,071      |       | 0.89                | %          | Subtotal                 |       | (1,887               | )           | 3,374,380               |       | (2,339,592     | )          | 1,034,788               |       | 0.45                           | %          | 3,049,859          |       | 1.35       | %          |                                |   |
|                |       |               |       |                 |       |              |       |           |       |                |       |                     |       |                 |        |                    |       |           |       |                    |       |                           |       |               |       |       |       |                                |   |
| Forwards            |       |               |       |                 |       |              |       |           |       |                |       | Forwards                 |       |                 |        |                    |       |           |       |                    |       |                           |       |               |       |       |       |                                |   |
| Currencies          |       | 191                |       | 1,005,750            |       | (245,371          | )          | 760,379        |       | 0.33                | %          | Currencies               |       | (155                 | )           | 284,272                 |       | (916,318       | )          | (632,046                | )          | -0.28                          | %          | 128,333            |       | 0.05       | %          | January 09  - December 09 |   |
| Total               |       | 3,421              |       | $                    | 4,940,004  |              | $          | (2,164,554     | )          | $                   | 2,775,450  |                     | 1.22       | %                    | Total       |                    | (2,042     | )              | $          | 3,658,652               |       | $                              | (3,255,910 | )                  | $          | 402,742    |       | 0.18                                | %      | $      | 3,178,192 |   | 1.40   | %      |                                |   |

 

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

 

13

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Thetrading profits (losses) of the Partnership’s derivatives by instrument type,as well as the location of those gains and losses on the Statement ofOperations for the year ended December 31, 2009 are as follows:

 
| ** **          | ** ** | ** **           | ** ** | **Change in Net**    | ** ** | ** **           | ** ** |
|---------------------|------------|----------------------|------------|----------------------|------------|----------------------|------------|
| **Commodity**       | ** ** | **Realized Profits** | ** ** | **Unrealized**       | ** ** | **Net Trading**      | ** ** |
| **Industry Sector** | ** ** | **(Losses)**         | ** ** | **Profits (Losses)** | ** ** | **Profits (Losses)** | ** ** |
|                |       |                 |       |                 |       |                 |       |
| Futures             |       |                 |       |                 |       |                 |       |
| Agriculture         |       | $                    | (2,092,844 | )                    | $          | 989,133              |       | $ | (1,103,711 | ) |
| Currencies          |       | 177,922              |       | 90,572               |       | 268,494              |       |
| Energy              |       | (6,098,011           | )          | (208,753             | )          | (6,306,764           | )          |
| Interest rates      |       | (1,630,354           | )          | (3,148,062           | )          | (4,778,416           | )          |
| Metals              |       | 2,997,825            |       | 287,591              |       | 3,285,416            |       |
| Stock indices       |       | 6,311,523            |       | 739,142              |       | 7,050,665            |       |
| Subtotal            |       | (333,939             | )          | (1,250,377           | )          | (1,584,316           | )          |
|                |       |                 |       |                 |       |                 |       |
| Forwards            |       |                 |       |                 |       |                 |       |
| Currencies          |       | (1,850,410           | )          | (1,912,382           | )          | (3,762,792           | )          |
|                |       | (1,850,410           | )          | (1,912,382           | )          | (3,762,792           | )          |
|                |       |                 |       |                 |       |                 |       |
| Options             |       |                 |       |                 |       |                 |       |
| Agriculture         |       | 6,600                |       | (18,925              | )          | (12,325              | )          |
| Currencies          |       | —               |       | (7,377               | )          | (7,377               | )          |
| Energy              |       | —               |       | (8,990               | )          | (8,990               | )          |
| Metals              |       | 145,821              |       | —               |       | 145,821              |       |
| Stock indices       |       | 756,401              |       | —               |       | 756,401              |       |
| Subtotal            |       | 908,822              |       | (35,292              | )          | 873,530              |       |
|                |       |                 |       |                 |       |                 |       |
| Total               |       | $                    | (1,275,527 | )                    | $          | (3,198,051           | )          | $ | (4,473,578 | ) |

 

4.               COMBINATION OF THE FEEDER FUNDS

 

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

 

5.               RELATED PARTY TRANSACTIONS

 

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

** **

**14**

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** **

**As of December 31, 2009and 2008, $10,617,906 and $29,605,397, respectively, was held in tradingaccounts at MLPF&S.  For the yearsended December 31, 2009, 2008 and 2007, the Partnership incurred $258,081,$495,980 and $362,400, respectively, for brokerage commissions payable toMLPF&S.**

** **

**For the years ended December 31,2009, 2008 and 2007, the Partnership incurred $545,090, $544,164 and $217,860,respectively, for administrative, custodian, transfer agency and other servicesfees payable to PGIS and its affiliates.**

** **

Merrill Lynch charges the PartnershipMerrill Lynch’s cost of financing realized and unrealized losses on thePartnership’s non-U.S. dollar denominated positions.  Such amounts are netted against interestincome due to the insignificance of such amounts.

 

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

 

EffectiveSeptember 1, 2007, the Partnership revised its expense structure relatedto the Series Units and the Partnership began paying its own operatingexpenses and no longer pays BRIM an administrative fee of 0.25% annually. Also,effective September 1, 2007, Clearing Brokers are paid actualcommodity brokerage commissions and clearing costs at market rates on a pertrade basis, and as such, are recorded as a reduction of trading profit.  Prior to September 1, 2007, Series A,F and G Units paid brokerage commissions to MLPF&S at a flat monthly rateof .583 of 1% (a 7.00% annual rate) of the Series’ month-end trading assets andsuch amounts were not transaction-based and were included in expenses. Series Ipaid brokerage commissions to MLPF&S at a flat monthly rate of .333 of 1%(a 4.00% annual rate) of the Series’ month-end trading assets. Month-endtrading assets were not reduced, for purposes of calculating brokeragecommissions and administrative fees, by any accrued brokerage commissions,administrative fees, Profit Shares or other fees or charges.

 

BRIMestimates that the round-turn equivalent commission rate charged to thePartnership by MLPF&S during the years ended December 31, 2009, 2008and 2007 was approximately $10, $8 and $41, respectively (not including, incalculating round-turn equivalents, forward contracts on a futures-equivalentbasis).

#  

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

 

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On January 1,2009, Bank of America Corp. announced that it had completed its acquisition ofMerrill Lynch & Co., Inc. (“Merrill Lynch”), one of the largestshareholders of BlackRock, Inc.

 

6.               ADVISORY AGREEMENTS

 

The Partnership and the Trading Advisorshave each entered into Advisory Agreements. These Advisory Agreements generally renew one year after they areentered into, subject to certain renewal rights exercisable by the Partnership.The Trading Advisors determine the commodity futures, options on futures,forwards and options contracts trades to be made on behalf of their respectivePartnership accounts, subject to certain trading policies and to certain rightsreserved by BRIM.  Each Series paysmanagement fees to the Trading Advisors up to 2.50% of that Series netassets allocated to each individual Trading Advisor.

 

Profit Shares, generally ranging from 15%to 30% of any New Trading Profit, as defined, recognized by each TradingAdvisor considered individually, irrespective of the overall performance of thePartnership, as of either the end of each calendar quarter or year and upon thenet reallocation of assets away from a Trading Advisor, are paid by thePartnership to each Trading Advisor. Profit Shares are also paid out in respect of Units redeemed as of theend of interim months, to the extent of the applicable percentage of any NewTrading Profit attributable to such Units.

 

7.               WEIGHTED AVERAGE UNITS

 

The weighted average number of Unitsoutstanding is computed for purposes of disclosing net income (loss) perweighted average Unit.  The weightedaverage number of Units outstanding for the years ended December 31, 2009,2008 and 2007 equals the Units outstanding as of such date, adjustedproportionately for Units sold and redeemed based on the respective length oftime each was outstanding during the year.

 

8.               PARTNER’S CAPITAL

 

At December 31,2009 and 2008, the Net Asset Values of the different Series of thePartnership are as follows:

 
| **December 31, 2009** | ** ** | **Net Asset  Value** | ** **  | **Number of  Units** | ** **  | **Net Asset  Value per  Unit** | ** ** |
|----------------------------|------------|----------------------|-------------|----------------------|-------------|--------------------------------|------------|
|                       |       |                 |        |                 |        |                           |       |
| Series A              |       | $                    | 213,153,124 |                 | 197,831,350 |                           | $          | 1.0775 |   |
| Series F              |       | 27,465,985           |        | 105,927              |        | $                              | 259.29     |   |
| Series G              |       | 34,044,148           |        | 30,316,276           |        | $                              | 1.1230     |   |
| Series I              |       | 1,099,661            |        | 897,317              |        | $                              | 1.2255     |   |
|                       |       | $                    | 275,762,918 |                 | 229,150,870 |                           |       |   |

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

 

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BRIM generally holds 1%of the total capital in the Partnership. BRIM and each Limited Partner share in the profits and losses of thePartnership in proportion to their respective interests in the Partnership.

 

9.               FAIR VALUE DISCLOSURES

 

EffectiveJanuary 1, 2008, the Partnership adopted ASC 820. ASC 820 defines fairvalue as the price that the Partnership would receive upon selling aninvestment or pay to transfer a liability in an orderly transaction to a marketparticipant in the principal or most advantageous market for the investment.ASC 820 emphasizes that valuation techniques maximize the use of observablemarket inputs and minimize the use of unobservable inputs. Inputs refer broadlyto the assumptions that market participants would use in pricing an asset orliability, including assumptions about risk to the extent the asset orliability is not traded on an exchange or an active market.  Inputs may be observable or unobservable.Observable inputs are inputs that reflect the assumptions market participantswould use in pricing an asset or liability developed based on market dataobtained from sources independent of the Partnership. Unobservable inputs areinputs that reflect the General Partner assumptions about what informationmarket participants would use to price an asset or liability developed based onthe best information available under the circumstances.

 

ASC820 establishes a hierarchy that classifies these inputs into the three broadlevels listed below:

 

·                                          Level 1 — Price quotations (unadjusted)in active markets/exchanges for identical instruments.

·                                          Level 2 — Other than quoted prices included withinLevel 1 that are observable for substantially the full term of the asset orliability, either directly or indirectly. Level 2 includes quoted prices (unadjusted) for similar assets orliabilities in active markets; quoted prices for identical or similar assets orliabilities that are not active; and inputs other than quoted prices that areobservable, such as those used in models or other valuation methodologies.

·                                          Level 3 — Primarily inputs and significant assumptionsthat are unobservable in the market place. Level 3 includes instruments for which there is little, if any, marketactivity.  These inputs requiresignificant judgment or estimation by the General Partner of the Partnership.

 

Thefollowing table summarizes the valuation of the Partnership’s investments bythe above ASC 820 fair value hierarchy levels as of December 31, 2009 and December 31,2008.

 

2009

 
| **Valuation Inputs**                          | ** ** | **Cash equivalents** | ** **  | **Net unrealized profit   (loss) on derivative  contracts** | ** ** |
|-----------------------------------------------|------------|----------------------|-------------|-------------------------------------------------------------|------------|
| Level 1 - Price quotations                    |       | $                    | 218,690,094 |                                                        | $          | 1,800,573 |   |
| Level 2 - Significant other observable inputs |       | —               |        | (1,820,432                                                  | )          |
|                                          |       | $                    | 218,690,094 |                                                        | $          | (19,859 | ) |

 

2008

 
| **Valuation Inputs**                          | ** ** | **Cash equivalents** | ** **  | **Net unrealized profit  (loss) on derivative  contracts** | ** ** |
|-----------------------------------------------|------------|----------------------|-------------|------------------------------------------------------------|------------|
| Level 1 - Price quotations                    |       | $                    | 169,133,129 |                                                       | $          | 3,049,859 |   |
| Level 2 - Significant other observable inputs |       | —               |        | 128,333                                                    |       |
|                                          |       | $                    | 169,133,129 |                                                       | $          | 3,178,192 |   |

 

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10.         OFF-BALANCE SHEET RISK

 

Thenature of this Partnership has certain risks, which cannot all be presented onthe financial statements.  The followingsummarizes some of those risks.

 

MarketRisk

 

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

 

BRIMhas procedures in place intended to control market risk exposure, althoughthere can be no assurance that they will, in fact, succeed in doing so.  These procedures focus primarily onmonitoring the trading of the Trading Advisors, calculating the Net Asset Valueof the Partnership as of the close of business on each day and reviewingoutstanding positions, or itself reallocating Partnership assets among TradingAdvisors (although typically only as of the end of a month) forover-concentrations.  While BRIM does notitself intervene in the markets to hedge or diversify the Partnership’s marketexposure, BRIM may urge the Trading Advisors to reallocate positions in anattempt to avoid over-concentrations. Except in cases in which it appears that the Trading Advisors have begunto deviate from past practice or trading policies or to be trading erratically,BRIM basic risk control procedures consist simply of the ongoing process ofTrading Advisor monitoring, with the market risk controls being applied by theTrading Advisors themselves.

 

CreditRisk

 

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

 

ThePartnership, in its normal course of business, enters into various contracts,with Clearing Brokers acting as its commodity brokers. Pursuant to thebrokerage agreements with Clearing Brokers (which includes netting arrangementswith each broker), to the extent that such trading results in receivables fromand payables to Clearing Brokers, these receivables and payables are offset andreported as a net receivable or payable and included in the Statements ofFinancial Condition under Equity in commodity futures trading accounts.

 

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11.   RECENT ACCOUNTING PRONOUNCEMENTS

 

In January, 2010, the FASBissued ASU 2010-06, *Fair Value Measurementsand Disclosures* (“ASU 2010-06”). ASU 2010-06 amends ASC 820-10 torequire new disclosures with regards to transfers into and out of Levels 1 and2 and separate disclosures about purchases, sales, issuances, and settlementswithin the Level 3 fair value rollforward. ASU 2010-06 also clarifies existingfair value disclosures about the appropriate level of disaggregation and aboutinputs and valuation techniques for both recurring and nonrecurring fair valuemeasurements that fall in either Level 2 or Level 3. The new disclosures andclarifications of existing disclosures are effective for interim and annualreporting periods beginning after December 15, 2009, except for thedisclosures about purchases, sales and settlements in the rollforward ofactivity in Level 3 fair value measurements, which are effective for fiscalyears beginning after December 15, 2010, and for interim periods withinthose fiscal years. The adoption of the additional disclosure requirements ofASU 2010-06 is not expected to materially impact the Partnership’s financialstatements.

 

In May 2009, the FASBissued ASC 855-10, *Subsequent Events*(Statement of Financial Accounting Standards No. 165, *SubsequentEvents*), which establishes general standards of accounting for anddisclosure of events that occur after the balance sheet date but beforefinancial statements are issued or available to be issued. ASC 855-10 iseffective for financial statements issued for fiscal years and interim periodsending after June 15, 2009.  Thedisclosures required by ASC 855-10 are reflected in Note 12.

 

12.   SUBSEQUENT EVENTS

 

On February 1, 2010 ThePNC Financial Services Group Inc. (“PNC”) and Bank of New York MellonCorporation (“BNY Mellon”) entered into a definitive agreement for BNY Mellonto acquire PNC Global Investment Servicing (“PNCGIS”). The expected closingdate for this transaction is the third quarter of 2010. The transaction is notexpected to have an impact on the Partnership or the services that PNCGISprovides to the Partnership.

 

On March 1, 2010 theGeneral Partner had a subscription in the amount of $300,000 to increase itsownership in the Partnership.

 

The Partnership reviewedsubsequent events, and, except as disclosed above, determined that nosubsequent events occurred that would require accrual or additional disclosure.

 

19

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

 

To the best of the knowledge and belief of the

undersigned, the information contained in this

report is accurate and complete.

 

Michael Pungello

Chief Financial Officer

of BlackRock Global Horizons I L.P.

and

Managing Director

BlackRock Investment Management, LLC

General Partner of

BlackRock Global Horizons I L.P.

 

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