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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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	$	—

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	$	—

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.

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.

	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