10-K

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-K

ý	Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the fiscal year ended: December 31, 2013
or
o	Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Commission file number: 0-23240

BLACKROCK GLOBAL HORIZONS I L.P.
(Exact name of registrant as specified in its charter)

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

c/o BlackRock Investment Management LLC
55 East 52^nd Street
New York, New York 10055
(Address of principal executive offices)

Registrant's telephone number, including area code: (609) 282-6996

         Securities registered pursuant to Section 12(b) of the Act: None

         Securities registered pursuant to Section 12(g) of the Act: Limited Partnership Units

         Indicate by check mark whether registrant is a well-known seasoned issuer as defined in Rule 405 of the Securities Act. Yes o    No ý

         Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. Yes o    No ý

         Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý    No o

         Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ý    No o

         Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. ý

         Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act. (Check one)

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

         Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o    No ý

         The limited partnership units of the registrant are not publicly traded. Accordingly, there is no aggregate market value for the registrant's outstanding equity that is readily determinable.

         As of February 1, 2014, limited partnership units with an aggregate value of $127,614,091 were outstanding.

Documents Incorporated by Reference

         The registrant's 2013 Annual Report and Report of Independent Registered Public Accounting Firm, and the annual report to security holders for the fiscal year ended December 31, 2013 is incorporated by reference into Part II, Item 8 and Part IV hereof and filed as an Exhibit herewith. Copies of the annual report are available free of charge by contacting Michael Pungello at 609-282-6996.

BLACKROCK GLOBAL HORIZONS I L.P.

ANNUAL REPORT FOR 2013 ON FORM 10-K

Table of Contents

		PAGE
PART I
Item 1.	Business		1
Item 1A.	Risk factors		11
Item 1B.	Unresolved Staff Comments		35
Item 2.	Properties		35
Item 3.	Legal Proceedings		35
Item 4.	Reserved		35
PART II
Item 5.	Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities		36
Item 6.	Selected Financial Data		38
Item 7.	Management's Discussion and Analysis of Financial Condition and Results of Operations		44
Item 7A.	Quantitative and Qualitative Disclosures about Market Risk		56
Item 8.	Consolidated Financial Statements and Supplementary Data		62
Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure		63
Item 9A.	Controls and Procedures		63
PART III
Item 10.	Directors, Executive Officers and Corporate Governance		65
Item 11.	Executive Compensation		66
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters		66
Item 13.	Certain Relationships and Related Transactions, and Director Independence		67
Item 14.	Principal Accountant Fees and Services		67
PART IV
Item 15.	Exhibits and Consolidated Financial Statement Schedules		69

PART I

Item 1:    Business

(a)    General Development of Business:

        BlackRock Global Horizons I L.P. (the "Partnership") was organized under the Delaware Revised Uniform Limited Partnership Act on May 11, 1993 and began trading operations on January 4, 1994. The Partnership trades in the international futures, options on futures and forward markets with the objective of achieving, through speculative trading, substantial capital appreciation over time. The Partnership's assets are allocated and reallocated by the General Partner (defined below) to accounts managed by independent professional advisors (each a "Trading Advisor") on behalf of the Partnership (or a subsidiary of the Partnership) or to one or more commodity pools (each a "Portfolio Fund") operated and managed by Trading Advisors that are registered as "commodity pool operators" under the Commodity Exchange Act (the "CEA").

        BlackRock Investment Management, LLC (the "General Partner" or "BRIM"), a wholly owned subsidiary of BlackRock, Inc. ("BlackRock"), is the general partner of the Partnership. The PNC Financial Services Group, Inc. is the largest stockholder and an affiliate of BlackRock.

        When the Partnership is offering its units of limited partnership interest ("Units"), it receives and processes subscriptions on a continuous basis throughout each month. Investors whose subscriptions are accepted during a month are admitted to the Partnership as limited partners (each a "Limited Partner") as of the beginning of the immediately following month, acquiring Units at the net asset value ("Net Asset Value") per Unit as of the date of admission. Investors' customer securities accounts are generally debited in the amount of their subscriptions on a single monthly settlement date within approximately ten calendar days the issuance of the Units.

        As of December 31, 2013, the capitalization of the Partnership was $131,681,323 and the Net Asset Value per Series F (the initial Series of Units), originally $100 as of January 4, 1994, had risen to $212.56.

        Through December 31, 2013, the highest month-end Net Asset Value of Series F Units was $284.04 (January 31, 2009) and the lowest was $97.36 (February 28, 1994).

        The Partnership's Series A Units and Series I Units of limited partnership interest are generally available as of the beginning of each calendar month. Series F Units and Series G Units are no longer offered.

        The General Partner has formed a number of subsidiaries in the form of limited liability companies ("LLCs") to hold Partnership assets allocated to each particular Trading Advisor. Each of these subsidiaries has, in turn, entered into an advisory agreement with each respective Trading Advisor. The primary purpose of these subsidiaries is to segregate the assets of the Partnership allocated to any one Trading Advisor from the other assets of the Partnership in order to seek to limit liability for trading losses by any one Trading Advisor to the assets allocated to such subsidiary. However within each subsidiary, there will be no segregation of liabilities of the Partnership and any other funds or accounts that may allocate assets to the same subsidiary of the Partnership.

        All wholly owned subsidiaries of the Partnership have been consolidated. All transactions between consolidated subsidiaries have been eliminated in consolidation. From time to time, other funds and accounts managed by the General Partner or its affiliates may also invest in such subsidiaries in order to gain exposure to the relevant Trading Advisor. In such instances where the Partnership is not the sole investor in the subsidiary, the subsidiary will no longer be consolidated (the "Non-Consolidated LLCs"), and the Partnership's investment in the Non-Consolidated LLCs will be presented as Investments in Non-Consolidated LLCs on the Consolidated Statements of Financial

1

Condition. Effective May 1, 2011 and subsequently on November 1, 2011 and May 7, 2013, other funds managed by the General Partner invested in several of the subsidiaries of the Partnership.

(b)    Financial Information about Segments:

        The Partnership's business constitutes only one segment for financial reporting purposes, i.e., a speculative "commodity pool". The Partnership does not engage in sales of goods or services. See Item 15—"Exhibits and Consolidated Financial Statement Schedules".

(c)    Narrative Description of Business:

General

        The Partnership trades in the international futures, options on futures and forward markets with the objective of achieving substantial capital appreciation over time. The Partnership's assets are allocated and reallocated by the General Partner to subsidiaries managed by the Trading Advisors on behalf of the Partnership, applying proprietary strategies in numerous markets. The General Partner, in its discretion, forms one or more subsidiaries (for example, as one or more limited liability companies) to hold Partnership assets allocated to a particular Trading Advisor. The purpose of these subsidiaries is to segregate the assets of the Partnership allocated to any one Trading Advisor from the other assets of the Partnership in order to seek to limit liability for trading losses by any one Trading Advisor to the assets allocated to such subsidiary. The Partnership may also continue to hold assets at the "parent company" level, which may not be identifiable to one or more subsidiaries.

        The General Partner monitors the performance of several hundred managed futures advisors. Both quantitative and qualitative criteria are factors in the General Partner's selection process, including the following: type of trading program; risk control; duration and speed of recovery from drawdowns; experience; organizational infrastructure; and low correlation in the past with traditional investments such as stocks and bonds. Trading Advisors' past records are evaluated comparatively with a view to combining Trading Advisors whose respective trading results have historically demonstrated not only a low degree of correlation with stocks and bonds but also with the other Trading Advisors selected. In addition to qualitative factors concerning the Trading Advisors, statistical analysis is used to develop Trading Advisor combinations which the General Partner identifies as having reward/risk profiles consistent with the General Partner's objectives. By identifying Trading Advisor combinations in this way, the General Partner hopes to maintain profit potential while also reducing the risk of major equity declines.

        In selecting Trading Advisors for the Partnership, the General Partner emphasizes retaining multiple Trading Advisors, trading in multiple markets and implementing multiple strategies. The General Partner also evaluates the overall market diversification and emphasis that different possible Trading Advisor combinations would give the Partnership. Discretionary and systematic as well as fundamental and technical Trading Advisors may be retained from time to time. The General Partner may allocate Partnership assets to Trading Advisors specializing in particular market sectors and to Trading Advisors which trade broadly diversified portfolios. By diversifying strategies as well as markets, the General Partner can create Trading Advisor combinations for the Partnership that should have good profit potential across a wide range of different market cycles. Although the General Partner maintains diversification in the Partnership's portfolio, the General Partner emphasizes those strategies that the General Partner believes are more likely to be profitable than others based on the General Partner's evaluation of likely near-term market conditions. The General Partner is not bound by any strict diversification guidelines; certain of the Trading Advisors selected by the General Partner may be allocated substantially larger portions of the Partnership's assets than other Trading Advisors.

        Set forth below is a chart which provides the Partnership's current Trading Advisors, the portion of the Partnership's assets that each controlled as of December 1, 2013, the general trading focus of each

2

such Trading Advisor, an indication as to whether each Trading Advisor's program is discretionary or systematic, as well as the commodity pool operator ("CPO") and investment adviser registration status of each Trading Advisor (with the Commodity Futures Trading Commission (the "CFTC") and Securities and Exchange Commission (the "SEC"), respectively).

Trading Advisors	Systematic / Discretionary	General Trading Focus	Allocation			CPO Registration Status	Investment Adviser Registration Status
Abraham Trading LP—Diversified Program*	Systematic	Long-term trend-following		6.20	%	Registered	Not Registered
Blackwater Capital Management LLC—Diversified Program*	Systematic	Medium-term trend-following		6.90	%	Registered	Not Registered
Cantab Capital Partners LLP—Core Macro Fund Program*	Systematic	Medium-term trend-following and mean reversion		6.40	%	Registered	Not Registered
Capital Fund Management S.A.	Systematic	Short-term trend following		7.00	%	Registered	Registered
Crabel Capital Management LLC—Diversified Futures Program	Systematic	Short-term trend-following		7.50	%	Registered	Not Registered
G Capital Fund Management LLC—Liquid Global Macro Portfolio	Discretionary	Fundemental global macro		12.00	%	Registered	Registered
Higgs Capital Management, LLP	Discretionary	Discretionary macro		12.50	%	Not Registered	Not Registered
Ortus Capital Management Ltd—Currency Program	Systematic	Medium-term econometric		4.75	%	Registered	Registered
QMS Capital Management LP*	Systematic	Diversified financial focus		10.75	%	Registered	Not Registered
Quantitative Investment Management—Global Program*	Systematic	Short-term pattern recognition		7.25	%	Registered	Registered
Solaise Capital Management, LLP—Systematic Program	Systematic	Medium-term trend-following		8.25	%	Registered	Registered
Winton Capital Management Ltd.—Diversified Program	Systematic	Medium-term trend-following		10.50	%	Registered	Registered

*

Currently reflected on the Partnership's consolidated financial statements as Investments in Non-Consolidated LLCs.

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

3

        One of the objectives of the Partnership is to provide diversification for a limited portion of the risk segment of the Limited Partners' portfolios. Commodity pool performance has historically demonstrated a low degree of performance correlation with traditional stock and bond holdings. Past performance is not indicative of future results.

        The General Partner has formed, in its discretion, one or more subsidiaries to hold Partnership assets allocated to a particular Trading Advisor. The purpose of these subsidiaries is to segregate the assets of the Partnership allocated to any one Trading Advisor from the other assets of the Partnership in order to seek to limit liability for trading losses by any one Trading Advisor to the assets allocated to such subsidiary. Other funds or accounts managed by BRIM or its affiliates may also allocate capital to these subsidiaries, pari passu with the Partnership, in order to consolidate investments with a Trading Advisor into a single entity. Potential benefits of aggregating investments in subsidiaries include preservation of high water marks, greater liquidity with respect to the account of the subsidiary (e.g., with respect to lock-ups), reduced fees (e.g., redemption fees) and efficiency associated with subscriptions and redemptions. The collective nature of these subsidiaries also has potential costs, risks and conflicts, particularly at times when the Partnership, other funds or accounts managed by BRIM and/or the applicable Trading Advisor(s) are experiencing sustained or high levels of redemption pressure or markets are illiquid. There is no limitation on the amount or number of such funds or accounts or the amount of their respective allocation to any such subsidiary and such allocations may be significant. There will be no segregation of liabilities between the Partnership and any other such funds or accounts that allocate assets to the same subsidiary as the Partnership. When investing in a subsidiary, no management fees or performance-based compensation will be charged to the Partnership by any subsidiary; however, such subsidiary will be charged management fees and performance-based compensation by the Trading Advisors. However, the value of the Partnership's investments in any subsidiary will be included in the calculation and assessment of the Partnership's Sponsor's Fee and the Partnership will pay its pro rata portion of such subsidiary's expenses, including fees and expenses of the applicable Trading Advisor. As a result, the Partnership may be subject to higher operating expenses than if the Partnership allocated capital to Trading Advisors directly.

        The advisory agreements between the Partnership (or a subsidiary of the Partnership), the General Partner and each Trading Advisor govern the relationships with the Trading Advisors, each of which have been attached as exhibits to certain Partnership's prior filings. The principal terms of this form of advisory agreement include the management fees (the "Management Fees"), performance-based allocations (the "Profit Shares"), indemnification provisions and the term of the advisory agreement. Set forth below are general summary descriptions of these terms as well as the minimum account maintenance level of each Trading Advisor. As each advisory agreement is specifically negotiated with each Trading Advisor, there are certain variations within the terms of each of the advisory agreements. As noted above, each of these advisory agreements have been attached as exhibits to certain of the Partnership's prior filings.

Management Fees.    Generally, Management Fees approximate between 0% and 2% (annualized) of the Net Asset Value of the Partnership's account managed by a Trading Advisor.

Profit Shares.    Profit Shares generally are between 10% and 30% of the net capital appreciation in the Partnership's account managed by a Trading Advisor for the applicable period, generally quarterly or annually, and are calculated on a cumulative high water mark basis, including realized and unrealized gains and losses from futures trading. Each Trading Advisor must earn back any losses previously experienced by the Trading Advisor prior to any new Profit Shares being paid. However, Profit Shares once paid to a Trading Advisor are not subject to being repaid to the Partnership from the Trading Advisor as a result of subsequent realized or unrealized losses.

Indemnification.    The advisory agreements generally provide that the Partnership (or a subsidiary of the Partnership) will indemnify the relevant Trading Advisor, its affiliates and their

4

respective directors, officers, shareholders, employees and controlling persons for conduct undertaken as a trading advisor or otherwise relating to any action or omission of such persons (or alleged action or omission) in connection with the advisory agreements; provided that such action or omission (or alleged action or omission) does not constitute negligence (or gross negligence in some cases), misconduct or breach of the advisory agreements and was done in good faith and in a manner reasonably believed to be in, or not opposed to, the best interests of the Partnership. The advisory agreements generally provide that the foregoing indemnified parties shall not be liable to the Partnership for actions or omissions within the scope of the standards set forth in the foregoing indemnities.

Term.    The advisory agreements will be automatically renewed for successive year periods, on the same terms, unless terminated by either the relevant Trading Advisor or the Partnership (or a subsidiary of the Partnership). In most instances, a Trading Advisor may terminate its advisory agreement if the equity in the Partnership's account drops below a specified minimum amount as of the close of business on any day, among other reasons. The General Partner may terminate the advisory agreements as of any month-end.

Minimum Investment Maintenance Levels.    The minimum investment maintenance levels with each Trading Advisor are as follows: Abraham Trading LP: $1,000,000; Blackwater Capital Management LLC: $1,000,000; Cantab Capital Partners LLP: $25,000,000; Capital Fund Management S.A.: $50,000,000; Crabel Capital Management LLC: $1,000,000; G Capital Fund Management LLC: $25,000,000; QMS Capital Management LP: $20,000,000; Quantitative Investment Management: none; Solaise Capital Management, LLP: $10,000,000; and Winton Capital Management Limited: $1,000,000. A failure to maintain the minimum investment maintenance level does not result in an automatic termination of the agreement with the Trading Advisor, rather it permits the Trading Advisor to terminate the advisory agreement. The relationship with Higgs Capital Management, LLP was terminated on December 19, 2013 and the relationship with Ortus Capital Management Ltd. was terminated on December 30, 2013.

Use of Proceeds and Interest

Subscription Proceeds.

        BRIM pays from its own funds the selling commissions relating to the sale of the Units, except that investors in Series I Units may be subject to an upfront selling commission of up to 1% of their subscription but are not subject to Redemption Charges, ("Redemption Charges"). Accordingly, 100% of the proceeds of Unit sales are received in cash by the Partnership and available for use in its speculative trading either directly through accounts managed by Trading Advisors on behalf of the Partnership (or a subsidiary of the Partnership) or to one or more commodity pools (each a "Portfolio Fund") operated and traded by such Trading Advisors. In such trading, assets are used as security for and to pay for trading losses, as well as any expenses and redemptions. The primary use of the proceeds of the sale of the Units is to permit the Trading Advisors to trade on a speculative basis in a wide range of different futures, forwards and options on futures markets. While being used for this purpose, the Partnership's assets are also generally available to earn interest, as more fully described below. The most recent continuous offering of Units began effective February 1, 2004.

Market Sectors.

        The Partnership and Portfolio Funds which may be allocated Partnership assets trade in a diversified group of markets under the direction of multiple independent Trading Advisors. These Trading Advisors can, and do, from time to time, materially alter the allocation of their overall trading commitments among different market sectors. There is no restriction on the commodity interests, that

5

may be traded by any Trading Advisor or the frequency with which a Trading Advisor may alter its market sector allocations.

Market Types.

        The Partnership and Portfolio Funds which may be allocated Partnership assets trade on a variety of United States and foreign futures exchanges. Substantially all of the Partnership's off-exchange trading takes place in the highly liquid, institutional spot and forward foreign exchange markets (the "FX Markets") where there are no direct execution costs. Instead, the participant banks and dealers in the FX Markets take a "spread" between the prices at which they are prepared to buy and sell a particular currency, and such spreads are built into the pricing of the spot or forward contracts traded with the Partnership. In its exchange of futures for physical ("EFP") trading, the Partnership acquires cash currency positions through banks and dealers. The Partnership pays a spread when it exchanges these positions for futures. This spread reflects, in part, the different settlement dates of the cash and the futures contracts, as well as prevailing interest rates, but also includes a pricing spread in favor of the banks and dealers.

        Portfolio Fund currency trades and EFP trading are subject to similar considerations.

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

Custody of Assets.

        The Bank of New York Mellon provides custody services for the Partnership. The Partnership's and subsidiaries' assets are held in cash and customer segregated managed accounts at Merrill Lynch, Pierce, Fenner & Smith Incorporated ("MLPF&S"), Newedge USA, LLC ("Newedge USA"), J.P. Morgan Securities LLC ("JPMS"), Morgan Stanley & Co. LLC ("MS&Co."), UBS Securities LLC ("UBS Securities"), Barclays Bank PLC ("Barclays"), HSBC Bank plc ("HSBC") and any other clearing brokers that may be utilized by the Partnership in the future (the "Clearing Brokers") or allocated to one or more Portfolio Funds for which custodians and clearing brokers are selected by the independent professional advisors of such Portfolio Funds or managed accounts (the "Trading Advisors") and at a custody account at State Street Bank and Trust Company ("State Street"). As of December 31, 2013, there were no assets held in any Portfolio Funds. In the event that the Partnership invests in a Portfolio Fund, the Trading Advisor of such Portfolio Fund will select the Portfolio Fund's custodians and clearing brokers. Partnership assets not deployed in support of futures or over-the-counter ("OTC") positions are on deposit with The Bank of New York Mellon.

Interest Paid on the Partnership's U.S. Dollar and Non-U.S. Dollar Assets.

        On assets held in U.S. dollars, MLPF&S credits the Partnership with interest at the prevailing 91-day U.S. Treasury bill rate. On assets held in U.S. dollars, Newedge USA credits the Partnership with interest at 98% of the prevailing 91-day U.S. Treasury bill rate. On assets held in U.S. dollars, JPMS credits the Partnership with interest at the prevailing Federal Funds rate minus 12 basis points, when applicable. On assets held in U.S. dollars, MS&Co. credits the Partnership with interest at the prevailing Federal Funds rate. On assets held in U.S. dollars, UBS Securities credits the Partnership with interest at the prevailing Federal Funds rate. On assets held in U.S. dollars, Barclays credits the Partnership with interest at the prevailing Federal Funds rate. On assets held in U.S. dollars, HSBC credits the Partnership with interest at the prevailing Federal Funds rate. The Partnership is credited with interest on any of its assets and net gains actually held by MLPF&S or Newedge USA in non-U.S. dollar currencies at a prevailing local rate received by MLPF&S or Newedge USA. MLPF&S or

6

Newedge USA may derive certain economic benefit, in excess of the interest which MLPF&S or Newedge USA pays to the Partnership, from possession of such assets.

        MLPF&S charges the Partnership MLPF&S's cost of financing realized and unrealized losses on the Partnership's non-U.S. dollar denominated positions. Such amounts generally are netted against interest income due to the immateriality of such amounts.

        Assets held at The Bank of New York Mellon earn interest at money market interest rates. Due to the current interest rate environment, the Partnership's cash investments, which include a significant investment in a BlackRock-affiliated money market fund as of December 31, 2013, are earning a lower rate of return in recent periods than the return that they had been earning in past periods. Income from these cash investments is also lower than in the previous periods due to lower cash balances.

Charges

        The following tables summarize the charges incurred by the Partnership during 2013, 2012 and 2011:

	2013(1)					2012(1)					2011(1)
Charges	Dollar Amount		% of Average Month-End Net Assets			Dollar Amount		% of Average Month-End Net Assets			Dollar Amount		% of Average Month-End Net Assets
Profit Shares	$	164,855		0.08	%	$	355,170		0.10	%	$	1,490,923		0.38	%
Distribution fees		3,775,874		1.89	%		6,142,552		1.80	%		10,193,861		2.61	%
Trading Advisors' management fees		1,904,398		0.95	%		2,943,719		0.86	%		5,073,428		1.30	%
Sponsor fees		1,589,593		0.80	%		2,580,154		0.76	%		4,286,905		1.09	%
Administrator fees		451,129		0.23	%		756,231		0.22	%		1,028,273		0.26	%
Professional fees		400,846		0.20	%		976,629		0.29	%		549,755		0.14	%
Other		265,135		0.13	%		214,315		0.06	%		429,317		0.11	%
Total	$	8,551,830		4.28	%	$	13,968,770		4.09	%	$	23,052,462		5.89	%

(1)

Excludes the Partnership's proportionate share of expenses from its Investments in Non-Consolidated LLCs.

	2013(2)					2012(2)					2011(2)
Charges	Dollar Amount		% of Average Month-End Net Assets			Dollar Amount		% of Average Month-End Net Assets			Dollar Amount		% of Average Month-End Net Assets
Profit Shares	$	463,895		0.23	%	$	2,558,658		0.75	%	$	1,525,920		0.39	%
Distribution fees		5,849,462		2.93	%		10,096,585		2.95	%		11,475,834		2.93	%
Trading Advisors' management fees		2,708,870		1.36	%		4,832,034		1.41	%		5,509,056		1.41	%
Sponsor fees		2,462,311		1.23	%		4,241,010		1.24	%		4,825,781		1.23	%
Administrator fees		667,356		0.33	%		1,172,551		0.34	%		1,147,654		0.29	%
Professional fees		618,085		0.31	%		1,595,810		0.47	%		616,456		0.16	%
Other		429,471		0.22	%		369,176		0.11	%		487,660		0.13	%
Total	$	13,199,450		6.61	%	$	24,865,824		7.27	%	$	25,588,361		6.54	%

(2)

Includes the Partnership's proportionate share of expenses from its Investments in Non-Consolidated LLCs.

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        The foregoing table does not reflect the bid-ask spreads paid by the Partnership on its forward trading, or the benefits which may be derived from the deposit of certain of the Partnership's U.S. dollar available assets maintained at MLPF&S, Newedge USA, JPMS, MS&Co., UBS Securities, Barclays, HSBC and State Street.

        The Partnership's average month-end Net Assets during 2013, 2012 and 2011 equaled $199,816,587, $341,936,687 and $391,184,526, respectively.

        During 2013, 2012 and 2011, the Partnership earned $67,172, $219,591 and $269,659, respectively, in interest income, or approximately 0.03%, 0.06% and 0.07%, respectively, of the Partnership's average month-end Net Assets.

Description of Current Charges

Recipient	Nature of Payment	Amount of Payment
MLPF&S	Clearing costs / Brokerage commissions	MLPF&S is paid actual commodity clearing fees at market rates.
Newedge USA	Clearing costs / Brokerage commissions	Newedge USA is paid actual commodity clearing fees at market rates.
JPMS	Clearing costs / Brokerage commissions	JPMS is paid actual commodity clearing fees at market rates.
MS&Co.	Clearing costs / Brokerage commissions	MS&Co. is paid actual commodity clearing fees at market rates.
Barclays	Clearing costs/ Brokerage commissions	Barclays is paid actual clearing fees at market rates.
HSBC	Clearing costs/ Brokerage commissions	HSBC is paid actual clearing fees at market rates.
UBS Securities	Clearing costs/ Brokerage commissions	UBS Securities was paid actual clearing fees at market rates.

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Recipient	Nature of Payment	Amount of Payment
MLPF&S, Newedge USA, JPMS, MS&Co., UBS Securities, Barclays, HSBC and State Street	Use of Partnership assets	MLPF&S, Newedge USA, JPMS, MS&Co., UBS Securities, Barclays, HSBC and State Street may derive certain economic benefit from the deposit of certain of the Partnership's U.S. dollar assets in accounts maintained at MLPF&S, Newedge USA, JPMS, MS&Co., UBS Securities, Barclays, HSBC and State Street.
BRIM	Sponsor fees	Series A, F and G pay Sponsor fees at an annual rate of 1.25% and Series I pays Sponsor fees at an annual rate of 1.00% to the General Partner.
Other Counterparties	Bid-ask spreads	Bid-ask spreads on forward and related trades.
BRIM	Distribution fees	Series A, F and G pay distribution fees of 3% of the Partnership's month-end traded assets allocated to that Series, after reduction for the fees accrued with respect to such assets. Series I does not pay distribution fees. The distribution fee is paid to the General Partner, who will then pay the distribution fee to third-party selling agents, if any. Such selling agents in turn may use such funds to compensate financial advisors and/or to cover the costs of supporting client accounts within the third party organization. If there are no payments to third-party selling agents with respect to a particular investor, the distribution fee will be retained by the General Partner or paid to an affiliate.
Trading Advisors	Profit Shares	All Trading Advisors can receive quarterly or annual Profit Shares from the Partnership or a Portfolio Fund ranging from 10% to 30% (depending on the Trading Advisor) of any New Trading Profit achieved by their Partnership account. Profit Shares are also paid upon redemption of Units and upon the net reallocation of assets away from a Trading Advisor. New Trading Profit is calculated separately in respect of each Trading Advisor, irrespective of the overall performance of the Partnership. As a result, the Partnership may pay substantial Profit Shares during periods when it is incurring significant overall losses.
Trading Advisors	Management Fees	Each Series pays Management Fees, which are based on a percentage-of-assets, to the Trading Advisors range from 0% to 2% (annualized) of that Series net assets allocated to each individual Trading Advisor.

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Recipient	Nature of Payment	Amount of Payment
Transfer Agent	Administrator fees	Actual costs incurred are paid by the Partnership. BNY Mellon Investment Servicing (U.S.) Inc. ("BNY Mellon") serves as the Partnership's transfer agent.
Administrator	Administrator fees	Actual costs incurred are paid by the Partnership. SS&C Technologies New Jersey, Inc. serves as the administrator of the Partnership ("SS&C" or the "Administrator").
Custodian	Custody fees	The Bank of New York Mellon ("The Bank of New York Mellon") serves as the Partnership's custodian. As of December 31, 2013, $62,321,409 was held in custody at The Bank of New York Mellon.
BRIM	Sponsor Fee reimbursement	BRIM will reimburse the Partnership for fees and expenses paid by the Partnership, not including the Trading Advisor's Profit Shares (such fees and expenses, exclusive of the Trading Advisor's Profit Shares, collectively referred to herein as "Capped Expenses") that would be in excess of 1/12 of 7.25% of the Partnership's Net Asset Value (the "Expense Cap") on the last business day of each month (each a "Regularly Scheduled Calculation Date"). Because Series I Units (the "Institutional Series" which are offered to a limited number of institutional investors) are not subject to the 3% distribution fee, the Expense Cap for Series I Units is 4.25% annually, rather than the 7.25% annual Expense Cap for all other Units. The Expense Cap does not take into account expenses incurred by the Partnership as an investor in a Portfolio Fund, other than in respect of the Management Fee paid by the Portfolio Funds to the Trading Advisors.
Others	Professional and Other fees	Actual costs incurred are paid by the Partnership.
BRIM;
Others	Extraordinary expenses	Actual costs incurred; none paid to date.

Regulation

        The Partnership, BRIM, MLPF&S, Newedge USA, JPMS, MS&Co., UBS Securities, Barclays, HSBC and State Street are each subject to regulation by, and registered with, the CFTC and each is a member of the National Futures Association ("NFA") or otherwise eligible for exemption from registration with the CFTC and membership of the NFA. Certain of the Trading Advisors also are subject to registration by, and are registered with, the CFTC and are members of the NFA. Other than in respect of its periodic reporting requirements under the Securities Exchange Act of 1934, as

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amended (the "Exchange Act") the Partnership itself is generally not subject to regulation by the SEC. However, BRIM itself is registered as an "investment adviser" under the Investment Advisers Act of 1940, as amended. In the event BRIM's registration with the CFTC or membership in the NFA were terminated, or suspended, BRIM would be unable to continue to manage the business of the Partnership, and termination of the Partnership could result. The CFTC and certain commodity exchanges have established limits on the maximum net long or net short position which any person may hold or control in particular commodities. Most exchanges also limit the changes in futures contract prices that may occur during a single trading day. These limits may restrict the ability of the Trading Advisors to establish or liquidate positions on behalf of the Partnership (or a subsidiary of the Partnership). Currently currency forward contracts are not subject to regulation by any United States Government Agency, but under the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Reform Act"), certain currency forward contracts may be subject to regulation in the future.

(i)

through (xii)—not applicable.



(xiii)

The Partnership has no employees.

(d)    Financial Information about Geographic Areas

        The Partnership does not engage in material operations in foreign countries, nor is a material portion of the Partnership's revenue derived from customers in foreign countries. However, the Partnership does allocate capital to Trading Advisors outside the United States and also trades, from the United States, on a number of foreign commodity exchanges. The Partnership does not engage in the sales of goods or services.

Item 1A:    Risk Factors

Investors May Lose All or Substantially All of Their Investment

        Investors must be prepared to lose all or substantially all of their investment. The Partnership has no "principal protection" feature assuring the return of subscribers' initial investment as of a specified future date. To the extent that the Partnership allocates assets to Portfolio Funds (rather than an account of the Partnership or a subsidiary of the Partnership), the risks described below will apply equally to any such Portfolio Fund, unless otherwise provided below.

        No guarantee or representation is made that the Partnership, any of the investment strategies utilized by the Trading Advisors or the Portfolio Funds (if any) will achieve their respective investment objectives. The Partnership's capital will be allocated primarily to Trading Advisors and, in general, neither the Partnership nor the General Partner will direct or influence the management of the Partnership's capital by these Trading Advisors. The Trading Advisors' investments may include instruments which may unexpectedly become illiquid, and may also utilize highly speculative investment techniques including investing in domestic and international futures and forward markets, high leverage, swaps and principal ("notional") contracts, currency forward trading, options on currency futures or on forward contracts. Accordingly, an investment in the Partnership is speculative and involves considerations and risk factors which prospective investors should consider before subscribing. The following is not intended to be a complete description or an exhaustive list of portfolio investments or risks. An investment in the Partnership should form only a part of a complete investment program, and an investor must be able to bear the loss of its entire investment. In addition, prospective investors should consult their own tax advisors regarding the potential tax consequences of the Partnership's activities and investments.

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Past Performance Not Necessarily Indicative of Future Results

        Past performance is not necessarily indicative of future results. Neither the Trading Advisors' nor the Partnership's past performance may be representative of how they or it, respectively, may trade in the future. Prior to 2004, the Partnership generally retained 3-5 Trading Advisors, whereas currently the Partnership generally intends to retain 7-15 Trading Advisors and may retain more in the future. Consequently, even if past performance were indicative of future results, the performance of the Partnership prior to 2004 is not necessarily representative of the more broadly diversified strategy that the Partnership currently employs. Additionally, the General Partner has undertaken steps to change the expense structure of the Partnership, effective September 2007, and the General Partner believes that the revised expense structure should generally result in a lower cost of investment.

        The General Partner has gradually expanded the Partnership's Trading Advisor portfolio over recent years. The effects of this increased diversification has yet to be determined.

Volatile Markets; Highly Leveraged Trading

        Futures and forwards are inherently leveraged instruments. A futures or forward position may be opened by an initial deposit of only a fraction of the notional value of the position with a clearing broker (in the case of a futures contract) or a dealer (in the case of a forward). When only a small fraction of the value of the position is deposited to open the position, a similarly small change in the market value of the position can diminish or completely offset that deposit, requiring the deposit of additional capital with the clearing broker or dealer, and causing losses that are a multiple of the change in the market value of the position. For instance, if a futures position requiring the purchase and sale of $100,000 worth of a commodity has a 10% initial "risk margin" deposit requirement, a futures position is opened by depositing the minimum required $10,000 initial margin deposit, and the value of the position declines 10% (or $10,000), the clearing broker carrying the position will pay the $10,000 deposited to the clearinghouse as a mark-to-market payment, and the account will be required to close the position or deposit an additional $9,000 to bring the initial margin deposit back to 10% of the value of the now $90,000 position. In that scenario, the 10% market move caused losses of 100% of the $10,000 deposited to open the position. The risks of leveraged trading may be exacerbated due to the nature of the instruments underlying futures and forwards. The values of such instruments tend to be volatile and materially affected by unpredictable factors such as weather and governmental intervention. The combination of volatility in the value of the underlying commodities and the leverage inherent in futures and forwards creates a high degree of risk.

Substantial Charges

        The Partnership is subject to substantial charges, including a distribution fee of 3% and a sponsor's fee of 1.25% charged to Series A, F and G. Series I does not pay a distribution fee, but does pay a sponsor's fee of 1.00%. The Partnership also pays Management Fees (on the order of 0%-2.0%) to the Trading Advisors, and brokerage commissions. The Partnership's performance must be in excess of such charges for the Partnership not to experience losses.

        The incentive compensation paid to the Trading Advisors is based on the individual performance of each Trading Advisor, not the overall performance of the Partnership. Historically, the Partnership has paid incentive compensation to certain Trading Advisors during periods when the performance of the Partnership as a whole was breakeven or unprofitable.

Importance of General Market Conditions

        Overall market or economic conditions—which neither the General Partner nor any Trading Advisor can predict or control—have a material effect on performance. Furthermore, such overall conditions can adversely affect the performance of numerous Trading Advisors at or about the same

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time, despite their implementing different and independent strategies. During periods of market stress, when the potential diversification benefits of an investment in the Partnership may be the most important in terms of protecting an overall portfolio against major losses, a number of Trading Advisors may incur losses at or about the same time. Consequently, the multi-Trading Advisor structure of the Partnership does not assure that its performance will not be adversely affected by current and future market or economic conditions.

Market Disruptions; Governmental Intervention; the Dodd Frank Wall Street Reform and Consumer Protection Act (the "Reform Act")

        The global financial markets have in the past few years gone through pervasive and fundamental disruptions that have led to extensive and unprecedented governmental intervention. Such intervention has in certain cases been implemented on an "emergency" basis, suddenly and substantially eliminating market participants' ability to continue to implement certain strategies or manage the risk of their outstanding positions. In addition—as one would expect given the complexities of the financial markets and the limited time frame within which governments have felt compelled to take action—these interventions have typically been unclear in scope and application, resulting in confusion and uncertainty which in itself has been materially detrimental to the efficient functioning of the markets as well as previously successful investment strategies.

        The Partnership may incur major losses in the event of disrupted markets and other extraordinary events in which historical pricing relationships become materially distorted. The risk of loss from pricing distortions is compounded by the fact that in disrupted markets many positions become illiquid, making it difficult or impossible to close out positions against which the markets are moving. The financing available to the Partnership from its banks, dealers and other counterparties is typically reduced in disrupted markets. Such a reduction may result in substantial losses to the Partnership. Market disruptions may from time to time cause dramatic losses for the Partnership, and such events can result in otherwise historically low-risk strategies performing with unprecedented volatility and risk.

        In response to the 2008 financial crises, the Obama Administration and the U.S. Congress proposed sweeping reform of the U.S. financial regulatory system. The Reform Act became law in July 2010. The Reform Act seeks to regulate markets, market participants and financial instruments that previously have been unregulated and substantially alters the regulation of many other markets, market participants and financial instruments. While many rules, reports and studies required by the Reform Act have been proposed or finalized, the Reform Act requires additional rulemaking by the applicable regulators before becoming fully effective and the Reform Act mandates additional multiple agency reports and studies (which could result in additional legislative or regulatory action). Given the fluid nature of these various rules, reports and studies, it is difficult to predict the impact of the Reform Act on the Partnership, the Trading Advisors, and the markets in which they trade and invest. The Reform Act could result in certain investment strategies in which the Partnership engages or may have otherwise engaged becoming non-viable or non-economic to implement. The Reform Act and regulations adopted pursuant to the Reform Act could have a material adverse impact on the profit potential of the Partnership.

Speculative Position Limits

        The CFTC and certain exchanges have established speculative position limits on the maximum net long or short futures and options positions which any person or group of persons acting in concert may hold or control in particular futures contracts. The CFTC has adopted a rule generally requiring each domestic U.S. exchange to set speculative position limits, subject to CFTC approval, for all futures contracts and options on futures contracts traded on such exchanges which are not already subject to speculative position limits established by the CFTC or such exchange. The CFTC has jurisdiction to establish speculative position limits with respect to all futures contracts and options on futures contracts traded on exchanges located in the United States, and any such exchange may impose additional limits on positions on that exchange. Generally, no speculative position limits are in effect with respect to the trading of forward contracts or trading on non-U.S. exchanges.

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        The Reform Act significantly expands the CFTC's authority to impose position limits with respect to futures contracts, options on futures contracts, swaps that are economically equivalent to futures or options on futures, swaps that are traded on a regulated exchange and certain swaps that perform a significant price discovery function.

        In October 2011, the CFTC adopted final regulations on position limits (the "Position Limits Rule"). On September 28, 2012 the Position Limits Rule was vacated by the United States District Court for the District of Columbia and remanded to the CFTC for further consideration. It is nevertheless possible that the Position Limits Rule may take effect in some form via a re-promulgation or a successful appeal by the CFTC of the District Court's ruling. The vacated Position Limits Rule established a position limits regime for 28 futures contracts on certain "exempt" (e.g. metal and energy contracts) and agricultural commodities and any economically equivalent futures, options and swaps. The Position Limits Rule also narrowed the definition of a bona fide hedging transaction for the purpose of obtaining an exemption from position limits, sets forth more stringent account aggregation standards and established visibility reporting requirements for certain exempt commodities (i.e., commodities that are neither excluded commodities nor agricultural commodities).

        Because futures position limits allow a commodity trading advisor and its principals to control only a limited number of contracts in any one commodity, the Trading Advisors and their principals are potentially subject to a conflict among the interests of all accounts the Partnership and its principals control which are competing for shares of that limited number of contracts. Although the relevant Trading Advisor may be able to achieve the same performance results with OTC substitutes for futures contracts, the OTC market may be subject to differing prices, lesser liquidity and greater counterparty credit risks than the regulated U.S. commodities exchanges. The relevant Trading Advisor may in the future reduce the size of the positions which would otherwise be taken or not trade in certain markets on behalf of the Partnership (or a subsidiary of the Partnership) in order to avoid exceeding such limits. Modification of such trades that would otherwise be made by the relevant Trading Advisor, if required, could adversely affect the Partnership's operations and profitability. Such modification, if required, could require the Partnership to liquidate certain positions more rapidly than might otherwise be desirable, and could adversely affect the performance of the Partnership. A violation of speculative position limits by the Partnership could lead to regulatory action materially adverse to the Partnership's prospects for profitability. Additionally, the CFTC could lower any applicable position limits, apply such limits to additional futures or commodity index contracts or restrict potentially relevant position limits exemptions.

        It is possible that in the future the rules concerning speculative position limits may be amended and/or supplemented in a manner that may be detrimental to the Partnership. Any such a change may alter to a material extent the nature of an investment in the Partnership or the ability of the Partnership and the Trading Advisors to continue to implement its investment approach.

No Diversification Benefits if the Partnership is Not Profitable

        If the Partnership does not trade successfully—after deduction of all fees and charges—it cannot serve as an effective diversification for a traditional portfolio.

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

        Not only is the past performance of the Partnership not necessarily indicative of its future results (due to the speculative character of managed futures), but also there can be no assurance, however the Partnership may perform, that the Partnership's results will be non-correlated with (i.e., unrelated to) the general stock and bond markets. If the Partnership's performance is not non-correlated to these markets, the Partnership cannot help diversify an overall portfolio.

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        Even if the Partnership's performance is generally both profitable and non-correlated to the general stock and bond markets, it is highly likely that there will be significant periods during which the Partnership's results are similar to those of an investor's stock and bond holdings, thereby reducing or eliminating the Partnership's diversification benefits. During unfavorable economic cycles, an investment in the Partnership may increase rather than mitigate a portfolio's aggregate losses.

Combining Independent Trading Strategies

        Combining independent trading strategies could involve substantial opportunity costs, as one Trading Advisor's profits are frequently offset by another Trading Advisor's losses. Different Trading Advisors often take opposite positions for the Partnership, eliminating the profit potential of the combined positions, while at the same time incurring transaction costs and paying advisory fees.

Market, Strategy and Management Risk

        Market, strategy and management risk are the three broad categories of risk to which the Partnership will be subject. There are certain general market conditions in which any given investment strategy is unlikely to be profitable. Neither the Trading Advisors nor the General Partner has any ability to control or predict such market conditions. From time to time, the economic viability of an entire strategy may deteriorate, due to an excessive concentration of managers in the same investment approach or general economic events that disrupt the source of profits which the strategy seeks to exploit (for example, by disrupting historical pricing relationships). Short of such unusual problems as fraud or self-dealing by Trading Advisors, there are the more common problems of bad judgment or strategies changing over time.

Systematic Strategies

        The Partnership's assets are allocated to Trading Advisors that rely on technical, systematic trading strategies. The widespread use of technical trading systems frequently results in numerous managers attempting to execute similar trades at or about the same time, altering trading patterns and affecting market liquidity. Furthermore, the profit potential of trend-following systems may be diminished by the changing character of the markets, which may make historical price data (on which technical programs are based) only marginally relevant to future market patterns.

Discretionary Strategies

        Certain of the Partnership's Trading Advisors are discretionary rather than systematic traders. Discretionary Trading Advisors may be prone to emotionalism and a lack of discipline in their trading. Relying on subjective trading judgment may produce less consistent results than those obtained by more systematic approaches.

Dependence on Trends

        The best trading method or strategy, whether based on technical and/or fundamental analysis, will not be profitable if there are no price moves or trends of the kind that the strategy seeks to identify and follow. In the past, there have been periods without discernible trends and, presumably, such periods will continue to occur in the future. Any factor which would lessen the prospect of major trends occurring in the future may reduce the prospect that a Trading Advisor, whether employing a technical and/or fundamental trading strategy, will be profitable in the future. Any factor which would make it more difficult to execute trades at desired prices in accordance with the Trading Advisor's trading strategy (such as a significant lessening of liquidity in a particular market) would also be detrimental to profitability.

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Increased Assets Under Management

        The General Partner has observed a tendency for the rates of return achieved by managed futures advisors to decline as assets under management increase. Many of the Trading Advisors are at or near their all-time high in assets under management, and do not typically impose a hard limit on assets under management. However, certain Trading Advisors may place soft capacity limits on the amount of assets in certain of their trading programs, and others may determine not to accept investments from new investors.

Reliance on the General Partner and Trading Advisors

        The success of the Partnership is dependent on the expertise of the General Partner. The General Partner is not required to devote its full time to the business of the Partnership, and there is no guarantee that any investment professional or other employee of the General Partner will allocate a substantial portion of his or her time to the Partnership. The loss of one or more individuals involved with the General Partner could have a material adverse effect on the performance or the continued operation of the Partnership. The same considerations apply to the Trading Advisors and their professionals or other employees. In addition, if the General Partner is removed, resigns or otherwise no longer serves as the General Partner of the Partnership, a large number of Trading Advisors may become unavailable to the Partnership, which may have an adverse impact on the Partnership's investment performance.

        Trading Advisors are assigned to the Partnership and other clients of the General Partner ("Other Clients") by the BlackRock Alternative Advisors ("BAA") Investment Committee (the "Investment Committee") from among BAA investment professionals. Allocations among the Trading Advisors decisions are the responsibility of the assigned Trading Advisor, subject to the overall oversight of the Investment Committee. As such, even when the Partnership and Other Clients share the same or similar investment objectives, their individual portfolios may differ, in part based on the judgments of different portfolio managers, and for other reasons.

No Assurance of Trading Advisors' Continued Services; Competition for Trading Advisors

        There is no assurance that any Trading Advisor will be willing or able to continue to provide advisory services to the Partnership. There is severe competition for the services of qualified Trading Advisors, and the Partnership may not be able to retain satisfactory replacement or additional Trading Advisors on acceptable terms. Trading Advisors generally have limited capacity and therefore, the General Partner attempts to equitably allocate such capacity among the different products advised by the General Partner. In certain circumstances, however, the Partnership may be unable to employ a specific Trading Advisor, even if such Trading Advisor may be beneficial to the Partnership, due to such capacity constraints. The identification of attractive investment opportunities is difficult and involves a high degree of uncertainty. It is possible that competition for appropriate investment opportunities may increase, thus reducing the number of opportunities available and adversely affecting the Partnership's ability to make certain investments or the terms upon which investments can be made. In addition, it is possible that the Partnership may have exposure to the same investment through more than one Trading Advisors. Furthermore, the applicable Trading Advisors could take opposing positions with respect to such investments and thus the Partnership's exposure to such underlying investment could move against each other.

Use of Multiple Trading Advisors

        No assurance can be given that the collective performance of the Trading Advisors will result in profitable returns or avoid losses for the Partnership as a whole. Positive performance achieved by one

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or more Trading Advisors may be neutralized by negative performance experienced by other Trading Advisors.

Emerging Trading Advisors

        The Partnership may allocate capital to Trading Advisors or invest in Portfolio Funds that are managed by Trading Advisors that have managed accounts or portfolio funds for a relatively short period of time ("Emerging Trading Advisors"). The previous experience of Emerging Trading Advisors is typically in trading proprietary accounts of financial institutions or managing unhedged accounts of institutional money managers or other investment firms. Because Emerging Trading Advisors may not have direct experience managing portfolio funds, including experience with financial, legal or regulatory considerations unique to portfolio fund management, and there is generally less information available on which to base an opinion of such Emerging Trading Advisors' investment and management expertise, investments with Emerging Trading Advisors may be subject to greater risk and uncertainty than investments with more experienced Trading Advisors.

Recession

        Certain strategies implemented by the Trading Advisors may be materially less likely to achieve their objectives during periods of economic recession and a general slow down in the overall economy. It is impossible to predict whether the prevailing economic conditions will worsen, how long such conditions may persist and/or whether there may not be certain structural economic changes in the near-to mid-term future. Continued recession and/or any such changes as may result could be materially adverse for the prospects of the Partnership.

Reliance on Key Individuals

        The success of a particular Trading Advisor is dependent on the expertise of the relevant Trading Advisor personnel. Certain Trading Advisors may have only one or a limited number of key individuals. The loss of one or more individuals from a Trading Advisor could have a material adverse effect on the performance of such Portfolio Fund which, in turn, could adversely affect the performance of the Partnership.

Trading Advisor Misconduct or Bad Judgment

        The General Partner may have no, or only limited, access to information regarding the activities of the Trading Advisors. Furthermore, the General Partner cannot guarantee the accuracy or completeness of such information. As a consequence, although the General Partner will monitor the activities of the Trading Advisors, it may be difficult, if not impossible, for the General Partner to protect the Partnership from the risk of Trading Advisor fraud, misrepresentation or material strategy alteration. Limited Partners themselves will have no direct dealings or contractual relationships with the Trading Advisors and therefore will not be able to monitor the activities of the Trading Advisors.

Misconduct of Employees and of Third Party Service Providers

        Misconduct or misrepresentations by employees of the General Partner, Trading Advisors or third party service providers could cause significant losses to the Partnership. Employee misconduct may include binding a Trading Advisor or Portfolio Fund to transactions that exceed authorized limits or present unacceptable risks and unauthorized trading activities, concealing unsuccessful trading activities (which, in any case, may result in unknown and unmanaged risks or losses) or making misrepresentations regarding any of the foregoing. Losses could also result from actions by third party service providers, including, without limitation, failing to recognize trades and misappropriating assets. In addition, employees and third party service providers may improperly use or disclose confidential

17

information, which could result in litigation or serious financial harm, including limiting the Partnership's business prospects or future marketing activities. Despite the due diligence efforts of the General Partner, misconduct and intentional misrepresentations may be undetected or not fully comprehended, thereby potentially undermining the General Partner's due diligence efforts. As a result, no assurances can be given that the due diligence performed by the General Partner will identify or prevent any such misconduct.

Reliance on Valuation Information from Trading Advisors and Third Parties

        In order to value the assets and liabilities of the Partnership, the Partnership and/or the General Partner will rely on information provided by Trading Advisors of Portfolio Funds, their agents and/or outside parties. Such persons may provide inaccurate, incomplete, out-of-date or otherwise unreliable information.

        Furthermore, the Trading Advisors of Portfolio Funds will generally face a conflict of interest in providing valuations to the Partnership since such valuations will affect the compensation of such Trading Advisors.

Risks Associated with Allocation to Portfolio Funds

        The General Partner may allocate the Partnership's assets either to accounts managed by Trading Advisors on behalf of the Partnership (or a subsidiary of the Partnership) or to one or more Portfolio Funds operated and traded by Trading Advisors that are registered as CPOs under the CEA. With respect to assets allocated to a Portfolio Fund, the General Partner will lose some element of control over such assets in that such Portfolio Fund's Trading Advisor (rather than the General Partner) will determine where their money is custodied, who acts as futures broker and the like. Certain Portfolio Funds may maintain their assets in unregulated accounts fully subject to the risk and the credit rating of the broker. In some cases, the General Partner will not have access to trade information and will not be able to confirm whether agreed upon trading restrictions are being followed.

        Most Portfolio Funds permit redemptions only periodically, for example as of the month-end or quarter-end, whereas in a managed account the General Partner can typically close the account on a more expedited basis. The Partnership will only be able to reduce its allocation to such Portfolio Funds periodically. Further, some Portfolio Funds may have the ability to delay or suspend redemptions in certain circumstances. Thus, the General Partner's ability to exit from a Trading Advisor and redeploy assets may be limited.

        It is possible that the annual Schedule K-1 that investors receive for tax reporting purposes will arrive later if one or more of the Portfolio Funds runs late in delivering its own K-1s to investors.

Risks Associated with Redemptions by the Partnership from Portfolio Funds

        The Partnership may redeem investments in Portfolio Funds either to reallocate Partnership assets or to raise redemption proceeds for redeeming Limited Partners. Redemptions for either purpose may impact both redeeming Limited Partners and remaining Limited Partners, although the consequences to each may be different.

        Liquidity Mismatch.    The Partnership's redemption policies may allow shorter redemption notices and more frequent redemption of Units than certain Portfolio Funds.

        Other Limitations on Withdrawals from Portfolio Funds.    If the Partnership allocates assets to one or more Portfolio Funds, the terms and conditions applicable to Portfolio Funds may permit the Portfolio Funds to (i) distribute assets in kind rather than pay redemptions in cash, (ii) suspend redemptions; thereby precluding the Partnership from liquidating its interest in such Portfolio Fund, (iii) impose other limitations upon redemptions or redemption payments. Accordingly, a Limited

18

Partner seeking to redeem Units may be subject to the risks of a Portfolio Fund until such time that the Partnership has actually received its redemption proceeds from the Portfolio Fund. Moreover, in the event a Portfolio Fund suspends redemptions or fails to pay redemption proceeds, it may not be possible for the Partnership to pay redeeming Limited Partners their entire redemption amount.

        Many Portfolio Funds retain the authority to suspend withdrawals, to establish substantial reserves (which may reduce amounts otherwise distributable to an investor such as the Partnership) and to withhold some or all of the withdrawal proceeds from a withdrawing investor so as to avoid having to liquidate investments prematurely in order to pay the withdrawing investor in full, or in circumstances in which it is not feasible to determine the exact value of the withdrawing investor's investment as of the date of withdrawal. During the recent financial market crisis, an unprecedented number of portfolio funds suspended withdrawals due to what the Trading Advisors believed to be an inability to execute portfolio transactions at reasonable price levels.

        Secondary Market.    The Partnership may sell Portfolio Funds on the secondary market. This may include, at the discretion of the General Partner, selling such Portfolio Funds at a discount, thereby triggering a similar economic effect as a redemption penalty.

        The Partnership has not made any investments in Portfolio Funds to date so it has not had to raise funds from Portfolio Funds. Instead, the Partnership pays its redemptions with the cash held in its various operating accounts. Due to the nature of its futures trading, the Partnership generally has sufficient amounts of cash available to it. When it needs to fund redemptions, the General Partner will adjust the net assets allocated to the Partnership's various Trading Advisors as appropriate based upon its asset allocation process. The individual Trading Advisors decide which trading positions to liquidate in the accounts they manage, when necessary. To date, the Partnership has been able to satisfy all of its redemption requests in a timely manner, although no assurances can be given that it will be able to do so in the future.

Leveraging by Trading Advisors

        Trading Advisors may engage in various forms of leverage, and the Partnership does not necessarily limit the use of leverage by individual Trading Advisors. Leverage may include both leveraged trading in futures and forwards (as described above under "Risk Factors—Volatile Markets; Highly Leveraged Trading") and other derivatives. To the extent that a Trading Advisor uses leverage, the value of the Partnership's net assets (or the relevant Portfolio Fund) will tend to increase or decrease at a greater rate than if no leverage were employed. Accordingly, any event which adversely affects the value of an investment by a Trading Advisor would be magnified to the extent that such investment is leveraged. Leverage has a similar effect on investments themselves, to the extent the issuer is leveraged, and can also affect the issuer's cash flow and operating results.

        The cumulative effect of the use of leverage by Trading Advisors in a market that moves adversely to such Trading Advisors could result in a substantial loss to the Partnership which would be greater than if the Trading Advisors were not leveraged. As a result, if the Partnership's losses with respect to any Trading Advisor were to exceed the amount of capital allocated to that Trading Advisor, the Partnership could lose its entire investment. In addition, the Partnership itself may enter into leverage transactions. Leverage transactions by the Partnership would be in addition to any leverage transactions of Trading Advisors and is not limited by the amount, if any, by which Trading Advisors are leveraged.

Hedging Transactions

        A Trading Advisor may utilize a variety of financial instruments, such as derivatives, options, interest rate swaps, caps and floors, forward contracts, both for investment purposes and for risk management purposes, for various reasons, including to: (i) protect against possible changes in the market value of its investment portfolio resulting from fluctuations in the financial markets and changes

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in interest rates; (ii) enhance or preserve returns, spreads or gains (including unrealized gains) on any investment in its portfolio; or (iii) hedge the interest rate or currency exchange rate on any of its liabilities or assets.

        A Trading Advisor may not anticipate a particular risk so as to hedge against it. In addition, hedging transactions may result in a poorer overall performance for the Trading Advisor than if it had not engaged in any such hedging transaction. The success of the hedging strategy is subject to the Trading Advisor's ability to correctly assess the degree of correlation between the performance of the instruments used in the hedging strategy and the performance of the investments in the portfolios being hedged. Since the characteristics of many securities change as markets change or time passes, the success of the Trading Advisor's hedging strategy is also subject to the Trading Advisor's ability to continually recalculate, readjust and execute hedges in an efficient and timely manner.

Changes in Trading Strategy

        A Trading Advisor may make certain changes in its trading strategies without the knowledge of the General Partner. There can be no assurance that the trading strategies employed by a Trading Advisor will be successful. For example, the proprietary models used by a Trading Advisor may not function as anticipated during unusual market conditions. Furthermore, while each Trading Advisor may have a performance record reflecting its prior experience, this performance cannot be used to predict future profitability.

Independent Strategies

        The Trading Advisors trade independently of one another and may at times hold economically offsetting positions.

Information Regarding Trading Advisors

        The General Partner has no means of independently verifying much of the information supplied to it by Trading Advisors.

Risks Associated With Investing Through Subsidiaries

        The Partnership will bear its pro rata share of expenses of any subsidiary that holds Partnership assets, including any extraordinary expenses incurred, in addition to the fees and expenses charged at the Partnership level. Therefore, the Partnership generally will be subject to an additional level of expenses or liabilities as a result of its investments in these structures rather than investing directly with a Trading Advisor.

        Because investments in a subsidiary are ultimately commingled with the investments from other funds or accounts managed by BRIM or its affiliates, these investment structures share risks commonly associated with a direct investment with a Trading Advisor. In addition, an investment through a subsidiary may result in different investment outcomes (including with respect to performance and liquidity) than if the Partnership invested with the Trading Advisor directly. The specific terms and rights associated with the Partnership's investment with a Trading Advisor generally will be aggregated with Other Clients invested in the same subsidiary, rather than being tracked individually for the Partnership and each participating Other Client. This means that the Partnership generally will share in any open positions, including any side pockets or other illiquid investments, held by the subsidiary. There will be no segregation of liabilities between the Partnership and any other funds or accounts that allocate assets to the same subsidiary as the Partnership, and the Partnership's assets allocated to a subsidiary may become exposed to liabilities related to such subsidiary's investment on behalf of any such other funds or accounts.

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Conflicts of Interest

        The Partnership is subject to a number of material actual and potential conflicts of interest, raising the possibility that investors will be disadvantaged to the benefit of the General Partner, the Trading Advisors or their respective principals and affiliates. No formal policies or procedures have been adopted to resolve these conflicts.

Potential Conflicts of Interest Involving Trading Advisors

        Certain of the Trading Advisors may engage in other forms of related and unrelated activities in addition to managing the Partnership's assets or the Portfolio Funds in which the Partnership invests. They may also make investments in futures and securities for their own account. Activities such as these could detract from the time a Trading Advisor devotes to the affairs of the Portfolio Funds in which the Partnership invests. In addition, certain of the Trading Advisors may engage affiliated entities to furnish brokerage services to Portfolio Funds and may themselves provide market making services, including acting as counterparty in OTC transactions. As a result, in such instances the choice of broker, market maker or counterparty and the level of commissions or other fees paid for such services (including the size of any mark-up imposed by a counterparty) may not have been made at arm's length. The Trading Advisors' receipt of incentive compensation may give the Trading Advisors an incentive to manage the Partnership's account in a more risky or speculative fashion than the Trading Advisors otherwise would, particularly in the event the Partnership suffers losses that must be recouped before the Trading Advisors will be entitled to earn additional performance-based compensation.

Capacity Limitations of Trading Advisors

        Trading Advisors may place limitations on the amount of, or number of persons whose, money they will manage. In addition, new rules and regulations may result in additional limitations or restrictions being placed by Trading Advisors on the types of investors or assets that a Trading Advisor may accept. Moreover, as a result of the convergence of the hedge fund and private equity markets and recent regulatory developments, many Trading Advisors have lengthened liquidity terms for the Portfolio Funds they manage, which may be more or less compatible with the liquidity requirements of the Partnership or of Other Clients of the General Partner and therefore result in differences in portfolio composition. Any such restrictions or limitations could prevent the General Partner from allocating Partnership assets to certain Trading Advisors with which the General Partner would otherwise like to invest. In addition, when capacity is constrained, allocation decisions may be made on a non-pro rata basis among funds, for example, so as to avoid small allocations or to increase existing below-target allocations before building new positions. Also, if the Partnership or Other Clients invest in Portfolio Funds that generally are not accepting new investments, the General Partner may reallocate those investments (in whole or in part) from or to the Partnership or Other Clients as it deems in the best interest of the transferor and the transferee and permitted by applicable law.

        If the General Partner's ability to make allocations to Trading Advisors is limited or restricted, the Partnership's investment objective and, thus its returns, could be negatively impacted. Furthermore, because of these capacity limitations, it is likely that the Partnership's portfolio and those of Other Clients will have differences in the specific investments held in their portfolios even when their investment objectives are the same or similar. These distinctions will result in differences in portfolio performance.

Illiquid Markets

        Certain positions held by the Partnership may become illiquid, preventing a Trading Advisor from acquiring positions otherwise indicated by its strategy or making it impossible for a Trading Advisor to close out positions against which the market is moving. In particular, the CFTC and futures exchanges

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have established limits referred to as "speculative position limits" on the maximum net long or net short position which any person may hold or control in particular commodity or financial futures contracts. All of the positions held by all accounts owned or controlled by a Trading Advisor will be aggregated for the purposes of determining compliance with position limits. It is possible that positions held by a Trading Advisor may have to be liquidated in order to avoid exceeding such limits. Such modification or liquidation, if required, could adversely affect the operations and profitability of the Trading Advisor. In addition, many futures exchanges impose limits beyond which the price of a futures contract may not trade during the course of a trading day, and there is a potential for a futures contract to hit its daily price limit for several days in a row, making it impossible for a Trading Advisor to liquidate a position and thereby experiencing dramatic losses.

Redemptions Restricted

        The Units generally may only be redeemed as of a calendar month-end, upon at least fifteen (15) calendar days' prior notice. Investors' limited ability to redeem Units could result in there being a substantial difference between a Unit's redemption value and its Net Asset Value as of the date by which irrevocable redemption requests must be received. Redemption Charges apply through the end of the twelfth month after a Unit (other than for Series I Units) is issued.

Trading on Non-U.S. Exchanges

        Trading Advisors may trade extensively in non-U.S. commodity futures contracts and in options thereon. Non-U.S. futures transactions involve executing and clearing trades on a non-U.S. exchange. This is the case even if the non-U.S. exchange is formally "linked" to a United States exchange, whereby a trade executed on one exchange liquidates or establishes a position on the other exchange. No United States organization regulates the activities of a non-U.S. exchange, including the execution, delivery and clearing of transactions on such an exchange, and no United States regulator has the power to compel enforcement of the rules of the non-U.S. exchange or the laws of non-U.S. jurisdictions. Moreover, such laws or regulations will vary depending on the jurisdiction in which the transaction occurs. For these reasons, Trading Advisors which trade on non-U.S. exchanges may not be afforded certain of the protections which apply to United States commodity futures transactions, including the right to use United States alternative dispute resolution procedures. In addition, funds used to margin non-U.S. futures transactions may not be provided the same protections as funds received to margin futures transactions on United States exchanges.

        In a number of foreign markets, a substantial volume of trades, which in the United States could only be executed on a regulated exchange, are executed wholly off exchanges in privately negotiated and substantially unregulated transactions. In some cases, the intermediaries through which a Trading Advisor may deal on foreign markets may in effect take the opposite side of trades made for a Trading Advisor, although acting as such Trading Advisor's agent—a practice which would be prohibited in the United States. A Trading Advisor may not have the same access to certain trades as do various other participants in foreign markets.

Non-U.S. Exchange Risk Exposure

        Certain Trading Advisors may trade in instruments denominated, and may receive a portion of their income and gains, in currencies other than the U.S. dollar. A reduction in the value of such other currencies relative to the U.S. dollar prior to conversion into U.S. dollars, as applicable, would adversely affect the Net Asset Value of the Partnership. The Partnership may, but is not required to, hedge the exchange exposure related to any such Trading Advisors.

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Non-U.S. Exchange Speculation

        Certain of the Trading Advisors may engage in non-U.S. currency exchange rate speculation. Non-U.S. exchange rates have been highly volatile in the past. The combination of volatility and leverage gives rise to the possibility of large profit and large loss. In addition, there is counterparty risk since currency trading is done on a principal-to-principal basis.

Bankruptcy or Default

        The Partnership is subject to the risk of the insolvency of the clearing brokers, exchanges or clearinghouses. Partnership assets could be lost or impounded during lengthy bankruptcy proceedings. The Partnership is also subject to the risk of the insolvency of any OTC trade counterparty. Were a substantial portion of the Partnership's capital to become subject to a bankruptcy proceeding, the General Partner might suspend or limit trading, perhaps causing the Partnership to miss significant profit opportunities. Under CFTC Regulation 1.20, a Clearing Broker is required to separately account for and segregate in a customer segregated funds account the Partnership's commodity futures positions, the assets deposited as margin in respect of such positions, and any proceeds from such positions. A clearing broker may not obligate funds in the customer segregated funds account except to purchase, margin, guarantee, secure, transfer, adjust, or settle trades, contracts, or commodity option transactions of commodity or option customers, and a clearing broker may not hold, dispose of, or use any customer funds as belonging to any person other than its commodity or option customers. Even so, if positions in the customer segregated funds account suffer losses in excess of the cash deposited to margin those positions, and the customer for whose account those positions are carried does not meet a clearing broker's calls for additional margin, a clearing broker could be forced into bankruptcy if it cannot satisfy those losses out of its own assets. If that were to happen, because the Partnership's positions and assets are commingled with other customer positions in the customer segregated funds account at such clearing broker, the Partnership's assets deposited with such clearing broker would be used pro rata with the assets of other customers to satisfy any remaining losses from those positions in the account, and Partnership investors could incur substantial losses, despite the Partnership having been otherwise highly profitable.

Limited Regulatory Oversight

        The Partnership does not come within the statutory definition of an "investment company" and is not registered as an investment company, under the Investment Company Act of 1940, as amended (the "1940 Act"), or any comparable regulatory requirements, and does not intend to do so. Accordingly, the provisions of such regulations, which among other things generally require investment companies to have a majority of disinterested directors, require securities held in custody at all times to be maintained in segregated accounts, impose certain operational trading limitations and regulate the relationship between the investment company and its asset manager, are not applicable to an investment in the Partnership. The General Partner is registered as an investment adviser under the "Advisers Act" and is consequently subject to the record-keeping, disclosure and other fiduciary obligations specified in the Advisers Act. Upon request from a prospective investor, the Partnership will provide a copy of Part 2 of the General Partner's Form ADV or brochure in lieu thereof.

Absence of Regulation Concerning Trading Advisors and Portfolio Funds

        Portfolio Funds will not be registered as investment companies under the 1940 Act. In addition, certain Trading Advisors will not be required to register as CPOs or commodity trading advisors under the CEA or as investment advisers under the Advisers Act. Also, Trading Advisors that operate outside of the United States may be registered under the Advisers Act, but not subject to as comprehensive a regulatory scheme as Trading Advisors that are registered under the Advisers Act and operating within the United States. As a result, Trading Advisors may be subject to a wide range of laws and regulatory

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oversight, and the protections available to the Partnership will correspondingly vary. Similarly, certain investments in funds and accounts formed and operated outside the United States may not be subject to comprehensive government regulation. The Trading Advisors may not be covered by insurance or by fidelity bonding. Moreover, the Partnership generally will have no control over the selection of the custodians of the assets of any Portfolio Funds in which the Partnership invests, which also may be subject to a lesser degree of government supervision or regulation than commercial banks, trust companies or securities dealers conducting business within the United States.

Currency Forward Trading

        The Trading Advisors may trade forward contracts on currencies on behalf of the Partnership (or a subsidiary of the Partnership). Forward contracts are not traded on exchanges; rather, banks and dealers act as principals in these markets. Consequently, in respect to its forward trading, the Partnership is subject to the risk of the inability or refusal to perform with respect to such contracts on the part of the principals or agents with or through which the Trading Advisors trade. Any failure or refusal to discharge their contractual obligations by the counterparties with which the Trading Advisors deal on the forward markets, whether due to insolvency, bankruptcy or other causes, could subject the Partnership to substantial losses. No Trading Advisor will be excused from performance under any forward contracts into which it has entered due to defaults under other forward contracts which in the Trading Advisor's strategy were to have substantially "covered" the non-defaulted contracts. There is also the risk that a counterparty that loses money on a contract with a Trading Advisor may seek to avoid its obligations on legal grounds.

Option Transactions

        The Trading Advisors may engage in option transactions. The purchase or sale of an option involves the payment or receipt of a premium payment by the investor and the corresponding right or obligation, as the case may be, to either purchase or sell the underlying instrument for a specific price at a certain time or during a certain period. Purchasing options involves the risk that the underlying instrument does not change price in the manner expected, so that the option expires worthless and the investor loses its premium. Selling options, on the other hand, involves potentially greater risk because the investor is exposed to the extent of the actual price movement in the underlying security in excess of the premium payment received. OTC options also involve counterparty solvency risk.

Currency Options Trading

        The Trading Advisors may trade options on currencies or on currency futures or forward contracts. Although successful options trading requires many of the same skills as successful futures trading, the risks involved are somewhat different. For example, the assessment of near-term market volatility—which is directly reflected in the price of outstanding options—can be of much greater significance in trading options than it is in many long-term futures strategies. Trading in options may result in substantial losses if market volatility is incorrectly predicted.

Swaps and Other Derivatives

        The Trading Advisors may enter into swap and similar derivative transactions which seek to modify or replace the investment performance of particular interest rates, currencies, securities, investment fund interests, indices, prices or markets on a leveraged or an unleveraged basis. A swap transaction is an individually negotiated, non-standardized agreement between two parties to exchange cash flows (and sometimes principal amounts) measured by different interest rates, exchange rates, indices or prices, with payments generally calculated by reference to a notional amount or quantity. Swap contracts and similar derivative contracts are not traded on exchanges; rather, banks and dealers act as principals in these markets. As a result, the Trading Advisors are subject to the risk of the inability or

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refusal to perform with respect to such contracts on the part of the counterparties with which the Trading Advisors trade. See "Risk Factor—Counterparty Risk" below. The swap market is generally not regulated by any United States or foreign governmental authority. Speculative position limits are not applicable to swap transactions, although the counterparties with which the Trading Advisors deal may limit the size or duration of positions available to the Trading Advisors as a consequence of credit considerations. Participants in the swap markets are not required to make continuous markets in the swap contracts they trade.

Over-the-Counter Derivatives Markets

        The Reform Act includes provisions that comprehensively regulate the OTC derivatives markets for the first time.

        The Reform Act requires that a substantial portion of OTC derivatives must be executed on regulated markets and submitted for clearing to regulated clearing houses. OTC trades submitted for clearing are subject to minimum initial and variation margin requirements set by the relevant clearing house, as well as SEC- or CFTC-mandated margin requirements. The regulators also retain discretion to impose margin requirements on non-cleared OTC derivatives. OTC derivative dealers are also required to post margin to the clearing houses through which they clear their customers' trades instead of using such margin in their operations, as they have historically been allowed to do. This requirement further increases the costs of swap dealers, which costs are likely to be passed through to other swap market participants in the form of higher fees and less favorable dealer marks.

        The SEC and the CFTC recently required a substantial portion of derivative transactions that were previously executed on a bilateral basis in the OTC markets to be executed through a regulated securities, futures, or swap exchange or execution facility. Such requirements may make it more difficult and costly for investment funds, including the Partnership, to enter into highly tailored or customized transactions. They may also render certain strategies in which the Partnership might otherwise engage impossible or so costly that they will no longer be economical to implement.

        OTC derivative dealers and major OTC derivatives market participants are now required to register with the SEC and/or the CFTC. Dealers and major participants are subject to minimum capital and margin requirements. These requirements apply irrespective of whether the OTC derivatives in question are exchange-traded or cleared. OTC derivatives dealers are also subject to new business conduct standards, disclosure requirements, reporting and recordkeeping requirements, transparency requirements, position limits, limitations on conflicts of interest, and other regulatory burdens. These new requirements may increase the overall costs for OTC derivatives dealers, which are likely to be passed along, at least partially, to market participants in the form of higher fees or less advantageous dealer marks. It is unclear how the OTC derivatives markets will adapt to this new regulatory regime.

        Under the Reform Act, a substantial portion of OTC derivatives will be required to be cleared through central clearing counterparties providing central clearing of OTC derivatives, as contemplated in the Reform Act (each, a "CCP"). The use of CCPs may reduce certain risks in the OTC derivatives markets but does not eliminate all risks of loss. The Reform Act has created a fragmented CCP clearing mechanism. In connection with future regulations, CCPs may be permitted to clear more risky and less-liquid OTC derivatives. Notwithstanding the financial safeguard systems that CCPs are required to implement, in the event of a market crisis, if a CCP's financial resources and safeguards are inadequate to resolve one or more clearing member defaults or insolvencies, it is possible that a CCP may itself become insolvent, thus posing a systemic risk to the financial system and a risk of loss to the Partnership on its OTC derivatives that are cleared through such CCP.

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Currency Markets May Be Illiquid or Disrupted

        Although generally highly liquid, the markets in which the Trading Advisors trade can experience periods of illiquidity, sometimes of significant duration. For example, none of the participants in the forward markets are required to maintain a market in any particular currency or to maintain a reasonable spread between the "bid" and "asked" prices that they quote. Disruptions can occur in any market traded by the Trading Advisors due to unusually high trading volume, political intervention or other factors. Market illiquidity or disruption could result in major losses to the Partnership.

Portfolio Turnover

        The Trading Advisors may invest and trade their portfolio investments on the basis of certain short-term market considerations. The turnover rate within these Trading Advisors is expected to be significant, potentially involving substantial brokerage commissions and fees. The General Partner will have no control over this turnover.

Legal Risk

        Trading Advisors may trade in futures, currencies and options thereon in various markets throughout the world, including emerging or developing markets, some of which are highly controlled by governmental authorities. Particularly in developing markets, laws governing transactions in commodities, derivatives securities and securities indices and other contractual relationships are new and largely untested. As a result, these investments may entail unusual risks, including inadequate investor protection, contradictory legislation, incomplete, unclear and changing laws, ignorance or breaches of regulations on the part of other market participants, lack of established or effective avenues for legal redress, lack of standard practices and confidentiality customs and lack of enforcement of legal regulations. It may be difficult to obtain or enforce judgments in these countries.

Credit Risk Associated with Exchange-Traded Futures Contracts and Options on Futures Contracts

        In entering into futures contracts and options on futures contracts, there is a risk that a counterparty will not be able to meet its obligations to the Partnership or a Portfolio Fund. The counterparty for futures contracts and options on futures contracts traded in the U.S. and on most foreign futures exchanges is the clearinghouse associated with such exchange. In general, clearinghouses are backed by the corporate members of the clearinghouse that are required to share any financial burden resulting from the non-performance by one of its members and, as such, should significantly reduce this credit risk. In cases where the clearinghouse is not backed by the clearing members (i.e., some foreign exchanges), it is normally backed by a consortium of banks or other financial institutions. There can be no assurance that any counterparty, clearing member or clearinghouse will be able to meet its obligations to the Partnership or a Portfolio Fund.

Counterparty and Futures Commission Merchant Risk

        In selecting counterparties to transactions in which the Partnership (or a subsidiary of the Partnership) will engage, including but not limited to, borrowings under lines of credit it may have in place, the General Partner has the authority to and will consider a variety of factors in addition to the price associated with such transactions. Considerations may include, but are not limited to: (a) the ability of the counterparty to (i) provide other products and services, (ii) accept certain types of collateral and provide multiple products or services linked to such collateral or (iii) execute transactions efficiently, or (b) the counterparty's facilities, reliability and financial responsibility. Such products and services generally may benefit both the Partnership and Other Clients, although not necessarily in relation to their relative participation in a particular transaction. If the General Partner determines that the counterparty's transaction costs are reasonable overall, the Partnership may incur higher transaction

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costs than it would have paid had another counterparty been used. The General Partner will periodically reevaluate its assessment of the selected counterparty. Subject to the Advisers Act, other applicable regulatory frameworks and the terms of the Partnership's governing documents, counterparties to such transactions may be affiliates of, or service providers to, the Partnership or the General Partner, and thus such transactions may be subject to a number of potential conflicts of interest.

        Certain of the markets in which Trading Advisors invest and trade are OTC or "interdealer" markets. The participants in these markets typically are not subject to the type of strict credit evaluation and regulatory oversight applicable to members of "exchange-based" markets, and transactions in these markets typically are not settled through exchanges or clearinghouses that guarantee the trades of their participants. Rather, the responsibility for performing under a particular transaction rests solely with the counterparties to such transaction. This results in the risk that a counterparty may not settle a transaction with a Trading Advisor in accordance with its terms, because the counterparty is either unwilling or unable to do so (for example, because of a credit or liquidity problem affecting the counterparty), potentially resulting in significant loss. In some jurisdictions, the Partnership may only be an unsecured creditor of its counterparty in the event of bankruptcy or administration of such counterparty. In an attempt to mitigate the risk of counterparty default, many counterparties now require the posting of collateral. However, this collateral may be difficult to liquidate in a market crisis. In addition, a Trading Advisor could lose a significant portion of the Partnership's capital while the Trading Advisor attempts to execute a substitute transaction to replace a transaction under which a counterparty has defaulted. In the event of a counterparty failure, the Partnership could lose all of its assets.

        Documentation, clearance and settlement practices in the market generally have been the subject of regulatory and industry concerns. Furthermore, derivative instruments typically contain provisions giving the counterparty the right to terminate the contract upon the occurrence of certain events. The payment obligations with respect to derivative instruments are often based on a notional principal amount, which may result in a leveraged investment.

        The bankruptcy of Refco LLC and MF Global and the related customer losses have indicated that even funds which investors may have believed were subject to regulatory protection may be subject to the insolvency of the dealers or counterparties with which such funds are maintained. Furthermore, recent apparently significant losses incurred by many hedge funds in relation to the bankruptcy and/or administration of Lehman Brothers Holdings and its affiliates illustrate the risks incurred in both derivatives trading and custody/brokerage arrangements.

        "Counterparty risk" is accentuated in the case of contracts having longer maturities as well as in the case of a Trading Advisor that concentrates its transactions with a single counterparty or a limited number of counterparties.

        The General Partner has no control over the counterparties with which the Trading Advisors enter into transactions. In addition, Trading Advisors generally are not restricted from dealing with any particular counterparties or from concentrating any or all of their transactions for the Partnership with a single counterparty or limited number of counterparties.

        Many risks exist when capital is maintained at unregulated entities (including the risk that such unregulated entities could become insolvent). In addition, most dealing agreements permit counterparties to transfer customer funds from regulated to unregulated accounts in the counterparties' discretion. The General Partner has no ability to assess the extent to which the Trading Advisors maintain their assets in unregulated accounts that do not enjoy any protection in the event of the bankruptcy of the counterparties holding such assets.

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        CFTC-regulated futures commission merchants ("CFTC FCMs") are required to segregate assets pursuant to CFTC regulations. If the assets of the Partnership were not so segregated by any of its CFTC FCMs, the Partnership would be subject to the risk of the failure of such CFTC FCM. Even given proper segregation, in the event of the insolvency of a CFTC FCM, the Partnership may be subject to a risk of loss of its funds and would be able to recover only a pro rata share (together with all other commodity customers of such CFTC FCM) of assets, such as U.S. Treasury bills, specifically traceable to the account of the Partnership. In certain past commodity broker insolvencies, customers have, in fact, been unable to recover from the broker's estate the full amount of their "customer funds". In addition, under certain circumstances, such as the inability of another client of a CFTC FCM or the CFTC FCM itself to satisfy substantial deficiencies in such other client's account, the Partnership may be subject to a risk of loss of the assets on deposit with the CFTC FCM, even if such assets are properly segregated. In the case of any such bankruptcy or client loss, the Partnership might recover, even in respect of property specifically traceable to the Partnership, only a pro rata share of all property available for distribution to all of the CFTC FCM's clients.

        The bankruptcy of Refco, Inc. had very little systemic effect, but demonstrated that a significant portion of customer funds on deposit with CFTC FCMs are, as a matter of practice, maintained in "unregulated" rather than "regulated" accounts at the CFTC FCM. The CFTC FCMs do not have to maintain "net capital" with respect to amounts on deposit in unregulated accounts. However, amounts in unregulated accounts are not subject to "customer protection" in the event of the CFTC FCM's bankruptcy, in which case such amounts become simply unsecured debts of the (bankrupt) CFTC FCM, whereas the amounts held in regulated accounts (see reference to "Segregated Funds" below) have the benefit of such "customer protection."

        The MF Global bankruptcy may represent the first time in the history of the CEA that there has been a significant shortfall in the amount of "customer segregated funds" ("Segregated Funds") held by a bankrupt CFTC FCM. The preservation of Segregated Funds is a basic tenet of CFTC FCM regulations and if, in fact, the MF Global proceedings demonstrate that this tenet is flawed, the ramifications could be extensive (and could materially increase the costs of transacting through CFTC FCMs). While the Refco Inc. bankruptcy demonstrates that funds on deposit with a CFTC FCM which clients believed to be held as Segregated Funds might, in fact, not be held in such capacity, the MF Global bankruptcy may demonstrate that even amounts held as Segregated Funds are subject to previously unanticipated risk.

Regulatory Changes Could Restrict the Partnership's Operations

        Legal, tax, and regulatory changes, as well as judicial decisions, could adversely affect the Partnership. In particular, the regulatory environment relevant to the Partnership, the General Partner and Trading Advisor activities is evolving and may entail increased regulatory involvement in their businesses or result in ambiguity or conflict among legal or regulatory schemes applicable to their businesses, all of which could adversely affect the investment or trading strategies pursued by the Partnership or Trading Advisors or the value of investments held by the Partnership or a Trading Advisor.

        In addition, Trading Advisors may pursue certain strategies or investment types that may be subject to additional legal or regulatory risks, including changing applicable laws and regulations, developing or differing interpretations of such laws and regulations, and increased scrutiny by regulators and law enforcement authorities. These risks and their potential consequences are often difficult or impossible to predict, avoid or mitigate in advance. The effect on the Partnership and the Trading Advisors of any such legal or regulatory risk could be substantial and adverse.

        The Partnership implements a speculative, highly leveraged strategy. From time to time there is governmental scrutiny of these types of strategies and political pressure to regulate their activities. For

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example, foreign governments have from time to time blamed the declines of their currencies on speculative funds and imposed restrictions on speculative trading in certain markets, and the collapse of major hedge funds in 1998 and recent years among certain corporate and market events has led to significantly increased regulatory monitoring of the activities of these funds and, to an extent, commodity pools such as the Partnership.

        Regulatory changes could adversely affect the Partnership by restricting its markets, limiting its trading and/or increasing the taxes to which Limited Partners are subject. As a result, adverse regulatory initiatives could develop suddenly and without notice.

        As a consequence of the current U.S. and international regulatory focus on hedge funds, the regulatory environment is uncertain. In addition, alternative U.S. or non-U.S. rules or legislation regulating Trading Advisors may be adopted, and the possible scope of any rules or legislation is unknown. It is also unclear what steps Trading Advisors may take with respect to their registration or policies they may have adopted in response to the rules. There can be no assurances that the Partnership (or a subsidiary of the Partnership), the General Partner, or any Trading Advisor or Portfolio Fund will not in the future be subject to regulatory review or discipline.

        In addition, the Partnership or a Portfolio Fund invests in derivative transactions. The regulation of derivatives is an evolving area of law and is subject to modification by government and judicial action.

Broad Indemnification

        The various agreements and other documents referenced herein contain various provisions limiting the liability of the General Partner and its affiliates and provide broad indemnification. The U.S. federal and state securities laws impose liabilities under certain circumstances on persons that cannot be waived by contract or other agreements or documents. Therefore, nothing in those agreements should be deemed, or be construed in a manner that purports, to waive or limit any right to the extent such waiver or limitation is prohibited by applicable law.

The following are not risks but rather important tax features of investing in the Partnership that all prospective investors should carefully consider before deciding whether to purchase Units.

Investors Are Taxed Every Year on Their Share of the Partnership's Profits—Not Only When They Redeem as Would Be the Case if They Held Stocks or Bonds

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

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

        Over time, the compounding effects of the annual taxation of the Partnership's income are material to the economic consequences of investing in the Partnership. For example, a 10% compound annual rate of return over five years would result in an initial $10,000 investment compounding to $16,105. However, if one factors in a 30% tax rate each year (the blended tax rate on many of the futures contracts traded by the Partnership is currently 23%), the result would be $14,025.

A Portion of the Partnership's Trading Gains Are Taxed at Higher Capital Gains Rate

        Investors are taxed on their share of any trading profits of the Partnership at both short- and long-term capital gain rates depending on the mix of U.S. exchange-traded contracts and non-U.S. contracts traded. These tax rates are not impacted by how long an investor holds Units. Consequently,

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the tax rate on the Partnership's trading gains may be higher than those applicable to other investments held by an investor for a comparable period.

Tax Could Be Due From Investors on Their Share of the Partnership's Interest Income Despite Overall Losses

        Investors may be required to pay tax on their allocable share of the Partnership's interest income, even if the Partnership incurs overall losses. Trading losses can only be used to offset trading gains and $3,000 of ordinary income (including interest income) each year. Consequently, if an investor were allocated $5,000 of interest income and $10,000 of net trading losses, the investor would owe tax on $2,000 of interest income even though the investor would have a $5,000 loss for the year. The $7,000 capital loss would carry forward, but subject to the same limitation on its deductibility against interest income.

Accounting for Uncertainty in Income Taxes

        Accounting Standards Codification ("ASC") 740, Income Taxes, provides guidance on the recognition of uncertain tax positions. ASC 740 prescribes the minimum recognition threshold that a tax position is required to meet before being recognized in an entity's financial statements. It also provides guidance on recognition, measurement, classification and interest and penalties with respect to tax positions. A prospective investor should be aware that, among other things, ASC 740 could have a material adverse effect on the periodic calculations of the Net Asset Value of the Partnership, including reducing the Net Asset Value of the Partnership to reflect reserves for income taxes that may be payable by the Partnership. This could cause benefits or detriments to certain investors, depending upon the timing of their entry and exit from the Partnership.

Investment Advisory Fees / Profit Shares

        Limited Partners could be required to treat the Trading Advisors' Profit Share compensation, as well as certain other expenses of the Partnership, as "investment advisory fees," which are subject to substantial restrictions on deductibility for individual taxpayers. The General Partner has not, to date, been classifying the Trading Advisors' performance-based compensation or any such expenses as "investment advisory fees," a position to which the Internal Revenue Service (the "IRS") might object.

Tax Audit

        There can be no assurance that the Partnership's tax returns will not be audited by the IRS. If such an audit were to result in an adjustment, Limited Partners could be required to pay back taxes, interest and penalties, and could themselves be audited.

        Prospective investors are strongly urged to consult their independent tax advisers and counsel with respect to the possible tax consequences of an investment in the Partnership, particularly since such tax consequences may differ among investors.

Credit Risk

        Heightened stress in the financial system stemming from ongoing issues in residential real estate and structured credit markets, as well as a fear of recession, has led to significant de-leveraging by financial institutions. This in turn has led to dissipating liquidity and steep declines in valuations across a number of asset classes, particularly in the credit markets. The disruptions in credit markets have prompted many investors to sell their current holdings in search of safe havens, such as U.S. government bonds and precious metals. Historically, these flight-to-quality conditions have created strong trends in the global fixed income and commodities markets. Past market performance is not necessarily indicative of future market performance.

30

Information Technology Systems

        The Partnership is dependent on the General Partner and the Trading Advisors for investment management, operational and financial advisory services. The Partnership is also dependent on the General Partner for certain management services as well as back-office functions. The General Partner and the Trading Advisors depend on information technology systems in order to assess investment opportunities, strategies and markets and to monitor and control risks for the Partnership and Portfolio Funds. Information technology systems are also used to trade in the underlying investments of the Portfolio Funds.

        It is possible that a failure of some kind which causes disruptions to these information technology systems could materially limit the General Partner's or a Trading Advisor's ability to adequately assess and adjust investments, formulate strategies and provide adequate risk controls. Any such information technology related difficulty could harm the performance of the Partnership.

        Further, failure of the back office functions of the Trading Advisors or General Partner to process trades in a timely fashion could prejudice the investment performance of the Partnership.

Lack of Transferability of Partnership Units

        The Units offered hereby have not been registered under the Securities Act of 1933, as amended (the "Securities Act") or state securities laws and are subject to restrictions on transfer contained in such laws. The Units are not transferable except by or with the consent of the General Partner, which may be withheld in its sole and absolute discretion. In addition, any transfer of Units will be subject to the anti-money laundering policies and procedures and other regulatory requirements applicable to the Partnership, as determined by the Administrator and the General Partner. There will not be any market for the Units.

Legal Risk, Litigation and Regulatory Action

        The General Partner is part of a larger firm with multiple business lines active in several jurisdictions that are governed by a multitude of legal systems and regulatory regimes, some of which are new and evolving. The Partnership, the General Partner and their affiliates are subject to a number of unusual risks, including changing laws and regulations, developing interpretations of such laws and regulations, and increased scrutiny by regulators and law enforcement authorities. Some of this evolution may be directed at the hedge fund industry in general or certain segments of the industry, and may result in scrutiny or claims against the Partnership or the General Partner directly for actions taken or not taken by the Partnership or the General Partner. These risks and their potential consequences are often difficult or impossible to predict, avoid or mitigate in advance, and might make some Portfolio Funds or the services of the Trading Advisors unavailable to the Partnership, or adversely affect the ability of the Partnership to fulfill redemption requests. The effect on the Partnership, the General Partner or any affiliate of any such legal risk, litigation or regulatory action could be substantial and adverse.

SEC Rule 506(e) Disclosure for MLPF&S

        On December 7, 2010, the SEC issued an administrative and cease-and-desist order (the "2010 Order") finding that Banc of America Securities LLC ("BAS") (which was merged with and into MLPF&S on November 1, 2010) willfully violated Section 15(c)(1)(A) of the 1934 Act when certain employees participated in improper bidding practices involving the temporary investment of proceeds of tax-exempt municipal securities in reinvestment products during the period 1998-2002. The 2010 Order censured BAS, ordered BAS to cease and desist from committing or causing such violations and future violations, and ordered BAS to pay disgorgement plus prejudgment interest in the amount of $36,096,442.00. BAS consented to the order without admitting or denying the SEC's findings.

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        Pursuant to an offer of settlement made by MLPF&S, the SEC issued on January 25, 2011 an order (the "2011 Order") finding that between February 2003 and February 2005 MLPF&S market makers executing institutional customer orders for securities sometimes shared information concerning those trades with traders on a MLPF&S securities proprietary trading desk. The 2011 Order found that, at times, MLPF&S's securities proprietary traders used that information to place trades for MLPF&S after execution of the institutional customer order. The 2011 Order found that this disclosure and use of institutional customer order information by MLPF&S's traders was improper and contrary to MLPF&S's confidentiality representations to its customers. The 2011 Order also found instances between 2002 and 2007 when MLPF&S charged institutional and high net worth customers undisclosed mark-ups and mark-downs on riskless securities principal trades for which MLPF&S had agreed to charge the customer only a commission equivalent fee. The 2011 Order found that, in doing so, MLPF&S acted improperly and contrary to its agreement with its customers. The 2011 Order also found that from 2002 through 2007 MLPF&S failed in many instances to make records of its agreements with institutional customers to guarantee an execution price, which agreements were part of the terms and conditions of the institutional customer orders. The 2011 Order found that, as a result of its conduct, MLPF&S willfully violated Section 15(c)(1)(A) of the Exchange Act by effecting transactions in securities by means of manipulative, deceptive or other fraudulent devices or contrivances, and willfully violated Section 15(g) of the Exchange Act by failing to establish, maintain, and enforce written policies and procedures reasonably designed to prevent the misuse of material, nonpublic information. The 2011 Order also found that under section 15(b)(4)(E) of the Exchange Act, MLPF&S failed reasonably to supervise its traders with a view towards preventing them from violating the federal securities laws. The 2011 Order also found that MLPF&S willfully violated section 17(a) of the Exchange Act and Rule 17a-3(A)(6) thereunder by failing to record certain terms and conditions of customer orders. MLPF&S neither admitted nor denied the findings in the order. The findings in the 2011 Order are not binding on any person or entity other than MLPF&S. The 2011 Order (1) required that MLPF&S cease and desist from committing or causing any violations and any future violations of Sections 15(c)(1)(A), 15(g) and 17(a) of the Exchange Act and Rule 17a-3(A)(6) thereunder; (2) censured MLPF&S pursuant to Section 15(b)(4) of the Exchange Act; and (3) required pursuant to Section 15(b)(4) and Section 21B of the Exchange Act that MLPF&S pay a civil monetary penalty in the amount of $10 million.

        The Massachusetts Securities Division of the Office of the Secretary of the Commonwealth ("MSD") alleged violations of the Massachusetts Uniform Securities Act, which, in part, prohibits unethical or dishonest conduct or practices in the securities business, concerning MLPF&S sale of auction rate securities issued by collateral debt obligations ("ARS CDOs") to the city of Springfield, Massachusetts. Without admitting or denying the MSD's allegations, MLPF&S agreed to certain undertakings, to cease and desist from violations of the Massachusetts Uniform Securities Act and to the MSD entering an order censuring MLPF&S for its actions associated with the matter. On or about January 31, 2008, MLPF&S purchased from the City of Springfield the ARS CDOs at the par value of $13.9 million for losses associated with the inappropriate sale of ARS CDOs to the city of Springfield.

        MLPF&S entered into consent orders with numerous state securities regulators concerning MLPF&S's conduct in connection with the marketing and sale of auction rate securities ("ARS") to retail and other customers. Without admitting or denying the allegations, MLPF&S agreed to cease and desist from violations of certain state securities laws, and to certain undertakings, including to buy back eligible ARS from eligible investors. MLPF&S also paid civil penalties and fines allocated at the discretion of the states to resolve all underlying conduct relating to the sale of ARS. Under the terms of the settlement, MLPF&S agreed to undertakings designed to provide liquidity to eligible investors. MLPF&S offered to purchase at par from eligible investors certain ARS that failed at auction. MLPF&S also agreed to pay certain eligible investors who sold certain ARS below par the difference between par and the price at which the ARS were sold. MLPF&S agreed to participate in a special arbitration process for the purpose of arbitrating any eligible investor's consequential damages claim

32

arising from their inability to sell certain ARS. Furthermore, MLPF&S agreed to refund to municipal issuers certain refinancing fees received by MLPF&S for the issuance or refinancing of such issuers' ARS. MLPF&S agreed to endeavor to work with issuers and other interested parties to provide liquidity solutions for institutional investors that purchased certain ARS from MLPF&S but are not considered eligible investors and are not entitled to participate in the ARS buyback under the terms of the settlement. MLPF&S's control affiliate BAS entered into similar consent orders with state securities regulators.

Bank Holding Company Act of 1956

        Each of BlackRock and the General Partner is, for purposes of the Bank Holding Company Act of 1956, as amended (the "BHC Act"), a subsidiary of PNC Financial Services Group, Inc. ("PNC"), which is subject to regulation and supervision as a "financial holding company" (an "FHC") by the Board of Governors of the Federal Reserve System (the "Federal Reserve"). Because the General Partner may be deemed to exercise corporate control over the Partnership for purposes of the BHC Act, each of the Partnership, the General Partner and BlackRock intends to comply with the investment and activities restrictions that would generally be applicable to PNC as an FHC. Under the BHC Act, an FHC and its affiliates may engage in, and may acquire interests in, or control of, companies engaged in, among other things, a wide range of activities that are "financial in nature," including certain banking, securities, investment management, merchant banking, and insurance activities. Other activities may be limited or prohibited under the BHC Act. Any failure by PNC to qualify as an FHC under the BHC Act could result in restrictions on the activities or investments of the Partnership.

        The General Partner, BlackRock and the Partnership intend to rely on statutory and regulatory provisions in order to maintain compliance with the BHC Act. The General Partner reserves the right to rely on any applicable exemptions and to take all reasonable steps deemed necessary, advisable or appropriate to comply with the BHC Act. The BHC Act and Federal Reserve regulations and interpretations thereunder may be amended over the term of the Partnership.

Monitoring of Allocations of Partnership Capital to Trading Advisors

        Trading Advisors could be the subject of lawsuits or legal proceedings, and the expenses or liabilities which arise from any such suits or proceedings, will be borne by the Trading Advisor, and indirectly by the Partnership as a client of the Trading Advisor. In addition, although BAA attempts to monitor the performance of all of its Trading Advisors, the General Partner must ultimately rely on (i) the Trading Advisor to operate in accordance with its investment guidelines, and (ii) the accuracy of the information provided to the General Partner by the Trading Advisor. Any failure of the Trading Advisor to operate within such guidelines or to provide accurate information, could subject the Partnership to losses. Moreover, many of the strategies implemented by the Trading Advisors rely on the financial information made available by the issuers in which the Trading Advisors invest. BAA has no ability to independently verify the financial information disseminated by the issuers in which the Trading Advisors invest and is dependent upon the integrity of both the management of these issuers and the financial reporting process in general. Recent events have demonstrated the material losses which investors such as the Partnership can incur as a result of corporate mismanagement, fraud and accounting or other irregularities.

Multiple Levels of Expense

        Both the General Partner and Trading Advisors receive investment management fees. In addition to management fees, the Partnership is subject to other substantial charges, including a distribution fee and a Redemption Charge and other expenses. Furthermore, in addition to a fixed Management Fee, Trading Advisors typically will receive performance-based allocations. The existence of a performance

33

fee may create an incentive for the Trading Advisor to make riskier and more speculative investments than would otherwise be the case in the absence of such performance-based compensation. A Trading Advisor may receive performance-based allocations based on the unrealized appreciation of the account or Portfolio Fund's portfolio (as the case may be). Also, the "high water mark" for a Trading Advisor's account or the investment in a Portfolio Fund (as the case may be) may not correspond to a Limited Partner's holding period. Therefore, the Partnership may pay a performance fee to a Trading Advisor when a Limited Partner has not received the same positive performance for the Partnership as a whole and a Limited Partner may benefit from a "loss carry forward" attributable to a Trading Advisor's account or a Portfolio Fund (as the case may be) where the Partnership incurred the loss prior to the Limited Partner's investment. Furthermore, Trading Advisors are compensated based on the performance of the accounts they trade for the Partnership or the Portfolio Fund they manage (as the case may be). Consequently, a particular Trading Advisor may receive performance-based compensation in respect of its performance during a period when the Partnership's overall capital depreciated. Historically, certain Trading Advisors have required substantial performance fees when the performance of the Partnership as a whole was breakeven or unprofitable.

        If the Partnership invests in a Portfolio Fund, the Partnership, along with each other investor in such Portfolio Fund, will pay its pro rata share of the expenses of such Portfolio Fund, including such Portfolio Fund's organizational, operating and investment expenses as well as its pro rata share of any extraordinary expenses incurred by such Portfolio Fund.

Managed Account Allocations

        The Partnership primarily places assets with Trading Advisors by opening discretionary managed accounts rather than investing in Portfolio Funds. Managed accounts expose the Partnership to theoretically unlimited liability, and it is possible, given the leverage at which certain of the Trading Advisors trade, that the Partnership could lose more in a managed account directed by a particular Trading Advisor than the Partnership had allocated to such Trading Advisor to invest. However, the Partnership will seek to mitigate such risks investing, whenever possible via a structure that limits the Partnership's maximum liability to the amount invested in any such managed account.

Ownership of Underlying Investments

        When deciding whether to invest or continue investing in a Portfolio Fund, the General Partner carries out no independent investigation of the ownership of the assets of the Portfolio Fund. Instead, the General Partner relies on audited accounts and other financial information provided to it by the Portfolio Fund. In the event that a Portfolio Fund does not own or there is a defect in the ownership of the underlying investments, this could have an adverse impact on the ability of the Partnership to achieve its investment objective.

General Trading Risk Disclosure Statement

        Prospective investors should carefully consider whether their financial condition permits them to participate in the Partnership. In so doing, prospective investors should be aware that futures and options trading can quickly lead to large losses as well as gains. Such trading losses can sharply reduce the Net Asset Value of the Partnership and consequently the value of an investor's Units. In addition, certain restrictions on redemption may affect an investor's ability to withdraw from participation in the Partnership. Further, the Partnership is subject to substantial charges for management, as well as advisory and brokerage fees. It may be necessary for the Partnership to make substantial trading profits to avoid depletion or exhaustion of its assets. Notwithstanding the foregoing risk factors in this Form 10-K, this brief statement cannot disclose all of the risks and other factors necessary to evaluate a potential investor's participation in the Partnership.

34

Item 1B:    Unresolved Staff Comments

        There are no unresolved staff comments.

Item 2:    Properties

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

        The Partnership's administrative offices are the administrative offices of BRIM, 55 East 52^nd Street, New York, New York 10055. BRIM performs certain administrative services for the Partnership from BlackRock's offices.

Item 3:    Legal Proceedings

        The Partnership or BRIM is not currently the subject of any material litigation. BRIM, as well as certain of its subsidiaries and affiliates have been named as defendants in civil actions, arbitration proceedings and claims arising out of their respective business activities. Although the ultimate outcome of these actions cannot be predicted at this time and the results of legal proceedings cannot be predicted with certainty, it is the opinion of management that the result of these matters will not be materially adverse to the business operations or financial condition of BRIM or the Partnership.

Item 4:    Mine Safety Disclosures

        Not applicable.

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PART II

Item 5:    Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

        (a)   Market Information:

        There is no established public trading market for the Units, nor will one develop. Rather, Limited Partners may purchase or redeem Units as of the end of each month at Net Asset Value, subject to certain early Redemption Charges when applicable and fifteen days prior notice with respect to redemption.

        (b)   Holders:

        As of December 31, 2013, there were 1,874; 391; 801 and 31 holders of Series A, F, G and I Units, respectively, including BRIM and its affiliates.

        (c)   Dividends:

        The Partnership has made no distributions since trading commenced, nor does BRIM presently intend to make any distributions in the future.

        (d)   Securities Authorized for Issuance Under Equity Compensation Plans:

        Not applicable.

        (e)   Performance Graph

        Not applicable. The Partnership has no class of common stock registered under section 12 of the Exchange Act.

        (f)    Recent Sales of Unregistered Securities: Uses of Proceeds From Registered Securities:

        Unregistered securities are issued to accredited investors pursuant to Regulation D and Section 4(2) under the Securities Act.

SERIES A								SERIES I
		Subscription Amount		Units		NAV				Subscription Amount		Units		NAV
	Oct-11	$	3,168,977		2,915,342	$	1.0870		Oct-11	$	—		—	$	1.2956
	Nov-11		16,374,933		15,666,794	$	1.0452		Nov-11		24,749		19,820	$	1.2487
	Dec-11		9,316,937		8,896,149	$	1.0473		Dec-11		33,998		27,116	$	1.2538
	Oct-12	$	835,988		843,410	$	0.9912		Oct-12	$	—		—	$	1.2184
	Nov-12		519,992		540,428	$	0.9622		Nov-12		—		—	$	1.1859
	Dec-12		592,994		619,630	$	0.9570		Dec-12		—		—	$	1.1827
	Oct-13	$	775,000		906,221	$	0.8552		Oct-13	$	—		—	$	1.0854
	Nov-13		222,000		256,944	$	0.8640		Nov-13		—		—	$	1.0997
	Dec-13		100,000		114,443	$	0.8738		Dec-13		—		—	$	1.1149

        (g)   Purchases of Equity Securities by the Issuer:

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

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        The following table summarizes the redemptions by Limited Partners during the fourth calendar quarter of 2013:

2013

Series F Month	Units Redeemed		Redemption Date NAV Per Unit
October 31, 2013		1,475	$	208.67
November 30, 2013		1,485		211.00
December 31, 2013		939		212.56
Total		3,899

Series A Month	Units Redeemed		Redemption Date NAV Per Unit
October 31, 2013		9,728,647	$	0.8640
November 30, 2013		11,694,095		0.8738
December 31, 2013		9,120,963		0.8802
Total		30,543,705

Series G Month	Units Redeemed		Redemption Date NAV Per Unit
October 31, 2013		270,201	$	0.9038
November 30, 2013		331,698		0.9139
December 31, 2013		268,760		0.9206
Total		870,659

Series I Month	Units Redeemed		Redemption Date NAV Per Unit
October 31, 2013		43,020	$	1.0997
November 30, 2013		107,212		1.1149
December 31, 2013		40,150		1.1261
Total		190,382

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Item 6:    Selected Financial Data

        The following unaudited selected financial data has been derived from the audited consolidated financial statements of the Partnership:

Income Statement Data	For the Year Ended December 31, 2013			For the Year Ended December 31, 2012			For the Year Ended December 31, 2011			For the Year Ended December 31, 2010			For the Year Ended December 31, 2009
Revenues:
Trading Profits (Losses)
Realized	$	(5,436,971	)	$	(2,681,787	)	$	15,819,067		$	24,680,503		$	(1,275,527	)
Change in Unrealized		2,861,329			(4,232,518	)		(7,550,144	)		10,194,641			(3,198,051	)
Change in value of Investments in Non-Consolidated LLCs(1)		(6,473,290	)		(9,152,356	)		(430,888	)		—			—
Brokerage Commissions and Clearing costs		(951,814	)		(1,015,380	)		(2,247,622	)		(2,678,247	)		(1,613,820	)
Total trading profits (losses)		(10,000,746	)		(17,082,041	)		5,590,413			32,196,897			(6,087,398	)
Investment Income:
Interest		67,172			219,591			269,659			492,166			906,015
Expenses:
Profit Shares		164,855			355,170			1,490,923			4,126,005			1,144,351
Distribution fees		3,775,874			6,142,552			10,193,861			9,553,526			6,767,790
Trading Advisors' management fees		1,904,398			2,943,719			5,073,428			4,558,253			3,162,393
Sponsor fees		1,589,593			2,580,154			4,286,905			4,014,803			2,833,553
Administrator fees		451,129			756,231			1,028,273			1,009,000			741,000
Professional fees		400,846			976,629			549,755			705,034			751,701
Other fees		265,135			214,315			429,317			392,000			327,923
Total expenses		8,551,830			13,968,770			23,052,462			24,358,621			15,728,711
Net Investment Loss		(8,484,658	)		(13,749,179	)		(22,782,803	)		(23,866,455	)		(14,822,696	)
Net Income (Loss)	$	(18,485,404	)	$	(30,831,220	)	$	(17,192,390	)	$	8,330,442		$	(20,910,094	)

(1)

Includes the Partnership's proportionate share of income and expenses from its Investments in Non-Consolidated LLCs.

Balance Sheet Data	December 31, 2013		December 31, 2012		December 31, 2011		December 31, 2010		December 31, 2009
Partnership Net Asset Value	$	131,681,323	$	261,662,968	$	395,809,966	$	375,395,713	$	275,762,918
Net Asset Value per Series F Unit	$	212.56	$	230.67	$	252.87	$	264.28	$	259.29
Net Asset Value per Series A Unit	$	0.8802	$	0.9551	$	1.0487	$	1.0968	$	1.0775
Net Asset Value per Series G Unit	$	0.9206	$	0.9991	$	1.0952	$	1.1446	$	1.1230
Net Asset Value per Series I Unit	$	1.1261	$	1.1835	$	1.2586	$	1.2798	$	1.2255

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MONTH-END NET ASSET VALUE PER SERIES F (ORIGINAL UNIT)

	Jan.		Feb.		Mar.		Apr.		May		June		July		Aug.		Sept.		Oct.		Nov.		Dec.
2009	$	284.04	$	283.02	$	272.56	$	264.70	$	268.52	$	262.57	$	262.49	$	262.94	$	266.56	$	262.19	$	267.47	$	259.29
2010	$	252.82	$	253.45	$	257.28	$	255.55	$	251.68	$	253.01	$	250.37	$	256.70	$	259.92	$	263.54	$	254.84	$	264.28
2011	$	262.13	$	263.54	$	259.94	$	268.50	$	258.18	$	250.97	$	258.98	$	259.84	$	262.35	$	251.94	$	252.67	$	252.87
2012	$	251.39	$	249.47	$	242.48	$	242.36	$	252.68	$	242.35	$	248.75	$	244.19	$	239.40	$	232.39	$	231.14	$	230.67
2013	$	230.25	$	227.16	$	227.07	$	228.51	$	219.45	$	213.44	$	212.92	$	207.80	$	206.55	$	208.67	$	211.00	$	212.56

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BLACKROCK GLOBAL HORIZONS I L.P., SERIES A
December 31, 2013

Type of fund: Multi-advisor; privately-placed
Inception of Trading: February 2004
Aggregate subscriptions: $626,275,459
Current capital: $102,123,710
Worst Monthly Drawdown: (4.09)% (6/12)
Worst Peak-to-Valley Drawdown: (27.57)% (1/09-9/13)
Net Asset Value per Series A, December 31, 2013: $0.8802

Monthly Rates of Return

Month	2013			2012			2011			2010			2009
January		(0.14	)%		(0.67	)%		(0.81	)%		(2.50	)%		0.55	%
February		(1.38	)		(0.77	)		0.50			0.25			(0.36	)
March		(0.04	)		(2.75	)		(1.33	)		1.52			(3.70	)
April		0.64			(0.06	)		3.17			(0.67	)		(2.89	)
May		(3.96	)		4.13			(3.76	)		(1.52	)		1.43
June		(2.74	)		(4.09	)		(2.77	)		0.53			(2.21	)
July		(0.25	)		2.65			3.16			(1.05	)		(0.03	)
August		(2.40	)		(1.83	)		0.24			2.53			0.17
September		(0.60	)		(1.97	)		0.93			1.26			1.37
October		1.03			(2.93	)		(3.85	)		1.27			(1.63	)
November		1.13			(0.54	)		0.20			(3.18	)		2.01
December		0.73			(0.20	)		0.13			3.57			(3.07	)
Compound Annual Rate of Return		(7.84	)%		(8.93	)%		(4.39	)%		1.79	%		(8.23	)%

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BLACKROCK GLOBAL HORIZONS I L.P., SERIES F
December 31, 2013

Type of fund: Multi-advisor; privately-placed
Inception of Trading: January 1994
Aggregate subscriptions: $323,437,041
Current capital: $12,470,664
Worst Monthly Drawdown: (4.09)% (6/12)
Worst Peak-to-Valley Drawdown: (27.28)% (1/09-9/13)
Net Asset Value per Series F (original unit), December 31, 2013: $212.56

Monthly Rates of Return

Month	2013			2012			2011			2010			2009
January		(0.14	)%		(0.59	)%		(0.81	)%		(2.50	)%		0.55	%
February		(1.38	)		(0.76	)		0.54			0.25			(0.36	)
March		(0.04	)		(2.80	)		(1.37	)		1.51			(3.70	)
April		0.63			(0.05	)		3.29			(0.67	)		(2.88	)
May		(3.96	)		4.26			(3.84	)		(1.51	)		1.44
June		(2.74	)		(4.09	)		(2.79	)		0.53			(2.22	)
July		(0.24	)		2.64			3.19			(1.04	)		(0.03	)
August		(2.40	)		(1.83	)		0.33			2.53			0.17
September		(0.60	)		(1.96	)		0.97			1.25			1.38
October		1.03			(2.93	)		(3.97	)		1.39			(1.64	)
November		1.12			(0.54	)		0.29			(3.30	)		2.01
December		0.74			(0.20	)		0.08			3.70			(3.06	)
Compound Annual Rate of Return		(7.85	)%		(8.78	)%		(4.32	)%		1.92	%		(8.21	)%

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BLACKROCK GLOBAL HORIZONS I L.P., SERIES G
December 31, 2013

Type of fund: Multi-advisor; privately-placed
Inception of Trading: January 2007
Aggregate subscriptions: $44,503,111
Current capital: $15,542,406
Worst Monthly Drawdown: (4.08)% (6/12)
Worst Peak-to-Valley Drawdown: (27.28)% (1/09-9/13)
Net Asset Value per Series G, December 31, 2013: $0.9206

Monthly Rates of Return

Month	2013			2012			2011			2010			2009
January		(0.14	)%		(0.58	)%		(0.81	)%		(2.50	)%		0.56	%
February		(1.38	)		(0.76	)		0.54			0.26			(0.37	)
March		(0.04	)		(2.80	)		(1.37	)		1.51			(3.70	)
April		0.63			(0.05	)		3.30			(0.67	)		(2.88	)
May		(3.96	)		4.26			(3.84	)		(1.52	)		1.44
June		(2.75	)		(4.08	)		(2.79	)		0.53			(2.22	)
July		(0.24	)		2.64			3.18			(1.05	)		(0.03	)
August		(2.41	)		(1.84	)		0.34			2.54			0.18
September		(0.60	)		(1.96	)		0.97			1.25			1.37
October		1.03			(2.93	)		(3.98	)		1.39			(1.64	)
November		1.12			(0.54	)		0.30			(3.30	)		2.02
December		0.73			(0.20	)		0.07			3.71			(3.06	)
Compound Annual Rate of Return		(7.86	)%		(8.77	)%		(4.32	)%		1.92	%		(8.20	)%

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BLACKROCK GLOBAL HORIZONS I L.P., SERIES I
December 31, 2013

Type of fund: Multi-advisor; privately-placed
Inception of Trading: March 2004
Aggregate subscriptions: $12,820,004
Current capital: $1,544,543
Worst Monthly Drawdown: (3.83)% (6/12)
Worst Peak-to-Valley Drawdown: (17.10)% (4/11-9/13)
Net Asset Value per Series I, December 31, 2013: $1.1261

Monthly Rates of Return

Month	2013			2012			2011			2010			2009
January		0.13	%		(0.41	)%		(0.62	)%		(2.24	)%		0.78	%
February		(1.12	)		(0.50	)		0.66			0.50			(0.08	)
March		0.22			(2.49	)		(1.00	)		1.67			(3.42	)
April		0.86			0.20			3.33			(0.44	)		(2.66	)
May		(3.66	)		4.42			(3.47	)		(1.26	)		1.61
June		(2.48	)		(3.83	)		(2.43	)		0.74			(1.97	)
July		0.01			2.92			3.31			(0.76	)		0.22
August		(2.13	)		(1.57	)		0.51			2.67			0.39
September		(0.34	)		(1.70	)		1.16			1.42			1.60
October		1.32			(2.67	)		(3.62	)		1.43			(1.42	)
November		1.38			(0.27	)		0.41			(2.79	)		2.29
December		1.00			0.07			0.38			3.61			(2.80	)
Compound Annual Rate of Return		(4.85	)%		(5.97	)%		(1.66	)%		4.43	%		(5.53	)%

        In addition to the general fact that in speculative futures trading past results are not necessarily indicative of future performance, the Partnership's multi-Trading Advisor approach has become more diversified over time. Currently the Partnership retains 7-15 Trading Advisors and may retain more in the future. Redemption Charges are not reflected in the Performance Summary.

Notes to Performance Summaries

        Monthly Rates of Return are calculated by dividing each month's net performance by Net Asset Value as of the beginning of such month.

        Compound Annual Rate of Return (Compound Rate of Return) means the annual (year-to-date, in the case of partial years, if any) rate of return calculated by compounding the Monthly Rates of Return over the months in a given year or period, i.e.: each monthly rate of return, in hundredths, is added to one and the result is multiplied by the subsequent monthly rate of return similarly expressed; one is then subtracted from the product and the result is multiplied by 100.

        Worst Monthly Drawdown represents the largest negative monthly rate of return experienced during the period covered by the Monthly Performance Summary; a drawdown is measured on the basis of month-end net asset values only, and does not reflect intra-month figures.

        Worst Peak-to-Valley Drawdown is the largest decline in month-end Net Asset Value (without adjustment for subscriptions and redemptions) without such net asset value being subsequently equaled or exceeded. For example, if the net asset value dropped (1)% in each of January and February, rose 1% in March and dropped (2)% in April, the Peak-to-Valley Decline would still be continuing at the end of April in the amount of approximately (3)%, whereas if the net asset value had risen approximately 2% or more in March, the Peak-to-Valley Decline would have ended as of the end of

43

February at approximately the (2)% level. The period indicated for the Worst Peak-to-Valley Decline is the period beginning with the month when the decline began and ending with the month as of the end of which the lowest net asset value during the decline was reached.

        Prospective investors should note that the returns experienced by particular investors would have differed from those shown above depending upon several factors, including the timing of individual subscriptions and/or redemptions, differences in allocation methodologies, and differences in fee structures.

Item 7:    Management's Discussion and Analysis of Financial Condition and Results of Operations

Operational Overview; Trading Advisor Selections and Summary

        The Partnership's results of operations depend on BRIM's ability to select Trading Advisors and the Trading Advisors' ability to trade profitably. BRIM's selection procedures, as well as the Trading Advisors' trading methods, are confidential, so that substantially the only available information relevant to the Partnership's results of operations is its actual performance record to date. However, because of the speculative nature of its trading, the Partnership's past performance is not necessarily indicative of its future results.

        Heightened stress in the financial system stemming from ongoing issues in residential real estate and structured credit markets, as well as recession-related fears, has led to significant de-leveraging by financial institutions. However, better access to credit and an easing monetary policy has led to an increase in demand for commodities and a rally in global equities. However, past market performance is not necessarily indicative of future market performance.

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

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

Results of Operations

General

        BRIM believes that multi-advisor futures funds should be regarded as medium- to long-term (i.e., three to five year) investments, but it is difficult to identify trends in the Partnership's operations and virtually impossible to make any predictions regarding future results based on the results to date. An investment in the Partnership may be less successful over a longer than a shorter period.

        Markets with sustained price trends tend to be more favorable to managed futures investments than whipsaw, choppy markets, but (i) this is not always the case, (ii) it is impossible to predict when price trends will occur and (iii) different Trading Advisors are affected differently by trending markets as well as by particular types of trends.

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        BRIM attempts to control credit risk in the Partnership's futures, forwards and options trading by clearing trading through MLPF&S, Newedge USA, JPMS, MS&Co., UBS Securities, Barclays, HSBC and State Street. MLPF&S, Newedge USA, JPMS, UBS Securities, Barclays, HSBC and State Street act as a clearing broker or counterparty to the Partnership's trades; they do not advise with respect to, or direct, any such trading.

        BRIM attempts to control the market risk inherent in the Partnership's trading by BRIM's multi-advisor strategy and Trading Advisor selections. BRIM reviews the positions acquired by Trading Advisors trading on behalf of the Partnership (or a subsidiary of the Partnership) on a daily basis in an effort to determine whether the overall positions of the Partnership may have become what BRIM determines as being excessively concentrated in a limited number of markets—in which case BRIM may, as of the next month or quarter-end, adjust the Partnership's Trading Advisor combination and/or allocations so as to attempt to reduce the risk of such over-concentration occurring in the future. Such position transparency will not generally be available to BRIM with respect to Partnership assets allocated to Portfolio Funds.

        Set forth below is a list of the trading profit (loss) from each of the different Trading Advisors as measured at December 31, 2013, 2012 and 2011, which excludes the Partnership's proportionate share of the operations of its investments in the Non-Consolidated LLCs, which includes income and expenses.

2013 Trading Advisors	Realized			Change in Unrealized			Brokerage Commissions and Clearing Costs			Total Trading Profit (Losses)
Capital Fund Management S.A.	$	(1,306,149	)	$	443,025		$	(78,329	)	$	(941,453	)
Crabel Capital Management LLC		(2,380,024	)		(427,810	)		(539,454	)		(3,347,288	)
G Capital Fund Management LLC		1,457,358			(16,601	)		(143,589	)		1,297,168
Higgs Capital Management LLP		444,672			(87,104	)		(124,705	)		232,863
Ortus Capital Management Ltd.		(5,253,045	)		2,328,624			—			(2,924,421	)
Solaise Capital Management LLP		(194,241	)		501,031			(47,542	)		259,248
Winton Capital Management Limited		1,794,458			120,164			(18,195	)		1,896,427
Total	$	(5,436,971	)	$	2,861,329		$	(951,814	)	$	(3,527,456	)

        The weighted average Management Fee rate of the Trading Advisors based on allocations as of December 31, 2013 was 1.28% and the weighted average incentive fee rate was 20%. The range of Management Fees as of December 31, 2013 was 0% to 2% (annualized) and the range of incentive fees was 10% to 30%.

2012 Trading Advisors	Realized			Change in Unrealized			Brokerage Commissions and Clearing Costs			Total Trading Profit (Losses)
Boronia Capital PTY Ltd	$	254,376		$	(332,189	)	$	(372,398	)	$	(450,211	)
Capital Fund Management S.A.		(3,459,927	)		(273,537	)		(154,968	)		(3,888,432	)
Crabel Capital Management LLC		(1,141,382	)		316,279			(227,771	)		(1,052,874	)
G Capital Fund Management LLC		3,224,117			(20,864	)		(84,056	)		3,119,197
Higgs Capital Management LLP		(64,514	)		87,104			(20,734	)		1,856
Mapleridge Capital Corporation		347,453			(82,584	)		(43,947	)		220,922
Ortus Capital Management Ltd.		(2,562,296	)		(2,600,366	)		—			(5,162,662	)
Solaise Capital Management LLP		1,079,360			(479,299	)		(71,646	)		528,415
Winton Capital Management Limited		(358,974	)		(847,062	)		(39,860	)		(1,245,896	)
Total	$	(2,681,787	)	$	(4,232,518	)	$	(1,015,380	)	$	(7,929,685	)

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        The weighted average Management Fee rate of the Trading Advisors based on allocations as of December 31, 2012 was 1.48% and the weighted average incentive fee rate was 21%. The range of Management Fees as of December 31, 2012 was 0% to 2% (annualized) and the range of incentive fees was 15% to 30%.

2011 Trading Advisors	Realized			Change in Unrealized			Brokerage Commissions and Clearing Costs			Total Trading Profit (Losses)
Abraham Trading LP(1)	$	745,369		$	(1,978,167	)	$	(196,543	)	$	(1,429,341	)
Blackwater Capital Management LLC(1)		5,841,825			(2,378,579	)		(76,137	)		3,387,109
Boronia Capital PTY Ltd		(1,855,529	)		(799,103	)		(609,275	)		(3,263,907	)
Cantab Capital Partners LLP(1)		5,649,176			(371,621	)		(243,540	)		5,034,015
Crabel Capital Management LLC		(3,593,497	)		(761,560	)		(347,601	)		(4,702,658	)
G Capital Fund Management LLC		2,300,398			412,668			(29,061	)		2,684,005
Mapleridge Capital Corporation		(4,880,462	)		146,419			(563,266	)		(5,297,309	)
NuWave Investment Management LLC(2)		2,964,319			773,900			(49,150	)		3,689,069
Ortus Capital Management Ltd.		5,744,841			(2,358,178	)		—			3,386,663
Quantitative Investment Management—Global Program(3)		(335,790	)		(200,975	)		(61,325	)		(598,090	)
Solaise Capital Management LLP		(2,498,745	)		588,207			(26,354	)		(1,936,892	)
Winton Capital Management Limited		5,737,162			(623,155	)		(45,370	)		5,068,637
Total	$	15,819,067		$	(7,550,144	)	$	(2,247,622	)	$	6,021,301

(1)

Includes the Partnership's total net trading profit (loss) from this Non-Consolidated LLC through October 31, 2011 (see Note 1 to the Consolidated Financial Statements).

(2)

Includes the Partnership's total net trading profit (loss) from this Non-Consolidated LLC through September 30, 2011 (see Note 1 to the Consolidated Financial Statements).

(3)

Includes the Partnership's total net trading profit (loss) from this Non-Consolidated LLC through April 30, 2011 (see Note 1 to the Consolidated Financial Statements).

        The weighted average Management Fee rate of the Trading Advisors based on allocations as of December 31, 2011 was 1.40% and the weighted average incentive fee rate was 20%. The range of Management Fees as of December 31, 2011 was 0% to 2.5% (annualized) and the range of incentive fees was 15% to 30%.

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

46

Performance Summary

2013

	Total Trading(1) Profit (Loss)
Agriculture	$	8,179
Currencies		(3,777,715	)
Energy		(1,781,296	)
Interest Rates		(2,171,547	)
Metals		106,817
Stock Indices		5,039,920
		(2,575,642	)
Brokerage Commissions/ Clearing Costs		(951,814	)
	$	(3,527,456	)

(1)

Excludes Change in value of investments of Non-Consolidated LLCs. Such Non-Consolidated LLCs performance summaries generally follow the same themes and trends discussed below.

        2013 was generally marked by growing investor optimism and strong performance from many broader market segments, but it proved to be a difficult period for directional trading strategies. For much of the year, U.S. market volatility closely followed changing levels of investor trepidation over the U.S. Federal Reserve's (the "Fed's") widely anticipated decision to potentially taper its $85 billion/month asset purchasing program. Ultimately, U.S. investor enthusiasm held firm as the Fed finally made the announcement in December, reducing monthly asset purchases associated with its quantitative easing program by $10 billion. European developments began the year in grim fashion, as weak economic data and a controversial bailout of Cyprus undermined confidence in the European Union (the "EU"). In the second half, however, markets generally rallied on growing investor confidence that the region has moved past the worst point of its current recession, albeit with persistently low growth. Asian markets were definitively led by developments in Japan during the period. Investors gained confidence over notable progress over the year on Japan's more activist approach to its monetary policy, particularly by substantial declines in the yen versus most major currencies, driving local returns (as measured by the MSCI Japan Index) up nearly 54% for 2013. Emerging markets developments were mixed by country, particularly where U.S. tapering was anticipated to impact external funding, such as Indonesia. Markets in China generally remained concerned over the pace of its slowing economy and borrowing levels, but were later helped in part by suggestions that authorities may be open to a greater degree of financial liberalization.

        Despite this optimistic market backdrop, directional Trading Advisors in aggregate lost ground over the course of the year, led by declines in currency strategies. Long exposure to the U.S. dollar was additive early in the year as it continued to strengthen on the back of a successful quantitative easing ("QE") implementation and signs toward the need for more accommodative monetary policies in Europe and Japan. However, near mid-year, numerous reversals in the dollar pressured Trading Advisors, as exposure to the U.S. dollar declined as the Fed initially failed to indicate any near-term end to QE, reversed upward as the Fed began to publicly consider tapering, and yet again downward as it delayed action until mid-December. Trading Advisors had shifted exposures to the U.S. dollar throughout the period, but few were consistently able to capture profits. Accumulated momentum-based long holdings in select emerging market currencies, such as the Indian rupee added to losses, weakening on speculation of Fed tapering, but Trading Advisors reduced these positions as volatile emerging market capital flows fueled uncertainty in these currencies, and remained relatively minor

47

positions by year-end. Meanwhile, short positions in the Japanese yen was a core and generally additive position for many Trading Advisors, as momentum-based models picked up on the Japanese government's efforts to weaken the yen, in part to improve Japan's competitiveness in global export markets.

        Fixed income/rates strategy performance was also negative for the year. In the first half of the year, a number of bond price reversals in key markets created a difficult environment for momentum-based models, particularly in Europe, where volatility driven by systemic uncertainties and government intervention proved challenging for quantitative models. In the U.S., rate markets oscillating on debt ceiling debates and ongoing conjecture on the timing and degree of potential Fed tapering also proved difficult to navigate. The strategy was a positive contributor in fourth quarter, however, as U.S. Treasury yields drifted higher and the curve steepened prior to the December Fed meeting, as non-U.S. central banks and government authorities remained aggressive in guiding their economies within an acceptable path. By year-end, non-U.S. dollar-based positions have overtaken U.S. dollar-based positions, particularly positioning in shorter-duration instruments such as long Eurodollar/Euribor and Japanese Government Bond ("JGB") exposures, while Canadian and Australian bonds were popular short positions.

        Energy-based trading contributed additional losses for the year, again from several prominent price reversals over the year. Trading Advisors were generally positioned short early in the year, but much of the energy complex, including crude oil and natural gas, saw price growth on continued global growth and inventory declines. As Trading Advisors shifted their exposures, prices declined—crude and refined oil positions were hit especially hard amid rising oil supplies and U.S. output, as well as from an unexpected contraction in China's manufacturing data. In July and August, oil prices once again experienced a material run-up, this time by the Syrian conflict and Middle Eastern tensions, a prolonged sell-off late in the year again caught momentum-based models off-guard. In response, Trading Advisors in aggregate reduced exposure to energy exposure in general, with a slight long exposures to crude oil and natural gas hedged by short positioning in West Texas Intermediate oil. As a result, Trading Advisors largely missed the reversal in energy pricing at year-end, particularly in natural gas, which accelerated sharply in November and December.

        Agricultural commodity returns were approximately flat, with early period losses offset by gains in the second half of the year. Broader agricultural prices were initially up on increased estimates of global demand and drought-reduced stockpiles in January, initially hurting core short positions. As Trading Advisors shifted to a longer net exposure, several key commodities saw declines, including corn prices, which fell on increased planting; soybeans, which fell on news of increased stockpiles; and wheat, which declined as Midwest storms eased ongoing fears of drought. Rebuilding short exposures over the second half of the year, Trading Advisors were able to capture downward trends in a number of commodities, particularly corn, wheat and coffee.

        Metal holdings generally contributed modestly positive returns for the full calendar year. Trend-following models were generally able to successfully capture softening industrial metals prices throughout much of the first half, driven in part by decreased demand from Chinese manufacturers and growing inventories. As stockpiles declined and global manufacturing picked up in Europe and the U.S., copper, aluminum and steel prices found a bottom and began to see pricing recoveries, helping Trading Advisors that began to rebuild long exposure to base metals. Precious metals were more challenging. In particular, Trading Advisors were generally positioned well as gold prices extended a sharp downward trend that started in late 2012, but reversals along the way, especially a 15% gain from July to September, generated periodic losses for Trading Advisors that had built and maintained short exposures throughout much of the year. In general, Trading Advisors ended 2013 with flat or short exposure to precious metals, and flat exposure to base metals.

48

        Equity-based strategies generally benefited from a strong bias toward net long equity market exposure, with long-term momentum-based models capturing gains in most global markets as they rallied through much of the year. U.S. markets generally reacted positively on continued strength in the economy, and remained resilient despite the Fed's decision to taper its quantitative easing effort at year-end. European equities started the period in volatile fashion on increased political concerns, seeing numerous swings that frustrated momentum approaches, but Trading Advisors ultimately benefited from strong returns in the latter half of the year, as European stock indices posted substantial gains on renewed economic confidence in the region. Japanese markets continued to aggressively rally in the region, with improving economic data providing positive feedback for its three-pronged economic plan. At year-end, Trading Advisors remained very active in trading equity index exposures, though net exposure and risk levels have dropped from peak levels earlier in the year.

Performance Summary

2012

	Total Trading(1) Profit (Loss)
Agriculture	$	(3,045,408	)
Currencies		(10,066,572	)
Energy		1,456,454
Interest Rates		5,947,858
Metals		(2,454,905	)
Stock Indices		1,248,268
		(6,914,305	)
Brokerage Commissions/ Clearing Costs		(1,015,380	)
	$	(7,929,685	)

(1)

Excludes Change in value of investments of Non-Consolidated LLCs. Such Non-Consolidated LLCs performance summaries generally follow the same themes and trends discussed below.

        Investor optimism increased during 2012, as concerns plaguing the markets in late 2011 began to ease. Anxiety centered on the delicate financial situation in Europe waned on a number of fronts. European governments slowly worked toward an orderly resolution of Greece's debt problems and sought to reduce the potential for contagion across the European financial system through the Long-Term Refinancing Operation (LTRO) programs. Greece appeared to elect a government more tolerant of austerity provisions, further boosting the optimism. After a somewhat turbulent July, risk assets generally saw a rise in valuations over much of the second half of the year, fueled in part by actions from the European Central Bank ("ECB") and the Fed to continue aggressive action to backstop their regional economies. Meanwhile, in Asia, Japanese markets surged at year-end, relieved by growth-oriented Liberal Democratic Party election wins. Nonetheless, weak economic data in Japanese industrial output, exports, and consumer prices all hinted at deflationary pressures, increasing calls on the Bank of Japan to weaken the yen and boost inflation targets.

        Fixed income strategies were generally beneficial for much of the year. Yield curve trades in the U.S. and Europe were prominent contributors as the market adjusted to activity by the ECB and the Fed, and as investors broadly became more willing to take market risk. Core long positions in flight-to-safety assets such as 10-year U.S. Treasuries, German bunds and long Gilts experienced robust gains in the first half of the year, reaching near-record prices as investors sought financial shelter from developments in Europe. Trading became more challenging later in the year as the

49

U.S. macroeconomic environment became more volatile amid the U.S. election cycle and worries over the fiscal cliff. Late in the year, gains were offset somewhat by losses in the 10-year Japanese Government Bond, which moved on expectations of new inflation targets and future central bank easing.

        Partnership performance within the energy sector was generally mixed over the year, but typically detracted from results for many Trading Advisors. Early losses from falling Brent crude and WTI oil prices reversed as tensions in the Middle East grew over concerns of Iranian nuclear development, causing oil commodity prices to spike. Short natural gas positions added to early gains as prices continued to decline sharply over the quarter, breaking through their 52-week low at the end of March. Trading Advisor's adjusted their portfolios to a short orientation to oil near mid-year, which benefited from sharp drops in oil prices driven by news of a slowing global economy and building inventory levels. However, this short positioning worked against Trading Advisors later in the year as oil prices steadily climbed on improving economic sentiment and worries of supply disruptions during hurricane season in the Gulf of Mexico. As momentum models added to long oil exposures and short gas exposures in September, prices for both commodities again reversed, adding late quarter losses.

        Equity index activity was a contributor to Partnership performance over the year. For much of the year, positive investor sentiment drove appreciation in long exposures to major U.S. indices, with further contributions from positions in select European indices. Broadly speaking, global equity markets (as measure by the MSCI World Index) experienced slight losses in April, followed by a stronger sell-off in May, and a partial recovery in June in which long investors experienced most gains in the final few trading days. Late in the year though, Trading Advisors took some losses from their core U.S. positions, as U.S. indices struggled on poor corporate earnings. Asian markets were another story, however, as Trading Advisors often found themselves on the wrong side of exposure in Japanese, Hong Kong and Taiwanese markets. Nonetheless, gain from non-U.S. regions helped to pick up the slack, as Japanese equities rose to their highest level in seven months on expectations of political changes which is expected to lead to central bank easing, and as European equities rallied on progress in Greece and improving economic data.

        Metals exposure also offered mixed-to-negative results. Losses were predominantly attributed to long holdings in base metals, where momentum-based models faced a difficult environment. Worries over the impact of weaker global economic growth, particularly in regions such as Europe and China, were met with major stimulative actions by regional central banks, creating a volatile backdrop with numerous reversals over the course of the year, negatively impacting Partnership performance in many cases. Precious metals activity was generally positive. Early short positioning in gold started Trading Advisors on the wrong foot as gold prices drifted upwards in April. However, Trading Advisors were generally able to capture pricing trends in the metal at mid-year, before giving back some gains late in the year.

        Contributions from agriculture trading were also uneven throughout the year. Strategy losses were generally driven by grains exposure, such as wheat and corn. Prices for U.S.-focused crops appreciated as supplies for soybeans and corn looked to be constrained by extreme drought conditions that developed in the latter part of the quarter in select parts of South America and much of the U.S. Midwest. Unfortunately, some Trading Advisors were positioned short in corn at the time, encouraged by strong negative momentum in May from early U.S. Department of Agriculture (USDA) projections of outsized domestic inventories—positions that generated losses as crop conditions deteriorated in June. Trading Advisors increased their long exposure in response, and long positions in grains such as corn, wheat and soybeans appreciated as prices continued to rise amid drought conditions in the U.S. Midwest. As the third quarter progressed, however, momentum in agriculture prices stalled and then fell as the actual impact of the drought on global supply turned out to be less than most investors expected, driving losses and active reductions in exposure to the space. Agricultural prices generally continued to fall across most sectors amid rising global inventories late in the year.

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        Foreign exchange activity was the strongest detractor for 2012, influenced in large part by reversals sparked by global central bank actions. The Australian dollar was an early detractor—long positions were accumulated after several steady weeks of strengthening of the Australian dollar on speculation that Australia's Reserve Bank would maintain one of the highest interest rates among developed countries. However, these positions declined in value as the currency was negatively impacted by high oil prices and signs of weak Chinese economic activity. Losses were also attributable in part to short Japanese yen exposures as the yen strengthened on news that the Bank of Japan refrained from further monetary actions to stimulate economic growth. Later in the year, as Trading Advisors increased their long exposure to the yen, it again reversed on expectations of central bank easing and an increasing influence of pro-growth political forces thought to seek to strategically weaken the yen. Finally, large short euro exposures, which benefited in May from a deteriorating outlook in Europe, later resulted in sharp losses after European leaders affirmatively acted to lower Spanish and Italian bond yields.

Performance Summary

2011

	Total Trading(1) Profit (Loss)
Agriculture	$	(7,313,048	)
Currencies		(1,238,607	)
Energy		(3,961,396	)
Interest Rates		25,460,295
Metals		1,951,633
Stock Indices		(6,629,954	)
		8,268,923
Brokerage Commissions/ Clearing Costs		(2,247,622	)
	$	6,021,301

(1)

Excludes Change in value of investments of Non-Consolidated LLCs. Such Non-Consolidated LLCs performance summaries generally follow the same themes and trends discussed below.

        The Partnership posted an overall net loss for 2011. The year was characterized by meaningful volatility and muted or negative returns in most asset classes, with the notable exception of select "safe haven" assets such as U.S. Treasuries. This volatility and rising correlations in markets cued flashbacks of 2008, further damaging investor confidence and discouraging risk-taking. Alternating cycles of "risk-on/risk-off" investor behavior was particularly prominent in the second half of the year, with "risk-off" assets generally coming out ahead.

        Expectations entering 2011 featured a tenuous hope for broad economic recovery, but a series of external developments shook investor confidence once again. Upheaval interspersed through much of the Middle East and Northern Africa resulted in a broader nervousness surrounding economic and geopolitical stability of the region and a subsequent spike in the price of oil. That was quickly followed by a devastating earthquake, tsunami, and nuclear power crisis in Japan that took a tragic toll. However, 2011 will most likely be remembered for the intensification of the debt and credit issues in Europe. As the crisis unfolded, it became increasingly clear that Europe needed to redouble its efforts to align both monetary and fiscal stability, but potential solutions came at steep economic and political costs. Meanwhile, U.S. economic growth and employment remained weak, and strident political posturing damaged corporate and consumer confidence in a government-led solution, although some economic pickup occurred in the fourth quarter. Meanwhile, inflation in certain emerging markets

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triggered monetary policy tightening measures that decelerated growth for a number of countries, including China.

        Trading Advisors active in fixed income began the year generally agnostic towards Treasury securities, but it soon became an active area of trading. Trading Advisors initially lost money on short exposures to 30-year Treasuries and 10-year German bunds, but long exposures benefited in the second quarter as 10-year Treasury yields fell steadily from 3.47% to 3.18% as investors fled toward the safety of Treasury securities. Both USD and non-USD positions contributed to performance during the third quarter. While investors sought refuge from the uncertainty surrounding sovereign debt concerns and global monetary policy initiatives, long exposures to 5-year and 10-year Treasuries and 5-year and 10-year German bunds again contributed to performance through year-end, offset partly by losses from Eurodollar futures. While the start of the year was marked by USD-based positions, 2011 came to a close with non-USD positions as a more dominant theme in the portfolio.

        Not dissimilar to other complexes, metals experienced volatility during the year. Precious metals rose during the first quarter as inflation-wary investors continued to see value in safe haven assets. Silver in particular benefited, increasing more than 30 percent, advancing both from its status as an alternative currency and as an industrial metal. Significant long gold exposures were also up early in the year despite a choppy March, responding in particular to the weakening U.S. dollar mid-quarter. Early in the second quarter, Trading Advisors were positioned net long metals, with gold being one of the more active sectors as it reached record highs in late-April. However, choppy performance in May and declines in June challenged most Trading Advisors, who responded by reducing net exposures significantly over the course of June, softening the impact of later price volatility. In the midst of ongoing U.S. economic concerns, and as investors sparked a flight-to-quality early in the third quarter, gold and silver traded higher for most of that period. This was accretive to performance as many Trading Advisors entered the period with a long view on the complex. Metals detracted from performance late in the year, as Trading Advisors burdened with net long positions in precious metals suffered losses as gold prices declined steadily during November and December.

        The foreign exchange space experienced notable activity throughout the year amid macroeconomic concerns both domestically as well as abroad. Trading Advisors entered the start of the year predominantly short the U.S. dollar, a position largely maintained through mid-year. This exposure generally hurt performance in January, impacted by positive GDP reports and an increased demand for safe assets as social unrest unfurled in Egypt. These trades were generally beneficial through early in the second quarter, but caused losses as long exposure to the euro and Australian dollar traded down against the U.S. dollar. In the second half of the year, trading major currency pairs, such as the U.S. dollar versus the Japanese yen, were accretive early but gave back some of their gains in August. Though the start of the fourth quarter saw a brief rally in the euro, Trading Advisors had difficulty trading euro-based cross-currencies.

        From a strategy perspective, the energy sector experienced volatility throughout the year. During the first quarter, increasing civil unrest in the Middle East and Africa fueled concerns of oil supply disruptions. Oil prices had already climbed in January as a result of a colder-than-expected winter in the Northern Hemisphere when dramatic political events in oil-producing countries erupted. These price movements were exacerbated in March following the events in Japan, in which the nuclear plant crisis was seen as a possible trigger for increased demand in fossil fuel consumption. During the second quarter, Trading Advisors holding positions in West Texas Intermediate crude oil (WTI) and Brent crude oil saw the price spread between the two remain wide early in the quarter, driven by a glut of supply of WTI coming to the Cushing, Oklahoma facility (a major price settlement point for WTI) from Canada, and Middle Eastern stress driving up prices for Brent. In the third quarter, Trading Advisors suffered losses stemming from WTI crude oil positions early in the quarter and suffered additional losses mid-quarter on positions in Brent crude. However, short positions in natural gas helped Trading Advisors limit overall losses, as futures declined more than 10% at the close of

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September. In October, the portfolio was positioned net short crude and again experienced losses as crude futures recovered from $76 to $93/bbl over the course of the month. As the quarter came to a close, crude oil holdings continued to contribute losses, but with ample natural gas supply and persistently declining prices throughout the fourth quarter, short natural gas positions were additive.

        Equity strategies experienced gains early in the year, helped primarily by ongoing improvement in corporate fundamentals and a resurgence in shareholder-centered corporate activity, and the relative stability of the U.S. stock market even as a near-government shutdown dominated headlines domestically. However, long-based holdings declined in March as broader Japanese indices sold off substantially amidst the tragedy, and as concerns resurfaced around the long-term solvency of peripheral Europe. Equity holdings generally suffered during the second quarter. Long exposures to U.S. and European indices in May hurt performance, highlighted by a sharp intra-month Eurostoxx decline as investor confidence in Greece's ability to remain solvent rapidly eroded. The third quarter also proved difficult with sharp declines in equity prices during August and September, which created headwinds for Trading Advisors positioned net long U.S. indices. The sector finished the year with mixed returns. Near year-end, broader trading gains neutralized losses from select positions within the NASDAQ 100, S&P 500 and the Taiwan Index.

        Agricultural holdings had a strong start to the year, but tapered off heading into April. Wheat prices experienced a 29-month high in late January and spot prices for corn rose above the $6.50 mark for the first time since July 2008. However, prices for both grains fell off in March, hurting momentum-based trades. Sugar prices also peaked in January and dropped substantially throughout the quarter, prompted by expanded production internationally, particularly in Thailand and an earlier-than-expected harvest in Brazil. During the second quarter, foot-and-mouth disease ravaged livestock supply in Asia, which led to an increased demand for imports, but falling demand and indications of increasing U.S. supply in April ultimately led to losses for Trading Advisors holding long positions. The month of May saw a violent whipsaw in the grain markets, as the USDA's Grain Stocks and Acreage report surprised the market with higher-than-expected supply numbers. Poor crop conditions persisted during the third quarter, prompting reduced estimated grain yields and a bearish crop report from the USDA at quarter-end, which lifted prices. This generated early third quarter losses for Trading Advisors, but late period gains as exposures gradually shifted to the long side.

Variables Affecting Performance

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

        During most periods set forth under "Selected Financial Data", the interest rates in many countries were at unusually low levels. The low interest rates in the United States (although higher than in many other countries) negatively impacted revenues because interest income is typically a component of the Partnership's profitability. In addition, low interest rates are frequently associated with reduced fixed income market volatility, and in static markets the Partnership's profit potential generally tends to be diminished. On the other hand, during periods of higher interest rates, the relative attractiveness of a high risk investment such as the Partnership may be reduced as compared to high yielding and much lower risk fixed income investments.

        Prior to September 1, 2007 the Partnership's brokerage commissions and administrative fees were a constant percentage of the Partnership's assets allocated to trading. The only Partnership costs (other than currency trading costs) which were not based on a percentage of the Partnership's assets (allocated to trading or total) were the Profit Shares payable to the Trading Advisors on a Trading Advisor-by-Trading Advisor basis. Effective September 1, 2007, the Partnership revised its expense structure and the Partnership began paying its own operating expenses. Gross profitability is in turn affected by the percentage of the Partnership's assets allocated to trading. During periods when Profit

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Shares are a high percentage of net trading gains, it is likely that there has been substantial performance non-correlation among the Trading Advisors (so that the total Profit Shares paid to those Trading Advisors which have traded profitably are a high percentage, or perhaps even in excess, of the total profits recognized, as other Trading Advisors have incurred offsetting losses, reducing overall trading gains but not the Profit Shares paid to the successful Trading Advisors) suggesting the likelihood of generally trendless, non-consensus markets. Profit Shares will vary based upon profitability of the individual Trading Advisors.

        Unlike many investment funds, there is no meaningful distinction in the operations of the Partnership between realized and unrealized profits. Most of the contracts traded by the Partnership are highly liquid and can be closed out at any time.

        Except in unusual circumstances, factors (e.g. regulatory approvals, cost of goods sold, employee relations and the like) which often materially affect an operating business have virtually no impact on the Partnership.

Performance Summary—Factors Affecting Interest Income and Expenses

        Cash held in accounts at the Clearing Brokers and The Bank of New York Mellon earns interest on all such assets which are not used for trading. For the periods presented subsequent to May 1, 2011, all dollar amounts for interest income and expenses exclude those indirectly related to the Partnership' investments in Non-Consolidated LLCs. However, each Non-Consolidated LLC has similar interest and expense arrangements as the Partnership overall. The continued lower level of interest rates in 2013 in the U.S. negatively impacted interest income revenues. The Partnership estimates that approximately 88% of its assets are earning interest. For the year ended December 31, 2013, the Partnership earned $67,172 in interest income, or approximately 0.03% of the Partnership's average month-end net assets. For the year ended December 31, 2012, the Partnership earned $219,591 in interest income, or approximately 0.06% of the Partnership's average month-end net assets. The average interest rates for the year ended December 31, 2013 was 0.04%. The average interest rates for the year ended December 31, 2012 was 0.09%.

        The overall expenses of the Partnership (excluding Profit Shares) generally vary with changes in net assets. As such, expenses that vary with net assets are lower as of December 31, 2013 when compared to the year ending December 31, 2012. For the year ended December 31, 2013, Distribution, Trading Advisors' management fees and Sponsor fees decreased approximately 38%, when compared to the year ended December 31, 2012. Profit Shares decreased for the year ending December 31, 2013, when compared to the year ending December 31, 2012 primarily due to the Partnership's lower profitability and also less profitable Trading Advisors.

        The distribution fee is paid to the General Partner, who will then pay the distribution fee to the third-party selling agents, if any. Such selling agents in turn may use cash funds to compensate financial advisors and/or to cover the costs of supporting client accounts within the third party organization. If there are no payments to third-party selling agents with respect to a particular investor, the distribution fee will be returned by the General Partner or paid to an affiliate. Management fees are paid to the Trading Advisors. Sponsor fees are paid to the General Partner.

Liquidity; Capital Resources

        The Partnership may borrow only to a limited extent and only on a strictly short-term basis in order to finance losses on non-U.S. dollar denominated trading positions pending the conversion of the Partnership's U.S. dollar deposits. Any borrowings would be at a prevailing short-term rate in the relevant currency. There have been no borrowings to date.

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        A significant portion of the Partnership's assets are currently held in cash. The Net Asset Value of the Partnership's cash is not affected by inflation. However, changes in interest rates could cause periods of strong up or down price trends. Inflation in commodity prices could also generate price movements.

        With respect to assets allocated primarily to managed accounts rather than Portfolio Funds, except in unusual circumstances, the Partnership should be able to close out of its open trading positions and liquidate its securities holdings quickly and at market prices. This should permit a Trading Advisor to seek to limit losses as well as reduce market exposure on short notice should its strategies indicate doing so. In addition, because there generally is a readily available market value for the Partnership's positions and assets not allocated to Portfolio Funds, payment of redemption proceeds from the Partnership will generally be made approximately ten days following the Redemption Date, although there can be no assurance as to the timing of such payments.

        Although the Partnership has not done so to date, the Partnership may allocate assets to Portfolio Funds which typically are subject to redemption restrictions which may include advance written notice for redemptions, monthly or quarterly redemptions and such Portfolio Fund's ability to limit or suspend redemptions. Certain Trading Advisors accounts may also require advance notice to liquidate positions. In those instances in which such notice is required by a Trading Advisor, the notice period does not exceed 90 days.

        Most U.S. exchanges (but generally not foreign exchanges, or banks or broker-dealer firms in the case of foreign currency forward contracts) limit by regulation the amount of fluctuation limits. The daily limits establish the maximum amount the price of a futures contract may vary either up or down from the previous day's settlement price at the end of the trading session. Once the "daily limit" has been reached in a particular commodity, no trades may be made at a price beyond the limit. Positions in the commodity can then be taken or liquidated only if traders are willing to effect trades at or within the limit during the period for trading on such day. Because the "daily limit" rule only governs price movement for a particular trading day, it does not limit losses. The rule may, in fact, substantially increase losses because it may prevent the liquidation of unfavorable positions. Futures prices have occasionally moved the daily limit for several consecutive trading days, and thereby prevented prompt liquidation of futures positions on one side of the market, subjecting those futures traders involved to substantial losses.

        Liquidity will be of concern to the Partnership primarily in that the futures markets in which the Trading Advisors take positions may have periods in which illiquidity makes it impossible or economically undesirable to execute trades which its respective trading strategy would otherwise suggest. Other than in respect of the functioning of the markets in which it trades, liquidity will be of little relevance.

        The Partnership has not made any investments in Portfolio Funds to date so it has not had to raise funds from Portfolio Funds. Instead, the Partnership pays its redemptions with the cash held in its various operating accounts. Due to the nature of its futures trading, the Partnership has significant amounts of cash available to it. When it needs to fund redemptions, the General Partner anticipates that it will adjust the net assets allocated to the Partnership's various Trading Advisors as appropriate based upon its asset allocation process. The individual Trading Advisors decide which trading positions to liquidate in the accounts they manage, when necessary. To date the Partnership has been able to satisfy all of its redemption requests in a timely manner, although no assurances can be given that it will be able to do so in the future.

        There were no material commitments for capital expenditures as of December 31, 2013, the end of the most recent reporting period.

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Off-Balance Sheet Arrangements, Contractual Obligations, Commitments and Contingencies

        The Partnership has no applicable disclosure under this Item 7 regarding off-balance sheet arrangements and tabular disclosure of contractual obligations pursuant to Regulation S-K, Item 303(a)(4) and 303(a)(5), respectively, as the Partnership does not have any off balance sheet commitments that are likely to have a significant impact on its financial position or contractual obligations long term in nature. The Partnership does not enter into contractual obligations or commercial commitments to make future payments of a type that would be typical for an operating company or that would affect its liquidity or capital resources. The Partnership's sole business is trading futures, forward and option contracts, both long and short. The Partnership may also engage in trading derivatives. The Partnership's financial statements present the Condensed Consolidated Schedules of Investments setting forth net unrealized profit (loss) / market value of the Partnership's open futures, forward and option contracts at December 31, 2012. The Partnership does not engage in off-balance sheet arrangements with other entities and has not utilized, nor does it expect to utilize in the future, special purpose vehicles to facilitate off-balance-sheet financing arrangements and has no loan guarantee arrangements.

Item 7A:    Quantitative and Qualitative Disclosures about Market Risk

Introduction

Past Performance Not Necessarily Indicative of Future Results

        The Partnership is a speculative commodity pool. Unlike an operating company, the risk of market sensitive instruments traded by it is integral, not incidental, to the Partnership's main line of business.

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

        The Partnership, under the direction of its Trading Advisors, rapidly acquires and liquidates both long and short positions in a wide range of different markets. Consequently, it is not possible to predict how a possible future market scenario will affect performance, and the Partnership's past performance is not necessarily indicative of its future results.

        Value at Risk is a measure of the maximum amount which the Partnership could reasonably be expected to lose in a given market sector. However, the inherent uncertainty of the Partnership's speculative trading and the recurrence in the markets traded by the Partnership of market movements far exceeding expectations could result in actual trading or non-trading losses far beyond the indicated Value at Risk or the Partnership's experience to date (i.e., "risk of ruin"). In light of the foregoing, as well as the risks and uncertainties intrinsic to all future projections, the inclusion of the quantification in this section should not be considered to constitute any assurance or representations that the Partnership's losses in any market sector will be limited to Value at Risk or by the Partnership's attempt to manage market risk.

        Materiality, as used in this section "Quantitative and Qualitative Disclosures About Market Risk," is based on an assessment of reasonably possible market movements and the potential losses caused by such movements, taking into account the leverage, optionality and multiplier features of the Partnership's market sensitive instruments.

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Quantifying the Partnership's Trading Value at Risk

Quantitative Forward-Looking Statements

        The following quantitative disclosures regarding the Partnership's market risk exposures contain "forward-looking statements" within the meaning of the safe harbor from civil liability provided for such statements by the Private Securities Litigation Reform Act of 1995 (set forth in Section 27A of the Securities Act and Section 21E of the Exchange Act). All quantitative disclosures in this section are deemed to be forward-looking statements for purposes of the safe harbor, except for statements of historical fact.

        The Partnership's risk exposure in the various market sectors traded by the Trading Advisors is quantified below in terms of Value at Risk. Due to the Partnership's mark-to-market accounting, any loss in the fair value of the Partnership's open positions is directly reflected in the Partnership's earnings (realized or unrealized) and cash flows (at least in the case of exchange-traded contracts in which profits and losses on open positions are settled daily through variation margin).

        Exchange maintenance margin requirements have been used by the Partnership as the measure of its Value at Risk. Maintenance margin requirements are set by exchanges to equal or exceed the maximum loss in the fair value of any given contract incurred in 95% - 99% of the one-day time periods included in the historical sample (generally approximately one year) researched for purposes of establishing margin levels. Maintenance margin levels are established by dealers and exchanges using historical price studies, as well as an assessment of current market volatility and economic fundamentals, to provide a probabilistic estimate of the maximum expected near-term one-day price fluctuation.

        In the case of market sensitive instruments which are not exchange-traded (almost exclusively currencies in the case of the Partnership), the margin requirements for the equivalent futures positions have been used as Value at Risk. In those rare cases in which a futures-equivalent margin is not available, dealers' margins have been used.

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

        In quantifying the Partnership's Value at Risk, 100% positive correlation in the different positions held in each market risk category has been assumed. Consequently, the margin requirements applicable to the open contracts have been aggregated to determine each trading category's aggregate Value at Risk. The diversification effects resulting from the fact that the Partnership's positions are rarely, if ever, 100% positively correlated, have not been reflected.

The Partnership's Trading Value at Risk in Different Market Sectors

        The measurement of the Partnership's Trading Value at Risk is based upon the margin requirements imposed upon the Partnership for the positions it maintains across the various market sectors it invests in, which are calculated for each of its clearing accounts. The Partnership's margin requirements are then allocated across the various market sectors disclosed in the table based upon the relative size of the positions held in each sector. The Partnership's disclosure does not attempt to reduce this exposure based upon any assumptions on the correlation of positions held across the different clearing accounts to each other. The following table indicates the average, highest and lowest trading Value at Risk associated with the Partnership's open positions by market category for the fiscal years 2013, 2012 and 2011. During the fiscal year 2013 and 2012, the Partnership's average capitalization, excluding the Partnership's investments in the Non-Consolidated LLCs was $129,672,862

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and $209,589,658, respectively. During the fiscal year 2011, the Partnership's average net assets was $391,184,526.

Fiscal Year 2013

Market Sector	Average Value at Risk		% of Average Capitalization			Highest Value At Risk		Lowest Value At Risk
Agriculture	$	126,708		0.10	%	$	316,294	$	1,818
Currencies		2,418,207		1.86	%		4,644,911		1,187,094
Energy		139,343		0.11	%		329,010		8,084
Interest Rates		11,501,072		8.87	%		15,677,879		7,611,477
Metals		82,926		0.06	%		162,562		15,313
Stock Indices		920,777		0.71	%		1,915,134		491,592
TOTAL	$	15,189,033		11.71	%	$	23,045,790	$	9,315,378

Fiscal Year 2012

Market Sector	Average Value at Risk		% of Average Capitalization			Highest Value At Risk		Lowest Value At Risk
Agriculture	$	132,159		0.06	%	$	242,001	$	25,771
Currencies		2,444,220		1.17	%		3,879,866		1,121,989
Energy		179,201		0.08	%		503,198		6,362
Interest Rates		16,376,083		7.81	%		18,636,797		13,031,234
Metals		144,907		0.07	%		340,467		15,683
Stock Indices		892,656		0.43	%		1,660,028		271,099
TOTAL	$	20,169,226		9.62	%	$	25,262,357	$	14,472,138

Fiscal Year 2011

Market Sector	Average Value at Risk		% of Average Capitalization			Highest Value At Risk		Lowest Value At Risk
Agriculture	$	575,010		0.15	%	$	1,807,484	$	2,373
Currencies		8,164,447		2.09	%		17,343,450		2,967,706
Energy		437,530		0.11	%		1,416,199		4,658
Interest Rates		18,169,081		4.64	%		24,865,187		9,498,555
Metals		493,207		0.13	%		1,557,649		31,481
Stock Indices		1,144,008		0.29	%		3,537,936		33,990
TOTAL	$	28,983,283		7.41	%	$	50,527,905	$	12,538,763

        Average, Highest and Lowest Value at Risk amounts relate to the average, highest and lowest month-end amounts for each month-end during the period. The Percentage of Average Capitalization is the average of the Partnership's capitalization at the end of each calendar month during the period.

Material Limitations on Value at Risk as an Assessment of Market Risk

        The face value of the market sector instruments held by the Partnership is typically many times the applicable maintenance margin requirement (maintenance margin requirements generally ranging between approximately 1% and 10% of contract face value) as well as many times the capitalization of the Partnership. The magnitude of the Partnership's open positions creates a "risk of ruin" not typically found in most other investment vehicles. Because of the size of its positions, certain market conditions,

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unusual, but historically recurring from time to time, could cause the Partnership to incur severe losses over a short period of time. The foregoing Value at Risk table as well as the past performance of the Partnership give no indication of this "risk of ruin".

Non-Trading Risk

Foreign Currency Balances;Cash on Deposit with MLPF&S, Newedge USA, JPMS ,MS&Co.,UBS Securities, Barclays, HSBC, State Street and The Bank of New York Mellon.

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

        The Partnership also has non-trading market risk on the approximately 90%-95% of its assets which are held in cash at MLPF&S, Newedge USA, JPMS, MS&Co., UBS Securities, Barclays, HSBC, State Street or The Bank of New York Mellon. The value of this cash is not interest rate sensitive, but there is cash flow risk in that if interest rates decline so will the cash flow generated on these monies. This cash flow risk is generally insignificant.

Qualitative Disclosures Regarding Primary Trading Risk Exposures

The following qualitative disclosures regarding the Partnership's market risk exposures, except for (i) those disclosures that are statements of historical fact and (ii) the descriptions of how the Partnership manages its primary market risk exposure, constitute forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. The Partnership's primary market risk exposures as well as the strategies used by BRIM and the Trading Advisors for managing such exposures are subject to numerous uncertainties, contingencies and risks, any one of which could cause the actual results of the Partnership's risk controls to differ materially from the objectives of such strategies. Government interventions, defaults and expropriations, illiquid markets, the emergence of dominant fundamental factors, political upheavals, changes in historical price relationships, an influx of new market participants, increased regulation and many other factors could result in material losses as well as in material changes to the risk exposures and the risk management strategies of the Partnership. There can be no assurance that the Partnership's current market exposure and/or risk management strategies will not change materially or that any such strategies will be effective in either the short- or long-term. Investors must be prepared to lose all or substantially all of their investment in the Partnership.

        The following were the primary trading risk exposures of the Partnership as of December 31, 2013, by market sector:

Interest Rates

        Interest rate risk is the principal market exposure of the Partnership. Interest rate movements directly affect the price of futures and forward sovereign futures and forward bond positions held by the Partnership and indirectly the value of its stock index and currency positions. Interest rate movements in one country as well as relative interest rate movements between countries can be expected to materially impact the Partnership's profitability. The Partnership's primary interest rate exposure is to interest rate fluctuations in the United States and the other G-7 countries. However, the Partnership also takes positions based upon or indexed to the government debt of smaller nations e.g., New Zealand and Australia. BRIM anticipates that G-7 interest rates will remain the primary market exposure of the Partnership for the foreseeable future.

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Currencies

        The Partnership trades in a large number of currencies, and exchange rate risk is a significant market exposure of the Partnership. The Partnership's major exposures have typically been to pricing relationships between the U.S. dollar/Japanese yen, U.S. dollar/Euro and U.S. dollar/British pound positions as well as U.S. dollar/Canadian dollar, U.S. dollar/Australian dollar and U.S. dollar/Swiss franc. BRIM does not anticipate that the risk profile of the Partnership's currency sector will change significantly in the future. The currency trading Value at Risk figure includes foreign margin amounts converted into U.S. dollars with an incremental adjustment to reflect the exchange rate risk of maintaining Value at Risk in a functional currency other than U.S. dollars.

Stock Indices

        The Partnership has significant equity exposure to G-7 equity index price movements, although as of December 31, 2013, the Partnership's primary exposures were in the stock indices from Southeast Asian countries. The Partnership is primarily exposed to the risk of adverse price trends or static markets in the major G-7 and Asian indices.

Metals

        The Partnership's primary metals market exposure is to fluctuations in the price of gold and silver. Although certain of the Trading Advisors trade base metals such as aluminum, nickel, copper and tin, the principal market exposures of the Partnership have consistently been in the precious metals. BRIM anticipates that gold will remain the primary metal market exposure for the Partnership.

Agriculture Commodities

        The Partnership's primary agricultural commodities exposure is to agricultural price movements, which are often directly affected by severe or unexpected weather conditions. Soybeans, grains, livestock and sugar accounted for the substantial bulk of the Partnership's commodity exposure as of December 31, 2013. In the past, the Partnership has had material market exposure to orange juice and cotton and may do so again in the future. However, BRIM anticipates that the Trading Advisors will maintain an emphasis on soybeans, grains and sugar, in which the Partnership has historically taken its largest positions.

Energy

        The Partnership's primary energy market exposure is to natural gas and oil price movements, often resulting from political developments in the Middle East. Energy prices can be volatile and substantial profits and losses have been and are expected to continue to be experienced in this market.

Qualitative Disclosures Regarding Non-Trading Risk Exposure

        The following were the non-trading risk exposures of the Partnership as of December 31, 2013.

Foreign Currency Balances

        The Partnership's primary foreign currency balances are in Japanese yen, British pounds and Euros. The Partnership has minimal exchange rate exposure on these balances.

U.S. Dollar Balances

        The Partnership holds its U.S. dollars in cash at MLPF&S, Newedge USA, JPMS, MS&Co., UBS Securities, Barclays, HSBC, State Street and The Bank of New York Mellon. The Partnership has immaterial cash flow and interest-rate risk on its cash on deposit with MLPF&S, Newedge USA, JPMS,

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MS&Co., UBS Securities, Barclays, HSBC, State Street in that declining interest rates would cause the income from such cash to decline.

Qualitative Disclosures Regarding Means of Managing Risk Exposure

Trading Risk

        BRIM has procedures in place intended to control market risk exposure, although there can be no assurance that it will, in fact, succeed in doing so. These procedures focus primarily on monitoring the trading of the Trading Advisors, calculating the net asset value of the Partnership as of the close of business on each day and reviewing outstanding positions, or reallocating Partnership assets among Trading Advisors (although typically only as of the end of a month) for over-concentrations. BRIM's basic risk control procedures consist simply of the ongoing process of Trading Advisor monitoring, with the market risk controls being applied by the Trading Advisors themselves.

        At the Trading Advisor level, each Trading Advisor applies its own risk management policies to its trading. These policies generally limit the total exposure that may be taken per "risk unit" of assets under management. In addition, many Trading Advisors follow diversification guidelines (often formulated in terms of the maximum margin, which they will commit to positions in any one contract or group of related contracts), as well as imposing "stop-loss" points at which open positions must be closed out. Occasionally, Trading Advisors will limit the market exposure of their Partnership account through acquiring put or call options which "collar" the risk of open positions. However, because of the typically high degree of liquidity in the markets traded by the Partnership and the expense of acquiring options, most Trading Advisors rely simply on stop-loss policies, requiring the liquidation of positions once losses of a certain magnitude have been incurred.

        Certain Trading Advisors treat their risk control policies as strict rules; others only as general guidelines for controlling risk.

Non-Trading Risk

        The Partnership controls the non-trading exchange-rate risk of its foreign currency balances by regularly converting these balances back into U.S. dollars on a periodic basis.

        The Partnership has cash flow interest rate risk on its cash on deposit with MLPF&S, Newedge USA, JPMS, MS&Co., UBS Securities, Barclays, HSBC and State Street in that declining interest rates would cause the income from such cash to decline. However, a certain amount of cash or cash equivalents must be held by the Partnership in order to facilitate margin payments and pay expenses and redemptions. BRIM does not take any steps to limit the cash flow risk on its cash held on deposit at MLPF&S, Newedge USA, JPMS, MS&Co., UBS Securities, Barclays, HSBC, State Street and The Bank of New York Mellon.

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Item 8:    Consolidated Financial Statements and Supplementary Data

        Consolidated financial statements required by this item, including the report of independent registered public accounting firm, Deloitte & Touche LLP, for the fiscal years ended December 31, 2013, 2012 and 2011, are included as Exhibit 13.01 to this report.

        The following summarized quarterly financial information presents the results of operations for the three month periods ended March 31, June 30, September 30 and December 31, 2013 and 2012. This information has not been audited.

Net Income by Quarter
Eight Quarters through December 31, 2013

	Fourth Quarter 2013		Third Quarter 2013			Second Quarter 2013			First Quarter 2013			Fourth Quarter 2012			Third Quarter 2012			Second Quarter 2012			First Quarter 2012
Total Income (Loss)	$	6,012,558	$	(3,768,332	)	$	(10,905,323	)	$	(1,272,477	)	$	(7,799,988	)	$	(72,203	)	$	3,468,940		$	(12,459,199	)
Total Expenses		1,700,481		1,854,483			2,329,548			2,667,318			3,122,931			3,323,973			3,698,383			3,823,483
Net Income (Loss)	$	4,312,077	$	(5,622,815	)	$	(13,234,871	)	$	(3,939,795	)	$	(10,922,919	)	$	(3,396,176	)	$	(229,443	)	$	(16,282,682	)
Net Income (Loss) per Series A Unit	$	0.0252	$	(0.0282	)	$	(0.0550	)	$	(0.0149	)	$	(0.0370	)	$	(0.0104	)	$	(0.0009	)	$	(0.0432	)
Net Income (Loss) per Series F Unit	$	6.02	$	(6.90	)	$	(13.51	)	$	(3.59	)	$	(8.80	)	$	(2.79	)	$	0.13		$	(10.34	)
Net Income (Loss) per Series G Unit	$	0.0261	$	(0.0298	)	$	(0.0581	)	$	(0.0155	)	$	(0.0381	)	$	(0.0121	)	$	0.0000		$	(0.0448	)
Net Income (Loss) per Series I Unit	$	0.0409	$	(0.0262	)	$	(0.0615	)	$	(0.0091	)	$	(0.0352	)	$	(0.0073	)	$	0.0103		$	(0.0427	)
Weighted average units Series A		136,017,449		162,231,045			200,364,270			223,756,617			252,136,637			278,403,557			303,708,654			327,717,234
Weighted average units Series F		61,091		66,250			70,478			74,805			78,737			81,258			86,373			90,659
Weighted average units Series G		17,462,354		18,381,424			19,695,227			20,908,396			21,896,186			22,621,697			23,497,617			24,305,942
Weighted average units Series I		1,497,602		1,688,736			1,873,085			1,922,531			2,000,105			1,926,284			1,996,632			2,152,850

The supplementary financial information ("information about oil and gas producing activities") specified by Item 302 of Regulation S-K is not applicable.

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Item 9:    Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

        There were no changes in or disagreements with Deloitte & Touche LLP on accounting or financial disclosure.

Item 9A:    Controls and Procedures

Evaluation of Disclosure and Procedures

        The General Partner, with the participation of the Partnership's President as principal executive officer of the Partnership ("President") and the Chief Financial Officer, has evaluated the effectiveness of the design and operation of its disclosure controls and procedures with respect to the Partnership as of and for the year which ended December 31, 2013, and, based on its evaluation, has concluded that these disclosure controls and procedures are effective. Additionally, there were no significant changes in the General Partner's internal controls with respect to the Partnership over financial reporting which materially affect such internal controls.

Changes in Internal Control over Financial Reporting

        No change in internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) occurred during the year ended December 31, 2013 that has materially affected, or is reasonably likely to materially affect, the Partnership's internal control over financial reporting.

Management's Annual Report on Internal Control over Financial Reporting

        The Partnership's management is responsible for establishing and maintaining adequate internal control over financial reporting. The Partnership's internal control over financial reporting is a process designed under the supervision of the Partnership's President and Chief Financial Officer and effected by management, other personnel and service providers to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles and includes those policies and procedures that:

•

Pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the Partnership;

•

Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Partnership are being made only in accordance with authorizations of management and directors of the Partnership; and

•

Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Partnership's assets that could have a material effect on the financial statements.

        Because of its inherent limitations, internal control over financial reporting can provide only reasonable assurance with respect to financial statement preparation and presentation. Projections of any evaluation of effectiveness to future periods are subject to the risks that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

        The Partnership's management assessed the effectiveness of the Partnership's internal control over financial reporting at December 31, 2013. In making this assessment, management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in "Internal Control—Integrated Framework" (1992).

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        Based on its assessment, the Partnership's management concluded that, at December 31, 2013, the Partnership's internal control over financial reporting was effective.

        This annual report does not include an attestation report of the Partnership's independent registered public accounting firm regarding internal control over financial reporting. Management's report was not subject to attestation by the Partnership's independent registered public accounting firm pursuant to rules of the Securities and Exchange Commission that permit the company to provide only management's report in this annual report.

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PART III

Item 10:    Directors, Executive Officers and Corporate Governance

        10(a) and 10(b) Identification of Directors and Executive Officers:

        The Partnership is managed by BlackRock. Trading decisions are made by the Trading Advisors on behalf of the Partnership. BlackRock promotes the Partnership and is its controlling persons.

        The managers and executive officers of the Partnership and BlackRock, with the responsibility for the Partnership as of December 31, 2013, and their respective business backgrounds are as follows.

Edward Rzeszowski    President of the Partnership (Age 42)

Michael L. Pungello    Vice President, Chief Financial Officer and Treasurer of the Partnership (Age 56)

        Edward Rzeszowski is the President of the General Partner, a Managing Director of BlackRock, a listed principal of the General Partner since February 9, 2004 and a member of the Absolute Return Strategies ("ARS") Manager Research group within BAA. His responsibilities include evaluating potential hedge fund managers and monitoring existing managers with a focus on managed futures, macro funds and statistical arbitrage. He began this position in September 2006. Previously, Mr. Rzeszowski was a Director with Merrill Lynch's fund of funds team. In this role, he was responsible for the selection and analysis of hedge funds with a focus on managed futures, macro funds and statistical arbitrage, and served as senior hedge fund analyst and Portfolio Manager for the Merrill Lynch Global Horizons I L.P. From September 2000 to September 2006, Mr. Rzeszowski was a Senior Quantitative Analyst for the Merrill Lynch fund of funds team, responsible for risk management of the managed futures product line. He became employed with Merrill Lynch in 1995 and has held various positions in the finance department of certain Merrill Lynch asset management subsidiaries. His additional previous work experience includes OMR Systems Corporation (a financial investments service company) from September 1993 to September 1995, where he was responsible for the consolidation of managed futures risks. Mr. Rzeszowski earned a Bachelor of Arts degree in economics and finance from the University of Pittsburgh.

        Michael L. Pungello is Chief Financial Officer of the General Partner, a Managing Director of BRIM and a listed principal of the General Partner since November 22, 2006. Mr. Pungello was previously the Chief Financial Officer of Merrill Lynch Alternative Investments LLC ("MLAI"). He was First Vice President and Senior Director of Finance for Merrill Lynch's Operations, Services and Technology Group from January 1998 to March 1999. Prior to that, Mr. Pungello spent over 18 years with Deloitte & Touche LLP, and was a partner in their financial services practice from June 1990 to December 1997. He graduated from Fordham University in 1979 with a Bachelor of Science in Accounting and received his Master's of Business Administration in Finance from New York University in 1987.

        As of December 31, 2013, BRIM's general partner interest in the Partnership was valued at $3,354,997.

        (c)   Identification of Certain Significant Employees:

        None.

        (d)   Family Relationships:

        None.

        (e)   Business Experience:

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

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        (f)    Involvement in Certain Legal Proceedings:

        None.

        (g)   Promoters and Control Persons:

        Not applicable.

        (h)   Section 16(a) Beneficial Ownership Reporting Compliance:

        Not applicable.

        (i)    Code of Ethics:

        BRIM and its affiliates are subject to a code of ethics, as of the end of the period covered by this report, which applies to the Partnership's principal executive officer, principal financial officer and persons performing similar functions. A copy of the code of ethics is available upon request by calling 609-282-6996.

        (j)    Audit Committee Financial Expert:

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

Item 11:    Executive Compensation

        The Partnership's President and Chief Financial Officer, which are its only officers, managers, or employees, do not receive compensation from the Partnership. Instead, they are remunerated by BRIM in their respective positions with BRIM. The Partnership pays Brokerage Commissions to an affiliate of BRIM. BRIM or its affiliates may also receive certain economic benefits from the possession of the Partnership's U.S. dollar assets in offset accounts. The managers and officers receive no "other compensation" from the Partnership. There are no compensation plans or arrangements relating to a change in control of either the Partnership or BRIM.

Compensation Committee Interlocks and Insider Participation

Not applicable.

Compensation Committee Report

Not applicable.

Item 12:    Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

(a)   Securities Authorized for Issuance Under Equity Compensation Plans:

        None.

(b)   Security Ownership of Certain Beneficial Owners:

        Not applicable, the Units are non-voting. The Partnership is managed by BRIM, its General Partner.

(c)   Security Ownership of Management:

        As of December 31, 2013, BRIM holdings were $3,354,997 of Series A, F, G & I Units, which was approximately 3% of the December 31, 2013 net asset value.

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(d)   Changes in Control:

        None.

Item 13:    Certain Relationships and Related Transactions, and Director Independence

(a)   Transactions with Related Persons, Promoters and Certain Control Persons

        In 2013, the Partnership expensed: (i) Sponsor fees of $2,462,311 to BRIM; (ii) Distribution fees of $5,849,462 to BRIM. This includes expenses from Non-Consolidated LLCs. In addition, BRIM may have derived certain economic benefits from possession of the Partnership's assets.

        See Item 1(c), "Narrative Description of Business—Charges" and "—Description of Current Charges" for a discussion of other business dealings between BRIM affiliates and the Partnership.

        The Partnership is prohibited from making any loans, to management or otherwise.

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

        All of the service providers to the Partnership, other than the Trading Advisors, Merrill Lynch; Newedge USA, State Street, JPMS, MS&Co., UBS Securities, Barclays, HSBC and SS&C, are affiliates of BRIM. BRIM negotiated with the Trading Advisors over the level of their Management Fees and Profit Shares. However, none of the fees paid by the Partnership to any BRIM party were negotiated, and they are likely higher than those that may have been obtained in arm's-length bargaining. SS&C provides administrative services to the Partnership and is paid by the Partnership. BNY Mellon is the Transfer Agent of the Partnership and is paid by the Partnership.

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

        (c)   Transactions with Promoters:

        BRIM pays substantial selling commissions and trailing commissions to MLPF&S for distributing the Units.

        (d)   Director Independence:

        Not applicable.

Item 14:    Principal Accountant Fees and Services

        1)    Audit Fees

        Aggregate fees for professional services rendered by Deloitte & Touche LLP in connection with the audit of the Partnership's consolidated financial statements and the audits of the Non-Consolidated LLCs as of and for the year ended December 31, 2013 were $299,500. Aggregate fees for these services for the year ended December 31, 2012 were $283,000.

        2)    Audit-Related Fees

        There were no other audit-related fees for the years ended December 31, 2013 or 2012 related to the Partnership.

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        3)    Tax Fees

        Aggregate fees for professional services rendered by Deloitte Tax LLP in connection with the tax compliance, advice and preparation of the Partnership's tax returns for the year ended December 31, 2013 are estimated to be $229,000. Aggregate fees for these services for the Partnership for the year ended December 31, 2012 were $229,000.

        4)    All Other Fees

        No fees were paid to Deloitte & Touche LLP, Deloitte Tax LLP or any member firms of Deloitte Touche Tohmatsu and their respective affiliates during the years ended December 31, 2013 or 2012 for any other professional services in relation to the Partnership.

        5)    Pre-Approval Policies

        Although BRIM and the Partnership do not have pre-approval policies, the Chief Financial Officer of the Partnership pre-approves the engagement of the Partnership's independent registered public accounting firm for all services to be provided by them.

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PART IV

Item 15:    Exhibits and Financial Statement Schedules

1.

Consolidated Financial Statements (found in Exhibit 13.01):

	Page
Report of Independent Registered Public Accounting Firm		1
Consolidated Statements of Financial Condition as of December 31, 2013 and 2012		2
For the years ended December 31, 2013, 2012 and 2011:
Consolidated Statements of Operations		3
Consolidated Statements of Changes in Partners' Capital		4
Consolidated Financial Data Highlights		5
Notes to Consolidated Financial Statements		8

2.

Consolidated Financial Statement Schedules:

        Consolidated Financial statement schedules not included in this Form 10-K have been omitted for the reason that they are not required or are not applicable or that equivalent information has been included in the consolidated financial statements or notes thereto.

3.

Exhibits required by Item 601 of Regulation S-K:

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

Designation	Description
1.01	Selling Agreement among the Partnership, BRIM, or MLPF&S, the Selling Agent and the Trading Advisors.
Exhibit 1.01:	Is incorporated herein by reference from Exhibit 1.01 contained in Amendment No. 1 to the Registration Statement (File No. 33-62998) filed on September 10, 1993, on Form S-1 under the Securities Act of 1933 (the "Registrant's Registration Statement").
3.01(i)	Amended and Restated Certificate of Limited Partnership of the Registrant, dated August 25, 1994.
Exhibit 3.01(i):	Is incorporated herein by reference from Exhibit 3.01(i) contained in the Registrant's Registration Statement.
3.01(ii)	Ninth Amended and Restated Limited Partnership Agreement of the Partnership.
Exhibit 3.01(ii):	Is incorporated herein by reference from Exhibit 3.01(ii) contained in the Registrant's Registration Statement (as Exhibit A).
3.01(iii)	Amended and Restated Certificate of Limited Partnership of the Partnership, dated July 27, 1995.
Exhibit 3.01(iii):	Is incorporated by reference from Exhibit 3.02(iii) contained in the Registrant's report on Form 10-Q for the Quarter Ended June 30, 1995.
3.01(iv)	Amended and Restated Certificate of Limited Partnership of the Partnership, dated January 13, 2005.

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Designation	Description
Exhibit 3.01(iv):	Is incorporated herein by reference from Exhibit 3.01(iv) contained in the Registrant's report Form 10-K for the year ended December 31, 2004.
10.01(d)	Form of Advisory Agreement between the Partnership, BRIM and prospective Trading Advisors.
Exhibit 10.01(d):	Is incorporated by reference from Exhibit 10.01(d) contained in the Registrant's report on Form 10-Q for the Quarter Ended June 30, 1995.
10.01(e):	Advisory Agreement between the Partnership, BRIM and Gleneagles Global Horizons, LLC, dated December 14, 2010*
Exhibit 10.01(e):	Is incorporated by reference from Exhibit 10.01(e) contained in Registrant's report on Form 10-K for the year ended December 31, 2010.*
10.01(f):	Advisory Agreement between Alamo Global Horizons, LLC, BRIM and Abraham Trading Co., dated March 29, 2010.*
Exhibit 10.01(f):	Is incorporated herein by reference from Exhibit 10.01(f) contained in the Registrant's report Form 10-K for the year ended December 31, 2009.
10.01(g):	Advisory Agreement between BRIM, Boolean Global Horizons, LLC, and Boronia Capital Pty Ltd dated, March 26, 2010.*
Exhibit 10.01(g):	Is incorporated herein by reference from Exhibit 10.01(g) contained in the Registrant's report Form 10-K for the year ended December 31, 2009.
10.01(h):	Advisory Agreement between Breakout Global Horizons, LLC, BRIM and Blackwater Capital Management, LLC, dated March 23, 2010.*
Exhibit 10.01(h):	Is incorporated herein by reference from Exhibit 10.01(h) contained in the Registrant's report Form 10-K for the year ended December 31, 2009.
10.01(i):	Amended and Restated Advisory Agreement between BRIM, Cambridge Global Horizons, LLC, and Cantab Capital Partners LLP, dated March 31, 2013.*
Exhibit 10.01(i):	Is incorporated herein by reference from Exhibit 10.01 contained in the Registrant's report Form 10-Q for the quarter ended March 31, 2013.
10.01(j):	Amended and Restated Advisory Agreement between the BRIM, Colby Global Horizons, LLC, and Crabel Capital Management, LLC, dated March 31, 2013.*
Exhibit 10.01(j):	Is incorporated herein by reference from Exhibit 10.02 contained in the Registrant's report Form 10-Q for the quarter ended March 31, 2013.
10.01(k):	Advisory Agreement between BRIM, Mapleleaf Global Horizons, LLC and Mapleridge Capital Corporation, dated March 25, 2010.*
Exhibit 10.01(k):	Is incorporated herein by reference from Exhibit 10.01(k) contained in the Registrant's report Form 10-K for the year ended December 31, 2009.
10.01(l):	Advisory Agreement between BRIM, Nets Global Horizons, LLC and Nuwave Investment Management LLC, dated March 25, 2010.*
Exhibit 10.01(l):	Is incorporated herein by reference from Exhibit 10.01(l) contained in the Registrant's report Form 10-K for the year ended December 31, 2009.

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Designation	Description
10.01(m):	Advisory Agreement between BRIM, Orion Global Horizons, LLC and Ortus Capital Management Limited, dated March 26, 2010.*
Exhibit 10.01(m):	Is incorporated herein by reference from Exhibit 10.01(m) contained in the Registrant's report Form 10-K for the year ended December 31, 2009.
10.01(n):	Advisory Agreement between Quantum Global Horizons, LLC, BRIM and Quantitative Investment Management, LLC, dated March 25, 2010.*
Exhibit 10.01(n):	Is incorporated herein by reference from Exhibit 10.01(n) contained in the Registrant's report Form 10-K for the year ended December 31, 2009.
10.01(o):	Advisory Agreement between the BRIM, Warrior Global Horizons, LLC and Winton Capital Management Limited, dated March 29, 2010.*
Exhibit 10.01(o):	Is incorporated herein by reference from Exhibit 10.01(o) contained in the Registrant's report Form 10-K for the year ended December 31, 2009.
10.01(p):	Advisory Agreement between the Partnership, BRIM and Surya Global Horizons, LLC, dated August 1, 2011*
Exhibit 10.01(p):	Is incorporated herein by reference from Exhibit 10.01 contained in the Registrant's report Form 10-Q for the quarter ended September 30, 2011.
10.01(q):	Advisory Agreement between Chaminox Global Horizons, LLC, BRIM and Capital Fund Management S.A. dated December 28, 2011*
Exhibit 10.01(q):	Is incorporated herein by reference from Exhibit 10.01 contained in the Registrant's report Form 10-K for the year ended December 31, 2011.
10.01(r):	Advisory Agreement between Highgate Global Horizons, LLC, BRIM and Higgs Capital Management, LLP. dated October 12, 2012*
Exhibit 10.01(r):	Is incorporated herein by reference from Exhibit 10.01 contained in the Registrant's report Form 10-Q for the quarter ended September 30, 2012.
10.01(s):	Advisory Agreement between Quaker Global Horizons, LLC, BRIM and QMS Capital Management, LP dated April 30, 2013*
Exhibit 10.01(s):	Is incorporated herein by reference from Exhibit 10.01 contained in the Registrant's report Form 10-Q for the quarter ended March 31, 2013.
10.01(t):	Advisory Agreement between Canberra Global Horizons, LLC, BRIM and Civic Capital Advisors, LLC dated December 30, 2013*
Exhibit 10.01(t):	Is filed herewith.
10.02	Form of Consulting Agreement between each Trading Advisor, the Partnership and Merrill Lynch Futures Inc.
Exhibit 10.02:	Is incorporated herein by reference from Exhibit 10.02 contained in the Registrant's Registration Statement.
10.03	Form of Customer Agreement between the Partnership and MLPF&S or Newedge USA.
Exhibit 10.03:	Is incorporated herein by reference from Exhibit 10.03 contained in the Registrant's Registration Statement.
10.05	Form of Subscription Agreement and Power of Attorney.

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Designation	Description
Exhibit 10.05:	Is incorporated herein by reference from Exhibit 10.05 contained in the Registrant's Registration Statement (as Exhibit D).
10.06	Foreign Exchange Desk Service Agreement, dated July 1, 1993 among Merrill Lynch International Bank, MLIM LLC, MLPF&S and the Partnership.
Exhibit 10.06:	Is incorporated herein by reference from Exhibit 10.06 contained in Amendment No. 1 to the Registration Statement.
10.07	Form of Advisory and Consulting Agreement Amendment among Merrill Lynch Investment Partners Inc., each Trading Advisor, the Partnership and Merrill Lynch Futures Inc.
Exhibit 10.07:	Is incorporated herein by reference from Exhibit 10.07 contained in the Registrant's report on Form 10-K for the year ended December 31, 1996.
13.01	2013 Annual Report and Report of Independent Registered Public Accounting Firm.
Exhibit 13.01:	Is filed herewith.
13.01(a)	Alamo Global Horizons, LLC 2013 Annual Report and Independent Auditors' Report
Exhibit 13.01(a):	Is filed herewith.
13.01(b)	Breakout Global Horizons, LLC 2013 Annual Report and Independent Auditors' Report
Exhibit 13.01(b):	Is filed herewith.
13.01(c)	Cambridge Global Horizons, LLC 2013 Annual Report and Independent Auditors' Report
Exhibit 13.01(c):	Is filed herewith.
13.01(d)	Nets Global Horizons, LLC 2013 Annual Report and Independent Auditors' Report
Exhibit 13.01(d):	Is filed herewith.
13.01(e)	Quantum Global Horizons, LLC 2013 Annual Report and Independent Auditors' Report
Exhibit 13.01(e):	Is filed herewith.
13.01(f)	Quaker Global Horizons, LLC 2013 Annual Report and Independent Auditors' Report
Exhibit 13.01(f):	Is filed herewith.
21.01	Subsidiaries of Registrant
Exhibit 21.01	Is filed herewith.
31.01 and 31.02	Rule 13a-14(a)/15d-14(a) Certifications
Exhibit 31.01 and 31.02:	Are filed herewith.
Exhibit 32.01 and 32.02	Section 1350 Certifications

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Designation	Description
Exhibit 32.01 and 32.02:	Are filed herewith.
Exhibit 101	Interactive Date Files of Financial Statements and Notes contained in this Annual Report on Form 10-K filed pursuant to Rule 405 of Regulation S-T. The financial information from the Annual Report on Form 10-K for the year ended December 31, 2013 formatted in Extensible Business Reporting Language (XBRL), include; (i) the Consolidated Statements of Operations, (ii) the Consolidated Statements of Financial Condition, and (iii) related notes (furnished herewith).

*

Portions of these exhibits have been redacted pursuant to a confidential treatment request filed with the Securities and Exchange Commission pursuant to Exchange Act Rule 24.b-2. Such redacted portions have been marked with an asterisk.

73

SIGNATURES

        Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized on March 21, 2014.

BLACKROCK GLOBAL HORIZONS I L.P.
By:	BLACKROCK INVESTMENT MANAGEMENT, LLC General Partner

        Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Date: March 21, 2014	By	/s/ EDWARD RZESZOWSKI Edward Rzeszowski President (Principal Executive Officer)
Date: March 21, 2014	By	/s/ MICHAEL L. PUNGELLO Michael L. Pungello Chief Financial Officer (Chief Financial Officer)

74

BLACKROCK GLOBAL HORIZONS I L.P.

2013 FORM 10-K

INDEX TO EXHIBITS

Exhibit
Exhibit 10.01(t):	Advisory Agreement between Canberra Global Horizons, LLC, BRIM and Civic Capital Advisors, LLC dated December 30, 2013*
Exhibit 13.01	2013 Annual Report and Report of Independent Registered Public Accounting Firm
Exhibit 13.01(a)	Alamo Global Horizons, LLC 2013 Annual Report and Independent Auditors' Report
Exhibit 13.01(b)	Breakout Global Horizons, LLC 2013 Annual Report and Independent Auditors' Report
Exhibit 13.01(c)	Cambridge Global Horizons, LLC 2013 Annual Report and Independent Auditors' Report
Exhibit 13.01(d)	Nets Global Horizons, LLC 2013 Annual Report and Independent Auditors' Report
Exhibit 13.01(e)	Quantum Global Horizons, LLC 2013 Annual Report and Independent Auditors' Report
Exhibit 13.01(f)	Quaker Global Horizons, LLC 2013 Annual Report and Independent Auditors' Report
Exhibit 21.01	Subsidiaries of Registrant
Exhibit 31.01 and 31.02	Rule 13a-14(a)/15d-14(a) Certifications
Exhibit 32.01 and 32.02	Sections 1350 Certifications
Exhibit 101	Interactive Date Files of Financial Statements and Notes contained in this Annual Report on Form 10-K filed pursuant to Rule 405 of Regulation S-T. The financial information from the Annual Report on Form 10-K for the year ended December 31, 2013 formatted in Extensible Business Reporting Language (XBRL), include (i) the Consolidated Statements of Operations, (ii) the Consolidated Statements of Financial Condition, and (iii) related notes (furnished herewith).

*

Portions of these exhibits have been redacted pursuant to a confidential treatment request filed with the Securities and Exchange Commission pursuant to Exchange Act Rule 24 b-2. Such redacted portions have been marked with an asterisk.

EX-10.01(T)

Exhibit 10.01(t)

Execution Version

ADVISORY AGREEMENT

among

CANBERRA GLOBAL HORIZONS, LLC,

BLACKROCK INVESTMENT MANAGEMENT, LLC

and

CIVIC CAPITAL ADVISORS, LLC

Dated as of December 30, 2013

ADVISORY AGREEMENT

Table of Contents

		Page
1.	Undertakings in Connection with Offering of Global Horizons Units	2
2.	Duties of the Trading Advisor	3
3.	Trading Advisor Independent	5
4.	Commodity Broker; Floor Brokers	5
5.	Allocation of Company Assets to Trading Advisor; Allocation of Receipts and Charges	6
6.	Compensation	7
7.	Term and Termination	8
8.	Right to Advise Others; Uniformity of Acts and Practices	9
9.	Speculative Position Limits	10
10.	Additional Undertakings by the Trading Advisor	10
11.	Representations and Warranties	11
12.	Entire Agreement	14
13.	Exculpation and Indemnification	14
14.	Assignment	15
15.	Amendment; Waiver	15
16.	Severability	15
17.	No Third-Party Beneficiaries	16
18.	Notices	16
19.	Governing Law	17
20.	Consent to Jurisdiction	17
21.	Promotional Material	17
22.	Confidentiality	17
23.	Counterparts	18
24.	Headings	18
Appendix A - List of Authorized Traders		A-1
Appendix B - List of Commodity Interests Traded by Trading Advisor		B-1
Appendix C - Commodity Trading Authority		C-1
Appendix D - Acknowledgement of Receipt of Disclosure Document		D-1

ADVISORY AGREEMENT

THIS ADVISORY AGREEMENT (the “Agreement”), made as of December 30, 2013, among CANBERRA GLOBAL HORIZONS, LLC. a Delaware limited liability company (the “Company”),  BLACKROCK INVESTMENT MANAGEMENT LLC, a Delaware limited liability company and the manager of the Company (the “Manager”), and CIVIC CAPITAL ADVISORS, LLC, a Delaware limited liability company  (the “Trading Advisor”).

W I T N E S S E T H:

WHEREAS, the Company trades, buys, sells or otherwise acquires, holds or disposes of forward contracts (inclusive of Gold), currencies,  and Vanilla FX options and engages in all activities incident thereto (the foregoing forms of investment being collectively referred to herein as “commodity interests”);

WHEREAS, a holder of interests in the Company, BlackRock Global Horizons I, LP (the “Global Horizons Fund”), currently offers units of limited partnership interests in the Global Horizons Fund (the “Global Horizons Units”) for sale to investors in an offering exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”), pursuant to Section 4(2) thereof and Rule 506 under Regulation D promulgated thereunder, as described in the Global Horizons Fund’s confidential private placement memorandum (the “Global Horizons Memorandum”) that has been filed with the Commodity Futures Trading Commission (the “CFTC”) and the National Futures Association (the “NFA”) pursuant to the Commodity Exchange Act, as amended (the “CEA”), the commodity pool operator and commodity trading advisor regulations promulgated under the CEA by the CFTC (the “Commodity Regulations”), and NFA rules promulgated under the CEA (the “NFA Rules”);

WHEREAS, the Global Horizons Fund had previously sold Global Horizons Units publicly pursuant to an effective registration under the 1933 Act.  Such public offering was discontinued in 1998, and the Global Horizons Units now being offered are the same class of equity securities as the outstanding Global Horizons Units;

WHEREAS, interests in the Company may be held by the Global Horizons Fund and by additional entities sponsored or managed by the Manager or an affiliate (each such entity, including the Global Horizons Fund, a “BlackRock Vehicle”);

WHEREAS, the Trading Advisor is engaged in the business of, among other things, making trading decisions on behalf of investors in the purchase and sale of certain commodity interests; and

WHEREAS, the Company desires the Trading Advisor, upon the terms and conditions set forth herein, to act as a trading advisor for the Company and to make commodity interests investment decisions for the Company with respect to the Company’s assets from time to time, and the Trading Advisor desires to so act;

NOW, THEREFORE, the parties hereto do hereby agree as follows:

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1.Undertakings in Connection with Offering of Global Horizons Units.

(a)Undertakings by the Trading Advisor.  The Trading Advisor agrees to use its best efforts to cooperate with the Global Horizons Fund and the Manager in amending the Global Horizons Memorandum or any other written materials by providing, as promptly as may be reasonably practicable, all information (if any) regarding the Trading Advisor and its principals which the Manager reasonably believes to be necessary or advisable to include in the Global Horizons Memorandum, as the same may be amended from time to time, in connection with regulatory requirements that may be applicable to the Global Horizons Fund; provided, that nothing herein shall require the Trading Advisor to disclose any proprietary or confidential information related to its trading programs, systems or strategies or to its clients.

(b)Certain Defined Terms.  As used in this Agreement, the term “principal” shall have the same meaning given to such term in Section 4.10(e) of the Commodity Regulations, and the term “affiliate” shall mean an individual or entity (including a stockholder, director, officer, employee, agent, or principal) that directly or indirectly controls, is controlled by, or is under common control with any other individual or entity.

(c)Use of Global Horizons Memorandum and Other Solicitation Material.  Neither the Trading Advisor, its principals nor any of its employees, affiliates or agents, the employees, affiliates or agents of such affiliates, or their respective successors or assigns shall use, publish, circulate or distribute the Global Horizons Memorandum (including any amendment or supplement thereto) or any related solicitation material nor shall any of the foregoing engage in any marketing, sales or promotional activities in connection with the offering of Global Horizons Units, except as may be requested by the Manager and agreed to by the Trading Advisor.

(d)Updated Performance Information.  At any time while Global Horizons Units continue to be offered and sold, at the written request of the Global Horizons Fund or the Manager, the Trading Advisor, at its own expense, shall promptly provide the Global Horizons Fund and the Manager with complete and accurate performance information (in form and substance consistent with Section 4.35 of the Commodity Regulations and the NFA Rules) reflecting the actual performance of the Civic Capital Currency Master Fund (“Hedge Fund”) up to the latest practicable date (consistent with Section 4.35 of the Commodity Regulations) prior to the date of the Global Horizons Memorandum (as amended or supplemented), together with any reports or letters relating to such performance data received from accountants and in the possession of the Trading Advisor.

(e)Access to Personnel and Books and Records.  Upon reasonable notice to the Trading Advisor, the Company or the Manager shall have the right to have access to the Trading Advisor’s offices in order to inspect and copy the books and records of the Clearing Broker Account and to inspect such other records of the Hedge Fund during normal business hours as may enable them to verify the accuracy and completeness of or to supplement as necessary the data furnished by the Trading Advisor pursuant to Section l(d) of this Agreement or to verify compliance with the terms of this Agreement (subject to such restrictions as the Trading Advisor may reasonably deem necessary or advisable so as to preserve the confidentiality of proprietary information concerning such trading systems, methods, models,

2

strategies and formulas and of the identity of the Trading Advisor’s clients).  The Company or the Manager shall also have the right to have access to appropriate senior personnel of the Trading Advisor in order to discuss matters related to such books and records.

2.Duties of the Trading Advisor.

(a)Speculative Trading.  As of the date of this Agreement, the Trading Advisor acts as the trading advisor for the Company.  The Trading Advisor and the Company agree that in managing the commodity interests of the Company held in the Clearing Broker Account (as defined below), the Trading Advisor shall utilize the investment program (the “Program”) as described in the Confidential Explanatory Memorandum for the Hedge Fund dated July 2012 (the “Disclosure Statement”). The Trading Advisor may trade a different trading program for the Company than the Program only with the consent of the Manager, it being understood that the Trading Advisor may change the Hedge Fund’s investment program (and therefore the Program) subject to compliance with the notice provisions below.  Except as provided otherwise in this Section 2, the Trading Advisor shall have sole and exclusive authority and responsibility for directing the investment and reinvestment of assets credited to the Clearing Broker Account utilizing the Program pursuant to and in accordance with the Trading Advisor’s best judgment and its approach as described in the Disclosure Document, and as refined and modified from time to time in the future in accordance herewith, for the period and on the terms and conditions set forth herein.  Only those individuals employed by the Trading Advisor, listed on Appendix A and authorized by the Trading Advisor to do so are permitted to implement trades for the Company.  Notwithstanding the foregoing, the Company or the Manager may override the trading instructions of the Trading Advisor to the extent necessary to comply with applicable law.  “Clearing Broker Account” means, collectively, one or more accounts of the Company held in the name of the Company and established at one or more Clearing Brokers (as defined below).

The Company and the Manager both specifically acknowledge that in agreeing to manage the Company, the Trading Advisor is not making any guarantee of profits or of protections against loss.

The Trading Advisor shall give the Company and the Manager prompt written notice of any proposed material change in the investment program of the Hedge Fund or the manner in which trading decisions of the Hedge Fund are to be made or implemented and shall not make any such proposed material change with respect to trading for the Company without having given the Company and the Manager at least 30 days’ prior written notice of such change. In the event of such material change, the Company and the Manager will have the right to terminate this Agreement without being subject to the Withdrawal Penalty set forth in Section 6(a) or any other penalty.   The addition and/or deletion of commodity interests from the Company’s portfolio managed by the Trading Advisor shall not be deemed a change in the Trading Advisor’s trading approach and prior written notice to the Company or the Manager shall not be required therefor, except as set forth in Section 2(b) below; provided that, with respect to the Company, the Trading Advisor may trade a trading program other than the Program in managing the Company only with the consent of the Manager.

3

(b)List of Commodity Interests Traded by the Trading Advisor.  The Trading Advisor shall provide the Company and the Manager with a complete list of commodity interests which it intends to trade on the Company’s behalf.  All commodity interests other than regulated futures contracts and options on regulated futures contracts traded on a qualified board or exchange in the United States (“Regulated Futures Contracts”) shall be listed on Appendix B to this Agreement.  The addition of commodity interests (other than forward contracts on foreign currencies and Gold) to the Company’s portfolio managed by the Trading Advisor as set forth in Appendix B to this Agreement shall require prior written notice to the Company or the Manager and an amendment to Appendix B.

(c)Investment of Assets Held in Securities and Cash.  Notwithstanding any provision of this Agreement to the contrary, the Company and the Manager, and not the Trading Advisor, shall have the sole and exclusive authority and responsibility with regard to the investment, maintenance and management of the Company’s assets other than in respect of the Trading Advisor’s trading of the Company’s commodity interests held in the Clearing Broker Account.

(d)Trading Authorization.  Prior to the Company’s acceptance of trading advice from the Trading Advisor in accordance with this Agreement, the Company shall deliver to the Trading Advisor a trading authorization in the form of Appendix C hereto appointing the Trading Advisor as an agent of the Company and attorney-in-fact for such purpose.

(e)Delivery of Disclosure Documents.  The Trading Advisor shall, during the term of this Agreement, deliver to the Company copies of all updated disclosure documents for the Program, promptly following preparation of such disclosure documents, and the Manager on behalf of the Company shall, if requested, sign the Acknowledgement of Receipt of Disclosure Document in the form of Appendix D hereto, for the initial disclosure document so delivered.

3.Trade Reconciliations.  The Trading Advisor acknowledges its obligation to review the commodity interest positions held in the Clearing Broker Account on a daily basis and to notify the Company and the Manager promptly of any Material Errors (as defined below) committed by the Trading Advisor or any trade which the Trading Advisor believes was not executed in accordance with its instructions and cannot be promptly resolved. As used herein, “Material Errors” shall mean errors that result in any realized or unrealized losses to the Clearing Broker Account of five basis points or more.  The Manager will not hold the Trading advisor liable for trade errors except as set forth in Section 14(a). The Trading Advisor will use its own records to evaluate trade and portfolio information against those of the Clearing Broker until it receives the necessary information from the Company, upon which time the Trading Advisor will use the information from the Company to evaluate the trade and portfolio information.

(a)Trade Information.   The Trading Advisor shall use reasonable efforts to provide trade information to OMR Systems by electronic file by 5p.m.(Eastern time) on the date of any trade made on behalf of the Company.

4

4.Trading Advisor Independent.  For all purposes of this Agreement, the Trading Advisor shall be deemed to be an independent contractor and shall have no authority to act for or represent the Company in any way and shall not otherwise be deemed to be an agent of the Company.  Nothing contained herein shall create or constitute the Trading Advisor and any other trading advisor for the Company, the Global Horizons Fund or the Manager as a member of any partnership, joint venture, association, syndicate, unincorporated business or other separate entity, nor shall this Agreement be deemed to confer on any of them any express, implied, or apparent authority to incur any obligation or liability on behalf of any other.  The parties acknowledge that the Trading Advisor has not been an organizer or promoter of the Global Horizons Fund.

5.Commodity Broker; Floor Brokers.

(a)Clearing of All Trades.  The Trading Advisor shall clear orders for all commodity interest transactions for the Company through such prime broker or brokers as the Company shall designate from time to time in its sole discretion (the “Clearing Broker”).  The Trading Advisor will not, without the consent of the Manager, trade on a “give up” basis through floor brokers not associated with the Clearing Broker.  The Manager will review and approve or disapprove all executing brokers proposed by the Trading Advisor for the Company’s account.  The Manager agrees that it will only disapprove a proposed executing broker suggested by the Trading Advisor for cause and that, if an executing broker is approved, the Company will not hold the Trading Advisor liable for any error or breach of contract by any such executing broker, barring negligence, misconduct or bad faith on the part of the Trading Advisor.  Even if such floor brokers receive the Manager’s consent to execute trades on behalf of the Company, all such trades will be “given-up” to be carried by the Clearing Broker.  The Trading Advisor shall receive copies of all daily and monthly brokerage statements for the Company directly from the Clearing Broker.

The parties acknowledge that the Trading Advisor has no authority or responsibility for selecting a commodity broker or dealers or for the negotiation of brokerage commission rates.  If necessary for the Trading Advisor to trade pursuant to the Program, the Company shall provide adequate dealing lines of credit for the Trading Advisor to place orders for spot and forward currency contracts, FX options and Gold on behalf of the Company.

(b)Forward Trading.  All forward trades for the Company shall be executed through the forward dealer(s) (which may be affiliates of the Manager) designated by the Manager, provided that at the request of the Trading Advisor, the Manager may consent to some other forward trading arrangement, which consent shall not be unreasonably withheld.  The Trading Advisor shall use such other banks or dealers only for what the Trading Advisor, in good faith, believes to be good cause.

(c)Floor Brokerage.  Notwithstanding Section 4(a) of this Agreement, the Trading Advisor may place orders for commodity interest transactions for the Company through floor brokers selected by the Trading Advisor, and approved by the Manager, such approval not to be unreasonably withheld.  Such floor brokers shall “give up” all trades on behalf of the Company to the Clearing Broker for clearance.  The brokerage and floor commissions, “give-up” fees and other transaction costs charged by any floor broker to effect

5

Company transactions shall be subject to the approval of the Manager, such approval not to be unreasonably withheld provided that such fees and transaction costs are competitive with the Clearing Broker’s standard rates.

6.Allocation of Company Assets to Trading Advisor; Allocation of Receipts and Charges.

(a)The Manager has allocated a portion of the assets of the BlackRock Vehicles to the Company to be managed in accordance with the terms of this Agreement.  The Manager may, in its sole discretion, reallocate BlackRock Vehicles’ assets by contributing to or withdrawing amounts from the Company as of any month-end.  The Company may withdraw amounts from the Clearing Broker Accounts as of any month-end, including to fund any distributions or redemptions of interests to be made by the Company and/or to pay the Company’s expenses; provided that the Company and the Manager shall provide the Trading Advisor 5 (five) days’ notice so that the Trading Advisor may liquidate positions as may be necessary to satisfy such withdrawals; and provided further that if the Company withdraws amounts prior to the first anniversary of the date hereof the Trading Advisor will be entitled to a withdrawal fee (“Withdrawal Fee”) equal to [ ]* of the amount withdrawn; except that (i) the Withdrawal Fee shall not apply to any withdrawal in accordance with Section 2(a) or any withdrawal following a Cause Event (as defined below) and (ii) the Company may withdraw up to [ ]* of the Clearing Broker Account’s initial balance prior to the first anniversary of the date hereof without being subject to a Withdrawal Fee on such amounts.

(b)A separate memorandum account (each such account, an “Account”) shall be maintained on the books of the Company with respect to each BlackRock Vehicle’s interest in the Company (or in respect of different portions of a BlackRock Vehicle’s interest in the Company) managed by the Trading Advisor and shall be increased or decreased for allocations, reallocations, distributions, withdrawals and the allocation of gains and receipts, losses and charges (including the Incentive Fee (as defined below), the Management Fee (as defined below) with respect to such Account.

(c)Gains and receipts (e.g., trading profits and, in some instances, interest income), losses and charges (e.g., trading losses, brokerage commissions and Company administrative expenses) specific to the Company shall be allocated to the BlackRock Vehicles’ Accounts on a pro rata basis based on the value of each BlackRock Vehicle Account at the beginning of the applicable fiscal period, before reduction for any Incentive Fee (as defined herein), provided that any Management Fees and Incentive Fees shall be allocated to the Accounts to which such fees relate.

(d)With respect to the Global Horizons Fund, gains and receipts, losses and charges of the Global Horizons Fund not specific to (i) the Company or (ii) any other company or account held by the Global Horizons Fund and managed by a specific trading advisor (e.g., certain interest income and distributions attributable to the Global Horizons Fund) (“Non-Specific Items”), shall be allocated among all of the companies and accounts held by the Global Horizons Fund that are managed by the different trading advisors, including the Global Horizon Fund’s Account with the Company, pro rata based on the beginning of the month value of each such company and account.

6

(e)The value of a BlackRock Vehicle’s Account determined after taking into account all realized and unrealized gains and losses, and with respect to Global Horizons Fund’s Account, after deducting all charges and reserves (including but not limited to, in the case of Global Horizons Fund, (i) the charges and other items specific to Global Horizons Fund’s Account, and (ii) a pro rata share (based upon the value of Global Horizons Fund’s Account and each other company and account of the Global Horizons Fund) of distribution fees, transfer agent fees, administrator’s fees, brokerage commissions and sponsor fees) is a BlackRock Vehicle’s Account’s “Net Asset Value.”

7.Compensation.

(a)Management Fee.  Within approximately ten business days of each calendar month end, the Company will pay the Trading Advisor a management fee in respect of each BlackRock Vehicle’s Account equal to [ ]* % of the month end  Net Asset Value (before deducting the unearned Incentive Fee) of each such BlackRock Vehicle’s Account (the “Management Fee”).  The Company will use commercially reasonable efforts to pay such Management Fee within 10 days of each month-end.

The Management Fee for any month will be prorated for any contributions or withdrawals from a BlackRock Vehicle’s Account pursuant to Section 5(a) during the month and for any months during which the Trading Advisor did not manage the BlackRock Vehicle Account for the full month.

(b)Incentive Fee.

(i)The Company will pay an incentive fee (the “Incentive Fee”) to the Trading Advisor, in respect of each BlackRock Vehicle’s Account for the annual period ending on December 31 of each calendar year (“Incentive Fee Calculation Date”), equal to [ ]* of the New Trading Profit (as defined herein) of such BlackRock Vehicle’s Account as of such Incentive Fee Calculation Date.  For the avoidance of doubt, the first Incentive Fee period will begin on the date of this Agreement and end on December 31, 2014 and/or within 30 days of partial or full redemption.

(ii)Subject to the adjustments contemplated below, “New Trading Profit” shall mean the excess of (x) the Net Asset Value of a BlackRock Vehicle’s Account as of the current Incentive Fee Calculation Date (less all Management Fees allocable to such BlackRock Vehicle’s Account) over (y) the High Water Mark (as defined below) attributable to such BlackRock Vehicle’s Account.  New Trading Profit will be calculated prior to reduction [ ]*.

(iii)The “High Water Mark” attributable to a BlackRock Vehicle’s Account shall be equal to the value of such BlackRock Vehicle’s Account (for the avoidance of doubt, after reduction for the Incentive Fee then paid), as of the immediately preceding Incentive Fee Calculation Date as of which an Incentive Fee was charged to such Account (or, for the year in which such

7

BlackRock Vehicle Account was established, the date that the BlackRock Vehicle’s Account was established).  The High Water Mark attributable to a BlackRock Vehicle’s Account shall subsequent to such date be increased dollar-for-dollar by any capital allocated to the Company by such BlackRock Vehicle and decreased proportionately when capital is reallocated away from the Company (other than to pay expenses) by such BlackRock Vehicle.  The amount of the High Water Mark after giving effect to the proportionate reduction made as a result of a reallocation shall be calculated by multiplying the High Water Mark of such BlackRock Vehicle’s Account in effect immediately prior to such reallocation by a fraction the numerator of which is the value of such BlackRock Vehicle’s Account immediately following such reallocation and the denominator of which is the value of such BlackRock Vehicle’s Account immediately before such reallocation.

(iv)If an Incentive Fee is paid as of an Incentive Fee Calculation Date in respect of a BlackRock Vehicle’s Account, the High Water Mark of such BlackRock Vehicle’s Account is reset to the value of the BlackRock Vehicle’s Account immediately following such payment.

(v)When there is an accrued Incentive Fee in respect of a BlackRock Vehicle’s Account at any time any reallocation from the Company by a BlackRock Vehicle is made, the Incentive Fee attributable to such reallocation will be paid.  Such Incentive Fee shall be determined by multiplying the Incentive Fee that would have been paid in respect of such BlackRock Vehicle’s Account had the date of the reallocation been an Incentive Fee Calculation Date by a fraction the numerator of which is the amount of the reallocation by such BlackRock Vehicle and the denominator of which is the value of the BlackRock Vehicle’s Account immediately prior to the reallocation, in each case prior to reduction for the accrued Incentive Fee.  Such Incentive Fee will be paid from and reduce the amount of the reallocation by such BlackRock Vehicle.

(vi)Interest (including any interest on cash accounts, clearing brokerage accounts or posted collateral) shall not be included in any of the foregoing calculations.  For the avoidance of doubt, no Incentive Fee shall be payable on any interest income earned by a BlackRock Vehicle.

(vii)Termination of this Agreement shall be treated as an Incentive Fee Calculation Date.

8.Term and Termination.

(a)Term and Renewal.  This Agreement shall continue in effect until December 31, 2014.  Thereafter, this Agreement shall be automatically renewed for successive one-year periods.

8

(b)Termination.  Notwithstanding Section 7(a) hereof, this Agreement shall terminate:

(i)immediately if the Company shall terminate and be dissolved in accordance with the Limited Liability Company Agreement or otherwise;

(ii)at the discretion of the Manager as of the end of any day upon 5 (five) days written notice (if withdrawing [ ]* or less of the Clearing Broker Account’s balance), otherwise 15 (fifteen) days written notice to the Trading Advisor (unless a Cause Event has occurred in respect of the Trading Advisor, in which case the Manager may immediately terminate the Agreement without an early redemption penalty/fee charged); or

(iii)at the discretion of the Trading Advisor as of the end of any month upon 90 days’ prior written notice to the Manager (unless a Cause Event has occurred in respect of the Company or the Manager, in which case the Agreement may be immediately terminated).

A “Cause Event” means (i) a material violation of law or regulation by the Company, Manager or Trading Advisor (as applicable), (ii) any act or omission by the Company, Manager or Trading Advisor (as applicable) that constitutes fraud, material misrepresentation, gross negligence or willful misconduct in the course of the relationship established by this Agreement and the matters contemplated hereby, (iii) a material breach of this Agreement, including, without limitation, a failure to timely provide the information required that is not cured within 5 (five) business days of knowledge of such breach (where such breach is capable of cure), (iv) the commencement of a lawsuit or administrative proceeding against the Company, Manager or Trading Advisor or their affiliates (as applicable) that is, or is reasonably expected, to (a) materially interfere with the services or duties provided hereunder or (b) have a material adverse effect on the business of the Company, Manager or Trading Advisor (as applicable), or (v) an event in which Grant Wilson dies, becomes legally incapacitated such that he is unable to participate in the management of the Fund’s portfolio in the same manner as immediately before the onset of his incapacity, or ceases to be involved in the management of the Fund’s portfolio for more than 60 consecutive days.

(c)Except as otherwise provided in this Agreement, any termination of this Agreement in accordance with this Section 7 shall be without penalty or liability to any party, except for any fees due to the Trading Advisor pursuant hereto.

(d)The following shall survive the termination of this Agreement: (i) each party’s accrued rights and obligations as of the date of termination and (ii) the provisions of Sections 4, 6, 13, 19, 20, 21, and 22.

9.Right to Advise Others; Uniformity of Acts and Practices.

(a)During the term of this Agreement, the Trading Advisor and its affiliates shall be free to advise other investors as to the purchase and sale of commodity interests, to manage and trade other investors’ commodity interests accounts and to trade for and on behalf of their own proprietary commodity interests accounts.  However, under no circumstances shall the Trading Advisor or any of its affiliates favor any commodity interests account directed by any of them (regardless of the date on which they began or shall begin to direct such account)

9

over the Company’s account, giving due consideration to the trading program which the Manager has requested the Trading Advisor to trade on behalf of the Company.  For purposes of this Agreement, the Trading Advisor and its affiliates shall not be deemed to be favoring another commodity interests account over the Company’s account if the Trading Advisor or its affiliates, in accordance with specific instructions of the owner of such account or in accordance with trading policies which shall be different from that which shall normally be applied to substantially all of the Trading Advisor’s other accounts or if the Trading Advisor or its affiliates, in accordance with the Trading Advisor’s money management principles, shall not trade certain commodity interests contracts for an account based on the amount of equity in such account.

(b)The Trading Advisor understands and agrees that it and its affiliates shall have a fiduciary responsibility to the Company under this Agreement.

(c)At the request of the Company, the Trading Advisor and its affiliates shall promptly make available to the Company (if available to it without unreasonable efforts) copies of the normal daily, monthly, quarterly and annual, as the case may be, written reports reflecting the performance of the Hedge Fund and similar written information, including monthly account statements, reflecting the performance of the Hedge Fund (subject to the need to preserve the confidentiality of proprietary information concerning the Trading Advisor’s trading systems, methods, models, strategies and formulas and the identity of the Trading Advisor’s clients).  At the request of the Company, the Trading Advisor or its affiliates shall promptly deliver to the Company a satisfactory written explanation, in the judgment of the Company, of the differences, if any, in the performance between the Company’s account and the Hedge Fund traded utilizing the same program or portfolio (subject to the need to preserve the confidentiality of proprietary information concerning the Trading Advisor’s trading systems, methods, models, strategies and formulas and the identity of the Trading Advisor’s clients).

10.Speculative Position Limits.  If the Trading Advisor (either alone or aggregated with the positions of any other person if such aggregation shall be required by the CEA, the CFTC or any other regulatory authority having jurisdiction) shall exceed or be about to exceed applicable limits in any commodity interest traded for the Company, the Trading Advisor shall immediately take such action as the Trading Advisor may deem fair and equitable to comply with the limits, and shall immediately deliver to the Company a written explanation of the action taken to comply with such limits.  If such limits are exceeded by the Company, the Manager may require the Trading Advisor to liquidate positions as required with a reasonable period of time to remedy if permitted by applicable laws and regulations.

11.Additional Undertakings by the Trading Advisor.  Neither the Trading Advisor nor its employees, affiliates or agents, the stockholders, directors, officers, employees, principals, affiliates or agents of such affiliates, or their respective successors or assigns shall:  (a) use or distribute for any purpose whatsoever any list containing the names and/or residential addresses of and/or other information about the investors of the BlackRock Vehicles, nor (b) directly solicit any investor in a BlackRock Vehicle for any business purpose whatsoever (unless such investor in a BlackRock Vehicle is already a client of the Trading Advisor).

10

12.Representations and Warranties.

(a)The Trading Advisor hereby represents and warrants to the other parties as follows:

(i)The Trading Advisor is an entity duly organized and validly existing and in good standing under the laws of the jurisdiction of its organization and in good standing in each other jurisdiction in which the nature or conduct of its business requires such qualification and the failure to be duly qualified would materially affect the Trading Advisor’s ability to perform its obligations under this Agreement. The Trading Advisor has full corporate, partnership or limited liability company (as the case may be) power and authority to perform its obligations under this Agreement.

(ii)This Agreement has been duly and validly authorized, executed and delivered on behalf of the Trading Advisor and constitutes a valid, binding and enforceable agreement of the Trading Advisor in accordance with its terms.

(iii)The Trading Advisor has all governmental, regulatory and commodity exchange licenses and approvals and has effected all filings and registrations with governmental and regulatory agencies required to conduct its business and to act as described herein or required to perform its obligations hereunder (including, without limitation, registration of the Trading Advisor as a commodity trading advisor under the CEA, and membership of the Trading Advisor as a commodity trading advisor in NFA), and the performance of such obligations will not violate or result in a breach of any provision of the Trading Advisor’s certificate of incorporation, by-laws or any agreement, instrument, order, law or regulation binding on the Trading Advisor.  The principals of the Trading Advisor are duly listed as such on its commodity trading advisor Form 7-R registration.

(iv)The Trading Advisor is registered with the CFTC as a commodity pool operator and commodity trading advisor and is a member of the National Futures Association under the CEA or CFTC rules and regulations and such registrations and memberships have not expired or been revoked, suspended, terminated, or not renewed, or limited or qualified in any respect.

(v)Assuming the accuracy of the Manager’s representation in subsection 11(b)(vii) below, management by the Trading Advisor of an account for the Company in accordance with the terms hereof will not require any registration under, or violate any of the provisions of, the Investment Advisers Act of 1940 (assuming that the Company is not an “investment company” within the meaning of the Investment Company Act of 1940, as amended (the “Company Act”)).

(vi)The Trading Advisor’s implementation of its trading program on behalf of the Company will not infringe any other person’s copyrights, trademark or other property rights.

(vii)All accounts established on or after the date of this Agreement to which the Trading Advisor provides advisory services are not, in aggregate. subject to more favorable fees and expenses than the Account.

11

(viii)The execution and delivery of this Agreement, the incurrence of the obligations herein set forth and the consummation of the transactions contemplated herein will not constitute a breach of, or default under, any instrument by which the Trading Advisor is bound or any order, rule or regulation application to the Trading Advisor of any court or any governmental body or administrative agency having jurisdiction over the Trading Advisor.

(ix)Other than as may have been disclosed in writing to the Manager by the Trading Advisor, there is not pending, or to the best of the Trading Advisor’s knowledge threatened, any action, suit or proceeding before or by any court or other governmental body to which the Trading Advisor is a party, or to which any of the assets of the Trading Advisor is subject, which might reasonably be expected to result in any material adverse change in the condition (financial or otherwise), business or prospects of the Trading Advisor.  The Trading Advisor has not received any notice of an investigation or warning letter from NFA or CFTC regarding non-compliance by the Trading Advisor with the CEA or the regulations thereunder.

(x)The Trading Advisor is in compliance in all respects with all applicable law.

(xi)The Trading Advisor will be in compliance with the USA PATRIOT Act and all applicable anti-money laundering regulations with respect to the Trading Advisor.

(b)The Manager hereby represents and warrants to the other parties as follows:

(i)The Manager is duly organized and validly existing and in good standing under the laws of its jurisdiction of formation and in good standing under the laws of each other jurisdiction in which the nature or conduct of its business requires such qualification and the failure to so qualify would materially adversely affect the Manager’s ability to perform its obligations hereunder.

(ii)The Manager has the power and authority under applicable law to perform its obligations hereunder.

(iii)This Agreement has been duly and validly authorized, executed and delivered by the Manager and constitutes a legal, valid and binding agreement of the Manager enforceable in accordance with its terms.

(iv)The execution and delivery of this Agreement, the incurrence of the obligations set forth herein and the consummation of the transactions contemplated herein will not constitute a breach of, or default under, any instrument by which the Manager is bound or any order, rule or regulation applicable to the Manager of any court or any governmental body or administrative agency having jurisdiction over the Manager.

(v)There is not pending, or, to the best of the Manager’s knowledge threatened, any action, suit or proceeding before or by any court or other governmental body to which the Manager is a party, or to which any of the assets of the Manager is subject, which might reasonably be expected to result in any material adverse change in the condition (financial

12

or otherwise), business or prospects of the Manager or is required to be disclosed pursuant to applicable CFTC regulations.

(vi)The Manager has all governmental, regulatory and commodity exchange approvals and licenses, and has effected all filings and registrations with governmental agencies required to conduct its business and to act as described herein or required to perform its obligations hereunder (including, without limitation, registration as a commodity pool operator under the CEA and membership in NFA as a commodity pool operator), and the performance of such obligations will not contravene or result in a breach of any provision of its certificate of incorporation, by-laws or any agreement, order, law or regulation binding upon it.  The principals of the Manager are duly registered as such on the Manager’s commodity pool operator Form 7-R registration.

(vii)The Company is not an “investment company” within the meaning of the Company Act.

(c)The Company represents and warrants to the other parties as follows:

(i)The Company is duly organized and validly existing and in good standing as a limited liability company under the laws of the State of Delaware and in good standing under the laws of each other jurisdiction in which the nature or conduct of its business requires such qualification and the failure to so qualify would materially adversely affect the Company’s ability to perform its obligations hereunder.

(ii)The Company has the limited liability company power and authority under applicable law to perform its obligations hereunder.

(iii)This Agreement has been duly and validly authorized, executed and delivered by the Company and constitutes a legal, valid and binding agreement of the Company enforceable in accordance with its terms.

(iv)The execution and delivery of this Agreement, the incurrence of the obligations set forth herein and the consummation of the transactions contemplated herein will not constitute a breach of, or default under, any instrument by which the Company is bound or any order, rule or regulation applicable to the Company of any court or any governmental body or administrative agency having jurisdiction over the Company.

(v)There is not pending, or, to the best of the Company’s knowledge, threatened, any action, suit or proceeding before or by any court or other governmental body to which the Company is a party, or to which any of the assets of the Company is subject, which might reasonably be expected to result in any material adverse change in the condition (financial or otherwise), business or prospects of the Company or which is required to be disclosed pursuant to applicable CFTC regulations.

(vi)The Company has all governmental, regulatory and commodity exchange approvals and licenses, and has effected all filings and registrations with governmental agencies required to conduct its business and to act as described herein or required to perform its obligations hereunder and the performance of such obligations will not contravene or result in a

13

breach of any provision of its certificate of formation, limited liability company agreement or any other agreement, order, law or regulation binding upon it.

(d)The foregoing representations and warranties in this Section 11 shall be continuing during the entire term of this Agreement and, if at any time, any event shall occur which would make any of the foregoing representations and warranties of any party no longer true and accurate, such party shall promptly notify the other parties.

13.Entire Agreement.  This Agreement constitutes the entire agreement between the parties hereto with respect to the matters referred to herein, and no other agreement, verbal or otherwise, shall be binding as between the parties unless it shall be in writing and signed by the party against whom enforcement is sought.

14.Exculpation and Indemnification.

(a)The Company shall indemnify, defend and hold harmless the Trading Advisor and its affiliates and their respective directors, officers, shareholders, employees and controlling persons from and against any and all losses, claims, damages, liabilities (joint and several), costs and expenses (including any investigatory, legal and other expenses incurred in connection with, and any amounts paid in, any settlement; provided that the Company shall have approved such settlement) resulting from a demand, claim, lawsuit, action or proceeding relating to any of such person’s actions or capacities relating to the business or activities of the Company pursuant to this Agreement; provided that the conduct of such person which was the subject of the demand, claim, lawsuit, action or proceeding did not constitute negligence, misconduct or a breach of this Agreement or of any fiduciary obligation to the Company and was done in good faith and in a manner such person reasonably believed to be in, or not opposed to, the best interests of the Company.  The termination of any demand, claim, lawsuit, action or proceeding by settlement shall not, in itself, create a presumption that the conduct in question was not undertaken in good faith and in a manner reasonably believed to be in, or not opposed to, the best interests of the Company.

(b)The Trading Advisor shall indemnify, defend and hold harmless the Company, the Manager, their respective affiliates and their respective directors, officers, shareholders, employees and controlling persons from and against any and all losses, claims, damages, liabilities (joint and several), costs and expenses (including any reasonable investigatory, legal and other expenses incurred in connection with, and any amounts paid in, any settlement; provided that the Trading Advisor shall have approved such settlement) resulting from a demand, claim, lawsuit, action or proceeding relating to any action or omission of the Trading Advisor or any of its respective officers, directors or employees relating to the business or activities of such person under this Agreement or relating to the management of an account of the Company provided: the action or omission of such person which was the subject of the demand, claim, lawsuit, action or proceeding constituted negligence or misconduct or a breach of this Agreement or was an action or omission taken otherwise than in good faith and in a manner reasonably believed to be in, or not opposed to, the best interests of the Company.

14

(c)The Trading Advisor, its officers, directors, employees and shareholders shall not be liable to the Company and its officers, directors or members or to any of their successors or assigns except by reason of acts or omissions in contravention of the express terms of this Agreement, or due to their intentional misconduct or negligence, or by reason of not having acted in good faith and in the reasonable belief that such actions or omissions were in, or not opposed to, the best interests of the Company.

(d)The foregoing agreement of indemnity shall be in addition to, and shall in no respect limit or restrict, any other remedies which may be available to an indemnified party.

(e)In the event that a person entitled to indemnification under this Section 13 is made a party to an action, suit or proceeding alleging both matters for which indemnification may be due hereunder and matters for which indemnification may not be due hereunder, such person shall be indemnified only in respect of the former matters.

(f)Promptly after receipt by any of the indemnified parties under this Agreement of notice of any demand, claim, lawsuit, action or proceeding, the indemnified party shall notify the indemnifying party in writing of the commencement thereof if a claim for indemnification in respect thereof is to be made under this Agreement.  Except to the extent that the indemnifying party is not materially prejudiced thereby, the omission so to notify shall relieve the indemnifying party from any obligation or liability which it may have to any such indemnified party under this section.  In the event that such demand, claim, lawsuit, action or proceeding is brought against a person entitled to be indemnified under this Agreement, and the indemnifying party is notified of the commencement thereof, the indemnifying party shall be entitled to participate therein and, to the extent that the indemnifying party may wish to assume the defense thereof, with counsel selected by the indemnifying party and approved by the indemnified person (provided that approval may not be unreasonably withheld), and after notice from the indemnifying party to such indemnified person of the indemnifying party’s election so as to assume the defense thereof, the indemnifying party shall not be liable to such person under this section for any legal or other expenses subsequently incurred by such person in connection with the defense thereof, unless the indemnifying party approves the employment of separate counsel by such person (it being understood, however, that the indemnifying party shall not be liable for legal or other expenses of more than one separate firm of attorneys for all such persons indemnified hereunder, which firm shall be designated in writing by the Trading Advisor or the Company, as the case may be).

15.Assignment.  This Agreement shall not be assigned by any of the parties hereto without the prior express written consent of the other parties hereto; provided, that either party may assign this agreement to an affiliate upon prior notice to the other party.

16.Amendment; Waiver.  This Agreement shall not be amended except by a writing signed by the parties hereto.  No waiver of any provision of this Agreement shall be implied from any course of dealing between the parties hereto or from any failure by either party hereto to assert its rights hereunder on any occasion or series of occasions.

17.Severability.  If any provision of this Agreement, or the application of any provision to any person or circumstance, shall be held to be inconsistent with any present or

15

future law, ruling, rule or regulation of any court or governmental or regulatory authority having jurisdiction over the subject matter hereof, such provision shall be deemed to be rescinded or modified in accordance with such law, ruling, rule or regulation, and the remainder of this Agreement, or the application of such provision to persons or circumstances other than those as to which it shall be held inconsistent, shall not be affected thereby.

18.No Third-Party Beneficiaries.  Nothing contained in this Agreement, express or implied, is intended to confer upon any person or entity, other than the parties and any permitted successors and assigns hereto, any rights or remedies under or by reason of this Agreement.

19.Notices.  Any notice required or desired to be delivered under this Agreement shall be in writing and shall be delivered by courier service, facsimile, email, postage prepaid mail or other similar means and shall be effective upon actual receipt by the party to which such notice shall be directed, addressed as follows (or to such other address as the party entitled to notice shall hereafter designate in accordance with the terms hereof):

if to the Company or the Manager:

CANBERRA GLOBAL HORIZONS LLC

c/o BlackRock Investment Management LLC

40 East 52nd Street

10th Floor

New York, NY 10022

Attn:  Edward A. Rzeszowski

Facsimile:  212-810-8745

Email: edward.rzeszowski@blackrock.com

with a copy to:

BlackRock Investment Management, LLC

One University Square

Princeton, New Jersey  08540-6455

Attn:  Michael Pungello

Facsimile:  609-282-0761

Email: michael.pungello@blackrock.com

with a further copy to:

BlackRock Alternative Advisors

601 Union Street, 56th Floor

Seattle, Washington  98101

Attn:  Lawrence M. Gail

Facsimile:  206-225-2684

16

if to the Trading Advisor:

Civic Capital Advisors, LLC

400 Madison Avenue, 4th floor

Attn: Russell Shostack

Facsimile: (646) 368-8392

Email: russellshostack@civiccapital.com

20.Governing Law.  This Agreement shall be governed by and construed in accordance with the laws of the State of New York without regard to principles of conflicts of law.  Each party hereby irrevocably waives any and all rights to trial by jury in any legal proceeding arising out of or relating to this Agreement.

21.Consent to Jurisdiction.  The parties hereto agree that any action or proceeding arising directly, indirectly or otherwise in connection with, out of, related to or from this Agreement, any breach hereof or any transaction covered hereby, shall be resolved, whether by arbitration or otherwise, within the County of New York, City of New York, and State of New York.  Accordingly, the parties consent and submit to the jurisdiction of the federal and state courts and any applicable arbitral body located within the County of New York, City of New York, and State of New York.  The parties further agree that any such action or proceeding brought by any party to enforce any right, assert any claim, or obtain any relief whatsoever in connection with this Agreement shall be brought by such party exclusively in federal or state courts, or if appropriate before any applicable arbitral body, located within the County of New York, City of New York, and State of New York.

22.Promotional Material.  None of the parties hereto will make reference to any other such party in officially filed or publicly or privately distributed material without first submitting such material to the party so named for approval a reasonable period of time in advance of the proposed use of such material.

23.Confidentiality.  Each party acknowledges that each will have access to the other party’s Confidential Information (as defined below) and each party agrees that it will not disseminate the other party’s Confidential Information, except as required by law.  A party may use the other party’s Confidential Information solely in connection with its obligations hereunder. and with respect to the Manager, in relation to its obligations to the Company (including, without limitation, any use in relation to monitoring the Trading Advisor’s performance on behalf of the Company).  “Confidential Information” means information concerning a party’s (and its affiliates’) business affairs, trading or investment strategies, methodologies and results; trading or investment systems; trades and investment positions (whether of the Clearing Broker Account or otherwise); risk management models; revenue models; quantitative and other strategies and methodologies, procedures and techniques; business plans and strategies, pricing and other financial information; lists of investors, clients, vendors and suppliers; any confidential information of any such investors, clients, vendors or suppliers; and other proprietary technologies and processes and other proprietary information used by a party in connection with its business and/or which a party or any of its affiliates is obligated to any third party to maintain as confidential.  Notwithstanding anything to the contrary in this Section 22 or otherwise, the Company and the Manager may disclose: (a) to

17

investors and prospective investors (or their advisers) in the Company (“Investors”), and underlying investors or prospective investors of such Investors (or their advisers) (collectively with Investors, “Underlying Investors”): (i) the name of the Trading Advisor; (ii) descriptions of the Trading Advisor and the trading strategies pursued by the Trading Advisor; (iii) performance related information for the Company (including the Clearing Broker Account) and the composite performance of the Program; (iv) risk reporting related information for the Company (including duration, geography, industry and sector exposure, and leverage, but no position data); and (v) biographies of key personnel of the Trading Advisor; and (b) the tax treatment and tax structure of any transactions entered into by the Trading Advisor on behalf of the Company.  Each party acknowledges and agrees that irreparable injury will result to the other applicable parties if there are breaches of any of the terms of the covenants set forth in this Section 22 (collectively, the “Covenants”), and that in the event of the actual or threatened breach of any of the Covenants, the applicable parties will have no adequate remedy at law.  Each party accordingly agrees that in the event of any actual or threatened breach by the other party of any of the Covenants, the other applicable parties shall be entitled to immediate temporary injunctive and other equitable relief with respect to such actual or threatened breach, without being required to show actual monetary damages or post any bond or other security.  The remedies and agreements of indemnity contained herein are not exclusive and shall not limit or restrict any other remedies available to a party, including the recovery of damages.

24.Counterparts.  This Agreement may be executed in counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument.

25.Headings.  Headings to sections and subsections in this Agreement are for the convenience of the parties only and are not intended to be a part of or to affect the meaning or interpretation hereof.

*****

18

IN WITNESS WHEREOF, this Agreement has been executed for and on behalf of the undersigned on the day and year first written above.

CANBERRA GLOBAL HORIZONS LLC
By:	BLACKROCK INVESTMENT MANAGEMENT, LLC,
its Manager
By:
	Name: Robert S. Ellsworth
	Title:  Managing Director
By:
	Name: Lawrence M. Gail
	Title:  Managing Director
BLACKROCK INVESTMENT MANAGEMENT, LLC
By:
	Name:  Robert S. Ellsworth
	Title:  Managing Director
By:
	Name:  Robert S. Ellsworth
	Title:  Managing Director
CIVIC CAPITAL ADVISORS, LLC
By:
	Name:
	Title:

19

APPENDIX A

AUTHORIZED TRADERS

Grant Wilson

Eric Lieberson

Diana Kyrou

A-1

APPENDIX B

COMMODITY INTERESTS TRADED BY CIVIC CAPITAL ADVISORS, LLC

The undersigned represents that the following is the current list of all commodity interests which the undersigned intends to trade on behalf of CANBERRA GLOBAL HORIZONS LLC other than regulated futures contracts and options on regulated futures contracts traded on a qualified board of trade or exchange:

FX Forwards (including NDFs)

Gold Forwards

Currencies

Vanilla FX Options

** There are no commodities traded

CIVIC CAPITAL ADVISORS, LLC
By:
	Name:
	Title:

Dated as of December 30, 2013

B-1

APPENDIX C

COMMODITY TRADING AUTHORITY

Civic Capital Advisors, LLC

Dear Civic Capital Advisors LLC:

CANBERRA GLOBAL HORIZONS LLC (the “Company”) does hereby make, constitute and appoint you as its attorney-in-fact to buy and sell currency forward contracts, gold forwards and vanilla FX options in accordance with the Advisory Agreement between us and certain others dated December 30, 2013.

Very truly yours,
CANBERRA GLOBAL HORIZONS LLC
By:	BLACKROCK INVESTMENT MANAGEMENT, LLC,
	its Manager
By:
	Name: Robert S. Ellsworth
	Title: Managing Director
By:
	Name: Lawrence M. Gail
	Title: Managing Director

Dated as of December 30, 2013

C-1

APPENDIX D

ACKNOWLEDGEMENT OF RECEIPT OF DISCLOSURE DOCUMENT

The undersigned hereby acknowledges receipt of Civic Capital Advisors, LLC’s Disclosure Document dated December     , 2013.

CANBERRA GLOBAL HORIZONS LLC
By:	BLACKROCK INVESTMENT MANAGEMENT, LLC,
	its Manager
By:
	Name: Robert S. Ellsworth
	Title: Managing Director

Dated as of December 30, 2013

D-1

EX-13.01

Exhibit 13.01

BLACKROCK GLOBAL HORIZONS I L.P.

(A Delaware Limited Partnership)

Consolidated Financial Statements as of December 31, 2013 and 2012 and for the years ended December 31, 2013, 2012 and 2011 and Report of Independent Registered

Public Accounting Firm

General Commodity Futures Trading Risk Disclosure Statement

Prospective investors reviewing the accompanying consolidated statements of financial condition of BlackRock Global Horizons I L.P. (the “Partnership”) should carefully consider whether their financial condition permits them to participate in the Partnership.  In so doing, prospective investors should be aware that futures, forwards and options trading can quickly lead to large losses as well as gains.  Such trading losses can sharply reduce the net asset value of the Partnership and consequently the value of an investor’s interest in the Partnership.  In addition, potential restrictions on redemption may affect an investor’s ability to withdraw from participation in the Partnership.

Further, the Partnership may be subject to substantial charges for management, distribution, advisory and brokerage fees.  The Partnership will need to make substantial trading profits to avoid depletion or exhaustion of its assets over time.  This brief statement cannot disclose all the risks and other factors necessary to evaluate a potential investor’s participation in the Partnership.  Therefore, before any prospective investor decides to invest in the Partnership, the prospective investor should carefully study the Partnership’s disclosure document, including the description of the principal risk factors stated therein.

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

BLACKROCK GLOBAL HORIZONS I L.P.

(A Delaware Limited Partnership)

TABLE OF CONTENTS

	Page
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	1
CONSOLIDATED FINANCIAL STATEMENTS:
Consolidated Statements of Financial Condition as of December 31, 2013 and 2012	2
Consolidated Statements of Operations for the years ended December 31, 2013, 2012 and 2011	3
Consolidated Statements of Changes in Partners’ Capital for the years ended December 31, 2013, 2012 and 2011	4
Consolidated Financial Data Highlights for the years ended December 31, 2013, 2012 and 2011	5-7
Notes to Consolidated Financial Statements	8-39

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To BlackRock Global Horizons I L.P.:

We have audited the accompanying consolidated statements of financial condition of BlackRock Global Horizons I L.P. (the “Partnership”) as of December 31, 2013 and 2012, and the related consolidated statements of operations, changes in partners’ capital, and financial data highlights for each of the three years in the period ended December 31, 2013. These consolidated financial statements and consolidated financial data highlights are the responsibility of the Partnership’s management.  Our responsibility is to express an opinion on these consolidated financial statements and consolidated financial data highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States).  Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements and consolidated financial data highlights are free of material misstatement.  The Partnership is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Partnership’s internal control over financial reporting.  Accordingly, we express no such opinion.  An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation.  We believe that our audits provide a reasonable basis for our opinion.

In our opinion, such consolidated financial statements and consolidated financial data highlights referred to above present fairly, in all material respects, the financial position of BlackRock Global Horizons I L.P. as of December 31, 2013 and 2012, the results of its operations, changes in its partners’ capital, and financial data highlights for each of the three years in the period ended December 31, 2013, in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

Princeton, New Jersey

March 21, 2014

BLACKROCK GLOBAL HORIZONS I L.P.

(A Delaware Limited Partnership)

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

DECEMBER 31, 2013 AND 2012

	December 31,		December 31,
	2013		2012
ASSETS:
Cash and cash equivalents	$	62,321,409	$	117,403,824
Equity in commodity futures trading accounts:
Cash (restricted cash $10,605,212 and $17,940,020)	26,472,676		58,538,589
Net unrealized profit / market value on open contracts / options (See note 3)	738,429		1,341,535
Investments in Non-Consolidated LLCs (cost $55,413,490 and $108,415,115) (See note 3)	49,264,514		99,262,759
Due from Non-Consolidated LLCs	3,621,272		6,049,277
Accrued interest and other assets	2,577		15,083
TOTAL ASSETS	$	142,420,877	$	282,611,067
LIABILITIES AND PARTNERS’ CAPITAL
LIABILITIES:
Net unrealized loss / market value on open contracts / options (See note 3)	$	233,777	$	3,026,653
Redemptions payable	8,513,455		14,623,211
Profit Shares payable	407,778		833,392
Professional fees payable	521,394		762,458
Distribution fees payable	348,490		688,763
Sponsor fees payable	147,533		290,296
Trading Advisors’ management fees payable	144,680		347,141
Administrator fees payable	135,849		228,421
Other fees payable	286,598		147,764
Total liabilities	10,739,554		20,948,099
PARTNERS’ CAPITAL:
General Partner (3,355,287 and 3,355,287 Units)	3,354,997		3,636,703
Limited Partners (130,976,898 and 250,849,166 Units)	128,326,326		258,026,265
Total partners’ capital	131,681,323		261,662,968
TOTAL LIABILITIES AND PARTNERS’ CAPITAL	$	142,420,877	$	282,611,067

NET ASSET VALUE PER UNIT (See note 7)

See notes to consolidated financial statements.

2

BLACKROCK GLOBAL HORIZONS I L.P.

(A Delaware Limited Partnership)

CONSOLIDATED STATEMENTS OF OPERATIONS

FOR THE YEARS ENDED DECEMBER 31, 2013, 2012 AND 2011

	2013			2012			2011
TRADING PROFITS (LOSSES):
Realized	$	(5,436,971	)	$	(2,681,787	)	$	15,819,067
Change in unrealized	2,861,329			(4,232,518		)	(7,550,144		)
Change in value of Investments in Non-Consolidated LLCs (2)	(6,473,290		)	(9,152,356		)	(430,888		)
Brokerage commissions and clearing costs	(951,814		)	(1,015,380		)	(2,247,622		)
Total trading profits (losses)	(10,000,746		)	(17,082,041		)	5,590,413
INVESTMENT INCOME:
Interest	67,172			219,591			269,659
EXPENSES:
Distribution fees	3,775,874			6,142,552			10,193,861
Trading Advisors’ management fees	1,904,398			2,943,719			5,073,428
Sponsor fees	1,589,593			2,580,154			4,286,905
Administrator fees	451,129			756,231			1,028,273
Professional fees	400,846			976,629			549,755
Profit Shares	164,855			355,170			1,490,923
Other fees	265,135			214,315			429,317
Total expenses	8,551,830			13,968,770			23,052,462
NET INVESTMENT LOSS	(8,484,658		)	(13,749,179		)	(22,782,803		)
NET LOSS	$	(18,485,404	)	$	(30,831,220	)	$	(17,192,390	)
NET LOSS PER WEIGHTED AVERAGE UNIT: (1)
Weighted average number of General Partner and Limited Partner Units outstanding
Series A	180,592,345			290,491,520			310,695,966
Series F	68,156			84,257			94,216
Series G	19,111,850			23,080,361			25,946,165
Series I	1,745,489			2,018,968			2,661,493
Net loss per weighted average General Partner and Limited Partner Unit
Series A	$	(0.0858	)	$	(0.0917	)	$	(0.0476	)
Series F	$	(19.22	)	$	(21.91	)	$	(11.37	)
Series G	$	(0.0817	)	$	(0.0951	)	$	(0.0496	)
Series I	$	(0.0663	)	$	(0.0772	)	$	(0.0214	)

(1) The weighted average number of Units outstanding is computed for purposes of disclosing net loss per weighted average Unit.  The weighted average number of Units outstanding for the years ended December 31, 2013, 2012, and 2011 equals the Units outstanding as of such date, adjusted proportionately for Units sold and redeemed based on the respective length of time each was outstanding during the year.

(2) Includes the Partnership’s proportionate share of the operations of its Investments in the Non-Consolidated LLCs, which includes income and expenses.

See notes to consolidated financial statements.

3

BLACKROCK GLOBAL HORIZONS I L.P.

(A Delaware Limited Partnership)

CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL

FOR THE YEARS ENDED DECEMBER 31, 2013, 2012 AND 2011

			General
	Units		Partner			Limited Partners			Total
PARTNERS’ CAPITAL, DECEMBER 31, 2010	317,379,504		$	3,705,350		$	371,690,363		$	375,395,713
Subscriptions	86,726,971		299,999			92,730,630			93,030,629
Net loss	—		(169,142		)	(17,023,248		)	(17,192,390		)
Redemptions	(50,243,572	)	—			(55,423,986		)	(55,423,986		)
PARTNERS’ CAPITAL, DECEMBER 31, 2011	353,862,903		3,836,207			391,973,759			395,809,966
Subscriptions	21,271,313		150,000			21,706,486			21,856,486
Net loss	—		(349,504		)	(30,481,716		)	(30,831,220		)
Redemptions	(120,929,763	)	—			(125,172,264		)	(125,172,264		)
PARTNERS’ CAPITAL, DECEMBER 31, 2012	254,204,453		3,636,703			258,026,265			261,662,968
Subscriptions	6,037,353		—			5,479,986			5,479,986
Net loss	—		(281,706		)	(18,203,698		)	(18,485,404		)
Redemptions	(125,909,621	)	—			(116,976,227		)	(116,976,227		)
PARTNERS’ CAPITAL, DECEMBER 31, 2013	134,332,185		$	3,354,997		$	128,326,326		$	131,681,323

See notes to consolidated financial statements.

4

BLACKROCK GLOBAL HORIZONS I L.P.

(A Delaware Limited Partnership)

CONSOLIDATED FINANCIAL DATA HIGHLIGHTS

FOR THE YEAR ENDED DECEMBER 31, 2013

The following per Unit data and ratios have been derived from information provided in the consolidated financial statements.  An individual Partner’s results may vary from these ratios due to timing of income and expenses and capital transactions.

Per Unit Operating Performance:	Series A			Series F			Series G			Series I
Net asset value, beginning of year	$	0.9551		$	230.67		$	0.9991		$	1.1835
Realized	(0.0200		)	(4.81		)	(0.0209		)	(0.0247		)
Change in unrealized	0.0116			2.80			0.0121			0.0144
Change in value of Investments in Non-Consolidated LLCs (2)	(0.0232		)	(5.64		)	(0.0244		)	(0.0159		)
Interest	0.0003			0.07			0.0003			0.0004
Expenses	(0.0436		)	(10.53		)	(0.0456		)	(0.0316		)
Net asset value, end of year	$	0.8802		$	212.56		$	0.9206		$	1.1261
Total Return: (2)
Total return (before Profit Shares)	-7.74		%	-7.75		%	-7.75		%	-4.73		%
Profit Shares	-0.11		%	-0.11		%	-0.11		%	-0.13		%
Total return	-7.84		%	-7.85		%	-7.86		%	-4.85		%
Ratios to Average Net Assets:(1)  (3)
Expenses (before Profit Shares)	4.69		%	4.70		%	4.70		%	2.64		%
Profit Shares	0.08		%	0.10		%	0.10		%	0.11		%
Expenses	4.77		%	4.80		%	4.80		%	2.75		%
Net investment loss	-4.74		%	-4.77		%	-4.77		%	-2.72		%

(1) Included in the ratios of expenses to average net assets are brokerage commissions and clearing costs which are presented in Trading Profits (Losses) on the Consolidated Statement of Operations.

(2) Includes the Partnership’s proportionate share of the operations of its Investments in the Non-Consolidated LLCs,

which includes income and expenses.

(3) Excludes the Partnership’s proportionate share of expenses from its Investments in Non-Consolidated LLCs. If the Partnership’s proportionate share of expenses from its Investments in Non-Consolidated LLCs were included, the ratios for Expenses (before Profit Shares), Profit Shares, Expenses and Net investment loss for Series A, would be 7.04%, 0.22%, 7.26% and (7.25)%, respectively; for Series F, would be 7.05%, 0.28%, 7.33% and (7.33)%, respectively; for Series G, would be 7.05%, 0.29%, 7.34% and (7.34)%, respectively and for Series I would be 3.85%, 0.29%, 4.14% and (4.13)%, respectively.

See notes to consolidated financial statements.

5

BLACKROCK GLOBAL HORIZONS I L.P.

(A Delaware Limited Partnership)

CONSOLIDATED FINANCIAL DATA HIGHLIGHTS

FOR THE YEAR ENDED DECEMBER 31, 2012

The following per Unit data and ratios have been derived from information provided in the consolidated financial statements.  An individual Partner’s results may vary from these ratios due to timing of income and expenses and capital transactions.

Per Unit Operating Performance:	Series A			Series F			Series G			Series I
Net asset value, beginning of year	$	1.0487		$	252.87		$	1.0952		$	1.2586
Realized	(0.0079		)	(1.90		)	(0.0082		)	(0.0096		)
Change in unrealized	(0.0144		)	(3.49		)	(0.0151		)	(0.0177		)
Change in value of Investments in Non-Consolidated LLCs (2)	(0.0273		)	(6.21		)	(0.0269		)	(0.0185		)
Interest	0.0006			0.16			0.0007			0.0008
Expenses	(0.0446		)	(10.76		)	(0.0466		)	(0.0301		)
Net asset value, end of year	$	0.9551		$	230.67		$	0.9991		$	1.1835
Total Return: (2)
Total return (before Profit Shares)	-8.83		%	-8.68		%	-8.68		%	-5.88		%
Profit Shares	-0.10		%	-0.10		%	-0.10		%	-0.10		%
Total return	-8.93		%	-8.78		%	-8.77		%	-5.97		%
Ratios to Average Net Assets:(1)  (3)
Expenses (before Profit Shares)	4.29		%	4.30		%	4.30		%	2.34		%
Profit Shares	0.11		%	0.10		%	0.10		%	0.10		%
Expenses	4.40		%	4.40		%	4.40		%	2.44		%
Net investment loss	-4.33		%	-4.34		%	-4.34		%	-2.38		%

(1) Included in the ratios of expenses to average net assets are brokerage commissions and clearing costs which are presented in Trading Profits (Losses) on the Consolidated Statement of Operations.

(2) Includes the Partnership’s proportionate share of the operations of its Investments in the Non-Consolidated LLCs, which

includes income and expenses.

(3) Excludes the Partnership’s proportionate share of expenses from its Investments in Non-Consolidated LLCs. If the Partnership’s proportionate share of expenses from its Investments in Non-Consolidated LLCs were included, the ratios for Expenses (before Profit Shares), Profit Shares, Expenses and Net investment loss for Series A, would be 7.08%, 0.77%, 7.85%, and (7.76)%, respectively; for Series F, would be 7.08%, 0.59%, 7.67% and (7.58)%, respectively; for Series G, would be 7.08%, 0.58%, 7.66% and (7.57)%, respectively and for Series I would be 3.86%, 0.80%, 4.66% and (4.57)%, respectively.

See notes to consolidated financial statements.

6

BLACKROCK GLOBAL HORIZONS I L.P.

(A Delaware Limited Partnership)

CONSOLIDATED FINANCIAL DATA HIGHLIGHTS

FOR THE YEAR ENDED DECEMBER 31, 2011

The following per Unit data and ratios have been derived from information provided in the consolidated financial statements.  An individual Partner’s results may vary from these ratios due to timing of income and expenses and capital transactions.

Per Unit Operating Performance:	Series A			Series F			Series G			Series I
Net asset value, beginning of year	$	1.0968		$	264.28		$	1.1446		$	1.2798
Realized	0.0447			9.61			0.0416			0.0471
Change in unrealized	(0.0222		)	(4.14		)	(0.0179		)	(0.0205		)
Change in value of Investments in Non-Consolidated LLCs (2)	(0.0014		)	(0.14		)	(0.0007		)	0.0026
Interest	0.0007			0.18			0.0008			0.0009
Expenses	(0.0699		)	(16.92		)	(0.0732		)	(0.0513		)
Net asset value, end of year	$	1.0487		$	252.87		$	1.0952		$	1.2586
Total Return: (2)
Total return (before Profit Shares)	-4.06		%	-3.97		%	-3.98		%	-0.95		%
Profit Shares	-0.41		%	-0.40		%	-0.40		%	-0.78		%
Total return	-4.39		%	-4.32		%	-4.32		%	-1.66		%
Ratios to Average Net Assets:(1)  (3)
Expenses (before Profit Shares)	6.10		%	6.15		%	6.16		%	3.27		%
Profit Shares	0.38		%	0.39		%	0.38		%	0.74		%
Expenses	6.48		%	6.54		%	6.54		%	4.01		%
Net investment loss	-6.41		%	-6.47		%	-6.47		%	-3.94		%

(1) Included in the ratios of expenses to average net assets are brokerage commissions and clearing costs which are presented in Trading Profits (Losses) on the Consolidated Statement of Operations.

(2) Includes the Partnership’s proportionate share of the operations of its Investments in the Non-Consolidated LLCs, which

includes income and expenses.

(3) Excludes the Partnership’s proportionate share of expenses from its Investments in Non-Consolidated LLCs. If the Partnership’s proportionate share of expenses from its Investments in Non-Consolidated LLCs were included, the ratios for Expenses (before Profit Shares), Profit Shares, Expenses and Net investment loss for Series A, would be 6.81%, 0.39%, 7.20%, and (7.12)%, respectively; for Series F and Series G would be 6.81%, 0.34%, 7.15%, and (7.07)%, respectively; and for Series I would be 3.60%, 0.78%, 4.38% and (4.30)%, respectively.

See notes to consolidated financial statements.

7

BLACKROCK GLOBAL HORIZONS I L.P.

(A Delaware Limited Partnership)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1.ORGANIZATION

BlackRock Global Horizons I L.P. (the “Partnership”) was organized as an open-end investment company under the Delaware Revised Uniform Limited Partnership Act on May 11, 1993 and commenced trading activities on January 4, 1994.  The Partnership primarily engages in the speculative trading of futures, options on futures and forward contracts on a wide range of commodities.  The Partnership currently issues Units of limited partnership interest (“Units”) of Series A and I at Net Asset Value as of the beginning of each month. Series F and G are closed to new investors.

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

The General Partner has formed a number of subsidiaries in the form of limited liability companies (“LLCs”) to hold Partnership assets allocated to each particular Trading Advisor. Each of these subsidiaries has, in turn, entered into an advisory agreement with each respective Trading Advisor. The primary purpose of these subsidiaries is to segregate the assets of the Partnership allocated to any one Trading Advisor from the other assets of the Partnership in order to seek to limit liability for trading losses by any one Trading Advisor to the assets allocated to such subsidiary. However within each subsidiary, there will be no segregation of liabilities of the Partnership and any other funds or accounts that may allocate assets to the same subsidiary of the Partnership.

All wholly owned subsidiaries of the Partnership have been consolidated.  All transactions between consolidated subsidiaries have been eliminated in consolidation.  From time to time, other funds and accounts managed by the General Partner or its affiliates may also invest in such subsidiaries in order to gain exposure to the relevant Trading Advisor.  In such instances where the Partnership is not the sole investor in the subsidiary, the subsidiary will no longer be consolidated (the “Non-Consolidated LLCs”), and the Partnership’s investment in the Non-Consolidated LLCs will be presented as Investments in Non-Consolidated LLCs on the Consolidated Statements of Financial Condition.  Effective May 1, 2011, November 1, 2011 and May 7, 2013 other funds managed by the General Partner invested in one or more subsidiaries of the Partnership.  As a result, those subsidiaries were no longer consolidated; instead, the Partnership’s interest in such Non-Consolidated LLCs are presented as Investments in Non-Consolidated LLCs on the Consolidated Statements of Financial Condition.  See Note 3 for further information on the Non-Consolidated LLCs.

The General Partner terminated the advisory agreement with the Trading Advisor for Nets Global Horizons, LLC on February 22, 2013, paid all proceeds to its members in March 2013 and the Non-Consolidated LLC commenced liquidation on March 31, 2013. The liquidation was completed on September 11, 2013.

8

The Bank of New York Mellon provides custody services for the Partnership. The subsidiaries’ assets are held in cash and customer segregated managed accounts at Merrill Lynch, Pierce, Fenner & Smith Incorporated (“MLPF&S”), Newedge USA, LLC (“Newedge USA”), J.P. Morgan Securities LLC (“JPMS”), Morgan Stanley & Co. LLC (“MS&Co.”), UBS Securities LLC (“UBS Securities”), HSBC Bank PLC (“HSBC”), Barclays Bank PLC (“Barclays”) and any other clearing brokers that may be utilized by the Partnership in the future (the “Clearing Brokers”) or allocated to one or more commodity pools (each a “Portfolio Fund”) for which custodians and clearing brokers are selected by the independent professional advisors of such Portfolio Funds or managed accounts (the “Trading Advisors”) and at a custody account at State Street Bank and Trust Company (“State Street”). As of, and for the years ended December 31, 2013 and 2012, there were no assets held in any Portfolio Funds.

Each Series is subject to a sponsor fee, distribution fee and Trading Advisors’ management fees based on the month-end net assets of that Series. Series I does not pay a distribution fee. Each Series pays a Profit Share to the Trading Advisors based upon each Series new trading profits, as defined.  Other operating expenses incurred, and trading profits (losses), are allocated to each Series based upon its net assets.

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

2.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The Partnership’s consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”).  The preparation of consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements as well as the reported amounts of revenues and expenses during the reporting period.  Actual results could differ from those estimates. The Partnership qualifies as an investment company under the provisions of the American Institute of Certified Public Accountants Audit and Accounting Guide - Investment Companies (the “Audit and Accounting Guide”).

Cash and Cash Equivalents

The Partnership has defined cash and cash equivalents as cash, money market funds and short-term, highly liquid investments with maturities of three months or less when acquired.  Money market funds, which are included in cash equivalents, are classified as Level 1 valuation inputs (quoted prices in active markets for identical assets) under the provisions of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 820, Fair Value Measurements and Disclosures (“ASC 820”).

Valuation

The Partnership’s policy is to value its financial instruments at fair market value. The Partnership’s commodities futures contracts traded on exchanges are valued at their close price. Foreign currency exchange contracts are valued at the midpoint between the bid and ask prices and are determined as of the close of business of the New York Stock Exchange. Interpolated values are derived when the settlement date of the contract is an interim date for which quotations are not available. Exchange-traded written options are valued at the mean between the last bid and ask prices at the close of the options market in which the options trade. An exchange-traded option for which there is no mean price is valued at the prior day’s close price, unless it is determined that the prior day’s price no longer reflects the fair

9

value of the option. Over-the-counter (“OTC”) options are valued by single broker quotes which use mathematical models which incorporate a number of market data factors, such as the trades and prices of the underlying instruments.

The value of Investments in Non-Consolidated LLCs is based on the Partnership’s proportionate share of the fair value of the financial instruments held by the Non-Consolidated LLCs plus any other assets and less any other liabilities held by the Non-Consolidated LLCs, which represents the net asset value of the Non-Consolidated LLC. The Non-Consolidated LLCs’ valuation policy is the same as that of the Partnership discussed above. Changes in the value of Investments in Non-Consolidated LLCs are reflected in the Consolidated Statements of Operations as Change in value of Investments in Non-Consolidated LLCs, and includes the Partnership’s proportionate share of the operations of its Investments in the Non-Consolidated LLCs, which includes income and expenses.

Equity in Commodity Futures Trading Accounts

Cash at brokers

A portion of the assets maintained at each of the Clearing Brokers is restricted to meet maintenance margin requirements.  Typically, margin requirements range from 1% to 10% of the face value of the derivatives traded.

Net Unrealized Profit (Loss) / Market Value on Open Contracts / Options

The Partnership, either directly or indirectly through its subsidiaries, in its normal course of business, enters into various derivatives contracts with MLPF&S, Newedge USA, JPMS, MS&Co., UBS Securities, UBS AG (“UBS”), HSBC, Barclays and State Street each acting as the Partnership’s clearing brokers or derivatives counterparties. Pursuant to the brokerage agreements with MLPF&S, Newedge USA, JPMS, MS&Co., Barclays and UBS Securities (which include netting arrangements within each subsidiary), to the extent that such trading results in receivables from and payables to MLPF&S, Newedge USA, JPMS, MS&Co., Barclays and UBS Securities, these receivables and payables are offset and reported as a net receivable or payable with each broker.  Net receivables are included in the Consolidated Statements of Financial Condition under Equity in commodity futures trading accounts in Net unrealized profit/market value on open contracts/options; net payables are included in the Consolidated Statements of Financial Condition under Liabilities in Net unrealized loss/ market value on open contracts/options. Receivables and payables are netted by counterparty and Trading Advisor, as appropriate under GAAP.

Commodity futures, forwards and options contracts transactions are recorded on the trade date. The receivables and payables for forwards and options contracts represent the difference between the original contract value and the market value. The receivables and payables for futures contracts represent the variation margin, which is the daily fluctuation in market value of the futures contracts. The change in unrealized profit (loss) on open contracts from one period to the next is reflected in Change in unrealized in the Consolidated Statements of Operations.

10

Foreign Currency Transactions

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

Income Taxes

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

The Partnership is subject to the provision of ASC 740, Income Taxes which sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. Based on its analysis, the General Partner does not believe that the Partnership has any material uncertain tax positions that would require recognition or measurement in the Partnership’s consolidated financial statements.

The Partnership files U.S. Federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the Partnership’s U.S. Federal tax returns are open for the years ended 2013, 2012, 2011, and 2010. The statute of limitations on the Partnership’s state and local tax returns may remain open for an additional year depending on the jurisdiction.

There are no unrecognized tax benefits relating to the accompanying consolidated financial statements.

Distributions

The Limited Partners are entitled to receive, equally per Unit, any distributions which may be made by the Partnership.  No such distributions have been declared for the years ended December 31, 2013, 2012 or 2011.

Subscriptions

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

11

Redemptions

A Limited Partner may redeem some or all of such Partner’s Units at Net Asset Value as of the close of business on the last business day of any calendar month upon at least fifteen calendar days’ notice, or such lesser period as shall be acceptable to the General Partner in its sole discretion in advance of the requested effective date of redemption (“notice period”).  Series A units redeemed on or prior to the end of the twelfth full month after purchase are assessed an early redemption charge of 3% of their Net Asset Value as of the date of redemption which is paid to BRIM. The amount of the fees paid for the years ended December 31, 2013, 2012 and 2011 are $32,183, $100,928 and $82,819, respectively. Series I units are not subject to early redemption charges.

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

Indemnifications

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

12

3.CONDENSED CONSOLIDATED SCHEDULES OF INVESTMENTS

The Partnership trades futures, forwards and options contracts.  The level of trading is affected by conditions in those markets.  During the year ended December 31, 2013, 224,642 contracts were closed. The fair value of options held as of December 31, 2013 includes premiums paid of $380,693 and received of $957,228. The fair value of the Partnership’s futures, forwards and options contracts by type that are presented as Net unrealized profit (loss) / market value on open contracts / options in the Consolidated Statements of Financial Condition as of December 31, 2013 are as follows:

	Long Positions						Long Positions Unrealized					Short Positions							Short Positions Unrealized					Net Unrealized Profit (Loss)
Commodity	Number	Gross Unrealized					Profit (Loss)/			Percent of		Number		Gross Unrealized					Profit (Loss)/			Percent of		Market Value on Open			Percent of
Industry Sector	of Contracts	Gains		Losses			Market Value			Net Assets		of Contracts		Gains		Losses			Market Value			Net Assets		Contracts/Options			Net Assets		Maturity Dates
Futures
Agriculture	133	$	15,035	$	(97,886	)	$	(82,851	)	-0.06	%	(150	)	$	153,565	$	(22,043	)	$	131,522		0.10	%	$	48,671		0.04	%	January 14 - December 14
Currencies	214	97,977		(40,224		)	57,753			0.04	%	(95	)	158,091		(4,433		)	153,658			0.12	%	211,411			0.16	%	March 14
Energy	56	40,183		(26,367		)	13,816			0.01	%	(5	)	—		(9,488		)	(9,488		)	-0.01	%	4,328			0.00	%	January 14 - April 14
Interest rates	1,284	47,047		(223,537		)	(176,490		)	-0.13	%	(362	)	45,288		(15,569		)	29,719			0.02	%	(146,771		)	-0.11	%	January 14 - September 16
Metals	346	800,800		(211,988		)	588,812			0.45	%	(331	)	227,723		(737,914		)	(510,191		)	-0.39	%	78,621			0.06	%	January 14 - April 14
Stock indices	495	970,818		(1,787		)	969,031			0.73	%	(96	)	200		(11,777		)	(11,577		)	-0.01	%	957,454			0.72	%	January 14 - March 14
Subtotal	2,528	1,971,860		(601,789		)	1,370,071			1.04	%	(1,039	)	584,867		(801,224		)	(216,357		)	-0.17	%	1,153,714			0.87	%
Forwards
Currencies		156,904		(116,121		)	40,783			0.03	%			179,807		(303,256		)	(123,449		)	-0.09	%	(82,666		)	-0.06	%	January 14 - May 14
Options
Currencies	—	172,223		—			172,223			0.13	%	—		—		(122,974		)	(122,974		)	-0.09	%	49,249			0.04	%	January 14
Energy	15	11,100		—			11,100			0.01	%	(75	)	—		(37,650		)	(37,650		)	-0.03	%	(26,550		)	-0.02	%	January 14
Interest rates	465	406,734		—			406,734			0.31	%	(1,935	)	—		(733,359		)	(733,359		)	-0.56	%	(326,625		)	-0.25	%	January 14
Stock indices	—	—		—			—			0.00	%	(333	)	—		(262,470		)	(262,470		)	-0.20	%	(262,470		)	-0.20	%	January 14 - March 14
Subtotal	480	590,057		—			590,057			0.45	%	(2,343	)	—		(1,156,453		)	(1,156,453		)	-0.88	%	(566,396		)	-0.43	%
Total	3,008	$	2,718,821	$	(717,910	)	$	2,000,911		1.52	%	(3,382	)	$	764,674	$	(2,260,933	)	$	(1,496,259	)	-1.14	%	$	504,652		0.38	%

No individual contract’s unrealized profit or loss comprised greater than 5% of the Partnership’s capital as of December 31, 2013.

13

During the year ended December 31, 2012, 181,630 contracts were closed. The fair value of options held as of December 31, 2012 includes premiums paid of $431,164 and received of $265,272. The fair value of the Partnership’s futures, forwards and options contracts by type that are presented as Net unrealized profit (loss) / market value on open contracts / options in the Consolidated Statements of Financial Condition as of December 31, 2012 are as follows:

							Long Positions												Short Positions
	Long Positions						Unrealized					Short Positions							Unrealized					Net Unrealized Profit (Loss)
Commodity	Number	Gross Unrealized					Profit (Loss)/			Percent of		Number		Gross Unrealized					Profit (Loss)/			Percent of		Market Value on Open			Percent of
Industry Sector	of Contracts	Gains		Losses			Market Value			Net Assets		of Contracts		Gains		Losses			Market Value			Net Assets		Contracts/Options			Net Assets		Maturity Dates
Futures
Agriculture	227	$	30,992	$	(210,917	)	$	(179,925	)	-0.07	%	(191	)	$	137,576	$	(47,215	)	$	90,361		0.04	%	$	(89,564	)	-0.03	%	January 13 - December 13
Currencies	671	166,846		(485,889		)	(319,043		)	-0.12	%	(146	)	552,029		(8,725		)	543,304			0.21	%	224,261			0.09	%	January 13 - March 13
Energy	513	364,585		(120,408		)	244,177			0.09	%	(413	)	209,763		(292,975		)	(83,212		)	-0.03	%	160,965			0.06	%	January 13 - December 13
Interest rates	3,850	553,893		(218,013		)	335,880			0.13	%	(209	)	8,275		(74,463		)	(66,188		)	-0.03	%	269,692			0.10	%	January 13 - March 16
Metals	1,042	2,081,342		(671,087		)	1,410,255			0.54	%	(949	)	321,773		(2,229,051		)	(1,907,278		)	-0.73	%	(497,023		)	-0.19	%	January 13 - March 14
Stock indices	1,219	655,637		(328,838		)	326,799			0.12	%	(90	)	21,870		(195		)	21,675			0.01	%	348,474			0.13	%	January 13 - December 13
Subtotal	7,522	3,853,295		(2,035,152		)	1,818,143			0.69	%	(1,998	)	1,251,286		(2,652,624		)	(1,401,338		)	-0.53	%	416,805			0.16	%
Forwards
Currencies		355,855		(287,104		)	68,751			0.03	%			604,032		(2,745,213		)	(2,141,181		)	-0.82	%	(2,072,430		)	-0.79	%	January 13 - September 13
Options
Currencies	—	2,200		—			2,200			0.00	%	—		—		(203,826		)	(203,826		)	-0.08	%	(201,626		)	-0.08	%	January 13
Energy	33	4,840		—			4,840			0.00	%	(33	)	—		(32,670		)	(32,670		)	-0.01	%	(27,830		)	-0.01	%	January 13 - February 13
Interest rates	110	47,438		—			47,438			0.02	%	(407	)	—		(108,625		)	(108,625		)	-0.04	%	(61,187		)	-0.02	%	January 13 - February 13
Metals	79	254,000		—			254,000			0.10	%	—		—		—			—			0.00	%	254,000			0.10	%	January 13 - November 13
Stock indices	44	75,350		—			75,350			0.03	%	(88	)	—		(68,200		)	(68,200		)	-0.03	%	7,150			0.00	%	January 13
Subtotal	266	383,828		—			383,828			0.15	%	(528	)	—		(413,321		)	(413,321		)	-0.16	%	(29,493		)	-0.01	%
Total	7,788	$	4,592,978	$	(2,322,256	)	$	2,270,722		0.87	%	(2,526	)	$	1,855,318	$	(5,811,158	)	$	(3,955,840	)	-1.51	%	$	(1,685,118	)	-0.64	%

No individual contract’s unrealized profit or loss comprised greater than 5% of the Partnership’s capital as of December 31, 2012.

14

The following table represents the Partnership’s investment in each Non-Consolidated LLC as well as the financial statements, condensed schedules of investments, and relevant financial information of the Non-Consolidated LLCs as of December 31, 2013 and 2012:

2013

	Partnership’s		Partnership’s		Partnership’s investment %
Non-Consolidated LLC	Fair Value		Cost		of Non-Consolidated LLC		Management Fee		Profit Share		Redemptions Permitted
Alamo Global Horizons, LLC	$	8,199,499	$	9,469,624	77.02	%	2	%	20	%	Monthly
Breakout Global Horizons, LLC	9,010,495		9,579,951		70.62	%	1	%	15	%	Monthly
Cambridge Global Horizons, LLC	7,773,556		11,256,744		60.99	%	1.35	%	10	%	Monthly
Quaker Global Horizons, LLC	14,195,907		13,349,897		64.37	%	1	%	20	%(1)	Monthly
Quantum Global Horizons, LLC	10,085,057		11,757,274		45.15	%	0	%	30	%	Monthly
Total	$	49,264,514	$	55,413,490

(1) If net contribution amount is more than $50 million, the percentage shall equal 17.5%

2012

	Partnership’s		Partnership’s		Partnership’s investment %
Non-Consolidated LLC	Fair Value		Cost		of Non-Consolidated LLC		Management Fee		Profit Share		Redemptions Permitted
Alamo Global Horizons, LLC	$	17,559,155	$	20,116,405	76.18	%	2	%	20	%	Monthly
Breakout Global Horizons, LLC	18,966,146		23,560,266		48.24	%	1	%	15	%	Monthly
Cambridge Global Horizons, LLC	24,462,897		21,260,160		59.84	%	2	%	20	%	Monthly
Nets Global Horizons, LLC	17,110,071		22,837,847		57.54	%	2	%	17	%	Monthly
Quantum Global Horizons, LLC	21,164,490		20,640,437		47.64	%	0	%	30	%	Monthly
Total	$	99,262,759	$	108,415,115

15

STATEMENTS OF FINANCIAL CONDITION

DECEMBER 31, 2013

	Alamo			Breakout		Cambridge		Quaker		Quantum
	Global Horizons, LLC			Global Horizons, LLC		Global Horizons, LLC		Global Horizons, LLC		Global Horizons, LLC
ASSETS:
Cash and cash equivalents	$	8,183,611		$	10,497,462	$	8,337,799	$	11,978,889	$	19,551,925
Equity in commodity futures trading accounts: Cash (1)	2,966,409			3,178,709		5,069,438		10,681,449		4,535,527
Net unrealized profit on open contracts	99,554			539,757		238,479		840,087		381,076
Accrued interest and other assets	520			—		—		—		272
TOTAL ASSETS	$	11,250,094		$	14,215,928	$	13,645,716	$	23,500,425	$	24,468,800
LIABILITIES AND MEMBERS’ CAPITAL
LIABILITIES:
Due to Partnership	$	559,480		$	614,421	$	527,516	$	1,242,900	$	687,414
Redemptions payable	—			573,985		308,875		—		853,745
Subscription received in advance	—			200,000		—		—		450,000
Profit Shares payable	—			—		—		173,061		68,481
Trading Advisors’ management fees payable	4,083			3,605		5,937		6,698		—
Administrator fees payable	10,806			26,605		22,632		3,288		31,646
Professional fees payable	33,261			36,433		32,016		20,001		38,933
Other fees payable	(2,864		)	2,365		2,935		382		1,767
Total liabilities	604,766			1,457,414		899,911		1,446,330		2,131,986
TOTAL MEMBERS’ CAPITAL	10,645,328			12,758,514		12,745,805		22,054,095		22,336,814
TOTAL LIABILITIES AND MEMBERS’ CAPITAL	$	11,250,094		$	14,215,928	$	13,645,716	$	23,500,425	$	24,468,800

(1) Includes restricted cash of $1,318,821, $2,529,118, $669,616, $5,369,821 and $1,123,068, respectively.

16

STATEMENTS OF FINANCIAL CONDITION

DECEMBER 31, 2012

	Alamo		Breakout		Cambridge		Nets		Quantum
	Global Horizons, LLC		Global Horizons, LLC		Global Horizons, LLC		Global Horizons, LLC		Global Horizons, LLC
ASSETS:
Cash and cash equivalents	$	20,377,477	$	21,595,885	$	4,757,862	$	26,712,321	$	24,812,881
Equity in commodity futures trading accounts: Cash (1)	3,478,994		18,089,465		38,461,055		5,138,261		21,435,349
Net unrealized profit on open contracts	262,603		1,042,090		—		—		—
Accrued interest and other assets	2,712		3,325		2,720		1,319		4,094
TOTAL ASSETS	$	24,121,786	$	40,730,765	$	43,221,637	$	31,851,901	$	46,252,324
LIABILITIES AND MEMBERS’ CAPITAL
LIABILITIES:
Net unrealized loss on open contracts	$	—	$	—	$	175,044	$	91,517	$	521,711
Due to Partnership	1,026,163		1,108,537		1,680,015		997,556		1,237,006
Redemptions payable	—		230,000		—		950,000		—
Profit Shares payable	—		—		407,841		—		—
Trading Advisors’ management fees payable	9,166		17,164		28,093		22,700		—
Administrator fees payable	8,224		19,706		15,569		17,468		22,826
Professional fees payable	27,361		30,833		26,116		31,250		33,333
Other fees payable	1,368		9,307		6,247		5,667		8,148
Total liabilities	1,072,282		1,415,547		2,338,925		2,116,158		1,823,024
TOTAL MEMBERS’ CAPITAL	23,049,504		39,315,218		40,882,712		29,735,743		44,429,300
TOTAL LIABILITIES AND MEMBERS’ CAPITAL	$	24,121,786	$	40,730,765	$	43,221,637	$	31,851,901	$	46,252,324

(1) Includes restricted cash of $1,359,877, $7,597,881, $14,557,619, $2,095,713 and $7,392,494, respectively.

17

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2013

	Alamo			Breakout			Cambridge			Quaker			Quantum
	Global Horizons, LLC			Global Horizons, LLC			Global Horizons, LLC			Global Horizons, LLC			Global Horizons, LLC
TRADING PROFITS (LOSSES):
Realized	$	(178,588	)	$	1,028,777		$	(4,507,557	)	$	1,908,485		$	(3,054,963	)
Change in unrealized	(178,881		)	(489,618		)	180,645			839,434			922,140
Brokerage commissions and clearing costs	(43,377		)	(67,359		)	(192,350		)	(117,010		)	(129,629		)
Total trading profits (losses)	(400,846		)	471,800			(4,519,262		)	2,630,909			(2,262,452		)
INVESTMENT INCOME:
Interest	9,324			11,148			—			—			14,689
EXPENSES:
Trading Advisors’ management fees	314,380			259,378			428,609			154,892			—
Profit Shares	—			—			479			471,623			68,481
Administrator fees	46,078			50,483			55,783			32,980			51,158
Professional fees	70,968			74,841			79,833			48,591			74,621
Other fees	578,782			636,905			792,930			483,195			634,624
Total expenses	1,010,208			1,021,607			1,357,634			1,191,281			828,884
NET INVESTMENT LOSS	(1,000,884		)	(1,010,459		)	(1,357,634		)	(1,191,281		)	(814,195		)
NET INCOME / (LOSS)	$	(1,401,730	)	$	(538,659	)	$	(5,876,896	)	$	1,439,628		$	(3,076,647	)

18

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2012

	Alamo			Breakout			Cambridge			Nets			Quantum
	Global Horizons, LLC			Global Horizons, LLC			Global Horizons, LLC			Global Horizons, LLC			Global Horizons, LLC
TRADING PROFITS (LOSSES):
Realized	$	(695,043	)	$	(6,295,144	)	$	9,438,281		$	(6,661,564	)	$	5,853,021
Change in unrealized	(239,088		)	687,004			380,791			128,008			309,294
Brokerage commissions and clearing costs	(155,012		)	(151,374		)	(624,299		)	(73,267		)	(269,264		)
Total trading profits (losses)	(1,089,143		)	(5,759,514		)	9,194,773			(6,606,823		)	5,893,051
INVESTMENT INCOME:
Interest	43,077			52,475			—			47,328			53,066
EXPENSES:
Trading Advisors’ management fees	614,518			488,959			953,699			851,236			—
Profit Shares	—			—			1,173,623			—			2,756,131
Administrator fees	88,694			95,739			113,056			94,334			91,946
Professional fees	152,733			160,459			185,622			158,204			155,086
Other fees	1,058,674			1,132,442			1,435,287			1,110,434			1,115,510
Total expenses	1,914,619			1,877,599			3,861,287			2,214,208			4,118,673
NET INVESTMENT LOSS	(1,871,542		)	(1,825,124		)	(3,861,287		)	(2,166,880		)	(4,065,607		)
NET INCOME / (LOSS)	$	(2,960,685	)	$	(7,584,638	)	$	5,333,486		$	(8,773,703	)	$	1,827,444

19

The Non-Consolidated LLCs trade futures and forwards contracts. The fair value of the Non-Consolidated LLCs’ futures and forwards contracts by type that are presented as Net unrealized profit (loss) on open contracts in their respective Statements of Financial Condition as of December 31, 2013 are as follows:

Alamo Global Horizons, LLC

	Long Positions						Long Positions					Short Positions							Short Positions					Net Unrealized
Commodity	Number	Gross Unrealized					Unrealized			Percent of		Number		Gross Unrealized					Unrealized			Percent of		Profit (Loss) on			Percent of
Industry Sector	of Contracts	Gains		Losses			Profit (Loss)			Members’ Capital		of Contracts		Gains		Losses			Profit (Loss)			Members’ Capital		Open Contracts			Members’ Capital		Maturity Dates
Futures
Agriculture	134	$	20,100	$	(90,318	)	$	(70,218	)	-0.66	%	(443	)	$	267,788	$	(65,870	)	$	201,918		1.90	%	$	131,700		1.24	%	February 14 - March 14
Currencies	113	108,074		(16,612		)	91,462			0.86	%	(88	)	75,461		(5,051		)	70,410			0.66	%	161,872			1.52	%	March 14
Interest rates	69	—		(34,882		)	(34,882		)	-0.32	%	(41	)	—		(45,469		)	(45,469		)	-0.43	%	(80,351		)	-0.75	%	March 14 - June 14
Metals	12	4,108		(30,693		)	(26,585		)	-0.25	%	(61	)	—		(87,082		)	(87,082		)	-0.82	%	(113,667		)	-1.07	%	January 14 - April 14
Total	328	$	132,282	$	(172,505	)	$	(40,223	)	-0.37	%	(633	)	$	343,249	$	(203,472	)	$	139,777		1.31	%	$	99,554		0.94	%

Breakout Global Horizons, LLC

	Long Positions						Long Positions					Short Positions							Short Positions					Net Unrealized
Commodity	Number	Gross Unrealized					Unrealized			Percent of		Number		Gross Unrealized					Unrealized			Percent of		Profit (Loss) on			Percent of
Industry Sector	of Contracts	Gains		Losses			Profit (Loss)			Members’ Capital		of Contracts		Gains		Losses			Profit (Loss)			Members’ Capital		Open Contracts			Members’ Capital		Maturity Dates
Futures
Agriculture	80	$	76,560	$	(8,688	)	$	67,872		0.53	%	(80	)	$	108,725	$	—		$	108,725		0.85	%	$	176,597		1.38	%	February 14 - March 14
Currencies	139	132,914		(21,575		)	111,339			0.87	%	(151	)	96,275		(27,890		)	68,385			0.54	%	179,724			1.41	%	March 14
Energy	32	59,320		(7,526		)	51,794			0.41	%	(9	)	—		(8,130		)	(8,130		)	-0.07	%	43,664			0.34	%	January 14 - March 14
Interest rates	55	1,443		(67,135		)	(65,692		)	-0.51	%	(173	)	17,274		(58,186		)	(40,912		)	-0.33	%	(106,604		)	-0.84	%	March 14 - June 14
Metals	103	46,081		(133,491		)	(87,410		)	-0.69	%	(118	)	85,961		(107,526		)	(21,565		)	-0.16	%	(108,975		)	-0.85	%	January 14 - March 14
Stock indices	196	355,451		(100		)	355,351			2.79	%	—		—		—			—			0.00	%	355,351			2.79	%	January 14 - March 14
Total	605	$	671,769	$	(238,515	)	$	433,254		3.40	%	(531	)	$	308,235	$	(201,732	)	$	106,503		0.83	%	$	539,757		4.23	%

20

Cambridge Global Horizons, LLC

	Long Positions						Long Positions					Short Positions							Short Positions					Net Unrealized
Commodity	Number	Gross Unrealized					Unrealized			Percent of		Number		Gross Unrealized					Unrealized			Percent of		Profit (Loss) on			Percent of
Industry Sector	of Contracts	Gains		Losses			Profit (Loss)			Members’ Capital		of Contracts		Gains		Losses			Profit (Loss)			Members’ Capital		Open Contracts			Members’ Capital		Maturity Dates
Futures
Agriculture	5	$	—	$	(5,123	)	$	(5,123	)	-0.04	%	(29	)	$	18,939	$	(5,044	)	$	13,895		0.11	%	$	8,772		0.07	%	January 14 - March 14
Currencies	10	4,738		(1,310		)	3,428			0.03	%	(14	)	16,174		(148		)	16,026			0.13	%	19,454			0.16	%	March 14
Energy	10	4,432		(4,530		)	(98		)	0.00	%	—		—		—			—			0.00	%	(98		)	0.00	%	January 14 - February 14
Interest rates	123	634		(43,996		)	(43,362		)	-0.34	%	(36	)	18,532		(54		)	18,478			0.14	%	(24,884		)	-0.20	%	January 14 - June 17
Metals	122	176,112		(63,429		)	112,683			0.88	%	(130	)	80,170		(240,552		)	(160,382		)	-1.26	%	(47,699		)	-0.38	%	January 14 - April 14
Stock indices	66	187,099		—			187,099			1.47	%	(1	)	550		—			550			0.00	%	187,649			1.47	%	January 14 - March 14
Subtotal	336	373,015		(118,388		)	254,627			2.00	%	(210	)	134,365		(245,798		)	(111,433		)	-0.88	%	143,194			1.12	%
Forwards
Currencies		244,177		(132,514		)	111,663			0.87	%			168,866		(185,244		)	(16,378		)	-0.12	%	95,285			0.75	%	March 14
Total	336	$	617,192	$	(250,902	)	$	366,290		2.87	%	(210	)	$	303,231	$	(431,042	)	$	(127,811	)	-1.00	%	$	238,479		1.87	%

Quaker Global Horizons, LLC

	Long Positions						Long Positions					Short Positions							Short Positions					Net Unrealized
Commodity	Number	Gross Unrealized					Unrealized			Percent of		Number		Gross Unrealized					Unrealized			Percent of		Profit (Loss) on			Percent of
Industry Sector	of Contracts	Gains		Losses			Profit (Loss)			Members’ Capital		of Contracts		Gains		Losses			Profit (Loss)			Members’ Capital		Open Contracts			Members’ Capital		Maturity Dates
Futures
Agriculture	117	$	87,920	$	(66,517	)	$	21,403		0.10	%	(225	)	$	320,545	$	(15,173	)	$	305,372		1.38	%	$	326,775		1.48	%	February 14 - March 14
Energy	76	59,337		(41,925		)	17,412			0.08	%	(10	)	7,370		(9,496		)	(2,126		)	-0.01	%	15,286			0.07	%	January 14 - February 14
Interest rates	846	1,726		(911,303		)	(909,577		)	-4.12	%	(674	)	473,078		(122,305		)	350,773			1.59	%	(558,804		)	-2.53	%	January 14 - December 14
Metals	—	—		—			—			0.00	%	(31	)	49,220		(7,760		)	41,460			0.19	%	41,460			0.19	%	February 14 - April 14
Stock indices	240	696,785		—			696,785			3.16	%	(76	)	—		(175,963		)	(175,963		)	-0.80	%	520,822			2.36	%	January 14 - March 14
Subtotal	1,279	845,768		(1,019,745		)	(173,977		)	-0.78	%	(1,016	)	850,213		(330,697		)	519,516			2.35	%	345,539			1.57	%
Forwards
Currencies		281,937		(154,705		)	127,232			0.57	%			560,587		(193,271		)	367,316			1.67	%	494,548			2.24	%	January 14 - March 14
Total	1,279	$	1,127,705	$	(1,174,450	)	$	(46,745	)	-0.21	%	(1,016	)	$	1,410,800	$	(523,968	)	$	886,832		4.02	%	$	840,087		3.81	%

21

Quantum Global Horizons, LLC

	Long Positions						Long Positions					Short Positions							Short Positions					Net Unrealized
Commodity	Number	Gross Unrealized					Unrealized			Percent of		Number		Gross Unrealized					Unrealized			Percent of		Profit (Loss) on			Percent of
Industry Sector	of Contracts	Gains		Losses			Profit (Loss)			Members’ Capital		of Contracts		Gains		Losses			Profit (Loss)			Members’ Capital		Open Contracts			Members’ Capital		Maturity Dates
Futures
Agriculture	—	$	—	$	—		$	—		0.00	%	(22	)	$	7,337	$	—		$	7,337		0.03	%	$	7,337		0.03	%	March 14
Currencies	17	23,935		—			23,935			0.11	%	(17	)	29,046		(9		)	29,037			0.13	%	52,972			0.24	%	March 14
Energy	28	350		(37,338		)	(36,988		)	-0.17	%	(11	)	2,202		(3,111		)	(909		)	0.00	%	(37,897		)	-0.17	%	January 14 - February 14
Interest rates	—	—		—			—			0.00	%	(241	)	144,533		(426		)	144,107			0.65	%	144,107			0.65	%	March 14
Metals	3	5,408		—			5,408			0.02	%	(6	)	7,895		(1,700		)	6,195			0.03	%	11,603			0.05	%	February 14 - March 14
Stock indices	143	202,096		(292		)	201,804			0.90	%	(8	)	2,100		(950		)	1,150			0.01	%	202,954			0.91	%	January 14 - March 14
Total	191	$	231,789	$	(37,630	)	$	194,159		0.86	%	(305	)	$	193,113	$	(6,196	)	$	186,917		0.85	%	$	381,076		1.71	%

The level of trading is affected by conditions in those markets. The fair value of the Non-Consolidated LLCs’ futures and forwards contracts by type that are presented as Net unrealized profit (loss) on open contracts in their respective Statements of Financial Condition as of December 31, 2012 are as follows:

Alamo Global Horizons, LLC

	Long Positions						Long Positions					Short Positions							Short Positions				Net Unrealized
Commodity	Number	Gross Unrealized					Unrealized			Percent of		Number		Gross Unrealized					Unrealized		Percent of		Profit (Loss) on			Percent of
Industry Sector	of Contracts	Gains		Losses			Profit (Loss)			Members’ Capital		of Contracts		Gains		Losses			Profit (Loss)		Members’ Capital		Open Contracts			Members’ Capital		Maturity Dates
Futures
Agriculture	53	$	41,903	$	—		$	41,903		0.18	%	(247	)	$	192,660	$	(95,359	)	$	97,301	0.42	%	$	139,204		0.60	%	March 13
Currencies	215	76,513		(174,782		)	(98,269		)	-0.43	%	(56	)	259,056		—			259,056		1.13	%	160,787			0.70	%	March 13
Energy	9	13,066		(12,524		)	542			0.00	%	—		—		—			—		0.00	%	542			0.00	%	February 13
Interest rates	275	1,880		(39,810		)	(37,930		)	-0.16	%	—		—		—			—		0.00	%	(37,930		)	-0.16	%	March 13 - June 13
Total	552	$	133,362	$	(227,116	)	$	(93,754	)	-0.41	%	(303	)	$	451,716	$	(95,359	)	$	356,357	1.55	%	$	262,603		1.14	%

22

Breakout Global Horizons, LLC

	Long Positions						Long Positions					Short Positions							Short Positions					Net Unrealized
Commodity	Number	Gross Unrealized					Unrealized			Percent of		Number		Gross Unrealized					Unrealized			Percent of		Profit (Loss) on			Percent of
Industry Sector	of Contracts	Gains		Losses			Profit (Loss)			Members’ Capital		of Contracts		Gains		Losses			Profit (Loss)			Members’ Capital		Open Contracts			Members’ Capital		Maturity Dates
Futures
Agriculture	—	$	—	$	—		$	—		0.00	%	(264	)	$	337,925	$	—		$	337,925		0.86	%	$	337,925		0.86	%	March 13
Currencies	968	729,065		(307,440		)	421,625			1.07	%	(183	)	365,402		—			365,402			0.93	%	787,027			2.00	%	March 13
Energy	15	—		(9,341		)	(9,341		)	-0.02	%	(80	)	53,800		(225,120		)	(171,320		)	-0.44	%	(180,661		)	-0.46	%	January 13 - March 13
Interest rates	553	206,994		(238,994		)	(32,000		)	-0.08	%	—		—		—			—			0.00	%	(32,000		)	-0.08	%	March 13 - June 13
Metals	158	—		(266,278		)	(266,278		)	-0.68	%	(103	)	—		(335,677		)	(335,677		)	-0.85	%	(601,955		)	-1.53	%	February 13 - March 13
Stock indices	444	756,597		(24,843		)	731,754			1.86	%	—		—		—			—			0.00	%	731,754			1.86	%	January 13 - March 13
Total	2,138	$	1,692,656	$	(846,896	)	$	845,760		2.15	%	(630	)	$	757,127	$	(560,797	)	$	196,330		0.50	%	$	1,042,090		2.65	%

Cambridge Global Horizons, LLC

	Long Positions						Long Positions					Short Positions							Short Positions					Net Unrealized
Commodity	Number	Gross Unrealized					Unrealized			Percent of		Number		Gross Unrealized					Unrealized			Percent of		Profit (Loss) on			Percent of
Industry Sector	of Contracts	Gains		Losses			Profit (Loss)			Members’ Capital		of Contracts		Gains		Losses			Profit (Loss)			Members’ Capital		Open Contracts			Members’ Capital		Maturity Dates
Futures
Agriculture	95	$	1,398	$	(159,683	)	$	(158,285	)	-0.38	%	(211	)	$	159,461	$	(49,206	)	$	110,255		0.27	%	$	(48,030	)	-0.11	%	February 13 - May 13
Currencies	251	21,950		(195,816		)	(173,866		)	-0.43	%	(60	)	115,239		(12,222		)	103,017			0.25	%	(70,849		)	-0.18	%	March 13
Energy	333	988,215		(17,519		)	970,696			2.37	%	(275	)	23,595		(668,170		)	(644,575		)	-1.58	%	326,121			0.79	%	January 13 - March 13
Interest rates	4,585	272,084		(392,660		)	(120,576		)	-0.29	%	(309	)	13,922		(8,114		)	5,808			0.01	%	(114,768		)	-0.28	%	January 13 - December 14
Metals	179	130,109		(110,636		)	19,473			0.05	%	(238	)	120,327		(521,274		)	(400,947		)	-0.98	%	(381,474		)	-0.93	%	January 13 - April 13
Stock indices	926	253,558		(396,736		)	(143,178		)	-0.35	%	(16	)	2,200		(11,350		)	(9,150		)	-0.02	%	(152,328		)	-0.37	%	January 13 - March 13
Subtotal	6,369	1,667,314		(1,273,050		)	394,264			0.97	%	(1,109	)	434,744		(1,270,336		)	(835,592		)	-2.05	%	(441,328		)	-1.08	%
Forwards
Currencies		1,626,302		(815,193		)	811,109			1.98	%			1,137,882		(1,682,707		)	(544,825		)	-1.33	%	266,284			0.65	%	March 13
Total	6,369	$	3,293,616	$	(2,088,243	)	$	1,205,373		2.95	%	(1,109	)	$	1,572,626	$	(2,953,043	)	$	(1,380,417	)	-3.38	%	$	(175,044	)	-0.43	%

23

Nets Global Horizons, LLC

	Long Positions						Long Positions					Short Positions							Short Positions					Net Unrealized
Commodity	Number	Gross Unrealized					Unrealized			Percent of		Number		Gross Unrealized					Unrealized			Percent of		Profit (Loss) on			Percent of
Industry Sector	of Contracts	Gains		Losses			Profit (Loss)			Members’ Capital		of Contracts		Gains		Losses			Profit (Loss)			Members’ Capital		Open Contracts			Members’ Capital		Maturity Dates
Futures
Agriculture	50	$	—	$	(128,932	)	$	(128,932	)	-0.43	%	(176	)	$	141,311	$	(25,300	)	$	116,011		0.39	%	$	(12,921	)	-0.04	%	February 13 - March 13
Currencies	102	21,032		(71,651		)	(50,619		)	-0.17	%	(20	)	120,000		—			120,000			0.40	%	69,381			0.23	%	March 13
Energy	10	4,989		(6,964		)	(1,975		)	-0.01	%	(34	)	33,953		(31,918		)	2,035			0.01	%	60			0.00	%	January 13 - February 13
Interest rates	72	16,661		(9,829		)	6,832			0.02	%	(18	)	12,104		(3,084		)	9,020			0.03	%	15,852			0.05	%	March 13 - June 13
Metals	31	48,405		(35,391		)	13,014			0.05	%	(52	)	26,378		(79,691		)	(53,313		)	-0.18	%	(40,299		)	-0.13	%	January 13 - March 13
Stock indices	10	3,246		(6,325		)	(3,079		)	-0.01	%	(127	)	67,767		(188,278		)	(120,511		)	-0.41	%	(123,590		)	-0.42	%	January 13 - March 13
Total	275	$	94,333	$	(259,092	)	$	(164,759	)	-0.55	%	(427	)	$	401,513	$	(328,271	)	$	73,242		0.24	%	$	(91,517	)	-0.31	%

Quantum Global Horizons, LLC

	Long Positions						Long Positions					Short Positions							Short Positions					Net Unrealized
Commodity	Number	Gross Unrealized					Unrealized			Percent of		Number		Gross Unrealized					Unrealized			Percent of		Profit (Loss) on			Percent of
Industry Sector	of Contracts	Gains		Losses			Profit (Loss)			Members’ Capital		of Contracts		Gains		Losses			Profit (Loss)			Members’ Capital		Open Contracts			Members’ Capital		Maturity Dates
Futures
Agriculture	35	$	2,559	$	(11,257	)	$	(8,698	)	-0.02	%	(17	)	$	5,557	$	(1,671	)	$	3,886		0.01	%	$	(4,812	)	-0.01	%	February 13 - March 13
Currencies	247	17,613		(141,677		)	(124,064		)	-0.28	%	(94	)	10,408		(14,539		)	(4,131		)	-0.01	%	(128,195		)	-0.29	%	March 13
Energy	13	8,471		—			8,471			0.02	%	(18	)	22,753		(835		)	21,918			0.05	%	30,389			0.07	%	January 13 - February 13
Interest rates	436	675,970		(2,705		)	673,265			1.52	%	(970	)	73,045		(357,958		)	(284,913		)	-0.64	%	388,352			0.88	%	March 13
Metals	23	36,135		—			36,135			0.08	%	(23	)	303		(1,184		)	(881		)	0.00	%	35,254			0.08	%	February 13 - April 13
Stock indices	75	4,031		(64,252		)	(60,221		)	-0.14	%	(1,296	)	106,146		(888,624		)	(782,478		)	-1.76	%	(842,699		)	-1.90	%	January 13 - March 13
Total	829	$	744,779	$	(219,891	)	$	524,888		1.18	%	(2,418	)	$	218,212	$	(1,264,811	)	$	(1,046,599	)	-2.35	%	$	(521,711	)	-1.17	%

24

The trading profits (losses) of the Partnership’s derivatives by instrument type, as well as the location of those gains and losses on the Consolidated Statements of Operations for the years ended December 31, 2013, 2012 and 2011 are as follows:

2013

				Change in Net
Commodity	Realized Profits			Unrealized			Net Trading
Industry Sector	(Losses)			Profits (Losses)			Profits (Losses)
Futures
Agriculture	$	302,931		$	138,234		$	441,165
Currencies	(2,658,672		)	(83,717		)	(2,742,389		)
Energy	(2,636,353		)	(156,637		)	(2,792,990		)
Interest rates	(7,711,437		)	(416,464		)	(8,127,901		)
Metals	(88,677		)	575,645			486,968
Stock indices	2,719,677			608,980			3,328,657
Subtotal	(10,072,531		)	666,041			(9,406,490		)
Forwards
Currencies	(5,939,318		)	1,989,762			(3,949,556		)
Options
Agriculture	(432,986		)	—			(432,986		)
Currencies	2,673,941			240,288			2,914,229
Energy	1,022,878			(11,183		)	1,011,695
Interest rates	6,011,454			(55,100		)	5,956,354
Metals	(436,295		)	56,144			(380,151		)
Stock indices	1,735,886			(24,623		)	1,711,263
Subtotal	10,574,878			205,526			10,780,404
Total	$	(5,436,971	)	$	2,861,329		$	(2,575,642	)

2012

				Change in Net
Commodity	Realized Profits			Unrealized			Net Trading
Industry Sector	(Losses)			Profits (Losses)			Profits (Losses)
Futures
Agriculture	$	(2,820,296	)	$	(199,915	)	$	(3,020,211	)
Currencies	(3,263,268		)	(232,086		)	(3,495,354		)
Energy	465,650			(37,269		)	428,381
Interest rates	2,717,223			(1,279,367		)	1,437,856
Metals	(2,136,315		)	(325,359		)	(2,461,674		)
Stock indices	(403,550		)	313,805			(89,745		)
Subtotal	(5,440,556		)	(1,760,191		)	(7,200,747		)
Forwards
Currencies	(5,225,167		)	(2,190,759		)	(7,415,926		)
Options
Agriculture	(25,197		)	—			(25,197		)
Currencies	1,030,112			(185,404		)	844,708
Energy	1,006,201			21,872			1,028,073
Interest rates	4,555,729			(45,727		)	4,510,002
Metals	62,913			(56,144		)	6,769
Stock indices	1,354,178			(16,165		)	1,338,013
Subtotal	7,983,936			(281,568		)	7,702,368
Total	$	(2,681,787	)	$	(4,232,518	)	$	(6,914,305	)

25

2011

				Change in Net
Commodity	Realized Profits			Unrealized			Net Trading
Industry Sector	(Losses)			Profits (Losses)			Profits (Losses)
Futures
Agriculture	$	(5,774,791	)	$	(1,538,257	)	$	(7,313,048	)
Currencies	(992,911		)	(1,267,577		)	(2,260,488		)
Energy	(4,011,563		)	(536,058		)	(4,547,621		)
Interest rates	20,886,245			553,178			21,439,423
Metals	3,345,246			(1,501,750		)	1,843,496
Stock indices	(7,339,014		)	(446,410		)	(7,785,424		)
Subtotal	6,113,212			(4,736,874		)	1,376,338
Forwards
Currencies	564,076			(2,901,353		)	(2,337,277		)
Options
Currencies	3,351,068			8,090			3,359,158
Energy	586,225			—			586,225
Interest rates	3,962,742			58,130			4,020,872
Metals	108,137			—			108,137
Stock indices	1,133,607			21,863			1,155,470
Subtotal	9,141,779			88,083			9,229,862
Total	$	15,819,067		$	(7,550,144	)	$	8,268,923

4.RELATED PARTY TRANSACTIONS

Some of the Partnership’s U.S. dollar assets are maintained at MLPF&S, which was an affiliate of the General Partner until June 1, 2011.  MLPF&S is a wholly owned subsidiary of Bank of America Merrill Lynch, which in turn had maintained a significant ownership interest in BlackRock and was an affiliate of the General Partner until June 1, 2011. For assets held in U.S. dollars, MLPF&S credits the Partnership with interest at the prevailing 91-day U.S. Treasury Bill rate. The Partnership is credited with interest on any of its net gains actually held by MLPF&S in non-U.S. dollar currencies at a prevailing local rate received by MLPF&S.  MLPF&S may derive certain economic benefit, in excess of the interest which MLPF&S pays to the Partnership, from possession of such assets.

As of May 31, 2011, $4,883,043 was held in trading accounts at MLPF&S.  For the period ended May 31, 2011, the Partnership incurred $23,324 for brokerage commissions payable to MLPF&S.

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

26

BRIM reimburses the Partnership for fees and expenses paid by the Partnership, not including the Trading Advisors’ Profit Shares (such fees and expenses, exclusive of the Trading Advisors’ Profit Shares, collectively referred to herein as “Capped Expenses”) that would be in excess of 1/12 of 7.25% of the Partnership’s net asset value (the “Expense Cap”) on the last business day of each month (each a “Regularly Scheduled Calculation Date”).  Because Series I is not subject to the 3.0% distribution fee, the Expense Cap for Series I is 4.25% annually, rather than the 7.25% annual Expense Cap for all other Series.  On each Regularly Scheduled Calculation Date, BRIM will waive the portion of the sponsor fees that would otherwise be payable to BRIM that is necessary to reduce the Capped Expenses until they equal the Expense Cap.  If the waiver of the sponsor fees is not sufficient to lower the Partnership’s Capped Expenses to the Expense Cap, BRIM will pay those Capped Expenses necessary so that Capped Expenses do not exceed the Expense Cap.  However, if on any Regularly Scheduled Calculation Date Capped Expenses are less than the Expense Cap, the difference is used to reimburse BRIM for any sponsor fees that were waived or any Capped Expenses paid by BRIM on preceding Calculation Dates in the same calendar year.  Any such amounts may not be used to reimburse BRIM for any sponsor fees that were waived or any Capped Expenses paid by BRIM in preceding calendar years.

As of December 31, 2013 and 2012, $62,321,409 and $117,403,824, respectively, were invested in an affiliated BlackRock money market fund.  The Due from Non-Consolidated LLCs balance of $3,621,272 and $6,049,277 included in the Consolidated Statements of Financial Condition as of December 31, 2013 and 2012, respectively, represents the amounts owed to the Partnership by the Non-Consolidated LLCs for expenses paid on the Non-Consolidated LLCs’ behalf and subscriptions, redemptions and allocations of capital from the Partnership.

5.ADVISORY AGREEMENTS

The Partnership and the Trading Advisors have each entered into Advisory Agreements.  These Advisory Agreements generally renew one year after they are entered 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 respective Partnership accounts, subject to certain trading policies and to certain rights reserved by BRIM.  Each Series pays management fees to the Trading Advisors up to 2.00% of that Series net assets allocated to each individual Trading Advisor.

Profit Shares, generally ranging from 10% to 30% of any New Trading Profit, as defined, recognized by each Trading Advisor considered individually, irrespective of the overall performance of the Partnership, as of either the end of each calendar quarter or year and upon the net reallocation of assets away from a Trading Advisor, are paid by the Partnership to each Trading Advisor.  Profit Shares are also paid out in respect of Units redeemed as of the end of interim months, to the extent of the applicable percentage of any New Trading Profit attributable to such Units.

6.WEIGHTED AVERAGE UNITS

The weighted average number of Units outstanding is computed for purposes of disclosing net income (loss) per weighted average Unit.  The weighted average number of Units outstanding for the years ended December 31, 2013, 2012 and 2011 equals the Units outstanding as of such date, adjusted proportionately for Units subscribed and redeemed based on the respective length of time each was outstanding during the year.

27

7.PARTNERS’ CAPITAL

At December 31, 2013 and 2012, the Net Asset Values of the different Series of the Units were:

December 31, 2013	Net Asset Value		Number of Units	Net Asset Value per Unit
Series A	$	102,123,710	116,019,483	$	0.8802
Series F	12,470,664		58,670	$	212.56
Series G	15,542,406		16,882,395	$	0.9206
Series I	1,544,543		1,371,637	$	1.1261
Total Partners’ Capital	$	131,681,323	134,332,185

December 31, 2012	Net Asset Value		Number of Units	Net Asset Value per Unit
Series A	$	220,539,487	230,899,814	$	0.9551
Series F	17,551,923		76,090	$	230.67
Series G	21,236,500		21,255,467	$	0.9991
Series I	2,335,058		1,973,082	$	1.1835
Total Partners’ Capital	$	261,662,968	254,204,453

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

8.FAIR VALUE DISCLOSURES

The Partnership qualifies as an investment company under the provisions of the American Institute of Certified Public Accountants Audit and Accounting Guide for Investment Companies (“Audit and Accounting Guide”) and therefore, all investments including derivatives are stated at fair value in the Consolidated Statements of Financial Condition, and changes in fair value are included in Realized and Change in unrealized trading profits (losses) in the Consolidated Statements of Operations.

The Partnership records derivatives contracts held in commodities futures trading accounts and cash equivalents at fair value in accordance with Accounting Standards Codification (“ASC”) 820, Fair Value Measurements and Disclosures (“ASC 820”). ASC 820 defines fair value as the price that the Partnership would receive upon selling an investment or pay to transfer a liability in an orderly transaction to a market participant in the principal or most advantageous market for the investment. ASC 820 emphasizes that valuation techniques maximize the use of observable market inputs and minimize the use of unobservable inputs. Inputs refer broadly to the assumptions that market participants would use in pricing an asset or liability, including assumptions about risk to the extent the asset or liability 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 participants would use in pricing an asset or liability developed based on market data obtained from sources independent of the Partnership. Unobservable inputs are inputs that reflect the General Partner’s assumptions about what information market participants would use to price an asset or liability developed based on the best information available under the circumstances.

28

ASC 820 establishes a hierarchy that classifies these inputs into the three broad levels listed below:

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

Level 2 — Other than quoted prices included within Level 1 that are observable for substantially the full term of the asset or liability, either directly or indirectly.  Level 2 includes quoted prices (unadjusted) for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities that are not active; and inputs other than quoted prices that are observable or that can be generally corroborated by observable market data, such as those used in models or other valuation methodologies. As a practical expedient, the Partnership relies on the NAV (or its equivalent) of certain investments as their fair value.

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

There were no Level 3 assets or liabilities held at December 31, 2013, December 31, 2012 or during the years then ended.

The following table summarizes the valuation of the Partnership’s investments by the above ASC 820 fair value hierarchy levels as of December 31, 2013 and 2012.

				Fair Value at Reporting Date Using
				Quoted Prices in Active Markets for			Significant Other
				Identical Assets			Observable Inputs
Description	December 31, 2013			(Level 1)			(Level 2)
Cash Equivalents	$	62,321,409		$	62,321,409		$	—
Investments in Non-Consolidated LLCs	49,264,514			—			49,264,514
Futures (1)	1,153,714			1,153,714			—
Forwards (1)	(82,666		)	—			(82,666		)
Options (1)	(566,396		)	(615,645		)	49,249
	$	112,090,575		$	62,859,478		$	49,231,097

Description	December 31, 2012
Cash Equivalents	$	117,403,824		$	117,403,824	$	—
Investments in Non-Consolidated LLCs	99,262,759			—		99,262,759
Futures (1)	416,804			416,804		—
Forwards (1)	(2,072,428		)	—		(2,072,428		)
Options (1)	(29,494		)	132,601		(162,095		)
	$	214,981,465		$	117,953,229	$	97,028,236

(1) See Condensed Consolidated Schedules of Investments in Note 3 for the values in each commodity industry sector within this table

29

ASC 820 permits as a practical expedient, the Partnership to measure the fair value of its Investments in the Non-Consolidated LLCs on the basis of the net asset value per unit of such investment or the equivalent if the net asset value per share of such investments (or the monetary equivalent) is calculated in a manner consistent with the measurement principles of the Audit and Accounting Guide as of the Partnership’s reporting date. The fair value of the Investments in Non-Consolidated LLCs is based on the Partnership’s proportionate share of the fair value of the financial instruments held by the Non-Consolidated LLC, plus any other assets and less any other liabilities held by the Non-Consolidated LLCs which approximates the net asset value per unit.  In accordance with ASC 820, Investments in Non-Consolidated LLCs have been considered Level 2 in the fair value hierarchy as the Partnership has the ability to increase or decrease its ownership in the Non-Consolidated LLC at the above basis on the measurement date.

There were no transfers between Level 1 and Level 2 during the years ended December 31, 2013 and 2012.

9.DERIVATIVE CONTRACTS AND OFF-BALANCE SHEET RISK

The Partnership is exposed to market risk, the risks arising from changes in the market value of the contracts; credit risk, the risk of failure by another party to perform according to the terms of a contract and concentration risk; the risk of financial institution insolvency.

Market Risk

Derivative contracts involve varying degrees of off-balance sheet market risk.  Changes in the level or volatility of interest rates, foreign currency exchange rates or the market values of the financial contracts or commodities underlying such open derivative contracts frequently result in changes in the Partnership’s net unrealized profit (loss) / market value on such derivative contracts as reflected in the Consolidated Statements of Financial Condition.  The Partnership’s exposure to market risk is influenced by a number of factors, including the relationships among the derivative contracts held by the Partnership as well as the volatility and liquidity of the markets in which the derivative contracts are traded.  Investments in foreign markets may also entail legal and political risks.

For derivatives, risks arise from changes in the market value of the contracts.  Theoretically, the Partnership is exposed to a market risk equal to the notional contract value of futures and forward currency contracts purchased and unlimited liability on such contracts sold short.

BRIM has procedures in place intended to control market risk exposure, although there can be no assurance that it will, in fact, succeed in doing so.  These procedures focus primarily on monitoring the trading of the Trading Advisors, calculating the net asset value of the Partnership as of the close of business on each day and reviewing outstanding positions, or reallocating Partnership assets among Trading Advisors (although typically only as of the end of a month) for over-concentrations. BRIM’s basic risk control procedures consist simply of the ongoing process of Trading Advisor monitoring, with the market risk controls being applied by the Trading Advisors themselves.

30

Credit Risk

The risks associated with exchange-traded contracts are typically perceived to be less than those associated with OTC (non-exchange-traded) transactions, because exchanges typically (but not universally) provide clearinghouse arrangements in which the collective credit (in some cases limited in amount, in some cases not) of the members of the exchange is pledged to support the financial integrity of the exchange. In OTC transactions, on the other hand, traders must rely solely on the credit of their respective individual counterparties. Margins, which may be subject to loss in the event of a default, are generally required in exchange trading, and counterparties may also require margin in the OTC markets.

Set forth below are tables which disclose both gross information and net information about instruments and transactions eligible for offset in the Consolidated Statements of Financial Condition and instruments and transactions that are subject to an agreement similar to a master netting agreement, as well as amounts related to margin, reflected as financial collateral (including cash collateral), held at clearing brokers and other counterparties. Margin reflected in the collateral tables reflects margin up to an amount of 100% of the net amount of unrealized loss for the respective counterparty. Actual margin amounts required at each counterparty are based on the notional amounts or the number of contracts outstanding and may exceed the margin presented in the collateral tables. The master netting and similar agreements allow the clearing brokers to net any collateral held in or on behalf of the Partnership or liabilities or payment obligations of the clearing brokers to the Partnership against any liabilities or payment obligations of the Partnership to the clearing brokers. The Partnership is required to deposit financial collateral (including cash collateral) at the clearing brokers and counterparties to continually meet the original and maintenance requirements established by the clearing brokers and counterparties. Such requirements are specific to the respective clearing broker or counterparty.

As noted in Note 2, during the normal course of business, the Partnership, through each Trading Advisor, enters into derivative contracts with various clearing brokers and derivatives counterparties. Pursuant to the agreements with each clearing broker and derivative counterparty, certain positions have been netted in the Consolidated Statements of Financial Condition to reflect the legal right of offset with each clearing broker and derivative counterparty. Such netting is performed on a Trading Advisor by Trading Advisor basis with each clearing broker and derivative counterparty, and thus positions entered by each Trading Advisor are not netted between Trading Advisors.  The tables below present the offsetting on a basis by commodity industry sector.  As the receivables and payables are netted by clearing broker and derivative counterparty and by Trading Advisor, as appropriate under GAAP, the presentation below does not reflect amounts across commodity industry sectors which have been netted in the Consolidated Statements of Financial Condition.  Thus, amounts for certain commodity industry sectors may appear to be netted in excess of the gross amounts of recognized assets or liabilities, as indicated by a negative net asset amount or positive net liability amount in the net amounts presented in the Consolidated Statements of Financial Condition in the tables below.

31

As of 12/31/2013

Offsetting of Net unrealized profit / market value on open contracts / options:

			Gross			Net
	Gross		Amounts offset in			Amounts presented in
Commodity	Amounts of		the Consolidated Statements			the Consolidated Statements
Industry Sector	Recognized Assets		of Financial Condition			of Financial Condition
Futures
Agriculture	$	168,600	$	(119,929	)	$	48,671
Currencies	256,067		(44,656		)	211,411
Energy	40,183		(35,855		)	4,328
Interest rates	92,335		(184,727		)	(92,392		)
Metals	1,028,523		(949,902		)	78,621
Stock indices	971,018		(9,814		)	961,204
Subtotal	2,556,726		(1,344,883		)	1,211,843
Forwards
Currencies	336,711		(334,160		)	2,551
Options
Currencies	344,294		(172,223		)	172,071
Energy	—		(28,500		)	(28,500		)
Interest rates	—		(570,141		)	(570,141		)
Stock indices	—		(49,395		)	(49,395		)
Subtotal	344,294		(820,259		)	(475,965		)
Total Derivatives subject to a master netting or similar arrangement	3,237,731		(2,499,302		)	738,429
Total Derivatives not subject to a master netting or similar arrangement	—		—			—
Total Derivatives	$	3,237,731	$	(2,499,302	)	$	738,429

Offsetting of Net unrealized loss / market value on open contracts / options:

				Gross		Net
	Gross			Amounts offset in		Amounts presented in
Commodity	Amounts of			the Consolidated Statements		the Consolidated Statements
Industry Sector	Recognized Liabilities			of Financial Condition		of Financial Condition
Futures
Agriculture	$	(119,929	)	$	119,929	$	—
Currencies	(44,656		)	44,656		—
Energy	(35,855		)	35,855		—
Interest rates	(239,106		)	184,727		(54,379		)
Metals	(949,902		)	949,902		—
Stock indices	(13,564		)	9,814		(3,750		)
Subtotal	(1,403,012		)	1,344,883		(58,129		)
Forwards
Currencies	(419,377		)	334,160		(85,217		)
Options
Currencies	(295,045		)	172,223		(122,822		)
Energy	(9,150		)	11,100		1,950
Interest rates	(163,219		)	406,735		243,516
Stock indices	(213,075		)	—		(213,075		)
Subtotal	(680,489		)	590,058		(90,431		)
Total Derivatives subject to a master netting or similar arrangement	(2,502,878		)	2,269,101		(233,777		)
Total Derivatives not subject to a master netting or similar arrangement	—			—		—
Total Derivatives	$	(2,502,878	)	$	2,269,101	$	(233,777	)

32

As of 12/31/2012

Offsetting of Net unrealized profit / market value on open contracts / options:

			Gross			Net
	Gross		Amounts offset in			Amounts presented in
Commodity	Amounts of		the Consolidated Statements			the Consolidated Statements
Industry Sector	Recognized Assets		of Financial Condition			of Financial Condition
Futures
Agriculture	$	168,568	$	(274,704	)	$	(106,136	)
Currencies	718,875		(378,990		)	339,885
Energy	574,348		(442,954		)	131,394
Interest rates	562,168		(245,882		)	316,286
Metals	2,403,115		(2,661,358		)	(258,243		)
Stock indices	677,507		(382,114		)	295,393
Subtotal	5,104,581		(4,386,002		)	718,579
Forwards
Currencies	959,887		(764,945		)	194,942
Options
Agriculture	—		—			—
Currencies	2,200		(2,200		)	—
Energy	4,730		(4,840		)	(110		)
Interest rates	30,182		(47,438		)	(17,256		)
Metals	370,030		—			370,030
Stock indices	150,700		(75,350		)	75,350
Subtotal	557,842		(129,828		)	428,014
Total Derivatives subject to a master netting or similar arrangement	6,622,310		(5,280,775		)	1,341,535
Total Derivatives not subject to a master netting or similar arrangement	—		—			—
Total Derivatives	$	6,622,310	$	(5,280,775	)	$	1,341,535

Offsetting of Net unrealized loss / market value on open contracts / options:

				Gross		Net
	Gross			Amounts offset in		Amounts presented in
Commodity	Amounts of			the Consolidated Statements		the Consolidated Statements
Industry Sector	Recognized Liabilities			of Financial Condition		of Financial Condition
Futures
Agriculture	$	(258,132	)	$	274,704	$	16,572
Currencies	(494,614		)	378,990		(115,624		)
Energy	(413,383		)	442,954		29,571
Interest rates	(292,476		)	245,882		(46,594		)
Metals	(2,900,138		)	2,661,358		(238,780		)
Stock indices	(329,033		)	382,114		53,081
Subtotal	(4,687,776		)	4,386,002		(301,774		)
Forwards
Currencies	(3,032,317		)	764,945		(2,267,372		)
Options
Agriculture	—			—		—
Currencies	(203,826		)	2,200		(201,626		)
Energy	(32,560		)	4,840		(27,720		)
Interest rates	(91,369		)	47,438		(43,931		)
Metals	(116,030		)	—		(116,030		)
Stock indices	(143,550		)	75,350		(68,200		)
Subtotal	(587,335		)	129,828		(457,507		)
Total Derivatives subject to a master netting or similar arrangement	(8,307,428		)	5,280,775		(3,026,653		)
Total Derivatives not subject to a master netting or similar arrangement	—			—		—
Total Derivatives	$	(8,307,428	)	$	5,280,775	$	(3,026,653	)

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As of 12/31/2013

Collateral Held by Counterparty:

			Gross Amounts not offset in the Consolidated Statements of Financial Condition
	Net Amount of Unrealized Profit		Cash Collateral		Net
Counterparty	in the Consolidated Statements of Financial Condition		Received		Amount
Counterparty A	$	765,608	$	—	$	765,608
Counterparty B	454,673		—		454,673
Counterparty C	—		—		—
Counterparty D	—		—		—
Counterparty E	—		—		—
Counterparty F	—		—		—
Counterparty G	40,799		—		40,799
Counterparty H	—		—		—
	$	1,261,080	$	—	$	1,261,080
	Net Amount of Unrealized Loss		Cash Collateral		Net
Counterparty	in the Consolidated Statements of Financial Condition		Pledged		Amount
Counterparty A	$	—	$	—	$	—
Counterparty B	—		—		—
Counterparty C	673,773		2,575,061		—
Counterparty D	—		—		—
Counterparty E	76,767		85		76,682
Counterparty F	—		—		—
Counterparty G	—		—		—
Counterparty H	5,888		3		5,885
	$	756,428	$	2,575,149	$	82,567
As of 12/31/2012
Collateral Held by Counterparty:
			Gross Amounts not offset in the Consolidated Statements of Financial Condition
	Net Amount of Unrealized Profit		Cash Collateral		Net
Counterparty	in the Consolidated Statements of Financial Condition		Received		Amount
Counterparty A	$	—	$	—	$	—
Counterparty B	708,832		—		708,832
Counterparty C	—		—		—
Counterparty D	397,408		—		397,408
Counterparty E	—		—		—
Counterparty F	78,890		—		78,890
	$	1,185,130	$	—	$	1,185,130
	Net Amount of Unrealized Loss		Cash Collateral		Net
Counterparty	in the Consolidated Statements of Financial Condition		Pledged		Amount
Counterparty A	$	216,144	$	216,144	$	—
Counterparty B	—		—		—
Counterparty C	248,713		248,713		—
Counterparty D	—		—		—
Counterparty E	2,405,391		2,214,223		191,168
Counterparty F	—		—		—
	$	2,870,248	$	2,679,080	$	191,168

34

Concentration Risk

The amount of required margin and good faith deposits with the brokers usually ranges from 1% to 10% of net asset value of the Partnership.  The cash held to satisfy such requirements at December 31, 2013 and 2012 was $10,605,212 and $17,940,020 respectively, which equals 8.05% and 6.86% of net asset value of the Partnership, respectively.

The Partnership has a substantial portion of its assets on deposit with financial institutions.  In the event of a financial institution’s insolvency, recovery of Partnership assets on deposit may be limited to account insurance or other protection afforded such deposits.

35

10.  Selective Quarterly Financial Data (unaudited)

	Net Income /			Weighted average number of General Partner and Limited Partner Units outstanding				Net Income / (Loss) per weighted average
Quarter Ended	(Loss)			Series A	Series F	Series G	Series I	Series A			Series F			Series G			Series I
December 31, 2013	$	4,312,077		136,017,449	61,091	17,462,354	1,497,602	$	0.0252		$	6.02		$	0.0261		$	0.0409
September 30, 2013	(5,622,815		)	162,231,045	66,250	18,381,424	1,688,736	(0.0282		)	(6.90		)	(0.0298		)	(0.0262		)
June 30, 2013	(13,234,871		)	200,364,270	70,478	19,695,227	1,873,085	(0.0550		)	(13.51		)	(0.0581		)	(0.0615		)
March 31, 2013	(3,939,795		)	223,756,617	74,805	20,908,396	1,922,531	(0.0149		)	(3.59		)	(0.0155		)	(0.0091		)
December 31, 2012	$	(10,922,919	)	252,136,637	78,737	21,896,186	2,000,105	$	(0.0370	)	$	(8.80	)	$	(0.0381	)	$	(0.0352	)
September 30, 2012	(3,396,176		)	278,403,557	81,258	22,621,697	1,926,284	(0.0104		)	(2.79		)	(0.0121		)	(0.0073		)
June 30, 2012	(229,443		)	303,708,654	86,373	23,497,617	1,996,632	(0.0009		)	0.13			0.0000			0.0103
March 31, 2012	(16,282,682		)	327,717,234	90,659	24,305,942	2,152,850	(0.0432		)	(10.34		)	(0.0448		)	(0.0427		)
December 31, 2011	$	(14,000,632	)	324,770,222	92,337	25,041,655	2,686,980	$	(0.0369	)	$	(9.52	)	$	(0.0415	)	$	(0.0370	)
September 30, 2011	16,692,303			312,831,615	93,433	25,494,239	2,730,581	0.0454			11.41			0.0496			0.0624
June 30, 2011	(13,551,965		)	307,193,411	94,738	26,297,047	2,654,107	(0.0378		)	(8.90		)	(0.0385		)	(0.0362		)
March 31, 2011	(6,332,096		)	297,988,615	96,347	26,951,719	2,574,311	(0.0181		)	(4.31		)	(0.0187		)	(0.0123		)

36

11.RECENT ACCOUNTING PRONOUNCEMENTS

In December 2011, FASB issued ASU 2011-11, Balance Sheet (Topic 210), Disclosures about Offsetting Assets and Liabilities (“ASU 2011-11”), which requires entities to disclose information about financial instructions and derivative instruments that have been offset or that subject to enforceable master netting agreements, to enable users of its financial statements to understand the effect of those arrangements on its financial statements to understand the effect of those arrangements on its financial position.  Entities are required to provide both net (offset amounts) and gross information in the notes to the financial statements for relevant assets and liabilities that are offset or subject to the arrangements.  The amendments in ASU 2011-11 are effective for interim and annual periods beginning on or after January 1, 2013, and an entity should provide the disclosures required by the amendments retrospectively for all comparable periods presented.  The adoption of additional disclosure requirements are reflected in the Partnership’s consolidated financial statements in Note 9.

In January 2013, FASB issued ASU 2013-01, Balance Sheet (Topic 210), clarifying the scope of the disclosure about Offsetting Assets and Liabilities (“ASU 2013-01”). This update clarifies that the scope of ASU 2011-11 applied to derivatives accounted for in accordance with Topic 815.  This update is in effect for interim and annual periods beginning on or after January 1, 2013, and an entity should provide the disclosures required by the amendments retrospectively for all the comparable periods presented. The adoption of additional disclosure requirements are reflected in the Partnership’s consolidated financial statements in Note 9.

In April 2013, FASB issued Accounting Standards Update (“ASU”) 2013-07, Presentation of Financial Statements: Liquidation Basis of Accounting (“ASU 2013-07”). ASU 2013-07 provides guidance on when and how to apply the liquidation basis of accounting and on what to disclose in an applicable entity’s financial statements. It is intended to increase the consistency and comparability of financial statements prepared under the liquidation basis of accounting. ASU 2013-07 is effective for entities that determine liquidation is imminent during annual reporting periods beginning after December 15, 2013, and interim period therein and should be applied prospectively. The Partnership is currently evaluating the impact of adopting ASU 2013-07.

In June 2013, the FASB issued ASU No. 2013-08, Financial Services — Investment Companies: Amendments to the Scope, Measurement, and Disclosure Requirements (“ASU 2013-08”). ASU 2013-08 amends the current criteria for an entity to qualify as an investment company, creates new disclosure requirements and amends the measurement criteria for certain interests in other investment companies. ASU 2013-08 also amends the current requirements related to qualifying for the “investment company deferral” as well as the requirements related to qualifying for the “net asset value practical expedient”. The amendments are effective for interim and annual reporting periods beginning after December 15, 2013. The Partnership is currently evaluating the impact of adopting ASU 2013-08.

12.SUBSEQUENT EVENTS

The General Partner has evaluated the impact of all subsequent events of the Partnership through the date these consolidated financial statements were available to be issued, and has determined that there were no subsequent events requiring adjustment or additional disclosure in the consolidated financial statements.

37

The General Partner terminated the advisory agreement with the Trading Advisor for Cambridge Global Horizons, LLC on January 30, 2014 and expects to pay all proceeds to its members before the end of the first quarter of 2014.  The General Partner entered into an advisory agreement with the Trading Advisor Canberra Global Horizons, LLC on December 30, 2013; trading commenced February 18, 2014, at which time another fund managed by the General Partner will also invest in the LLC.  The General Partner entered into an advisory agreement with the Trading Advisor Euphrates Global Horizons, LLC on February 07, 2014; trading commenced March 10, 2014.  On February 28, 2014, the other funds managed by the General Partner redeemed from Alamo Global Horizons, LLC and Breakout Global Horizons, LLC.  As a result effective March 1, 2014, Alamo Global Horizons, LLC and Breakout Global Horizons, LLC will be wholly owned subsidiaries of the Partnership.

38

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

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 of

BlackRock Investment Management, LLC

General Partner of

BlackRock Global Horizons I L.P.

39

EX-13.01(A)

Exhibit 13.01(a)

ALAMO GLOBAL HORIZONS, LLC

(A Delaware Limited Liability Company)

Financial Statements as of December 31, 2013 and 2012 and
for the years ended December 31, 2013 and 2012 and
Independent Auditors’ Report

ALAMO GLOBAL HORIZONS, LLC

(A Delaware Limited Liability Company)

TABLE OF CONTENTS

	Page
INDEPENDENT AUDITORS’ REPORT	1
FINANCIAL STATEMENTS:
Statements of Financial Condition as of December 31, 2013 and 2012	3
Statements of Operations for the years ended December 31, 2013 and 2012	4
Statements of Changes in Members’ Capital for the years ended December 31, 2013 and 2012	5
Financial Data Highlights for the years ended December 31, 2013 and 2012	6
Notes to Financial Statements	7-22

INDEPENDENT AUDITORS’ REPORT

To Alamo Global Horizons, LLC:

We have audited the accompanying financial statements of Alamo Global Horizons, LLC (the “Company”), which comprise the statement of financial condition as of December 31, 2013 and December 31, 2012, and the related statements of operations, and changes in members’ capital, and the financial data highlights for the years ended December 31, 2013 and December 31, 2012, and the related notes to the financial statements.

Management’s Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements and financial data highlights in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements and financial data highlights that are free from material misstatement, whether due to fraud or error.

Auditors’ Responsibility

Our responsibility is to express an opinion on these financial statements and financial data highlights based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial data highlights are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements and financial data highlights. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements and financial data highlights, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company’s preparation and fair presentation of the financial statements and financial data highlights in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements and financial data highlights. Our procedures included confirmation of securities owned as of December 31, 2013, by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion, the financial statements and financial data highlights referred to above present fairly, in all material respects, the financial position of Alamo Global Horizons, LLC as of December 31, 2013 and 2012, and the results of its operations, changes in its members’ capital, and financial data highlights for the years ended December 31, 2013 and 2012, in accordance with accounting principles generally accepted in the United States of America.

DELOITTE & TOUCHE LLP

March 21, 2014

ALAMO GLOBAL HORIZONS, LLC

(A Delaware Limited Liability Company)

STATEMENTS OF FINANCIAL CONDITION

DECEMBER 31, 2013 AND 2012

	December 31,			December 31,
	2013			2012
ASSETS:
Cash and cash equivalents	$	8,183,611		$	20,377,477
Equity in commodity futures trading accounts:
Cash (restricted cash $1,318,821 and $1,359,877)	2,966,409			3,478,994
Net unrealized profit on open contracts	99,554			262,603
Accrued interest and other assets	520			2,712
TOTAL ASSETS	$	11,250,094		$	24,121,786
LIABILITIES AND MEMBERS’ CAPITAL
LIABILITIES:
Due to BlackRock Global Horizons I L.P.	$	559,480		$	1,026,163
Trading Advisor’s management fees payable	4,083			9,166
Administrator fees payable	10,806			8,224
Professional fees payable	33,261			27,361
Other fees payable	(2,864		)	1,368
Total liabilities	604,766			1,072,282
MEMBERS’ CAPITAL	10,645,328			23,049,504
TOTAL LIABILITIES AND MEMBERS’ CAPITAL	$	11,250,094		$	24,121,786

See notes to financial statements.

3

ALAMO GLOBAL HORIZONS, LLC

(A Delaware Limited Liability Company)

STATEMENTS OF OPERATIONS

FOR THE YEARS ENDED DECEMBER 31, 2013 AND 2012

	2013			2012
TRADING PROFITS (LOSSES):
Realized	$	(178,588	)	$	(695,043	)
Change in unrealized	(178,881		)	(239,088		)
Brokerage commissions and clearing costs	(43,377		)	(155,012		)
Total trading (losses)	(400,846		)	(1,089,143		)
INVESTMENT INCOME:
Interest	9,324			43,077
EXPENSES:
Trading Advisor’s management fees	314,380			614,518
Administrator fees	46,078			88,694
Professional fees	70,968			152,733
Other fees	578,782			1,058,674
Total expenses	1,010,208			1,914,619
NET INVESTMENT LOSS	(1,000,884		)	(1,871,542		)
NET LOSS	$	(1,401,730	)	$	(2,960,685	)

See notes to financial statements.

4

ALAMO GLOBAL HORIZONS, LLC

(A Delaware Limited Liability Company)

STATEMENTS OF CHANGES IN MEMBERS’ CAPITAL

FOR THE YEARS ENDED DECEMBER 31, 2013 AND 2012

MEMBERS’ CAPITAL, DECEMBER 31, 2011	$	37,008,721
Subscriptions	1,569,678
Net loss	(2,960,685		)
Redemptions	(10,686,083		)
Net reallocations by BlackRock Global Horizons I L.P.	(1,882,127		)
MEMBERS’ CAPITAL, DECEMBER 31, 2012	23,049,504
Subscriptions	355,293
Net loss	(1,401,730		)
Redemptions	(10,501,824		)
Net reallocations by BlackRock Global Horizons I L.P.	(855,915		)
MEMBERS’ CAPITAL, DECEMBER 31, 2013	$	10,645,328

See notes to financial statements.

5

ALAMO GLOBAL HORIZONS, LLC

(A Delaware Limited Liability Company)

FINANCIAL DATA HIGHLIGHTS

FOR THE YEARS ENDED DECEMBER 31, 2013 AND 2012

The following ratios have been derived from information provided in the financial statements.  An individual Member’s results may vary from these ratios due to timing of income and expenses and capital transactions.

	2013		2012
Total Return:
Total return (before Profit Shares)	-9.50	%	-8.53	%
Profit Shares	0.00	%	0.00	%
Total return	-9.50	%	-8.53	%
Ratios to Average Net Assets:(1)
Expenses (before Profit Shares)	6.68	%	6.74	%
Profit Shares	0.00	%	0.00	%
Expenses	6.68	%	6.74	%
Net investment loss	-6.62	%	-6.60	%

(1) Included in the ratios of expenses to average Members’ capital are brokerage commissions and clearing costs which are presented in Trading Profits (Losses) on the Statements of Operations.

See notes to financial statements.

6

ALAMO GLOBAL HORIZONS, LLC

(A Delaware Limited Liability Company)

NOTES TO FINANCIAL STATEMENTS

1.ORGANIZATION

Alamo Global Horizons, LLC (the “Company”) was formed as a Delaware limited liability company under the Delaware Limited Liability Company Act on November 16, 2009.  BlackRock Investment Management, LLC (the “Manager” or “BRIM”), a wholly owned subsidiary of BlackRock, Inc. (“BlackRock”), is the manager of the Company and entered into a limited liability company agreement with the Company on November 24, 2009.

BRIM formed a number of subsidiaries in the form of limited liability companies (“LLCs”), with this Company being one of the LLCs, to hold assets of BlackRock Global Horizons I L.P. (the “Partnership”), an open-end investment company organized under the Delaware Revised Uniform Limited Partnership Act. These LLCs hold the Partnership assets that are allocated by the Partnership to each particular Trading Advisor.  Each of these LLCs has, in turn, entered into an advisory agreement (“the Agreement”) with a respective Trading Advisor.

The primary purpose of these LLCs was to segregate the assets of the Partnership allocated to any one Trading Advisor from the other assets of the Partnership in order to seek to limit liability for trading losses by any one Trading Advisor to the Partnership assets allocated to such LLC.  Additionally, other funds and accounts managed by the Manager or its affiliates may also invest in such LLCs in order to gain exposure to the relevant Trading Advisor.

Prior to November 1, 2011, the Company was wholly owned by the Partnership, and as a result consolidated into the financial statements of the Partnership.  Effective November 1, 2011, the Manager allowed other funds and accounts managed by the General Partner of the Partnership (and affiliates of the General Partner) to invest directly with the Company.  The financial statements of the Company presented herein reflect the financial position as of December 31, 2013 and 2012, the results of operations, changes in members’ capital and financial data highlights for the years ended December 31, 2013 and 2012.

The Bank of New York Mellon provides custody services for the Company.  The Company’s assets are held in cash and customer segregated managed account at J.P. Morgan Securities LLC (“JPMS”) and at any other clearing brokers that may be utilized by the Company in the future (the “Clearing Brokers”).

Capitalized terms used throughout the notes without definition have the same meaning as set forth in the Agreement.

7

2.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The Company’s financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”).  The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements as well as the reported amounts of revenues and expenses during the reporting period.  Actual results could differ from those estimates.  The Company qualifies as an investment company under the provisions of the American Institute of Certified Public Accountants Audit and Accounting Guide - Investment Companies (the “Audit and Accounting Guide”).

Cash and Cash Equivalents

The Company has defined cash and cash equivalents as cash, money market funds and short-term, highly liquid investments with maturities of three months or less when acquired.  Money market funds, which are included in cash equivalents, are classified as Level 1 valuation inputs (quoted prices in active markets for identical assets) under the provisions of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 820, Fair Value Measurements and Disclosures (“ASC 820”).

Valuation

The Company’s policy is to value its financial instruments at fair market value. The Company’s commodities futures contracts traded on exchanges are valued at their close price. Foreign currency exchange contracts are valued at the midpoint between the bid and ask prices and are determined as of the close of business of the New York Stock Exchange. Interpolated values are derived when the settlement date of the contract is an interim date for which quotations are not available. Exchange-traded written options are valued at the mean between the last bid and ask prices at the close of the options market in which the options trade. An exchange-traded option for which there is no mean price is valued at the prior day’s close price, unless it is determined that the prior day’s price no longer reflects the fair value of the option. Over-the-counter (“OTC”) options are valued by single broker quotes which use mathematical models which incorporates a number of market data factors, such as the trades and prices of the underlying instruments.

Equity in Commodity Futures Trading Accounts

Cash at brokers

A portion of the assets maintained at JPMS is restricted to meet maintenance margin requirements.  Typically, margin requirements range from 1% to 10% of the notional value of the derivatives traded.

Net Unrealized Profit (Loss) on Open Contracts

The Company, in its normal course of business, enters into various derivatives contracts with JPMS which acts as the Company’s clearing broker. Pursuant to the brokerage agreement with JPMS (which include netting arrangements), to the extent that such trading results in receivables from and payables to JPMS, these receivables and payables are offset and reported as a net receivable or payable with the broker.  Net receivables are included in the Statements of Financial Condition under Equity in commodity futures trading accounts in Net unrealized profit on open contracts; net payables are included in the Statements of Financial Condition under Liabilities in Net unrealized loss on open contracts.

8

Commodity futures and forwards contracts transactions are recorded on the trade date. The receivables and payables for forwards contracts represent the difference between the original contract value and the market value. The receivables and payables for futures contracts represent the variation margin, which is the daily fluctuation in market value of the futures contracts. The change in unrealized profit (loss) on open contracts from one period to the next is reflected in Change in unrealized in the Statements of Operations.

Foreign Currency Transactions

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

Income Taxes

No provision for income taxes has been made in these financial statements as each Member is individually responsible for reporting income or loss based on such Member’s respective share of the Company’s income and expenses as reported for income tax purposes.

The Company is subject to the provision of ASC 740, Income Taxes which sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. Based on its analysis, the Manager does not believe that the Company has any material uncertain tax positions that would require recognition or measurements in the Company’s financial statements.

The Company files U.S. Federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the Company’s U.S. Federal tax returns are open for the years ended 2013 and 2012. The statute of limitations on the Company’s state and local tax returns may remain open for an additional year depending on the jurisdiction.

There are no unrecognized tax benefits relating to the accompanying financial statements.

Distributions

The Members are entitled to receive any distributions which may be made by the Company.  No such distributions have been declared for the years ended December 31, 2013 or 2012.

Members Transactions

The Manager may, in its sole discretion, reallocate Partnership assets from the Company by contributing to or withdrawing amounts from the Company as of any month end.  All Members of the Company can subscribe into or redeem from the Company as of any month end.

9

Indemnifications

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

10

3.CONDENSED SCHEDULES OF INVESTMENTS

The Company trades futures and forwards contracts.  The level of trading is affected by conditions in those markets.  During the year ended December 31, 2013, 4,721 contracts were closed.  The fair value of the Company’s futures and forwards contracts by type, that are presented as Net unrealized profit  on open contracts in the Statements of Financial Condition as of December 31, 2013 are as follows:

	Long Positions						Long Positions					Short Positions							Short Positions					Net Unrealized
Commodity	Number	Gross Unrealized					Unrealized			Percent of		Number		Gross Unrealized					Unrealized			Percent of		Profit (Loss) on			Percent of
Industry Sector	of Contracts	Gains		Losses			Profit (Loss)			Members’ Capital		of Contracts		Gains		Losses			Profit (Loss)			Members’ Capital		Open Contracts			Members’ Capital		Maturity Dates
Futures
Agriculture	134	$	20,100	$	(90,318	)	$	(70,218	)	-0.66	%	(443	)	$	267,788	$	(65,870	)	$	201,918		1.90	%	$	131,700		1.24	%	February 14 - March 14
Currencies	113	108,074		(16,612		)	91,462			0.86	%	(88	)	75,461		(5,051		)	70,410			0.66	%	161,872			1.52	%	March 14
Interest rates	69	—		(34,882		)	(34,882		)	-0.32	%	(41	)	—		(45,469		)	(45,469		)	-0.43	%	(80,351		)	-0.75	%	March 14 - June 14
Metals	12	4,108		(30,693		)	(26,585		)	-0.25	%	(61	)	—		(87,082		)	(87,082		)	-0.82	%	(113,667		)	-1.07	%	January 14 - April 14
Total	328	$	132,282	$	(172,505	)	$	(40,223	)	-0.37	%	(633	)	$	343,249	$	(203,472	)	$	139,777		1.31	%	$	99,554		0.94	%

No individual contract’s unrealized profit or loss comprised greater than 5% of the Company’s capital as of December 31, 2013.

11

During the year ended December 31, 2012, 17,129 contracts were closed.  The fair value of the Company’s futures and forwards contracts by type, that are presented as Net unrealized profit  on open contracts in the Statements of Financial Condition as of December 31, 2012 are as follows:

	Long Positions						Long Positions					Short Positions							Short Positions				Net Unrealized
Commodity	Number	Gross Unrealized					Unrealized			Percent of		Number		Gross Unrealized					Unrealized		Percent of		Profit (Loss) on			Percent of
Industry Sector	of Contracts	Gains		Losses			Profit (Loss)			Members’ Capital		of Contracts		Gains		Losses			Profit (Loss)		Members’ Capital		Open Contracts			Members’ Capital		Maturity Dates
Futures
Agriculture	53	$	41,903	$	—		$	41,903		0.18	%	(247	)	$	192,660	$	(95,359	)	$	97,301	0.42	%	$	139,204		0.60	%	March 13
Currencies	215	76,513		(174,782		)	(98,269		)	-0.43	%	(56	)	259,056		—			259,056		1.13	%	160,787			0.70	%	March 13
Energy	9	13,066		(12,524		)	542			0.00	%	—		—		—			—		0.00	%	542			0.00	%	February 13
Interest rates	275	1,880		(39,810		)	(37,930		)	-0.16	%	—		—		—			—		0.00	%	(37,930		)	-0.16	%	March 13 - June 13
Total	552	$	133,362	$	(227,116	)	$	(93,754	)	-0.41	%	(303	)	$	451,716	$	(95,359	)	$	356,357	1.55	%	$	262,603		1.14	%

No individual contract’s unrealized profit or loss comprised greater than 5% of the Company’s capital as of December 31, 2012.

12

The trading profits (losses) of the Company’s derivatives by instrument type, as well as the location of those gains and losses on the Statements of Operations for the years ended December 31, 2013 and 2012 are as follows:

2013

				Change in Net
Commodity  Industry Sector	Realized Profits (Losses)			Unrealized Profits (Losses)			Net Trading Profits (Losses)
Futures
Agriculture	$	66,340		$	(7,504	)	$	58,836
Currencies	754,943			(14,747		)	740,196
Energy	(546,443		)	(542		)	(546,985		)
Interest rates	(1,012,643		)	(42,421		)	(1,055,064		)
Metals	622,925			(113,667		)	509,258
Stock indices	(63,710		)	—			(63,710		)
Total	$	(178,588	)	$	(178,881	)	$	(357,469	)

2012

Commodity  Industry Sector	Realized Profits (Losses)			Change in Net Unrealized Profits (Losses)			Net Trading Profits (Losses)
Futures
Agriculture	$	(1,322,864	)	$	40,903		$	(1,281,961	)
Currencies	(1,355,471		)	70,514			(1,284,957		)
Energy	939,143			(78,404		)	860,739
Interest rates	383,180			(244,062		)	139,118
Metals	(761,358		)	3,188			(758,170		)
Stock indices	1,422,327			(31,227		)	1,391,100
Total	$	(695,043	)	$	(239,088	)	$	(934,131	)

4.RELATED PARTY TRANSACTIONS

As of December 31, 2013 and 2012, $8,183,611 and $20,377,477, respectively, were invested in an affiliated BlackRock money market fund.  The Due to BlackRock Global Horizons I L.P. balances of $559,480 and $1,026,163 included in the Statements of Financial Condition as of December 31, 2013 and 2012, respectively, represents amounts due to the BlackRock Global Horizons I L.P. by the Company for expenses paid on the Company’s behalf and subscriptions, redemptions and allocations of capital from the Company.

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5.ADVISORY AGREEMENT

The Company and the Trading Advisor has entered into the Agreement.  The Agreement generally renews one year after it is entered into, subject to certain renewal rights exercisable by the Company. The Trading Advisor determines the commodity futures, options on futures, forwards and options contracts trades, if any, to be made on behalf of the Company’s account, subject to certain trading policies and to certain rights reserved by BRIM.  The Company pays the Trading Advisor a management fee of 2.0% annually on the allocated Members’ capital.

Profit Shares, which are 20% of any New Trading Profit, are paid by the Company to the Trading Advisor as of the end of each calendar quarter and upon the net reallocation of assets away from the Trading Advisor.  Profit Shares are also paid out in respect of Member redemptions as of the end of interim months, to the extent of the applicable percentage of any New Trading Profit attributable to such Member.

6.MEMBERS’ CAPITAL

At December 31, 2013 and 2012, the Members’ capital balances were:

December 31, 2013	Members’ Capital
BlackRock Global Horizons I L.P.	$	8,199,499
Multi Manager Alpha Systematic Trend LTD.	2,445,829
Total Members’ Capital	$	10,645,328

December 31, 2012	Members’ Capital
BlackRock Global Horizons I L.P.	$	17,559,155
BlackRock Global Horizons LTD.	2,871,694
Multi Manager Alpha Systematic Trend LTD.	2,618,655
Total Members’ Capital	$	23,049,504

Each Member shares in the operations of the Company in proportion to their respective interests in the Company.   Other funds and accounts managed by the Manager or its affiliates may be added at the Manager’s discretion and percentage of Members’ ownership may not remain consistent.

7.FAIR VALUE DISCLOSURES

The Company qualifies as an investment company under the provisions of the American Institute of Certified Public Accountants Audit and Accounting Guide for Investment Companies (“Audit and Accounting Guide”) and therefore, all investments including derivatives are stated at fair value in the Statements of Financial Condition, and changes in fair value are included in Realized and Change in unrealized trading profits (losses) in the Statements of Operations.

14

The Company records derivatives contracts held in commodities futures trading accounts and cash equivalents at fair value in accordance with ASC 820. ASC 820 defines fair value as the price that the Company would receive upon selling an investment or pay to transfer a liability in an orderly transaction to a market participant in the principal or most advantageous market for the investment. ASC 820 emphasizes that valuation techniques maximize the use of observable market inputs and minimize the use of unobservable inputs. Inputs refer broadly to the assumptions that market participants would use in pricing an asset or liability, including assumptions about risk to the extent the asset or liability 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 participants would use in pricing an asset or liability developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Manager’s assumptions about what information market participants would use to price an asset or liability developed based on the best information available under the circumstances.

ASC 820 establishes a hierarchy that classifies these inputs into the three broad levels listed below:

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

Level 2 — Other than quoted prices included within Level 1 that are observable for substantially the full term of the asset or liability, either directly or indirectly.  Level 2 includes quoted prices (unadjusted) for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities that are not active; and inputs other than quoted prices that are observable or that can be generally corroborated by observable market data, such as those used in models or other valuation methodologies. As a practical expedient, the Company relies on the net asset value (or its equivalent) of certain investments as their fair value.

Level 3 — Primarily inputs and significant assumptions that are unobservable in the market place.  Level 3 includes instruments for which there is little, if any, market activity.  These inputs require significant judgment or estimation by the Manager of the Company.

There were no Level 3 assets or liabilities held at December 31, 2013, December 31, 2012 or during the years then ended.

The following table summarizes the valuation of the Company’s investments by the above ASC 820 fair value hierarchy levels as of December 31, 2013 and 2012.

			Fair Value at Reporting Date Using
Description	December 31, 2013		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)
Cash Equivalents	$	8,183,611	$	8,183,611	$	—
Futures (1)	99,554		99,554		—
	$	8,283,165	$	8,283,165	$	—
Description	December 31, 2012
Cash Equivalents	$	20,377,477	$	20,377,477	$	—
Futures (1)	262,603		262,603		—
	$	20,640,080	$	20,640,080	$	—

(1) See Condensed Schedules of Investments in Note 3 for the values in each commodity industry sector within this table.

There were no transfers between Level 1 and Level 2 during the years ended December 31, 2013 and 2012.

15

8.DERIVATIVE CONTRACTS AND OFF-BALANCE SHEET RISK

The Company is exposed to market risk, the risks arising from changes in the market value of the contracts; credit risk, the risk of failure by another party to perform according to the terms of a contract and concentration risk; the risk of financial institution insolvency.

Market Risk

Derivative contracts involve varying degrees of off-balance sheet market risk.  Changes in the level or volatility of interest rates, foreign currency exchange rates or the market values of the financial contracts or commodities underlying such open derivative contracts frequently result in changes in the Company’s net unrealized profit (loss) on such derivative contracts as reflected in the Statements of Financial Condition.  The Company’s exposure to market risk is influenced by a number of factors, including the relationships among the derivative contracts held by the Company as well as the volatility and liquidity of the markets in which the derivative contracts are traded.  Investments in foreign markets may also entail legal and political risks.

For derivatives, risks arise from changes in the market value of the contracts.  Theoretically, the Company is exposed to a market risk equal to the notional contract value of futures and forward currency contracts purchased and unlimited liability on such contracts sold short.

BRIM has procedures in place intended to control market risk exposure, although there can be no assurance that it will, in fact, succeed in doing so.  These procedures focus primarily on monitoring the trading of the Trading Advisor, calculating the net asset value of the Company as of the close of business on each day and reviewing outstanding positions for over-concentrations. BRIM’s basic risk control procedures consist simply of the ongoing process of Trading Advisor monitoring, with the market risk controls being applied by the Trading Advisor.

Credit Risk

The risks associated with exchange-traded contracts are typically perceived to be less than those associated with OTC (non-exchange-traded) transactions, because exchanges typically (but not universally) provide clearinghouse arrangements in which the collective credit (in some cases limited in amount, in some cases not) of the members of the exchange is pledged to support the financial integrity of the exchange. In OTC transactions, on the other hand, traders must rely solely on the credit of their respective individual counterparties. Margins, which may be subject to loss in the event of a default, are generally required in exchange trading, and JPMS may also require margin in the OTC markets.

Set forth below are tables which disclose both gross information and net information about instruments and transactions eligible for offset in the Statements of Financial Condition and instruments and transactions that are subject to an agreement similar to a master netting agreement, as well as amounts related to margin, reflected as financial collateral (including cash collateral), held at JPMS. Margin reflected in the collateral tables reflects margin up to an amount of 100% of the net amount of unrealized loss for JPMS. Actual margin amounts required at each counterparty are based on the notional amounts or the number of contracts outstanding and may exceed the margin presented in the collateral tables. The master netting agreements allow JPMS to net any collateral held in or on behalf of the Company or liabilities or payment obligations of JPMS to the Company against any liabilities or payment obligations of the Company to JPMS. The Company is required to deposit financial collateral (including cash collateral) at JPMS. Such requirements are specific to JPMS.

16

As noted in Note 2, during the normal course of business, the Company enters into derivative contracts with JPMS. Pursuant to the agreement with JPMS, certain positions have been netted in the Statements of Financial Condition to reflect the legal right of offset with JPMS. The tables below present the offsetting on a basis by commodity industry sector.  As the receivables and payables are netted by JPMS, as appropriate under GAAP, the presentation below does not reflect amounts across commodity industry sectors which have been netted in the Statements of Financial Condition.  Thus, amounts for certain commodity industry sectors may appear to be netted in excess of the gross amounts of recognized assets or liabilities, as indicated by a negative net asset amount or positive net liability amount in the net amounts presented in the Statements of Financial Condition in the tables below.

17

As of 12/31/2013

Offsetting of Net unrealized profit on open contracts:

			Gross			Net
	Gross		Amounts offset in			Amounts presented in
Commodity	Amounts of		the Statements of Financial			the Statements of Financial
Industry Sector	Recognized Assets		Condition			Condition
Futures
Agriculture	$	287,888	$	(156,188	)	$	131,700
Currencies	183,535		(21,663		)	161,872
Interest rates	—		(80,351		)	(80,351		)
Metals	4,108		(117,775		)	(113,667		)
Subtotal	475,531		(375,977		)	99,554
Total Derivatives subject to a master netting or similar arrangement	475,531		(375,977		)	99,554
Total Derivatives not subject to a master netting or similar arrangement	—		—			—
Total Derivatives	$	475,531	$	(375,977	)	$	99,554

Offsetting of Net unrealized loss on open contracts:

				Gross		Net
	Gross			Amounts offset in		Amounts presented in
Commodity	Amounts of			the Statements of Financial		the Statements of Financial
Industry Sector	Recognized Liabilities			Condition		Condition
Futures
Agriculture	$	(156,188	)	$	156,188	$	—
Currencies	(21,663		)	21,663		—
Interest rates	(80,351		)	80,351		—
Metals	(117,775		)	117,775		—
Subtotal	(375,977		)	375,977		—
Total Derivatives subject to a master netting or similar arrangement	(375,977		)	375,977		—
Total Derivatives not subject to a master netting or similar arrangement	—			—		—
Total Derivatives	$	(375,977	)	$	375,977	$	—

18

As of 12/31/2012

Offsetting of Net unrealized profit on open contracts:

			Gross			Net
	Gross		Amounts offset in			Amounts presented in
Commodity	Amounts of		the Statements of Financial			the Statements of Financial
Industry Sector	Recognized Assets		Condition			Condition
Futures
Agriculture	$	234,563	$	(95,359	)	$	139,204
Currencies	335,569		(174,782		)	160,787
Energy	13,066		(12,524		)	542
Interest rates	1,880		(39,810		)	(37,930		)
Subtotal	585,078		(322,475		)	262,603
Total Derivatives subject to a master netting or similar arrangement	585,078		(322,475		)	262,603
Total Derivatives not subject to a master netting or similar arrangement	—		—			—
Total Derivatives	$	585,078	$	(322,475	)	$	262,603

Offsetting of Net unrealized loss on open contracts:

				Gross		Net
	Gross			Amounts offset in		Amounts presented in
Commodity	Amounts of			the Statements of Financial		the Statements of Financial
Industry Sector	Recognized Liabilities			Condition		Condition
Futures
Agriculture	$	(95,359	)	$	95,359	$	—
Currencies	(174,782		)	174,782		—
Energy	(12,524		)	12,524		—
Interest rates	(39,810		)	39,810		—
Subtotal	(322,475		)	322,475		—
Total Derivatives subject to a master netting or similar arrangement	(322,475		)	322,475		—
Total Derivatives not subject to a master netting or similar arrangement	—			—		—
Total Derivatives	$	(322,475	)	$	322,475	$	—

19

As of 12/31/2013

Collateral Held by Counterparty:

			Gross Amounts not offset in the Statements of Financial Condition
	Net Amount of Unrealized Profit		Cash Collateral		Net
Counterparty	in the Statements of Financial Condition		Received		Amount
Counterparty A	$	99,554	$	—	$	99,554
	$	99,554	$	—	$	99,554

	Net Amount of Unrealized Loss		Cash Collateral		Net
Counterparty	in the Statements of Financial Condition		Pledged		Amount
Counterparty A	$	—	$	—	$	—
	$	—	$	—	$	—

As of 12/31/2012

Collateral Held by Counterparty:

			Gross Amounts not offset in the Statements of  Financial Condition
	Net Amount of Unrealized Profit		Cash Collateral		Net
Counterparty	in the Statements of Financial Condition		Received		Amount
Counterparty A	$	262,603	$	—	$	262,603
	$	262,603	$	—	$	262,603

	Net Amount of Unrealized Loss		Cash Collateral		Net
Counterparty	in the Statements of Financial Condition		Pledged		Amount
Counterparty A					$	—
	$	—	$	—	$	—

Concentration Risk

The amount of required margin and good faith deposit with the broker usually ranges from 1% to 10% of the members’ capital of the Company.  The cash held to satisfy such requirement at December 31, 2013 and 2012 was $1,318,821 and $1,359,877 respectively, which equals 12.39% and 5.90% of the Members’ capital, respectively.  The Company has a substantial portion of its assets on deposit with financial institutions.  In the event of a financial institution’s insolvency, recovery of Company assets on deposit may be limited to account insurance or other protection afforded such deposits.

20

9.RECENT ACCOUNTING PRONOUNCEMENTS

In December 2011, FASB issued ASU 2011-11, Balance Sheet (Topic 210), Disclosures about Offsetting Assets and Liabilities (“ASU 2011-11”), which requires entities to disclose information about financial instructions and derivative instruments that have been offset or that subject to enforceable master netting agreements, to enable users of its financial statements to understand the effect of those arrangements on its financial statements to understand the effect of those arrangements on its financial position.  Entities are required to provide both net (offset amounts) and gross information in the notes to the financial statements for relevant assets and liabilities that are offset or subject to the arrangements.  The amendments in ASU 2011-11 are effective for interim and annual periods beginning on or after January 1, 2013, and an entity should provide the disclosures required by the amendments retrospectively for all comparable periods presented.  The adoption of additional disclosure requirements are reflected in the Company’s financial statements in Note 8.

In January 2013, FASB issued ASU 2013-01, Balance Sheet (Topic 210), clarifying the scope of the disclosure about Offsetting Assets and Liabilities (“ASU 2013-01”). This update clarifies that the scope of ASU 2011-11 applied to derivatives accounted for in accordance with Topic 815.  This update is in effect for interim and annual periods beginning on or after January 1, 2013, and an entity should provide the disclosures required by the amendments retrospectively for all the comparable periods presented. The adoption of additional disclosure requirements are reflected in the notes to the Company’s financial statements in Note 8.

In April 2013, FASB issued Accounting Standards Update (“ASU”) 2013-07, Presentation of Financial Statements: Liquidation Basis of Accounting (“ASU 2013-07”). ASU 2013-07 provides guidance on when and how to apply the liquidation basis of accounting and on what to disclose in an applicable entity’s financial statements. It is intended to increase the consistency and comparability of financial statements prepared under the liquidation basis of accounting. ASU 2013-07 is effective for entities that determine liquidation is imminent during annual reporting periods beginning after December 15, 2013, and interim period therein and should be applied prospectively. The Company is currently evaluating the impact of adopting ASU 2013-07.

In June 2013, the FASB issued ASU No. 2013-08, Financial Services — Investment Companies: Amendments to the Scope, Measurement, and Disclosure Requirements (“ASU 2013-08”). ASU 2013-08 amends the current criteria for an entity to qualify as an investment company, creates new disclosure requirements and amends the measurement criteria for certain interests in other investment companies. ASU 2013-08 also amends the current requirements related to qualifying for the “investment company deferral” as well as the requirements in related to qualifying for the “net asset value practical expedient”. The amendments are effective for interim and annual reporting periods beginning after December 15, 2013. The Company is currently evaluating the impact of adopting ASU 2013-08.

10.SUBSEQUENT EVENTS

BRIM has evaluated the impact of all subsequent events of the Company through the date these financial statements were available to be issued, and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

On February 28, 2014, the other fund managed by the General Partner redeemed from Alamo Global Horizons, LLC.  As a result effective March 1, 2014, Alamo Global Horizons, LLC will be a wholly owned subsidiary of the BlackRock Global Horizons I L.P.

21

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

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 Alamo Global Horizons, LLC

and

Managing Director of

BlackRock Investment Management, LLC

General Partner of

BlackRock Global Horizons I L.P. and

Manager of

Alamo Global Horizons, LLC

22

EX-13.01(B)

Exhibit 13.01(b)

BREAKOUT GLOBAL HORIZONS, LLC

(A Delaware Limited Liability Company)

Financial Statements as of December 31, 2013 and 2012 and
for the years ended December 31, 2013 and 2012 and
Independent Auditors’ Report

BREAKOUT GLOBAL HORIZONS, LLC

(A Delaware Limited Liability Company)

TABLE OF CONTENTS

	Page
INDEPENDENT AUDITORS’ REPORT	1
FINANCIAL STATEMENTS:
Statements of Financial Condition as of December 31, 2013 and 2012	3
Statements of Operations for the years ended December 31, 2013 and 2012	4
Statements of Changes in Members’ Capital for the years ended December 31, 2013 and 2012	5
Financial Data Highlights for the years ended December 31, 2013 and 2012	6
Notes to Financial Statements	7-22

INDEPENDENT AUDITORS’ REPORT

To Breakout Global Horizons, LLC:

We have audited the accompanying financial statements of Breakout Global Horizons, LLC (the “Company”), which comprise the statement of financial condition as of December 31, 2013 and December 31, 2012, and the related statements of operations, and changes in members’ capital, and the financial data highlights for the years ended December 31, 2013 and December 31, 2012, and the related notes to the financial statements.

Management’s Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements and financial data highlights in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements and financial data highlights that are free from material misstatement, whether due to fraud or error.

Auditors’ Responsibility

Our responsibility is to express an opinion on these financial statements and financial data highlights based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial data highlights are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements and financial data highlights. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements and financial data highlights, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company’s preparation and fair presentation of the financial statements and financial data highlights in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements and financial data highlights. Our procedures included confirmation of securities owned as of December 31, 2013, by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion, the financial statements and financial data highlights referred to above present fairly, in all material respects, the financial position of Breakout Global Horizons, LLC as of December 31, 2013 and 2012, and the results of its operations, changes in its members’ capital, and financial data highlights for the years ended December 31, 2013 and 2012, in accordance with accounting principles generally accepted in the United States of America.

DELOITTE & TOUCHE LLP

March 21, 2014

BREAKOUT GLOBAL HORIZONS, LLC

(A Delaware Limited Liability Company)

STATEMENTS OF FINANCIAL CONDITION

DECEMBER 31, 2013 AND 2012

	December 31,		December 31,
	2013		2012
ASSETS:
Cash and cash equivalents	$	10,497,462	$	21,595,885
Equity in commodity futures trading accounts:
Cash (restricted cash $2,529,118 and $7,597,881)	3,178,709		18,089,465
Net unrealized profit on open contracts	539,757		1,042,090
Accrued interest and other assets	—		3,325
TOTAL ASSETS	$	14,215,928	$	40,730,765
LIABILITIES AND MEMBERS’ CAPITAL
LIABILITIES:
Due to BlackRock Global Horizons I L.P.	$	614,421	$	1,108,537
Redemptions payable	573,985		230,000
Subscription received in advance	200,000		—
Trading Advisor’s management fees payable	3,605		17,164
Administrator fees payable	26,605		19,706
Professional fees payable	36,433		30,833
Other fees payable	2,365		9,307
Total liabilities	1,457,414		1,415,547
MEMBERS’ CAPITAL	12,758,514		39,315,218
TOTAL LIABILITIES AND MEMBERS’ CAPITAL	$	14,215,928	$	40,730,765

See notes to financial statements.

3

BREAKOUT GLOBAL HORIZONS, LLC

(A Delaware Limited Liability Company)

STATEMENTS OF OPERATIONS

FOR THE YEARS ENDED DECEMBER 31, 2013 AND 2012

	2013			2012
TRADING PROFITS (LOSSES):
Realized	$	1,028,777		$	(6,295,144	)
Change in unrealized	(489,618		)	687,004
Brokerage commissions and clearing costs	(67,359		)	(151,374		)
Total trading profits (losses)	471,800			(5,759,514		)
INVESTMENT INCOME:
Interest	11,148			52,475
EXPENSES:
Trading Advisor’s management fees	259,378			488,959
Administrator fees	50,483			95,739
Professional fees	74,841			160,459
Other fees	636,905			1,132,442
Total expenses	1,021,607			1,877,599
NET INVESTMENT LOSS	(1,010,459		)	(1,825,124		)
NET LOSS	$	(538,659	)	$	(7,584,638	)

See notes to financial statements.

4

BREAKOUT GLOBAL HORIZONS, LLC

(A Delaware Limited Liability Company)

STATEMENTS OF CHANGES IN MEMBERS’ CAPITAL

FOR THE YEARS ENDED DECEMBER 31, 2013 AND 2012

	Total
MEMBERS’ CAPITAL, DECEMBER 31, 2011	$	58,048,913
Subscriptions	3,773,389
Net loss	(7,584,638		)
Redemptions	(13,639,621		)
Net reallocations by BlackRock Global Horizons I L.P.	(1,282,825		)
MEMBERS’ CAPITAL, DECEMBER 31, 2012	39,315,218
Subscriptions	388,885
Net loss	(538,659		)
Redemptions	(24,977,204		)
Net reallocations by BlackRock Global Horizons I L.P.	(1,429,726		)
MEMBERS’ CAPITAL, DECEMBER 31, 2013	$	12,758,514

See notes to financial statements.

5

BREAKOUT GLOBAL HORIZONS, LLC

(A Delaware Limited Liability Company)

FINANCIAL DATA HIGHLIGHTS

FOR THE YEARS ENDED DECEMBER 31, 2013 AND 2012

The following ratios have been derived from information provided in the financial statements.  An individual Member’s results may vary from these ratios due to timing of income and expenses and capital transactions.

	2013		2012
Total Return:
Total return (before Profit Shares)	-2.39	%	-12.91	%
Profit Shares	0.00	%	0.00	%
Total return	-2.39	%	-12.91	%
Ratios to Average Net Assets:(1)
Expenses (before Profit Shares)	4.20	%	4.11	%
Profit Shares	0.00	%	0.00	%
Expenses	4.20	%	4.11	%
Net investment loss	-4.16	%	-4.01	%

(1) Included in the ratios of expenses to average Members’ capital are brokerage commissions and clearing costs which are presented in Trading Profits (Losses) on the Statements of Operations.

See notes to financial statements.

6

BREAKOUT GLOBAL HORIZONS, LLC

(A Delaware Limited Liability Company)

NOTES TO FINANCIAL STATEMENTS

1.     ORGANIZATION

Breakout Global Horizons, LLC (the “Company”) was formed as a Delaware limited liability company under the Delaware Limited Liability Company Act on November 16, 2009.  BlackRock Investment Management, LLC (the “Manager” or “BRIM”), a wholly owned subsidiary of BlackRock, Inc. (“BlackRock”), is the manager of the Company and entered into a limited liability company agreement with the Company on November 24, 2009.

BRIM formed a number of subsidiaries in the form of limited liability companies (“LLCs”), with this Company being one of the LLCs, to hold  assets of BlackRock Global Horizons I L.P. (the “Partnership”), an open-end investment company organized under the Delaware Revised Uniform Limited Partnership Act. These LLCs hold the Partnership assets that are allocated by the Partnership to each particular Trading Advisor.  Each of these LLCs has, in turn, entered into an advisory agreement (“the Agreement”) with a respective Trading Advisor.

The primary purpose of these LLCs was to segregate the assets of the Partnership allocated to any one Trading Advisor from the other assets of the Partnership in order to seek to limit liability for trading losses by any one Trading Advisor to the Partnership assets allocated to such LLC.  Additionally, other funds and accounts managed by the Manager or its affiliates may also invest in such LLCs in order to gain exposure to the relevant Trading Advisor.

Prior to November 1, 2011, the Company was wholly owned by the Partnership, and as a result consolidated into the financial statements of the Partnership.  Effective November 1, 2011, the Manager allowed other funds and accounts managed by the General Partner of the Partnership (and affiliates of the General Partner) to invest directly with the Company.  The financial statements of the Company presented herein reflect the financial position as of December 31, 2013 and 2012, the results of operations, changes in members’ capital and financial data highlights for the years ended December 31, 2013 and 2012.

The Bank of New York Mellon provides custody services for the Company.  The Company’s assets are held in cash and customer segregated managed account at Merrill Lynch, Pierce, Fenner & Smith Incorporated (“MLPF&S”) and at any other clearing brokers that may be utilized by the Company in the future (the “Clearing Brokers”).

Capitalized terms used throughout the notes without definition have the same meaning as set forth in the Agreement.

7

2.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The Company’s financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”).  The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements as well as the reported amounts of revenues and expenses during the reporting period.  Actual results could differ from those estimates.   The Company qualifies as an investment company under the provisions of the American Institute of Certified Public Accountants Audit and Accounting Guide - Investment Companies (the “Audit and Accounting Guide”).

Cash and Cash Equivalents

The Company has defined cash and cash equivalents as cash, money market funds and short-term, highly liquid investments with maturities of three months or less when acquired.  Money market funds, which are included in cash equivalents, are classified as Level 1 valuation inputs (quoted prices in active markets for identical assets) under the provisions of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 820, Fair Value Measurements and Disclosures (“ASC 820”).

Valuation

The Company’s policy is to value its financial instruments at fair market value. The Company’s commodities futures contracts traded on exchanges are valued at their close price. Foreign currency exchange contracts are valued at the midpoint between the bid and ask prices and are determined as of the close of business of the New York Stock Exchange. Interpolated values are derived when the settlement date of the contract is an interim date for which quotations are not available. Exchange-traded written options are valued at the mean between the last bid and ask prices at the close of the options market in which the options trade. An exchange-traded option for which there is no mean price is valued at the prior day’s close price, unless it is determined that the prior day’s price no longer reflects the fair value of the option. Over-the-counter (“OTC”) options are valued by single broker quotes which use mathematical models which incorporates a number of market data factors, such as the trades and prices of the underlying instruments.

Equity in Commodity Futures Trading Accounts

Cash at brokers

A portion of the assets maintained at MLPF&S is restricted to meet maintenance margin requirements.  Typically, margin requirements range from 1% to 10% of the notional value of the derivatives traded.

Net Unrealized Profit (Loss) on Open Contracts

The Company, in its normal course of business, enters into various derivatives contracts with MLPF&S which acts as the Company’s clearing broker. Pursuant to the brokerage agreement with MLPF&S (which include netting arrangements), to the extent that such trading results in receivables from and payables to MLPF&S, these receivables and payables are offset and reported as a net receivable or payable with the broker.  Net receivables are included in the Statements of Financial Condition under Equity in commodity futures trading accounts in Net unrealized profit on open contracts; net payables are included in the Statements of Financial Condition under Liabilities in Net unrealized loss on open contracts.

8

Commodity futures and forwards contracts transactions are recorded on the trade date. The receivables and payables for forwards contracts represent the difference between the original contract value and the market value. The receivables and payables for futures contracts represent the variation margin, which is the daily fluctuation in market value of the futures contracts. The change in unrealized profit (loss) on open contracts from one period to the next is reflected in Change in unrealized in the Statements of Operations.

Foreign Currency Transactions

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

Income Taxes

No provision for income taxes has been made in these financial statements as each Member is individually responsible for reporting income or loss based on such Member’s respective share of the Company’s income and expenses as reported for income tax purposes.

The Company is subject to the provision of ASC 740, Income Taxes which sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. Based on its analysis, the Manager does not believe that the Company has any material uncertain tax positions that would require recognition or measurements in the Company’s financial statements.

The Company files U.S. Federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the Company’s U.S. Federal tax returns are open for the years ended 2013 and 2012. The statute of limitations on the Company’s state and local tax returns may remain open for an additional year depending on the jurisdiction.

There are no unrecognized tax benefits relating to the accompanying financial statements.

Distributions

The Members are entitled to receive any distributions which may be made by the Company.  No such distributions have been declared for the years ended December 31, 2013 or 2012.

Members Transactions

The Manager may, in its sole discretion, reallocate Partnership assets from the Company by contributing to or withdrawing amounts from the Company as of any month end.  All Members of the Company can subscribe into or redeem from the Company as of any month end.

9

Indemnifications

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

10

3.CONDENSED SCHEDULES OF INVESTMENTS

The Company trades futures and forwards contracts.  The level of trading is affected by conditions in those markets.  During the year ended December 31, 2013, 6,892 contracts were closed.  The fair value of the Company’s futures and forwards contracts by type, that are presented as Net unrealized profit  on open contracts in the Statements of Financial Condition as of December 31, 2013 are as follows:

	Long Positions						Long Positions					Short Positions							Short Positions					Net Unrealized
Commodity	Number	Gross Unrealized					Unrealized			Percent of		Number		Gross Unrealized					Unrealized			Percent of		Profit (Loss) on			Percent of
Industry Sector	of Contracts	Gains		Losses			Profit (Loss)			Members’ Capital		of Contracts		Gains		Losses			Profit (Loss)			Members’ Capital		Open Contracts			Members’ Capital		Maturity Dates
Futures
Agriculture	80	$	76,560	$	(8,688	)	$	67,872		0.53	%	(80	)	$	108,725	$	—		$	108,725		0.85	%	$	176,597		1.38	%	February 14 - March 14
Currencies	139	132,914		(21,575		)	111,339			0.87	%	(151	)	96,275		(27,890		)	68,385			0.54	%	179,724			1.41	%	March 14
Energy	32	59,320		(7,526		)	51,794			0.41	%	(9	)	—		(8,130		)	(8,130		)	-0.07	%	43,664			0.34	%	January 14 - March 14
Interest rates	55	1,443		(67,135		)	(65,692		)	-0.51	%	(173	)	17,274		(58,186		)	(40,912		)	-0.33	%	(106,604		)	-0.84	%	March 14 - June 14
Metals	103	46,081		(133,491		)	(87,410		)	-0.69	%	(118	)	85,961		(107,526		)	(21,565		)	-0.16	%	(108,975		)	-0.85	%	January 14 - March 14
Stock indices	196	355,451		(100		)	355,351			2.79	%	—		—		—			—			0.00	%	355,351			2.79	%	January 14 - March 14
Total	605	$	671,769	$	(238,515	)	$	433,254		3.40	%	(531	)	$	308,235	$	(201,732	)	$	106,503		0.83	%	$	539,757		4.23	%

No individual contract’s unrealized profit or loss comprised greater than 5% of the Company’s capital as of December 31, 2013.

11

During the year ended December 31, 2012, 14,514 contracts were closed.  The fair value of the Company’s futures and forward contracts by type, that are presented as Net unrealized profit on open contracts in the Statements of Financial Condition as of December 31, 2012 are as follows:

	Long Positions						Long Positions					Short Positions							Short Positions					Net Unrealized
Commodity	Number	Gross Unrealized					Unrealized			Percent of		Number		Gross Unrealized					Unrealized			Percent of		Profit (Loss) on			Percent of
Industry Sector	of Contracts	Gains		Losses			Profit (Loss)			Members’ Capital		of Contracts		Gains		Losses			Profit (Loss)			Members’ Capital		Open Contracts			Members’ Capital		Maturity Dates
Futures
Agriculture	—	$	—	$	—		$	—		0.00	%	(264	)	$	337,925	$	—		$	337,925		0.86	%	$	337,925		0.86	%	March 13
Currencies	968	729,065		(307,440		)	421,625			1.07	%	(183	)	365,402		—			365,402			0.93	%	787,027			2.00	%	March 13
Energy	15	—		(9,341		)	(9,341		)	-0.02	%	(80	)	53,800		(225,120		)	(171,320		)	-0.44	%	(180,661		)	-0.46	%	January 13 - March 13
Interest rates	553	206,994		(238,994		)	(32,000		)	-0.08	%	—		—		—			—			0.00	%	(32,000		)	-0.08	%	March 13 - June 13
Metals	158	—		(266,278		)	(266,278		)	-0.68	%	(103	)	—		(335,677		)	(335,677		)	-0.85	%	(601,955		)	-1.53	%	February 13 - March 13
Stock indices	444	756,597		(24,843		)	731,754			1.86	%	—		—		—			—			0.00	%	731,754			1.86	%	January 13 - March 13
Total	2,138	$	1,692,656	$	(846,896	)	$	845,760		2.15	%	(630	)	$	757,127	$	(560,797	)	$	196,330		0.50	%	$	1,042,090		2.65	%

No individual contract’s unrealized profit or loss comprised greater than 5% of the Company’s capital as of December 31, 2012.

12

The trading profits (losses) of the Company’s derivatives by instrument type, as well as the location of those gains and losses on the Statements of Operations for the years ended December 31, 2013 and 2012 are as follows:

2013

Commodity Industry Sector	Realized Profits (Losses)			Change in Net Unrealized Profits (Losses)			Net Trading Profits (Losses)
Futures
Agriculture	$	(81,009	)	$	(161,327	)	$	(242,336	)
Currencies	(335,352		)	(594,588		)	(929,940		)
Energy	(1,871,090		)	224,324			(1,646,766		)
Interest rates	(799,718		)	(74,604		)	(874,322		)
Metals	515,397			492,980			1,008,377
Stock indices	3,600,549			(376,403		)	3,224,146
Total	$	1,028,777		$	(489,618	)	$	539,159

2012

Commodity Industry Sector	Realized Profits (Losses)			Change in Net Unrealized Profits (Losses)			Net Trading Profits (Losses)
Futures
Agriculture	$	(1,360,285	)	$	1,008,613		$	(351,672	)
Currencies	(1,125,446		)	218,226			(907,220		)
Energy	(986,598		)	(222,546		)	(1,209,144		)
Interest rates	788,511			(487,296		)	301,215
Metals	(1,524,195		)	(548,067		)	(2,072,262		)
Stock indices	(2,087,131		)	718,074			(1,369,057		)
Total	$	(6,295,144	)	$	687,004		$	(5,608,140	)

4.RELATED PARTY TRANSACTIONS

As of December 31, 2013 and 2012, $10,497,462 and $21,595,885, respectively, were invested in an affiliated BlackRock money market fund.  The Due to BlackRock Global Horizons I L.P. balances of $614,421 and $1,108,537 included in the Statements of Financial Condition as of December 31, 2013 and 2012, respectively, represents amounts due to the BlackRock Global Horizons I L.P. by the Company for expenses paid on the Company’s behalf and subscriptions, redemptions and allocations of capital from the Company.

13

5.   ADVISORY AGREEMENT

The Company and the Trading Advisor has entered into the Agreement.  The Agreement generally renews one year after it is entered into, subject to certain renewal rights exercisable by the Company. The Trading Advisor determines the commodity futures, options on futures, forwards and options contracts trades, if any, to be made on behalf of the Company’s account, subject to certain trading policies and to certain rights reserved by BRIM.  The Company pays the Trading Advisor a management fee of 1.0% annually on the allocated Members’ capital.

Profit Shares, which are 15% of any New Trading Profit, are paid by the Company to the Trading Advisor as of the end of each year and upon the net reallocation of assets away from the Trading Advisor.  Profit Shares are also paid out in respect of Member redemptions as of the end of interim months, to the extent of the applicable percentage of any New Trading Profit attributable to such Member.

6.   MEMBERS’ CAPITAL

At December 31, 2013 and 2012, the Members’ capital balances were:

December 31, 2013	Members’ Capital
BlackRock Global Horizons I L.P.	$	9,010,495
Multi Manager Alpha Systematic Trend LTD.	3,748,019
Total Members’ Capital	$	12,758,514

December 31, 2012	Members’ Capital
BlackRock Global Horizons I L.P.	$	18,966,146
BlackRock Global Horizons LTD.	5,923,147
Core Hedge Fund Strategies LTD.	572,562
Concentrated Quantitative Strategies LTD.	10,114,640
Multi Manager Alpha Systematic Trend LTD.	3,738,723
Total Members’ Capital	$	39,315,218

Each Member shares in the operations of the Company in proportion to their respective interests in the Company.  Other funds and accounts managed by the Manager or its affiliates may be added at the Manager’s discretion and percentage of Members’ ownership may not remain consistent.

7.   FAIR VALUE DISCLOSURES

The Company qualifies as an investment company under the provisions of the American Institute of Certified Public Accountants Audit and Accounting Guide for Investment Companies (“Audit and Accounting Guide”) and therefore, all investments including derivatives are stated at fair value in the Statements of Financial Condition, and changes in fair value are included in Realized and Change in unrealized trading profits (losses) in the Statements of Operations.

14

The Company records derivatives contracts held in commodities futures trading accounts and cash equivalents at fair value in accordance with ASC 820. ASC 820 defines fair value as the price that the Company would receive upon selling an investment or pay to transfer a liability in an orderly transaction to a market participant in the principal or most advantageous market for the investment. ASC 820 emphasizes that valuation techniques maximize the use of observable market inputs and minimize the use of unobservable inputs. Inputs refer broadly to the assumptions that market participants would use in pricing an asset or liability, including assumptions about risk to the extent the asset or liability 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 participants would use in pricing an asset or liability developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Manager’s assumptions about what information market participants would use to price an asset or liability developed based on the best information available under the circumstances.

ASC 820 establishes a hierarchy that classifies these inputs into the three broad levels listed below:

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

Level 2 — Other than quoted prices included within Level 1 that are observable for substantially the full term of the asset or liability, either directly or indirectly.  Level 2 includes quoted prices (unadjusted) for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities that are not active; and inputs other than quoted prices that are observable or that can be generally corroborated by observable market data, such as those used in models or other valuation methodologies. As a practical expedient, the Company relies on the net asset value (or its equivalent) of certain investments as their fair value.

Level 3 — Primarily inputs and significant assumptions that are unobservable in the market place.  Level 3 includes instruments for which there is little, if any, market activity.  These inputs require significant judgment or estimation by the Manager of the Company.

There were no Level 3 assets or liabilities held at December 31, 2013, December 31, 2012 or during the years then ended.

The following table summarizes the valuation of the Company’s investments by the above ASC 820 fair value hierarchy levels as of December 31, 2013 and 2012.

			Fair Value at Reporting Date Using
Description	December 31, 2013		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)
Cash Equivalents	$	10,497,462	$	10,497,462	$	—
Futures (1)	539,757		539,757		—
	$	11,037,219	$	11,037,219	$	—
Description	December 31, 2012
Cash Equivalents	$	21,595,885	$	21,595,885	$	—
Futures (1)	1,042,090		1,042,090		—
	$	22,637,975	$	22,637,975	$	—

(1) See Condensed Schedules of Investments in Note 3 for the values in each commodity industry sector within this table.

There were no transfers between Level 1 and Level 2 during the years ended December 31, 2013 and 2012.

15

8.DERIVATIVE CONTRACTS AND OFF-BALANCE SHEET RISK

The Company is exposed to market risk, the risks arising from changes in the market value of the contracts; credit risk, the risk of failure by another party to perform according to the terms of a contract and concentration risk; the risk of financial institution insolvency.

Market Risk

Derivative contracts involve varying degrees of off-balance sheet market risk.  Changes in the level or volatility of interest rates, foreign currency exchange rates or the market values of the financial contracts or commodities underlying such open derivative contracts frequently result in changes in the Company’s net unrealized profit (loss) on such derivative contracts as reflected in the Statements of Financial Condition.  The Company’s exposure to market risk is influenced by a number of factors, including the relationships among the derivative contracts held by the Company as well as the volatility and liquidity of the markets in which the derivative contracts are traded.  Investments in foreign markets may also entail legal and political risks.

For derivatives, risks arise from changes in the market value of the contracts.  Theoretically, the Company is exposed to a market risk equal to the notional contract value of futures and forward currency contracts purchased and unlimited liability on such contracts sold short.

BRIM has procedures in place intended to control market risk exposure, although there can be no assurance that it will, in fact, succeed in doing so.  These procedures focus primarily on monitoring the trading of the Trading Advisor, calculating the net asset value of the Company as of the close of business on each day and reviewing outstanding positions for over-concentrations. BRIM’s basic risk control procedures consist simply of the ongoing process of Trading Advisor monitoring, with the market risk controls being applied by the Trading Advisor.

Credit Risk

The risks associated with exchange-traded contracts are typically perceived to be less than those associated with OTC (non-exchange-traded) transactions, because exchanges typically (but not universally) provide clearinghouse arrangements in which the collective credit (in some cases limited in amount, in some cases not) of the members of the exchange is pledged to support the financial integrity of the exchange. In OTC transactions, on the other hand, traders must rely solely on the credit of their respective individual counterparties. Margins, which may be subject to loss in the event of a default, are generally required in exchange trading, and MLPF&S may also require margin in the OTC markets.

Set forth below are tables which disclose both gross information and net information about instruments and transactions eligible for offset in the Statements of Financial Condition and instruments and transactions that are subject to an agreement similar to a master netting agreement, as well as amounts related to margin, reflected as financial collateral (including cash collateral), held at MLPF&S. Margin reflected in the collateral tables reflects margin up to an amount of 100% of the net amount of unrealized loss for MLPF&S. Actual margin amounts required at each counterparty are based on the notional amounts or the number of contracts outstanding and may exceed the margin presented in the collateral tables. The master netting agreements allow MLPF&S to net any collateral held in or on behalf of the Company or liabilities or payment obligations of MLPF&S to the Company against any liabilities or payment obligations of the Company to MLPF&S. The Company is required to deposit financial collateral (including cash collateral) at MLPF&S. Such requirements are specific to MLPF&S.

16

As noted in Note 2, during the normal course of business, the Company enters into derivative contracts with MLPF&S. Pursuant to the agreement with MLPF&S, certain positions have been netted in the Statements of Financial Condition to reflect the legal right of offset with MLPF&S. The tables below present the offsetting on a basis by commodity industry sector.  As the receivables and payables are netted by MLPF&S, as appropriate under GAAP, the presentation below does not reflect amounts across commodity industry sectors which have been netted in the Statements of Financial Condition.  Thus, amounts for certain commodity industry sectors may appear to be netted in excess of the gross amounts of recognized assets or liabilities, as indicated by a negative net asset amount or positive net liability amount in the net amounts presented in the Statements of Financial Condition in the tables below.

17

As of 12/31/2013

Offsetting of Net unrealized profit on open contracts:

			Gross			Net
	Gross		Amounts offset in			Amounts presented in
Commodity	Amounts of		the Statements of Financial			the Statements of Financial
Industry Sector	Recognized Assets		Condition			Condition
Futures
Agriculture	$	185,285	$	(8,688	)	$	176,597
Currencies	229,189		(49,465		)	179,724
Energy	59,320		(15,656		)	43,664
Interest rates	18,717		(125,321		)	(106,604		)
Metals	132,042		(241,017		)	(108,975		)
Stock indices	355,451		(100		)	355,351
Subtotal	980,004		(440,247		)	539,757
Total Derivatives subject to a master netting or similar arrangement	980,004		(440,247		)	539,757
Total Derivatives not subject to a master netting or similar arrangement	—		—			—
Total Derivatives	$	980,004	$	(440,247	)	$	539,757

Offsetting of Net unrealized loss on open contracts:

				Gross		Net
	Gross			Amounts offset in		Amounts presented in
Commodity	Amounts of			the Statements of Financial		the Statements of Financial
Industry Sector	Recognized Liabilities			Condition		Condition
Futures
Agriculture	$	(8,688	)	$	8,688	$	—
Currencies	(49,465		)	49,465		—
Energy	(15,656		)	15,656		—
Interest rates	(125,321		)	125,321		—
Metals	(241,017		)	241,017		—
Stock indices	(100		)	100		—
Subtotal	(440,247		)	440,247		—
Total Derivatives subject to a master netting or similar arrangement	(440,247		)	440,247		—
Total Derivatives not subject to a master netting or similar arrangement	—			—		—
Total Derivatives	$	(440,247	)	$	440,247	$	—

18

As of 12/31/2012

Offsetting of Net unrealized profit on open contracts:

			Gross			Net
	Gross		Amounts offset in			Amounts presented in
Commodity	Amounts of		the Statements of Financial			the Statements of Financial
Industry Sector	Recognized Assets		Condition			Condition
Futures
Agriculture	$	337,925	$	—		$	337,925
Currencies	1,094,467		(307,440		)	787,027
Energy	53,800		(234,461		)	(180,661		)
Interest rates	206,994		(238,994		)	(32,000		)
Metals	—		(601,955		)	(601,955		)
Stock indices	756,597		(24,843		)	731,754
Subtotal	2,449,783		(1,407,693		)	1,042,090
Total Derivatives subject to a master netting or similar arrangement	2,449,783		(1,407,693		)	1,042,090
Total Derivatives not subject to a master netting or similar arrangement	—		—			—
Total Derivatives	$	2,449,783	$	(1,407,693	)	$	1,042,090

Offsetting of Net unrealized loss on open contracts:

				Gross		Net
	Gross			Amounts offset in		Amounts presented in
Commodity	Amounts of			the Statements of Financial		the Statements of Financial
Industry Sector	Recognized Liabilities			Condition		Condition
Futures
Agriculture	$	—		$	—	$	—
Currencies	(307,440		)	307,440		—
Energy	(234,461		)	234,461		—
Interest rates	(238,994		)	238,994		—
Metals	(601,955		)	601,955		—
Stock indices	(24,843		)	24,843		—
Subtotal	(1,407,693		)	1,407,693		—
Total Derivatives subject to a master netting or similar arrangement	(1,407,693		)	1,407,693		—
Total Derivatives not subject to a master netting or similar arrangement	—			—		—
Total Derivatives	$	(1,407,693	)	$	1,407,693	$	—

19

As of 12/31/2013

Collateral Held by Counterparty:

			Gross Amounts not offset in the Statements of Financial Condition
	Net Amount of Unrealized Profit		Cash Collateral		Net
Counterparty	in the Statements of Financial Condition		Received		Amount
Counterparty A	$	539,757	$	—	$	539,757
	$	539,757	$	—	$	539,757
	Net Amount of Unrealized Loss		Cash Collateral		Net
Counterparty	in the Statements of Financial Condition		Pledged		Amount
Counterparty A	$	—	$	—	$	—
	$	—	$	—	$	—
As of 12/31/2012
Collateral Held by Counterparty:
			Gross Amounts not offset in the Statements of Financial Condition
	Net Amount of Unrealized Profit		Cash Collateral		Net
Counterparty	in the Statements of Financial Condition		Received		Amount
Counterparty A	$	1,042,090	$	—	$	1,042,090
	$	1,042,090	$	—	$	1,042,090
	Net Amount of Unrealized Loss		Cash Collateral		Net
Counterparty	in the Statements of Financial Condition		Pledged		Amount
Counterparty A					$	—
	$	—	$	—	$	—

Concentration Risk

The amount of required margin and good faith deposit with the broker usually ranges from 1% to 10% of the members’ capital of the Company.  The cash held to satisfy such requirement at December 31, 2013 and 2012 was $2,529,118 and $7,597,881 respectively, which equals 19.82% and 19.33% of the Members’ capital, respectively.  The Company has a substantial portion of its assets on deposit with financial institutions.  In the event of a financial institution’s insolvency, recovery of Company assets on deposit may be limited to account insurance or other protection afforded such deposits.

20

9.    RECENT ACCOUNTING PRONOUNCEMENTS

In December 2011, FASB issued ASU 2011-11, Balance Sheet (Topic 210), Disclosures about Offsetting Assets and Liabilities (“ASU 2011-11”), which requires entities to disclose information about financial instructions and derivative instruments that have been offset or that subject to enforceable master netting agreements, to enable users of its financial statements to understand the effect of those arrangements on its financial statements to understand the effect of those arrangements on its financial position.  Entities are required to provide both net (offset amounts) and gross information in the notes to the financial statements for relevant assets and liabilities that are offset or subject to the arrangements.  The amendments in ASU 2011-11 are effective for interim and annual periods beginning on or after January 1, 2013, and an entity should provide the disclosures required by the amendments retrospectively for all comparable periods presented.  The adoption of additional disclosure requirements are reflected in the Company’s financial statements in Note 8.

In January 2013, FASB issued ASU 2013-01, Balance Sheet (Topic 210), clarifying the scope of the disclosure about Offsetting Assets and Liabilities (“ASU 2013-01”). This update clarifies that the scope of ASU 2011-11 applied to derivatives accounted for in accordance with Topic 815.  This update is in effect for interim and annual periods beginning on or after January 1, 2013, and an entity should provide the disclosures required by the amendments retrospectively for all the comparable periods presented. The adoption of additional disclosure requirements are reflected in the notes to the Company’s financial statements in Note 8.

In April 2013, FASB issued Accounting Standards Update (“ASU”) 2013-07, Presentation of Financial Statements: Liquidation Basis of Accounting (“ASU 2013-07”). ASU 2013-07 provides guidance on when and how to apply the liquidation basis of accounting and on what to disclose in an applicable entity’s financial statements. It is intended to increase the consistency and comparability of financial statements prepared under the liquidation basis of accounting. ASU 2013-07 is effective for entities that determine liquidation is imminent during annual reporting periods beginning after December 15, 2013, and interim period therein and should be applied prospectively. The Company is currently evaluating the impact of adopting ASU 2013-07.

In June 2013, the FASB issued ASU No. 2013-08, Financial Services — Investment Companies: Amendments to the Scope, Measurement, and Disclosure Requirements (“ASU 2013-08”). ASU 2013-08 amends the current criteria for an entity to qualify as an investment company, creates new disclosure requirements and amends the measurement criteria for certain interests in other investment companies. ASU 2013-08 also amends the current requirements related to qualifying for the “investment company deferral” as well as the requirements in related to qualifying for the “net asset value practical expedient”. The amendments are effective for interim and annual reporting periods beginning after December 15, 2013. The Company is currently evaluating the impact of adopting ASU 2013-08.

10.  SUBSEQUENT EVENTS

BRIM has evaluated the impact of all subsequent events of the Company through the date these financial statements were available to be issued, and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

On February 28, 2014, the other fund managed by the General Partner redeemed from Breakout Global Horizons, LLC.  As a result effective March 1, 2014, Breakout Global Horizons, LLC will be a wholly owned subsidiary of the BlackRock Global Horizons I L.P.

21

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

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 Breakout Global Horizons, LLC

and

Managing Director of

BlackRock Investment Management, LLC

General Partner of

BlackRock Global Horizons I L.P. and

Manager of

Breakout Global Horizons, LLC

22

EX-13.01(C)

Exhibit 13.01(c)

CAMBRIDGE GLOBAL HORIZONS, LLC

(A Delaware Limited Liability Company)

Financial Statements as of December 31, 2013 and 2012 and
for the years ended December 31, 2013 and 2012 and
Independent Auditors’ Report

CAMBRIDGE GLOBAL HORIZONS, LLC

(A Delaware Limited Liability Company)

TABLE OF CONTENTS

	Page
INDEPENDENT AUDITORS’ REPORT	1
FINANCIAL STATEMENTS:
Statements of Financial Condition as of December 31, 2013 and 2012	3
Statements of Operations for the years ended December 31, 2013 and 2012	4
Statements of Changes in Members’ Capital for the years ended December 31, 2013 and 2012	5
Financial Data Highlights for the years ended December 31, 2013 and 2012	6
Notes to Financial Statements	7-22

INDEPENDENT AUDITORS’ REPORT

To Cambridge Global Horizons, LLC:

We have audited the accompanying financial statements of Cambridge Global Horizons, LLC (the “Company”), which comprise the statement of financial condition as of December 31, 2013 and December 31, 2012, and the related statements of operations, and changes in members’ capital, and the financial data highlights for the years ended December 31, 2013 and December 31, 2012, and the related notes to the financial statements.

Management’s Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements and financial data highlights in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements and financial data highlights that are free from material misstatement, whether due to fraud or error.

Auditors’ Responsibility

Our responsibility is to express an opinion on these financial statements and financial data highlights based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial data highlights are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements and financial data highlights. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements and financial data highlights, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company’s preparation and fair presentation of the financial statements and financial data highlights in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements and financial data highlights. Our procedures included confirmation of securities owned as of December 31, 2013, by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion, the financial statements and financial data highlights referred to above present fairly, in all material respects, the financial position of Cambridge Global Horizons, LLC as of December 31, 2013 and 2012, and the results of its operations, changes in its members’ capital, and financial data highlights for the years ended December 31, 2013 and 2012, in accordance with accounting principles generally accepted in the United States of America.

DELOITTE & TOUCHE LLP

March 21, 2014

CAMBRIDGE GLOBAL HORIZONS, LLC

(A Delaware Limited Liability Company)

STATEMENTS OF FINANCIAL CONDITION

DECEMBER 31, 2013 AND 2012

	December 31,		December 31,
	2013		2012
ASSETS:
Cash and cash equivalents	$	8,337,799	$	4,757,862
Equity in commodity futures trading accounts:
Cash (restricted cash $669,616 and $14,557,619)	5,069,438		38,461,055
Net unrealized profit on open contracts	238,479		—
Accrued interest and other assets	—		2,720
TOTAL ASSETS	$	13,645,716	$	43,221,637
LIABILITIES AND MEMBERS’ CAPITAL
LIABILITIES:
Net unrealized loss on open contracts	$	—	$	175,044
Due to BlackRock Global Horizons I L.P.	527,516		1,680,015
Redemptions payable	308,875		—
Profit Shares payable	—		407,841
Trading Advisor’s management fees payable	5,937		28,093
Administrator fees payable	22,632		15,569
Professional fees payable	32,016		26,116
Other fees payable	2,935		6,247
Total liabilities	899,911		2,338,925
MEMBERS’ CAPITAL	12,745,805		40,882,712
TOTAL LIABILITIES AND MEMBERS’ CAPITAL	$	13,645,716	$	43,221,637

See notes to financial statements.

3

CAMBRIDGE GLOBAL HORIZONS, LLC

(A Delaware Limited Liability Company)

STATEMENTS OF OPERATIONS

FOR THE YEARS ENDED DECEMBER 31, 2013 AND 2012

	2013			2012
TRADING PROFITS (LOSSES):
Realized	$	(4,507,557	)	$	9,438,281
Change in unrealized	180,645			380,791
Brokerage commissions and clearing costs	(192,350		)	(624,299		)
Total trading profits (losses)	(4,519,262		)	9,194,773
INVESTMENT INCOME:
Interest	—			—
EXPENSES:
Trading Advisor’s management fees	428,609			953,699
Profit Shares	479			1,173,623
Administrator fees	55,783			113,056
Professional fees	79,833			185,622
Other fees	792,930			1,435,287
Total expenses	1,357,634			3,861,287
NET INVESTMENT LOSS	(1,357,634		)	(3,861,287		)
NET INCOME / (LOSS)	$	(5,876,896	)	$	5,333,486

See notes to financial statements.

4

CAMBRIDGE GLOBAL HORIZONS, LLC

(A Delaware Limited Liability Company)

STATEMENTS OF CHANGES IN MEMBERS’ CAPITAL

FOR THE YEARS ENDED DECEMBER 31, 2013 AND 2012

MEMBERS’ CAPITAL, DECEMBER 31, 2011	$	48,268,248
Subscriptions	3,520,306
Net income / (loss)	5,333,486
Redemptions	(12,042,779		)
Net reallocations by BlackRock Global Horizons I L.P.	(4,196,549		)
MEMBERS’ CAPITAL, DECEMBER 31, 2012	40,882,712
Subscriptions	1,329,507
Net income / (loss)	(5,876,896		)
Redemptions	(18,608,090		)
Net reallocations by BlackRock Global Horizons I L.P.	(4,981,428		)
MEMBERS’ CAPITAL, DECEMBER 31, 2013	$	12,745,805

See notes to financial statements.

5

CAMBRIDGE GLOBAL HORIZONS, LLC

(A Delaware Limited Liability Company)

FINANCIAL DATA HIGHLIGHTS

FOR THE YEARS ENDED DECEMBER 31, 2013 AND 2012

The following ratios have been derived from information provided in the financial statements.  An individual Member’s results may vary from these ratios due to timing of income and expenses and capital transactions.

	2013		2012
Total Return:
Total return (before Profit Shares)	-19.44	%	14.81	%
Profit Shares	0.00	%	-2.76	%
Total return	-19.44	%	12.22	%
Ratios to Average Net Assets:(1)
Expenses (before Profit Shares)	5.45	%	7.09	%
Profit Shares	0.00	%(2)	2.55	%
Expenses	5.45	%	9.64	%
Net investment loss	-5.84	%	-9.74	%

(1) Included in the ratios of expenses to average Members’ capital are brokerage commissions and clearing costs which are presented in Trading Profits (Losses) on the Statements of Operations.

(2) The Profit Shares ratios round to less than 0.01%.

See notes to financial statements.

6

CAMBRIDGE GLOBAL HORIZONS, LLC

(A Delaware Limited Liability Company)

NOTES TO FINANCIAL STATEMENTS

1.ORGANIZATION

Cambridge Global Horizons, LLC (the “Company”) was formed as a Delaware limited liability company under the Delaware Limited Liability Company Act on November 16, 2009.  BlackRock Investment Management, LLC (the “Manager” or “BRIM”), a wholly owned subsidiary of BlackRock, Inc. (“BlackRock”), is the manager of the Company and entered into a limited liability company agreement with the Company on November 24, 2009.

BRIM formed a number of subsidiaries in the form of limited liability companies (“LLCs”), with this Company being one of the LLCs, to hold  assets of BlackRock Global Horizons I L.P. (the “Partnership”), an open-end investment company organized under the Delaware Revised Uniform Limited Partnership Act. These LLCs hold the Partnership assets that are allocated by the Partnership to each particular Trading Advisor.  Each of these LLCs has, in turn, entered into an advisory agreement (“the Agreement”) with a respective Trading Advisor.

The primary purpose of these LLCs was to segregate the assets of the Partnership allocated to any one Trading Advisor from the other assets of the Partnership in order to seek to limit liability for trading losses by any one Trading Advisor to the Partnership assets allocated to such LLC.  Additionally, other funds and accounts managed by the Manager or its affiliates may also invest in such LLCs in order to gain exposure to the relevant Trading Advisor.

Prior to November 1, 2011, the Company was wholly owned by the Partnership, and as a result consolidated into the financial statements of the Partnership.  Effective November 1, 2011, the Manager allowed other funds and accounts managed by the General Partner of the Partnership (and affiliates of the General Partner) to invest directly with the Company.  The financial statements of the Company presented herein reflect the financial position as of December 31, 2013 and 2012, the results of operations, changes in members’ capital and financial data highlights for the years ended December 31, 2013 and 2012.

The Bank of New York Mellon provides custody services for the Company.  The Company’s assets are held in cash and customer segregated managed account at Newedge USA, LLC (“Newedge USA”) and at any other clearing brokers that may be utilized by the Company in the future (the “Clearing Brokers”).

Capitalized terms used throughout the notes without definition have the same meaning as set forth in the Agreement.

7

2.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The Company’s financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”).  The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements as well as the reported amounts of revenues and expenses during the reporting period.  Actual results could differ from those estimates.   The Company qualifies as an investment company under the provisions of the American Institute of Certified Public Accountants Audit and Accounting Guide - Investment Companies (the “Audit and Accounting Guide”).

Cash and Cash Equivalents

The Company has defined cash and cash equivalents as cash, money market funds and short-term, highly liquid investments with maturities of three months or less when acquired.  Money market funds, which are included in cash equivalents, are classified as Level 1 valuation inputs (quoted prices in active markets for identical assets) under the provisions of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 820, Fair Value Measurements and Disclosures (“ASC 820”).

Valuation

The Company’s policy is to value its financial instruments at fair market value. The Company’s commodities futures contracts traded on exchanges are valued at their close price. Foreign currency exchange contracts are valued at the midpoint between the bid and ask prices and are determined as of the close of business of the New York Stock Exchange. Interpolated values are derived when the settlement date of the contract is an interim date for which quotations are not available. Exchange-traded written options are valued at the mean between the last bid and ask prices at the close of the options market in which the options trade. An exchange-traded option for which there is no mean price is valued at the prior day’s close price, unless it is determined that the prior day’s price no longer reflects the fair value of the option. Over-the-counter (“OTC”) options are valued by single broker quotes which use mathematical models which incorporates a number of market data factors, such as the trades and prices of the underlying instruments.

Equity in Commodity Futures Trading Accounts

Cash at brokers

A portion of the assets maintained at Newedge USA is restricted to meet maintenance margin requirements.  Typically, margin requirements range from 1% to 10% of the notional value of the derivatives traded.

8

Net Unrealized Profit (Loss) on Open Contracts

The Company, in its normal course of business, enters into various derivatives contracts with Newedge USA which acts as the Company’s clearing broker. Pursuant to the brokerage agreement with Newedge USA (which include netting arrangements), to the extent that such trading results in receivables from and payables to Newedge USA, these receivables and payables are offset and reported as a net receivable or payable with the broker.  Net receivables are included in the Statements of Financial Condition under Equity in commodity futures trading accounts in Net unrealized profit on open contracts; net payables are included in the Statements of Financial Condition under Liabilities in Net unrealized loss on open contracts.

Commodity futures and forwards contracts transactions are recorded on the trade date. The receivables and payables for forwards contracts represent the difference between the original contract value and the market value. The receivables and payables for futures contracts represent the variation margin, which is the daily fluctuation in market value of the futures contracts. The change in unrealized profit (loss) on open contracts from one period to the next is reflected in Change in unrealized in the Statements of Operations.

Foreign Currency Transactions

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

Income Taxes

No provision for income taxes has been made in these financial statements as each Member is individually responsible for reporting income or loss based on such Member’s respective share of the Company’s income and expenses as reported for income tax purposes.

The Company is subject to the provision of ASC 740, Income Taxes which sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. Based on its analysis, the Manager does not believe that the Company has any material uncertain tax positions that would require recognition or measurements in the Company’s financial statements.

The Company files U.S. Federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the Company’s U.S. Federal tax returns are open for the years ended 2013 and 2012. The statute of limitations on the Company’s state and local tax returns may remain open for an additional year depending on the jurisdiction.

There are no unrecognized tax benefits relating to the accompanying financial statements.

Distributions

The Members are entitled to receive any distributions which may be made by the Company.  No such distributions have been declared for the years ended December 31, 2013 or 2012.

9

Members Transactions

The Manager may, in its sole discretion, reallocate Partnership assets from the Company by contributing to or withdrawing amounts from the Company as of any month end.  All Members of the Company can subscribe into or redeem from the Company as of any month end.

Indemnifications

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

10

3.CONDENSED SCHEDULES OF INVESTMENTS

The Company trades futures and forwards contracts.  The level of trading is affected by conditions in those markets.  During the year ended December 31, 2013, 31,574 contracts were closed.  The fair value of the Company’s futures and forwards contracts by type, that are presented as Net unrealized profit on open contracts in the Statements of Financial Condition as of December 31, 2013 are as follows:

	Long Positions						Long Positions					Short Positions							Short Positions					Net Unrealized
Commodity	Number	Gross Unrealized					Unrealized			Percent of		Number		Gross Unrealized					Unrealized			Percent of		Profit (Loss) on			Percent of
Industry Sector	of Contracts	Gains		Losses			Profit (Loss)			Members’ Capital		of Contracts		Gains		Losses			Profit (Loss)			Members’ Capital		Open Contracts			Members’ Capital		Maturity Dates
Futures
Agriculture	5	$	—	$	(5,123	)	$	(5,123	)	-0.04	%	(29	)	$	18,939	$	(5,044	)	$	13,895		0.11	%	$	8,772		0.07	%	January 14 - March 14
Currencies	10	4,738		(1,310		)	3,428			0.03	%	(14	)	16,174		(148		)	16,026			0.13	%	19,454			0.16	%	March 14
Energy	10	4,432		(4,530		)	(98		)	0.00	%	—		—		—			—			0.00	%	(98		)	0.00	%	January 14 - February 14
Interest rates	123	634		(43,996		)	(43,362		)	-0.34	%	(36	)	18,532		(54		)	18,478			0.14	%	(24,884		)	-0.20	%	January 14 - June 17
Metals	122	176,112		(63,429		)	112,683			0.88	%	(130	)	80,170		(240,552		)	(160,382		)	-1.26	%	(47,699		)	-0.38	%	January 14 - April 14
Stock indices	66	187,099		—			187,099			1.47	%	(1	)	550		—			550			0.00	%	187,649			1.47	%	January 14 - March 14
Subtotal	336	373,015		(118,388		)	254,627			2.00	%	(210	)	134,365		(245,798		)	(111,433		)	-0.88	%	143,194			1.12	%
Forwards
Currencies		244,177		(132,514		)	111,663			0.87	%			168,866		(185,244		)	(16,378		)	-0.12	%	95,285			0.75	%	March 14
Total	336	$	617,192	$	(250,902	)	$	366,290		2.87	%	(210	)	$	303,231	$	(431,042	)	$	(127,811	)	-1.00	%	$	238,479		1.87	%

No individual contract’s unrealized profit or loss comprised greater than 5% of the Company’s capital as of December 31, 2013.

11

During the year ended December 31, 2012, 85,796 contracts were closed.  The fair value of the Company’s futures and forward contracts by type, that are presented as Net unrealized loss on open contracts in the Statements of Financial Condition as of December 31, 2012 are as follows:

	Long Positions						Long Positions					Short Positions							Short Positions					Net Unrealized
Commodity	Number	Gross Unrealized					Unrealized			Percent of		Number		Gross Unrealized					Unrealized			Percent of		Profit (Loss) on			Percent of
Industry Sector	of Contracts	Gains		Losses			Profit (Loss)			Members’ Capital		of Contracts		Gains		Losses			Profit (Loss)			Members’ Capital		Open Contracts			Members’ Capital		Maturity Dates
Futures
Agriculture	95	$	1,398	$	(159,683	)	$	(158,285	)	-0.38	%	(211	)	$	159,461	$	(49,206	)	$	110,255		0.27	%	$	(48,030	)	-0.11	%	February 13 - May 13
Currencies	251	21,950		(195,816		)	(173,866		)	-0.43	%	(60	)	115,239		(12,222		)	103,017			0.25	%	(70,849		)	-0.18	%	March 13
Energy	333	988,215		(17,519		)	970,696			2.37	%	(275	)	23,595		(668,170		)	(644,575		)	-1.58	%	326,121			0.79	%	January 13 - March 13
Interest rates	4,585	272,084		(392,660		)	(120,576		)	-0.29	%	(309	)	13,922		(8,114		)	5,808			0.01	%	(114,768		)	-0.28	%	January 13 - December 14
Metals	179	130,109		(110,636		)	19,473			0.05	%	(238	)	120,327		(521,274		)	(400,947		)	-0.98	%	(381,474		)	-0.93	%	January 13 - April 13
Stock indices	926	253,558		(396,736		)	(143,178		)	-0.35	%	(16	)	2,200		(11,350		)	(9,150		)	-0.02	%	(152,328		)	-0.37	%	January 13 - March 13
Subtotal	6,369	1,667,314		(1,273,050		)	394,264			0.97	%	(1,109	)	434,744		(1,270,336		)	(835,592		)	-2.05	%	$	(441,328	)	-1.08	%
Forwards
Currencies		1,626,302		(815,193		)	811,109			1.98	%			1,137,882		(1,682,707		)	(544,825		)	-1.33	%	266,284			0.65	%	March 13
Total	6,369	$	3,293,616	$	(2,088,243	)	$	1,205,373		2.95	%	(1,109	)	$	1,572,626	$	(2,953,043	)	$	(1,380,417	)	-3.38	%	$	(175,044	)	-0.43	%

No individual contract’s unrealized profit or loss comprised greater than 5% of the Company’s capital as of December 31, 2012.

12

The trading profits (losses) of the Company’s derivatives by instrument type, as well as the location of those gains and losses on the Statements of Operations for the years ended December 31, 2013 and 2012 are as follows:

2013

				Change in Net
Commodity	Realized Profits			Unrealized			Net Trading
Industry Sector	(Losses)			Profits (Losses)			Profits (Losses)
Futures
Agriculture	$	56,445		$	56,802		$	113,247
Currencies	248,510			(142,575		)	105,935
Energy	(377,018		)	(326,219		)	(703,237		)
Interest rates	(6,355,361		)	89,886			(6,265,475		)
Metals	878,124			333,774			1,211,898
Stock indices	4,956,222			339,977			5,296,199
Subtotal	(593,078		)	351,645			(241,433		)
Forwards
Currencies	(3,914,479		)	(171,000		)	(4,085,479		)
Total	$	(4,507,557	)	$	180,645		$	(4,326,912	)

2012

				Change in Net
Commodity	Realized Profits			Unrealized			Net Trading
Industry Sector	(Losses)			Profits (Losses)			Profits (Losses)
Futures
Agriculture	$	(527,105	)	$	6,063		$	(521,042	)
Currencies	(419,261		)	346,328			(72,933		)
Energy	(128,532		)	346,296			217,764
Interest rates	7,223,421			(375,797		)	6,847,624
Metals	(925,448		)	(308,910		)	(1,234,358		)
Stock indices	2,339,040			(153,710		)	2,185,330
Subtotal	7,562,115			(139,730		)	7,422,385
Forwards
Currencies	1,876,166			520,521			2,396,687
Total	$	9,438,281		$	380,791		$	9,819,072

4.RELATED PARTY TRANSACTIONS

As of December 31, 2013 and 2012, $8,337,799 and $4,757,862, respectively, were invested in an affiliated BlackRock money market fund.  The Due to BlackRock Global Horizons I L.P. balances of $527,516 and $1,680,015 included in the Statements of Financial Condition as of December 31, 2013 and 2012, respectively, represents amounts due to the BlackRock Global Horizons I L.P. by the Company for expenses paid on the Company’s behalf and subscriptions, redemptions and allocations of capital from the Company.

13

5.ADVISORY AGREEMENT

The Company and the Trading Advisor has entered into the Agreement.  The Agreement generally renews one year after it is entered into, subject to certain renewal rights exercisable by the Company. The Trading Advisor determines the commodity futures, options on futures, forwards and options contracts trades, if any, to be made on behalf of the Company’s account, subject to certain trading policies and to certain rights reserved by BRIM.  The Company pays the Trading Advisor a management fee of 1.35% annually on the allocated Members’ capital.

Profit Shares, which are 10% of any New Trading Profit, are paid by the Company to the Trading Advisor as of the end of each quarter and upon the net reallocation of assets away from the Trading Advisor.  Profit Shares are also paid out in respect of Member redemptions as of the end of interim months, to the extent of the applicable percentage of any New Trading Profit attributable to such Member.  Profit shares were waived on any new trading profit from April 1, 2013 through December 31, 2013 with the exception of new direct investments.

6.MEMBERS’ CAPITAL

At December 31, 2013 and 2012, the Members’ capital balances were:

December 31, 2013	Members’ Capital
BlackRock Global Horizons I L.P.	$	7,773,556
Multi Manager Alpha Systematic Trend LTD.	4,972,249
Total Members’ Capital	$	12,745,805
December 31, 2012	Members’ Capital
BlackRock Global Horizons I L.P.	$	24,462,897
BlackRock Global Horizons LTD.	9,061,503
Core Hedge Fund Strategies LTD.	800,646
Multi Manager Alpha Systematic Trend LTD.	6,557,666
Total Members’ Capital	$	40,882,712

Each Member shares in the operations of the Company in proportion to their respective interests in the Company.   Other funds and accounts managed by the Manager or its affiliates may be added at the Manager’s discretion and percentage of Members’ ownership may not remain consistent.

7.FAIR VALUE DISCLOSURES

The Company qualifies as an investment company under the provisions of the American Institute of Certified Public Accountants Audit and Accounting Guide for Investment Companies (“Audit and Accounting Guide”) and therefore, all investments including derivatives are stated at fair value in the Statements of Financial Condition, and changes in fair value are included in Realized and Change in unrealized trading profits (losses) in the Statements of Operations.

14

The Company records derivatives contracts held in commodities futures trading accounts and cash equivalents at fair value in accordance with ASC 820. ASC 820 defines fair value as the price that the Company would receive upon selling an investment or pay to transfer a liability in an orderly transaction to a market participant in the principal or most advantageous market for the investment. ASC 820 emphasizes that valuation techniques maximize the use of observable market inputs and minimize the use of unobservable inputs. Inputs refer broadly to the assumptions that market participants would use in pricing an asset or liability, including assumptions about risk to the extent the asset or liability 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 participants would use in pricing an asset or liability developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Manager’s assumptions about what information market participants would use to price an asset or liability developed based on the best information available under the circumstances.

ASC 820 establishes a hierarchy that classifies these inputs into the three broad levels listed below:

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

Level 2 – Other than quoted prices included within Level 1 that are observable for substantially the full term of the asset or liability, either directly or indirectly.  Level 2 includes quoted prices (unadjusted) for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities that are not active; and inputs other than quoted prices that are observable or that can be generally corroborated by observable market data, such as those used in models or other valuation methodologies. As a practical expedient, the Company relies on the net asset value (or its equivalent) of certain investments as their fair value.

Level 3 – Primarily inputs and significant assumptions that are unobservable in the market place.  Level 3 includes instruments for which there is little, if any, market activity.  These inputs require significant judgment or estimation by the Manager of the Company.

There were no Level 3 assets or liabilities held at December 31, 2013, December 31, 2012 or during the years then ended.

The following table summarizes the valuation of the Company’s investments by the above ASC 820 fair value hierarchy levels as of December 31, 2013 and 2012.

				Fair Value at Reporting Date Using
Description	December 31, 2013			Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)
Cash Equivalents	$	8,337,799		$	8,337,799		$	—
Futures (1)	143,194			143,194			—
Forwards (1)	95,285			—			95,285
	$	8,576,278		$	8,480,993		$	95,285
Description	December 31, 2012
Cash Equivalents	$	4,757,862		$	4,757,862		$	—
Futures (1)	(441,328		)	(441,328		)	—
Forwards (1)	266,284			—			266,284
	$	4,582,818		$	4,316,534		$	266,284

(1) See Condensed Schedules of Investments in Note 3 for the values in each commodity industry sector within this table.

There were no transfers between Level 1 and Level 2 during the years ended December 31, 2013 and 2012.

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8.DERIVATIVE CONTRACTS AND OFF-BALANCE SHEET RISK

The Company is exposed to market risk, the risks arising from changes in the market value of the contracts; credit risk, the risk of failure by another party to perform according to the terms of a contract and concentration risk; the risk of financial institution insolvency.

Market Risk

Derivative contracts involve varying degrees of off-balance sheet market risk.  Changes in the level or volatility of interest rates, foreign currency exchange rates or the market values of the financial contracts or commodities underlying such open derivative contracts frequently result in changes in the Company’s net unrealized profit (loss) on such derivative contracts as reflected in the Statements of Financial Condition.  The Company’s exposure to market risk is influenced by a number of factors, including the relationships among the derivative contracts held by the Company as well as the volatility and liquidity of the markets in which the derivative contracts are traded.  Investments in foreign markets may also entail legal and political risks.

For derivatives, risks arise from changes in the market value of the contracts.  Theoretically, the Company is exposed to a market risk equal to the notional contract value of futures and forward currency contracts purchased and unlimited liability on such contracts sold short.

BRIM has procedures in place intended to control market risk exposure, although there can be no assurance that it will, in fact, succeed in doing so.  These procedures focus primarily on monitoring the trading of the Trading Advisor, calculating the net asset value of the Company as of the close of business on each day and reviewing outstanding positions for over-concentrations. BRIM’s basic risk control procedures consist simply of the ongoing process of Trading Advisor monitoring, with the market risk controls being applied by the Trading Advisor.

Credit Risk

The risks associated with exchange-traded contracts are typically perceived to be less than those associated with OTC (non-exchange-traded) transactions, because exchanges typically (but not universally) provide clearinghouse arrangements in which the collective credit (in some cases limited in amount, in some cases not) of the members of the exchange is pledged to support the financial integrity of the exchange. In OTC transactions, on the other hand, traders must rely solely on the credit of their respective individual counterparties. Margins, which may be subject to loss in the event of a default, are generally required in exchange trading, and Newedge USA may also require margin in the OTC markets.

Set forth below are tables which disclose both gross information and net information about instruments and transactions eligible for offset in the Statements of Financial Condition and instruments and transactions that are subject to an agreement similar to a master netting agreement, as well as amounts related to margin, reflected as financial collateral (including cash collateral), held at Newedge USA. Margin reflected in the collateral tables reflects margin up to an amount of 100% of the net amount of unrealized loss for Newedge USA. Actual margin amounts required at each counterparty are based on the notional amounts or the number of contracts outstanding and may exceed the margin presented in the collateral tables. The master netting agreements allow Newedge USA to net any collateral held in or on behalf of the Company or liabilities or payment obligations of Newedge USA to the Company against any liabilities or payment obligations of the Company to Newedge USA. The Company is required to deposit financial collateral (including cash collateral) at Newedge USA. Such requirements are specific to Newedge USA.

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As noted in Note 2, during the normal course of business, the Company enters into derivative contracts with Newedge USA. Pursuant to the agreement with Newedge USA, certain positions have been netted in the Statements of Financial Condition to reflect the legal right of offset with Newedge USA. The tables below present the offsetting on a basis by commodity industry sector.  As the receivables and payables are netted by Newedge USA, as appropriate under GAAP, the presentation below does not reflect amounts across commodity industry sectors which have been netted in the Statements of Financial Condition.  Thus, amounts for certain commodity industry sectors may appear to be netted in excess of the gross amounts of recognized assets or liabilities, as indicated by a negative net asset amount or positive net liability amount in the net amounts presented in the Statements of Financial Condition in the tables below.

17

As of 12/31/2013

Offsetting of Net unrealized profit on open contracts:

			Gross			Net
	Gross		Amounts offset in			Amounts presented in
Commodity	Amounts of		the Statements of Financial			the Statements of Financial
Industry Sector	Recognized Assets		Condition			Condition
Futures
Agriculture	$	18,938	$	(10,166	)	$	8,772
Currencies	20,912		(1,458		)	19,454
Energy	4,432		(4,530		)	(98		)
Interest rates	19,166		(44,050		)	(24,884		)
Metals	256,282		(303,981		)	(47,699		)
Stock indices	187,649		—			187,649
Subtotal	507,379		(364,185		)	143,194
Forwards
Currencies	413,043		(317,758		)	95,285
Total Derivatives subject to a master netting or similar arrangement	920,422		(681,943		)	238,479
Total Derivatives not subject to a master netting or similar arrangement	—		—			—
Total Derivatives	$	920,422	$	(681,943	)	$	238,479

Offsetting of Net unrealized loss on open contracts:

				Gross		Net
	Gross			Amounts offset in		Amounts presented in
Commodity	Amounts of			the Statements of Financial		the Statements of Financial
Industry Sector	Recognized Liabilities			Condition		Condition
Futures
Agriculture	$	(10,166	)	$	10,166	$	—
Currencies	(1,458		)	1,458		—
Energy	(4,530		)	4,530		—
Interest rates	(44,050		)	44,050		—
Metals	(303,981		)	303,981		—
Stock indices	—			—		—
Subtotal	(364,185		)	364,185		—
Forwards
Currencies	(317,758		)	317,758		—
Total Derivatives subject to a master netting or similar arrangement	(681,943		)	681,943		—
Total Derivatives not subject to a master netting or similar arrangement	—			—		—
Total Derivatives	$	(681,943	)	$	681,943	$	—

18

As of 12/31/2012

Offsetting of Net unrealized profit on open contracts:

			Gross			Net
	Gross		Amounts offset in			Amounts presented in
Commodity	Amounts of		the Statements of Financial			the Statements of Financial
Industry Sector	Recognized Assets		Condition			Condition
Futures
Agriculture	$	160,859	$	(160,859	)	$	—
Currencies	137,189		(137,189		)	—
Energy	1,011,810		(1,011,810		)	—
Interest rates	286,006		(286,006		)	—
Metals	250,436		(250,436		)	—
Stock indices	255,758		(255,758		)	—
Subtotal	2,102,058		(2,102,058		)	—
Forwards
Currencies	2,764,184		(2,764,184		)	—
Total Derivatives subject to a master netting or similar arrangement	4,866,242		(4,866,242		)	—
Total Derivatives not subject to a master netting or similar arrangement	—		—			—
Total Derivatives	$	4,866,242	$	(4,866,242	)	$	—

Offsetting of Net unrealized loss on open contracts:

				Gross		Net
	Gross			Amounts offset in		Amounts presented in
Commodity	Amounts of			the Statements of Financial		the Statements of Financial
Industry Sector	Recognized Liabilities			Condition		Condition
Futures
Agriculture	$	(208,889	)	$	160,859	$	(48,030	)
Currencies	(208,038		)	137,189		(70,849		)
Energy	(685,689		)	1,011,810		326,121
Interest rates	(400,774		)	286,006		(114,768		)
Metals	(631,910		)	250,436		(381,474		)
Stock indices	(408,086		)	255,758		(152,328		)
Subtotal	(2,543,386		)	2,102,058		(441,328		)
Forwards
Currencies	(2,497,900		)	2,764,184		266,284
Total Derivatives subject to a master netting or similar arrangement	(5,041,286		)	4,866,242		(175,044		)
Total Derivatives not subject to a master netting or similar arrangement	—			—		—
Total Derivatives	$	(5,041,286	)	$	4,866,242	$	(175,044	)

19

As of 12/31/2013

Collateral Held by Counterparty:

			Gross Amounts not offset in the Statements of Financial Condition
	Net Amount of Unrealized Profit		Cash Collateral		Net
Counterparty	in the Statements of Financial Condition		Received		Amount
Counterparty A	$	238,479	$	—	$	238,479
	$	238,479	$	—	$	238,479
	Net Amount of Unrealized Loss		Cash Collateral		Net
Counterparty	in the Statements of Financial Condition		Pledged		Amount
Counterparty A	$	—	$	—	$	—
	$	—	$	—	$	—

As of 12/31/2012

Collateral Held by Counterparty:

			Gross Amounts not offset in the Statements of
			Financial Condition
	Net Amount of Unrealized Profit		Cash Collateral		Net
Counterparty	in the Statements of Financial Condition		Received		Amount
Counterparty A	$	—	$	—	$	—
	$	—	$	—	$	—
	Net Amount of Unrealized Loss		Cash Collateral		Net
Counterparty	in the Statements of Financial Condition		Pledged		Amount
Counterparty A	$	175,044	$	175,044	$	—
	$	175,044	$	175,044	$	—

Concentration Risk

The amount of required margin and good faith deposit with the broker usually ranges from 1% to 10% of the members’ capital of the Company.  The cash held to satisfy such requirement at December 31, 2013 and 2012 was $669,616 and $14,557,619 respectively, which equals 5.25% and 35.61% of the Members’ capital, respectively.   The Company has a substantial portion of its assets on deposit with financial institutions.  In the event of a financial institution’s insolvency, recovery of Company assets on deposit may be limited to account insurance or other protection afforded such deposits.

20

9.RECENT ACCOUNTING PRONOUNCEMENTS

In December 2011, FASB issued ASU 2011-11, Balance Sheet (Topic 210), Disclosures about Offsetting Assets and Liabilities (“ASU 2011-11”), which requires entities to disclose information about financial instructions and derivative instruments that have been offset or that subject to enforceable master netting agreements, to enable users of its financial statements to understand the effect of those arrangements on its financial statements to understand the effect of those arrangements on its financial position.  Entities are required to provide both net (offset amounts) and gross information in the notes to the financial statements for relevant assets and liabilities that are offset or subject to the arrangements.  The amendments in ASU 2011-11 are effective for interim and annual periods beginning on or after January 1, 2013, and an entity should provide the disclosures required by the amendments retrospectively for all comparable periods presented.  The adoption of additional disclosure requirements are reflected in the Company’s financial statements in Note 8.

In January 2013, FASB issued ASU 2013-01, Balance Sheet (Topic 210), clarifying the scope of the disclosure about Offsetting Assets and Liabilities (“ASU 2013-01”). This update clarifies that the scope of ASU 2011-11 applied to derivatives accounted for in accordance with Topic 815.  This update is in effect for interim and annual periods beginning on or after January 1, 2013, and an entity should provide the disclosures required by the amendments retrospectively for all the comparable periods presented. The adoption of additional disclosure requirements are reflected in the notes to the Company’s financial statements in Note 8.

In April 2013, FASB issued Accounting Standards Update (“ASU”) 2013-07, Presentation of Financial Statements: Liquidation Basis of Accounting (“ASU 2013-07”). ASU 2013-07 provides guidance on when and how to apply the liquidation basis of accounting and on what to disclose in an applicable entity’s financial statements. It is intended to increase the consistency and comparability of financial statements prepared under the liquidation basis of accounting. ASU 2013-07 is effective for entities that determine liquidation is imminent during annual reporting periods beginning after December 15, 2013, and interim period therein and should be applied prospectively. The Company is currently evaluating the impact of adopting ASU 2013-07.

In June 2013, the FASB issued ASU No. 2013-08, Financial Services — Investment Companies: Amendments to the Scope, Measurement, and Disclosure Requirements (“ASU 2013-08”). ASU 2013-08 amends the current criteria for an entity to qualify as an investment company, creates new disclosure requirements and amends the measurement criteria for certain interests in other investment companies. ASU 2013-08 also amends the current requirements related to qualifying for the “investment company deferral” as well as the requirements in related to qualifying for the “net asset value practical expedient”. The amendments are effective for interim and annual reporting periods beginning after December 15, 2013. The Company is currently evaluating the impact of adopting ASU 2013-08.

10.SUBSEQUENT EVENTS

BRIM has evaluated the impact of all subsequent events of the Company through the date these financial statements were available to be issued, and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

The General Partner terminated the advisory agreement with the Trading Advisor for Cambridge Global Horizons, LLC on January 30, 2014 and expects to pay all proceeds to its members before the end of the first quarter of 2014.

21

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

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 Cambridge Global Horizons, LLC

and

Managing Director of

BlackRock Investment Management, LLC

General Partner of

BlackRock Global Horizons I L.P. and

Manager of

Cambridge Global Horizons, LLC

22

EX-13.01(D)

Exhibit 13.01(d)

NETS GLOBAL HORIZONS, LLC

(Liquidation Basis)

(A Delaware Limited Liability Company)

Financial Statements for the period from January 1, 2013 to
March 31, 2013 (Liquidation Basis) and for the year ended
December 31, 2012 and Independent Auditors’ Report

NETS GLOBAL HORIZONS, LLC (LIQUIDATION BASIS)

(A Delaware Limited Liability Company)

TABLE OF CONTENTS

	Page
INDEPENDENT AUDITORS’ REPORT	1
FINANCIAL STATEMENTS (LIQUIDATION BASIS):
Statements of Financial Condition as of March 31, 2013 (Liquidation Basis) and December 31, 2012	2
Statements of Operations for the period from January 1, 2013 to March 31, 2013
(Liquidation Basis) and for the year ended December 31, 2012	3
Statements of Changes in Members’ Capital for the period from January 1, 2013 to March 31, 2013
(Liquidation Basis) and for the year ended December 31, 2012	4
Financial Data Highlights for the period from January 1, 2013 to March 31, 2013
(Liquidation Basis) and for the year ended December 31, 2012	5
Notes to Financial Statements (Liquidation Basis)	6-20

INDEPENDENT AUDITORS' REPORT

To the Members of Nets Global Horizons, LLC:

We have audited the accompanying financial statements of Nets Global Horizons, LLC (the “Company”), which comprise the statements of financial condition as of March 31, 2013 (liquidation basis) and December 31, 2012, and the related statements of operations, changes in members’ capital, for the period January 1, 2013 to March 31, 2013 (liquidation basis) and the year ended December 31, 2012, and the financial data highlights for the periods presented, and the related notes to the financial statements (liquidation basis).

Management’s Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements and financial highlights in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements and financial highlights that are free from material misstatement, whether due to fraud or error.

Auditors’ Responsibility

Our responsibility is to express an opinion on these financial statements and financial data highlights based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial data highlights are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements and financial data highlights. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements and financial data highlights, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company’s preparation and fair presentation of the financial statements and financial data highlights in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements and financial data highlights.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion, the financial statements and financial data highlights referred to above present fairly, in all material respects, the financial position of Nets Global Horizons, LLC as of March 31, 2013 (liquidation basis) and December 31, 2012, the results of its operations, changes in its members’ capital, and financial data highlights for the period and year presented, in accordance with accounting principles generally accepted in the United States of America.

Emphasis of Matter Regarding Liquidation Basis of Accounting

As discussed in Note 1 to the financial statements, the General Partner terminated the advisory agreement with the Trading Advisor for the Company on February 22, 2013. Upon termination of the Agreement, the Company changed its basis of accounting from the going concern basis to the liquidation basis of accounting and has pursued an orderly liquidation of the Company. Our opinion is not modified with respect to this matter.

DELOITTE & TOUCHE LLP

September 11, 2013

NETS GLOBAL HORIZONS, LLC

(A Delaware Limited Liability Company)

STATEMENTS OF FINANCIAL CONDITION

MARCH 31, 2013 (LIQUIDATION BASIS) AND DECEMBER 31, 2012

	March 31,		December 31,
	2013		2012
ASSETS:
Cash and cash equivalents	$	18,554	$	26,712,321
Equity in commodity futures trading accounts:
Cash (restricted cash $0 and $2,095,713)	8,716		5,138,261
Net unrealized profit on open contracts	30,179		—
Due from BlackRock Global Horizons I L.P.	21,848		—
Accrued interest and other assets	135		1,319
TOTAL ASSETS	$	79,432	$	31,851,901
LIABILITIES AND MEMBERS’ CAPITAL
LIABILITIES:
Net unrealized loss on open contracts	$	—	$	91,517
Due to BlackRock Global Horizons I L.P.	—		997,556
Redemptions payable	—		950,000
Trading Advisor’s management fees payable	—		22,700
Administrator fees payable	18,544		17,468
Professional fees payable	57,083		31,250
Other fees payable	3,805		5,667
Total liabilities	79,432		2,116,158
MEMBERS’ CAPITAL	—		29,735,743
TOTAL LIABILITIES AND MEMBERS’ CAPITAL	$	79,432	$	31,851,901

See notes to financial statements (liquidation basis).

2

NETS GLOBAL HORIZONS, LLC

(A Delaware Limited Liability Company)

STATEMENTS OF OPERATIONS FOR THE PERIOD FROM JANUARY 1, 2013

TO MARCH 31, 2013 (LIQUIDATION BASIS) AND FOR THE YEAR ENDED DECEMBER 31, 2012

	2013			2012
TRADING PROFITS (LOSSES):
Realized	$	(342,485	)	$	(6,661,564	)
Change in unrealized	105,155			128,008
Brokerage commissions and clearing costs	(4,265		)	(73,267		)
Total trading profits (losses)	(241,595		)	(6,606,823		)
INVESTMENT INCOME:
Interest	—			47,328
EXPENSES:
Trading Advisor’s management fees	88,076			851,236
Administrator fees	9,472			94,334
Professional fees	34,219			158,204
Other fees	114,886			1,110,434
Total expenses	246,653			2,214,208
NET INVESTMENT LOSS	(246,653		)	(2,166,880		)
NET LOSS	$	(488,248	)	$	(8,773,703	)

See notes to financial statements (liquidation basis).

3

NETS GLOBAL HORIZONS, LLC

(A Delaware Limited Liability Company)

STATEMENTS OF CHANGES IN MEMBERS’ CAPITAL FOR THE PERIOD FROM

JANUARY 1, 2013 TO MARCH 31, 2013 (LIQUIDATION BASIS) AND FOR THE YEAR ENDED

DECEMBER 31, 2012

MEMBERS’ CAPITAL, DECEMBER 31, 2011	$	50,218,492
Additions	3,127,169
Net loss	(8,773,703		)
Redemptions	(13,815,456		)
Net redemptions by BlackRock Global Horizons I L.P.	(1,020,759		)
MEMBERS’ CAPITAL, DECEMBER 31, 2012	29,735,743
Additions	75,334
Net loss	(488,248		)
Redemptions	(13,468,579		)
Net redemptions by BlackRock Global Horizons I L.P.	(15,854,250		)
MEMBERS’ CAPITAL, MARCH 31, 2013	$	—

See notes to financial statements (liquidation basis).

4

NETS GLOBAL HORIZONS, LLC

(A Delaware Limited Liability Company)

FINANCIAL DATA HIGHLIGHTS FOR THE PERIOD FROM JANUARY 1, 2013 TO

MARCH 31, 2013 (LIQUIDATION BASIS) AND FOR THE YEAR ENDED DECEMBER 31, 2012

The following ratios have been derived from information provided in the financial statements.  An individual Member’s results may vary from these ratios due to timing of income and expenses and capital transactions.

	2013		2012
Total Return:
Total return (before Profit Shares)	-1.00	%	-18.48	%
Profit Shares	0.00	%	0.00	%
Total return	-1.00	%	-18.48	%
Ratios to Average Net Assets:(1)
Expenses (before Profit Shares)	7.41	%(2)	5.31	%
Profit Shares	0.00	%	0.00	%
Expenses	7.41	%(2)	5.31	%
Net investment loss	-7.41	%(2)	-5.20	%

(1) Included in the ratios of expenses to average Members’ capital are brokerage commissions and clearing costs which are presented in Trading Profits (Losses) on the Statement of Operations.

(2) The expenses (before Profit Shares) and the interest component have been annualized.

See notes to financial statements (liquidation basis).

5

NETS GLOBAL HORIZONS, LLC

(A Delaware Limited Liability Company)

NOTES TO FINANCIAL STATEMENTS (LIQUIDATION BASIS)

1.ORGANIZATION

Nets Global Horizons, LLC (the “Company”) was formed as a Delaware limited liability company under the Delaware Limited Liability Company Act on November 16, 2009.  BlackRock Investment Management, LLC (the “Manager” or “BRIM”), a wholly owned subsidiary of BlackRock, Inc. (“BlackRock”), is the manager of the Company and entered into a limited liability company agreement with the Company on November 24, 2009.

BRIM formed a number of subsidiaries in the form of limited liability companies (“LLCs”), with this Company being one of the LLCs, to hold  assets of BlackRock Global Horizons I L.P. (the “Partnership”), an open-end investment company organized under the Delaware Revised Uniform Limited Partnership Act. These LLCs hold the Partnership assets that are allocated by the Partnership to each particular Trading Advisor.  Each of these LLCs has, in turn, entered into an advisory agreement (“the Agreement”) with a respective Trading Advisor.

The primary purpose of these LLCs was to segregate the assets of the Partnership allocated to any one Trading Advisor from the other assets of the Partnership in order to seek to limit liability for trading losses by any one Trading Advisor to the Partnership assets allocated to such LLC.  Additionally, other funds and accounts managed by the Manager or its affiliates may also invest in such LLCs in order to gain exposure to the relevant Trading Advisor.

Prior to October 1, 2011, the Company was wholly owned by the Partnership, and as a result consolidated into the financial statements of the Partnership.  Effective October 1, 2011, the Manager allowed other funds and accounts managed by the General Partner of the Partnership (and affiliates of the General Partner) to invest directly with the Company.  The General Partner terminated the advisory agreement with the Trading Advisor for the Company on February 22, 2013. Upon termination of the Agreement, the Company changed its basis of accounting from the going concern basis to the liquidation basis of accounting and has pursued an orderly liquidation of the Company. As of March 31, 2013, the Company had returned all proceeds to members.  The financial statements of the Company presented herein reflect the financial position as of March 31, 2013 (liquidation basis) and December 31, 2012, the results of operations, changes in members’ capital and financial data highlights for the period January 1, 2013 to March 31, 2013 (liquidation basis) and for the year ended December 31, 2012.

The Bank of New York Mellon provides custody services for the Company.  The Company’s assets are held in cash and a customer segregated managed account at J.P. Morgan Securities LLC (“JPMS”).

Capitalized terms used throughout the notes without definition have the same meaning as set forth in the Agreement.

6

2.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The Company’s financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) on a liquidation basis as of March 31, 2013 and for the period from January 1, 2013 to March 31, 2013.  The financial statements as of and for the year ended December 31, 2012 were prepared on going concern basis.  The preparation of financial statements in accordance with GAAP, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements as well as the reported amounts of revenues and expenses during the reporting period.  Actual results could differ from those estimates. The liquidation basis is appropriate when liquidation is considered imminent and an entity is not viewed as a going concern.  The liquidation basis of accounting requires the Company to record assets at their realizable value, liabilities at their anticipated settlement amounts and to provide estimated costs of liquidating to the extent they are determinable.

Cash and Cash Equivalents

The Company has defined cash and cash equivalents as cash, money market funds and short-term, highly liquid investments with maturities of three months or less when acquired.  Money market funds, which are included in cash equivalents, are classified as Level 1 valuation inputs (quoted prices in active markets for identical assets) under the provisions of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 820, Fair Value Measurements and Disclosures (“ASC 820”).

Valuation

The Company’s policy is to value its financial instruments at fair market value. The Company’s commodities futures contracts traded on exchanges are valued at their close price. Foreign currency exchange contracts are valued at the midpoint between the bid and ask prices and are determined as of the close of business of the New York Stock Exchange. Interpolated values are derived when the settlement date of the contract is an interim date for which quotations are not available. Exchange-traded written options are valued at the mean between the last bid and ask prices at the close of the options market in which the options trade. An exchange-traded option for which there is no mean price is valued at the prior day’s close price, unless it is determined that the prior day’s price no longer reflects the fair value of the option. Over-the-counter (“OTC”) options are valued by single broker quotes which use mathematical models which incorporates a number of market data factors, such as the trades and prices of the underlying instruments.

Equity in Commodity Futures Trading Accounts

Cash at brokers -

A portion of the assets maintained at JPMS was restricted to meet maintenance margin requirements.  Typically, margin requirements ranged from 1% to 10% of the notional value of the derivatives traded.

7

Net Unrealized Profit (Loss) on Open Contracts -

The Company, in its normal course of business, entered into various derivatives contracts with JPMS which acted as the Company’s clearing broker. Pursuant to the brokerage agreement with JPMS (which included netting arrangements), to the extent that such trading resulted in receivables from and payables to JPMS, these receivables and payables are offset and reported as a net receivable or payable with JPMS.  Net receivables are included in the Statements of Financial Condition under Equity in commodity futures trading accounts in Net unrealized profit on open contracts; net payables are included in the Statements of Financial Condition under Liabilities in Net unrealized loss value on open contracts.

Commodity futures and forwards contracts transactions were recorded on the trade date. The receivables and payables for forwards contracts represented the difference between the original contract value and the market value. The receivables and payables for futures contracts represented the variation margin, which was the daily fluctuation in market value of the futures contracts. The change in unrealized profit (loss) on open contracts from one period to the next is reflected in Change in unrealized in the Statements of Operations.

Foreign Currency Transactions

The Company’s functional currency is the U.S. dollar; however, it has trading activities in currencies other than the U.S. dollar.  Assets and liabilities denominated 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 Financial Condition.  Income and expense items denominated in currencies other than the U.S. dollar are translated into U.S. dollars at the rates in effect during the period.  Gains and losses resulting from the translation to U.S. dollars are reported in Realized in the Statements of Operations.

Income Taxes

No provision for income taxes has been made in these financial statements as each Member is individually responsible for reporting income or loss based on such Member’s respective share of the Company’s income and expenses as reported for income tax purposes.

The Company is subject to the provision of ASC 740, Income Taxes which sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. Based on its analysis, the Manager does not believe that the Company has any material uncertain tax positions that would require recognition or measurements in the Company’s financial statements.

The Company files U.S. Federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the Company’s U.S. Federal tax returns are open for the period ended 2013, the year ended 2012, and the period ended December 31, 2011. The statute of limitations on the Company’s state and local tax returns may remain open for an additional year depending on the jurisdiction.

There are no unrecognized tax benefits relating to the accompanying financial statements.

8

Distributions

The Members were entitled to receive any distributions which may be made by the Company.  No such distributions were declared for the period ended March 31, 2013 or year ended December 31, 2012.

Members Transactions

The Manager could have, in its sole discretion, reallocated Partnership assets from the Company by contributing to or withdrawing amounts from the Company as of any month end.

Indemnifications

In the normal course of business, the Company entered into contracts and agreements that contain a variety of representations and warranties and which provided general indemnifications.  The Company’s maximum exposure under these arrangements was unknown, as this would involve future claims that may be made against the Company that have not yet occurred.  The Company expects the risk of any future obligation under these indemnifications to be remote.

9

3.CONDENSED SCHEDULES OF INVESTMENTS

The Company traded futures and forwards contracts.  The level of trading was affected by conditions in those markets.  During the period ended March 31, 2013, 598 contracts were closed.  The fair value of the Company’s futures and forwards contracts by type that are presented as Net unrealized profit (loss) / market value on open contracts in the Statements of Financial Condition as of March 31, 2013 are as follows:

	Long Positions						Long Positions				Short Positions					Short Positions			Net Unrealized
Commodity	Number	Gross Unrealized					Unrealized			Percent of	Number	Gross Unrealized				Unrealized		Percent of	Profit (Loss) on		Percent of
Industry Sector	of Contracts	Gains		Losses			Profit (Loss)			Members’ Capital (1)	of Contracts	Gains		Losses		Profit (Loss)		Members’ Capital (1)	Open Contracts		Members’ Capital (1)	Maturity Dates
Futures
Agriculture	—	$	—	$	—		$	—		N/M	—	$	—	$	—	$	—	N/M	$	—	N/M
Currencies	—	—		—			—			N/M	—	—		—		—		N/M	—		N/M
Energy	—	—		—			—			N/M	—	—		—		—		N/M	—		N/M
Interest rates	—	—		—			—			N/M	—	—		—		—		N/M	—		N/M
Metals	10	—		(46,604		)	(46,604		)	N/M	10	76,783		—		76,783		N/M	30,179		N/M	April 13 - May 13
Stock indices	—	—		—			—			N/M	—	—		—		—		N/M	—		N/M
Total	10	$	—	$	(46,604	)	$	(46,604	)	N/M	10	$	76,783	$	—	$	76,783	N/M	$	30,179	N/M

(1) N/M — Percentages are not meaningful as Members’ Capital as of March 31, 3013 was zero.

No individual contract’s unrealized profit or loss comprised greater than 5% of the Company’s capital as of March 31, 2013.

10

The Company traded futures and forwards contracts.  The level of trading was affected by conditions in those markets.  During the year ended December 31, 2012, 5,433 contracts were closed.  The fair value of the Company’s futures and forwards contracts by type that are presented as Net unrealized profit (loss) / market value on open contracts in the Statements of Financial Condition as of December 31, 2012 are as follows:

	Long Positions						Long Positions					Short Positions							Short Positions					Net Unrealized
Commodity	Number	Gross Unrealized					Unrealized			Percent of		Number		Gross Unrealized					Unrealized			Percent of		Profit (Loss) on			Percent of
Industry Sector	of Contracts	Gains		Losses			Profit (Loss)			Members’ Capital		of Contracts		Gains		Losses			Profit (Loss)			Members’ Capital		Open Contracts			Members’ Capital		Maturity Dates
Futures
Agriculture	50	$	—	$	(128,932	)	$	(128,932	)	-0.43	%	(176	)	$	141,311	$	(25,300	)	$	116,011		0.39	%	$	(12,921	)	-0.04	%	February 13 - March 13
Currencies	102	21,032		(71,651		)	(50,619		)	-0.17	%	(20	)	120,000		—			120,000			0.40	%	69,381			0.23	%	March 13
Energy	10	4,989		(6,964		)	(1,975		)	-0.01	%	(34	)	33,953		(31,918		)	2,035			0.01	%	60			0.00	%	January 13 - February 13
Interest rates	72	16,661		(9,829		)	6,832			0.02	%	(18	)	12,104		(3,084		)	9,020			0.03	%	15,852			0.05	%	March 13 - June 13
Metals	31	48,405		(35,391		)	13,014			0.05	%	(52	)	26,378		(79,691		)	(53,313		)	-0.18	%	(40,299		)	-0.13	%	January 13 - March 13
Stock indices	10	3,246		(6,325		)	(3,079		)	-0.01	%	(127	)	67,767		(188,278		)	(120,511		)	-0.41	%	(123,590		)	-0.42	%	January 13 - March 13
Total	275	$	94,333	$	(259,092	)	$	(164,759	)	-0.55	%	(427	)	$	401,513	$	(328,271	)	$	73,242		0.24	%	$	(91,517	)	-0.31	%

No individual contract’s unrealized profit or loss comprised greater than 5% of the Company’s capital as of December 31, 2012.

11

The trading profits (losses) of the Company’s derivatives by instrument type, as well as the location of those gains and losses on the Statements of Operations for the period ended March 31, 2013 and the year ended December 31, 2012 are as follows:

2013

				Change in Net
Commodity	Realized Profits			Unrealize			Net Trading
Industry Sector	(Losses)			Profits (Losses)			Profits (Losses)
Futures
Agriculture	$	(3,450	)	$	12,922		$	9,472
Currencies	353,370			(85,922		)	267,448
Energy	128,756			(60		)	128,696
Interest rates	(53,654		)	(15,852		)	(69,506		)
Metals	(223,816		)	70,477			(153,339		)
Stock indices	(543,691		)	123,590			(420,101		)
Total	$	(342,485	)	$	105,155		$	(237,330	)

2012

				Change in Net
Commodity	Realized Profits			Unrealized			Net Trading
Industry Sector	(Losses)			Profits (Losses)			Profits (Losses)
Futures
Agriculture	$	(604,308	)	$	(2,963	)	$	(607,271	)
Currencies	(1,407,870		)	38,478			(1,369,392		)
Energy	(1,261,824		)	7,764			(1,254,060		)
Interest rates	361,596			156,293			517,889
Metals	(1,331,101		)	45,137			(1,285,964		)
Stock indices	(2,418,057		)	(116,701		)	(2,534,758		)
Total	$	(6,661,564	)	$	128,008		$	(6,533,556	)

4.RELATED PARTY TRANSACTIONS

As of March 31, 2013 and December 31, 2012, $18,554 and $26,712,321, respectively, were invested in an affiliated BlackRock money market fund.  The Due from BlackRock Global Horizons I L.P. balance of $21,848 included in the Statements of Financial Condition as of March 31, 2013 represents amounts due to the Company for expenses paid on the Company’s behalf and redemptions of capital from the Company. The Due to BlackRock Global Horizons I L.P. balance of $997,556 included in the Statements of Financial Condition as of December 31, 2012 represents amounts due to BlackRock Global Horizons I L.P. by the Company for expenses paid on the Company’s behalf and subscriptions, redemptions and allocations of capital from the Company.

12

5.     ADVISORY AGREEMENT

The Company and the Trading Advisor had entered into the Agreement, which was terminated on February 22, 2013.  The Trading Advisor determined the commodity futures, options on futures, forwards and options contracts trades, if any, to be made on behalf of the Company’s account, subject to certain trading policies and to certain rights reserved by BRIM.  The Company paid the Trading Advisor a management fee of 2.0% annually on the allocated Members’ capital.

Profit Shares, which are 17% of any New Trading Profit, were paid by the Company to the Trading Advisor as of the end of each year and upon the net reallocation of assets away from the Trading Advisor.  Profit Shares were also paid out in respect of Member redemptions as of the end of interim months, to the extent of the applicable percentage of any New Trading Profit attributable to such Member.

6.MEMBERS’ CAPITAL

At March 31, 2013 and December 31, 2012, the Members’ capital balances were:

March 31, 2013	Members’ Capital
BlackRock Global Horizons I L.P.	$	—
Concentrated Quantitative Strategies LTD.	—
Core Hedge Fund Strategies LTD.	—
Multi Manager Alpha Systematic Trend LTD.	—
Total Members’ Capital	$	—

December 31, 2012	Members’ Capital
BlackRock Global Horizons I L.P.	$	17,110,071
Concentrated Quantitative Strategies LTD.	8,515,400
Core Hedge Fund Strategies LTD.	541,496
Multi Manager Alpha Systematic Trend LTD.	3,568,776
Total Members’ Capital	$	29,735,743

Each Member shared in the operations of the Company in proportion to their respective interests in the Company.

7.     FAIR VALUE DISCLOSURES

All investments including derivatives are stated at fair value in the Statements of Financial Condition, and changes in fair value are included in Realized and Change in unrealized Trading Profits and Losses in the Statements of Operations.

13

The Company records derivatives contracts held in commodities futures trading accounts and cash equivalents at fair value in accordance with ASC 820. ASC 820 defines fair value as the price that the Company would receive upon selling an investment or pay to transfer a liability in an orderly transaction to a market participant in the principal or most advantageous market for the investment. ASC 820 emphasizes that valuation techniques maximize the use of observable market inputs and minimize the use of unobservable inputs. Inputs refer broadly to the assumptions that market participants would use in pricing an asset or liability, including assumptions about risk to the extent the asset or liability 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 participants would use in pricing an asset or liability developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Manager’s assumptions about what information market participants would use to price an asset or liability developed based on the best information available under the circumstances.

ASC 820 establishes a hierarchy that classifies these inputs into the three broad levels listed below:

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

Level 2 — Other than quoted prices included within Level 1 that are observable for substantially the full term of the asset or liability, either directly or indirectly.  Level 2 includes quoted prices (unadjusted) for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities that are not active; and inputs other than quoted prices that are observable or that can be generally corroborated by observable market data, such as those used in models or other valuation methodologies. As a practical expedient, the Company relies on the net asset value (or its equivalent) of certain investments as their fair value.

Level 3 — Primarily inputs and significant assumptions that are unobservable in the market place.  Level 3 includes instruments for which there is little, if any, market activity.  These inputs require significant judgment or estimation by the Manager of the Company.

There were no Level 3 assets held at March 31, 2013, December 31, 2012 or during the period or the year then ended.

The following table summarizes the valuation of the Company’s investments by the above ASC 820 fair value hierarchy levels as of March 31, 2013 and December 31, 2012.

				Fair Value at Reporting Date Using
				Quoted Prices in
				Active Markets for			Significant Other
				Identical Assets			Observable Inputs
Description	March 31, 2013			(Level 1)			(Level 2)
Cash Equivalents	$	18,554		$	18,554		$	—
Futures (1)	30,179			30,179			—
	$	48,733		$	48,733		$	—
Description	December 31, 2012
Cash Equivalents	$	26,712,321		$	26,712,321		$	—
Futures (1)	(91,517		)	(91,517		)	—
	$	26,620,804		$	26,620,804		$	—

14

(1) See Condensed Schedules of Investments in Note 3 for the values in each commodity industry sector within this table.

There were no transfers between Level 1 and Level 2 during the period ended March 31, 2013 or the year ended December 31, 2012.

8.OFF-BALANCE SHEET RISK

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

Market Risk

Derivative contracts involve varying degrees of off-balance sheet market risk.  Changes in the level or volatility of interest rates, foreign currency exchange rates or the market values of the financial contracts or commodities underlying such open derivative contracts frequently result in changes in the Company’s net unrealized profit (loss) on such derivative contracts as reflected in the Statements of Financial Condition.  The Company’s exposure to market risk is influenced by a number of factors, including the relationships among the derivative contracts held by the Company as well as the volatility and liquidity of the markets in which the derivative contracts are traded.  Investments in foreign markets may also entail legal and political risks.

For derivatives, risks arise from changes in the market value of the contracts.  Theoretically, the Company is exposed to a market risk equal to the notional contract value of futures and forward currency contracts purchased and unlimited liability on such contracts sold short.

BRIM has procedures in place intended to control market risk exposure, although there can be no assurance that it will, in fact, succeed in doing so.  These procedures focus primarily on monitoring the trading of the Trading Advisor, calculating the net asset value of the Company as of the close of business on each day and reviewing outstanding positions for over-concentrations. BRIM’s basic risk control procedures consist simply of the ongoing process of Trading Advisor monitoring, with the market risk controls being applied by the Trading Advisor.

Credit Risk

The risks associated with exchange-traded contracts are typically perceived to be less than those associated with OTC (non-exchange-traded) transactions, because exchanges typically (but not universally) provide clearinghouse arrangements in which the collective credit (in some cases limited in amount, in some cases not) of the members of the exchange is pledged to support the financial integrity of the exchange. In OTC transactions, on the other hand, the Trading Advisor must rely solely on the credit of their respective individual counterparties. Margins, which were subject to loss in the event of a default, were generally required in exchange trading, and JPMS could also have required margin in the OTC markets.

15

Set forth below are tables which disclose both gross information and net information about instruments and transactions eligible for offset in the Statements of Financial Condition and instruments and transactions that are subject to an agreement similar to a master netting agreement as well as amounts related to margin, reflected as financial collateral (including cash collateral), held at JPMS. Margin reflected in the Collateral Tables reflect margin up to an amount of 100% of the net amount of unrealized loss for JPMS. Actual margin amounts required at each counterparty are based on the notional amounts or the number of contracts outstanding and may exceed the margin presented in the Collateral Tables. The master netting agreements allow JPMS to net any collateral held in or on behalf of the Company or liabilities or payment obligations of JPMS to the Company against any liabilities or payment obligations of the Company to JPMS. The Company is required to deposit financial collateral (including cash collateral) at JPMS. Such requirements were specific to JPMS.

As of 3/31/2013

Offsetting of Net unrealized profit / market value on open contracts / options:

			Gross		Net
	Gross		Amounts offset in		Amounts presented in
Commodity	Amounts of		the Statements of Financial		the Statements of Financial
Industry Sector	Recognized Assets		Position		Position
Futures
Agriculture	$	—	$	—	$	—
Currencies	—		—		—
Energy	—		—		—
Interest rates	—		—		—
Metals	76,783		46,604		30,179
Stock indices	—		—		—
Subtotal	76,783		46,604		30,179
Total Derivatives subject to a master netting or similar arrangement	76,783		46,604		30,179
Total Derivatives not subject to a master netting or similar arrangement	—		—		—
Total Derivatives	$	76,783	$	46,604	$	30,179

Offsetting of Net unrealized loss / market value on open contracts / options:

			Gross		Net
	Gross		Amounts offset in		Amounts presented in
Commodity	Amounts of		the Statements of Financial		the Statements of Financial
Industry Sector	Recognized Liabilities		Position		Position
Futures
Agriculture	$	—	$	—	$	—
Currencies	—		—		—
Energy	—		—		—
Interest rates	—		—		—
Metals	46,604		46,604		—
Stock indices	—		—		—
Subtotal	46,604		46,604		—
Total Derivatives subject to a master netting or similar arrangement	46,604		46,604		—
Total Derivatives not subject to a master netting or similar arrangement	—		—		—
Total Derivatives	$	46,604	$	46,604	$	—

16

As of 12/31/2012

Offsetting of Net unrealized profit / market value on open contracts / options:

			Gross		Net
	Gross		Amounts offset in		Amounts presented in
Commodity	Amounts of		the Statements of Financial		the Statements of Financial
Industry Sector	Recognized Assets		Position		Position
Futures
Agriculture	$	141,311	$	141,311	$	—
Currencies	141,032		71,651		69,381
Energy	38,942		38,882		60
Interest rates	28,765		12,913		15,852
Metals	74,783		74,783		—
Stock indices	71,013		71,013		—
Subtotal	495,846		410,553		85,293
Total Derivatives subject to a master netting or similar arrangement	495,846		410,553		85,293
Total Derivatives not subject to a master netting or similar arrangement	—		—		—
Total Derivatives	$	495,846	$	410,553	$	85,293

Offsetting of Net unrealized loss / market value on open contracts / options:

			Gross		Net
	Gross		Amounts offset in		Amounts presented in
Commodity	Amounts of		the Statements of Financial		the Statements of Financial
Industry Sector	Recognized Liabilities		Position		Position
Futures
Agriculture	$	154,232	$	141,311	$	12,921
Currencies	71,651		71,651		—
Energy	38,882		38,882		—
Interest rates	12,913		12,913		—
Metals	115,082		74,783		40,299
Stock indices	194,603		71,013		123,590
Subtotal	587,363		410,553		176,810
Total Derivatives subject to a master netting or similar arrangement	587,363		410,553		176,810
Total Derivatives not subject to a master netting or similar arrangement	—		—		—
Total Derivatives	$	587,363	$	410,553	$	176,810

17

As of 3/31/2013

Collateral Held by Counterparty:

			Gross Amounts not offset in the Statements of
			Financial Condition
	Net Amount of Unrealized Profit		Cash Collateral		Net
Counterparty	in the Statements of Financial Position		Received		Amount
Counterparty A	$	30,179	$	—	$	—
	$	30,179	$	—	$	—
	Net Amount of Unrealized Loss		Cash Collateral		Net
Counterparty	in the Statements of Financial Position		Pledged		Amount
Counterparty A	$	—	$	—	$	—
	$	—	$	—	$	—

As of 12/31/2012

Collateral Held by Counterparty:

			Gross Amounts not offset in the Statements of
			Financial Condition
	Net Amount of Unrealized Profit		Cash Collateral		Net
Counterparty	in the Statements of Financial Position		Received		Amount
Counterparty A	$	—	$	—	$	—
	$	—	$	—	$	—
	Net Amount of Unrealized Loss		Cash Collateral		Net
Counterparty	in the Statements of Financial Position		Pledged		Amount
Counterparty A	$	91,517	$	91,517	$	—
	$	91,517	$	91,517	$	—

Concentration Risk

The amount of required margin and good faith deposit with the broker usually ranged from 1% to 10% of the members’ capital of the Company.  There was no such requirement at March 31, 2013.  The cash and cash equivalents held to satisfy such requirement at December 31, 2012 was $2,095,713 which equaled 7.05% of the Members’ capital.

18

9.RECENT ACCOUNTING PRONOUNCEMENTS

In December 2011, FASB issued ASU 2011-11, Balance Sheet (Topic 210), Disclosures about Offsetting Assets and Liabilities (“ASU 2011-11”), which requires entities to disclose information about financial instructions and derivative instruments that have been offset or that subject to enforceable master netting agreements, to enable users of its financial statements to understand the effect of those arrangements on its financial statements to understand the effect of those arrangements on its financial position.  Entities are required to provide both net (offset amounts) and gross information in the notes to the financial statements for relevant assets and liabilities that are offset or subject to the arrangements.  The amendments in ASU 2011-11 are effective for interim and annual periods beginning on or after January 1, 2013, and an entity should provide the disclosures required by the amendments retrospectively for all comparable periods presented.  The adoption of additional disclosure requirements are reflected in the Company’s financial statements in Note 8.

In January 2013, FASB issued ASU 2013-01, Balance Sheet (Topic 210), clarifying the scope of the disclosure about Offsetting Assets and Liabilities (“ASU 2013-01”). This update clarifies that the scope of ASU 2011-11 applied to derivatives accounted for in accordance with Topic 815.  This update is in effect for interim and annual periods beginning on or after January 1, 2013, and an entity should provide the disclosures required by the amendments retrospectively for all the comparable periods presented. The adoption of additional disclosure requirements are reflected in the Company’s financial statements in Note 8.

10.SUBSEQUENT EVENTS

BRIM has evaluated the impact of all subsequent events of the Company through the date these financial statements were available to be issued, and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements, other than as described below.

19

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

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 Nets Global Horizons, LLC

and

Managing Director of

BlackRock Investment Management, LLC

General Partner of

BlackRock Global Horizons I L.P. and

Manager of

Nets Global Horizons, LLC

20

EX-13.01(E)

Exhibit 13.01(e)

QUANTUM GLOBAL HORIZONS, LLC

(A Delaware Limited Liability Company)

Financial Statements as of December 31, 2013 and 2012 and

for the years ended December 31, 2013 and 2012 and

Independent Auditors’ Report

QUANTUM GLOBAL HORIZONS, LLC

(A Delaware Limited Liability Company)

TABLE OF CONTENTS

	Page
INDEPENDENT AUDITORS’ REPORT	1
FINANCIAL STATEMENTS:
Statements of Financial Condition as of December 31, 2013 and 2012	3
Statements of Operations for the years ended December 31, 2013 and 2012	4
Statements of Changes in Members’ Capital for the years ended December 31, 2013 and 2012	5
Financial Data Highlights for the years ended December 31, 2013 and 2012	6
Notes to Financial Statements	7-22

INDEPENDENT AUDITORS’ REPORT

To Quantum Global Horizons, LLC:

We have audited the accompanying financial statements of Quantum Global Horizons, LLC (the “Company”), which comprise the statement of financial condition as of December 31, 2013 and December 31, 2012, and the related statements of operations, and changes in members’ capital, and the financial data highlights for the years ended December 31, 2013 and December 31, 2012, and the related notes to the financial statements.

Management’s Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements and financial data highlights in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements and financial data highlights that are free from material misstatement, whether due to fraud or error.

Auditors’ Responsibility

Our responsibility is to express an opinion on these financial statements and financial data highlights based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial data highlights are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements and financial data highlights. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements and financial data highlights, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company’s preparation and fair presentation of the financial statements and financial data highlights in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements and financial data highlights. Our procedures included confirmation of securities owned as of December 31, 2013, by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion, the financial statements and financial data highlights referred to above present fairly, in all material respects, the financial position of Quantum Global Horizons, LLC as of December 31, 2013 and 2012, and the results of its operations, changes in its members’ capital, and financial data highlights for the years ended December 31, 2013 and 2012, in accordance with accounting principles generally accepted in the United States of America.

DELOITTE & TOUCHE LLP

March 21, 2014

QUANTUM GLOBAL HORIZONS, LLC

(A Delaware Limited Liability Company)

STATEMENTS OF FINANCIAL CONDITION

DECEMBER 31, 2013 AND 2012

	December 31,		December 31,
	2013		2012
ASSETS:
Cash and cash equivalents	$	19,551,925	$	24,812,881
Equity in commodity futures trading accounts:
Cash (restricted cash $1,123,068 and $7,392,494)	4,535,527		21,435,349
Net unrealized profit on open contracts	381,076		—
Accrued interest and other assets	272		4,094
TOTAL ASSETS	$	24,468,800	$	46,252,324
LIABILITIES AND MEMBERS’ CAPITAL
LIABILITIES:
Net unrealized loss on open contracts	$	—	$	521,711
Due to BlackRock Global Horizons I L.P.	687,414		1,237,006
Redemptions payable	853,745		—
Subscription received in advance	450,000		—
Profit Shares payable	68,481		—
Administrator fees payable	31,646		22,826
Professional fees payable	38,933		33,333
Other fees payable	1,767		8,148
Total liabilities	2,131,986		1,823,024
MEMBERS’ CAPITAL	22,336,814		44,429,300
TOTAL LIABILITIES AND MEMBERS’ CAPITAL	$	24,468,800	$	46,252,324

See notes to financial statements.

3

QUANTUM GLOBAL HORIZONS, LLC

(A Delaware Limited Liability Company)

STATEMENTS OF OPERATIONS

FOR THE YEARS ENDED DECEMBER 31, 2013 AND 2012

	2013			2012
TRADING PROFITS (LOSSES):
Realized	$	(3,054,963	)	$	5,853,021
Change in unrealized	922,140			309,294
Brokerage commissions and clearing costs	(129,629		)	(269,264		)
Total trading profits (losses)	(2,262,452		)	5,893,051
INVESTMENT INCOME:
Interest	14,689			53,066
EXPENSES:
Profit Shares	68,481			2,756,131
Administrator fees	51,158			91,946
Professional fees	74,621			155,086
Other fees	634,624			1,115,510
Total expenses	828,884			4,118,673
NET INVESTMENT LOSS	(814,195		)	(4,065,607		)
NET INCOME / (LOSS)	$	(3,076,647	)	$	1,827,444

See notes to financial statements.

4

QUANTUM GLOBAL HORIZONS, LLC

(A Delaware Limited Liability Company)

STATEMENTS OF CHANGES IN MEMBERS’ CAPITAL

FOR THE YEARS ENDED DECEMBER 31, 2013 AND 2012

MEMBERS’ CAPITAL, DECEMBER 31, 2011	$	47,984,736
Subscriptions	5,079,604
Net income / (loss)	1,827,444
Redemptions	(10,457,436		)
Net reallocations by BlackRock Global Horizons I L.P.	(5,048		)
MEMBERS’ CAPITAL, DECEMBER 31, 2012	44,429,300
Subscriptions	9,194,503
Net income / (loss)	(3,076,647		)
Redemptions	(26,672,558		)
Net reallocations by BlackRock Global Horizons I L.P.	(1,537,784		)
MEMBERS’ CAPITAL, DECEMBER 31, 2013	$	22,336,814

See notes to financial statements.

5

QUANTUM GLOBAL HORIZONS, LLC

(A Delaware Limited Liability Company)

FINANCIAL DATA HIGHLIGHTS

FOR THE YEARS ENDED DECEMBER 31, 2013 AND 2012

The following ratios have been derived from information provided in the financial statements.  An individual Member’s results may vary from these ratios due to timing of income and expenses and capital transactions.

	2013		2012
Total Return:
Total return (before Profit Shares)	-2.72	%	10.07	%
Profit Shares	-0.31	%	-6.03	%
Total return	-2.99	%	4.31	%
Ratios to Average Net Assets:(1)
Expenses (before Profit Shares)	2.80	%	3.44	%
Profit Shares	0.22	%	5.80	%
Expenses	3.02	%	9.24	%
Net investment loss	-2.97	%	-9.13	%

(1) Included in the ratios of expenses to average Members’ capital are brokerage commissions and clearing costs which are presented in Trading Profits (Losses) on the Statements of Operations.

See notes to financial statements.

6

QUANTUM GLOBAL HORIZONS, LLC

(A Delaware Limited Liability Company)

NOTES TO FINANCIAL STATEMENTS

1.ORGANIZATION

Quantum Global Horizons, LLC (the “Company”) was formed as a Delaware limited liability company under the Delaware Limited Liability Company Act on November 16, 2009.  BlackRock Investment Management, LLC (the “Manager” or “BRIM”), a wholly owned subsidiary of BlackRock, Inc. (“BlackRock”), is the manager of the Company and entered into a limited liability company agreement with the Company on November 24, 2009.

BRIM formed a number of subsidiaries in the form of limited liability companies (“LLCs”), with this Company being one of the LLCs, to hold  assets of BlackRock Global Horizons I L.P. (the “Partnership”), an open-end investment company organized under the Delaware Revised Uniform Limited Partnership Act. These LLCs hold the Partnership assets that are allocated by the Partnership to each particular Trading Advisor.  Each of these LLCs has, in turn, entered into an advisory agreement (“the Agreement”) with a respective Trading Advisor.

The primary purpose of these LLCs was to segregate the assets of the Partnership allocated to any one Trading Advisor from the other assets of the Partnership in order to seek to limit liability for trading losses by any one Trading Advisor to the Partnership assets allocated to such LLC.  Additionally, other funds and accounts managed by the Manager or its affiliates may also invest in such LLCs in order to gain exposure to the relevant Trading Advisor.

Prior to May 1, 2011, the Company was wholly owned by the Partnership, and as a result consolidated into the financial statements of the Partnership.  Effective May 1, 2011, the Manager allowed other funds and accounts managed by the General Partner of the Partnership (and affiliates of the General Partner) to invest directly with the Company.  The financial statements of the Company presented herein reflect the financial position as of December 31, 2013 and 2012, the results of operations, changes in members’ capital and financial data highlights for the years ended December 31, 2013 and 2012.

The Bank of New York Mellon provides custody services for the Company.  The Company’s assets are held in cash and customer segregated managed account at Merrill Lynch, Pierce, Fenner & Smith Incorporated (“MLPF&S”) and at any other clearing brokers that may be utilized by the Company in the future (the “Clearing Brokers”).

Capitalized terms used throughout the notes without definition have the same meaning as set forth in the Agreement.

7

2.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The Company’s financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”).  The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements as well as the reported amounts of revenues and expenses during the reporting period.  Actual results could differ from those estimates.   The Company qualifies as an investment company under the provisions of the American Institute of Certified Public Accountants Audit and Accounting Guide - Investment Companies (the “Audit and Accounting Guide”).

Cash and Cash Equivalents

The Company has defined cash and cash equivalents as cash, money market funds and short-term, highly liquid investments with maturities of three months or less when acquired.  Money market funds, which are included in cash equivalents, are classified as Level 1 valuation inputs (quoted prices in active markets for identical assets) under the provisions of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 820, Fair Value Measurements and Disclosures (“ASC 820”).

Valuation

The Company’s policy is to value its financial instruments at fair market value. The Company’s commodities futures contracts traded on exchanges are valued at their close price. Foreign currency exchange contracts are valued at the midpoint between the bid and ask prices and are determined as of the close of business of the New York Stock Exchange. Interpolated values are derived when the settlement date of the contract is an interim date for which quotations are not available. Exchange-traded written options are valued at the mean between the last bid and ask prices at the close of the options market in which the options trade. An exchange-traded option for which there is no mean price is valued at the prior day’s close price, unless it is determined that the prior day’s price no longer reflects the fair value of the option. Over-the-counter (“OTC”) options are valued by single broker quotes which use mathematical models which incorporates a number of market data factors, such as the trades and prices of the underlying instruments.

Equity in Commodity Futures Trading Accounts

Cash at brokers

A portion of the assets maintained at MLPF&S is restricted to meet maintenance margin requirements.  Typically, margin requirements range from 1% to 10% of the notional value of the derivatives traded.

Net Unrealized Profit (Loss) on Open Contracts

The Company, in its normal course of business, enters into various derivatives contracts with MLPF&S which acts as the Company’s clearing broker. Pursuant to the brokerage agreement with MLPF&S (which include netting arrangements), to the extent that such trading results in receivables from and payables to MLPF&S, these receivables and payables are offset and reported as a net receivable or payable with the broker.  Net receivables are included in the Statements of Financial Condition under Equity in commodity futures trading accounts in Net unrealized profit on open contracts; net payables are included in the Statements of Financial Condition under Liabilities in Net unrealized loss on open contracts.

8

Commodity futures and forwards contracts transactions are recorded on the trade date. The receivables and payables for forwards contracts represent the difference between the original contract value and the market value. The receivables and payables for futures contracts represent the variation margin, which is the daily fluctuation in market value of the futures contracts. The change in unrealized profit (loss) on open contracts from one period to the next is reflected in Change in unrealized in the Statements of Operations.

Foreign Currency Transactions

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

Income Taxes

No provision for income taxes has been made in these financial statements as each Member is individually responsible for reporting income or loss based on such Member’s respective share of the Company’s income and expenses as reported for income tax purposes.

The Company is subject to the provision of ASC 740, Income Taxes which sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. Based on its analysis, the Manager does not believe that the Company has any material uncertain tax positions that would require recognition or measurements in the Company’s financial statements.

The Company files U.S. Federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the Company’s U.S. Federal tax returns are open for the years ended 2013 and 2012. The statute of limitations on the Company’s state and local tax returns may remain open for an additional year depending on the jurisdiction.

There are no unrecognized tax benefits relating to the accompanying financial statements.

Distributions

The Members are entitled to receive any distributions which may be made by the Company.  No such distributions have been declared for the years ended December 31, 2013 or 2012.

Members Transactions

The Manager may, in its sole discretion, reallocate Partnership assets from the Company by contributing to or withdrawing amounts from the Company as of any month end.  All Members of the Company can subscribe into or redeem from the Company as of any month end.

9

Indemnifications

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

10

3.CONDENSED SCHEDULES OF INVESTMENTS

The Company trades futures and forwards contracts.  The level of trading is affected by conditions in those markets.  During the year ended December 31, 2013, 17,156 contracts were closed.  The fair value of the Company’s futures and forwards contracts by type, that are presented as Net unrealized profit on open contracts in the Statements of Financial Condition as of December 31, 2013 are as follows:

	Long Positions						Long Positions					Short Positions							Short Positions					Net Unrealized
Commodity	Number	Gross Unrealized					Unrealized			Percent of		Number		Gross Unrealized					Unrealized			Percent of		Profit (Loss) on			Percent of
Industry Sector	of Contracts	Gains		Losses			Profit (Loss)			Members’ Capital		of Contracts		Gains		Losses			Profit (Loss)			Members’ Capital		Open Contracts			Members’ Capital		Maturity Dates
Futures
Agriculture	—	$	—	$	—		$	—		0.00	%	(22	)	$	7,337	$	—		$	7,337		0.03	%	$	7,337		0.03	%	March 14
Currencies	17	23,935		—			23,935			0.11	%	(17	)	29,046		(9		)	29,037			0.13	%	52,972			0.24	%	March 14
Energy	28	350		(37,338		)	(36,988		)	-0.17	%	(11	)	2,202		(3,111		)	(909		)	0.00	%	(37,897		)	-0.17	%	January 14 - February 14
Interest rates	—	—		—			—			0.00	%	(241	)	144,533		(426		)	144,107			0.65	%	144,107			0.65	%	March 14
Metals	3	5,408		—			5,408			0.02	%	(6	)	7,895		(1,700		)	6,195			0.03	%	11,603			0.05	%	February 14 - March 14
Stock indices	143	202,096		(292		)	201,804			0.90	%	(8	)	2,100		(950		)	1,150			0.01	%	202,954			0.91	%	January 14 - March 14
Total	191	$	231,789	$	(37,630	)	$	194,159		0.86	%	(305	)	$	193,113	$	(6,196	)	$	186,917		0.85	%	$	381,076		1.71	%

No individual contract’s unrealized profit or loss comprised greater than 5% of the Company’s capital as of December 31, 2013.

11

During the year ended December 31, 2012, 32,019 contracts were closed.  The fair value of the Company’s futures and forward contracts by type, that are presented as Net unrealized loss on open contracts in the Statements of Financial Condition as of December 31, 2012 are as follows:

	Long Positions						Long Positions					Short Positions							Short Positions					Net Unrealized
Commodity	Number	Gross Unrealized					Unrealized			Percent of		Number		Gross Unrealized					Unrealized			Percent of		Profit (Loss) on			Percent of
Industry Sector	of Contracts	Gains		Losses			Profit (Loss)			Members’ Capital		of Contracts		Gains		Losses			Profit (Loss)			Members’ Capital		Open Contracts			Members’ Capital		Maturity Dates
Futures
Agriculture	35	$	2,559	$	(11,257	)	$	(8,698	)	-0.02	%	(17	)	$	5,557	$	(1,671	)	$	3,886		0.01	%	$	(4,812	)	-0.01	%	February 13 - March 13
Currencies	247	17,613		(141,677		)	(124,064		)	-0.28	%	(94	)	10,408		(14,539		)	(4,131		)	-0.01	%	(128,195		)	-0.29	%	March 13
Energy	13	8,471		—			8,471			0.02	%	(18	)	22,753		(835		)	21,918			0.05	%	30,389			0.07	%	January 13 - February 13
Interest rates	436	675,970		(2,705		)	673,265			1.52	%	(970	)	73,045		(357,958		)	(284,913		)	-0.64	%	388,352			0.88	%	March 13
Metals	23	36,135		—			36,135			0.08	%	(23	)	303		(1,184		)	(881		)	0.00	%	35,254			0.08	%	February 13 - April 13
Stock indices	75	4,031		(64,252		)	(60,221		)	-0.14	%	(1,296	)	106,146		(888,624		)	(782,478		)	-1.76	%	(842,699		)	-1.90	%	January 13 - March 13
Total	829	$	744,779	$	(219,891	)	$	524,888		1.18	%	(2,418	)	$	218,212	$	(1,264,811	)	$	(1,046,599	)	-2.35	%	$	(521,711	)	-1.17	%

No individual contract’s unrealized profit or loss comprised greater than 5% of the Company’s capital as of December 31, 2012.

12

The trading profits (losses) of the Company’s derivatives by instrument type, as well as the location of those gains and losses on the Statements of Operations for the years ended December 31, 2013 and 2012 are as follows:

2013

				Change in Net
Commodity	Realized Profits			Unrealized			Net Trading
Industry Sector	(Losses)			Profits (Losses)			Profits (Losses)
Futures
Agriculture	$	(355,637	)	$	12,149		$	(343,488	)
Currencies	(69,263		)	200,520			131,257
Energy	(469,724		)	(68,285		)	(538,009		)
Interest rates	285,280			(244,246		)	41,034
Metals	361,381			(23,651		)	337,730
Stock indices	(2,807,000		)	1,045,653			(1,761,347		)
Total	$	(3,054,963	)	$	922,140		$	(2,132,823	)

2012

				Change in Net
Commodity	Realized Profits			Unrealized			Net Trading
Industry Sector	(Losses)			Profits (Losses)			Profits (Losses)
Futures
Agriculture	$	(347,106	)	$	105,271		$	(241,835	)
Currencies	2,201,087			(134,944		)	2,066,143
Energy	491,919			47,078			538,997
Interest rates	(3,655,526		)	922,682			(2,732,844		)
Metals	422,928			63,753			486,681
Stock indices	6,739,719			(694,546		)	6,045,173
Total	$	5,853,021		$	309,294		$	6,162,315

4.RELATED PARTY TRANSACTIONS

As of December 31, 2013 and 2012, $19,551,925 and $24,812,881, respectively, were invested in an affiliated BlackRock money market fund.  The Due to BlackRock Global Horizons I L.P. balances of $687,414 and $1,237,006 included in the Statements of Financial Condition as of December 31, 2013 and 2012, respectively, represents amounts due to BlackRock Global Horizons I L.P. by the Company for expenses paid on the Company’s behalf and subscriptions, redemptions and allocations of capital from the Company.

13

5.ADVISORY AGREEMENT

The Company and the Trading Advisor has entered into the Agreement.  The Agreement generally renews one year after it is entered into, subject to certain renewal rights exercisable by the Company. The Trading Advisor determines the commodity futures, options on futures, forwards and options contracts trades, if any, to be made on behalf of the Company’s account, subject to certain trading policies and to certain rights reserved by BRIM.  The Company does not pay a management fee to the Trading Advisor.

Profit Shares, which are 30% of any New Trading Profit, are paid by the Company to the Trading Advisor as of the end of each calendar quarter and upon the net reallocation of assets away from the Trading Advisor.  Profit Shares are also paid out in respect of Member redemptions as of the end of interim months, to the extent of the applicable percentage of any New Trading Profit attributable to such Member.

6.MEMBERS’ CAPITAL

At December 31, 2013 and 2012, the Members’ capital balances were:

December 31, 2013	Members’ Capital
BlackRock Global Horizons I L.P.	$	10,085,057
Multi Manager Alpha Systematic Trend LTD.	3,525,961
TAMUS ARS Fund L.P.	8,725,796
Total Members’ Capital	$	22,336,814

December 31, 2012	Members’ Capital
BlackRock Global Horizons I L.P.	$	21,164,490
BlackRock Global Horizons LTD.	6,197,644
Concentrated Quantitative Strategies LTD.	12,155,125
Core Hedge Fund Strategies LTD.	858,714
Multi Manager Alpha Systematic Trend LTD.	4,053,327
Total Members’ Capital	$	44,429,300

Each Member shares in the operations of the Company in proportion to their respective interests in the Company.  Other funds and accounts managed by the Manager or its affiliates may be added at the Manager’s discretion and percentage of Members’ ownership may not remain consistent.

7.FAIR VALUE DISCLOSURES

The Company qualifies as an investment company under the provisions of the American Institute of Certified Public Accountants Audit and Accounting Guide for Investment Companies (“Audit and Accounting Guide”) and therefore, all investments including derivatives are stated at fair value in the Statements of Financial Condition, and changes in fair value are included in Realized and Change in unrealized trading profits (losses) in the Statements of Operations.

14

The Company records derivatives contracts held in commodities futures trading accounts and cash equivalents at fair value in accordance with ASC 820. ASC 820 defines fair value as the price that the Company would receive upon selling an investment or pay to transfer a liability in an orderly transaction to a market participant in the principal or most advantageous market for the investment. ASC 820 emphasizes that valuation techniques maximize the use of observable market inputs and minimize the use of unobservable inputs. Inputs refer broadly to the assumptions that market participants would use in pricing an asset or liability, including assumptions about risk to the extent the asset or liability 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 participants would use in pricing an asset or liability developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Manager’s assumptions about what information market participants would use to price an asset or liability developed based on the best information available under the circumstances.

ASC 820 establishes a hierarchy that classifies these inputs into the three broad levels listed below:

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

Level 2 — Other than quoted prices included within Level 1 that are observable for substantially the full term of the asset or liability, either directly or indirectly.  Level 2 includes quoted prices (unadjusted) for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities that are not active; and inputs other than quoted prices that are observable or that can be generally corroborated by observable market data, such as those used in models or other valuation methodologies. As a practical expedient, the Company relies on the net asset value (or its equivalent) of certain investments as their fair value.

Level 3 — Primarily inputs and significant assumptions that are unobservable in the market place.  Level 3 includes instruments for which there is little, if any, market activity.  These inputs require significant judgment or estimation by the Manager of the Company.

There were no Level 3 assets or liabilities held at December 31, 2013, December 31, 2012 or during the years then ended.

The following table summarizes the valuation of the Company’s investments by the above ASC 820 fair value hierarchy levels as of December 31, 2013 and 2012.

			Fair Value at Reporting Date Using
			Quoted Prices in
			Active Markets for		Significant Other
			Identical Assets		Observable Inputs
Description	December 31, 2013		(Level 1)		(Level 2)
Cash Equivalents	$	19,551,925	$	19,551,925	$	—
Futures (1)	381,076		381,076		—
	$	19,933,001	$	19,933,001	$	—

Description	December 31, 2012
Cash Equivalents	$	24,812,881		$	24,812,881		$	—
Futures (1)	(521,711		)	(521,711		)	—
	$	24,291,170		$	24,291,170		$	—

(1) See Condensed Schedules of Investments in Note 3 for the values in each commodity industry sector within this table

There were no transfers between Level 1 and Level 2 during the years ended December 31, 2013 and 2012.

15

8.DERIVATIVE CONTRACTS AND OFF BALANCE SHEET RISK

The Company is exposed to market risk, the risks arising from changes in the market value of the contracts; credit risk, the risk of failure by another party to perform according to the terms of a contract and concentration risk; the risk of financial institution insolvency.

Market Risk

Derivative contracts involve varying degrees of off-balance sheet market risk.  Changes in the level or volatility of interest rates, foreign currency exchange rates or the market values of the financial contracts or commodities underlying such open derivative contracts frequently result in changes in the Company’s net unrealized profit (loss) on such derivative contracts as reflected in the Statements of Financial Condition.  The Company’s exposure to market risk is influenced by a number of factors, including the relationships among the derivative contracts held by the Company as well as the volatility and liquidity of the markets in which the derivative contracts are traded.  Investments in foreign markets may also entail legal and political risks.

For derivatives, risks arise from changes in the market value of the contracts.  Theoretically, the Company is exposed to a market risk equal to the notional contract value of futures and forward currency contracts purchased and unlimited liability on such contracts sold short.

BRIM has procedures in place intended to control market risk exposure, although there can be no assurance that it will, in fact, succeed in doing so.  These procedures focus primarily on monitoring the trading of the Trading Advisor, calculating the net asset value of the Company as of the close of business on each day and reviewing outstanding positions for over-concentrations. BRIM’s basic risk control procedures consist simply of the ongoing process of Trading Advisor monitoring, with the market risk controls being applied by the Trading Advisor.

Credit Risk

The risks associated with exchange-traded contracts are typically perceived to be less than those associated with OTC (non-exchange-traded) transactions, because exchanges typically (but not universally) provide clearinghouse arrangements in which the collective credit (in some cases limited in amount, in some cases not) of the members of the exchange is pledged to support the financial integrity of the exchange. In OTC transactions, on the other hand, traders must rely solely on the credit of their respective individual counterparties. Margins, which may be subject to loss in the event of a default, are generally required in exchange trading, and MLPF&S may also require margin in the OTC markets.

Set forth below are tables which disclose both gross information and net information about instruments and transactions eligible for offset in the Statements of Financial Condition and instruments and transactions that are subject to an agreement similar to a master netting agreement, as well as amounts related to margin, reflected as financial collateral (including cash collateral), held at MLPF&S. Margin reflected in the collateral tables reflects margin up to an amount of 100% of the net amount of unrealized loss for MLPF&S. Actual margin amounts required at each counterparty are based on the notional amounts or the number of contracts outstanding and may exceed the margin presented in the collateral tables. The master netting agreements allow MLPF&S to net any collateral held in or on behalf of the Company or liabilities or payment obligations of MLPF&S to the Company against any liabilities or payment obligations of the Company to MLPF&S. The Company is required to deposit financial collateral (including cash collateral) at MLPF&S. Such requirements are specific to MLPF&S.

16

As noted in Note 2, during the normal course of business, the Company enters into derivative contracts with MLPF&S. Pursuant to the agreement with MLPF&S, certain positions have been netted in the Statements of Financial Condition to reflect the legal right of offset with MLPF&S. The tables below present the offsetting on a basis by commodity industry sector.  As the receivables and payables are netted by MLPF&S, as appropriate under GAAP, the presentation below does not reflect amounts across commodity industry sectors which have been netted in the Statements of Financial Condition.  Thus, amounts for certain commodity industry sectors may appear to be netted in excess of the gross amounts of recognized assets or liabilities, as indicated by a negative net asset amount or positive net liability amount in the net amounts presented in the Statements of Financial Condition in the tables below.

17

As of 12/31/2013

Offsetting of Net unrealized profit on open contracts:

			Gross			Net
	Gross		Amounts offset in			Amounts presented in
Commodity	Amounts of		the Statements of Financial			the Statements of Financial
Industry Sector	Recognized Assets		Condition			Condition
Futures
Agriculture	$	7,337	$	—		$	7,337
Currencies	52,981		(9		)	52,972
Energy	2,552		(40,449		)	(37,897		)
Interest rates	144,533		(426		)	144,107
Metals	13,303		(1,700		)	11,603
Stock indices	204,196		(1,242		)	202,954
Subtotal	424,902		(43,826		)	381,076
Total Derivatives subject to a master netting or similar arrangement	424,902		(43,826		)	381,076
Total Derivatives not subject to a master netting or similar arrangement	—		—			—
Total Derivatives	$	424,902	$	(43,826	)	$	381,076

Offsetting of Net unrealized loss on open contracts:

				Gross		Net
	Gross			Amounts offset in		Amounts presented in
Commodity	Amounts of			the Statements of Financial		the Statements of Financial
Industry Sector	Recognized Liabilities			Condition		Condition
Futures
Agriculture	$	—		$	—	$	—
Currencies	(9		)	9		—
Energy	(40,449		)	40,449		—
Interest rates	(426		)	426		—
Metals	(1,700		)	1,700		—
Stock indices	(1,242		)	1,242		—
Subtotal	(43,826		)	43,826		—
Total Derivatives subject to a master netting or similar arrangement	(43,826		)	43,826		—
Total Derivatives not subject to a master netting or similar arrangement	—			—		—
Total Derivatives	$	(43,826	)	$	43,826	$	—

18

As of 12/31/2012

Offsetting of Net unrealized profit on open contracts:

			Gross			Net
	Gross		Amounts offset in			Amounts presented in
Commodity	Amounts of		the Statements of Financial			the Statements of Financial
Industry Sector	Recognized Assets		Condition			Condition
Futures
Agriculture	$	8,116	$	(8,116	)	$	—
Currencies	28,021		(28,021		)	—
Energy	31,224		(31,224		)	—
Interest rates	749,015		(749,015		)	—
Metals	36,438		(36,438		)	—
Stock indices	110,177		(110,177		)	—
Subtotal	962,991		(962,991		)	—
Total Derivatives subject to a master netting or similar arrangement	962,991		(962,991		)	—
Total Derivatives not subject to a master netting or similar arrangement	—		—			—
Total Derivatives	$	962,991	$	(962,991	)	$	—

Offsetting of Net unrealized loss on open contracts:

				Gross		Net
	Gross			Amounts offset in		Amounts presented in
Commodity	Amounts of			the Statements of Financial		the Statements of Financial
Industry Sector	Recognized Liabilities			Condition		Condition
Futures
Agriculture	$	(12,928	)	$	8,116	$	(4,812	)
Currencies	(156,216		)	28,021		(128,195		)
Energy	(835		)	31,224		30,389
Interest rates	(360,663		)	749,015		388,352
Metals	(1,184		)	36,438		35,254
Stock indices	(952,876		)	110,177		(842,699		)
Subtotal	(1,484,702		)	962,991		(521,711		)
Total Derivatives subject to a master netting or similar arrangement	(1,484,702		)	962,991		(521,711		)
Total Derivatives not subject to a master netting or similar arrangement	—			—		—
Total Derivatives	$	(1,484,702	)	$	962,991	$	(521,711	)

19

As of 12/31/2013

Collateral Held by Counterparty:

			Gross Amounts not offset in the Statements of Financial Condition
	Net Amount of Unrealized Profit		Cash Collateral		Net
Counterparty	in the Statements of Financial Condition		Received		Amount
Counterparty A	$	381,076	$	—	$	381,076
	$	381,076	$	—	$	381,076

	Net Amount of Unrealized Loss		Cash Collateral		Net
Counterparty	in the Statements of Financial Condition		Pledged		Amount
Counterparty A	$	—	$	—	$	—
	$	—	$	—	$	—

As of 12/31/2012

Collateral Held by Counterparty:

			Gross Amounts not offset in the Statements of Financial Condition
	Net Amount of Unrealized Profit		Cash Collateral		Net
Counterparty	in the Statements of Financial Condition		Received		Amount
Counterparty A	$	—	$	—	$	—
	$	—	$	—	$	—

	Net Amount of Unrealized Loss		Cash Collateral		Net
Counterparty	in the Statements of Financial Condition		Pledged		Amount
Counterparty A	$	521,711	$	521,711	$	—
	$	521,711	$	521,711	$	—

Concentration Risk

The amount of required margin and good faith deposit with the broker usually ranges from 1% to 10% of the members’ capital of the Company.  The cash held to satisfy such requirement at December 31, 2013 and 2012 was $1,123,068 and $7,392,494 respectively, which equals 5.03% and 16.64% of the Members’ capital, respectively.  The Company has a substantial portion of its assets on deposit with financial institutions.  In the event of a financial institution’s insolvency, recovery of Company assets on deposit may be limited to account insurance or other protection afforded such deposits.

20

9.RECENT ACCOUNTING PRONOUNCEMENTS

In December 2011, FASB issued ASU 2011-11, Balance Sheet (Topic 210), Disclosures about Offsetting Assets and Liabilities (“ASU 2011-11”), which requires entities to disclose information about financial instructions and derivative instruments that have been offset or that subject to enforceable master netting agreements, to enable users of its financial statements to understand the effect of those arrangements on its financial statements to understand the effect of those arrangements on its financial position.  Entities are required to provide both net (offset amounts) and gross information in the notes to the financial statements for relevant assets and liabilities that are offset or subject to the arrangements.  The amendments in ASU 2011-11 are effective for interim and annual periods beginning on or after January 1, 2013, and an entity should provide the disclosures required by the amendments retrospectively for all comparable periods presented.  The adoption of additional disclosure requirements are reflected in the Company’s financial statements in Note 8.

In January 2013, FASB issued ASU 2013-01, Balance Sheet (Topic 210), clarifying the scope of the disclosure about Offsetting Assets and Liabilities (“ASU 2013-01”). This update clarifies that the scope of ASU 2011-11 applied to derivatives accounted for in accordance with Topic 815.  This update is in effect for interim and annual periods beginning on or after January 1, 2013, and an entity should provide the disclosures required by the amendments retrospectively for all the comparable periods presented. The adoption of additional disclosure requirements are reflected in the notes to the Company’s financial statements in Note 8.

In April 2013, FASB issued Accounting Standards Update (“ASU”) 2013-07, Presentation of Financial Statements: Liquidation Basis of Accounting (“ASU 2013-07”). ASU 2013-07 provides guidance on when and how to apply the liquidation basis of accounting and on what to disclose in an applicable entity’s financial statements. It is intended to increase the consistency and comparability of financial statements prepared under the liquidation basis of accounting. ASU 2013-07 is effective for entities that determine liquidation is imminent during annual reporting periods beginning after December 15, 2013, and interim period therein and should be applied prospectively. The Company is currently evaluating the impact of adopting ASU 2013-07.

In June 2013, the FASB issued ASU No. 2013-08, Financial Services — Investment Companies: Amendments to the Scope, Measurement, and Disclosure Requirements (“ASU 2013-08”). ASU 2013-08 amends the current criteria for an entity to qualify as an investment company, creates new disclosure requirements and amends the measurement criteria for certain interests in other investment companies. ASU 2013-08 also amends the current requirements related to qualifying for the “investment company deferral” as well as the requirements in related to qualifying for the “net asset value practical expedient”. The amendments are effective for interim and annual reporting periods beginning after December 15, 2013. The Company is currently evaluating the impact of adopting ASU 2013-08.

10.SUBSEQUENT EVENTS

BRIM has evaluated the impact of all subsequent events of the Company through the date these financial statements were available to be issued, and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

21

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

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 Quantum Global Horizons, LLC

and

Managing Director of

BlackRock Investment Management, LLC

General Partner of

BlackRock Global Horizons I L.P. and

Manager of

Quantum Global Horizons, LLC

22

EX-13.01(F)

Exhibit 13.01(f)

QUAKER GLOBAL HORIZONS, LLC

(A Delaware Limited Liability Company)

Financial Statements as of December 31, 2013 and for the
period from May 7, 2013 to December 31, 2013 and
Independent Auditors’ Report

QUAKER GLOBAL HORIZONS, LLC

(A Delaware Limited Liability Company)

TABLE OF CONTENTS

	Page
INDEPENDENT AUDITORS’ REPORT	1
FINANCIAL STATEMENTS:
Statement of Financial Condition as of December 31, 2013	3
Statement of Operations for the period from May 7, 2013 to December 31, 2013	4
Statement of Changes in Members’ Capital for the period from May 7, 2013 to December 31, 2013	5
Financial Data Highlights for the period from May 7, 2013 to December 31, 2013	6
Notes to Financial Statements	7-19

INDEPENDENT AUDITORS’ REPORT

To Quaker Global Horizons, LLC:

We have audited the accompanying financial statements of Quaker Global Horizons, LLC (the “Company”), which comprise the statement of financial condition as of December 31, 2013, and the related statements of operations, and changes in members’ capital, and the financial data highlights for period from May 7, 2013 (commencement of operations) to December 31, 2013, and the related notes to the financial statements.

Management’s Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements and financial data highlights in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements and financial data highlights that are free from material misstatement, whether due to fraud or error.

Auditors’ Responsibility

Our responsibility is to express an opinion on these financial statements and financial data highlights based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial data highlights are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements and financial data highlights. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements and financial data highlights, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company’s preparation and fair presentation of the financial statements and financial data highlights in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements and financial data highlights. Our procedures included confirmation of securities owned as of December 31, 2013, by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion, the financial statements and financial data highlights referred to above present fairly, in all material respects, the financial position of Quaker Global Horizons, LLC as of December 31, 2013, and the results of its operations, changes in its members’ capital, and financial data highlights for the period from May 7, 2013 (commencement of operations) to December 31, 2013, in accordance with accounting principles generally accepted in the United States of America.

DELOITTE & TOUCHE LLP

March 21, 2014

QUAKER GLOBAL HORIZONS, LLC

(A Delaware Limited Liability Company)

STATEMENT OF FINANCIAL CONDITION

DECEMBER 31, 2013

	December 31,
	2013
ASSETS:
Cash and cash equivalents	$	11,978,889
Equity in commodity futures trading accounts:
Cash (restricted cash $5,369,821)	10,681,449
Net unrealized profit on open contracts	840,087
Accrued interest and other assets	—
TOTAL ASSETS	$	23,500,425
LIABILITIES AND MEMBERS’ CAPITAL
LIABILITIES:
Due to BlackRock Global Horizons I L.P.	$	1,242,900
Profit Shares payable	173,061
Trading Advisor’s management fees payable	6,698
Administrator fees payable	3,288
Professional fees payable	20,001
Other fees payable	382
Total liabilities	1,446,330
MEMBERS’ CAPITAL	22,054,095
TOTAL LIABILITIES AND MEMBERS’ CAPITAL	$	23,500,425

See notes to financial statements.

3

QUAKER GLOBAL HORIZONS, LLC

(A Delaware Limited Liability Company)

STATEMENT OF OPERATIONS

FOR THE PERIOD FROM MAY 7, 2013 TO DECEMBER 31, 2013

	2013
TRADING PROFITS (LOSSES):
Realized	$	1,908,485
Change in unrealized	839,434
Brokerage commissions and clearing costs	(117,010		)
Total trading profits	2,630,909
INVESTMENT INCOME:
Interest	—
EXPENSES:
Trading Advisor’s management fees	154,892
Profit Shares	471,623
Administrator fees	32,980
Professional fees	48,591
Other fees	483,195
Total expenses	1,191,281
NET INVESTMENT LOSS	(1,191,281		)
NET INCOME	$	1,439,628

See notes to financial statements.

4

QUAKER GLOBAL HORIZONS, LLC

(A Delaware Limited Liability Company)

STATEMENT OF CHANGES IN MEMBERS’ CAPITAL

FOR THE PERIOD FROM MAY 7, 2013 TO DECEMBER 31, 2013

MEMBERS’ CAPITAL, MAY 7, 2013	$	—
Subscriptions	31,017,915
Net income	1,439,628
Redemptions	(14,921,787		)
Net reallocations by BlackRock Global Horizons I L.P.	4,518,339
MEMBERS’ CAPITAL, DECEMBER 31, 2013	$	22,054,095

See notes to financial statements.

5

QUAKER GLOBAL HORIZONS, LLC

(A Delaware Limited Liability Company)

FINANCIAL DATA HIGHLIGHTS

FOR THE PERIOD FROM MAY 7, 2013 TO DECEMBER 31, 2013

The following ratios have been derived from information provided in the financial statements.  An individual Member’s results may vary from these ratios due to timing of income and expenses and capital transactions.

	2013
Total Return:
Total return (before Profit Shares)	8.88	%
Profit Shares	-2.17	%
Total return	6.72	%
Ratios to Average Net Assets:(1)
Expenses (before Profit Shares)	5.30	%(2)
Profit Shares	2.02	%
Expenses	7.32	%(2)
Net investment loss	-7.39	%(2)

(1) Included in the ratios of expenses to average Members’ capital are brokerage commissions and clearing costs which are presented in Trading Profits (Losses) on the Statement of Operations.

(2) The expenses (before Profit Shares) and the interest portion of net investment loss for the net investment loss ratios have been annualized.

See notes to financial statements.

6

QUAKER GLOBAL HORIZONS, LLC

(A Delaware Limited Liability Company)

NOTES TO FINANCIAL STATEMENTS

1.ORGANIZATION

Quaker Global Horizons, LLC (the “Company”) was formed as a Delaware limited liability company under the Delaware Limited Liability Company Act on April 16, 2013.  BlackRock Investment Management, LLC (the “Manager” or “BRIM”), a wholly owned subsidiary of BlackRock, Inc. (“BlackRock”), is the manager of the Company and entered into a limited liability company agreement with the Company on April 16, 2013.

BRIM formed a number of subsidiaries in the form of limited liability companies (“LLCs”), with this Company being one of the LLCs, to hold  assets of BlackRock Global Horizons I L.P. (the “Partnership”), an open-end investment company organized under the Delaware Revised Uniform Limited Partnership Act. These LLCs hold the Partnership assets that are allocated by the Partnership to each particular Trading Advisor.  Each of these LLCs has, in turn, entered into an advisory agreement (“the Agreement”) with a respective Trading Advisor.

The primary purpose of these LLCs was to segregate the assets of the Partnership allocated to any one Trading Advisor from the other assets of the Partnership in order to seek to limit liability for trading losses by any one Trading Advisor to the Partnership assets allocated to such LLC.  Additionally, other funds and accounts managed by the Manager or its affiliates may also invest in such LLCs in order to gain exposure to the relevant Trading Advisor.

The Company commenced trading on May 7, 2013 and the Manager allowed other funds and accounts managed by the General Partner of the Partnership (and affiliates of the General Partner) to invest directly with the Company at that time.  The financial statements of the Company presented herein reflect the financial position as of December 31, 2013, the results of operations, changes in members’ capital and financial data highlights for the period from May 7, 2013 to December 31, 2013.

The Bank of New York Mellon provides custody services for the Company.  The Company’s assets are held in cash and customer segregated managed account at Newedge USA, LLC (“Newedge USA”) and at any other clearing brokers that may be utilized by the Company in the future (the “Clearing Brokers”).

Capitalized terms used throughout the notes without definition have the same meaning as set forth in the Agreement.

7

2.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The Company’s financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”).  The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements as well as the reported amounts of revenues and expenses during the reporting period.  Actual results could differ from those estimates.   The Company qualifies as an investment company under the provisions of the American Institute of Certified Public Accountants Audit and Accounting Guide - Investment Companies (the “Audit and Accounting Guide”).

Cash and Cash Equivalents

The Company has defined cash and cash equivalents as cash, money market funds and short-term, highly liquid investments with maturities of three months or less when acquired.  Money market funds, which are included in cash equivalents, are classified as Level 1 valuation inputs (quoted prices in active markets for identical assets) under the provisions of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 820, Fair Value Measurements and Disclosures (“ASC 820”).

Valuation

The Company’s policy is to value its financial instruments at fair market value. The Company’s commodities futures contracts traded on exchanges are valued at their close price. Foreign currency exchange contracts are valued at the midpoint between the bid and ask prices and are determined as of the close of business of the New York Stock Exchange. Interpolated values are derived when the settlement date of the contract is an interim date for which quotations are not available. Exchange-traded written options are valued at the mean between the last bid and ask prices at the close of the options market in which the options trade. An exchange-traded option for which there is no mean price is valued at the prior day’s close price, unless it is determined that the prior day’s price no longer reflects the fair value of the option. Over-the-counter (“OTC”) options are valued by single broker quotes which use mathematical models which incorporates a number of market data factors, such as the trades and prices of the underlying instruments.

Equity in Commodity Futures Trading Accounts

Cash at brokers

A portion of the assets maintained at Newedge USA is restricted to meet maintenance margin requirements.  Typically, margin requirements range from 1% to 10% of the notional value of the derivatives traded.

8

Net Unrealized Profit (Loss) on Open Contracts

The Company, in its normal course of business, enters into various derivatives contracts with Newedge USA which acts as the Company’s clearing broker. Pursuant to the brokerage agreement with Newedge USA (which include netting arrangements), to the extent that such trading results in receivables from and payables to Newedge USA, these receivables and payables are offset and reported as a net receivable or payable with the broker.  Net receivables are included in the Statement of Financial Condition under Equity in commodity futures trading accounts in Net unrealized profit on open contracts; net payables are included in the Statement of Financial Condition under Liabilities in Net unrealized loss on open contracts.

Commodity futures and forwards contracts transactions are recorded on the trade date. The receivables and payables for forwards contracts represent the difference between the original contract value and the market value. The receivables and payables for futures contracts represent the variation margin, which is the daily fluctuation in market value of the futures contracts. The change in unrealized profit (loss) on open contracts from one period to the next is reflected in Change in unrealized in the Statement of Operations.

Foreign Currency Transactions

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

Income Taxes

No provision for income taxes has been made in these financial statements as each Member is individually responsible for reporting income or loss based on such Member’s respective share of the Company’s income and expenses as reported for income tax purposes.

The Company is subject to the provision of ASC 740, Income Taxes which sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. Based on its analysis, the Manager does not believe that the Company has any material uncertain tax positions that would require recognition or measurements in the Company’s financial statements.

The Company files U.S. Federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the Company’s U.S. Federal tax returns are open for the period ended 2013. The statute of limitations on the Company’s state and local tax returns may remain open for an additional year depending on the jurisdiction.

There are no unrecognized tax benefits relating to the accompanying financial statements.

Distributions

The Members are entitled to receive any distributions which may be made by the Company.  No such distributions have been declared for the period ended December 31, 2013.

9

Members Transactions

The Manager may, in its sole discretion, reallocate Partnership assets from the Company by contributing to or withdrawing amounts from the Company as of any month end.  All Members of the Company can subscribe into or redeem from the Company as of any month end.

Indemnifications

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

10

3.CONDENSED SCHEDULES OF INVESTMENTS

The Company trades futures and forwards contracts.  The level of trading is affected by conditions in those markets.  During the period ended December 31, 2013, 6,421 contracts were closed.  The fair value of the Company’s futures and forwards contracts by type, that are presented as Net unrealized profit on open contracts in the Statement of Financial Condition as of December 31, 2013 are as follows:

Long Positions

Long Positions

Short Positions

Short Positions

Net Unrealized

Commodity

Number

Gross Unrealized

Unrealized

Percent of

Number

Gross Unrealized

Unrealized

Percent of

Profit (Loss) on

Percent of

Industry Sector

of Contracts

Gains

Losses

Profit (Loss)

Members’ Capital

of Contracts

Gains

Losses

Profit (Loss)

Members’ Capital

Open Contracts

Members’ Capital

Maturity Dates

Futures

Agriculture	117	$	87,920	$	(66,517	)	$	21,403		0.10	%	(225	)	$	320,545	$	(15,173	)	$	305,372		1.38	%	$	326,775		1.48	%	February 14 - March 14
Energy	76	59,337		(41,925		)	17,412			0.08	%	(10	)	7,370		(9,496		)	(2,126		)	-0.01	%	15,286			0.07	%	January 14 - February 14
Interest rates	846	1,726		(911,303		)	(909,577		)	-4.12	%	(674	)	473,078		(122,305		)	350,773			1.59	%	(558,804		)	-2.53	%	January 14 - December 14
Metals	—	—		—			—			0.00	%	(31	)	49,220		(7,760		)	41,460			0.19	%	41,460			0.19	%	February 14 - April 14
Stock indices	240	696,785		—			696,785			3.16	%	(76	)	—		(175,963		)	(175,963		)	-0.80	%	520,822			2.36	%	January 14 - March 14
Subtotal	1,279	845,768		(1,019,745		)	(173,977		)	-0.78	%	(1,016	)	850,213		(330,697		)	519,516			2.35	%	345,539			1.57	%
Forwards
Currencies		281,937		(154,705		)	127,232			0.57	%			560,587		(193,271		)	367,316			1.67	%	494,548			2.24	%	January 14 - March 14
Total	1,279	$	1,127,705	$	(1,174,450	)	$	(46,745	)	-0.21	%	(1,016	)	$	1,410,800	$	(523,968	)	$	886,832		4.02	%	$	840,087		3.81	%

No individual contract’s unrealized profit or loss comprised greater than 5% of the Company’s capital as of December 31, 2013.

11

The trading profits (losses) of the Company’s derivatives by instrument type, as well as the location of those gains and losses on the Statement of Operations for the period from May 7, 2013 to December 31, 2013 are as follows:

2013

				Change in Net
Commodity	Realized Profits			Unrealized			Net Trading
Industry Sector	(Losses)			Profits (Losses)			Profits (Losses)
Futures
Agriculture	$	875,308		$	326,775		$	1,202,083
Currencies	19,569			(653		)	18,916
Energy	124,964			15,286			140,250
Interest rates	(64,151		)	(558,805		)	(622,956		)
Metals	181,450			41,460			222,910
Stock indices	444,011			520,823			964,834
Subtotal	1,581,151			344,886			1,926,037
Forwards
Currencies	327,334			494,548			821,882
Total	$	1,908,485		$	839,434		$	2,747,919

4.RELATED PARTY TRANSACTIONS

As of December 31, 2013, $ 11,978,889 was invested in an affiliated BlackRock money market fund.  The Due to BlackRock Global Horizons I L.P. balance of $1,242,900 included in the Statement of Financial Condition as of December 31, 2013 represents the amount due to the BlackRock Global Horizons I L.P. by the Company for expenses paid on the Company’s behalf and subscriptions, redemptions and allocations of capital from the Company.

5.ADVISORY AGREEMENT

The Company and the Trading Advisor has entered into the Agreement.  The Agreement generally renews one year after it is entered into, subject to certain renewal rights exercisable by the Company. The Trading Advisor determines the commodity futures, options on futures, forwards and options contracts trades, if any, to be made on behalf of the Company’s account, subject to certain trading policies and to certain rights reserved by BRIM.  The Company pays the Trading Advisor a management fee of 1.0% annually on the allocated Members’ capital.

Profit Shares, which are 20% of any New Trading Profit, are paid by the Company to the Trading Advisor as of the end of each year and upon the net reallocation of assets away from the Trading Advisor.  If net contribution amount to the Company exceeds $50 million, Profit Shares will be 17.5% of any New Trading Profit. Profit Shares are also paid out in respect of Member redemptions as of the end of interim months, to the extent of the applicable percentage of any New Trading Profit attributable to such Member.

12

6.MEMBERS’ CAPITAL

At December 31, 2013, the Members’ capital balances were:

December 31, 2013	Members’ Capital
BlackRock Global Horizons I L.P.	$	14,195,907
Multi Manager Alpha Systematic Trend LTD.	7,858,188
Total Members’ Capital	$	22,054,095

Each Member shares in the operations of the Company in proportion to their respective interests in the Company.   Other funds and accounts managed by the Manager or its affiliates may be added at the Manager’s discretion and percentage of Members’ ownership may not remain consistent.

7.FAIR VALUE DISCLOSURES

The Company qualifies as an investment company under the provisions of the American Institute of Certified Public Accountants Audit and Accounting Guide for Investment Companies (“Audit and Accounting Guide”) and therefore, all investments including derivatives are stated at fair value in the Statements of Financial Condition, and changes in fair value are included in Realized and Change in unrealized trading profits (losses) in the Statements of Operations.

The Company records derivatives contracts held in commodities futures trading accounts and cash equivalents at fair value in accordance with ASC 820. ASC 820 defines fair value as the price that the Company would receive upon selling an investment or pay to transfer a liability in an orderly transaction to a market participant in the principal or most advantageous market for the investment. ASC 820 emphasizes that valuation techniques maximize the use of observable market inputs and minimize the use of unobservable inputs. Inputs refer broadly to the assumptions that market participants would use in pricing an asset or liability, including assumptions about risk to the extent the asset or liability 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 participants would use in pricing an asset or liability developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Manager’s assumptions about what information market participants would use to price an asset or liability developed based on the best information available under the circumstances.

ASC 820 establishes a hierarchy that classifies these inputs into the three broad levels listed below:

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

Level 2 — Other than quoted prices included within Level 1 that are observable for substantially the full term of the asset or liability, either directly or indirectly.  Level 2 includes quoted prices (unadjusted) for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities that are not active; and inputs other than quoted prices that are observable or that can be generally corroborated by observable market data, such as those used in models or other valuation methodologies. As a practical expedient, the Company relies on the net asset value (or its equivalent) of certain investments as their fair value.

Level 3 — Primarily inputs and significant assumptions that are unobservable in the market place.  Level 3 includes instruments for which there is little, if any, market activity.  These inputs require significant judgment or estimation by the Manager of the Company.

13

There were no Level 3 assets or liabilities held at December 31, 2013 or during the period then ended.

The following table summarizes the valuation of the Company’s investments by the above ASC 820 fair value hierarchy levels as of December 31, 2013.

			Fair Value at Reporting Date Using
Description	December 31, 2013		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)
Cash Equivalents	$	11,978,889	$	11,978,889	$	—
Futures (1)	345,539		345,539		—
Forwards (1)	494,548		—		494,548
	$	12,818,976	$	12,324,428	$	494,548

(1) See Condensed Schedule of Investments in Note 3 for the values in each commodity industry sector within this table.

There were no transfers between Level 1 and Level 2 during the period ended December 31, 2013.

8.DERIVATIVE CONTRACTS AND OFF BALANCE SHEET RISK

The Company is exposed to market risk, the risks arising from changes in the market value of the contracts; credit risk, the risk of failure by another party to perform according to the terms of a contract and concentration risk; the risk of financial institution insolvency.

Market Risk

Derivative contracts involve varying degrees of off-balance sheet market risk.  Changes in the level or volatility of interest rates, foreign currency exchange rates or the market values of the financial contracts or commodities underlying such open derivative contracts frequently result in changes in the Company’s net unrealized profit (loss) on such derivative contracts as reflected in the Statement of Financial Condition.  The Company’s exposure to market risk is influenced by a number of factors, including the relationships among the derivative contracts held by the Company as well as the volatility and liquidity of the markets in which the derivative contracts are traded.  Investments in foreign markets may also entail legal and political risks.

For derivatives, risks arise from changes in the market value of the contracts.  Theoretically, the Company is exposed to a market risk equal to the notional contract value of futures and forward currency contracts purchased and unlimited liability on such contracts sold short.

BRIM has procedures in place intended to control market risk exposure, although there can be no assurance that it will, in fact, succeed in doing so.  These procedures focus primarily on monitoring the trading of the Trading Advisor, calculating the net asset value of the Company as of the close of business on each day and reviewing outstanding positions for over-concentrations. BRIM’s basic risk control procedures consist simply of the ongoing process of Trading Advisor monitoring, with the market risk controls being applied by the Trading Advisor.

14

Credit Risk

The risks associated with exchange-traded contracts are typically perceived to be less than those associated with OTC (non-exchange-traded) transactions, because exchanges typically (but not universally) provide clearinghouse arrangements in which the collective credit (in some cases limited in amount, in some cases not) of the members of the exchange is pledged to support the financial integrity of the exchange. In OTC transactions, on the other hand, traders must rely solely on the credit of their respective individual counterparties. Margins, which may be subject to loss in the event of a default, are generally required in exchange trading, and Newedge USA may also require margin in the OTC markets.

Set forth below are table which disclose both gross information and net information about instruments and transactions eligible for offset in the Statement of Financial Condition and instruments and transactions that are subject to an agreement similar to a master netting agreement, as well as amounts related to margin, reflected as financial collateral (including cash collateral), held at Newedge USA. Margin reflected in the collateral tables reflects margin up to an amount of 100% of the net amount of unrealized loss for Newedge USA. Actual margin amounts required at each counterparty are based on the notional amounts or the number of contracts outstanding and may exceed the margin presented in the collateral tables. The master netting agreements allow Newedge USA to net any collateral held in or on behalf of the Company or liabilities or payment obligations of Newedge USA to the Company against any liabilities or payment obligations of the Company to Newedge USA. The Company is required to deposit financial collateral (including cash collateral) at Newedge USA. Such requirements are specific to Newedge USA.

As noted in Note 2, during the normal course of business, the Company enters into derivative contracts with Newedge USA. Pursuant to the agreement with Newedge USA, certain positions have been netted in the Statement of Financial Condition to reflect the legal right of offset with Newedge USA. The tables below present the offsetting on a basis by commodity industry sector.  As the receivables and payables are netted by Newedge USA, as appropriate under GAAP, the presentation below does not reflect amounts across commodity industry sectors which have been netted in the Statement of Financial Condition.  Thus, amounts for certain commodity industry sectors may appear to be netted in excess of the gross amounts of recognized assets or liabilities, as indicated by a negative net asset amount or positive net liability amount in the net amounts presented in the Statement of Financial Condition in the tables below.

15

As of 12/31/2013

Offsetting of Net unrealized profit on open contracts:

			Gross			Net
	Gross		Amounts offset in			Amounts presented in
Commodity	Amounts of		the Statement of Financial			the Statement of Financial
Industry Sector	Recognized Assets		Condition			Condition
Futures
Agriculture	$	408,465	$	(81,690	)	$	326,775
Energy	66,707		(51,421		)	15,286
Interest rates	474,804		(1,033,608		)	(558,804		)
Metals	49,220		(7,760		)	41,460
Stock indices	696,785		(175,963		)	520,822
Subtotal	1,695,981		(1,350,442		)	345,539
Forwards
Currencies	842,524		(347,976		)	494,548
Total Derivatives subject to a master netting or similar arrangement	2,538,505		(1,698,418		)	840,087
Total Derivatives not subject to a master netting or similar arrangement	—		—			—
Total Derivatives	$	2,538,505	$	(1,698,418	)	$	840,087

Offsetting of Net unrealized loss on open contracts:

				Gross		Net
	Gross			Amounts offset in		Amounts presented in
Commodity	Amounts of			the Statement of Financial		the Statement of Financial
Industry Sector	Recognized Liabilities			Condition		Condition
Futures
Agriculture	$	(81,690	)	$	81,690	$	—
Energy	(51,421		)	51,421		—
Interest rates	(1,033,608		)	1,033,608		—
Metals	(7,760		)	7,760		—
Stock indices	(175,963		)	175,963		—
Subtotal	(1,350,442		)	1,350,442		—
Forwards
Currencies	(347,976		)	347,976		—
Total Derivatives subject to a master netting or similar arrangement	(1,698,418		)	1,698,418		—
Total Derivatives not subject to a master netting or similar arrangement	—			—		—
Total Derivatives	$	(1,698,418	)	$	1,698,418	$	—

16

As of 12/31/2013

Collateral Held by Counterparty:

			Gross Amounts not offset in the Statement of Financial Condition
	Net Amount of Unrealized Profit		Cash Collateral		Net
Counterparty	in the Statement of Financial Condition		Received		Amount
Counterparty A	$	840,087	$	—	$	840,087
	$	840,087	$	—	$	840,087

	Net Amount of Unrealized Loss		Cash Collateral		Net
Counterparty	in the Statement of Financial Condition		Pledged		Amount
Counterparty A	$	—	$	—	$	—
	$	—	$	—	$	—

Concentration Risk

The amount of required margin and good faith deposit with the broker usually ranges from 1% to 10% of the members’ capital of the Company.  The cash held to satisfy such requirement at December 31, 2013 was $5,369,821, which equals 24.35% of the Members’ capital, respectively.  The Company has a substantial portion of its assets on deposit with financial institutions.  In the event of a financial institution’s insolvency, recovery of Company assets on deposit may be limited to account insurance or other protection afforded such deposits.

9.RECENT ACCOUNTING PRONOUNCEMENTS

In December 2011, FASB issued ASU 2011-11, Balance Sheet (Topic 210), Disclosures about Offsetting Assets and Liabilities (“ASU 2011-11”), which requires entities to disclose information about financial instructions and derivative instruments that have been offset or that subject to enforceable master netting agreements, to enable users of its financial statements to understand the effect of those arrangements on its financial statements to understand the effect of those arrangements on its financial position.  Entities are required to provide both net (offset amounts) and gross information in the notes to the financial statements for relevant assets and liabilities that are offset or subject to the arrangements.  The amendments in ASU 2011-11 are effective for interim and annual periods beginning on or after January 1, 2013, and an entity should provide the disclosures required by the amendments retrospectively for all comparable periods presented.  The adoption of additional disclosure requirements are reflected in the Company’s financial statements in Note 8.

In January 2013, FASB issued ASU 2013-01, Balance Sheet (Topic 210), clarifying the scope of the disclosure about Offsetting Assets and Liabilities (“ASU 2013-01”). This update clarifies that the scope of ASU 2011-11 applied to derivatives accounted for in accordance with Topic 815.  This update is in effect for interim and annual periods beginning on or after January 1, 2013, and an entity should provide the disclosures required by the amendments retrospectively for all the comparable periods presented. The adoption of additional disclosure requirements are reflected in the notes to the Company’s financial statements in Note 8.

17

In April 2013, FASB issued Accounting Standards Update (“ASU”) 2013-07, Presentation of Financial Statements: Liquidation Basis of Accounting (“ASU 2013-07”). ASU 2013-07 provides guidance on when and how to apply the liquidation basis of accounting and on what to disclose in an applicable entity’s financial statements. It is intended to increase the consistency and comparability of financial statements prepared under the liquidation basis of accounting. ASU 2013-07 is effective for entities that determine liquidation is imminent during annual reporting periods beginning after December 15, 2013, and interim period therein and should be applied prospectively. The Company is currently evaluating the impact of adopting ASU 2013-07.

In June 2013, the FASB issued ASU No. 2013-08, Financial Services — Investment Companies: Amendments to the Scope, Measurement, and Disclosure Requirements (“ASU 2013-08”). ASU 2013-08 amends the current criteria for an entity to qualify as an investment company, creates new disclosure requirements and amends the measurement criteria for certain interests in other investment companies. ASU 2013-08 also amends the current requirements related to qualifying for the “investment company deferral” as well as the requirements in related to qualifying for the “net asset value practical expedient”. The amendments are effective for interim and annual reporting periods beginning after December 15, 2013. The Company is currently evaluating the impact of adopting ASU 2013-08.

10.SUBSEQUENT EVENTS

BRIM has evaluated the impact of all subsequent events of the Company through the date these financial statements were available to be issued, and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

18

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

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 Quaker Global Horizons, LLC

and

Managing Director of

BlackRock Investment Management, LLC

General Partner of

BlackRock Global Horizons I L.P. and

Manager of

Quaker Global Horizons, LLC

19

EX-21.01

Exhibit 21.01

SUBSIDIARIES OF REGISTRANT

Name	State of Incorporation	Name Under Which Such Subsidiary Does Business
Alamo Global Horizons, LLC	Delaware	Same
Breakout Global Horizons, LLC	Delaware	Same
Cambridge Global Horizons, LLC	Delaware	Same
Chamonix Global Horizons, LLC	Delaware	Same
Colby Global Horizons, LLC	Delaware	Same
Gleneagles Global Horizons, LLC	Delaware	Same
Highgate Global Horizons, LLC	Delaware	Same
Nets Global Horizons, LLC	Delaware	Same
Orion Global Horizons, LLC	Delaware	Same
Quaker Global Horizons, LLC	Delaware	Same
Quantum Global Horizons, LLC	Delaware	Same
Solaise Global Horizons, LLC	Delaware	Same
Warrior Global Horizons, LLC	Delaware	Same

EX-31.01

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EXHIBIT 31.01

Rule 13a-14(a)/15d-14(a) Certifications of Principal Executive Officer of the Registrant

I, Edward Rzeszowski, certify that:

        1.     I have reviewed this report on Form 10-K of BlackRock Global Horizons I L.P.;

        2.     Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

        3.     Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition and results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

        4.     The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

        a)    designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

        b)    designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

        c)     evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

        d)    disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting;

        5.     The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

        a)    all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

        b)    any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

By /s/ EDWARD RZESZOWSKI
Edward Rzeszowski
President

March 21, 2014

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EXHIBIT 31.01

Rule 13a-14(a)/15d-14(a) Certifications of Principal Executive Officer of the Registrant

EX-31.02

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EXHIBIT 31.02

Rule 13a-14(a)/15d-14(a) Certifications of Principal Financial Officer

I, Michael L. Pungello, certify that:

        1.     I have reviewed this report on Form 10-K of BlackRock Global Horizons I L.P.;

        2.     Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

        3.     Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition and results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

        4.     The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

        a)    designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

        b)    designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

        c)     evaluated the effectiveness of the registrant's disclosure and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

        d)    disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting;

        5.     The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent function):

        a)    all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

        b)    any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

By /s/ MICHAEL L. PUNGELLO
Michael L. Pungello
Chief Financial Officer

March 21, 2014

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EXHIBIT 31.02

Rule 13a-14(a)/15d-14(a) Certifications of Principal Financial Officer

EX-32.01

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EXHIBIT 32.01

Section 1350 Certification

        In connection with this annual report of BlackRock Global Horizons I L.P. (the "Company") on Form 10-K for the fiscal year ended December 31, 2013 as filed with the Securities and Exchange Commission on the date hereof (this "Report"), I, Edward Rzeszowski, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant of the Sarbanes-Oxley Act of 2002, that:

1.

This Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and



2.

The information contained in this Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

By /s/ EDWARD RZESZOWSKI
Edward Rzeszowski
President

March 21, 2014

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EXHIBIT 32.01

Section 1350 Certification

EX-32.02

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EXHIBIT 32.02

Section 1350 Certifications

        In connection with this annual report of BlackRock Global Horizons I L.P. (the "Company") on Form 10-K for the fiscal year ended December 31, 2013 as filed with the Securities and Exchange Commission on the date hereof (this "Report"), I, Michael L. Pungello, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant of the Sarbanes-Oxley Act of 2002, that:

1.

This Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and



2.

The information contained in this Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

By	/s/ MICHAEL L. PUNGELLO Michael L. Pungello Chief Financial Officer
March 21, 2014

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EXHIBIT 32.02

Section 1350 Certifications

XML

DERIVATIVE CONTRACTS AND OFF-BALANCE SHEET RISK (Details 3) (USD $)	Dec. 31, 2013	Dec. 31, 2012
Collateral Held by Counterparty:
Net Amount of Unrealized Profit in the Consolidated Statements of Financial Condition	$ 1,261,080	$ 1,185,130
Net Amount	1,261,080	1,185,130
Net Amount of Unrealized Loss in the Consolidated Statements of Financial Condition	756,428	2,870,248
Gross Amounts not offset in the Consolidated Statements of Financial Condition, Cash Collateral Pledged	2,575,149	2,679,080
Net Amount	82,567	191,168
Counterparty A
Collateral Held by Counterparty:
Net Amount of Unrealized Profit in the Consolidated Statements of Financial Condition	765,608
Net Amount	765,608
Net Amount of Unrealized Loss in the Consolidated Statements of Financial Condition		216,144
Gross Amounts not offset in the Consolidated Statements of Financial Condition, Cash Collateral Pledged		216,144
Counterparty B
Collateral Held by Counterparty:
Net Amount of Unrealized Profit in the Consolidated Statements of Financial Condition	454,673	708,832
Net Amount	454,673	708,832
Counterparty C
Collateral Held by Counterparty:
Net Amount of Unrealized Loss in the Consolidated Statements of Financial Condition	673,773	248,713
Gross Amounts not offset in the Consolidated Statements of Financial Condition, Cash Collateral Pledged	2,575,061	248,713
Counterparty D
Collateral Held by Counterparty:
Net Amount of Unrealized Profit in the Consolidated Statements of Financial Condition		397,408
Net Amount		397,408
Counterparty E
Collateral Held by Counterparty:
Net Amount of Unrealized Loss in the Consolidated Statements of Financial Condition	76,767	2,405,391
Gross Amounts not offset in the Consolidated Statements of Financial Condition, Cash Collateral Pledged	85	2,214,223
Net Amount	76,682	191,168
Counterparty F
Collateral Held by Counterparty:
Net Amount of Unrealized Profit in the Consolidated Statements of Financial Condition		78,890
Net Amount		78,890
Counterparty G
Collateral Held by Counterparty:
Net Amount of Unrealized Profit in the Consolidated Statements of Financial Condition	40,799
Net Amount	40,799
Counterparty H
Collateral Held by Counterparty:
Net Amount of Unrealized Loss in the Consolidated Statements of Financial Condition	5,888
Gross Amounts not offset in the Consolidated Statements of Financial Condition, Cash Collateral Pledged	3
Net Amount	$ 5,885

XML

RELATED PARTY TRANSACTIONS (Details) (USD $)	12 Months Ended		0 Months Ended	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	May 31, 2011 MLPF&S	Dec. 31, 2013 BRIM Series A	Dec. 31, 2013 BRIM Series F	Dec. 31, 2013 BRIM Series G	Dec. 31, 2013 BRIM Series I	Dec. 31, 2013 Affiliated BlackRock money market fund	Dec. 31, 2012 Affiliated BlackRock money market fund
Related party transactions
Period of U.S. Treasury Bill	91 days
Amount for brokerage commissions incurred			$ 23,324
Sponsor fees (as a percent)				1.25%	1.25%	1.25%	1.00%
Distribution fees (as a percent)				3.00%	3.00%	3.00%
Threshold for reimbursement of Capped Expenses as a portion of Expense Cap				0.1042	0.1042	0.1042	0.0833
Annual expense cap (as a Percent)				7.25%	7.25%	7.25%	4.25%
Amount invested in affiliated fund								62,321,409	117,403,824
Due from Non-Consolidated LLCs	$ 3,621,272	$ 6,049,277	$ 4,883,043

XML

Selective Quarterly Financial Data (unaudited) (Tables)

12 Months Ended

Dec. 31, 2013

Selective Quarterly Financial Data (unaudited)

Schedule of selective quarterly financial data (unaudited)

	Net Income /			Weighted average number of General Partner and Limited Partner Units outstanding				Net Income / (Loss) per weighted average
Quarter Ended	(Loss)			Series A	Series F	Series G	Series I	Series A			Series F			Series G			Series I
December 31, 2013	$	4,312,077		136,017,449	61,091	17,462,354	1,497,602	$	0.0252		$	6.02		$	0.0261		$	0.0409
September 30, 2013	(5,622,815		)	162,231,045	66,250	18,381,424	1,688,736	(0.0282		)	(6.90		)	(0.0298		)	(0.0262		)
June 30, 2013	(13,234,871		)	200,364,270	70,478	19,695,227	1,873,085	(0.0550		)	(13.51		)	(0.0581		)	(0.0615		)
March 31, 2013	(3,939,795		)	223,756,617	74,805	20,908,396	1,922,531	(0.0149		)	(3.59		)	(0.0155		)	(0.0091		)
December 31, 2012	$	(10,922,919	)	252,136,637	78,737	21,896,186	2,000,105	$	(0.0370	)	$	(8.80	)	$	(0.0381	)	$	(0.0352	)
September 30, 2012	(3,396,176		)	278,403,557	81,258	22,621,697	1,926,284	(0.0104		)	(2.79		)	(0.0121		)	(0.0073		)
June 30, 2012	(229,443		)	303,708,654	86,373	23,497,617	1,996,632	(0.0009		)	0.13			0.0000			0.0103
March 31, 2012	(16,282,682		)	327,717,234	90,659	24,305,942	2,152,850	(0.0432		)	(10.34		)	(0.0448		)	(0.0427		)
December 31, 2011	$	(14,000,632	)	324,770,222	92,337	25,041,655	2,686,980	$	(0.0369	)	$	(9.52	)	$	(0.0415	)	$	(0.0370	)
September 30, 2011	16,692,303			312,831,615	93,433	25,494,239	2,730,581	0.0454			11.41			0.0496			0.0624
June 30, 2011	(13,551,965		)	307,193,411	94,738	26,297,047	2,654,107	(0.0378		)	(8.90		)	(0.0385		)	(0.0362		)
March 31, 2011	(6,332,096		)	297,988,615	96,347	26,951,719	2,574,311	(0.0181		)	(4.31		)	(0.0187		)	(0.0123		)

XML

SUBSEQUENT EVENTS (Details)	12 Months Ended
	Dec. 31, 2013 item
Subsequent Events
Number of other subsequent events requiring adjustment or additional disclosure in the consolidated financial statements	0

XML

DERIVATIVE CONTRACTS AND OFF-BALANCE SHEET RISK (Details) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
DERIVATIVE CONTRACTS AND OFF-BALANCE SHEET RISK
Maximum margin amount as a percentage of the net amount of unrealized loss	100.00%
Offsetting of Net unrealized profit / market value on open contracts / options:
Gross Amounts of Recognized Assets	$ 3,237,731	$ 6,622,310
Gross Amounts offset in the Consolidated Statements of Financial Condition	(2,499,302)	(5,280,775)
Net Amounts presented in the Consolidated Statements of Financial Condition	738,429	1,341,535
Total derivatives, Gross Amount of Recognized Assets	3,237,731	6,622,310
Total derivatives, Gross Amounts offset in the Consolidated Statements of Financial Condition	(2,499,302)	(5,280,775)
Total derivatives, Net Amounts presented in the Consolidated Statements of Financial Condition	738,429	1,341,535
Futures
Offsetting of Net unrealized profit / market value on open contracts / options:
Gross Amounts of Recognized Assets	2,556,726	5,104,581
Gross Amounts offset in the Consolidated Statements of Financial Condition	(1,344,883)	(4,386,002)
Net Amounts presented in the Consolidated Statements of Financial Condition	1,211,843	718,579
Futures | Agriculture
Offsetting of Net unrealized profit / market value on open contracts / options:
Gross Amounts of Recognized Assets	168,600	168,568
Gross Amounts offset in the Consolidated Statements of Financial Condition	(119,929)	(274,704)
Net Amounts presented in the Consolidated Statements of Financial Condition	48,671	(106,136)
Futures | Currencies
Offsetting of Net unrealized profit / market value on open contracts / options:
Gross Amounts of Recognized Assets	256,067	718,875
Gross Amounts offset in the Consolidated Statements of Financial Condition	(44,656)	(378,990)
Net Amounts presented in the Consolidated Statements of Financial Condition	211,411	339,885
Futures | Energy
Offsetting of Net unrealized profit / market value on open contracts / options:
Gross Amounts of Recognized Assets	40,183	574,348
Gross Amounts offset in the Consolidated Statements of Financial Condition	(35,855)	(442,954)
Net Amounts presented in the Consolidated Statements of Financial Condition	4,328	131,394
Futures | Interest rates
Offsetting of Net unrealized profit / market value on open contracts / options:
Gross Amounts of Recognized Assets	92,335	562,168
Gross Amounts offset in the Consolidated Statements of Financial Condition	(184,727)	(245,882)
Net Amounts presented in the Consolidated Statements of Financial Condition	(92,392)	316,286
Futures | Metals
Offsetting of Net unrealized profit / market value on open contracts / options:
Gross Amounts of Recognized Assets	1,028,523	2,403,115
Gross Amounts offset in the Consolidated Statements of Financial Condition	(949,902)	(2,661,358)
Net Amounts presented in the Consolidated Statements of Financial Condition	78,621	(258,243)
Futures | Stock indices
Offsetting of Net unrealized profit / market value on open contracts / options:
Gross Amounts of Recognized Assets	971,018	677,507
Gross Amounts offset in the Consolidated Statements of Financial Condition	(9,814)	(382,114)
Net Amounts presented in the Consolidated Statements of Financial Condition	961,204	295,393
Forwards | Currencies
Offsetting of Net unrealized profit / market value on open contracts / options:
Gross Amounts of Recognized Assets	336,711	959,887
Gross Amounts offset in the Consolidated Statements of Financial Condition	(334,160)	(764,945)
Net Amounts presented in the Consolidated Statements of Financial Condition	2,551	194,942
Options
Offsetting of Net unrealized profit / market value on open contracts / options:
Gross Amounts of Recognized Assets	344,294	557,842
Gross Amounts offset in the Consolidated Statements of Financial Condition	(820,259)	(129,828)
Net Amounts presented in the Consolidated Statements of Financial Condition	(475,965)	428,014
Options | Currencies
Offsetting of Net unrealized profit / market value on open contracts / options:
Gross Amounts of Recognized Assets	344,294	2,200
Gross Amounts offset in the Consolidated Statements of Financial Condition	(172,223)	(2,200)
Net Amounts presented in the Consolidated Statements of Financial Condition	172,071
Options | Energy
Offsetting of Net unrealized profit / market value on open contracts / options:
Gross Amounts of Recognized Assets		4,730
Gross Amounts offset in the Consolidated Statements of Financial Condition	(28,500)	(4,840)
Net Amounts presented in the Consolidated Statements of Financial Condition	(28,500)	(110)
Options | Interest rates
Offsetting of Net unrealized profit / market value on open contracts / options:
Gross Amounts of Recognized Assets		30,182
Gross Amounts offset in the Consolidated Statements of Financial Condition	(570,141)	(47,438)
Net Amounts presented in the Consolidated Statements of Financial Condition	(570,141)	(17,256)
Options | Metals
Offsetting of Net unrealized profit / market value on open contracts / options:
Gross Amounts of Recognized Assets		370,030
Net Amounts presented in the Consolidated Statements of Financial Condition		370,030
Options | Stock indices
Offsetting of Net unrealized profit / market value on open contracts / options:
Gross Amounts of Recognized Assets		150,700
Gross Amounts offset in the Consolidated Statements of Financial Condition	(49,395)	(75,350)
Net Amounts presented in the Consolidated Statements of Financial Condition	$ (49,395)	$ 75,350

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2013

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The Partnership’s consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”).  The preparation of consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements as well as the reported amounts of revenues and expenses during the reporting period.  Actual results could differ from those estimates. The Partnership qualifies as an investment company under the provisions of the American Institute of Certified Public Accountants Audit and Accounting Guide - Investment Companies (the “Audit and Accounting Guide”).

Cash and Cash Equivalents

The Partnership has defined cash and cash equivalents as cash, money market funds and short-term, highly liquid investments with maturities of three months or less when acquired.  Money market funds, which are included in cash equivalents, are classified as Level 1 valuation inputs (quoted prices in active markets for identical assets) under the provisions of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 820, Fair Value Measurements and Disclosures (“ASC 820”).

Valuation

The Partnership’s policy is to value its financial instruments at fair market value. The Partnership’s commodities futures contracts traded on exchanges are valued at their close price. Foreign currency exchange contracts are valued at the midpoint between the bid and ask prices and are determined as of the close of business of the New York Stock Exchange. Interpolated values are derived when the settlement date of the contract is an interim date for which quotations are not available. Exchange-traded written options are valued at the mean between the last bid and ask prices at the close of the options market in which the options trade. An exchange-traded option for which there is no mean price is valued at the prior day’s close price, unless it is determined that the prior day’s price no longer reflects the fair value of the option. Over-the-counter (“OTC”) options are valued by single broker quotes which use mathematical models which incorporate a number of market data factors, such as the trades and prices of the underlying instruments.

The value of Investments in Non-Consolidated LLCs is based on the Partnership’s proportionate share of the fair value of the financial instruments held by the Non-Consolidated LLCs plus any other assets and less any other liabilities held by the Non-Consolidated LLCs, which represents the net asset value of the Non-Consolidated LLC. The Non-Consolidated LLCs’ valuation policy is the same as that of the Partnership discussed above. Changes in the value of Investments in Non-Consolidated LLCs are reflected in the Consolidated Statements of Operations as Change in value of Investments in Non-Consolidated LLCs, and includes the Partnership’s proportionate share of the operations of its Investments in the Non-Consolidated LLCs, which includes income and expenses.

Equity in Commodity Futures Trading Accounts

Cash at brokers

A portion of the assets maintained at each of the Clearing Brokers is restricted to meet maintenance margin requirements.  Typically, margin requirements range from 1% to 10% of the face value of the derivatives traded.

Net Unrealized Profit (Loss) / Market Value on Open Contracts / Options

The Partnership, either directly or indirectly through its subsidiaries, in its normal course of business, enters into various derivatives contracts with MLPF&S, Newedge USA, JPMS, MS&Co., UBS Securities, UBS AG (“UBS”), HSBC, Barclays and State Street each acting as the Partnership’s clearing brokers or derivatives counterparties. Pursuant to the brokerage agreements with MLPF&S, Newedge USA, JPMS, MS&Co., Barclays and UBS Securities (which include netting arrangements within each subsidiary), to the extent that such trading results in receivables from and payables to MLPF&S, Newedge USA, JPMS, MS&Co., Barclays and UBS Securities, these receivables and payables are offset and reported as a net receivable or payable with each broker.  Net receivables are included in the Consolidated Statements of Financial Condition under Equity in commodity futures trading accounts in Net unrealized profit/market value on open contracts/options; net payables are included in the Consolidated Statements of Financial Condition under Liabilities in Net unrealized loss/ market value on open contracts/options. Receivables and payables are netted by counterparty and Trading Advisor, as appropriate under GAAP.

Commodity futures, forwards and options contracts transactions are recorded on the trade date. The receivables and payables for forwards and options contracts represent the difference between the original contract value and the market value. The receivables and payables for futures contracts represent the variation margin, which is the daily fluctuation in market value of the futures contracts. The change in unrealized profit (loss) on open contracts from one period to the next is reflected in Change in unrealized in the Consolidated Statements of Operations.

Foreign Currency Transactions

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

Income Taxes

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

The Partnership is subject to the provision of ASC 740, Income Taxes which sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. Based on its analysis, the General Partner does not believe that the Partnership has any material uncertain tax positions that would require recognition or measurement in the Partnership’s consolidated financial statements.

The Partnership files U.S. Federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the Partnership’s U.S. Federal tax returns are open for the years ended 2013, 2012, 2011, and 2010. The statute of limitations on the Partnership’s state and local tax returns may remain open for an additional year depending on the jurisdiction.

There are no unrecognized tax benefits relating to the accompanying consolidated financial statements.

Distributions

The Limited Partners are entitled to receive, equally per Unit, any distributions which may be made by the Partnership.  No such distributions have been declared for the years ended December 31, 2013, 2012 or 2011.

Subscriptions

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

Redemptions

A Limited Partner may redeem some or all of such Partner’s Units at Net Asset Value as of the close of business on the last business day of any calendar month upon at least fifteen calendar days’ notice, or such lesser period as shall be acceptable to the General Partner in its sole discretion in advance of the requested effective date of redemption (“notice period”).  Series A units redeemed on or prior to the end of the twelfth full month after purchase are assessed an early redemption charge of 3% of their Net Asset Value as of the date of redemption which is paid to BRIM. The amount of the fees paid for the years ended December 31, 2013, 2012 and 2011 are $32,183, $100,928 and $82,819, respectively. Series I units are not subject to early redemption charges.

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

Indemnifications

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

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CONDENSED CONSOLIDATED SCHEDULES OF INVESTMENTS (Details 2) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Partnership's investment and relevant financial information
Partnership's Fair Value	$ 49,264,514	$ 99,262,759
Partnership's Cost	55,413,490	108,415,115
Alamo Global Horizons, LLC
Partnership's investment and relevant financial information
Partnership's Fair Value	8,199,499	17,559,155
Partnership's Cost	9,469,624	20,116,405
Partnership's investment % of Non-Consolidated LLC	77.02%	76.18%
Management Fee (as a percent)	2.00%	2.00%
Profit Share (as a percent)	20.00%	20.00%
Breakout Global Horizons, LLC
Partnership's investment and relevant financial information
Partnership's Fair Value	9,010,495	18,966,146
Partnership's Cost	9,579,951	23,560,266
Partnership's investment % of Non-Consolidated LLC	70.62%	48.24%
Management Fee (as a percent)	1.00%	1.00%
Profit Share (as a percent)	15.00%	15.00%
Cambridge Global Horizons, LLC
Partnership's investment and relevant financial information
Partnership's Fair Value	7,773,556	24,462,897
Partnership's Cost	11,256,744	21,260,160
Partnership's investment % of Non-Consolidated LLC	60.99%	59.84%
Management Fee (as a percent)	1.35%	2.00%
Profit Share (as a percent)	10.00%	20.00%
Quaker Global Horizons, LLC
Partnership's investment and relevant financial information
Partnership's Fair Value	14,195,907
Partnership's Cost	13,349,897
Partnership's investment % of Non-Consolidated LLC	64.37%
Management Fee (as a percent)	1.00%
Profit Share (as a percent)	20.00%
Minimum net investment contribution for lower 17.5% profit share percentage	50,000,000
Profit share percentage if net investment contribution is more than $50 million	17.50%
Nets Global Horizons, LLC
Partnership's investment and relevant financial information
Partnership's Fair Value		17,110,071
Partnership's Cost		22,837,847
Partnership's investment % of Non-Consolidated LLC		57.54%
Management Fee (as a percent)		2.00%
Profit Share (as a percent)		17.00%
Quantum Global Horizons, LLC
Partnership's investment and relevant financial information
Partnership's Fair Value	10,085,057	21,164,490
Partnership's Cost	$ 11,757,274	$ 20,640,437
Partnership's investment % of Non-Consolidated LLC	45.15%	47.64%
Management Fee (as a percent)	0.00%	0.00%
Profit Share (as a percent)	30.00%	30.00%

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CONDENSED CONSOLIDATED SCHEDULES OF INVESTMENTS (Details) (USD $)	12 Months Ended
	Dec. 31, 2013 item	Dec. 31, 2012 item
Investments, derivative contracts and off-balance sheet risk
Gross Unrealized Gains	$ 3,237,731	$ 6,622,310
Gross Unrealized Losses	(2,502,878)	(8,307,428)
Unrealized Profit (Loss)	504,652	(1,685,118)
Percent of Net Assets	0.38%	(0.64%)
Number of contracts closed	224,642	181,630
Premium paid	380,693	431,164
Premium received	957,228	265,272
Number of individual contracts with unrealized profit or loss greater than 5% of the Partnership's capital	0	0
Percentage of Partnership's capital as a disclosure threshold for an individual contract's unrealized profit or loss	5.00%	5.00%
Long Positions
Investments, derivative contracts and off-balance sheet risk
Number of Contracts	3,008	7,788
Gross Unrealized Gains	2,718,821	4,592,978
Gross Unrealized Losses	(717,910)	(2,322,256)
Unrealized Profit (Loss)	2,000,911	2,270,722
Percent of Net Assets	1.52%	0.87%
Short Positions
Investments, derivative contracts and off-balance sheet risk
Number of Contracts	(3,382)	(2,526)
Gross Unrealized Gains	764,674	1,855,318
Gross Unrealized Losses	(2,260,933)	(5,811,158)
Unrealized Profit (Loss)	(1,496,259)	(3,955,840)
Percent of Net Assets	(1.14%)	(1.51%)
Futures
Investments, derivative contracts and off-balance sheet risk
Gross Unrealized Gains	2,556,726	5,104,581
Gross Unrealized Losses	(1,403,012)	(4,687,776)
Unrealized Profit (Loss)	1,153,714	416,805
Percent of Net Assets	0.87%	0.16%
Futures | Long Positions
Investments, derivative contracts and off-balance sheet risk
Number of Contracts	2,528	7,522
Gross Unrealized Gains	1,971,860	3,853,295
Gross Unrealized Losses	(601,789)	(2,035,152)
Unrealized Profit (Loss)	1,370,071	1,818,143
Percent of Net Assets	1.04%	0.69%
Futures | Short Positions
Investments, derivative contracts and off-balance sheet risk
Number of Contracts	(1,039)	(1,998)
Gross Unrealized Gains	584,867	1,251,286
Gross Unrealized Losses	(801,224)	(2,652,624)
Unrealized Profit (Loss)	(216,357)	(1,401,338)
Percent of Net Assets	(0.17%)	(0.53%)
Futures | Agriculture
Investments, derivative contracts and off-balance sheet risk
Gross Unrealized Gains	168,600	168,568
Gross Unrealized Losses	(119,929)	(258,132)
Unrealized Profit (Loss)	48,671	(89,564)
Percent of Net Assets	0.04%	(0.03%)
Futures | Agriculture | Long Positions
Investments, derivative contracts and off-balance sheet risk
Number of Contracts	133	227
Gross Unrealized Gains	15,035	30,992
Gross Unrealized Losses	(97,886)	(210,917)
Unrealized Profit (Loss)	(82,851)	(179,925)
Percent of Net Assets	(0.06%)	(0.07%)
Futures | Agriculture | Short Positions
Investments, derivative contracts and off-balance sheet risk
Number of Contracts	(150)	(191)
Gross Unrealized Gains	153,565	137,576
Gross Unrealized Losses	(22,043)	(47,215)
Unrealized Profit (Loss)	131,522	90,361
Percent of Net Assets	0.10%	0.04%
Futures | Currencies
Investments, derivative contracts and off-balance sheet risk
Gross Unrealized Gains	256,067	718,875
Gross Unrealized Losses	(44,656)	(494,614)
Unrealized Profit (Loss)	211,411	224,261
Percent of Net Assets	0.16%	0.09%
Futures | Currencies | Long Positions
Investments, derivative contracts and off-balance sheet risk
Number of Contracts	214	671
Gross Unrealized Gains	97,977	166,846
Gross Unrealized Losses	(40,224)	(485,889)
Unrealized Profit (Loss)	57,753	(319,043)
Percent of Net Assets	0.04%	(0.12%)
Futures | Currencies | Short Positions
Investments, derivative contracts and off-balance sheet risk
Number of Contracts	(95)	(146)
Gross Unrealized Gains	158,091	552,029
Gross Unrealized Losses	(4,433)	(8,725)
Unrealized Profit (Loss)	153,658	543,304
Percent of Net Assets	0.12%	0.21%
Futures | Energy
Investments, derivative contracts and off-balance sheet risk
Gross Unrealized Gains	40,183	574,348
Gross Unrealized Losses	(35,855)	(413,383)
Unrealized Profit (Loss)	4,328	160,965
Percent of Net Assets	0.00%	0.06%
Futures | Energy | Long Positions
Investments, derivative contracts and off-balance sheet risk
Number of Contracts	56	513
Gross Unrealized Gains	40,183	364,585
Gross Unrealized Losses	(26,367)	(120,408)
Unrealized Profit (Loss)	13,816	244,177
Percent of Net Assets	0.01%	0.09%
Futures | Energy | Short Positions
Investments, derivative contracts and off-balance sheet risk
Number of Contracts	(5)	(413)
Gross Unrealized Gains		209,763
Gross Unrealized Losses	(9,488)	(292,975)
Unrealized Profit (Loss)	(9,488)	(83,212)
Percent of Net Assets	(0.01%)	(0.03%)
Futures | Interest rates
Investments, derivative contracts and off-balance sheet risk
Gross Unrealized Gains	92,335	562,168
Gross Unrealized Losses	(239,106)	(292,476)
Unrealized Profit (Loss)	(146,771)	269,692
Percent of Net Assets	(0.11%)	0.10%
Futures | Interest rates | Long Positions
Investments, derivative contracts and off-balance sheet risk
Number of Contracts	1,284	3,850
Gross Unrealized Gains	47,047	553,893
Gross Unrealized Losses	(223,537)	(218,013)
Unrealized Profit (Loss)	(176,490)	335,880
Percent of Net Assets	(0.13%)	0.13%
Futures | Interest rates | Short Positions
Investments, derivative contracts and off-balance sheet risk
Number of Contracts	(362)	(209)
Gross Unrealized Gains	45,288	8,275
Gross Unrealized Losses	(15,569)	(74,463)
Unrealized Profit (Loss)	29,719	(66,188)
Percent of Net Assets	0.02%	(0.03%)
Futures | Metals
Investments, derivative contracts and off-balance sheet risk
Gross Unrealized Gains	1,028,523	2,403,115
Gross Unrealized Losses	(949,902)	(2,900,138)
Unrealized Profit (Loss)	78,621	(497,023)
Percent of Net Assets	0.06%	(0.19%)
Futures | Metals | Long Positions
Investments, derivative contracts and off-balance sheet risk
Number of Contracts	346	1,042
Gross Unrealized Gains	800,800	2,081,342
Gross Unrealized Losses	(211,988)	(671,087)
Unrealized Profit (Loss)	588,812	1,410,255
Percent of Net Assets	0.45%	0.54%
Futures | Metals | Short Positions
Investments, derivative contracts and off-balance sheet risk
Number of Contracts	(331)	(949)
Gross Unrealized Gains	227,723	321,773
Gross Unrealized Losses	(737,914)	(2,229,051)
Unrealized Profit (Loss)	(510,191)	(1,907,278)
Percent of Net Assets	(0.39%)	(0.73%)
Futures | Stock indices
Investments, derivative contracts and off-balance sheet risk
Gross Unrealized Gains	971,018	677,507
Gross Unrealized Losses	(13,564)	(329,033)
Unrealized Profit (Loss)	957,454	348,474
Percent of Net Assets	0.72%	0.13%
Futures | Stock indices | Long Positions
Investments, derivative contracts and off-balance sheet risk
Number of Contracts	495	1,219
Gross Unrealized Gains	970,818	655,637
Gross Unrealized Losses	(1,787)	(328,838)
Unrealized Profit (Loss)	969,031	326,799
Percent of Net Assets	0.73%	0.12%
Futures | Stock indices | Short Positions
Investments, derivative contracts and off-balance sheet risk
Number of Contracts	(96)	(90)
Gross Unrealized Gains	200	21,870
Gross Unrealized Losses	(11,777)	(195)
Unrealized Profit (Loss)	(11,577)	21,675
Percent of Net Assets	(0.01%)	0.01%
Forwards | Currencies
Investments, derivative contracts and off-balance sheet risk
Gross Unrealized Gains	336,711	959,887
Gross Unrealized Losses	(419,377)	(3,032,317)
Unrealized Profit (Loss)	(82,666)	(2,072,430)
Percent of Net Assets	(0.06%)	(0.79%)
Forwards | Currencies | Long Positions
Investments, derivative contracts and off-balance sheet risk
Gross Unrealized Gains	156,904	355,855
Gross Unrealized Losses	(116,121)	(287,104)
Unrealized Profit (Loss)	40,783	68,751
Percent of Net Assets	0.03%	0.03%
Forwards | Currencies | Short Positions
Investments, derivative contracts and off-balance sheet risk
Gross Unrealized Gains	179,807	604,032
Gross Unrealized Losses	(303,256)	(2,745,213)
Unrealized Profit (Loss)	(123,449)	(2,141,181)
Percent of Net Assets	(0.09%)	(0.82%)
Options
Investments, derivative contracts and off-balance sheet risk
Gross Unrealized Gains	344,294	557,842
Gross Unrealized Losses	(680,489)	(587,335)
Unrealized Profit (Loss)	(566,396)	(29,493)
Percent of Net Assets	(0.43%)	(0.01%)
Options | Long Positions
Investments, derivative contracts and off-balance sheet risk
Number of Contracts	480	266
Gross Unrealized Gains	590,057	383,828
Unrealized Profit (Loss)	590,057	383,828
Percent of Net Assets	0.45%	0.15%
Options | Short Positions
Investments, derivative contracts and off-balance sheet risk
Number of Contracts	(2,343)	(528)
Gross Unrealized Losses	(1,156,453)	(413,321)
Unrealized Profit (Loss)	(1,156,453)	(413,321)
Percent of Net Assets	(0.88%)	(0.16%)
Options | Currencies
Investments, derivative contracts and off-balance sheet risk
Gross Unrealized Gains	344,294	2,200
Gross Unrealized Losses	(295,045)	(203,826)
Unrealized Profit (Loss)	49,249	(201,626)
Percent of Net Assets	0.04%	(0.08%)
Options | Currencies | Long Positions
Investments, derivative contracts and off-balance sheet risk
Gross Unrealized Gains	172,223	2,200
Unrealized Profit (Loss)	172,223	2,200
Percent of Net Assets	0.13%	0.00%
Options | Currencies | Short Positions
Investments, derivative contracts and off-balance sheet risk
Gross Unrealized Losses	(122,974)	(203,826)
Unrealized Profit (Loss)	(122,974)	(203,826)
Percent of Net Assets	(0.09%)	(0.08%)
Options | Energy
Investments, derivative contracts and off-balance sheet risk
Gross Unrealized Gains		4,730
Gross Unrealized Losses	(9,150)	(32,560)
Unrealized Profit (Loss)	(26,550)	(27,830)
Percent of Net Assets	(0.02%)	(0.01%)
Options | Energy | Long Positions
Investments, derivative contracts and off-balance sheet risk
Number of Contracts	15	33
Gross Unrealized Gains	11,100	4,840
Unrealized Profit (Loss)	11,100	4,840
Percent of Net Assets	0.01%	0.00%
Options | Energy | Short Positions
Investments, derivative contracts and off-balance sheet risk
Number of Contracts	(75)	(33)
Gross Unrealized Losses	(37,650)	(32,670)
Unrealized Profit (Loss)	(37,650)	(32,670)
Percent of Net Assets	(0.03%)	(0.01%)
Options | Interest rates
Investments, derivative contracts and off-balance sheet risk
Gross Unrealized Gains		30,182
Gross Unrealized Losses	(163,219)	(91,369)
Unrealized Profit (Loss)	(326,625)	(61,187)
Percent of Net Assets	(0.25%)	(0.02%)
Options | Interest rates | Long Positions
Investments, derivative contracts and off-balance sheet risk
Number of Contracts	465	110
Gross Unrealized Gains	406,734	47,438
Unrealized Profit (Loss)	406,734	47,438
Percent of Net Assets	0.31%	0.02%
Options | Interest rates | Short Positions
Investments, derivative contracts and off-balance sheet risk
Number of Contracts	(1,935)	(407)
Gross Unrealized Losses	(733,359)	(108,625)
Unrealized Profit (Loss)	(733,359)	(108,625)
Percent of Net Assets	(0.56%)	(0.04%)
Options | Metals
Investments, derivative contracts and off-balance sheet risk
Gross Unrealized Gains		370,030
Gross Unrealized Losses		(116,030)
Unrealized Profit (Loss)		254,000
Percent of Net Assets		0.10%
Options | Metals | Long Positions
Investments, derivative contracts and off-balance sheet risk
Number of Contracts		79
Gross Unrealized Gains		254,000
Unrealized Profit (Loss)		254,000
Percent of Net Assets		0.10%
Options | Metals | Short Positions
Investments, derivative contracts and off-balance sheet risk
Percent of Net Assets		0.00%
Options | Stock indices
Investments, derivative contracts and off-balance sheet risk
Gross Unrealized Gains		150,700
Gross Unrealized Losses	(213,075)	(143,550)
Unrealized Profit (Loss)	(262,470)	7,150
Percent of Net Assets	(0.20%)	0.00%
Options | Stock indices | Long Positions
Investments, derivative contracts and off-balance sheet risk
Number of Contracts		44
Gross Unrealized Gains		75,350
Unrealized Profit (Loss)		75,350
Percent of Net Assets	0.00%	0.03%
Options | Stock indices | Short Positions
Investments, derivative contracts and off-balance sheet risk
Number of Contracts	(333)	(88)
Gross Unrealized Losses	(262,470)	(68,200)
Unrealized Profit (Loss)	(262,470)	(68,200)
Percent of Net Assets	(0.20%)	(0.03%)
Alamo Global Horizons, LLC | Futures
Investments, derivative contracts and off-balance sheet risk
Unrealized Profit (Loss)	99,554	262,603
Percent of Net Assets	0.94%	1.14%
Alamo Global Horizons, LLC | Futures | Long Positions
Investments, derivative contracts and off-balance sheet risk
Number of Contracts	328	552
Gross Unrealized Gains	132,282	133,362
Gross Unrealized Losses	(172,505)	(227,116)
Unrealized Profit (Loss)	(40,223)	(93,754)
Percent of Net Assets	(0.37%)	(0.41%)
Alamo Global Horizons, LLC | Futures | Short Positions
Investments, derivative contracts and off-balance sheet risk
Number of Contracts	(633)	(303)
Gross Unrealized Gains	343,249	451,716
Gross Unrealized Losses	(203,472)	(95,359)
Unrealized Profit (Loss)	139,777	356,357
Percent of Net Assets	1.31%	1.55%
Alamo Global Horizons, LLC | Futures | Agriculture
Investments, derivative contracts and off-balance sheet risk
Unrealized Profit (Loss)	131,700	139,204
Percent of Net Assets	1.24%	0.60%
Alamo Global Horizons, LLC | Futures | Agriculture | Long Positions
Investments, derivative contracts and off-balance sheet risk
Number of Contracts	134	53
Gross Unrealized Gains	20,100	41,903
Gross Unrealized Losses	(90,318)
Unrealized Profit (Loss)	(70,218)	41,903
Percent of Net Assets	(0.66%)	0.18%
Alamo Global Horizons, LLC | Futures | Agriculture | Short Positions
Investments, derivative contracts and off-balance sheet risk
Number of Contracts	(443)	(247)
Gross Unrealized Gains	267,788	192,660
Gross Unrealized Losses	(65,870)	(95,359)
Unrealized Profit (Loss)	201,918	97,301
Percent of Net Assets	1.90%	0.42%
Alamo Global Horizons, LLC | Futures | Currencies
Investments, derivative contracts and off-balance sheet risk
Unrealized Profit (Loss)	161,872	160,787
Percent of Net Assets	1.52%	0.70%
Alamo Global Horizons, LLC | Futures | Currencies | Long Positions
Investments, derivative contracts and off-balance sheet risk
Number of Contracts	113	215
Gross Unrealized Gains	108,074	76,513
Gross Unrealized Losses	(16,612)	(174,782)
Unrealized Profit (Loss)	91,462	(98,269)
Percent of Net Assets	0.86%	(0.43%)
Alamo Global Horizons, LLC | Futures | Currencies | Short Positions
Investments, derivative contracts and off-balance sheet risk
Number of Contracts	(88)	(56)
Gross Unrealized Gains	75,461	259,056
Gross Unrealized Losses	(5,051)
Unrealized Profit (Loss)	70,410	259,056
Percent of Net Assets	0.66%	1.13%
Alamo Global Horizons, LLC | Futures | Energy
Investments, derivative contracts and off-balance sheet risk
Unrealized Profit (Loss)		542
Percent of Net Assets		0.00%
Alamo Global Horizons, LLC | Futures | Energy | Long Positions
Investments, derivative contracts and off-balance sheet risk
Number of Contracts		9
Gross Unrealized Gains		13,066
Gross Unrealized Losses		(12,524)
Unrealized Profit (Loss)		542
Percent of Net Assets		0.00%
Alamo Global Horizons, LLC | Futures | Energy | Short Positions
Investments, derivative contracts and off-balance sheet risk
Percent of Net Assets		0.00%
Alamo Global Horizons, LLC | Futures | Interest rates
Investments, derivative contracts and off-balance sheet risk
Unrealized Profit (Loss)	(80,351)	(37,930)
Percent of Net Assets	(0.75%)	(0.16%)
Alamo Global Horizons, LLC | Futures | Interest rates | Long Positions
Investments, derivative contracts and off-balance sheet risk
Number of Contracts	69	275
Gross Unrealized Gains		1,880
Gross Unrealized Losses	(34,882)	(39,810)
Unrealized Profit (Loss)	(34,882)	(37,930)
Percent of Net Assets	(0.32%)	(0.16%)
Alamo Global Horizons, LLC | Futures | Interest rates | Short Positions
Investments, derivative contracts and off-balance sheet risk
Number of Contracts	(41)
Gross Unrealized Losses	(45,469)
Unrealized Profit (Loss)	(45,469)
Percent of Net Assets	(0.43%)	0.00%
Alamo Global Horizons, LLC | Futures | Metals
Investments, derivative contracts and off-balance sheet risk
Unrealized Profit (Loss)	(113,667)
Percent of Net Assets	(1.07%)
Alamo Global Horizons, LLC | Futures | Metals | Long Positions
Investments, derivative contracts and off-balance sheet risk
Number of Contracts	12
Gross Unrealized Gains	4,108
Gross Unrealized Losses	(30,693)
Unrealized Profit (Loss)	(26,585)
Percent of Net Assets	(0.25%)
Alamo Global Horizons, LLC | Futures | Metals | Short Positions
Investments, derivative contracts and off-balance sheet risk
Number of Contracts	(61)
Gross Unrealized Losses	(87,082)
Unrealized Profit (Loss)	(87,082)
Percent of Net Assets	(0.82%)
Breakout Global Horizons, LLC | Futures
Investments, derivative contracts and off-balance sheet risk
Unrealized Profit (Loss)	539,757	1,042,090
Percent of Net Assets	4.23%	2.65%
Breakout Global Horizons, LLC | Futures | Long Positions
Investments, derivative contracts and off-balance sheet risk
Number of Contracts	605	2,138
Gross Unrealized Gains	671,769	1,692,656
Gross Unrealized Losses	(238,515)	(846,896)
Unrealized Profit (Loss)	433,254	845,760
Percent of Net Assets	3.40%	2.15%
Breakout Global Horizons, LLC | Futures | Short Positions
Investments, derivative contracts and off-balance sheet risk
Number of Contracts	(531)	(630)
Gross Unrealized Gains	308,235	757,127
Gross Unrealized Losses	(201,732)	(560,797)
Unrealized Profit (Loss)	106,503	196,330
Percent of Net Assets	0.83%	0.50%
Breakout Global Horizons, LLC | Futures | Agriculture
Investments, derivative contracts and off-balance sheet risk
Unrealized Profit (Loss)	176,597	337,925
Percent of Net Assets	1.38%	0.86%
Breakout Global Horizons, LLC | Futures | Agriculture | Long Positions
Investments, derivative contracts and off-balance sheet risk
Number of Contracts	80
Gross Unrealized Gains	76,560
Gross Unrealized Losses	(8,688)
Unrealized Profit (Loss)	67,872
Percent of Net Assets	0.53%	0.00%
Breakout Global Horizons, LLC | Futures | Agriculture | Short Positions
Investments, derivative contracts and off-balance sheet risk
Number of Contracts	(80)	(264)
Gross Unrealized Gains	108,725	337,925
Unrealized Profit (Loss)	108,725	337,925
Percent of Net Assets	0.85%	0.86%
Breakout Global Horizons, LLC | Futures | Currencies
Investments, derivative contracts and off-balance sheet risk
Unrealized Profit (Loss)	179,724	787,027
Percent of Net Assets	1.41%	2.00%
Breakout Global Horizons, LLC | Futures | Currencies | Long Positions
Investments, derivative contracts and off-balance sheet risk
Number of Contracts	139	968
Gross Unrealized Gains	132,914	729,065
Gross Unrealized Losses	(21,575)	(307,440)
Unrealized Profit (Loss)	111,339	421,625
Percent of Net Assets	0.87%	1.07%
Breakout Global Horizons, LLC | Futures | Currencies | Short Positions
Investments, derivative contracts and off-balance sheet risk
Number of Contracts	(151)	(183)
Gross Unrealized Gains	96,275	365,402
Gross Unrealized Losses	(27,890)
Unrealized Profit (Loss)	68,385	365,402
Percent of Net Assets	0.54%	0.93%
Breakout Global Horizons, LLC | Futures | Energy
Investments, derivative contracts and off-balance sheet risk
Unrealized Profit (Loss)	43,664	(180,661)
Percent of Net Assets	0.34%	(0.46%)
Breakout Global Horizons, LLC | Futures | Energy | Long Positions
Investments, derivative contracts and off-balance sheet risk
Number of Contracts	32	15
Gross Unrealized Gains	59,320
Gross Unrealized Losses	(7,526)	(9,341)
Unrealized Profit (Loss)	51,794	(9,341)
Percent of Net Assets	0.41%	(0.02%)
Breakout Global Horizons, LLC | Futures | Energy | Short Positions
Investments, derivative contracts and off-balance sheet risk
Number of Contracts	(9)	(80)
Gross Unrealized Gains		53,800
Gross Unrealized Losses	(8,130)	(225,120)
Unrealized Profit (Loss)	(8,130)	(171,320)
Percent of Net Assets	(0.07%)	(0.44%)
Breakout Global Horizons, LLC | Futures | Interest rates
Investments, derivative contracts and off-balance sheet risk
Unrealized Profit (Loss)	(106,604)	(32,000)
Percent of Net Assets	(0.84%)	(0.08%)
Breakout Global Horizons, LLC | Futures | Interest rates | Long Positions
Investments, derivative contracts and off-balance sheet risk
Number of Contracts	55	553
Gross Unrealized Gains	1,443	206,994
Gross Unrealized Losses	(67,135)	(238,994)
Unrealized Profit (Loss)	(65,692)	(32,000)
Percent of Net Assets	(0.51%)	(0.08%)
Breakout Global Horizons, LLC | Futures | Interest rates | Short Positions
Investments, derivative contracts and off-balance sheet risk
Number of Contracts	(173)
Gross Unrealized Gains	17,274
Gross Unrealized Losses	(58,186)
Unrealized Profit (Loss)	(40,912)
Percent of Net Assets	(0.33%)	0.00%
Breakout Global Horizons, LLC | Futures | Metals
Investments, derivative contracts and off-balance sheet risk
Unrealized Profit (Loss)	(108,975)	(601,955)
Percent of Net Assets	(0.85%)	(1.53%)
Breakout Global Horizons, LLC | Futures | Metals | Long Positions
Investments, derivative contracts and off-balance sheet risk
Number of Contracts	103	158
Gross Unrealized Gains	46,081
Gross Unrealized Losses	(133,491)	(266,278)
Unrealized Profit (Loss)	(87,410)	(266,278)
Percent of Net Assets	(0.69%)	(0.68%)
Breakout Global Horizons, LLC | Futures | Metals | Short Positions
Investments, derivative contracts and off-balance sheet risk
Number of Contracts	(118)	(103)
Gross Unrealized Gains	85,961
Gross Unrealized Losses	(107,526)	(335,677)
Unrealized Profit (Loss)	(21,565)	(335,677)
Percent of Net Assets	(0.16%)	(0.85%)
Breakout Global Horizons, LLC | Futures | Stock indices
Investments, derivative contracts and off-balance sheet risk
Unrealized Profit (Loss)	355,351	731,754
Percent of Net Assets	2.79%	1.86%
Breakout Global Horizons, LLC | Futures | Stock indices | Long Positions
Investments, derivative contracts and off-balance sheet risk
Number of Contracts	196	444
Gross Unrealized Gains	355,451	756,597
Gross Unrealized Losses	(100)	(24,843)
Unrealized Profit (Loss)	355,351	731,754
Percent of Net Assets	2.79%	1.86%
Breakout Global Horizons, LLC | Futures | Stock indices | Short Positions
Investments, derivative contracts and off-balance sheet risk
Percent of Net Assets	0.00%	0.00%
Cambridge Global Horizons, LLC
Investments, derivative contracts and off-balance sheet risk
Unrealized Profit (Loss)	238,479	(175,044)
Percent of Net Assets	1.87%	(0.43%)
Cambridge Global Horizons, LLC | Long Positions
Investments, derivative contracts and off-balance sheet risk
Number of Contracts	336	6,369
Gross Unrealized Gains	617,192	3,293,616
Gross Unrealized Losses	(250,902)	(2,088,243)
Unrealized Profit (Loss)	366,290	1,205,373
Percent of Net Assets	2.87%	2.95%
Cambridge Global Horizons, LLC | Short Positions
Investments, derivative contracts and off-balance sheet risk
Number of Contracts	(210)	(1,109)
Gross Unrealized Gains	303,231	1,572,626
Gross Unrealized Losses	(431,042)	(2,953,043)
Unrealized Profit (Loss)	(127,811)	(1,380,417)
Percent of Net Assets	(1.00%)	(3.38%)
Cambridge Global Horizons, LLC | Futures
Investments, derivative contracts and off-balance sheet risk
Unrealized Profit (Loss)	143,194	(441,328)
Percent of Net Assets	1.12%	(1.08%)
Cambridge Global Horizons, LLC | Futures | Long Positions
Investments, derivative contracts and off-balance sheet risk
Number of Contracts	336	6,369
Gross Unrealized Gains	373,015	1,667,314
Gross Unrealized Losses	(118,388)	(1,273,050)
Unrealized Profit (Loss)	254,627	394,264
Percent of Net Assets	2.00%	0.97%
Cambridge Global Horizons, LLC | Futures | Short Positions
Investments, derivative contracts and off-balance sheet risk
Number of Contracts	(210)	(1,109)
Gross Unrealized Gains	134,365	434,744
Gross Unrealized Losses	(245,798)	(1,270,336)
Unrealized Profit (Loss)	(111,433)	(835,592)
Percent of Net Assets	(0.88%)	(2.05%)
Cambridge Global Horizons, LLC | Futures | Agriculture
Investments, derivative contracts and off-balance sheet risk
Unrealized Profit (Loss)	8,772	(48,030)
Percent of Net Assets	0.07%	(0.11%)
Cambridge Global Horizons, LLC | Futures | Agriculture | Long Positions
Investments, derivative contracts and off-balance sheet risk
Number of Contracts	5	95
Gross Unrealized Gains		1,398
Gross Unrealized Losses	(5,123)	(159,683)
Unrealized Profit (Loss)	(5,123)	(158,285)
Percent of Net Assets	(0.04%)	(0.38%)
Cambridge Global Horizons, LLC | Futures | Agriculture | Short Positions
Investments, derivative contracts and off-balance sheet risk
Number of Contracts	(29)	(211)
Gross Unrealized Gains	18,939	159,461
Gross Unrealized Losses	(5,044)	(49,206)
Unrealized Profit (Loss)	13,895	110,255
Percent of Net Assets	0.11%	0.27%
Cambridge Global Horizons, LLC | Futures | Currencies
Investments, derivative contracts and off-balance sheet risk
Unrealized Profit (Loss)	19,454	(70,849)
Percent of Net Assets	0.16%	(0.18%)
Cambridge Global Horizons, LLC | Futures | Currencies | Long Positions
Investments, derivative contracts and off-balance sheet risk
Number of Contracts	10	251
Gross Unrealized Gains	4,738	21,950
Gross Unrealized Losses	(1,310)	(195,816)
Unrealized Profit (Loss)	3,428	(173,866)
Percent of Net Assets	0.03%	(0.43%)
Cambridge Global Horizons, LLC | Futures | Currencies | Short Positions
Investments, derivative contracts and off-balance sheet risk
Number of Contracts	(14)	(60)
Gross Unrealized Gains	16,174	115,239
Gross Unrealized Losses	(148)	(12,222)
Unrealized Profit (Loss)	16,026	103,017
Percent of Net Assets	0.13%	0.25%
Cambridge Global Horizons, LLC | Futures | Energy
Investments, derivative contracts and off-balance sheet risk
Unrealized Profit (Loss)	(98)	326,121
Percent of Net Assets	0.00%	0.79%
Cambridge Global Horizons, LLC | Futures | Energy | Long Positions
Investments, derivative contracts and off-balance sheet risk
Number of Contracts	10	333
Gross Unrealized Gains	4,432	988,215
Gross Unrealized Losses	(4,530)	(17,519)
Unrealized Profit (Loss)	(98)	970,696
Percent of Net Assets	0.00%	2.37%
Cambridge Global Horizons, LLC | Futures | Energy | Short Positions
Investments, derivative contracts and off-balance sheet risk
Number of Contracts		(275)
Gross Unrealized Gains		23,595
Gross Unrealized Losses		(668,170)
Unrealized Profit (Loss)		(644,575)
Percent of Net Assets	0.00%	(1.58%)
Cambridge Global Horizons, LLC | Futures | Interest rates
Investments, derivative contracts and off-balance sheet risk
Unrealized Profit (Loss)	(24,884)	(114,768)
Percent of Net Assets	(0.20%)	(0.28%)
Cambridge Global Horizons, LLC | Futures | Interest rates | Long Positions
Investments, derivative contracts and off-balance sheet risk
Number of Contracts	123	4,585
Gross Unrealized Gains	634	272,084
Gross Unrealized Losses	(43,996)	(392,660)
Unrealized Profit (Loss)	(43,362)	(120,576)
Percent of Net Assets	(0.34%)	(0.29%)
Cambridge Global Horizons, LLC | Futures | Interest rates | Short Positions
Investments, derivative contracts and off-balance sheet risk
Number of Contracts	(36)	(309)
Gross Unrealized Gains	18,532	13,922
Gross Unrealized Losses	(54)	(8,114)
Unrealized Profit (Loss)	18,478	5,808
Percent of Net Assets	0.14%	0.01%
Cambridge Global Horizons, LLC | Futures | Metals
Investments, derivative contracts and off-balance sheet risk
Unrealized Profit (Loss)	(47,699)	(381,474)
Percent of Net Assets	(0.38%)	(0.93%)
Cambridge Global Horizons, LLC | Futures | Metals | Long Positions
Investments, derivative contracts and off-balance sheet risk
Number of Contracts	122	179
Gross Unrealized Gains	176,112	130,109
Gross Unrealized Losses	(63,429)	(110,636)
Unrealized Profit (Loss)	112,683	19,473
Percent of Net Assets	0.88%	0.05%
Cambridge Global Horizons, LLC | Futures | Metals | Short Positions
Investments, derivative contracts and off-balance sheet risk
Number of Contracts	(130)	(238)
Gross Unrealized Gains	80,170	120,327
Gross Unrealized Losses	(240,552)	(521,274)
Unrealized Profit (Loss)	(160,382)	(400,947)
Percent of Net Assets	(1.26%)	(0.98%)
Cambridge Global Horizons, LLC | Futures | Stock indices
Investments, derivative contracts and off-balance sheet risk
Unrealized Profit (Loss)	187,649	(152,328)
Percent of Net Assets	1.47%	(0.37%)
Cambridge Global Horizons, LLC | Futures | Stock indices | Long Positions
Investments, derivative contracts and off-balance sheet risk
Number of Contracts	66	926
Gross Unrealized Gains	187,099	253,558
Gross Unrealized Losses		(396,736)
Unrealized Profit (Loss)	187,099	(143,178)
Percent of Net Assets	1.47%	(0.35%)
Cambridge Global Horizons, LLC | Futures | Stock indices | Short Positions
Investments, derivative contracts and off-balance sheet risk
Number of Contracts	(1)	(16)
Gross Unrealized Gains	550	2,200
Gross Unrealized Losses		(11,350)
Unrealized Profit (Loss)	550	(9,150)
Percent of Net Assets	0.00%	(0.02%)
Cambridge Global Horizons, LLC | Forwards | Currencies
Investments, derivative contracts and off-balance sheet risk
Unrealized Profit (Loss)	95,285	266,284
Percent of Net Assets	0.75%	0.65%
Cambridge Global Horizons, LLC | Forwards | Currencies | Long Positions
Investments, derivative contracts and off-balance sheet risk
Gross Unrealized Gains	244,177	1,626,302
Gross Unrealized Losses	(132,514)	(815,193)
Unrealized Profit (Loss)	111,663	811,109
Percent of Net Assets	0.87%	1.98%
Cambridge Global Horizons, LLC | Forwards | Currencies | Short Positions
Investments, derivative contracts and off-balance sheet risk
Gross Unrealized Gains	168,866	1,137,882
Gross Unrealized Losses	(185,244)	(1,682,707)
Unrealized Profit (Loss)	(16,378)	(544,825)
Percent of Net Assets	(0.12%)	(1.33%)
Quaker Global Horizons, LLC
Investments, derivative contracts and off-balance sheet risk
Unrealized Profit (Loss)	840,087
Percent of Net Assets	3.81%
Quaker Global Horizons, LLC | Long Positions
Investments, derivative contracts and off-balance sheet risk
Number of Contracts	1,279
Gross Unrealized Gains	1,127,705
Gross Unrealized Losses	(1,174,450)
Unrealized Profit (Loss)	(46,745)
Percent of Net Assets	(0.21%)
Quaker Global Horizons, LLC | Short Positions
Investments, derivative contracts and off-balance sheet risk
Number of Contracts	(1,016)
Gross Unrealized Gains	1,410,800
Gross Unrealized Losses	(523,968)
Unrealized Profit (Loss)	886,832
Percent of Net Assets	4.02%
Quaker Global Horizons, LLC | Futures
Investments, derivative contracts and off-balance sheet risk
Unrealized Profit (Loss)	345,539
Percent of Net Assets	1.57%
Quaker Global Horizons, LLC | Futures | Long Positions
Investments, derivative contracts and off-balance sheet risk
Number of Contracts	1,279
Gross Unrealized Gains	845,768
Gross Unrealized Losses	(1,019,745)
Unrealized Profit (Loss)	(173,977)
Percent of Net Assets	(0.78%)
Quaker Global Horizons, LLC | Futures | Short Positions
Investments, derivative contracts and off-balance sheet risk
Number of Contracts	(1,016)
Gross Unrealized Gains	850,213
Gross Unrealized Losses	(330,697)
Unrealized Profit (Loss)	519,516
Percent of Net Assets	2.35%
Quaker Global Horizons, LLC | Futures | Agriculture
Investments, derivative contracts and off-balance sheet risk
Unrealized Profit (Loss)	326,775
Percent of Net Assets	1.48%
Quaker Global Horizons, LLC | Futures | Agriculture | Long Positions
Investments, derivative contracts and off-balance sheet risk
Number of Contracts	117
Gross Unrealized Gains	87,920
Gross Unrealized Losses	(66,517)
Unrealized Profit (Loss)	21,403
Percent of Net Assets	0.10%
Quaker Global Horizons, LLC | Futures | Agriculture | Short Positions
Investments, derivative contracts and off-balance sheet risk
Number of Contracts	(225)
Gross Unrealized Gains	320,545
Gross Unrealized Losses	(15,173)
Unrealized Profit (Loss)	305,372
Percent of Net Assets	1.38%
Quaker Global Horizons, LLC | Futures | Energy
Investments, derivative contracts and off-balance sheet risk
Unrealized Profit (Loss)	15,286
Percent of Net Assets	0.07%
Quaker Global Horizons, LLC | Futures | Energy | Long Positions
Investments, derivative contracts and off-balance sheet risk
Number of Contracts	76
Gross Unrealized Gains	59,337
Gross Unrealized Losses	(41,925)
Unrealized Profit (Loss)	17,412
Percent of Net Assets	0.08%
Quaker Global Horizons, LLC | Futures | Energy | Short Positions
Investments, derivative contracts and off-balance sheet risk
Number of Contracts	(10)
Gross Unrealized Gains	7,370
Gross Unrealized Losses	(9,496)
Unrealized Profit (Loss)	(2,126)
Percent of Net Assets	(0.01%)
Quaker Global Horizons, LLC | Futures | Interest rates
Investments, derivative contracts and off-balance sheet risk
Unrealized Profit (Loss)	(558,804)
Percent of Net Assets	(2.53%)
Quaker Global Horizons, LLC | Futures | Interest rates | Long Positions
Investments, derivative contracts and off-balance sheet risk
Number of Contracts	846
Gross Unrealized Gains	1,726
Gross Unrealized Losses	(911,303)
Unrealized Profit (Loss)	(909,577)
Percent of Net Assets	(4.12%)
Quaker Global Horizons, LLC | Futures | Interest rates | Short Positions
Investments, derivative contracts and off-balance sheet risk
Number of Contracts	(674)
Gross Unrealized Gains	473,078
Gross Unrealized Losses	(122,305)
Unrealized Profit (Loss)	350,773
Percent of Net Assets	1.59%
Quaker Global Horizons, LLC | Futures | Metals
Investments, derivative contracts and off-balance sheet risk
Unrealized Profit (Loss)	41,460
Percent of Net Assets	0.19%
Quaker Global Horizons, LLC | Futures | Metals | Long Positions
Investments, derivative contracts and off-balance sheet risk
Percent of Net Assets	0.00%
Quaker Global Horizons, LLC | Futures | Metals | Short Positions
Investments, derivative contracts and off-balance sheet risk
Number of Contracts	(31)
Gross Unrealized Gains	49,220
Gross Unrealized Losses	(7,760)
Unrealized Profit (Loss)	41,460
Percent of Net Assets	0.19%
Quaker Global Horizons, LLC | Futures | Stock indices
Investments, derivative contracts and off-balance sheet risk
Unrealized Profit (Loss)	520,822
Percent of Net Assets	2.36%
Quaker Global Horizons, LLC | Futures | Stock indices | Long Positions
Investments, derivative contracts and off-balance sheet risk
Number of Contracts	240
Gross Unrealized Gains	696,785
Unrealized Profit (Loss)	696,785
Percent of Net Assets	3.16%
Quaker Global Horizons, LLC | Futures | Stock indices | Short Positions
Investments, derivative contracts and off-balance sheet risk
Number of Contracts	(76)
Gross Unrealized Losses	(175,963)
Unrealized Profit (Loss)	(175,963)
Percent of Net Assets	(0.80%)
Quaker Global Horizons, LLC | Forwards | Currencies
Investments, derivative contracts and off-balance sheet risk
Unrealized Profit (Loss)	494,548
Percent of Net Assets	2.24%
Quaker Global Horizons, LLC | Forwards | Currencies | Long Positions
Investments, derivative contracts and off-balance sheet risk
Gross Unrealized Gains	281,937
Gross Unrealized Losses	(154,705)
Unrealized Profit (Loss)	127,232
Percent of Net Assets	0.57%
Quaker Global Horizons, LLC | Forwards | Currencies | Short Positions
Investments, derivative contracts and off-balance sheet risk
Gross Unrealized Gains	560,587
Gross Unrealized Losses	(193,271)
Unrealized Profit (Loss)	367,316
Percent of Net Assets	1.67%
Nets Global Horizons, LLC | Futures
Investments, derivative contracts and off-balance sheet risk
Unrealized Profit (Loss)		(91,517)
Percent of Net Assets		(0.31%)
Nets Global Horizons, LLC | Futures | Long Positions
Investments, derivative contracts and off-balance sheet risk
Number of Contracts		275
Gross Unrealized Gains		94,333
Gross Unrealized Losses		(259,092)
Unrealized Profit (Loss)		(164,759)
Percent of Net Assets		(0.55%)
Nets Global Horizons, LLC | Futures | Short Positions
Investments, derivative contracts and off-balance sheet risk
Number of Contracts		(427)
Gross Unrealized Gains		401,513
Gross Unrealized Losses		(328,271)
Unrealized Profit (Loss)		73,242
Percent of Net Assets		0.24%
Nets Global Horizons, LLC | Futures | Agriculture
Investments, derivative contracts and off-balance sheet risk
Unrealized Profit (Loss)		(12,921)
Percent of Net Assets		(0.04%)
Nets Global Horizons, LLC | Futures | Agriculture | Long Positions
Investments, derivative contracts and off-balance sheet risk
Number of Contracts		50
Gross Unrealized Losses		(128,932)
Unrealized Profit (Loss)		(128,932)
Percent of Net Assets		(0.43%)
Nets Global Horizons, LLC | Futures | Agriculture | Short Positions
Investments, derivative contracts and off-balance sheet risk
Number of Contracts		(176)
Gross Unrealized Gains		141,311
Gross Unrealized Losses		(25,300)
Unrealized Profit (Loss)		116,011
Percent of Net Assets		0.39%
Nets Global Horizons, LLC | Futures | Currencies
Investments, derivative contracts and off-balance sheet risk
Unrealized Profit (Loss)		69,381
Percent of Net Assets		0.23%
Nets Global Horizons, LLC | Futures | Currencies | Long Positions
Investments, derivative contracts and off-balance sheet risk
Number of Contracts		102
Gross Unrealized Gains		21,032
Gross Unrealized Losses		(71,651)
Unrealized Profit (Loss)		(50,619)
Percent of Net Assets		(0.17%)
Nets Global Horizons, LLC | Futures | Currencies | Short Positions
Investments, derivative contracts and off-balance sheet risk
Number of Contracts		(20)
Gross Unrealized Gains		120,000
Unrealized Profit (Loss)		120,000
Percent of Net Assets		0.40%
Nets Global Horizons, LLC | Futures | Energy
Investments, derivative contracts and off-balance sheet risk
Unrealized Profit (Loss)		60
Percent of Net Assets		0.00%
Nets Global Horizons, LLC | Futures | Energy | Long Positions
Investments, derivative contracts and off-balance sheet risk
Number of Contracts		10
Gross Unrealized Gains		4,989
Gross Unrealized Losses		(6,964)
Unrealized Profit (Loss)		(1,975)
Percent of Net Assets		(0.01%)
Nets Global Horizons, LLC | Futures | Energy | Short Positions
Investments, derivative contracts and off-balance sheet risk
Number of Contracts		(34)
Gross Unrealized Gains		33,953
Gross Unrealized Losses		(31,918)
Unrealized Profit (Loss)		2,035
Percent of Net Assets		0.01%
Nets Global Horizons, LLC | Futures | Interest rates
Investments, derivative contracts and off-balance sheet risk
Unrealized Profit (Loss)		15,852
Percent of Net Assets		0.05%
Nets Global Horizons, LLC | Futures | Interest rates | Long Positions
Investments, derivative contracts and off-balance sheet risk
Number of Contracts		72
Gross Unrealized Gains		16,661
Gross Unrealized Losses		(9,829)
Unrealized Profit (Loss)		6,832
Percent of Net Assets		0.02%
Nets Global Horizons, LLC | Futures | Interest rates | Short Positions
Investments, derivative contracts and off-balance sheet risk
Number of Contracts		(18)
Gross Unrealized Gains		12,104
Gross Unrealized Losses		(3,084)
Unrealized Profit (Loss)		9,020
Percent of Net Assets		0.03%
Nets Global Horizons, LLC | Futures | Metals
Investments, derivative contracts and off-balance sheet risk
Unrealized Profit (Loss)		(40,299)
Percent of Net Assets		(0.13%)
Nets Global Horizons, LLC | Futures | Metals | Long Positions
Investments, derivative contracts and off-balance sheet risk
Number of Contracts		31
Gross Unrealized Gains		48,405
Gross Unrealized Losses		(35,391)
Unrealized Profit (Loss)		13,014
Percent of Net Assets		0.05%
Nets Global Horizons, LLC | Futures | Metals | Short Positions
Investments, derivative contracts and off-balance sheet risk
Number of Contracts		(52)
Gross Unrealized Gains		26,378
Gross Unrealized Losses		(79,691)
Unrealized Profit (Loss)		(53,313)
Percent of Net Assets		(0.18%)
Nets Global Horizons, LLC | Futures | Stock indices
Investments, derivative contracts and off-balance sheet risk
Unrealized Profit (Loss)		(123,590)
Percent of Net Assets		(0.42%)
Nets Global Horizons, LLC | Futures | Stock indices | Long Positions
Investments, derivative contracts and off-balance sheet risk
Number of Contracts		10
Gross Unrealized Gains		3,246
Gross Unrealized Losses		(6,325)
Unrealized Profit (Loss)		(3,079)
Percent of Net Assets		(0.01%)
Nets Global Horizons, LLC | Futures | Stock indices | Short Positions
Investments, derivative contracts and off-balance sheet risk
Number of Contracts		(127)
Gross Unrealized Gains		67,767
Gross Unrealized Losses		(188,278)
Unrealized Profit (Loss)		(120,511)
Percent of Net Assets		(0.41%)
Quantum Global Horizons, LLC | Futures
Investments, derivative contracts and off-balance sheet risk
Unrealized Profit (Loss)	381,076	(521,711)
Percent of Net Assets	1.71%	(1.17%)
Quantum Global Horizons, LLC | Futures | Long Positions
Investments, derivative contracts and off-balance sheet risk
Number of Contracts	191	829
Gross Unrealized Gains	231,789	744,779
Gross Unrealized Losses	(37,630)	(219,891)
Unrealized Profit (Loss)	194,159	524,888
Percent of Net Assets	0.86%	1.18%
Quantum Global Horizons, LLC | Futures | Short Positions
Investments, derivative contracts and off-balance sheet risk
Number of Contracts	(305)	(2,418)
Gross Unrealized Gains	193,113	218,212
Gross Unrealized Losses	(6,196)	(1,264,811)
Unrealized Profit (Loss)	186,917	(1,046,599)
Percent of Net Assets	0.85%	(2.35%)
Quantum Global Horizons, LLC | Futures | Agriculture
Investments, derivative contracts and off-balance sheet risk
Unrealized Profit (Loss)	7,337	(4,812)
Percent of Net Assets	0.03%	(0.01%)
Quantum Global Horizons, LLC | Futures | Agriculture | Long Positions
Investments, derivative contracts and off-balance sheet risk
Number of Contracts		35
Gross Unrealized Gains		2,559
Gross Unrealized Losses		(11,257)
Unrealized Profit (Loss)		(8,698)
Percent of Net Assets	0.00%	(0.02%)
Quantum Global Horizons, LLC | Futures | Agriculture | Short Positions
Investments, derivative contracts and off-balance sheet risk
Number of Contracts	(22)	(17)
Gross Unrealized Gains	7,337	5,557
Gross Unrealized Losses		(1,671)
Unrealized Profit (Loss)	7,337	3,886
Percent of Net Assets	0.03%	0.01%
Quantum Global Horizons, LLC | Futures | Currencies
Investments, derivative contracts and off-balance sheet risk
Unrealized Profit (Loss)	52,972	(128,195)
Percent of Net Assets	0.24%	(0.29%)
Quantum Global Horizons, LLC | Futures | Currencies | Long Positions
Investments, derivative contracts and off-balance sheet risk
Number of Contracts	17	247
Gross Unrealized Gains	23,935	17,613
Gross Unrealized Losses		(141,677)
Unrealized Profit (Loss)	23,935	(124,064)
Percent of Net Assets	0.11%	(0.28%)
Quantum Global Horizons, LLC | Futures | Currencies | Short Positions
Investments, derivative contracts and off-balance sheet risk
Number of Contracts	(17)	(94)
Gross Unrealized Gains	29,046	10,408
Gross Unrealized Losses	(9)	(14,539)
Unrealized Profit (Loss)	29,037	(4,131)
Percent of Net Assets	0.13%	(0.01%)
Quantum Global Horizons, LLC | Futures | Energy
Investments, derivative contracts and off-balance sheet risk
Unrealized Profit (Loss)	(37,897)	30,389
Percent of Net Assets	(0.17%)	0.07%
Quantum Global Horizons, LLC | Futures | Energy | Long Positions
Investments, derivative contracts and off-balance sheet risk
Number of Contracts	28	13
Gross Unrealized Gains	350	8,471
Gross Unrealized Losses	(37,338)
Unrealized Profit (Loss)	(36,988)	8,471
Percent of Net Assets	(0.17%)	0.02%
Quantum Global Horizons, LLC | Futures | Energy | Short Positions
Investments, derivative contracts and off-balance sheet risk
Number of Contracts	(11)	(18)
Gross Unrealized Gains	2,202	22,753
Gross Unrealized Losses	(3,111)	(835)
Unrealized Profit (Loss)	(909)	21,918
Percent of Net Assets	0.00%	0.05%
Quantum Global Horizons, LLC | Futures | Interest rates
Investments, derivative contracts and off-balance sheet risk
Unrealized Profit (Loss)	144,107	388,352
Percent of Net Assets	0.65%	0.88%
Quantum Global Horizons, LLC | Futures | Interest rates | Long Positions
Investments, derivative contracts and off-balance sheet risk
Number of Contracts		436
Gross Unrealized Gains		675,970
Gross Unrealized Losses		(2,705)
Unrealized Profit (Loss)		673,265
Percent of Net Assets	0.00%	1.52%
Quantum Global Horizons, LLC | Futures | Interest rates | Short Positions
Investments, derivative contracts and off-balance sheet risk
Number of Contracts	(241)	(970)
Gross Unrealized Gains	144,533	73,045
Gross Unrealized Losses	(426)	(357,958)
Unrealized Profit (Loss)	144,107	(284,913)
Percent of Net Assets	0.65%	(0.64%)
Quantum Global Horizons, LLC | Futures | Metals
Investments, derivative contracts and off-balance sheet risk
Unrealized Profit (Loss)	11,603	35,254
Percent of Net Assets	0.05%	0.08%
Quantum Global Horizons, LLC | Futures | Metals | Long Positions
Investments, derivative contracts and off-balance sheet risk
Number of Contracts	3	23
Gross Unrealized Gains	5,408	36,135
Unrealized Profit (Loss)	5,408	36,135
Percent of Net Assets	0.02%	0.08%
Quantum Global Horizons, LLC | Futures | Metals | Short Positions
Investments, derivative contracts and off-balance sheet risk
Number of Contracts	(6)	(23)
Gross Unrealized Gains	7,895	303
Gross Unrealized Losses	(1,700)	(1,184)
Unrealized Profit (Loss)	6,195	(881)
Percent of Net Assets	0.03%	0.00%
Quantum Global Horizons, LLC | Futures | Stock indices
Investments, derivative contracts and off-balance sheet risk
Unrealized Profit (Loss)	202,954	(842,699)
Percent of Net Assets	0.91%	(1.90%)
Quantum Global Horizons, LLC | Futures | Stock indices | Long Positions
Investments, derivative contracts and off-balance sheet risk
Number of Contracts	143	75
Gross Unrealized Gains	202,096	4,031
Gross Unrealized Losses	(292)	(64,252)
Unrealized Profit (Loss)	201,804	(60,221)
Percent of Net Assets	0.90%	(0.14%)
Quantum Global Horizons, LLC | Futures | Stock indices | Short Positions
Investments, derivative contracts and off-balance sheet risk
Number of Contracts	(8)	(1,296)
Gross Unrealized Gains	2,100	106,146
Gross Unrealized Losses	(950)	(888,624)
Unrealized Profit (Loss)	$ 1,150	$ (782,478)
Percent of Net Assets	0.01%	(1.76%)

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CONDENSED CONSOLIDATED SCHEDULES OF INVESTMENTS (Details 3) (USD $)	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
ASSETS:
Cash and cash equivalents	$ 62,321,409	$ 117,403,824
Equity in commodity futures trading accounts:
Cash	26,472,676	58,538,589
Restricted cash (in dollars)	10,605,212	17,940,020
Net unrealized profit on open contracts	738,429	1,341,535
Due from Partnership	3,621,272	6,049,277
Accrued interest and other assets	2,577	15,083
TOTAL ASSETS	142,420,877	282,611,067
LIABILITIES:
Net unrealized loss on open contracts	233,777	3,026,653
Redemptions payable	8,513,455	14,623,211
Profit Shares payable	407,778	833,392
Trading Advisors' management fees payable	144,680	347,141
Administrator fees payable	135,849	228,421
Professional fees payable	521,394	762,458
Other fees payable	286,598	147,764
Total liabilities	10,739,554	20,948,099
Total partners' capital	131,681,323	261,662,968	395,809,966	375,395,713
TOTAL LIABILITIES AND PARTNERS' CAPITAL	142,420,877	282,611,067
Alamo Global Horizons, LLC
ASSETS:
Cash and cash equivalents	8,183,611	20,377,477
Equity in commodity futures trading accounts:
Cash	2,966,409	3,478,994
Restricted cash (in dollars)	1,318,821	1,359,877
Net unrealized profit on open contracts	99,554	262,603
Accrued interest and other assets	520	2,712
TOTAL ASSETS	11,250,094	24,121,786
LIABILITIES:
Due to Partnership	559,480	1,026,163
Trading Advisors' management fees payable	4,083	9,166
Administrator fees payable	10,806	8,224
Professional fees payable	33,261	27,361
Other fees payable	(2,864)	1,368
Total liabilities	604,766	1,072,282
Total partners' capital	10,645,328	23,049,504
TOTAL LIABILITIES AND PARTNERS' CAPITAL	11,250,094	24,121,786
Breakout Global Horizons, LLC
ASSETS:
Cash and cash equivalents	10,497,462	21,595,885
Equity in commodity futures trading accounts:
Cash	3,178,709	18,089,465
Restricted cash (in dollars)	2,529,118	7,597,881
Net unrealized profit on open contracts	539,757	1,042,090
Accrued interest and other assets		3,325
TOTAL ASSETS	14,215,928	40,730,765
LIABILITIES:
Due to Partnership	614,421	1,108,537
Redemptions payable	573,985	230,000
Subscription received in advance	200,000
Trading Advisors' management fees payable	3,605	17,164
Administrator fees payable	26,605	19,706
Professional fees payable	36,433	30,833
Other fees payable	2,365	9,307
Total liabilities	1,457,414	1,415,547
Total partners' capital	12,758,514	39,315,218
TOTAL LIABILITIES AND PARTNERS' CAPITAL	14,215,928	40,730,765
Cambridge Global Horizons, LLC
ASSETS:
Cash and cash equivalents	8,337,799	4,757,862
Equity in commodity futures trading accounts:
Cash	5,069,438	38,461,055
Restricted cash (in dollars)	669,616	14,557,619
Net unrealized profit on open contracts	238,479
Accrued interest and other assets		2,720
TOTAL ASSETS	13,645,716	43,221,637
LIABILITIES:
Net unrealized loss on open contracts		175,044
Due to Partnership	527,516	1,680,015
Redemptions payable	308,875
Profit Shares payable		407,841
Trading Advisors' management fees payable	5,937	28,093
Administrator fees payable	22,632	15,569
Professional fees payable	32,016	26,116
Other fees payable	2,935	6,247
Total liabilities	899,911	2,338,925
Total partners' capital	12,745,805	40,882,712
TOTAL LIABILITIES AND PARTNERS' CAPITAL	13,645,716	43,221,637
Quaker Global Horizons, LLC
ASSETS:
Cash and cash equivalents	11,978,889
Equity in commodity futures trading accounts:
Cash	10,681,449
Restricted cash (in dollars)	5,369,821
Net unrealized profit on open contracts	840,087
TOTAL ASSETS	23,500,425
LIABILITIES:
Due to Partnership	1,242,900
Profit Shares payable	173,061
Trading Advisors' management fees payable	6,698
Administrator fees payable	3,288
Professional fees payable	20,001
Other fees payable	382
Total liabilities	1,446,330
Total partners' capital	22,054,095
TOTAL LIABILITIES AND PARTNERS' CAPITAL	23,500,425
Nets Global Horizons, LLC
ASSETS:
Cash and cash equivalents		26,712,321
Equity in commodity futures trading accounts:
Cash		5,138,261
Restricted cash (in dollars)		2,095,713
Accrued interest and other assets		1,319
TOTAL ASSETS		31,851,901
LIABILITIES:
Net unrealized loss on open contracts		91,517
Due to Partnership		997,556
Redemptions payable		950,000
Trading Advisors' management fees payable		22,700
Administrator fees payable		17,468
Professional fees payable		31,250
Other fees payable		5,667
Total liabilities		2,116,158
Total partners' capital		29,735,743
TOTAL LIABILITIES AND PARTNERS' CAPITAL		31,851,901
Quantum Global Horizons, LLC
ASSETS:
Cash and cash equivalents	19,551,925	24,812,881
Equity in commodity futures trading accounts:
Cash	4,535,527	21,435,349
Restricted cash (in dollars)	1,123,068	7,392,494
Net unrealized profit on open contracts	381,076
Accrued interest and other assets	272	4,094
TOTAL ASSETS	24,468,800	46,252,324
LIABILITIES:
Net unrealized loss on open contracts		521,711
Due to Partnership	687,414	1,237,006
Redemptions payable	853,745
Subscription received in advance	450,000
Profit Shares payable	68,481
Administrator fees payable	31,646	22,826
Professional fees payable	38,933	33,333
Other fees payable	1,767	8,148
Total liabilities	2,131,986	1,823,024
Total partners' capital	22,336,814	44,429,300
TOTAL LIABILITIES AND PARTNERS' CAPITAL	$ 24,468,800	$ 46,252,324

XML

CONDENSED CONSOLIDATED SCHEDULES OF INVESTMENTS (Details 4) (USD $)	3 Months Ended												12 Months Ended
	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2011	Sep. 30, 2011	Jun. 30, 2011	Mar. 31, 2011	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
TRADING PROFITS (LOSSES):
Realized													$ (5,436,971)	$ (2,681,787)	$ 15,819,067
Change in unrealized													2,861,329	(4,232,518)	(7,550,144)
Brokerage commissions and clearing costs													(951,814)	(1,015,380)	(2,247,622)
Total trading profits (losses)													(10,000,746)	(17,082,041)	5,590,413
INVESTMENT INCOME:
Interest													67,172	219,591	269,659
EXPENSES:
Trading Advisors' management fees													1,904,398	2,943,719	5,073,428
Profit Shares													164,855	355,170	1,490,923
Administrator fees													451,129	756,231	1,028,273
Professional fees													400,846	976,629	549,755
Other fees													265,135	214,315	429,317
Total expenses													8,551,830	13,968,770	23,052,462
NET INVESTMENT LOSS													(8,484,658)	(13,749,179)	(22,782,803)
NET LOSS	4,312,077	(5,622,815)	(13,234,871)	(3,939,795)	(10,922,919)	(3,396,176)	(229,443)	(16,282,682)	(14,000,632)	16,692,303	(13,551,965)	(6,332,096)	(18,485,404)	(30,831,220)	(17,192,390)
Alamo Global Horizons, LLC
TRADING PROFITS (LOSSES):
Realized													(178,588)	(695,043)
Change in unrealized													(178,881)	(239,088)
Brokerage commissions and clearing costs													(43,377)	(155,012)
Total trading profits (losses)													(400,846)	(1,089,143)
INVESTMENT INCOME:
Interest													9,324	43,077
EXPENSES:
Trading Advisors' management fees													314,380	614,518
Administrator fees													46,078	88,694
Professional fees													70,968	152,733
Other fees													578,782	1,058,674
Total expenses													1,010,208	1,914,619
NET INVESTMENT LOSS													(1,000,884)	(1,871,542)
NET LOSS													(1,401,730)	(2,960,685)
Breakout Global Horizons, LLC
TRADING PROFITS (LOSSES):
Realized													1,028,777	(6,295,144)
Change in unrealized													(489,618)	687,004
Brokerage commissions and clearing costs													(67,359)	(151,374)
Total trading profits (losses)													471,800	(5,759,514)
INVESTMENT INCOME:
Interest													11,148	52,475
EXPENSES:
Trading Advisors' management fees													259,378	488,959
Administrator fees													50,483	95,739
Professional fees													74,841	160,459
Other fees													636,905	1,132,442
Total expenses													1,021,607	1,877,599
NET INVESTMENT LOSS													(1,010,459)	(1,825,124)
NET LOSS													(538,659)	(7,584,638)
Cambridge Global Horizons, LLC
TRADING PROFITS (LOSSES):
Realized													(4,507,557)	9,438,281
Change in unrealized													180,645	380,791
Brokerage commissions and clearing costs													(192,350)	(624,299)
Total trading profits (losses)													(4,519,262)	9,194,773
EXPENSES:
Trading Advisors' management fees													428,609	953,699
Profit Shares													479	1,173,623
Administrator fees													55,783	113,056
Professional fees													79,833	185,622
Other fees													792,930	1,435,287
Total expenses													1,357,634	3,861,287
NET INVESTMENT LOSS													(1,357,634)	(3,861,287)
NET LOSS													(5,876,896)	5,333,486
Quaker Global Horizons, LLC
TRADING PROFITS (LOSSES):
Realized													1,908,485
Change in unrealized													839,434
Brokerage commissions and clearing costs													(117,010)
Total trading profits (losses)													2,630,909
EXPENSES:
Trading Advisors' management fees													154,892
Profit Shares													471,623
Administrator fees													32,980
Professional fees													48,591
Other fees													483,195
Total expenses													1,191,281
NET INVESTMENT LOSS													(1,191,281)
NET LOSS													1,439,628
Nets Global Horizons, LLC
TRADING PROFITS (LOSSES):
Realized														(6,661,564)
Change in unrealized														128,008
Brokerage commissions and clearing costs														(73,267)
Total trading profits (losses)														(6,606,823)
INVESTMENT INCOME:
Interest														47,328
EXPENSES:
Trading Advisors' management fees														851,236
Administrator fees														94,334
Professional fees														158,204
Other fees														1,110,434
Total expenses														2,214,208
NET INVESTMENT LOSS														(2,166,880)
NET LOSS														(8,773,703)
Quantum Global Horizons, LLC
TRADING PROFITS (LOSSES):
Realized													(3,054,963)	5,853,021
Change in unrealized													922,140	309,294
Brokerage commissions and clearing costs													(129,629)	(269,264)
Total trading profits (losses)													(2,262,452)	5,893,051
INVESTMENT INCOME:
Interest													14,689	53,066
EXPENSES:
Profit Shares													68,481	2,756,131
Administrator fees													51,158	91,946
Professional fees													74,621	155,086
Other fees													634,624	1,115,510
Total expenses													828,884	4,118,673
NET INVESTMENT LOSS													(814,195)	(4,065,607)
NET LOSS													$ (3,076,647)	$ 1,827,444

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ORGANIZATION

12 Months Ended

Dec. 31, 2013

ORGANIZATION

ORGANIZATION

1. ORGANIZATION

BlackRock Global Horizons I L.P. (the “Partnership”) was organized as an open-end investment company under the Delaware Revised Uniform Limited Partnership Act on May 11, 1993 and commenced trading activities on January 4, 1994.  The Partnership primarily engages in the speculative trading of futures, options on futures and forward contracts on a wide range of commodities.  The Partnership currently issues Units of limited partnership interest (“Units”) of Series A and I at Net Asset Value as of the beginning of each month. Series F and G are closed to new investors.

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

The General Partner has formed a number of subsidiaries in the form of limited liability companies (“LLCs”) to hold Partnership assets allocated to each particular Trading Advisor. Each of these subsidiaries has, in turn, entered into an advisory agreement with each respective Trading Advisor. The primary purpose of these subsidiaries is to segregate the assets of the Partnership allocated to any one Trading Advisor from the other assets of the Partnership in order to seek to limit liability for trading losses by any one Trading Advisor to the assets allocated to such subsidiary. However within each subsidiary, there will be no segregation of liabilities of the Partnership and any other funds or accounts that may allocate assets to the same subsidiary of the Partnership.

All wholly owned subsidiaries of the Partnership have been consolidated.  All transactions between consolidated subsidiaries have been eliminated in consolidation.  From time to time, other funds and accounts managed by the General Partner or its affiliates may also invest in such subsidiaries in order to gain exposure to the relevant Trading Advisor.  In such instances where the Partnership is not the sole investor in the subsidiary, the subsidiary will no longer be consolidated (the “Non-Consolidated LLCs”), and the Partnership’s investment in the Non-Consolidated LLCs will be presented as Investments in Non-Consolidated LLCs on the Consolidated Statements of Financial Condition.  Effective May 1, 2011, November 1, 2011 and May 7, 2013 other funds managed by the General Partner invested in one or more subsidiaries of the Partnership.  As a result, those subsidiaries were no longer consolidated; instead, the Partnership’s interest in such Non-Consolidated LLCs are presented as Investments in Non-Consolidated LLCs on the Consolidated Statements of Financial Condition.  See Note 3 for further information on the Non-Consolidated LLCs.

The General Partner terminated the advisory agreement with the Trading Advisor for Nets Global Horizons, LLC on February 22, 2013, paid all proceeds to its members in March 2013 and the Non-Consolidated LLC commenced liquidation on March 31, 2013. The liquidation was completed on September 11, 2013.

The Bank of New York Mellon provides custody services for the Partnership. The subsidiaries’ assets are held in cash and customer segregated managed accounts at Merrill Lynch, Pierce, Fenner & Smith Incorporated (“MLPF&S”), Newedge USA, LLC (“Newedge USA”), J.P. Morgan Securities LLC (“JPMS”), Morgan Stanley & Co. LLC (“MS&Co.”), UBS Securities LLC (“UBS Securities”), HSBC Bank PLC (“HSBC”), Barclays Bank PLC (“Barclays”) and any other clearing brokers that may be utilized by the Partnership in the future (the “Clearing Brokers”) or allocated to one or more commodity pools (each a “Portfolio Fund”) for which custodians and clearing brokers are selected by the independent professional advisors of such Portfolio Funds or managed accounts (the “Trading Advisors”) and at a custody account at State Street Bank and Trust Company (“State Street”). As of, and for the years ended December 31, 2013 and 2012, there were no assets held in any Portfolio Funds.

Each Series is subject to a sponsor fee, distribution fee and Trading Advisors’ management fees based on the month-end net assets of that Series. Series I does not pay a distribution fee. Each Series pays a Profit Share to the Trading Advisors based upon each Series new trading profits, as defined.  Other operating expenses incurred, and trading profits (losses), are allocated to each Series based upon its net assets.

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

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CONDENSED CONSOLIDATED SCHEDULES OF INVESTMENTS (Details 5) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Trading profits (losses) of the Partnership's derivatives
Realized Profits (Losses)	$ (5,436,971)	$ (2,681,787)	$ 15,819,067
Change in Net Unrealized Profits (Losses)	2,861,329	(4,232,518)	(7,550,144)
Net Trading Profits (Losses)	(2,575,642)	(6,914,305)	8,268,923
Futures
Trading profits (losses) of the Partnership's derivatives
Realized Profits (Losses)	(10,072,531)	(5,440,556)	6,113,212
Change in Net Unrealized Profits (Losses)	666,041	(1,760,191)	(4,736,874)
Net Trading Profits (Losses)	(9,406,490)	(7,200,747)	1,376,338
Futures | Agriculture
Trading profits (losses) of the Partnership's derivatives
Realized Profits (Losses)	302,931	(2,820,296)	(5,774,791)
Change in Net Unrealized Profits (Losses)	138,234	(199,915)	(1,538,257)
Net Trading Profits (Losses)	441,165	(3,020,211)	(7,313,048)
Futures | Currencies
Trading profits (losses) of the Partnership's derivatives
Realized Profits (Losses)	(2,658,672)	(3,263,268)	(992,911)
Change in Net Unrealized Profits (Losses)	(83,717)	(232,086)	(1,267,577)
Net Trading Profits (Losses)	(2,742,389)	(3,495,354)	(2,260,488)
Futures | Energy
Trading profits (losses) of the Partnership's derivatives
Realized Profits (Losses)	(2,636,353)	465,650	(4,011,563)
Change in Net Unrealized Profits (Losses)	(156,637)	(37,269)	(536,058)
Net Trading Profits (Losses)	(2,792,990)	428,381	(4,547,621)
Futures | Interest rates
Trading profits (losses) of the Partnership's derivatives
Realized Profits (Losses)	(7,711,437)	2,717,223	20,886,245
Change in Net Unrealized Profits (Losses)	(416,464)	(1,279,367)	553,178
Net Trading Profits (Losses)	(8,127,901)	1,437,856	21,439,423
Futures | Metals
Trading profits (losses) of the Partnership's derivatives
Realized Profits (Losses)	(88,677)	(2,136,315)	3,345,246
Change in Net Unrealized Profits (Losses)	575,645	(325,359)	(1,501,750)
Net Trading Profits (Losses)	486,968	(2,461,674)	1,843,496
Futures | Stock indices
Trading profits (losses) of the Partnership's derivatives
Realized Profits (Losses)	2,719,677	(403,550)	(7,339,014)
Change in Net Unrealized Profits (Losses)	608,980	313,805	(446,410)
Net Trading Profits (Losses)	3,328,657	(89,745)	(7,785,424)
Forwards | Currencies
Trading profits (losses) of the Partnership's derivatives
Realized Profits (Losses)	(5,939,318)	(5,225,167)	564,076
Change in Net Unrealized Profits (Losses)	1,989,762	(2,190,759)	(2,901,353)
Net Trading Profits (Losses)	(3,949,556)	(7,415,926)	(2,337,277)
Options
Trading profits (losses) of the Partnership's derivatives
Realized Profits (Losses)	10,574,878	7,983,936	9,141,779
Change in Net Unrealized Profits (Losses)	205,526	(281,568)	88,083
Net Trading Profits (Losses)	10,780,404	7,702,368	9,229,862
Options | Agriculture
Trading profits (losses) of the Partnership's derivatives
Realized Profits (Losses)	(432,986)	(25,197)
Net Trading Profits (Losses)	(432,986)	(25,197)
Options | Currencies
Trading profits (losses) of the Partnership's derivatives
Realized Profits (Losses)	2,673,941	1,030,112	3,351,068
Change in Net Unrealized Profits (Losses)	240,288	(185,404)	8,090
Net Trading Profits (Losses)	2,914,229	844,708	3,359,158
Options | Energy
Trading profits (losses) of the Partnership's derivatives
Realized Profits (Losses)	1,022,878	1,006,201	586,225
Change in Net Unrealized Profits (Losses)	(11,183)	21,872
Net Trading Profits (Losses)	1,011,695	1,028,073	586,225
Options | Interest rates
Trading profits (losses) of the Partnership's derivatives
Realized Profits (Losses)	6,011,454	4,555,729	3,962,742
Change in Net Unrealized Profits (Losses)	(55,100)	(45,727)	58,130
Net Trading Profits (Losses)	5,956,354	4,510,002	4,020,872
Options | Metals
Trading profits (losses) of the Partnership's derivatives
Realized Profits (Losses)	(436,295)	62,913	108,137
Change in Net Unrealized Profits (Losses)	56,144	(56,144)
Net Trading Profits (Losses)	(380,151)	6,769	108,137
Options | Stock indices
Trading profits (losses) of the Partnership's derivatives
Realized Profits (Losses)	1,735,886	1,354,178	1,133,607
Change in Net Unrealized Profits (Losses)	(24,623)	(16,165)	21,863
Net Trading Profits (Losses)	$ 1,711,263	$ 1,338,013	$ 1,155,470

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DERIVATIVE CONTRACTS AND OFF-BALANCE SHEET RISK (Details 4) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Required margin and good faith deposits
Range of required margin and good faith deposits as a percent of net asset value of the Partnership, minimum	1.00%
Range of required margin and good faith deposits as a percent of net asset value of the Partnership, maximum	10.00%
Cash held to satisfy requirement of margin and good faith deposits with the brokers	$ 10,605,212	$ 17,940,020
Cash held to satisfy requirement of margin and good faith deposits with the brokers, as a percent of net asset value of the Partnership	8.05%	6.86%

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CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (USD $)	Dec. 31, 2013	Dec. 31, 2012
ASSETS:
Cash and cash equivalents	$ 62,321,409	$ 117,403,824
Equity in commodity futures trading accounts:
Cash (restricted cash $10,605,212 and $17,940,020)	26,472,676	58,538,589
Net unrealized profit / market value on open contracts / options (See note 3)	738,429	1,341,535
Investments in Non-Consolidated LLCs (cost $55,413,490 and $108,415,115) (See note 3)	49,264,514	99,262,759
Due from Non-Consolidated LLCs	3,621,272	6,049,277
Accrued interest and other assets	2,577	15,083
TOTAL ASSETS	142,420,877	282,611,067
LIABILITIES:
Net unrealized loss / market value on open contracts / options (See note 3)	233,777	3,026,653
Redemptions payable	8,513,455	14,623,211
Profit Shares payable	407,778	833,392
Professional fees payable	521,394	762,458
Distribution fees payable	348,490	688,763
Sponsor fees payable	147,533	290,296
Trading Advisors' management fees payable	144,680	347,141
Administrator fees payable	135,849	228,421
Other fees payable	286,598	147,764
Total liabilities	10,739,554	20,948,099
PARTNERS' CAPITAL:
General Partner (3,355,287 and 3,355,287 Units)	3,354,997	3,636,703
Limited Partners (130,976,898 and 250,849,166 Units)	128,326,326	258,026,265
Total partners' capital	131,681,323	261,662,968
TOTAL LIABILITIES AND PARTNERS' CAPITAL	$ 142,420,877	$ 282,611,067

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CONSOLIDATED FINANCIAL DATA HIGHLIGHTS (USD $)	12 Months Ended
	Dec. 31, 2013		Dec. 31, 2012		Dec. 31, 2011
Series A
Increase (Decrease) in Net Asset Value Per Unit
Net asset value, beginning of period	$ 0.9551		$ 1.0487		$ 1.0968
Realized trading losses	$ (0.0200)		$ (0.0079)		$ 0.0447
Change in unrealized trading profits	$ 0.0116		$ (0.0144)		$ (0.0222)
Change in value of Investments in Non-Consolidated LLCs	$ (0.0232)	[1]	$ (0.0273)	[1]	$ (0.0014)	[1]
Interest	$ 0.0003		$ 0.0006		$ 0.0007
Expenses	$ (0.0436)		$ (0.0446)		$ (0.0699)
Net asset value, end of period	$ 0.8802		$ 0.9551		$ 1.0487
Total Return:
Total return (before Profit Shares) (as a percent)	(7.74%)	[1]	(8.83%)	[1]	(4.06%)	[1]
Profit Shares (as a percent)	(0.11%)	[1]	(0.10%)	[1]	(0.41%)	[1]
Total return (as a percent)	(7.84%)	[1]	(8.93%)	[1]	(4.39%)	[1]
Ratios to Average Net Assets:
Expenses (before Profit Shares) (as a percent)	4.69%	[2],[3]	4.29%	[2],[4]	6.10%	[2],[5]
Profit Shares (as a percent)	0.08%	[2],[3]	0.11%	[2],[4]	0.38%	[2],[5]
Expenses (as a percent)	4.77%	[2],[3]	4.40%	[2],[4]	6.48%	[2],[5]
Net investment loss (as a percent)	(4.74%)	[2],[3]	(4.33%)	[2],[4]	(6.41%)	[2],[5]
Series F
Increase (Decrease) in Net Asset Value Per Unit
Net asset value, beginning of period	$ 230.67		$ 252.87		$ 264.28
Realized trading losses	$ (4.81)		$ (1.90)		$ 9.61
Change in unrealized trading profits	$ 2.80		$ (3.49)		$ (4.14)
Change in value of Investments in Non-Consolidated LLCs	$ (5.64)	[1]	$ (6.21)	[1]	$ (0.14)	[1]
Interest	$ 0.07		$ 0.16		$ 0.18
Expenses	$ (10.53)		$ (10.76)		$ (16.92)
Net asset value, end of period	$ 212.56		$ 230.67		$ 252.87
Total Return:
Total return (before Profit Shares) (as a percent)	(7.75%)	[1]	(8.68%)	[1]	(3.97%)	[1]
Profit Shares (as a percent)	(0.11%)	[1]	(0.10%)	[1]	(0.40%)	[1]
Total return (as a percent)	(7.85%)	[1]	(8.78%)	[1]	(4.32%)	[1]
Ratios to Average Net Assets:
Expenses (before Profit Shares) (as a percent)	4.70%	[2],[3]	4.30%	[2],[4]	6.15%	[2],[5]
Profit Shares (as a percent)	0.10%	[2],[3]	0.10%	[2],[4]	0.39%	[2],[5]
Expenses (as a percent)	4.80%	[2],[3]	4.40%	[2],[4]	6.54%	[2],[5]
Net investment loss (as a percent)	(4.77%)	[2],[3]	(4.34%)	[2],[4]	(6.47%)	[2],[5]
Series G
Increase (Decrease) in Net Asset Value Per Unit
Net asset value, beginning of period	$ 0.9991		$ 1.0952		$ 1.1446
Realized trading losses	$ (0.0209)		$ (0.0082)		$ 0.0416
Change in unrealized trading profits	$ 0.0121		$ (0.0151)		$ (0.0179)
Change in value of Investments in Non-Consolidated LLCs	$ (0.0244)	[1]	$ (0.0269)	[1]	$ (0.0007)	[1]
Interest	$ 0.0003		$ 0.0007		$ 0.0008
Expenses	$ (0.0456)		$ (0.0466)		$ (0.0732)
Net asset value, end of period	$ 0.9206		$ 0.9991		$ 1.0952
Total Return:
Total return (before Profit Shares) (as a percent)	(7.75%)	[1]	(8.68%)	[1]	(3.98%)	[1]
Profit Shares (as a percent)	(0.11%)	[1]	(0.10%)	[1]	(0.40%)	[1]
Total return (as a percent)	(7.86%)	[1]	(8.77%)	[1]	(4.32%)	[1]
Ratios to Average Net Assets:
Expenses (before Profit Shares) (as a percent)	4.70%	[2],[3]	4.30%	[2],[4]	6.16%	[2],[5]
Profit Shares (as a percent)	0.10%	[2],[3]	0.10%	[2],[4]	0.38%	[2],[5]
Expenses (as a percent)	4.80%	[2],[3]	4.40%	[2],[4]	6.54%	[2],[5]
Net investment loss (as a percent)	(4.77%)	[2],[3]	(4.34%)	[2],[4]	(6.47%)	[2],[5]
Series I
Increase (Decrease) in Net Asset Value Per Unit
Net asset value, beginning of period	$ 1.1835		$ 1.2586		$ 1.2798
Realized trading losses	$ (0.0247)		$ (0.0096)		$ 0.0471
Change in unrealized trading profits	$ 0.0144		$ (0.0177)		$ (0.0205)
Change in value of Investments in Non-Consolidated LLCs	$ (0.0159)	[1]	$ (0.0185)	[1]	$ 0.0026	[1]
Interest	$ 0.0004		$ 0.0008		$ 0.0009
Expenses	$ (0.0316)		$ (0.0301)		$ (0.0513)
Net asset value, end of period	$ 1.1261		$ 1.1835		$ 1.2586
Total Return:
Total return (before Profit Shares) (as a percent)	(4.73%)	[1]	(5.88%)	[1]	(0.95%)	[1]
Profit Shares (as a percent)	(0.13%)	[1]	(0.10%)	[1]	(0.78%)	[1]
Total return (as a percent)	(4.85%)	[1]	(5.97%)	[1]	(1.66%)	[1]
Ratios to Average Net Assets:
Expenses (before Profit Shares) (as a percent)	2.64%	[2],[3]	2.34%	[2],[4]	3.27%	[2],[5]
Profit Shares (as a percent)	0.11%	[2],[3]	0.10%	[2],[4]	0.74%	[2],[5]
Expenses (as a percent)	2.75%	[2],[3]	2.44%	[2],[4]	4.01%	[2],[5]
Net investment loss (as a percent)	(2.72%)	[2],[3]	(2.38%)	[2],[4]	(3.94%)	[2],[5]

[1] Includes the Partnership's proportionate share of the operations of its Investments in the Non-Consolidated LLCs, which?includes income and expenses.

[2] Included in the ratios of expenses to average net assets are brokerage commissions and clearing costs which are presented in Trading Profits (Losses) on the Consolidated Statement of Operations.

[3] Excludes the Partnership's proportionate share of expenses from its Investments in Non-Consolidated LLCs. If the Partnership's proportionate share of expenses from its Investments in Non-Consolidated LLCs were included, the ratios for Expenses (before Profit Shares), Profit Shares, Expenses and Net investment loss for Series A, would be 7.04%, 0.22%, 7.26% and (7.25)%, respectively; for Series F, would be 7.05%, 0.28%, 7.33% and (7.33)%, respectively; for Series G, would be 7.05%, 0.29%, 7.34% and (7.34)%, respectively and for Series I would be 3.85%, 0.29%, 4.14% and (4.13)%, respectively.

[4] Excludes the Partnership's proportionate share of expenses from its Investments in Non-Consolidated LLCs. If the Partnership's proportionate share of expenses from its Investments in Non-Consolidated LLCs were included, the ratios for Expenses (before Profit Shares), Profit Shares, Expenses and Net investment loss for Series A, would be 7.08%, 0.77%, 7.85%, and (7.76)%, respectively; for Series F, would be 7.08%, 0.59%, 7.67% and (7.58)%, respectively; for Series G, would be 7.08%, 0.58%, 7.66% and (7.57)%, respectively and for Series I would be 3.86%, 0.80%, 4.66% and (4.57)%, respectively.

[5] Excludes the Partnership's proportionate share of expenses from its Investments in Non-Consolidated LLCs. If the Partnership's proportionate share of expenses from its Investments in Non-Consolidated LLCs were included, the ratios for Expenses (before Profit Shares), Profit Shares, Expenses and Net investment loss for Series A, would be 6.81%, 0.39%, 7.20%, and (7.12)%, respectively; for Series F and Series G would be 6.81%, 0.34%, 7.15%, and (7.07)%, respectively; and for Series I would be 3.60%, 0.78%, 4.38% and (4.30)%, respectively.

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PARTNERS' CAPITAL (Details) (USD $)					12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2013 BRIM	Dec. 31, 2013 Series A	Dec. 31, 2012 Series A	Dec. 31, 2011 Series A	Dec. 31, 2010 Series A	Dec. 31, 2013 Series F	Dec. 31, 2012 Series F	Dec. 31, 2011 Series F	Dec. 31, 2010 Series F	Dec. 31, 2013 Series G	Dec. 31, 2012 Series G	Dec. 31, 2011 Series G	Dec. 31, 2010 Series G	Dec. 31, 2013 Series I	Dec. 31, 2012 Series I	Dec. 31, 2011 Series I	Dec. 31, 2010 Series I
Partners' capital
Net Asset Value	$ 131,681,323	$ 261,662,968	$ 395,809,966	$ 375,395,713		$ 102,123,710	$ 220,539,487			$ 12,470,664	$ 17,551,923			$ 15,542,406	$ 21,236,500			$ 1,544,543	$ 2,335,058
Number of Units	134,332,185	254,204,453	353,862,903	317,379,504		116,019,483	230,899,814			58,670	76,090			16,882,395	21,255,467			1,371,637	1,973,082
Net Asset Value per Unit						$ 0.8802	$ 0.9551	$ 1.0487	$ 1.0968	$ 212.56	$ 230.67	$ 252.87	$ 264.28	$ 0.9206	$ 0.9991	$ 1.0952	$ 1.1446	$ 1.1261	$ 1.1835	$ 1.2586	$ 1.2798
Ownership interest held in Partnership					1.00%

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PARTNERS' CAPITAL (Tables)

12 Months Ended

Dec. 31, 2013

PARTNERS' CAPITAL

Schedule of Net Asset Values of the different series of Units

December 31, 2013	Net Asset Value		Number of Units	Net Asset Value per Unit
Series A	$	102,123,710	116,019,483	$	0.8802
Series F	12,470,664		58,670	$	212.56
Series G	15,542,406		16,882,395	$	0.9206
Series I	1,544,543		1,371,637	$	1.1261
Total Partners’ Capital	$	131,681,323	134,332,185

December 31, 2012	Net Asset Value		Number of Units	Net Asset Value per Unit
Series A	$	220,539,487	230,899,814	$	0.9551
Series F	17,551,923		76,090	$	230.67
Series G	21,236,500		21,255,467	$	0.9991
Series I	2,335,058		1,973,082	$	1.1835
Total Partners’ Capital	$	261,662,968	254,204,453

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FAIR VALUE DISCLOSURES (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012
Fair value disclosure
Investments in Non-Consolidated LLCs	$ 49,264,514	$ 99,262,759
Derivative instruments	504,652	(1,685,118)
Transfers from Level 1 to Level 2	0	0
Transfers from Level 2 to Level 1	0	0
Futures
Fair value disclosure
Derivative instruments	1,153,714	416,805
Options
Fair value disclosure
Derivative instruments	(566,396)	(29,493)
Level 3
Fair value disclosure
Liabilities held	0	0
Assets held	0	0
Fair Value
Fair value disclosure
Cash Equivalents	62,321,409	117,403,824
Investments in Non-Consolidated LLCs	49,264,514	99,262,759
Assets held	112,090,575	214,981,465
Fair Value | Futures
Fair value disclosure
Derivative instruments	1,153,714	416,804
Fair Value | Forwards
Fair value disclosure
Derivative instruments	(82,666)	(2,072,428)
Fair Value | Options
Fair value disclosure
Derivative instruments	(566,396)	(29,494)
Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair value disclosure
Cash Equivalents	62,321,409	117,403,824
Assets held	62,859,478	117,953,229
Quoted Prices in Active Markets for Identical Assets (Level 1) | Futures
Fair value disclosure
Derivative instruments	1,153,714	416,804
Quoted Prices in Active Markets for Identical Assets (Level 1) | Options
Fair value disclosure
Derivative instruments	(615,645)	132,601
Significant Other Observable Inputs (Level 2)
Fair value disclosure
Investments in Non-Consolidated LLCs	49,264,514	99,262,759
Assets held	49,231,097	97,028,236
Significant Other Observable Inputs (Level 2) | Forwards
Fair value disclosure
Derivative instruments	(82,666)	(2,072,428)
Significant Other Observable Inputs (Level 2) | Options
Fair value disclosure
Derivative instruments	$ 49,249	$ (162,095)

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DERIVATIVE CONTRACTS AND OFF-BALANCE SHEET RISK (Tables)

12 Months Ended

Dec. 31, 2013

DERIVATIVE CONTRACTS AND OFF-BALANCE SHEET RISK

Schedule of offsetting of Net unrealized profit / market value on open contracts / options

As of 12/31/2013

Offsetting of Net unrealized profit / market value on open contracts / options:

			Gross			Net
	Gross		Amounts offset in			Amounts presented in
Commodity	Amounts of		the Consolidated Statements			the Consolidated Statements
Industry Sector	Recognized Assets		of Financial Condition			of Financial Condition
Futures
Agriculture	$	168,600	$	(119,929	)	$	48,671
Currencies	256,067		(44,656		)	211,411
Energy	40,183		(35,855		)	4,328
Interest rates	92,335		(184,727		)	(92,392		)
Metals	1,028,523		(949,902		)	78,621
Stock indices	971,018		(9,814		)	961,204
Subtotal	2,556,726		(1,344,883		)	1,211,843
Forwards
Currencies	336,711		(334,160		)	2,551
Options
Currencies	344,294		(172,223		)	172,071
Energy	—		(28,500		)	(28,500		)
Interest rates	—		(570,141		)	(570,141		)
Stock indices	—		(49,395		)	(49,395		)
Subtotal	344,294		(820,259		)	(475,965		)
Total Derivatives subject to a master netting or similar arrangement	3,237,731		(2,499,302		)	738,429
Total Derivatives not subject to a master netting or similar arrangement	—		—			—
Total Derivatives	$	3,237,731	$	(2,499,302	)	$	738,429

As of 12/31/2012

Offsetting of Net unrealized profit / market value on open contracts / options:

			Gross			Net
	Gross		Amounts offset in			Amounts presented in
Commodity	Amounts of		the Consolidated Statements			the Consolidated Statements
Industry Sector	Recognized Assets		of Financial Condition			of Financial Condition
Futures
Agriculture	$	168,568	$	(274,704	)	$	(106,136	)
Currencies	718,875		(378,990		)	339,885
Energy	574,348		(442,954		)	131,394
Interest rates	562,168		(245,882		)	316,286
Metals	2,403,115		(2,661,358		)	(258,243		)
Stock indices	677,507		(382,114		)	295,393
Subtotal	5,104,581		(4,386,002		)	718,579
Forwards
Currencies	959,887		(764,945		)	194,942
Options
Agriculture	—		—			—
Currencies	2,200		(2,200		)	—
Energy	4,730		(4,840		)	(110		)
Interest rates	30,182		(47,438		)	(17,256		)
Metals	370,030		—			370,030
Stock indices	150,700		(75,350		)	75,350
Subtotal	557,842		(129,828		)	428,014
Total Derivatives subject to a master netting or similar arrangement	6,622,310		(5,280,775		)	1,341,535
Total Derivatives not subject to a master netting or similar arrangement	—		—			—
Total Derivatives	$	6,622,310	$	(5,280,775	)	$	1,341,535

Schedule of offsetting of Net unrealized loss / market value on open contracts / options

As of 12/31/2013

Offsetting of Net unrealized loss / market value on open contracts / options:

				Gross		Net
	Gross			Amounts offset in		Amounts presented in
Commodity	Amounts of			the Consolidated Statements		the Consolidated Statements
Industry Sector	Recognized Liabilities			of Financial Condition		of Financial Condition
Futures
Agriculture	$	(119,929	)	$	119,929	$	—
Currencies	(44,656		)	44,656		—
Energy	(35,855		)	35,855		—
Interest rates	(239,106		)	184,727		(54,379		)
Metals	(949,902		)	949,902		—
Stock indices	(13,564		)	9,814		(3,750		)
Subtotal	(1,403,012		)	1,344,883		(58,129		)
Forwards
Currencies	(419,377		)	334,160		(85,217		)
Options
Currencies	(295,045		)	172,223		(122,822		)
Energy	(9,150		)	11,100		1,950
Interest rates	(163,219		)	406,735		243,516
Stock indices	(213,075		)	—		(213,075		)
Subtotal	(680,489		)	590,058		(90,431		)
Total Derivatives subject to a master netting or similar arrangement	(2,502,878		)	2,269,101		(233,777		)
Total Derivatives not subject to a master netting or similar arrangement	—			—		—
Total Derivatives	$	(2,502,878	)	$	2,269,101	$	(233,777	)

As of 12/31/2012

Offsetting of Net unrealized loss / market value on open contracts / options:

				Gross		Net
	Gross			Amounts offset in		Amounts presented in
Commodity	Amounts of			the Consolidated Statements		the Consolidated Statements
Industry Sector	Recognized Liabilities			of Financial Condition		of Financial Condition
Futures
Agriculture	$	(258,132	)	$	274,704	$	16,572
Currencies	(494,614		)	378,990		(115,624		)
Energy	(413,383		)	442,954		29,571
Interest rates	(292,476		)	245,882		(46,594		)
Metals	(2,900,138		)	2,661,358		(238,780		)
Stock indices	(329,033		)	382,114		53,081
Subtotal	(4,687,776		)	4,386,002		(301,774		)
Forwards
Currencies	(3,032,317		)	764,945		(2,267,372		)
Options
Agriculture	—			—		—
Currencies	(203,826		)	2,200		(201,626		)
Energy	(32,560		)	4,840		(27,720		)
Interest rates	(91,369		)	47,438		(43,931		)
Metals	(116,030		)	—		(116,030		)
Stock indices	(143,550		)	75,350		(68,200		)
Subtotal	(587,335		)	129,828		(457,507		)
Total Derivatives subject to a master netting or similar arrangement	(8,307,428		)	5,280,775		(3,026,653		)
Total Derivatives not subject to a master netting or similar arrangement	—			—		—
Total Derivatives	$	(8,307,428	)	$	5,280,775	$	(3,026,653	)

Schedule of Collateral Held by Counterparty

As of 12/31/2013

Collateral Held by Counterparty:

			Gross Amounts not offset in the Consolidated Statements of Financial Condition
	Net Amount of Unrealized Profit		Cash Collateral		Net
Counterparty	in the Consolidated Statements of Financial Condition		Received		Amount
Counterparty A	$	765,608	$	—	$	765,608
Counterparty B	454,673		—		454,673
Counterparty C	—		—		—
Counterparty D	—		—		—
Counterparty E	—		—		—
Counterparty F	—		—		—
Counterparty G	40,799		—		40,799
Counterparty H	—		—		—
	$	1,261,080	$	—	$	1,261,080
	Net Amount of Unrealized Loss		Cash Collateral		Net
Counterparty	in the Consolidated Statements of Financial Condition		Pledged		Amount
Counterparty A	$	—	$	—	$	—
Counterparty B	—		—		—
Counterparty C	673,773		2,575,061		—
Counterparty D	—		—		—
Counterparty E	76,767		85		76,682
Counterparty F	—		—		—
Counterparty G	—		—		—
Counterparty H	5,888		3		5,885
	$	756,428	$	2,575,149	$	82,567
As of 12/31/2012
Collateral Held by Counterparty:
			Gross Amounts not offset in the Consolidated Statements of Financial Condition
	Net Amount of Unrealized Profit		Cash Collateral		Net
Counterparty	in the Consolidated Statements of Financial Condition		Received		Amount
Counterparty A	$	—	$	—	$	—
Counterparty B	708,832		—		708,832
Counterparty C	—		—		—
Counterparty D	397,408		—		397,408
Counterparty E	—		—		—
Counterparty F	78,890		—		78,890
	$	1,185,130	$	—	$	1,185,130
	Net Amount of Unrealized Loss		Cash Collateral		Net
Counterparty	in the Consolidated Statements of Financial Condition		Pledged		Amount
Counterparty A	$	216,144	$	216,144	$	—
Counterparty B	—		—		—
Counterparty C	248,713		248,713		—
Counterparty D	—		—		—
Counterparty E	2,405,391		2,214,223		191,168
Counterparty F	—		—		—
	$	2,870,248	$	2,679,080	$	191,168

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CONSOLIDATED FINANCIAL DATA HIGHLIGHTS (Parenthetical)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Series A
Expenses including Investments in Non-Consolidated LLCs (before Profit Shares)	7.04%	7.08%	6.81%
Profit Shares including Investments in Non-Consolidated LLCs	0.22%	0.77%	0.39%
Expenses including Investments in Non-Consolidated LLCs	7.26%	7.85%	7.20%
Net investment loss including Investments in Non-Consolidated LLCs	(7.25%)	(7.76%)	(7.12%)
Series F
Expenses including Investments in Non-Consolidated LLCs (before Profit Shares)	7.05%	7.08%	6.81%
Profit Shares including Investments in Non-Consolidated LLCs	0.28%	0.59%	0.34%
Expenses including Investments in Non-Consolidated LLCs	7.33%	7.67%	7.15%
Net investment loss including Investments in Non-Consolidated LLCs	(7.33%)	(7.58%)	(7.07%)
Series G
Expenses including Investments in Non-Consolidated LLCs (before Profit Shares)	7.05%	7.08%	6.81%
Profit Shares including Investments in Non-Consolidated LLCs	0.29%	0.58%	0.34%
Expenses including Investments in Non-Consolidated LLCs	7.34%	7.66%	7.15%
Net investment loss including Investments in Non-Consolidated LLCs	(7.34%)	(7.57%)	(7.07%)
Series I
Expenses including Investments in Non-Consolidated LLCs (before Profit Shares)	3.85%	3.86%	3.60%
Profit Shares including Investments in Non-Consolidated LLCs	0.29%	0.80%	0.78%
Expenses including Investments in Non-Consolidated LLCs	4.14%	4.66%	4.38%
Net investment loss including Investments in Non-Consolidated LLCs	(4.13%)	(4.57%)	(4.30%)

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CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) (USD $)	Dec. 31, 2013	Dec. 31, 2012
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
Restricted cash (in dollars)	$ 10,605,212	$ 17,940,020
Investments in Non-Consolidated LLCs cost (in dollars)	$ 55,413,490	$ 108,415,115
General Partner, Units	3,355,287	3,355,287
Limited Partners, Units	130,976,898	250,849,166

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Selective Quarterly Financial Data (unaudited)

12 Months Ended

Dec. 31, 2013

Selective Quarterly Financial Data (unaudited)

Selective Quarterly Financial Data (unaudited)

10.  Selective Quarterly Financial Data (unaudited)

	Net Income /			Weighted average number of General Partner and Limited Partner Units outstanding				Net Income / (Loss) per weighted average
Quarter Ended	(Loss)			Series A	Series F	Series G	Series I	Series A			Series F			Series G			Series I
December 31, 2013	$	4,312,077		136,017,449	61,091	17,462,354	1,497,602	$	0.0252		$	6.02		$	0.0261		$	0.0409
September 30, 2013	(5,622,815		)	162,231,045	66,250	18,381,424	1,688,736	(0.0282		)	(6.90		)	(0.0298		)	(0.0262		)
June 30, 2013	(13,234,871		)	200,364,270	70,478	19,695,227	1,873,085	(0.0550		)	(13.51		)	(0.0581		)	(0.0615		)
March 31, 2013	(3,939,795		)	223,756,617	74,805	20,908,396	1,922,531	(0.0149		)	(3.59		)	(0.0155		)	(0.0091		)
December 31, 2012	$	(10,922,919	)	252,136,637	78,737	21,896,186	2,000,105	$	(0.0370	)	$	(8.80	)	$	(0.0381	)	$	(0.0352	)
September 30, 2012	(3,396,176		)	278,403,557	81,258	22,621,697	1,926,284	(0.0104		)	(2.79		)	(0.0121		)	(0.0073		)
June 30, 2012	(229,443		)	303,708,654	86,373	23,497,617	1,996,632	(0.0009		)	0.13			0.0000			0.0103
March 31, 2012	(16,282,682		)	327,717,234	90,659	24,305,942	2,152,850	(0.0432		)	(10.34		)	(0.0448		)	(0.0427		)
December 31, 2011	$	(14,000,632	)	324,770,222	92,337	25,041,655	2,686,980	$	(0.0369	)	$	(9.52	)	$	(0.0415	)	$	(0.0370	)
September 30, 2011	16,692,303			312,831,615	93,433	25,494,239	2,730,581	0.0454			11.41			0.0496			0.0624
June 30, 2011	(13,551,965		)	307,193,411	94,738	26,297,047	2,654,107	(0.0378		)	(8.90		)	(0.0385		)	(0.0362		)
March 31, 2011	(6,332,096		)	297,988,615	96,347	26,951,719	2,574,311	(0.0181		)	(4.31		)	(0.0187		)	(0.0123		)

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Document and Entity Information (USD $)	12 Months Ended
	Dec. 31, 2013	Feb. 01, 2014
Document and Entity Information
Entity Registrant Name	BlackRock Global Horizons I L.P.
Entity Central Index Key	0000904918
Document Type	10-K
Document Period End Date	Dec. 31, 2013
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Smaller Reporting Company
Entity Public Float	$ 0
Entity Common Stock, Shares Outstanding	0
Limited Partnership Units with an aggregate Value		$ 127,614,091
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	FY

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RECENT ACCOUNTING PRONOUNCEMENTS

12 Months Ended

Dec. 31, 2013

RECENT ACCOUNTING PRONOUNCEMENTS

RECENT ACCOUNTING PRONOUNCEMENTS

11. RECENT ACCOUNTING PRONOUNCEMENTS

In December 2011, FASB issued ASU 2011-11, Balance Sheet (Topic 210), Disclosures about Offsetting Assets and Liabilities (“ASU 2011-11”), which requires entities to disclose information about financial instructions and derivative instruments that have been offset or that subject to enforceable master netting agreements, to enable users of its financial statements to understand the effect of those arrangements on its financial statements to understand the effect of those arrangements on its financial position.  Entities are required to provide both net (offset amounts) and gross information in the notes to the financial statements for relevant assets and liabilities that are offset or subject to the arrangements.  The amendments in ASU 2011-11 are effective for interim and annual periods beginning on or after January 1, 2013, and an entity should provide the disclosures required by the amendments retrospectively for all comparable periods presented.  The adoption of additional disclosure requirements are reflected in the Partnership’s consolidated financial statements in Note 9.

In January 2013, FASB issued ASU 2013-01, Balance Sheet (Topic 210), clarifying the scope of the disclosure about Offsetting Assets and Liabilities (“ASU 2013-01”). This update clarifies that the scope of ASU 2011-11 applied to derivatives accounted for in accordance with Topic 815.  This update is in effect for interim and annual periods beginning on or after January 1, 2013, and an entity should provide the disclosures required by the amendments retrospectively for all the comparable periods presented. The adoption of additional disclosure requirements are reflected in the Partnership’s consolidated financial statements in Note 9.

In April 2013, FASB issued Accounting Standards Update (“ASU”) 2013-07, Presentation of Financial Statements: Liquidation Basis of Accounting (“ASU 2013-07”). ASU 2013-07 provides guidance on when and how to apply the liquidation basis of accounting and on what to disclose in an applicable entity’s financial statements. It is intended to increase the consistency and comparability of financial statements prepared under the liquidation basis of accounting. ASU 2013-07 is effective for entities that determine liquidation is imminent during annual reporting periods beginning after December 15, 2013, and interim period therein and should be applied prospectively. The Partnership is currently evaluating the impact of adopting ASU 2013-07.

In June 2013, the FASB issued ASU No. 2013-08, Financial Services — Investment Companies: Amendments to the Scope, Measurement, and Disclosure Requirements (“ASU 2013-08”). ASU 2013-08 amends the current criteria for an entity to qualify as an investment company, creates new disclosure requirements and amends the measurement criteria for certain interests in other investment companies. ASU 2013-08 also amends the current requirements related to qualifying for the “investment company deferral” as well as the requirements related to qualifying for the “net asset value practical expedient”. The amendments are effective for interim and annual reporting periods beginning after December 15, 2013. The Partnership is currently evaluating the impact of adopting ASU 2013-08.

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CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	12 Months Ended
	Dec. 31, 2013		Dec. 31, 2012		Dec. 31, 2011
TRADING PROFITS (LOSSES):
Realized	$ (5,436,971)		$ (2,681,787)		$ 15,819,067
Change in unrealized	2,861,329		(4,232,518)		(7,550,144)
Change in value of Investments in Non-Consolidated LLCs	(6,473,290)	[1]	(9,152,356)	[1]	(430,888)	[1]
Brokerage commissions and clearing costs	(951,814)		(1,015,380)		(2,247,622)
Total trading profits (losses)	(10,000,746)		(17,082,041)		5,590,413
INVESTMENT INCOME:
Interest	67,172		219,591		269,659
EXPENSES:
Distribution fees	3,775,874		6,142,552		10,193,861
Trading Advisors' management fees	1,904,398		2,943,719		5,073,428
Sponsor fees	1,589,593		2,580,154		4,286,905
Administrator fees	451,129		756,231		1,028,273
Professional fees	400,846		976,629		549,755
Profit Shares	164,855		355,170		1,490,923
Other fees	265,135		214,315		429,317
Total expenses	8,551,830		13,968,770		23,052,462
NET INVESTMENT LOSS	(8,484,658)		(13,749,179)		(22,782,803)
NET LOSS	$ (18,485,404)		$ (30,831,220)		$ (17,192,390)
Series A
NET LOSS PER WEIGHTED AVERAGE UNIT:
Weighted average number of General Partner and Limited Partner Units outstanding (in units)	180,592,345	[2]	290,491,520	[2]	310,695,966	[2]
Net loss per weighted average General Partner and Limited Partner Unit (in dollars per unit)	$ (0.0858)	[2]	$ (0.0917)	[2]	$ (0.0476)	[2]
Series F
NET LOSS PER WEIGHTED AVERAGE UNIT:
Weighted average number of General Partner and Limited Partner Units outstanding (in units)	68,156	[2]	84,257	[2]	94,216	[2]
Net loss per weighted average General Partner and Limited Partner Unit (in dollars per unit)	$ (19.22)	[2]	$ (21.91)	[2]	$ (11.37)	[2]
Series G
NET LOSS PER WEIGHTED AVERAGE UNIT:
Weighted average number of General Partner and Limited Partner Units outstanding (in units)	19,111,850	[2]	23,080,361	[2]	25,946,165	[2]
Net loss per weighted average General Partner and Limited Partner Unit (in dollars per unit)	$ (0.0817)	[2]	$ (0.0951)	[2]	$ (0.0496)	[2]
Series I
NET LOSS PER WEIGHTED AVERAGE UNIT:
Weighted average number of General Partner and Limited Partner Units outstanding (in units)	1,745,489	[2]	2,018,968	[2]	2,661,493	[2]
Net loss per weighted average General Partner and Limited Partner Unit (in dollars per unit)	$ (0.0663)	[2]	$ (0.0772)	[2]	$ (0.0214)	[2]

[1] Includes the Partnership's proportionate share of the operations of its Investments in the Non-Consolidated LLCs, which?includes income and expenses.

[2] The weighted average number of Units outstanding is computed for purposes of disclosing net (loss) per weighted average Unit. The weighted average number of Units outstanding for the years ended December 31, 2013, 2012, and 2011 equals the Units outstanding as of such date, adjusted proportionately for Units sold and redeemed based on the respective length of time each was outstanding during the year.

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ADVISORY AGREEMENTS

12 Months Ended

Dec. 31, 2013

ADVISORY AGREEMENTS

ADVISORY AGREEMENTS

5. ADVISORY AGREEMENTS

The Partnership and the Trading Advisors have each entered into Advisory Agreements.  These Advisory Agreements generally renew one year after they are entered 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 respective Partnership accounts, subject to certain trading policies and to certain rights reserved by BRIM.  Each Series pays management fees to the Trading Advisors up to 2.00% of that Series net assets allocated to each individual Trading Advisor.

Profit Shares, generally ranging from 10% to 30% of any New Trading Profit, as defined, recognized by each Trading Advisor considered individually, irrespective of the overall performance of the Partnership, as of either the end of each calendar quarter or year and upon the net reallocation of assets away from a Trading Advisor, are paid by the Partnership to each Trading Advisor.  Profit Shares are also paid out in respect of Units redeemed as of the end of interim months, to the extent of the applicable percentage of any New Trading Profit attributable to such Units.

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RELATED PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2013

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS

4. RELATED PARTY TRANSACTIONS

Some of the Partnership’s U.S. dollar assets are maintained at MLPF&S, which was an affiliate of the General Partner until June 1, 2011.  MLPF&S is a wholly owned subsidiary of Bank of America Merrill Lynch, which in turn had maintained a significant ownership interest in BlackRock and was an affiliate of the General Partner until June 1, 2011. For assets held in U.S. dollars, MLPF&S credits the Partnership with interest at the prevailing 91-day U.S. Treasury Bill rate. The Partnership is credited with interest on any of its net gains actually held by MLPF&S in non-U.S. dollar currencies at a prevailing local rate received by MLPF&S.  MLPF&S may derive certain economic benefit, in excess of the interest which MLPF&S pays to the Partnership, from possession of such assets.

As of May 31, 2011, $4,883,043 was held in trading accounts at MLPF&S.  For the period ended May 31, 2011, the Partnership incurred $23,324 for brokerage commissions payable to MLPF&S.

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

BRIM reimburses the Partnership for fees and expenses paid by the Partnership, not including the Trading Advisors’ Profit Shares (such fees and expenses, exclusive of the Trading Advisors’ Profit Shares, collectively referred to herein as “Capped Expenses”) that would be in excess of 1/12 of 7.25% of the Partnership’s net asset value (the “Expense Cap”) on the last business day of each month (each a “Regularly Scheduled Calculation Date”).  Because Series I is not subject to the 3.0% distribution fee, the Expense Cap for Series I is 4.25% annually, rather than the 7.25% annual Expense Cap for all other Series.  On each Regularly Scheduled Calculation Date, BRIM will waive the portion of the sponsor fees that would otherwise be payable to BRIM that is necessary to reduce the Capped Expenses until they equal the Expense Cap.  If the waiver of the sponsor fees is not sufficient to lower the Partnership’s Capped Expenses to the Expense Cap, BRIM will pay those Capped Expenses necessary so that Capped Expenses do not exceed the Expense Cap.  However, if on any Regularly Scheduled Calculation Date Capped Expenses are less than the Expense Cap, the difference is used to reimburse BRIM for any sponsor fees that were waived or any Capped Expenses paid by BRIM on preceding Calculation Dates in the same calendar year.  Any such amounts may not be used to reimburse BRIM for any sponsor fees that were waived or any Capped Expenses paid by BRIM in preceding calendar years.

As of December 31, 2013 and 2012, $62,321,409 and $117,403,824, respectively, were invested in an affiliated BlackRock money market fund.  The Due from Non-Consolidated LLCs balance of $3,621,272 and $6,049,277 included in the Consolidated Statements of Financial Condition as of December 31, 2013 and 2012, respectively, represents the amounts owed to the Partnership by the Non-Consolidated LLCs for expenses paid on the Non-Consolidated LLCs’ behalf and subscriptions, redemptions and allocations of capital from the Partnership.

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FAIR VALUE DISCLOSURES (Tables)

12 Months Ended

Dec. 31, 2013

FAIR VALUE DISCLOSURES

Summary of valuation of the Partnership's investments

				Fair Value at Reporting Date Using
				Quoted Prices in Active Markets for			Significant Other
				Identical Assets			Observable Inputs
Description	December 31, 2013			(Level 1)			(Level 2)
Cash Equivalents	$	62,321,409		$	62,321,409		$	—
Investments in Non-Consolidated LLCs	49,264,514			—			49,264,514
Futures (1)	1,153,714			1,153,714			—
Forwards (1)	(82,666		)	—			(82,666		)
Options (1)	(566,396		)	(615,645		)	49,249
	$	112,090,575		$	62,859,478		$	49,231,097

Description	December 31, 2012
Cash Equivalents	$	117,403,824		$	117,403,824	$	—
Investments in Non-Consolidated LLCs	99,262,759			—		99,262,759
Futures (1)	416,804			416,804		—
Forwards (1)	(2,072,428		)	—		(2,072,428		)
Options (1)	(29,494		)	132,601		(162,095		)
	$	214,981,465		$	117,953,229	$	97,028,236

(1) See Condensed Consolidated Schedules of Investments in Note 3 for the values in each commodity industry sector within this table

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SUBSEQUENT EVENTS

12 Months Ended

Dec. 31, 2013

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

12. SUBSEQUENT EVENTS

The General Partner has evaluated the impact of all subsequent events of the Partnership through the date these consolidated financial statements were available to be issued, and has determined that there were no subsequent events requiring adjustment or additional disclosure in the consolidated financial statements.

The General Partner terminated the advisory agreement with the Trading Advisor for Cambridge Global Horizons, LLC on January 30, 2014 and expects to pay all proceeds to its members before the end of the first quarter of 2014.  The General Partner entered into an advisory agreement with the Trading Advisor Canberra Global Horizons, LLC on December 30, 2013; trading commenced February 18, 2014, at which time another fund managed by the General Partner will also invest in the LLC.  The General Partner entered into an advisory agreement with the Trading Advisor Euphrates Global Horizons, LLC on February 07, 2014; trading commenced March 10, 2014.  On February 28, 2014, the other funds managed by the General Partner redeemed from Alamo Global Horizons, LLC and Breakout Global Horizons, LLC.  As a result effective March 1, 2014, Alamo Global Horizons, LLC and Breakout Global Horizons, LLC will be wholly owned subsidiaries of the Partnership.

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FAIR VALUE DISCLOSURES

12 Months Ended

Dec. 31, 2013

FAIR VALUE DISCLOSURES

FAIR VALUE DISCLOSURES

8. FAIR VALUE DISCLOSURES

The Partnership qualifies as an investment company under the provisions of the American Institute of Certified Public Accountants Audit and Accounting Guide for Investment Companies (“Audit and Accounting Guide”) and therefore, all investments including derivatives are stated at fair value in the Consolidated Statements of Financial Condition, and changes in fair value are included in Realized and Change in unrealized trading profits (losses) in the Consolidated Statements of Operations.

The Partnership records derivatives contracts held in commodities futures trading accounts and cash equivalents at fair value in accordance with Accounting Standards Codification (“ASC”) 820, Fair Value Measurements and Disclosures (“ASC 820”). ASC 820 defines fair value as the price that the Partnership would receive upon selling an investment or pay to transfer a liability in an orderly transaction to a market participant in the principal or most advantageous market for the investment. ASC 820 emphasizes that valuation techniques maximize the use of observable market inputs and minimize the use of unobservable inputs. Inputs refer broadly to the assumptions that market participants would use in pricing an asset or liability, including assumptions about risk to the extent the asset or liability 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 participants would use in pricing an asset or liability developed based on market data obtained from sources independent of the Partnership. Unobservable inputs are inputs that reflect the General Partner’s assumptions about what information market participants would use to price an asset or liability developed based on the best information available under the circumstances.

ASC 820 establishes a hierarchy that classifies these inputs into the three broad levels listed below:

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

Level 2 — Other than quoted prices included within Level 1 that are observable for substantially the full term of the asset or liability, either directly or indirectly.  Level 2 includes quoted prices (unadjusted) for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities that are not active; and inputs other than quoted prices that are observable or that can be generally corroborated by observable market data, such as those used in models or other valuation methodologies. As a practical expedient, the Partnership relies on the NAV (or its equivalent) of certain investments as their fair value.

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

There were no Level 3 assets or liabilities held at December 31, 2013, December 31, 2012 or during the years then ended.

The following table summarizes the valuation of the Partnership’s investments by the above ASC 820 fair value hierarchy levels as of December 31, 2013 and 2012.

				Fair Value at Reporting Date Using
				Quoted Prices in Active Markets for			Significant Other
				Identical Assets			Observable Inputs
Description	December 31, 2013			(Level 1)			(Level 2)
Cash Equivalents	$	62,321,409		$	62,321,409		$	—
Investments in Non-Consolidated LLCs	49,264,514			—			49,264,514
Futures (1)	1,153,714			1,153,714			—
Forwards (1)	(82,666		)	—			(82,666		)
Options (1)	(566,396		)	(615,645		)	49,249
	$	112,090,575		$	62,859,478		$	49,231,097

Description	December 31, 2012
Cash Equivalents	$	117,403,824		$	117,403,824	$	—
Investments in Non-Consolidated LLCs	99,262,759			—		99,262,759
Futures (1)	416,804			416,804		—
Forwards (1)	(2,072,428		)	—		(2,072,428		)
Options (1)	(29,494		)	132,601		(162,095		)
	$	214,981,465		$	117,953,229	$	97,028,236

(1) See Condensed Consolidated Schedules of Investments in Note 3 for the values in each commodity industry sector within this table

ASC 820 permits as a practical expedient, the Partnership to measure the fair value of its Investments in the Non-Consolidated LLCs on the basis of the net asset value per unit of such investment or the equivalent if the net asset value per share of such investments (or the monetary equivalent) is calculated in a manner consistent with the measurement principles of the Audit and Accounting Guide as of the Partnership’s reporting date. The fair value of the Investments in Non-Consolidated LLCs is based on the Partnership’s proportionate share of the fair value of the financial instruments held by the Non-Consolidated LLC, plus any other assets and less any other liabilities held by the Non-Consolidated LLCs which approximates the net asset value per unit.  In accordance with ASC 820, Investments in Non-Consolidated LLCs have been considered Level 2 in the fair value hierarchy as the Partnership has the ability to increase or decrease its ownership in the Non-Consolidated LLC at the above basis on the measurement date.

There were no transfers between Level 1 and Level 2 during the years ended December 31, 2013 and 2012.

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WEIGHTED AVERAGE UNITS

12 Months Ended

Dec. 31, 2013

WEIGHTED AVERAGE UNITS

WEIGHTED AVERAGE UNITS

6. WEIGHTED AVERAGE UNITS

The weighted average number of Units outstanding is computed for purposes of disclosing net income (loss) per weighted average Unit.  The weighted average number of Units outstanding for the years ended December 31, 2013, 2012 and 2011 equals the Units outstanding as of such date, adjusted proportionately for Units subscribed and redeemed based on the respective length of time each was outstanding during the year.

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PARTNERS' CAPITAL

12 Months Ended

Dec. 31, 2013

PARTNERS' CAPITAL

PARTNERS' CAPITAL

7. PARTNERS’ CAPITAL

At December 31, 2013 and 2012, the Net Asset Values of the different Series of the Units were:

December 31, 2013	Net Asset Value		Number of Units	Net Asset Value per Unit
Series A	$	102,123,710	116,019,483	$	0.8802
Series F	12,470,664		58,670	$	212.56
Series G	15,542,406		16,882,395	$	0.9206
Series I	1,544,543		1,371,637	$	1.1261
Total Partners’ Capital	$	131,681,323	134,332,185

December 31, 2012	Net Asset Value		Number of Units	Net Asset Value per Unit
Series A	$	220,539,487	230,899,814	$	0.9551
Series F	17,551,923		76,090	$	230.67
Series G	21,236,500		21,255,467	$	0.9991
Series I	2,335,058		1,973,082	$	1.1835
Total Partners’ Capital	$	261,662,968	254,204,453

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

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DERIVATIVE CONTRACTS AND OFF-BALANCE SHEET RISK

12 Months Ended

Dec. 31, 2013

DERIVATIVE CONTRACTS AND OFF-BALANCE SHEET RISK

DERIVATIVE CONTRACTS AND OFF-BALANCE SHEET RISK

9. DERIVATIVE CONTRACTS AND OFF-BALANCE SHEET RISK

The Partnership is exposed to market risk, the risks arising from changes in the market value of the contracts; credit risk, the risk of failure by another party to perform according to the terms of a contract and concentration risk; the risk of financial institution insolvency.

Market Risk

Derivative contracts involve varying degrees of off-balance sheet market risk.  Changes in the level or volatility of interest rates, foreign currency exchange rates or the market values of the financial contracts or commodities underlying such open derivative contracts frequently result in changes in the Partnership’s net unrealized profit (loss) / market value on such derivative contracts as reflected in the Consolidated Statements of Financial Condition.  The Partnership’s exposure to market risk is influenced by a number of factors, including the relationships among the derivative contracts held by the Partnership as well as the volatility and liquidity of the markets in which the derivative contracts are traded.  Investments in foreign markets may also entail legal and political risks.

For derivatives, risks arise from changes in the market value of the contracts.  Theoretically, the Partnership is exposed to a market risk equal to the notional contract value of futures and forward currency contracts purchased and unlimited liability on such contracts sold short.

BRIM has procedures in place intended to control market risk exposure, although there can be no assurance that it will, in fact, succeed in doing so.  These procedures focus primarily on monitoring the trading of the Trading Advisors, calculating the net asset value of the Partnership as of the close of business on each day and reviewing outstanding positions, or reallocating Partnership assets among Trading Advisors (although typically only as of the end of a month) for over-concentrations. BRIM’s basic risk control procedures consist simply of the ongoing process of Trading Advisor monitoring, with the market risk controls being applied by the Trading Advisors themselves.

Credit Risk

The risks associated with exchange-traded contracts are typically perceived to be less than those associated with OTC (non-exchange-traded) transactions, because exchanges typically (but not universally) provide clearinghouse arrangements in which the collective credit (in some cases limited in amount, in some cases not) of the members of the exchange is pledged to support the financial integrity of the exchange. In OTC transactions, on the other hand, traders must rely solely on the credit of their respective individual counterparties. Margins, which may be subject to loss in the event of a default, are generally required in exchange trading, and counterparties may also require margin in the OTC markets.

Set forth below are tables which disclose both gross information and net information about instruments and transactions eligible for offset in the Consolidated Statements of Financial Condition and instruments and transactions that are subject to an agreement similar to a master netting agreement, as well as amounts related to margin, reflected as financial collateral (including cash collateral), held at clearing brokers and other counterparties. Margin reflected in the collateral tables reflects margin up to an amount of 100% of the net amount of unrealized loss for the respective counterparty. Actual margin amounts required at each counterparty are based on the notional amounts or the number of contracts outstanding and may exceed the margin presented in the collateral tables. The master netting and similar agreements allow the clearing brokers to net any collateral held in or on behalf of the Partnership or liabilities or payment obligations of the clearing brokers to the Partnership against any liabilities or payment obligations of the Partnership to the clearing brokers. The Partnership is required to deposit financial collateral (including cash collateral) at the clearing brokers and counterparties to continually meet the original and maintenance requirements established by the clearing brokers and counterparties. Such requirements are specific to the respective clearing broker or counterparty.

As noted in Note 2, during the normal course of business, the Partnership, through each Trading Advisor, enters into derivative contracts with various clearing brokers and derivatives counterparties. Pursuant to the agreements with each clearing broker and derivative counterparty, certain positions have been netted in the Consolidated Statements of Financial Condition to reflect the legal right of offset with each clearing broker and derivative counterparty. Such netting is performed on a Trading Advisor by Trading Advisor basis with each clearing broker and derivative counterparty, and thus positions entered by each Trading Advisor are not netted between Trading Advisors.  The tables below present the offsetting on a basis by commodity industry sector.  As the receivables and payables are netted by clearing broker and derivative counterparty and by Trading Advisor, as appropriate under GAAP, the presentation below does not reflect amounts across commodity industry sectors which have been netted in the Consolidated Statements of Financial Condition.  Thus, amounts for certain commodity industry sectors may appear to be netted in excess of the gross amounts of recognized assets or liabilities, as indicated by a negative net asset amount or positive net liability amount in the net amounts presented in the Consolidated Statements of Financial Condition in the tables below.

As of 12/31/2013

Offsetting of Net unrealized profit / market value on open contracts / options:

			Gross			Net
	Gross		Amounts offset in			Amounts presented in
Commodity	Amounts of		the Consolidated Statements			the Consolidated Statements
Industry Sector	Recognized Assets		of Financial Condition			of Financial Condition
Futures
Agriculture	$	168,600	$	(119,929	)	$	48,671
Currencies	256,067		(44,656		)	211,411
Energy	40,183		(35,855		)	4,328
Interest rates	92,335		(184,727		)	(92,392		)
Metals	1,028,523		(949,902		)	78,621
Stock indices	971,018		(9,814		)	961,204
Subtotal	2,556,726		(1,344,883		)	1,211,843
Forwards
Currencies	336,711		(334,160		)	2,551
Options
Currencies	344,294		(172,223		)	172,071
Energy	—		(28,500		)	(28,500		)
Interest rates	—		(570,141		)	(570,141		)
Stock indices	—		(49,395		)	(49,395		)
Subtotal	344,294		(820,259		)	(475,965		)
Total Derivatives subject to a master netting or similar arrangement	3,237,731		(2,499,302		)	738,429
Total Derivatives not subject to a master netting or similar arrangement	—		—			—
Total Derivatives	$	3,237,731	$	(2,499,302	)	$	738,429

Offsetting of Net unrealized loss / market value on open contracts / options:

				Gross		Net
	Gross			Amounts offset in		Amounts presented in
Commodity	Amounts of			the Consolidated Statements		the Consolidated Statements
Industry Sector	Recognized Liabilities			of Financial Condition		of Financial Condition
Futures
Agriculture	$	(119,929	)	$	119,929	$	—
Currencies	(44,656		)	44,656		—
Energy	(35,855		)	35,855		—
Interest rates	(239,106		)	184,727		(54,379		)
Metals	(949,902		)	949,902		—
Stock indices	(13,564		)	9,814		(3,750		)
Subtotal	(1,403,012		)	1,344,883		(58,129		)
Forwards
Currencies	(419,377		)	334,160		(85,217		)
Options
Currencies	(295,045		)	172,223		(122,822		)
Energy	(9,150		)	11,100		1,950
Interest rates	(163,219		)	406,735		243,516
Stock indices	(213,075		)	—		(213,075		)
Subtotal	(680,489		)	590,058		(90,431		)
Total Derivatives subject to a master netting or similar arrangement	(2,502,878		)	2,269,101		(233,777		)
Total Derivatives not subject to a master netting or similar arrangement	—			—		—
Total Derivatives	$	(2,502,878	)	$	2,269,101	$	(233,777	)

As of 12/31/2012

Offsetting of Net unrealized profit / market value on open contracts / options:

			Gross			Net
	Gross		Amounts offset in			Amounts presented in
Commodity	Amounts of		the Consolidated Statements			the Consolidated Statements
Industry Sector	Recognized Assets		of Financial Condition			of Financial Condition
Futures
Agriculture	$	168,568	$	(274,704	)	$	(106,136	)
Currencies	718,875		(378,990		)	339,885
Energy	574,348		(442,954		)	131,394
Interest rates	562,168		(245,882		)	316,286
Metals	2,403,115		(2,661,358		)	(258,243		)
Stock indices	677,507		(382,114		)	295,393
Subtotal	5,104,581		(4,386,002		)	718,579
Forwards
Currencies	959,887		(764,945		)	194,942
Options
Agriculture	—		—			—
Currencies	2,200		(2,200		)	—
Energy	4,730		(4,840		)	(110		)
Interest rates	30,182		(47,438		)	(17,256		)
Metals	370,030		—			370,030
Stock indices	150,700		(75,350		)	75,350
Subtotal	557,842		(129,828		)	428,014
Total Derivatives subject to a master netting or similar arrangement	6,622,310		(5,280,775		)	1,341,535
Total Derivatives not subject to a master netting or similar arrangement	—		—			—
Total Derivatives	$	6,622,310	$	(5,280,775	)	$	1,341,535

Offsetting of Net unrealized loss / market value on open contracts / options:

				Gross		Net
	Gross			Amounts offset in		Amounts presented in
Commodity	Amounts of			the Consolidated Statements		the Consolidated Statements
Industry Sector	Recognized Liabilities			of Financial Condition		of Financial Condition
Futures
Agriculture	$	(258,132	)	$	274,704	$	16,572
Currencies	(494,614		)	378,990		(115,624		)
Energy	(413,383		)	442,954		29,571
Interest rates	(292,476		)	245,882		(46,594		)
Metals	(2,900,138		)	2,661,358		(238,780		)
Stock indices	(329,033		)	382,114		53,081
Subtotal	(4,687,776		)	4,386,002		(301,774		)
Forwards
Currencies	(3,032,317		)	764,945		(2,267,372		)
Options
Agriculture	—			—		—
Currencies	(203,826		)	2,200		(201,626		)
Energy	(32,560		)	4,840		(27,720		)
Interest rates	(91,369		)	47,438		(43,931		)
Metals	(116,030		)	—		(116,030		)
Stock indices	(143,550		)	75,350		(68,200		)
Subtotal	(587,335		)	129,828		(457,507		)
Total Derivatives subject to a master netting or similar arrangement	(8,307,428		)	5,280,775		(3,026,653		)
Total Derivatives not subject to a master netting or similar arrangement	—			—		—
Total Derivatives	$	(8,307,428	)	$	5,280,775	$	(3,026,653	)

As of 12/31/2013

Collateral Held by Counterparty:

			Gross Amounts not offset in the Consolidated Statements of Financial Condition
	Net Amount of Unrealized Profit		Cash Collateral		Net
Counterparty	in the Consolidated Statements of Financial Condition		Received		Amount
Counterparty A	$	765,608	$	—	$	765,608
Counterparty B	454,673		—		454,673
Counterparty C	—		—		—
Counterparty D	—		—		—
Counterparty E	—		—		—
Counterparty F	—		—		—
Counterparty G	40,799		—		40,799
Counterparty H	—		—		—
	$	1,261,080	$	—	$	1,261,080
	Net Amount of Unrealized Loss		Cash Collateral		Net
Counterparty	in the Consolidated Statements of Financial Condition		Pledged		Amount
Counterparty A	$	—	$	—	$	—
Counterparty B	—		—		—
Counterparty C	673,773		2,575,061		—
Counterparty D	—		—		—
Counterparty E	76,767		85		76,682
Counterparty F	—		—		—
Counterparty G	—		—		—
Counterparty H	5,888		3		5,885
	$	756,428	$	2,575,149	$	82,567
As of 12/31/2012
Collateral Held by Counterparty:
			Gross Amounts not offset in the Consolidated Statements of Financial Condition
	Net Amount of Unrealized Profit		Cash Collateral		Net
Counterparty	in the Consolidated Statements of Financial Condition		Received		Amount
Counterparty A	$	—	$	—	$	—
Counterparty B	708,832		—		708,832
Counterparty C	—		—		—
Counterparty D	397,408		—		397,408
Counterparty E	—		—		—
Counterparty F	78,890		—		78,890
	$	1,185,130	$	—	$	1,185,130
	Net Amount of Unrealized Loss		Cash Collateral		Net
Counterparty	in the Consolidated Statements of Financial Condition		Pledged		Amount
Counterparty A	$	216,144	$	216,144	$	—
Counterparty B	—		—		—
Counterparty C	248,713		248,713		—
Counterparty D	—		—		—
Counterparty E	2,405,391		2,214,223		191,168
Counterparty F	—		—		—
	$	2,870,248	$	2,679,080	$	191,168

Concentration Risk

The amount of required margin and good faith deposits with the brokers usually ranges from 1% to 10% of net asset value of the Partnership.  The cash held to satisfy such requirements at December 31, 2013 and 2012 was $10,605,212 and $17,940,020 respectively, which equals 8.05% and 6.86% of net asset value of the Partnership, respectively.

The Partnership has a substantial portion of its assets on deposit with financial institutions.  In the event of a financial institution’s insolvency, recovery of Partnership assets on deposit may be limited to account insurance or other protection afforded such deposits.

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ADVISORY AGREEMENTS (Details)	12 Months Ended
	Dec. 31, 2013
ADVISORY AGREEMENTS
Advisory agreements term	1 year
Maximum management fees (as a percent)	2.00%
Profit Shares, low end range (as a percent)	10.00%
Profit Shares, high end range (as a percent)	30.00%

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CONDENSED CONSOLIDATED SCHEDULES OF INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2013

Partnership's investment and relevant financial information

Schedule of fair value of the Partnership's futures, forwards, and options contracts by type are presented as net unrealized profit (loss)/ market value on open contracts/options in the consolidated statements of financial condition

The fair value of the Partnership’s futures, forwards and options contracts by type that are presented as Net unrealized profit (loss) / market value on open contracts / options in the Consolidated Statements of Financial Condition as of December 31, 2013 are as follows:

	Long Positions						Long Positions Unrealized					Short Positions							Short Positions Unrealized					Net Unrealized Profit (Loss)
Commodity	Number	Gross Unrealized					Profit (Loss)/			Percent of		Number		Gross Unrealized					Profit (Loss)/			Percent of		Market Value on Open			Percent of
Industry Sector	of Contracts	Gains		Losses			Market Value			Net Assets		of Contracts		Gains		Losses			Market Value			Net Assets		Contracts/Options			Net Assets		Maturity Dates
Futures
Agriculture	133	$	15,035	$	(97,886	)	$	(82,851	)	-0.06	%	(150	)	$	153,565	$	(22,043	)	$	131,522		0.10	%	$	48,671		0.04	%	January 14 - December 14
Currencies	214	97,977		(40,224		)	57,753			0.04	%	(95	)	158,091		(4,433		)	153,658			0.12	%	211,411			0.16	%	March 14
Energy	56	40,183		(26,367		)	13,816			0.01	%	(5	)	—		(9,488		)	(9,488		)	-0.01	%	4,328			0.00	%	January 14 - April 14
Interest rates	1,284	47,047		(223,537		)	(176,490		)	-0.13	%	(362	)	45,288		(15,569		)	29,719			0.02	%	(146,771		)	-0.11	%	January 14 - September 16
Metals	346	800,800		(211,988		)	588,812			0.45	%	(331	)	227,723		(737,914		)	(510,191		)	-0.39	%	78,621			0.06	%	January 14 - April 14
Stock indices	495	970,818		(1,787		)	969,031			0.73	%	(96	)	200		(11,777		)	(11,577		)	-0.01	%	957,454			0.72	%	January 14 - March 14
Subtotal	2,528	1,971,860		(601,789		)	1,370,071			1.04	%	(1,039	)	584,867		(801,224		)	(216,357		)	-0.17	%	1,153,714			0.87	%
Forwards
Currencies		156,904		(116,121		)	40,783			0.03	%			179,807		(303,256		)	(123,449		)	-0.09	%	(82,666		)	-0.06	%	January 14 - May 14
Options
Currencies	—	172,223		—			172,223			0.13	%	—		—		(122,974		)	(122,974		)	-0.09	%	49,249			0.04	%	January 14
Energy	15	11,100		—			11,100			0.01	%	(75	)	—		(37,650		)	(37,650		)	-0.03	%	(26,550		)	-0.02	%	January 14
Interest rates	465	406,734		—			406,734			0.31	%	(1,935	)	—		(733,359		)	(733,359		)	-0.56	%	(326,625		)	-0.25	%	January 14
Stock indices	—	—		—			—			0.00	%	(333	)	—		(262,470		)	(262,470		)	-0.20	%	(262,470		)	-0.20	%	January 14 - March 14
Subtotal	480	590,057		—			590,057			0.45	%	(2,343	)	—		(1,156,453		)	(1,156,453		)	-0.88	%	(566,396		)	-0.43	%
Total	3,008	$	2,718,821	$	(717,910	)	$	2,000,911		1.52	%	(3,382	)	$	764,674	$	(2,260,933	)	$	(1,496,259	)	-1.14	%	$	504,652		0.38	%

 The fair value of the Partnership’s futures, forwards and options contracts by type that are presented as Net unrealized profit (loss) / market value on open contracts / options in the Consolidated Statements of Financial Condition as of December 31, 2012 are as follows:

							Long Positions												Short Positions
	Long Positions						Unrealized					Short Positions							Unrealized					Net Unrealized Profit (Loss)
Commodity	Number	Gross Unrealized					Profit (Loss)/			Percent of		Number		Gross Unrealized					Profit (Loss)/			Percent of		Market Value on Open			Percent of
Industry Sector	of Contracts	Gains		Losses			Market Value			Net Assets		of Contracts		Gains		Losses			Market Value			Net Assets		Contracts/Options			Net Assets		Maturity Dates
Futures
Agriculture	227	$	30,992	$	(210,917	)	$	(179,925	)	-0.07	%	(191	)	$	137,576	$	(47,215	)	$	90,361		0.04	%	$	(89,564	)	-0.03	%	January 13 - December 13
Currencies	671	166,846		(485,889		)	(319,043		)	-0.12	%	(146	)	552,029		(8,725		)	543,304			0.21	%	224,261			0.09	%	January 13 - March 13
Energy	513	364,585		(120,408		)	244,177			0.09	%	(413	)	209,763		(292,975		)	(83,212		)	-0.03	%	160,965			0.06	%	January 13 - December 13
Interest rates	3,850	553,893		(218,013		)	335,880			0.13	%	(209	)	8,275		(74,463		)	(66,188		)	-0.03	%	269,692			0.10	%	January 13 - March 16
Metals	1,042	2,081,342		(671,087		)	1,410,255			0.54	%	(949	)	321,773		(2,229,051		)	(1,907,278		)	-0.73	%	(497,023		)	-0.19	%	January 13 - March 14
Stock indices	1,219	655,637		(328,838		)	326,799			0.12	%	(90	)	21,870		(195		)	21,675			0.01	%	348,474			0.13	%	January 13 - December 13
Subtotal	7,522	3,853,295		(2,035,152		)	1,818,143			0.69	%	(1,998	)	1,251,286		(2,652,624		)	(1,401,338		)	-0.53	%	416,805			0.16	%
Forwards
Currencies		355,855		(287,104		)	68,751			0.03	%			604,032		(2,745,213		)	(2,141,181		)	-0.82	%	(2,072,430		)	-0.79	%	January 13 - September 13
Options
Currencies	—	2,200		—			2,200			0.00	%	—		—		(203,826		)	(203,826		)	-0.08	%	(201,626		)	-0.08	%	January 13
Energy	33	4,840		—			4,840			0.00	%	(33	)	—		(32,670		)	(32,670		)	-0.01	%	(27,830		)	-0.01	%	January 13 - February 13
Interest rates	110	47,438		—			47,438			0.02	%	(407	)	—		(108,625		)	(108,625		)	-0.04	%	(61,187		)	-0.02	%	January 13 - February 13
Metals	79	254,000		—			254,000			0.10	%	—		—		—			—			0.00	%	254,000			0.10	%	January 13 - November 13
Stock indices	44	75,350		—			75,350			0.03	%	(88	)	—		(68,200		)	(68,200		)	-0.03	%	7,150			0.00	%	January 13
Subtotal	266	383,828		—			383,828			0.15	%	(528	)	—		(413,321		)	(413,321		)	-0.16	%	(29,493		)	-0.01	%
Total	7,788	$	4,592,978	$	(2,322,256	)	$	2,270,722		0.87	%	(2,526	)	$	1,855,318	$	(5,811,158	)	$	(3,955,840	)	-1.51	%	$	(1,685,118	)	-0.64	%

Schedule of Partnership's investment in each Non-Consolidated LLC and relevant financial information

2013

	Partnership’s		Partnership’s		Partnership’s investment %
Non-Consolidated LLC	Fair Value		Cost		of Non-Consolidated LLC		Management Fee		Profit Share		Redemptions Permitted
Alamo Global Horizons, LLC	$	8,199,499	$	9,469,624	77.02	%	2	%	20	%	Monthly
Breakout Global Horizons, LLC	9,010,495		9,579,951		70.62	%	1	%	15	%	Monthly
Cambridge Global Horizons, LLC	7,773,556		11,256,744		60.99	%	1.35	%	10	%	Monthly
Quaker Global Horizons, LLC	14,195,907		13,349,897		64.37	%	1	%	20	%(1)	Monthly
Quantum Global Horizons, LLC	10,085,057		11,757,274		45.15	%	0	%	30	%	Monthly
Total	$	49,264,514	$	55,413,490

(1) If net contribution amount is more than $50 million, the percentage shall equal 17.5%

2012

	Partnership’s		Partnership’s		Partnership’s investment %
Non-Consolidated LLC	Fair Value		Cost		of Non-Consolidated LLC		Management Fee		Profit Share		Redemptions Permitted
Alamo Global Horizons, LLC	$	17,559,155	$	20,116,405	76.18	%	2	%	20	%	Monthly
Breakout Global Horizons, LLC	18,966,146		23,560,266		48.24	%	1	%	15	%	Monthly
Cambridge Global Horizons, LLC	24,462,897		21,260,160		59.84	%	2	%	20	%	Monthly
Nets Global Horizons, LLC	17,110,071		22,837,847		57.54	%	2	%	17	%	Monthly
Quantum Global Horizons, LLC	21,164,490		20,640,437		47.64	%	0	%	30	%	Monthly
Total	$	99,262,759	$	108,415,115

Schedule of statement of financial condition

STATEMENTS OF FINANCIAL CONDITION

DECEMBER 31, 2013

	Alamo			Breakout		Cambridge		Quaker		Quantum
	Global Horizons, LLC			Global Horizons, LLC		Global Horizons, LLC		Global Horizons, LLC		Global Horizons, LLC
ASSETS:
Cash and cash equivalents	$	8,183,611		$	10,497,462	$	8,337,799	$	11,978,889	$	19,551,925
Equity in commodity futures trading accounts: Cash (1)	2,966,409			3,178,709		5,069,438		10,681,449		4,535,527
Net unrealized profit on open contracts	99,554			539,757		238,479		840,087		381,076
Accrued interest and other assets	520			—		—		—		272
TOTAL ASSETS	$	11,250,094		$	14,215,928	$	13,645,716	$	23,500,425	$	24,468,800
LIABILITIES AND MEMBERS’ CAPITAL
LIABILITIES:
Due to Partnership	$	559,480		$	614,421	$	527,516	$	1,242,900	$	687,414
Redemptions payable	—			573,985		308,875		—		853,745
Subscription received in advance	—			200,000		—		—		450,000
Profit Shares payable	—			—		—		173,061		68,481
Trading Advisors’ management fees payable	4,083			3,605		5,937		6,698		—
Administrator fees payable	10,806			26,605		22,632		3,288		31,646
Professional fees payable	33,261			36,433		32,016		20,001		38,933
Other fees payable	(2,864		)	2,365		2,935		382		1,767
Total liabilities	604,766			1,457,414		899,911		1,446,330		2,131,986
TOTAL MEMBERS’ CAPITAL	10,645,328			12,758,514		12,745,805		22,054,095		22,336,814
TOTAL LIABILITIES AND MEMBERS’ CAPITAL	$	11,250,094		$	14,215,928	$	13,645,716	$	23,500,425	$	24,468,800

(1) Includes restricted cash of $1,318,821, $2,529,118, $669,616, $5,369,821 and $1,123,068, respectively.

STATEMENTS OF FINANCIAL CONDITION

DECEMBER 31, 2012

	Alamo		Breakout		Cambridge		Nets		Quantum
	Global Horizons, LLC		Global Horizons, LLC		Global Horizons, LLC		Global Horizons, LLC		Global Horizons, LLC
ASSETS:
Cash and cash equivalents	$	20,377,477	$	21,595,885	$	4,757,862	$	26,712,321	$	24,812,881
Equity in commodity futures trading accounts: Cash (1)	3,478,994		18,089,465		38,461,055		5,138,261		21,435,349
Net unrealized profit on open contracts	262,603		1,042,090		—		—		—
Accrued interest and other assets	2,712		3,325		2,720		1,319		4,094
TOTAL ASSETS	$	24,121,786	$	40,730,765	$	43,221,637	$	31,851,901	$	46,252,324
LIABILITIES AND MEMBERS’ CAPITAL
LIABILITIES:
Net unrealized loss on open contracts	$	—	$	—	$	175,044	$	91,517	$	521,711
Due to Partnership	1,026,163		1,108,537		1,680,015		997,556		1,237,006
Redemptions payable	—		230,000		—		950,000		—
Profit Shares payable	—		—		407,841		—		—
Trading Advisors’ management fees payable	9,166		17,164		28,093		22,700		—
Administrator fees payable	8,224		19,706		15,569		17,468		22,826
Professional fees payable	27,361		30,833		26,116		31,250		33,333
Other fees payable	1,368		9,307		6,247		5,667		8,148
Total liabilities	1,072,282		1,415,547		2,338,925		2,116,158		1,823,024
TOTAL MEMBERS’ CAPITAL	23,049,504		39,315,218		40,882,712		29,735,743		44,429,300
TOTAL LIABILITIES AND MEMBERS’ CAPITAL	$	24,121,786	$	40,730,765	$	43,221,637	$	31,851,901	$	46,252,324

(1) Includes restricted cash of $1,359,877, $7,597,881, $14,557,619, $2,095,713 and $7,392,494, respectively.

Schedule of statements of operations

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2013

	Alamo			Breakout			Cambridge			Quaker			Quantum
	Global Horizons, LLC			Global Horizons, LLC			Global Horizons, LLC			Global Horizons, LLC			Global Horizons, LLC
TRADING PROFITS (LOSSES):
Realized	$	(178,588	)	$	1,028,777		$	(4,507,557	)	$	1,908,485		$	(3,054,963	)
Change in unrealized	(178,881		)	(489,618		)	180,645			839,434			922,140
Brokerage commissions and clearing costs	(43,377		)	(67,359		)	(192,350		)	(117,010		)	(129,629		)
Total trading profits (losses)	(400,846		)	471,800			(4,519,262		)	2,630,909			(2,262,452		)
INVESTMENT INCOME:
Interest	9,324			11,148			—			—			14,689
EXPENSES:
Trading Advisors’ management fees	314,380			259,378			428,609			154,892			—
Profit Shares	—			—			479			471,623			68,481
Administrator fees	46,078			50,483			55,783			32,980			51,158
Professional fees	70,968			74,841			79,833			48,591			74,621
Other fees	578,782			636,905			792,930			483,195			634,624
Total expenses	1,010,208			1,021,607			1,357,634			1,191,281			828,884
NET INVESTMENT LOSS	(1,000,884		)	(1,010,459		)	(1,357,634		)	(1,191,281		)	(814,195		)
NET INCOME / (LOSS)	$	(1,401,730	)	$	(538,659	)	$	(5,876,896	)	$	1,439,628		$	(3,076,647	)

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2012

	Alamo			Breakout			Cambridge			Nets			Quantum
	Global Horizons, LLC			Global Horizons, LLC			Global Horizons, LLC			Global Horizons, LLC			Global Horizons, LLC
TRADING PROFITS (LOSSES):
Realized	$	(695,043	)	$	(6,295,144	)	$	9,438,281		$	(6,661,564	)	$	5,853,021
Change in unrealized	(239,088		)	687,004			380,791			128,008			309,294
Brokerage commissions and clearing costs	(155,012		)	(151,374		)	(624,299		)	(73,267		)	(269,264		)
Total trading profits (losses)	(1,089,143		)	(5,759,514		)	9,194,773			(6,606,823		)	5,893,051
INVESTMENT INCOME:
Interest	43,077			52,475			—			47,328			53,066
EXPENSES:
Trading Advisors’ management fees	614,518			488,959			953,699			851,236			—
Profit Shares	—			—			1,173,623			—			2,756,131
Administrator fees	88,694			95,739			113,056			94,334			91,946
Professional fees	152,733			160,459			185,622			158,204			155,086
Other fees	1,058,674			1,132,442			1,435,287			1,110,434			1,115,510
Total expenses	1,914,619			1,877,599			3,861,287			2,214,208			4,118,673
NET INVESTMENT LOSS	(1,871,542		)	(1,825,124		)	(3,861,287		)	(2,166,880		)	(4,065,607		)
NET INCOME / (LOSS)	$	(2,960,685	)	$	(7,584,638	)	$	5,333,486		$	(8,773,703	)	$	1,827,444

Schedule of trading profits (losses) of the Partnership's derivatives by instrument type, as well as the location of those gains and losses on the Consolidated Statements of Operations

2013

				Change in Net
Commodity	Realized Profits			Unrealized			Net Trading
Industry Sector	(Losses)			Profits (Losses)			Profits (Losses)
Futures
Agriculture	$	302,931		$	138,234		$	441,165
Currencies	(2,658,672		)	(83,717		)	(2,742,389		)
Energy	(2,636,353		)	(156,637		)	(2,792,990		)
Interest rates	(7,711,437		)	(416,464		)	(8,127,901		)
Metals	(88,677		)	575,645			486,968
Stock indices	2,719,677			608,980			3,328,657
Subtotal	(10,072,531		)	666,041			(9,406,490		)
Forwards
Currencies	(5,939,318		)	1,989,762			(3,949,556		)
Options
Agriculture	(432,986		)	—			(432,986		)
Currencies	2,673,941			240,288			2,914,229
Energy	1,022,878			(11,183		)	1,011,695
Interest rates	6,011,454			(55,100		)	5,956,354
Metals	(436,295		)	56,144			(380,151		)
Stock indices	1,735,886			(24,623		)	1,711,263
Subtotal	10,574,878			205,526			10,780,404
Total	$	(5,436,971	)	$	2,861,329		$	(2,575,642	)

2012

				Change in Net
Commodity	Realized Profits			Unrealized			Net Trading
Industry Sector	(Losses)			Profits (Losses)			Profits (Losses)
Futures
Agriculture	$	(2,820,296	)	$	(199,915	)	$	(3,020,211	)
Currencies	(3,263,268		)	(232,086		)	(3,495,354		)
Energy	465,650			(37,269		)	428,381
Interest rates	2,717,223			(1,279,367		)	1,437,856
Metals	(2,136,315		)	(325,359		)	(2,461,674		)
Stock indices	(403,550		)	313,805			(89,745		)
Subtotal	(5,440,556		)	(1,760,191		)	(7,200,747		)
Forwards
Currencies	(5,225,167		)	(2,190,759		)	(7,415,926		)
Options
Agriculture	(25,197		)	—			(25,197		)
Currencies	1,030,112			(185,404		)	844,708
Energy	1,006,201			21,872			1,028,073
Interest rates	4,555,729			(45,727		)	4,510,002
Metals	62,913			(56,144		)	6,769
Stock indices	1,354,178			(16,165		)	1,338,013
Subtotal	7,983,936			(281,568		)	7,702,368
Total	$	(2,681,787	)	$	(4,232,518	)	$	(6,914,305	)

2011

				Change in Net
Commodity	Realized Profits			Unrealized			Net Trading
Industry Sector	(Losses)			Profits (Losses)			Profits (Losses)
Futures
Agriculture	$	(5,774,791	)	$	(1,538,257	)	$	(7,313,048	)
Currencies	(992,911		)	(1,267,577		)	(2,260,488		)
Energy	(4,011,563		)	(536,058		)	(4,547,621		)
Interest rates	20,886,245			553,178			21,439,423
Metals	3,345,246			(1,501,750		)	1,843,496
Stock indices	(7,339,014		)	(446,410		)	(7,785,424		)
Subtotal	6,113,212			(4,736,874		)	1,376,338
Forwards
Currencies	564,076			(2,901,353		)	(2,337,277		)
Options
Currencies	3,351,068			8,090			3,359,158
Energy	586,225			—			586,225
Interest rates	3,962,742			58,130			4,020,872
Metals	108,137			—			108,137
Stock indices	1,133,607			21,863			1,155,470
Subtotal	9,141,779			88,083			9,229,862
Total	$	15,819,067		$	(7,550,144	)	$	8,268,923

Alamo Global Horizons, LLC

Partnership's investment and relevant financial information

Schedule of fair value of the Partnership's futures, forwards, and options contracts by type are presented as net unrealized profit (loss)/ market value on open contracts/options in the consolidated statements of financial condition

The fair value of the Non-Consolidated LLCs’ futures and forwards contracts by type that are presented as Net unrealized profit (loss) on open contracts in their respective Statements of Financial Condition as of December 31, 2013 are as follows:

Alamo Global Horizons, LLC

	Long Positions						Long Positions					Short Positions							Short Positions					Net Unrealized
Commodity	Number	Gross Unrealized					Unrealized			Percent of		Number		Gross Unrealized					Unrealized			Percent of		Profit (Loss) on			Percent of
Industry Sector	of Contracts	Gains		Losses			Profit (Loss)			Members’ Capital		of Contracts		Gains		Losses			Profit (Loss)			Members’ Capital		Open Contracts			Members’ Capital		Maturity Dates
Futures
Agriculture	134	$	20,100	$	(90,318	)	$	(70,218	)	-0.66	%	(443	)	$	267,788	$	(65,870	)	$	201,918		1.90	%	$	131,700		1.24	%	February 14 - March 14
Currencies	113	108,074		(16,612		)	91,462			0.86	%	(88	)	75,461		(5,051		)	70,410			0.66	%	161,872			1.52	%	March 14
Interest rates	69	—		(34,882		)	(34,882		)	-0.32	%	(41	)	—		(45,469		)	(45,469		)	-0.43	%	(80,351		)	-0.75	%	March 14 - June 14
Metals	12	4,108		(30,693		)	(26,585		)	-0.25	%	(61	)	—		(87,082		)	(87,082		)	-0.82	%	(113,667		)	-1.07	%	January 14 - April 14
Total	328	$	132,282	$	(172,505	)	$	(40,223	)	-0.37	%	(633	)	$	343,249	$	(203,472	)	$	139,777		1.31	%	$	99,554		0.94	%

 The fair value of the Non-Consolidated LLCs’ futures and forwards contracts by type that are presented as Net unrealized profit (loss) on open contracts in their respective Statements of Financial Condition as of December 31, 2012 are as follows:

Alamo Global Horizons, LLC

	Long Positions						Long Positions					Short Positions							Short Positions				Net Unrealized
Commodity	Number	Gross Unrealized					Unrealized			Percent of		Number		Gross Unrealized					Unrealized		Percent of		Profit (Loss) on			Percent of
Industry Sector	of Contracts	Gains		Losses			Profit (Loss)			Members’ Capital		of Contracts		Gains		Losses			Profit (Loss)		Members’ Capital		Open Contracts			Members’ Capital		Maturity Dates
Futures
Agriculture	53	$	41,903	$	—		$	41,903		0.18	%	(247	)	$	192,660	$	(95,359	)	$	97,301	0.42	%	$	139,204		0.60	%	March 13
Currencies	215	76,513		(174,782		)	(98,269		)	-0.43	%	(56	)	259,056		—			259,056		1.13	%	160,787			0.70	%	March 13
Energy	9	13,066		(12,524		)	542			0.00	%	—		—		—			—		0.00	%	542			0.00	%	February 13
Interest rates	275	1,880		(39,810		)	(37,930		)	-0.16	%	—		—		—			—		0.00	%	(37,930		)	-0.16	%	March 13 - June 13
Total	552	$	133,362	$	(227,116	)	$	(93,754	)	-0.41	%	(303	)	$	451,716	$	(95,359	)	$	356,357	1.55	%	$	262,603		1.14	%

Breakout Global Horizons, LLC

Partnership's investment and relevant financial information

Schedule of fair value of the Partnership's futures, forwards, and options contracts by type are presented as net unrealized profit (loss)/ market value on open contracts/options in the consolidated statements of financial condition

The fair value of the Non-Consolidated LLCs’ futures and forwards contracts by type that are presented as Net unrealized profit (loss) on open contracts in their respective Statements of Financial Condition as of December 31, 2013 are as follows:

Breakout Global Horizons, LLC

	Long Positions						Long Positions					Short Positions							Short Positions					Net Unrealized
Commodity	Number	Gross Unrealized					Unrealized			Percent of		Number		Gross Unrealized					Unrealized			Percent of		Profit (Loss) on			Percent of
Industry Sector	of Contracts	Gains		Losses			Profit (Loss)			Members’ Capital		of Contracts		Gains		Losses			Profit (Loss)			Members’ Capital		Open Contracts			Members’ Capital		Maturity Dates
Futures
Agriculture	80	$	76,560	$	(8,688	)	$	67,872		0.53	%	(80	)	$	108,725	$	—		$	108,725		0.85	%	$	176,597		1.38	%	February 14 - March 14
Currencies	139	132,914		(21,575		)	111,339			0.87	%	(151	)	96,275		(27,890		)	68,385			0.54	%	179,724			1.41	%	March 14
Energy	32	59,320		(7,526		)	51,794			0.41	%	(9	)	—		(8,130		)	(8,130		)	-0.07	%	43,664			0.34	%	January 14 - March 14
Interest rates	55	1,443		(67,135		)	(65,692		)	-0.51	%	(173	)	17,274		(58,186		)	(40,912		)	-0.33	%	(106,604		)	-0.84	%	March 14 - June 14
Metals	103	46,081		(133,491		)	(87,410		)	-0.69	%	(118	)	85,961		(107,526		)	(21,565		)	-0.16	%	(108,975		)	-0.85	%	January 14 - March 14
Stock indices	196	355,451		(100		)	355,351			2.79	%	—		—		—			—			0.00	%	355,351			2.79	%	January 14 - March 14
Total	605	$	671,769	$	(238,515	)	$	433,254		3.40	%	(531	)	$	308,235	$	(201,732	)	$	106,503		0.83	%	$	539,757		4.23	%

The fair value of the Non-Consolidated LLCs’ futures and forwards contracts by type that are presented as Net unrealized profit (loss) on open contracts in their respective Statements of Financial Condition as of December 31, 2012 are as follows:

Breakout Global Horizons, LLC

	Long Positions						Long Positions					Short Positions							Short Positions					Net Unrealized
Commodity	Number	Gross Unrealized					Unrealized			Percent of		Number		Gross Unrealized					Unrealized			Percent of		Profit (Loss) on			Percent of
Industry Sector	of Contracts	Gains		Losses			Profit (Loss)			Members’ Capital		of Contracts		Gains		Losses			Profit (Loss)			Members’ Capital		Open Contracts			Members’ Capital		Maturity Dates
Futures
Agriculture	—	$	—	$	—		$	—		0.00	%	(264	)	$	337,925	$	—		$	337,925		0.86	%	$	337,925		0.86	%	March 13
Currencies	968	729,065		(307,440		)	421,625			1.07	%	(183	)	365,402		—			365,402			0.93	%	787,027			2.00	%	March 13
Energy	15	—		(9,341		)	(9,341		)	-0.02	%	(80	)	53,800		(225,120		)	(171,320		)	-0.44	%	(180,661		)	-0.46	%	January 13 - March 13
Interest rates	553	206,994		(238,994		)	(32,000		)	-0.08	%	—		—		—			—			0.00	%	(32,000		)	-0.08	%	March 13 - June 13
Metals	158	—		(266,278		)	(266,278		)	-0.68	%	(103	)	—		(335,677		)	(335,677		)	-0.85	%	(601,955		)	-1.53	%	February 13 - March 13
Stock indices	444	756,597		(24,843		)	731,754			1.86	%	—		—		—			—			0.00	%	731,754			1.86	%	January 13 - March 13
Total	2,138	$	1,692,656	$	(846,896	)	$	845,760		2.15	%	(630	)	$	757,127	$	(560,797	)	$	196,330		0.50	%	$	1,042,090		2.65	%

Cambridge Global Horizons, LLC

Partnership's investment and relevant financial information

Schedule of fair value of the Partnership's futures, forwards, and options contracts by type are presented as net unrealized profit (loss)/ market value on open contracts/options in the consolidated statements of financial condition

The fair value of the Non-Consolidated LLCs’ futures and forwards contracts by type that are presented as Net unrealized profit (loss) on open contracts in their respective Statements of Financial Condition as of December 31, 2013 are as follows:

Cambridge Global Horizons, LLC

	Long Positions						Long Positions					Short Positions							Short Positions					Net Unrealized
Commodity	Number	Gross Unrealized					Unrealized			Percent of		Number		Gross Unrealized					Unrealized			Percent of		Profit (Loss) on			Percent of
Industry Sector	of Contracts	Gains		Losses			Profit (Loss)			Members’ Capital		of Contracts		Gains		Losses			Profit (Loss)			Members’ Capital		Open Contracts			Members’ Capital		Maturity Dates
Futures
Agriculture	5	$	—	$	(5,123	)	$	(5,123	)	-0.04	%	(29	)	$	18,939	$	(5,044	)	$	13,895		0.11	%	$	8,772		0.07	%	January 14 - March 14
Currencies	10	4,738		(1,310		)	3,428			0.03	%	(14	)	16,174		(148		)	16,026			0.13	%	19,454			0.16	%	March 14
Energy	10	4,432		(4,530		)	(98		)	0.00	%	—		—		—			—			0.00	%	(98		)	0.00	%	January 14 - February 14
Interest rates	123	634		(43,996		)	(43,362		)	-0.34	%	(36	)	18,532		(54		)	18,478			0.14	%	(24,884		)	-0.20	%	January 14 - June 17
Metals	122	176,112		(63,429		)	112,683			0.88	%	(130	)	80,170		(240,552		)	(160,382		)	-1.26	%	(47,699		)	-0.38	%	January 14 - April 14
Stock indices	66	187,099		—			187,099			1.47	%	(1	)	550		—			550			0.00	%	187,649			1.47	%	January 14 - March 14
Subtotal	336	373,015		(118,388		)	254,627			2.00	%	(210	)	134,365		(245,798		)	(111,433		)	-0.88	%	143,194			1.12	%
Forwards
Currencies		244,177		(132,514		)	111,663			0.87	%			168,866		(185,244		)	(16,378		)	-0.12	%	95,285			0.75	%	March 14
Total	336	$	617,192	$	(250,902	)	$	366,290		2.87	%	(210	)	$	303,231	$	(431,042	)	$	(127,811	)	-1.00	%	$	238,479		1.87	%

The fair value of the Non-Consolidated LLCs’ futures and forwards contracts by type that are presented as Net unrealized profit (loss) on open contracts in their respective Statements of Financial Condition as of December 31, 2012 are as follows:

Cambridge Global Horizons, LLC

	Long Positions						Long Positions					Short Positions							Short Positions					Net Unrealized
Commodity	Number	Gross Unrealized					Unrealized			Percent of		Number		Gross Unrealized					Unrealized			Percent of		Profit (Loss) on			Percent of
Industry Sector	of Contracts	Gains		Losses			Profit (Loss)			Members’ Capital		of Contracts		Gains		Losses			Profit (Loss)			Members’ Capital		Open Contracts			Members’ Capital		Maturity Dates
Futures
Agriculture	95	$	1,398	$	(159,683	)	$	(158,285	)	-0.38	%	(211	)	$	159,461	$	(49,206	)	$	110,255		0.27	%	$	(48,030	)	-0.11	%	February 13 - May 13
Currencies	251	21,950		(195,816		)	(173,866		)	-0.43	%	(60	)	115,239		(12,222		)	103,017			0.25	%	(70,849		)	-0.18	%	March 13
Energy	333	988,215		(17,519		)	970,696			2.37	%	(275	)	23,595		(668,170		)	(644,575		)	-1.58	%	326,121			0.79	%	January 13 - March 13
Interest rates	4,585	272,084		(392,660		)	(120,576		)	-0.29	%	(309	)	13,922		(8,114		)	5,808			0.01	%	(114,768		)	-0.28	%	January 13 - December 14
Metals	179	130,109		(110,636		)	19,473			0.05	%	(238	)	120,327		(521,274		)	(400,947		)	-0.98	%	(381,474		)	-0.93	%	January 13 - April 13
Stock indices	926	253,558		(396,736		)	(143,178		)	-0.35	%	(16	)	2,200		(11,350		)	(9,150		)	-0.02	%	(152,328		)	-0.37	%	January 13 - March 13
Subtotal	6,369	1,667,314		(1,273,050		)	394,264			0.97	%	(1,109	)	434,744		(1,270,336		)	(835,592		)	-2.05	%	(441,328		)	-1.08	%
Forwards
Currencies		1,626,302		(815,193		)	811,109			1.98	%			1,137,882		(1,682,707		)	(544,825		)	-1.33	%	266,284			0.65	%	March 13
Total	6,369	$	3,293,616	$	(2,088,243	)	$	1,205,373		2.95	%	(1,109	)	$	1,572,626	$	(2,953,043	)	$	(1,380,417	)	-3.38	%	$	(175,044	)	-0.43	%

Quaker Global Horizons, LLC

Partnership's investment and relevant financial information

Schedule of fair value of the Partnership's futures, forwards, and options contracts by type are presented as net unrealized profit (loss)/ market value on open contracts/options in the consolidated statements of financial condition

The fair value of the Non-Consolidated LLCs’ futures and forwards contracts by type that are presented as Net unrealized profit (loss) on open contracts in their respective Statements of Financial Condition as of December 31, 2013 are as follows:

Quaker Global Horizons, LLC

	Long Positions						Long Positions					Short Positions							Short Positions					Net Unrealized
Commodity	Number	Gross Unrealized					Unrealized			Percent of		Number		Gross Unrealized					Unrealized			Percent of		Profit (Loss) on			Percent of
Industry Sector	of Contracts	Gains		Losses			Profit (Loss)			Members’ Capital		of Contracts		Gains		Losses			Profit (Loss)			Members’ Capital		Open Contracts			Members’ Capital		Maturity Dates
Futures
Agriculture	117	$	87,920	$	(66,517	)	$	21,403		0.10	%	(225	)	$	320,545	$	(15,173	)	$	305,372		1.38	%	$	326,775		1.48	%	February 14 - March 14
Energy	76	59,337		(41,925		)	17,412			0.08	%	(10	)	7,370		(9,496		)	(2,126		)	-0.01	%	15,286			0.07	%	January 14 - February 14
Interest rates	846	1,726		(911,303		)	(909,577		)	-4.12	%	(674	)	473,078		(122,305		)	350,773			1.59	%	(558,804		)	-2.53	%	January 14 - December 14
Metals	—	—		—			—			0.00	%	(31	)	49,220		(7,760		)	41,460			0.19	%	41,460			0.19	%	February 14 - April 14
Stock indices	240	696,785		—			696,785			3.16	%	(76	)	—		(175,963		)	(175,963		)	-0.80	%	520,822			2.36	%	January 14 - March 14
Subtotal	1,279	845,768		(1,019,745		)	(173,977		)	-0.78	%	(1,016	)	850,213		(330,697		)	519,516			2.35	%	345,539			1.57	%
Forwards
Currencies		281,937		(154,705		)	127,232			0.57	%			560,587		(193,271		)	367,316			1.67	%	494,548			2.24	%	January 14 - March 14
Total	1,279	$	1,127,705	$	(1,174,450	)	$	(46,745	)	-0.21	%	(1,016	)	$	1,410,800	$	(523,968	)	$	886,832		4.02	%	$	840,087		3.81	%

Nets Global Horizons, LLC

Partnership's investment and relevant financial information

Schedule of fair value of the Partnership's futures, forwards, and options contracts by type are presented as net unrealized profit (loss)/ market value on open contracts/options in the consolidated statements of financial condition

The fair value of the Non-Consolidated LLCs’ futures and forwards contracts by type that are presented as Net unrealized profit (loss) on open contracts in their respective Statements of Financial Condition as of December 31, 2012 are as follows:

Nets Global Horizons, LLC

	Long Positions						Long Positions					Short Positions							Short Positions					Net Unrealized
Commodity	Number	Gross Unrealized					Unrealized			Percent of		Number		Gross Unrealized					Unrealized			Percent of		Profit (Loss) on			Percent of
Industry Sector	of Contracts	Gains		Losses			Profit (Loss)			Members’ Capital		of Contracts		Gains		Losses			Profit (Loss)			Members’ Capital		Open Contracts			Members’ Capital		Maturity Dates
Futures
Agriculture	50	$	—	$	(128,932	)	$	(128,932	)	-0.43	%	(176	)	$	141,311	$	(25,300	)	$	116,011		0.39	%	$	(12,921	)	-0.04	%	February 13 - March 13
Currencies	102	21,032		(71,651		)	(50,619		)	-0.17	%	(20	)	120,000		—			120,000			0.40	%	69,381			0.23	%	March 13
Energy	10	4,989		(6,964		)	(1,975		)	-0.01	%	(34	)	33,953		(31,918		)	2,035			0.01	%	60			0.00	%	January 13 - February 13
Interest rates	72	16,661		(9,829		)	6,832			0.02	%	(18	)	12,104		(3,084		)	9,020			0.03	%	15,852			0.05	%	March 13 - June 13
Metals	31	48,405		(35,391		)	13,014			0.05	%	(52	)	26,378		(79,691		)	(53,313		)	-0.18	%	(40,299		)	-0.13	%	January 13 - March 13
Stock indices	10	3,246		(6,325		)	(3,079		)	-0.01	%	(127	)	67,767		(188,278		)	(120,511		)	-0.41	%	(123,590		)	-0.42	%	January 13 - March 13
Total	275	$	94,333	$	(259,092	)	$	(164,759	)	-0.55	%	(427	)	$	401,513	$	(328,271	)	$	73,242		0.24	%	$	(91,517	)	-0.31	%

Quantum Global Horizons, LLC

Partnership's investment and relevant financial information

Schedule of fair value of the Partnership's futures, forwards, and options contracts by type are presented as net unrealized profit (loss)/ market value on open contracts/options in the consolidated statements of financial condition

 The fair value of the Non-Consolidated LLCs’ futures and forwards contracts by type that are presented as Net unrealized profit (loss) on open contracts in their respective Statements of Financial Condition as of December 31, 2013 are as follows:

Quantum Global Horizons, LLC

	Long Positions						Long Positions					Short Positions							Short Positions					Net Unrealized
Commodity	Number	Gross Unrealized					Unrealized			Percent of		Number		Gross Unrealized					Unrealized			Percent of		Profit (Loss) on			Percent of
Industry Sector	of Contracts	Gains		Losses			Profit (Loss)			Members’ Capital		of Contracts		Gains		Losses			Profit (Loss)			Members’ Capital		Open Contracts			Members’ Capital		Maturity Dates
Futures
Agriculture	—	$	—	$	—		$	—		0.00	%	(22	)	$	7,337	$	—		$	7,337		0.03	%	$	7,337		0.03	%	March 14
Currencies	17	23,935		—			23,935			0.11	%	(17	)	29,046		(9		)	29,037			0.13	%	52,972			0.24	%	March 14
Energy	28	350		(37,338		)	(36,988		)	-0.17	%	(11	)	2,202		(3,111		)	(909		)	0.00	%	(37,897		)	-0.17	%	January 14 - February 14
Interest rates	—	—		—			—			0.00	%	(241	)	144,533		(426		)	144,107			0.65	%	144,107			0.65	%	March 14
Metals	3	5,408		—			5,408			0.02	%	(6	)	7,895		(1,700		)	6,195			0.03	%	11,603			0.05	%	February 14 - March 14
Stock indices	143	202,096		(292		)	201,804			0.90	%	(8	)	2,100		(950		)	1,150			0.01	%	202,954			0.91	%	January 14 - March 14
Total	191	$	231,789	$	(37,630	)	$	194,159		0.86	%	(305	)	$	193,113	$	(6,196	)	$	186,917		0.85	%	$	381,076		1.71	%

The fair value of the Non-Consolidated LLCs’ futures and forwards contracts by type that are presented as Net unrealized profit (loss) on open contracts in their respective Statements of Financial Condition as of December 31, 2012 are as follows:

Quantum Global Horizons, LLC

	Long Positions						Long Positions					Short Positions							Short Positions					Net Unrealized
Commodity	Number	Gross Unrealized					Unrealized			Percent of		Number		Gross Unrealized					Unrealized			Percent of		Profit (Loss) on			Percent of
Industry Sector	of Contracts	Gains		Losses			Profit (Loss)			Members’ Capital		of Contracts		Gains		Losses			Profit (Loss)			Members’ Capital		Open Contracts			Members’ Capital		Maturity Dates
Futures
Agriculture	35	$	2,559	$	(11,257	)	$	(8,698	)	-0.02	%	(17	)	$	5,557	$	(1,671	)	$	3,886		0.01	%	$	(4,812	)	-0.01	%	February 13 - March 13
Currencies	247	17,613		(141,677		)	(124,064		)	-0.28	%	(94	)	10,408		(14,539		)	(4,131		)	-0.01	%	(128,195		)	-0.29	%	March 13
Energy	13	8,471		—			8,471			0.02	%	(18	)	22,753		(835		)	21,918			0.05	%	30,389			0.07	%	January 13 - February 13
Interest rates	436	675,970		(2,705		)	673,265			1.52	%	(970	)	73,045		(357,958		)	(284,913		)	-0.64	%	388,352			0.88	%	March 13
Metals	23	36,135		—			36,135			0.08	%	(23	)	303		(1,184		)	(881		)	0.00	%	35,254			0.08	%	February 13 - April 13
Stock indices	75	4,031		(64,252		)	(60,221		)	-0.14	%	(1,296	)	106,146		(888,624		)	(782,478		)	-1.76	%	(842,699		)	-1.90	%	January 13 - March 13
Total	829	$	744,779	$	(219,891	)	$	524,888		1.18	%	(2,418	)	$	218,212	$	(1,264,811	)	$	(1,046,599	)	-2.35	%	$	(521,711	)	-1.17	%

XML

ORGANIZATION (Details) (USD $)			0 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	May 01, 2011 Minimum item
ORGANIZATION
Assets held in any portfolio funds	$ 0	$ 0
Summary of significant accounting policies
Number of subsidiaries in which investment was made			1

XML

Selective Quarterly Financial Data (unaudited) (Details) (USD $)	3 Months Ended												12 Months Ended
	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2011	Sep. 30, 2011	Jun. 30, 2011	Mar. 31, 2011	Dec. 31, 2013		Dec. 31, 2012		Dec. 31, 2011
Selective quarterly financial data (unaudited)
Net (loss)	$ 4,312,077	$ (5,622,815)	$ (13,234,871)	$ (3,939,795)	$ (10,922,919)	$ (3,396,176)	$ (229,443)	$ (16,282,682)	$ (14,000,632)	$ 16,692,303	$ (13,551,965)	$ (6,332,096)	$ (18,485,404)		$ (30,831,220)		$ (17,192,390)
Series A
Selective quarterly financial data (unaudited)
Weighted average number of General Partner and Limited Partner Units outstanding (in units)	136,017,449	162,231,045	200,364,270	223,756,617	252,136,637	278,403,557	303,708,654	327,717,234	324,770,222	312,831,615	307,193,411	297,988,615	180,592,345	[1]	290,491,520	[1]	310,695,966	[1]
Net Income / (Loss) per weighted average (in dollars per unit)	$ 0.0252	$ (0.0282)	$ (0.0550)	$ (0.0149)	$ (0.0370)	$ (0.0104)	$ (0.0009)	$ (0.0432)	$ (0.0369)	$ 0.0454	$ (0.0378)	$ (0.0181)	$ (0.0858)	[1]	$ (0.0917)	[1]	$ (0.0476)	[1]
Series F
Selective quarterly financial data (unaudited)
Weighted average number of General Partner and Limited Partner Units outstanding (in units)	61,091	66,250	70,478	74,805	78,737	81,258	86,373	90,659	92,337	93,433	94,738	96,347	68,156	[1]	84,257	[1]	94,216	[1]
Net Income / (Loss) per weighted average (in dollars per unit)	$ 6.02	$ (6.90)	$ (13.51)	$ (3.59)	$ (8.80)	$ (2.79)	$ 0.13	$ (10.34)	$ (9.52)	$ 11.41	$ (8.90)	$ (4.31)	$ (19.22)	[1]	$ (21.91)	[1]	$ (11.37)	[1]
Series G
Selective quarterly financial data (unaudited)
Weighted average number of General Partner and Limited Partner Units outstanding (in units)	17,462,354	18,381,424	19,695,227	20,908,396	21,896,186	22,621,697	23,497,617	24,305,942	25,041,655	25,494,239	26,297,047	26,951,719	19,111,850	[1]	23,080,361	[1]	25,946,165	[1]
Net Income / (Loss) per weighted average (in dollars per unit)	$ 0.0261	$ (0.0298)	$ (0.0581)	$ (0.0155)	$ (0.0381)	$ (0.0121)	$ 0.0000	$ (0.0448)	$ (0.0415)	$ 0.0496	$ (0.0385)	$ (0.0187)	$ (0.0817)	[1]	$ (0.0951)	[1]	$ (0.0496)	[1]
Series I
Selective quarterly financial data (unaudited)
Weighted average number of General Partner and Limited Partner Units outstanding (in units)	1,497,602	1,688,736	1,873,085	1,922,531	2,000,105	1,926,284	1,996,632	2,152,850	2,686,980	2,730,581	2,654,107	2,574,311	1,745,489	[1]	2,018,968	[1]	2,661,493	[1]
Net Income / (Loss) per weighted average (in dollars per unit)	$ 0.0409	$ (0.0262)	$ (0.0615)	$ (0.0091)	$ (0.0352)	$ (0.0073)	$ 0.0103	$ (0.0427)	$ (0.0370)	$ 0.0624	$ (0.0362)	$ (0.0123)	$ (0.0663)	[1]	$ (0.0772)	[1]	$ (0.0214)	[1]

[1] The weighted average number of Units outstanding is computed for purposes of disclosing net (loss) per weighted average Unit. The weighted average number of Units outstanding for the years ended December 31, 2013, 2012, and 2011 equals the Units outstanding as of such date, adjusted proportionately for Units sold and redeemed based on the respective length of time each was outstanding during the year.

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CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (USD $)	Total	General Partner	Limited Partners
PARTNERS' CAPITAL at Dec. 31, 2010	$ 375,395,713	$ 3,705,350	$ 371,690,363
PARTNERS' CAPITAL (in units) at Dec. 31, 2010	317,379,504
Increase (Decrease) in Partners' Capital
Subscriptions	93,030,629	299,999	92,730,630
Subscriptions (in units)	86,726,971
Net loss	(17,192,390)	(169,142)	(17,023,248)
Redemptions	(55,423,986)		(55,423,986)
Redemptions (in units)	(50,243,572)
PARTNERS' CAPITAL at Dec. 31, 2011	395,809,966	3,836,207	391,973,759
PARTNERS' CAPITAL (in units) at Dec. 31, 2011	353,862,903
Increase (Decrease) in Partners' Capital
Subscriptions	21,856,486	150,000	21,706,486
Subscriptions (in units)	21,271,313
Net loss	(30,831,220)	(349,504)	(30,481,716)
Redemptions	(125,172,264)		(125,172,264)
Redemptions (in units)	(120,929,763)
PARTNERS' CAPITAL at Dec. 31, 2012	261,662,968	3,636,703	258,026,265
PARTNERS' CAPITAL (in units) at Dec. 31, 2012	254,204,453
Increase (Decrease) in Partners' Capital
Subscriptions	5,479,986		5,479,986
Subscriptions (in units)	6,037,353
Net loss	(18,485,404)	(281,706)	(18,203,698)
Redemptions	(116,976,227)		(116,976,227)
Redemptions (in units)	(125,909,621)
PARTNERS' CAPITAL at Dec. 31, 2013	$ 131,681,323	$ 3,354,997	$ 128,326,326
PARTNERS' CAPITAL (in units) at Dec. 31, 2013	134,332,185

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CONDENSED CONSOLIDATED SCHEDULES OF INVESTMENTS

12 Months Ended

Dec. 31, 2013

CONDENSED CONSOLIDATED SCHEDULES OF INVESTMENTS

CONDENSED CONSOLIDATED SCHEDULES OF INVESTMENTS

3. CONDENSED CONSOLIDATED SCHEDULES OF INVESTMENTS

The Partnership trades futures, forwards and options contracts.  The level of trading is affected by conditions in those markets.  During the year ended December 31, 2013, 224,642 contracts were closed. The fair value of options held as of December 31, 2013 includes premiums paid of $380,693 and received of $957,228. The fair value of the Partnership’s futures, forwards and options contracts by type that are presented as Net unrealized profit (loss) / market value on open contracts / options in the Consolidated Statements of Financial Condition as of December 31, 2013 are as follows:

	Long Positions						Long Positions Unrealized					Short Positions							Short Positions Unrealized					Net Unrealized Profit (Loss)
Commodity	Number	Gross Unrealized					Profit (Loss)/			Percent of		Number		Gross Unrealized					Profit (Loss)/			Percent of		Market Value on Open			Percent of
Industry Sector	of Contracts	Gains		Losses			Market Value			Net Assets		of Contracts		Gains		Losses			Market Value			Net Assets		Contracts/Options			Net Assets		Maturity Dates
Futures
Agriculture	133	$	15,035	$	(97,886	)	$	(82,851	)	-0.06	%	(150	)	$	153,565	$	(22,043	)	$	131,522		0.10	%	$	48,671		0.04	%	January 14 - December 14
Currencies	214	97,977		(40,224		)	57,753			0.04	%	(95	)	158,091		(4,433		)	153,658			0.12	%	211,411			0.16	%	March 14
Energy	56	40,183		(26,367		)	13,816			0.01	%	(5	)	—		(9,488		)	(9,488		)	-0.01	%	4,328			0.00	%	January 14 - April 14
Interest rates	1,284	47,047		(223,537		)	(176,490		)	-0.13	%	(362	)	45,288		(15,569		)	29,719			0.02	%	(146,771		)	-0.11	%	January 14 - September 16
Metals	346	800,800		(211,988		)	588,812			0.45	%	(331	)	227,723		(737,914		)	(510,191		)	-0.39	%	78,621			0.06	%	January 14 - April 14
Stock indices	495	970,818		(1,787		)	969,031			0.73	%	(96	)	200		(11,777		)	(11,577		)	-0.01	%	957,454			0.72	%	January 14 - March 14
Subtotal	2,528	1,971,860		(601,789		)	1,370,071			1.04	%	(1,039	)	584,867		(801,224		)	(216,357		)	-0.17	%	1,153,714			0.87	%
Forwards
Currencies		156,904		(116,121		)	40,783			0.03	%			179,807		(303,256		)	(123,449		)	-0.09	%	(82,666		)	-0.06	%	January 14 - May 14
Options
Currencies	—	172,223		—			172,223			0.13	%	—		—		(122,974		)	(122,974		)	-0.09	%	49,249			0.04	%	January 14
Energy	15	11,100		—			11,100			0.01	%	(75	)	—		(37,650		)	(37,650		)	-0.03	%	(26,550		)	-0.02	%	January 14
Interest rates	465	406,734		—			406,734			0.31	%	(1,935	)	—		(733,359		)	(733,359		)	-0.56	%	(326,625		)	-0.25	%	January 14
Stock indices	—	—		—			—			0.00	%	(333	)	—		(262,470		)	(262,470		)	-0.20	%	(262,470		)	-0.20	%	January 14 - March 14
Subtotal	480	590,057		—			590,057			0.45	%	(2,343	)	—		(1,156,453		)	(1,156,453		)	-0.88	%	(566,396		)	-0.43	%
Total	3,008	$	2,718,821	$	(717,910	)	$	2,000,911		1.52	%	(3,382	)	$	764,674	$	(2,260,933	)	$	(1,496,259	)	-1.14	%	$	504,652		0.38	%

No individual contract’s unrealized profit or loss comprised greater than 5% of the Partnership’s capital as of December 31, 2013.

During the year ended December 31, 2012, 181,630 contracts were closed. The fair value of options held as of December 31, 2012 includes premiums paid of $431,164 and received of $265,272. The fair value of the Partnership’s futures, forwards and options contracts by type that are presented as Net unrealized profit (loss) / market value on open contracts / options in the Consolidated Statements of Financial Condition as of December 31, 2012 are as follows:

							Long Positions												Short Positions
	Long Positions						Unrealized					Short Positions							Unrealized					Net Unrealized Profit (Loss)
Commodity	Number	Gross Unrealized					Profit (Loss)/			Percent of		Number		Gross Unrealized					Profit (Loss)/			Percent of		Market Value on Open			Percent of
Industry Sector	of Contracts	Gains		Losses			Market Value			Net Assets		of Contracts		Gains		Losses			Market Value			Net Assets		Contracts/Options			Net Assets		Maturity Dates
Futures
Agriculture	227	$	30,992	$	(210,917	)	$	(179,925	)	-0.07	%	(191	)	$	137,576	$	(47,215	)	$	90,361		0.04	%	$	(89,564	)	-0.03	%	January 13 - December 13
Currencies	671	166,846		(485,889		)	(319,043		)	-0.12	%	(146	)	552,029		(8,725		)	543,304			0.21	%	224,261			0.09	%	January 13 - March 13
Energy	513	364,585		(120,408		)	244,177			0.09	%	(413	)	209,763		(292,975		)	(83,212		)	-0.03	%	160,965			0.06	%	January 13 - December 13
Interest rates	3,850	553,893		(218,013		)	335,880			0.13	%	(209	)	8,275		(74,463		)	(66,188		)	-0.03	%	269,692			0.10	%	January 13 - March 16
Metals	1,042	2,081,342		(671,087		)	1,410,255			0.54	%	(949	)	321,773		(2,229,051		)	(1,907,278		)	-0.73	%	(497,023		)	-0.19	%	January 13 - March 14
Stock indices	1,219	655,637		(328,838		)	326,799			0.12	%	(90	)	21,870		(195		)	21,675			0.01	%	348,474			0.13	%	January 13 - December 13
Subtotal	7,522	3,853,295		(2,035,152		)	1,818,143			0.69	%	(1,998	)	1,251,286		(2,652,624		)	(1,401,338		)	-0.53	%	416,805			0.16	%
Forwards
Currencies		355,855		(287,104		)	68,751			0.03	%			604,032		(2,745,213		)	(2,141,181		)	-0.82	%	(2,072,430		)	-0.79	%	January 13 - September 13
Options
Currencies	—	2,200		—			2,200			0.00	%	—		—		(203,826		)	(203,826		)	-0.08	%	(201,626		)	-0.08	%	January 13
Energy	33	4,840		—			4,840			0.00	%	(33	)	—		(32,670		)	(32,670		)	-0.01	%	(27,830		)	-0.01	%	January 13 - February 13
Interest rates	110	47,438		—			47,438			0.02	%	(407	)	—		(108,625		)	(108,625		)	-0.04	%	(61,187		)	-0.02	%	January 13 - February 13
Metals	79	254,000		—			254,000			0.10	%	—		—		—			—			0.00	%	254,000			0.10	%	January 13 - November 13
Stock indices	44	75,350		—			75,350			0.03	%	(88	)	—		(68,200		)	(68,200		)	-0.03	%	7,150			0.00	%	January 13
Subtotal	266	383,828		—			383,828			0.15	%	(528	)	—		(413,321		)	(413,321		)	-0.16	%	(29,493		)	-0.01	%
Total	7,788	$	4,592,978	$	(2,322,256	)	$	2,270,722		0.87	%	(2,526	)	$	1,855,318	$	(5,811,158	)	$	(3,955,840	)	-1.51	%	$	(1,685,118	)	-0.64	%

No individual contract’s unrealized profit or loss comprised greater than 5% of the Partnership’s capital as of December 31, 2012.

The following table represents the Partnership’s investment in each Non-Consolidated LLC as well as the financial statements, condensed schedules of investments, and relevant financial information of the Non-Consolidated LLCs as of December 31, 2013 and 2012:

2013

	Partnership’s		Partnership’s		Partnership’s investment %
Non-Consolidated LLC	Fair Value		Cost		of Non-Consolidated LLC		Management Fee		Profit Share		Redemptions Permitted
Alamo Global Horizons, LLC	$	8,199,499	$	9,469,624	77.02	%	2	%	20	%	Monthly
Breakout Global Horizons, LLC	9,010,495		9,579,951		70.62	%	1	%	15	%	Monthly
Cambridge Global Horizons, LLC	7,773,556		11,256,744		60.99	%	1.35	%	10	%	Monthly
Quaker Global Horizons, LLC	14,195,907		13,349,897		64.37	%	1	%	20	%(1)	Monthly
Quantum Global Horizons, LLC	10,085,057		11,757,274		45.15	%	0	%	30	%	Monthly
Total	$	49,264,514	$	55,413,490

(1) If net contribution amount is more than $50 million, the percentage shall equal 17.5%

2012

	Partnership’s		Partnership’s		Partnership’s investment %
Non-Consolidated LLC	Fair Value		Cost		of Non-Consolidated LLC		Management Fee		Profit Share		Redemptions Permitted
Alamo Global Horizons, LLC	$	17,559,155	$	20,116,405	76.18	%	2	%	20	%	Monthly
Breakout Global Horizons, LLC	18,966,146		23,560,266		48.24	%	1	%	15	%	Monthly
Cambridge Global Horizons, LLC	24,462,897		21,260,160		59.84	%	2	%	20	%	Monthly
Nets Global Horizons, LLC	17,110,071		22,837,847		57.54	%	2	%	17	%	Monthly
Quantum Global Horizons, LLC	21,164,490		20,640,437		47.64	%	0	%	30	%	Monthly
Total	$	99,262,759	$	108,415,115

STATEMENTS OF FINANCIAL CONDITION

DECEMBER 31, 2013

	Alamo			Breakout		Cambridge		Quaker		Quantum
	Global Horizons, LLC			Global Horizons, LLC		Global Horizons, LLC		Global Horizons, LLC		Global Horizons, LLC
ASSETS:
Cash and cash equivalents	$	8,183,611		$	10,497,462	$	8,337,799	$	11,978,889	$	19,551,925
Equity in commodity futures trading accounts: Cash (1)	2,966,409			3,178,709		5,069,438		10,681,449		4,535,527
Net unrealized profit on open contracts	99,554			539,757		238,479		840,087		381,076
Accrued interest and other assets	520			—		—		—		272
TOTAL ASSETS	$	11,250,094		$	14,215,928	$	13,645,716	$	23,500,425	$	24,468,800
LIABILITIES AND MEMBERS’ CAPITAL
LIABILITIES:
Due to Partnership	$	559,480		$	614,421	$	527,516	$	1,242,900	$	687,414
Redemptions payable	—			573,985		308,875		—		853,745
Subscription received in advance	—			200,000		—		—		450,000
Profit Shares payable	—			—		—		173,061		68,481
Trading Advisors’ management fees payable	4,083			3,605		5,937		6,698		—
Administrator fees payable	10,806			26,605		22,632		3,288		31,646
Professional fees payable	33,261			36,433		32,016		20,001		38,933
Other fees payable	(2,864		)	2,365		2,935		382		1,767
Total liabilities	604,766			1,457,414		899,911		1,446,330		2,131,986
TOTAL MEMBERS’ CAPITAL	10,645,328			12,758,514		12,745,805		22,054,095		22,336,814
TOTAL LIABILITIES AND MEMBERS’ CAPITAL	$	11,250,094		$	14,215,928	$	13,645,716	$	23,500,425	$	24,468,800

(1) Includes restricted cash of $1,318,821, $2,529,118, $669,616, $5,369,821 and $1,123,068, respectively.

STATEMENTS OF FINANCIAL CONDITION

DECEMBER 31, 2012

	Alamo		Breakout		Cambridge		Nets		Quantum
	Global Horizons, LLC		Global Horizons, LLC		Global Horizons, LLC		Global Horizons, LLC		Global Horizons, LLC
ASSETS:
Cash and cash equivalents	$	20,377,477	$	21,595,885	$	4,757,862	$	26,712,321	$	24,812,881
Equity in commodity futures trading accounts: Cash (1)	3,478,994		18,089,465		38,461,055		5,138,261		21,435,349
Net unrealized profit on open contracts	262,603		1,042,090		—		—		—
Accrued interest and other assets	2,712		3,325		2,720		1,319		4,094
TOTAL ASSETS	$	24,121,786	$	40,730,765	$	43,221,637	$	31,851,901	$	46,252,324
LIABILITIES AND MEMBERS’ CAPITAL
LIABILITIES:
Net unrealized loss on open contracts	$	—	$	—	$	175,044	$	91,517	$	521,711
Due to Partnership	1,026,163		1,108,537		1,680,015		997,556		1,237,006
Redemptions payable	—		230,000		—		950,000		—
Profit Shares payable	—		—		407,841		—		—
Trading Advisors’ management fees payable	9,166		17,164		28,093		22,700		—
Administrator fees payable	8,224		19,706		15,569		17,468		22,826
Professional fees payable	27,361		30,833		26,116		31,250		33,333
Other fees payable	1,368		9,307		6,247		5,667		8,148
Total liabilities	1,072,282		1,415,547		2,338,925		2,116,158		1,823,024
TOTAL MEMBERS’ CAPITAL	23,049,504		39,315,218		40,882,712		29,735,743		44,429,300
TOTAL LIABILITIES AND MEMBERS’ CAPITAL	$	24,121,786	$	40,730,765	$	43,221,637	$	31,851,901	$	46,252,324

(1) Includes restricted cash of $1,359,877, $7,597,881, $14,557,619, $2,095,713 and $7,392,494, respectively.

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2013

	Alamo			Breakout			Cambridge			Quaker			Quantum
	Global Horizons, LLC			Global Horizons, LLC			Global Horizons, LLC			Global Horizons, LLC			Global Horizons, LLC
TRADING PROFITS (LOSSES):
Realized	$	(178,588	)	$	1,028,777		$	(4,507,557	)	$	1,908,485		$	(3,054,963	)
Change in unrealized	(178,881		)	(489,618		)	180,645			839,434			922,140
Brokerage commissions and clearing costs	(43,377		)	(67,359		)	(192,350		)	(117,010		)	(129,629		)
Total trading profits (losses)	(400,846		)	471,800			(4,519,262		)	2,630,909			(2,262,452		)
INVESTMENT INCOME:
Interest	9,324			11,148			—			—			14,689
EXPENSES:
Trading Advisors’ management fees	314,380			259,378			428,609			154,892			—
Profit Shares	—			—			479			471,623			68,481
Administrator fees	46,078			50,483			55,783			32,980			51,158
Professional fees	70,968			74,841			79,833			48,591			74,621
Other fees	578,782			636,905			792,930			483,195			634,624
Total expenses	1,010,208			1,021,607			1,357,634			1,191,281			828,884
NET INVESTMENT LOSS	(1,000,884		)	(1,010,459		)	(1,357,634		)	(1,191,281		)	(814,195		)
NET INCOME / (LOSS)	$	(1,401,730	)	$	(538,659	)	$	(5,876,896	)	$	1,439,628		$	(3,076,647	)

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2012

	Alamo			Breakout			Cambridge			Nets			Quantum
	Global Horizons, LLC			Global Horizons, LLC			Global Horizons, LLC			Global Horizons, LLC			Global Horizons, LLC
TRADING PROFITS (LOSSES):
Realized	$	(695,043	)	$	(6,295,144	)	$	9,438,281		$	(6,661,564	)	$	5,853,021
Change in unrealized	(239,088		)	687,004			380,791			128,008			309,294
Brokerage commissions and clearing costs	(155,012		)	(151,374		)	(624,299		)	(73,267		)	(269,264		)
Total trading profits (losses)	(1,089,143		)	(5,759,514		)	9,194,773			(6,606,823		)	5,893,051
INVESTMENT INCOME:
Interest	43,077			52,475			—			47,328			53,066
EXPENSES:
Trading Advisors’ management fees	614,518			488,959			953,699			851,236			—
Profit Shares	—			—			1,173,623			—			2,756,131
Administrator fees	88,694			95,739			113,056			94,334			91,946
Professional fees	152,733			160,459			185,622			158,204			155,086
Other fees	1,058,674			1,132,442			1,435,287			1,110,434			1,115,510
Total expenses	1,914,619			1,877,599			3,861,287			2,214,208			4,118,673
NET INVESTMENT LOSS	(1,871,542		)	(1,825,124		)	(3,861,287		)	(2,166,880		)	(4,065,607		)
NET INCOME / (LOSS)	$	(2,960,685	)	$	(7,584,638	)	$	5,333,486		$	(8,773,703	)	$	1,827,444

The Non-Consolidated LLCs trade futures and forwards contracts. The fair value of the Non-Consolidated LLCs’ futures and forwards contracts by type that are presented as Net unrealized profit (loss) on open contracts in their respective Statements of Financial Condition as of December 31, 2013 are as follows:

Alamo Global Horizons, LLC

	Long Positions						Long Positions					Short Positions							Short Positions					Net Unrealized
Commodity	Number	Gross Unrealized					Unrealized			Percent of		Number		Gross Unrealized					Unrealized			Percent of		Profit (Loss) on			Percent of
Industry Sector	of Contracts	Gains		Losses			Profit (Loss)			Members’ Capital		of Contracts		Gains		Losses			Profit (Loss)			Members’ Capital		Open Contracts			Members’ Capital		Maturity Dates
Futures
Agriculture	134	$	20,100	$	(90,318	)	$	(70,218	)	-0.66	%	(443	)	$	267,788	$	(65,870	)	$	201,918		1.90	%	$	131,700		1.24	%	February 14 - March 14
Currencies	113	108,074		(16,612		)	91,462			0.86	%	(88	)	75,461		(5,051		)	70,410			0.66	%	161,872			1.52	%	March 14
Interest rates	69	—		(34,882		)	(34,882		)	-0.32	%	(41	)	—		(45,469		)	(45,469		)	-0.43	%	(80,351		)	-0.75	%	March 14 - June 14
Metals	12	4,108		(30,693		)	(26,585		)	-0.25	%	(61	)	—		(87,082		)	(87,082		)	-0.82	%	(113,667		)	-1.07	%	January 14 - April 14
Total	328	$	132,282	$	(172,505	)	$	(40,223	)	-0.37	%	(633	)	$	343,249	$	(203,472	)	$	139,777		1.31	%	$	99,554		0.94	%

Breakout Global Horizons, LLC

	Long Positions						Long Positions					Short Positions							Short Positions					Net Unrealized
Commodity	Number	Gross Unrealized					Unrealized			Percent of		Number		Gross Unrealized					Unrealized			Percent of		Profit (Loss) on			Percent of
Industry Sector	of Contracts	Gains		Losses			Profit (Loss)			Members’ Capital		of Contracts		Gains		Losses			Profit (Loss)			Members’ Capital		Open Contracts			Members’ Capital		Maturity Dates
Futures
Agriculture	80	$	76,560	$	(8,688	)	$	67,872		0.53	%	(80	)	$	108,725	$	—		$	108,725		0.85	%	$	176,597		1.38	%	February 14 - March 14
Currencies	139	132,914		(21,575		)	111,339			0.87	%	(151	)	96,275		(27,890		)	68,385			0.54	%	179,724			1.41	%	March 14
Energy	32	59,320		(7,526		)	51,794			0.41	%	(9	)	—		(8,130		)	(8,130		)	-0.07	%	43,664			0.34	%	January 14 - March 14
Interest rates	55	1,443		(67,135		)	(65,692		)	-0.51	%	(173	)	17,274		(58,186		)	(40,912		)	-0.33	%	(106,604		)	-0.84	%	March 14 - June 14
Metals	103	46,081		(133,491		)	(87,410		)	-0.69	%	(118	)	85,961		(107,526		)	(21,565		)	-0.16	%	(108,975		)	-0.85	%	January 14 - March 14
Stock indices	196	355,451		(100		)	355,351			2.79	%	—		—		—			—			0.00	%	355,351			2.79	%	January 14 - March 14
Total	605	$	671,769	$	(238,515	)	$	433,254		3.40	%	(531	)	$	308,235	$	(201,732	)	$	106,503		0.83	%	$	539,757		4.23	%

Cambridge Global Horizons, LLC

	Long Positions						Long Positions					Short Positions							Short Positions					Net Unrealized
Commodity	Number	Gross Unrealized					Unrealized			Percent of		Number		Gross Unrealized					Unrealized			Percent of		Profit (Loss) on			Percent of
Industry Sector	of Contracts	Gains		Losses			Profit (Loss)			Members’ Capital		of Contracts		Gains		Losses			Profit (Loss)			Members’ Capital		Open Contracts			Members’ Capital		Maturity Dates
Futures
Agriculture	5	$	—	$	(5,123	)	$	(5,123	)	-0.04	%	(29	)	$	18,939	$	(5,044	)	$	13,895		0.11	%	$	8,772		0.07	%	January 14 - March 14
Currencies	10	4,738		(1,310		)	3,428			0.03	%	(14	)	16,174		(148		)	16,026			0.13	%	19,454			0.16	%	March 14
Energy	10	4,432		(4,530		)	(98		)	0.00	%	—		—		—			—			0.00	%	(98		)	0.00	%	January 14 - February 14
Interest rates	123	634		(43,996		)	(43,362		)	-0.34	%	(36	)	18,532		(54		)	18,478			0.14	%	(24,884		)	-0.20	%	January 14 - June 17
Metals	122	176,112		(63,429		)	112,683			0.88	%	(130	)	80,170		(240,552		)	(160,382		)	-1.26	%	(47,699		)	-0.38	%	January 14 - April 14
Stock indices	66	187,099		—			187,099			1.47	%	(1	)	550		—			550			0.00	%	187,649			1.47	%	January 14 - March 14
Subtotal	336	373,015		(118,388		)	254,627			2.00	%	(210	)	134,365		(245,798		)	(111,433		)	-0.88	%	143,194			1.12	%
Forwards
Currencies		244,177		(132,514		)	111,663			0.87	%			168,866		(185,244		)	(16,378		)	-0.12	%	95,285			0.75	%	March 14
Total	336	$	617,192	$	(250,902	)	$	366,290		2.87	%	(210	)	$	303,231	$	(431,042	)	$	(127,811	)	-1.00	%	$	238,479		1.87	%

Quaker Global Horizons, LLC

	Long Positions						Long Positions					Short Positions							Short Positions					Net Unrealized
Commodity	Number	Gross Unrealized					Unrealized			Percent of		Number		Gross Unrealized					Unrealized			Percent of		Profit (Loss) on			Percent of
Industry Sector	of Contracts	Gains		Losses			Profit (Loss)			Members’ Capital		of Contracts		Gains		Losses			Profit (Loss)			Members’ Capital		Open Contracts			Members’ Capital		Maturity Dates
Futures
Agriculture	117	$	87,920	$	(66,517	)	$	21,403		0.10	%	(225	)	$	320,545	$	(15,173	)	$	305,372		1.38	%	$	326,775		1.48	%	February 14 - March 14
Energy	76	59,337		(41,925		)	17,412			0.08	%	(10	)	7,370		(9,496		)	(2,126		)	-0.01	%	15,286			0.07	%	January 14 - February 14
Interest rates	846	1,726		(911,303		)	(909,577		)	-4.12	%	(674	)	473,078		(122,305		)	350,773			1.59	%	(558,804		)	-2.53	%	January 14 - December 14
Metals	—	—		—			—			0.00	%	(31	)	49,220		(7,760		)	41,460			0.19	%	41,460			0.19	%	February 14 - April 14
Stock indices	240	696,785		—			696,785			3.16	%	(76	)	—		(175,963		)	(175,963		)	-0.80	%	520,822			2.36	%	January 14 - March 14
Subtotal	1,279	845,768		(1,019,745		)	(173,977		)	-0.78	%	(1,016	)	850,213		(330,697		)	519,516			2.35	%	345,539			1.57	%
Forwards
Currencies		281,937		(154,705		)	127,232			0.57	%			560,587		(193,271		)	367,316			1.67	%	494,548			2.24	%	January 14 - March 14
Total	1,279	$	1,127,705	$	(1,174,450	)	$	(46,745	)	-0.21	%	(1,016	)	$	1,410,800	$	(523,968	)	$	886,832		4.02	%	$	840,087		3.81	%

Quantum Global Horizons, LLC

	Long Positions						Long Positions					Short Positions							Short Positions					Net Unrealized
Commodity	Number	Gross Unrealized					Unrealized			Percent of		Number		Gross Unrealized					Unrealized			Percent of		Profit (Loss) on			Percent of
Industry Sector	of Contracts	Gains		Losses			Profit (Loss)			Members’ Capital		of Contracts		Gains		Losses			Profit (Loss)			Members’ Capital		Open Contracts			Members’ Capital		Maturity Dates
Futures
Agriculture	—	$	—	$	—		$	—		0.00	%	(22	)	$	7,337	$	—		$	7,337		0.03	%	$	7,337		0.03	%	March 14
Currencies	17	23,935		—			23,935			0.11	%	(17	)	29,046		(9		)	29,037			0.13	%	52,972			0.24	%	March 14
Energy	28	350		(37,338		)	(36,988		)	-0.17	%	(11	)	2,202		(3,111		)	(909		)	0.00	%	(37,897		)	-0.17	%	January 14 - February 14
Interest rates	—	—		—			—			0.00	%	(241	)	144,533		(426		)	144,107			0.65	%	144,107			0.65	%	March 14
Metals	3	5,408		—			5,408			0.02	%	(6	)	7,895		(1,700		)	6,195			0.03	%	11,603			0.05	%	February 14 - March 14
Stock indices	143	202,096		(292		)	201,804			0.90	%	(8	)	2,100		(950		)	1,150			0.01	%	202,954			0.91	%	January 14 - March 14
Total	191	$	231,789	$	(37,630	)	$	194,159		0.86	%	(305	)	$	193,113	$	(6,196	)	$	186,917		0.85	%	$	381,076		1.71	%

The level of trading is affected by conditions in those markets. The fair value of the Non-Consolidated LLCs’ futures and forwards contracts by type that are presented as Net unrealized profit (loss) on open contracts in their respective Statements of Financial Condition as of December 31, 2012 are as follows:

Alamo Global Horizons, LLC

	Long Positions						Long Positions					Short Positions							Short Positions				Net Unrealized
Commodity	Number	Gross Unrealized					Unrealized			Percent of		Number		Gross Unrealized					Unrealized		Percent of		Profit (Loss) on			Percent of
Industry Sector	of Contracts	Gains		Losses			Profit (Loss)			Members’ Capital		of Contracts		Gains		Losses			Profit (Loss)		Members’ Capital		Open Contracts			Members’ Capital		Maturity Dates
Futures
Agriculture	53	$	41,903	$	—		$	41,903		0.18	%	(247	)	$	192,660	$	(95,359	)	$	97,301	0.42	%	$	139,204		0.60	%	March 13
Currencies	215	76,513		(174,782		)	(98,269		)	-0.43	%	(56	)	259,056		—			259,056		1.13	%	160,787			0.70	%	March 13
Energy	9	13,066		(12,524		)	542			0.00	%	—		—		—			—		0.00	%	542			0.00	%	February 13
Interest rates	275	1,880		(39,810		)	(37,930		)	-0.16	%	—		—		—			—		0.00	%	(37,930		)	-0.16	%	March 13 - June 13
Total	552	$	133,362	$	(227,116	)	$	(93,754	)	-0.41	%	(303	)	$	451,716	$	(95,359	)	$	356,357	1.55	%	$	262,603		1.14	%

Breakout Global Horizons, LLC

	Long Positions						Long Positions					Short Positions							Short Positions					Net Unrealized
Commodity	Number	Gross Unrealized					Unrealized			Percent of		Number		Gross Unrealized					Unrealized			Percent of		Profit (Loss) on			Percent of
Industry Sector	of Contracts	Gains		Losses			Profit (Loss)			Members’ Capital		of Contracts		Gains		Losses			Profit (Loss)			Members’ Capital		Open Contracts			Members’ Capital		Maturity Dates
Futures
Agriculture	—	$	—	$	—		$	—		0.00	%	(264	)	$	337,925	$	—		$	337,925		0.86	%	$	337,925		0.86	%	March 13
Currencies	968	729,065		(307,440		)	421,625			1.07	%	(183	)	365,402		—			365,402			0.93	%	787,027			2.00	%	March 13
Energy	15	—		(9,341		)	(9,341		)	-0.02	%	(80	)	53,800		(225,120		)	(171,320		)	-0.44	%	(180,661		)	-0.46	%	January 13 - March 13
Interest rates	553	206,994		(238,994		)	(32,000		)	-0.08	%	—		—		—			—			0.00	%	(32,000		)	-0.08	%	March 13 - June 13
Metals	158	—		(266,278		)	(266,278		)	-0.68	%	(103	)	—		(335,677		)	(335,677		)	-0.85	%	(601,955		)	-1.53	%	February 13 - March 13
Stock indices	444	756,597		(24,843		)	731,754			1.86	%	—		—		—			—			0.00	%	731,754			1.86	%	January 13 - March 13
Total	2,138	$	1,692,656	$	(846,896	)	$	845,760		2.15	%	(630	)	$	757,127	$	(560,797	)	$	196,330		0.50	%	$	1,042,090		2.65	%

Cambridge Global Horizons, LLC

	Long Positions						Long Positions					Short Positions							Short Positions					Net Unrealized
Commodity	Number	Gross Unrealized					Unrealized			Percent of		Number		Gross Unrealized					Unrealized			Percent of		Profit (Loss) on			Percent of
Industry Sector	of Contracts	Gains		Losses			Profit (Loss)			Members’ Capital		of Contracts		Gains		Losses			Profit (Loss)			Members’ Capital		Open Contracts			Members’ Capital		Maturity Dates
Futures
Agriculture	95	$	1,398	$	(159,683	)	$	(158,285	)	-0.38	%	(211	)	$	159,461	$	(49,206	)	$	110,255		0.27	%	$	(48,030	)	-0.11	%	February 13 - May 13
Currencies	251	21,950		(195,816		)	(173,866		)	-0.43	%	(60	)	115,239		(12,222		)	103,017			0.25	%	(70,849		)	-0.18	%	March 13
Energy	333	988,215		(17,519		)	970,696			2.37	%	(275	)	23,595		(668,170		)	(644,575		)	-1.58	%	326,121			0.79	%	January 13 - March 13
Interest rates	4,585	272,084		(392,660		)	(120,576		)	-0.29	%	(309	)	13,922		(8,114		)	5,808			0.01	%	(114,768		)	-0.28	%	January 13 - December 14
Metals	179	130,109		(110,636		)	19,473			0.05	%	(238	)	120,327		(521,274		)	(400,947		)	-0.98	%	(381,474		)	-0.93	%	January 13 - April 13
Stock indices	926	253,558		(396,736		)	(143,178		)	-0.35	%	(16	)	2,200		(11,350		)	(9,150		)	-0.02	%	(152,328		)	-0.37	%	January 13 - March 13
Subtotal	6,369	1,667,314		(1,273,050		)	394,264			0.97	%	(1,109	)	434,744		(1,270,336		)	(835,592		)	-2.05	%	(441,328		)	-1.08	%
Forwards
Currencies		1,626,302		(815,193		)	811,109			1.98	%			1,137,882		(1,682,707		)	(544,825		)	-1.33	%	266,284			0.65	%	March 13
Total	6,369	$	3,293,616	$	(2,088,243	)	$	1,205,373		2.95	%	(1,109	)	$	1,572,626	$	(2,953,043	)	$	(1,380,417	)	-3.38	%	$	(175,044	)	-0.43	%

Nets Global Horizons, LLC

	Long Positions						Long Positions					Short Positions							Short Positions					Net Unrealized
Commodity	Number	Gross Unrealized					Unrealized			Percent of		Number		Gross Unrealized					Unrealized			Percent of		Profit (Loss) on			Percent of
Industry Sector	of Contracts	Gains		Losses			Profit (Loss)			Members’ Capital		of Contracts		Gains		Losses			Profit (Loss)			Members’ Capital		Open Contracts			Members’ Capital		Maturity Dates
Futures
Agriculture	50	$	—	$	(128,932	)	$	(128,932	)	-0.43	%	(176	)	$	141,311	$	(25,300	)	$	116,011		0.39	%	$	(12,921	)	-0.04	%	February 13 - March 13
Currencies	102	21,032		(71,651		)	(50,619		)	-0.17	%	(20	)	120,000		—			120,000			0.40	%	69,381			0.23	%	March 13
Energy	10	4,989		(6,964		)	(1,975		)	-0.01	%	(34	)	33,953		(31,918		)	2,035			0.01	%	60			0.00	%	January 13 - February 13
Interest rates	72	16,661		(9,829		)	6,832			0.02	%	(18	)	12,104		(3,084		)	9,020			0.03	%	15,852			0.05	%	March 13 - June 13
Metals	31	48,405		(35,391		)	13,014			0.05	%	(52	)	26,378		(79,691		)	(53,313		)	-0.18	%	(40,299		)	-0.13	%	January 13 - March 13
Stock indices	10	3,246		(6,325		)	(3,079		)	-0.01	%	(127	)	67,767		(188,278		)	(120,511		)	-0.41	%	(123,590		)	-0.42	%	January 13 - March 13
Total	275	$	94,333	$	(259,092	)	$	(164,759	)	-0.55	%	(427	)	$	401,513	$	(328,271	)	$	73,242		0.24	%	$	(91,517	)	-0.31	%

Quantum Global Horizons, LLC

	Long Positions						Long Positions					Short Positions							Short Positions					Net Unrealized
Commodity	Number	Gross Unrealized					Unrealized			Percent of		Number		Gross Unrealized					Unrealized			Percent of		Profit (Loss) on			Percent of
Industry Sector	of Contracts	Gains		Losses			Profit (Loss)			Members’ Capital		of Contracts		Gains		Losses			Profit (Loss)			Members’ Capital		Open Contracts			Members’ Capital		Maturity Dates
Futures
Agriculture	35	$	2,559	$	(11,257	)	$	(8,698	)	-0.02	%	(17	)	$	5,557	$	(1,671	)	$	3,886		0.01	%	$	(4,812	)	-0.01	%	February 13 - March 13
Currencies	247	17,613		(141,677		)	(124,064		)	-0.28	%	(94	)	10,408		(14,539		)	(4,131		)	-0.01	%	(128,195		)	-0.29	%	March 13
Energy	13	8,471		—			8,471			0.02	%	(18	)	22,753		(835		)	21,918			0.05	%	30,389			0.07	%	January 13 - February 13
Interest rates	436	675,970		(2,705		)	673,265			1.52	%	(970	)	73,045		(357,958		)	(284,913		)	-0.64	%	388,352			0.88	%	March 13
Metals	23	36,135		—			36,135			0.08	%	(23	)	303		(1,184		)	(881		)	0.00	%	35,254			0.08	%	February 13 - April 13
Stock indices	75	4,031		(64,252		)	(60,221		)	-0.14	%	(1,296	)	106,146		(888,624		)	(782,478		)	-1.76	%	(842,699		)	-1.90	%	January 13 - March 13
Total	829	$	744,779	$	(219,891	)	$	524,888		1.18	%	(2,418	)	$	218,212	$	(1,264,811	)	$	(1,046,599	)	-2.35	%	$	(521,711	)	-1.17	%

The trading profits (losses) of the Partnership’s derivatives by instrument type, as well as the location of those gains and losses on the Consolidated Statements of Operations for the years ended December 31, 2013, 2012 and 2011 are as follows:

2013

				Change in Net
Commodity	Realized Profits			Unrealized			Net Trading
Industry Sector	(Losses)			Profits (Losses)			Profits (Losses)
Futures
Agriculture	$	302,931		$	138,234		$	441,165
Currencies	(2,658,672		)	(83,717		)	(2,742,389		)
Energy	(2,636,353		)	(156,637		)	(2,792,990		)
Interest rates	(7,711,437		)	(416,464		)	(8,127,901		)
Metals	(88,677		)	575,645			486,968
Stock indices	2,719,677			608,980			3,328,657
Subtotal	(10,072,531		)	666,041			(9,406,490		)
Forwards
Currencies	(5,939,318		)	1,989,762			(3,949,556		)
Options
Agriculture	(432,986		)	—			(432,986		)
Currencies	2,673,941			240,288			2,914,229
Energy	1,022,878			(11,183		)	1,011,695
Interest rates	6,011,454			(55,100		)	5,956,354
Metals	(436,295		)	56,144			(380,151		)
Stock indices	1,735,886			(24,623		)	1,711,263
Subtotal	10,574,878			205,526			10,780,404
Total	$	(5,436,971	)	$	2,861,329		$	(2,575,642	)

2012

				Change in Net
Commodity	Realized Profits			Unrealized			Net Trading
Industry Sector	(Losses)			Profits (Losses)			Profits (Losses)
Futures
Agriculture	$	(2,820,296	)	$	(199,915	)	$	(3,020,211	)
Currencies	(3,263,268		)	(232,086		)	(3,495,354		)
Energy	465,650			(37,269		)	428,381
Interest rates	2,717,223			(1,279,367		)	1,437,856
Metals	(2,136,315		)	(325,359		)	(2,461,674		)
Stock indices	(403,550		)	313,805			(89,745		)
Subtotal	(5,440,556		)	(1,760,191		)	(7,200,747		)
Forwards
Currencies	(5,225,167		)	(2,190,759		)	(7,415,926		)
Options
Agriculture	(25,197		)	—			(25,197		)
Currencies	1,030,112			(185,404		)	844,708
Energy	1,006,201			21,872			1,028,073
Interest rates	4,555,729			(45,727		)	4,510,002
Metals	62,913			(56,144		)	6,769
Stock indices	1,354,178			(16,165		)	1,338,013
Subtotal	7,983,936			(281,568		)	7,702,368
Total	$	(2,681,787	)	$	(4,232,518	)	$	(6,914,305	)

2011

				Change in Net
Commodity	Realized Profits			Unrealized			Net Trading
Industry Sector	(Losses)			Profits (Losses)			Profits (Losses)
Futures
Agriculture	$	(5,774,791	)	$	(1,538,257	)	$	(7,313,048	)
Currencies	(992,911		)	(1,267,577		)	(2,260,488		)
Energy	(4,011,563		)	(536,058		)	(4,547,621		)
Interest rates	20,886,245			553,178			21,439,423
Metals	3,345,246			(1,501,750		)	1,843,496
Stock indices	(7,339,014		)	(446,410		)	(7,785,424		)
Subtotal	6,113,212			(4,736,874		)	1,376,338
Forwards
Currencies	564,076			(2,901,353		)	(2,337,277		)
Options
Currencies	3,351,068			8,090			3,359,158
Energy	586,225			—			586,225
Interest rates	3,962,742			58,130			4,020,872
Metals	108,137			—			108,137
Stock indices	1,133,607			21,863			1,155,470
Subtotal	9,141,779			88,083			9,229,862
Total	$	15,819,067		$	(7,550,144	)	$	8,268,923

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $)	12 Months Ended
	Dec. 31, 2013 item	Dec. 31, 2012	Dec. 31, 2011
Income Taxes
Provision for income taxes	$ 0
Number of income tax returns under examination	0
Unrecognized tax benefits	0
Distributions
Distributions declared by Partnership to Limited Partners (in dollars per share)	$ 0	$ 0	$ 0
Series A
Redemptions
Period considered for early redemption of units	12 months
Charge for early redemption (as a percent)	3.00%
Charge for early redemption	$ 32,183	$ 100,928	$ 82,819
Minimum
Cash at brokers
Required margin percentage of face value of derivatives traded	1.00%
Subscriptions
Period for receipt of subscription request by transfer agent	10 days
Redemptions
Notice period for redemption of units	15 days
Maximum
Cash at brokers
Required margin percentage of face value of derivatives traded	10.00%

XML

DERIVATIVE CONTRACTS AND OFF-BALANCE SHEET RISK (Details 2) (USD $)	Dec. 31, 2013	Dec. 31, 2012
Offsetting of Net unrealized loss / market value on open contracts / options:
Gross Amounts of Recognized Liabilities	$ (2,502,878)	$ (8,307,428)
Gross Amounts offset in the Consolidated Statements of Financial Condition	2,269,101	5,280,775
Net Amounts presented in the Consolidated Statements of Financial Condition	(233,777)	(3,026,653)
Total derivatives, Gross Amount of Recognized Liabilities	(2,502,878)	(8,307,428)
Total derivatives, Gross Amounts offset in the Consolidated Statements of Financial Condition	2,269,101	5,280,775
Total derivatives, Net Amounts presented in the Consolidated Statements of Financial Condition	(233,777)	(3,026,653)
Futures
Offsetting of Net unrealized loss / market value on open contracts / options:
Gross Amounts of Recognized Liabilities	(1,403,012)	(4,687,776)
Gross Amounts offset in the Consolidated Statements of Financial Condition	1,344,883	4,386,002
Net Amounts presented in the Consolidated Statements of Financial Condition	(58,129)	(301,774)
Futures | Agriculture
Offsetting of Net unrealized loss / market value on open contracts / options:
Gross Amounts of Recognized Liabilities	(119,929)	(258,132)
Gross Amounts offset in the Consolidated Statements of Financial Condition	119,929	274,704
Net Amounts presented in the Consolidated Statements of Financial Condition		16,572
Futures | Currencies
Offsetting of Net unrealized loss / market value on open contracts / options:
Gross Amounts of Recognized Liabilities	(44,656)	(494,614)
Gross Amounts offset in the Consolidated Statements of Financial Condition	44,656	378,990
Net Amounts presented in the Consolidated Statements of Financial Condition		(115,624)
Futures | Energy
Offsetting of Net unrealized loss / market value on open contracts / options:
Gross Amounts of Recognized Liabilities	(35,855)	(413,383)
Gross Amounts offset in the Consolidated Statements of Financial Condition	35,855	442,954
Net Amounts presented in the Consolidated Statements of Financial Condition		29,571
Futures | Interest rates
Offsetting of Net unrealized loss / market value on open contracts / options:
Gross Amounts of Recognized Liabilities	(239,106)	(292,476)
Gross Amounts offset in the Consolidated Statements of Financial Condition	184,727	245,882
Net Amounts presented in the Consolidated Statements of Financial Condition	(54,379)	(46,594)
Futures | Metals
Offsetting of Net unrealized loss / market value on open contracts / options:
Gross Amounts of Recognized Liabilities	(949,902)	(2,900,138)
Gross Amounts offset in the Consolidated Statements of Financial Condition	949,902	2,661,358
Net Amounts presented in the Consolidated Statements of Financial Condition		(238,780)
Futures | Stock indices
Offsetting of Net unrealized loss / market value on open contracts / options:
Gross Amounts of Recognized Liabilities	(13,564)	(329,033)
Gross Amounts offset in the Consolidated Statements of Financial Condition	9,814	382,114
Net Amounts presented in the Consolidated Statements of Financial Condition	(3,750)	53,081
Forwards | Currencies
Offsetting of Net unrealized loss / market value on open contracts / options:
Gross Amounts of Recognized Liabilities	(419,377)	(3,032,317)
Gross Amounts offset in the Consolidated Statements of Financial Condition	334,160	764,945
Net Amounts presented in the Consolidated Statements of Financial Condition	(85,217)	(2,267,372)
Options
Offsetting of Net unrealized loss / market value on open contracts / options:
Gross Amounts of Recognized Liabilities	(680,489)	(587,335)
Gross Amounts offset in the Consolidated Statements of Financial Condition	590,058	129,828
Net Amounts presented in the Consolidated Statements of Financial Condition	(90,431)	(457,507)
Options | Currencies
Offsetting of Net unrealized loss / market value on open contracts / options:
Gross Amounts of Recognized Liabilities	(295,045)	(203,826)
Gross Amounts offset in the Consolidated Statements of Financial Condition	172,223	2,200
Net Amounts presented in the Consolidated Statements of Financial Condition	(122,822)	(201,626)
Options | Energy
Offsetting of Net unrealized loss / market value on open contracts / options:
Gross Amounts of Recognized Liabilities	(9,150)	(32,560)
Gross Amounts offset in the Consolidated Statements of Financial Condition	11,100	4,840
Net Amounts presented in the Consolidated Statements of Financial Condition	1,950	(27,720)
Options | Interest rates
Offsetting of Net unrealized loss / market value on open contracts / options:
Gross Amounts of Recognized Liabilities	(163,219)	(91,369)
Gross Amounts offset in the Consolidated Statements of Financial Condition	406,735	47,438
Net Amounts presented in the Consolidated Statements of Financial Condition	243,516	(43,931)
Options | Metals
Offsetting of Net unrealized loss / market value on open contracts / options:
Gross Amounts of Recognized Liabilities		(116,030)
Net Amounts presented in the Consolidated Statements of Financial Condition		(116,030)
Options | Stock indices
Offsetting of Net unrealized loss / market value on open contracts / options:
Gross Amounts of Recognized Liabilities	(213,075)	(143,550)
Gross Amounts offset in the Consolidated Statements of Financial Condition		75,350
Net Amounts presented in the Consolidated Statements of Financial Condition	$ (213,075)	$ (68,200)

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2013

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of accounting

The Partnership’s consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”).  The preparation of consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements as well as the reported amounts of revenues and expenses during the reporting period.  Actual results could differ from those estimates. The Partnership qualifies as an investment company under the provisions of the American Institute of Certified Public Accountants Audit and Accounting Guide - Investment Companies (the “Audit and Accounting Guide”).

Cash and Cash Equivalents

Cash and Cash Equivalents

The Partnership has defined cash and cash equivalents as cash, money market funds and short-term, highly liquid investments with maturities of three months or less when acquired.  Money market funds, which are included in cash equivalents, are classified as Level 1 valuation inputs (quoted prices in active markets for identical assets) under the provisions of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 820, Fair Value Measurements and Disclosures (“ASC 820”).

Valuation

Valuation

The Partnership’s policy is to value its financial instruments at fair market value. The Partnership’s commodities futures contracts traded on exchanges are valued at their close price. Foreign currency exchange contracts are valued at the midpoint between the bid and ask prices and are determined as of the close of business of the New York Stock Exchange. Interpolated values are derived when the settlement date of the contract is an interim date for which quotations are not available. Exchange-traded written options are valued at the mean between the last bid and ask prices at the close of the options market in which the options trade. An exchange-traded option for which there is no mean price is valued at the prior day’s close price, unless it is determined that the prior day’s price no longer reflects the fair value of the option. Over-the-counter (“OTC”) options are valued by single broker quotes which use mathematical models which incorporate a number of market data factors, such as the trades and prices of the underlying instruments.

The value of Investments in Non-Consolidated LLCs is based on the Partnership’s proportionate share of the fair value of the financial instruments held by the Non-Consolidated LLCs plus any other assets and less any other liabilities held by the Non-Consolidated LLCs, which represents the net asset value of the Non-Consolidated LLC. The Non-Consolidated LLCs’ valuation policy is the same as that of the Partnership discussed above. Changes in the value of Investments in Non-Consolidated LLCs are reflected in the Consolidated Statements of Operations as Change in value of Investments in Non-Consolidated LLCs, and includes the Partnership’s proportionate share of the operations of its Investments in the Non-Consolidated LLCs, which includes income and expenses.

Cash at brokers

Cash at brokers

A portion of the assets maintained at each of the Clearing Brokers is restricted to meet maintenance margin requirements.  Typically, margin requirements range from 1% to 10% of the face value of the derivatives traded.

Net Unrealized Profit (Loss) / Market Value on Open Contracts / Options

Net Unrealized Profit (Loss) / Market Value on Open Contracts / Options

The Partnership, either directly or indirectly through its subsidiaries, in its normal course of business, enters into various derivatives contracts with MLPF&S, Newedge USA, JPMS, MS&Co., UBS Securities, UBS AG (“UBS”), HSBC, Barclays and State Street each acting as the Partnership’s clearing brokers or derivatives counterparties. Pursuant to the brokerage agreements with MLPF&S, Newedge USA, JPMS, MS&Co., Barclays and UBS Securities (which include netting arrangements within each subsidiary), to the extent that such trading results in receivables from and payables to MLPF&S, Newedge USA, JPMS, MS&Co., Barclays and UBS Securities, these receivables and payables are offset and reported as a net receivable or payable with each broker.  Net receivables are included in the Consolidated Statements of Financial Condition under Equity in commodity futures trading accounts in Net unrealized profit/market value on open contracts/options; net payables are included in the Consolidated Statements of Financial Condition under Liabilities in Net unrealized loss/ market value on open contracts/options. Receivables and payables are netted by counterparty and Trading Advisor, as appropriate under GAAP.

Commodity futures, forwards and options contracts transactions are recorded on the trade date. The receivables and payables for forwards and options contracts represent the difference between the original contract value and the market value. The receivables and payables for futures contracts represent the variation margin, which is the daily fluctuation in market value of the futures contracts. The change in unrealized profit (loss) on open contracts from one period to the next is reflected in Change in unrealized in the Consolidated Statements of Operations.

Foreign Currency Transactions

Foreign Currency Transactions

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

Income Taxes

Income Taxes

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

The Partnership is subject to the provision of ASC 740, Income Taxes which sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. Based on its analysis, the General Partner does not believe that the Partnership has any material uncertain tax positions that would require recognition or measurement in the Partnership’s consolidated financial statements.

The Partnership files U.S. Federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the Partnership’s U.S. Federal tax returns are open for the years ended 2013, 2012, 2011, and 2010. The statute of limitations on the Partnership’s state and local tax returns may remain open for an additional year depending on the jurisdiction.

There are no unrecognized tax benefits relating to the accompanying consolidated financial statements.

Distributions

Distributions

The Limited Partners are entitled to receive, equally per Unit, any distributions which may be made by the Partnership.  No such distributions have been declared for the years ended December 31, 2013, 2012 or 2011.

Subscriptions

Subscriptions

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

Redemptions

Redemptions

A Limited Partner may redeem some or all of such Partner’s Units at Net Asset Value as of the close of business on the last business day of any calendar month upon at least fifteen calendar days’ notice, or such lesser period as shall be acceptable to the General Partner in its sole discretion in advance of the requested effective date of redemption (“notice period”).  Series A units redeemed on or prior to the end of the twelfth full month after purchase are assessed an early redemption charge of 3% of their Net Asset Value as of the date of redemption which is paid to BRIM. The amount of the fees paid for the years ended December 31, 2013, 2012 and 2011 are $32,183, $100,928 and $82,819, respectively. Series I units are not subject to early redemption charges.

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

Indemnifications

Indemnifications

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