INVESTMENTS, DERIVATIVE CONTRACTS AND OFF-BALANCE SHEET RISK

3 Months Ended

Mar. 31, 2013

INVESTMENTS, DERIVATIVE CONTRACTS AND OFF-BALANCE SHEET RISK

INVESTMENTS, DERIVATIVE CONTRACTS AND OFF-BALANCE SHEET RISK

4. INVESTMENTS, DERIVATIVE CONTRACTS AND OFF-BALANCE SHEET RISK

The Partnership, through its Trading Advisors in its LLCs which includes both consolidated and non-consolidated LLCs, trades in the international futures, forwards and options 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 to subsidiaries managed by the Trading Advisors on behalf of the Partnership, applying proprietary strategies in numerous markets.

The Partnership, through its Trading Advisors in its LLCs which includes both consolidated and non-consolidated LLCs, engages in the speculative trading of derivative contracts on interest rates, commodities, currencies, metals, energy, agriculture and stock indices. The following were the primary trading risk exposures of such derivative contracts as of at March 31, 2013, organized by market sector:

Agricultural. The Partnership’s primary exposure is to agricultural price movements, which are often directly affected by severe or unexpected weather conditions.

Currencies. Exchange rate risk is a principal market exposure of the Partnership. The Partnership’s currency exposure is to exchange rate fluctuations, primarily fluctuations which disrupt the historical pricing relationships between different currencies and currency pairs. The fluctuations are influenced by interest rate changes as well as political and general economic conditions. The Partnership, through its Trading Advisors, trades in a large number of currencies, including cross-rates—e.g., positions between two currencies other than the U.S. dollar.

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 and economic conditions worldwide. Energy prices are volatile and substantial profits and losses have been and are expected to continue to be experienced in this market.

Interest rates. Interest rate movements directly affect the price of the sovereign bond futures 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 may materially impact the Partnership’s profitability. The Partnership’s primary interest rate exposure is to interest rate fluctuations in the United States and other major industrialized, or Group of Seven countries (Canada, France, Germany, Italy, Japan, United Kingdom and United States, collectively, “G-7”). However, the Partnership, through its Trading Advisors, also may hold positions in futures contracts on the government debt of other nations.

Metals. The Partnership’s metals market exposure is to fluctuations in the price of aluminum, copper, gold, lead, nickel, silver, tin and zinc.

Stock Indices. The Partnership’s equity exposure, through stock index futures, is to equity price risk in the G-7 countries, as well as other countries.

The Partnership, through the trading activities of the Trading Advisors, also engages in the speculative trading of forward currency contracts. 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 or may acquire 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.

The Partnership may purchase and sell (write), both exchange listed and OTC, options on commodities or financial instruments. An option is a contract allowing, but not requiring, its holder to buy (call) or sell (put) a specific or standard commodity or financial instrument at a specified price during a specified time period. The option premium is the total price paid or received for the option contract. When the Partnership writes an option, the premium received is recorded as a liability in the Consolidated Statements of Financial Condition and marked to market daily.

As both a buyer and seller (writer) of options, the Partnership pays or receives a premium at the outset and then bears the risk of unfavorable changes in the price of the contract underlying the option. Written options expose the Partnership to potentially unlimited liability; for purchased options the risk of loss is limited to the premiums paid. Certain written put options permit cash settlement and do not require the option holder to own the reference asset. The Partnership does not consider these contracts to be guarantees as described in ASC 460 Guarantees.

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 counterparties. Margin reflected in the collateral tables reflect 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 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 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 Consolidated Statements		the Consolidated Statements
Industry Sector	Recognized Assets		of Financial Position		of Financial Position
Futures
Agriculture	$	510,548	$	384,846	$	125,702
Currencies	—		—		—
Energy	459,194		175,304		283,890
Interest rates	754,231		195,727		558,504
Metals	2,394,983		2,262,356		132,627
Stock indices	353,429		270,064		83,365
Subtotal	4,472,385		3,288,297		1,184,088

Forwards
Currencies	1,649,882		1,540,476		109,406
Subtotal	1,649,882		1,540,476		109,406

Options
Agriculture	357,399		—		357,399
Currencies	—		—		—
Energy	—		—		—
Interest rates	—		—		—
Metals	300,340		148,120		152,220
Stock indices	—		—		—
Subtotal	657,739		148,120		509,619

Total Derivatives subject to a master netting or similar arrangement	6,780,006		4,976,893		1,803,113

Total Derivatives not subject to a master netting or similar arrangement	—		—		—

Total Derivatives	$	6,780,006	$	4,976,893	$	1,803,113

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 Position		of Financial Position
Futures
Agriculture	$	—	$	—	$	—
Currencies	499,671		216,835		282,836
Energy	—		—		—
Interest rates	—		—		—
Metals	—		—		—
Stock indices	—		—		—
Subtotal	499,671		216,835		282,836

Forwards
Currencies	—		—		—
Subtotal	—		—		—

Options
Agriculture	—		—		—
Currencies	196,067		96,075		99,992
Energy	51,220		5,850		45,370
Interest rates	146,444		45,856		100,588
Metals	—		—		—
Stock indices	122,687		—		122,687
Subtotal	516,418		147,781		368,637

Total Derivatives subject to a master netting or similar arrangement	1,016,089		364,616		651,473

Total Derivatives not subject to a master netting or similar arrangement	—		—		—

Total Derivatives	$	1,016,089	$	364,616	$	651,473

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 Position		of Financial Position
Futures
Agriculture	$	—	$	—	$	—
Currencies	718,875		494,614		224,261
Energy	574,348		413,383		160,965
Interest rates	562,168		292,476		269,692
Metals	—		—		—
Stock indices	677,507		329,033		348,474
Subtotal	2,532,898		1,529,506		1,003,392

Forwards
Currencies	—		—		—
Subtotal	—		—		—

Options
Agriculture	—		—		—
Currencies	—		—		—
Energy	—		—		—
Interest rates	—		—		—
Metals	254,000		—		254,000
Stock indices	75,350		68,200		7,150
Subtotal	329,350		68,200		261,150

Total Derivatives subject to a master netting or similar arrangement	2,862,248		1,597,706		1,264,542

Total Derivatives not subject to a master netting or similar arrangement	—		—		—

Total Derivatives	$	2,862,248	$	1,597,706	$	1,264,542

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 Position		of Financial Position
Futures
Agriculture	$	258,132	$	168,568	$	89,564
Currencies	—		—		—
Energy	—		—		—
Interest rates	—		—		—
Metals	2,900,138		2,403,115		497,023
Stock indices	—		—		—
Subtotal	3,158,270		2,571,683		586,587

Forwards
Currencies	3,032,317		959,887		2,072,430
Subtotal	3,032,317		959,887		2,072,430

Options
Agriculture	—		—		—
Currencies	203,826		2,200		201,626
Energy	32,670		4,840		27,830
Interest rates	108,625		47,438		61,187
Metals	—		—		—
Stock indices	—		—		—
Subtotal	345,121		54,478		290,643

Total Derivatives subject to a master netting or similar arrangement	6,535,708		3,586,048		2,949,660

Total Derivatives not subject to a master netting or similar arrangement	—		—		—

Total Derivatives	$	6,535,708	$	3,586,048	$	2,949,660

As of 3/31/2013

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 Position		Received		Amount

Counterparty A	$	577,073	$	—	$	—
Counterparty B	214,191		—		—
Counterparty C	—		—		—
Counterparty D	645,945		—		—
Counterparty E	53,755		—		—
Counterparty F	—		—		—
Counterparty G	33,665		—		—
	$	1,524,629	$	—	$	—

	Net Amount of Unrealized Loss		Cash Collateral		Net
Counterparty	in the Consolidated Statements of Financial Position		Pledged		Amount
Counterparty A	$	—	$	—	$	—
Counterparty B	—		—		—
Counterparty C	256,796		256,796		—
Counterparty D	—		—		—
Counterparty E	—		—		—
Counterparty F	116,193		116,193		—
Counterparty G	—		—		—
	$	372,989	$	372,989	$	—

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 Position		Received		Amount
Counterparty A	$	—	$	—	$	—
Counterparty B	708,832		—		—
Counterparty C	—		—		—
Counterparty D	397,408		—		—
Counterparty E	—		—		—
Counterparty F	78,890		—		—
	$	1,185,130	$	—	$	—

	Net Amount of Unrealized Loss		Cash Collateral		Net
Counterparty	in the Consolidated Statements of Financial Position		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 and cash equivalents held to satisfy such requirements at March 31, 2013 and December 31, 2012 was $14,519,352 and $17,940,020 respectively, which equals 6.16% 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.

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 period ended March 31, 2013, 26,279 contracts were closed. The fair value of options held as of March 31, 2013 includes premiums paid of $925,855 and received of $811,968. 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 March 31, 2013 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	312	$	64,388	$	(285,380	)	$	(220,992	)	-0.09	%	(483	)	$	446,160	$	(99,466	)	$	346,694		0.15	%	$	125,702		0.06	%	April 13 - December 13
Currencies	459	151,556		(198,326		)	(46,770		)	-0.02	%	(372	)	65,279		(301,345		)	(236,066		)	-0.10	%	(282,836		)	-0.12	%	April 13 - June 13
Energy	242	423,405		(56,727		)	366,678			0.15	%	(112	)	35,789		(118,577		)	(82,788		)	-0.04	%	283,890			0.11	%	April 13 - December 13
Interest rates	2,715	745,777		(96,713		)	649,064			0.28	%	(991	)	8,454		(99,014		)	(90,560		)	-0.04	%	558,504			0.24	%	April 13 - June 16
Metals	554	23,601		(2,251,228		)	(2,227,627		)	-0.95	%	(621	)	2,371,382		(11,128		)	2,360,254			1.00	%	132,627			0.05	%	April 13 - December 13
Stock indices	719	342,350		(209,109		)	133,241			0.06	%	(151	)	11,079		(60,955		)	(49,876		)	-0.02	%	83,365			0.04	%	April 13 - June 13
Subtotal	5,001	1,751,077		(3,097,483		)	(1,346,406		)	-0.57	%	(2,730	)	2,938,143		(690,485		)	2,247,658			0.95	%	901,252			0.38	%

Forwards
Currencies		514,374		(328,046		)	186,328			0.08	%			1,135,508		(1,212,430		)	(76,922		)	-0.03	%	109,406			0.05	%	April 13 - December 13
Subtotal		514,374		(328,046		)	186,328			0.08	%			1,135,508		(1,212,430		)	(76,922		)	-0.03	%	109,406			0.05	%

Options
Agriculture	189	357,399		—			357,399			0.15	%	—		—		—			—			0.00	%	357,399			0.15	%	April 13 - December 13
Currencies	—	96,075		—			96,075			0.04	%	—		—		(196,067		)	(196,067		)	-0.09	%	(99,992		)	-0.05	%	April 13 - May 13
Energy	13	5,850		—			5,850			0.00	%	(39	)	—		(51,220		)	(51,220		)	-0.02	%	(45,370		)	-0.02	%	April 13
Interest rates	127	45,856		—			45,856			0.02	%	(600	)	—		(146,444		)	(146,444		)	-0.06	%	(100,588		)	-0.04	%	April 13 - June 13
Metals	58	300,340		—			300,340			0.13	%	(30	)	—		(148,120		)	(148,120		)	-0.06	%	152,220			0.07	%	June 13 - November 13
Stock indices	—	—		—			—			0.00	%	(130	)	—		(122,687		)	(122,687		)	-0.05	%	(122,687		)	-0.05	%	June 13
Subtotal	387	805,520		—			805,520			0.34	%	(799	)	—		(664,538		)	(664,538		)	-0.28	%	140,982			0.06	%

Total	5,388	$	3,070,971	$	(3,425,529	)	$	(354,558	)	-0.15	%	(3,529	)	$	4,073,651	$	(2,567,453	)	$	1,506,198		0.64	%	$	1,151,640		0.49	%

No individual contract’s unrealized profit or loss comprised greater than 5% of the Partnership’s capital as of March 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
Subtotal		355,855		(287,104		)	68,751			0.03	%			604,032		(2,745,213		)	(2,141,181		)	-0.82	%	(2,072,430		)	-0.79	%

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 and relevant financial information of the Non-Consolidated LLCs as of and for the periods indicated through March 31, 2013 and December 31, 2012, respectively:

March 31, 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	$	15,457,993	$	16,231,030	85.98	%	2	%	20	%	Monthly
Breakout Global Horizons, LLC	17,624,519		17,410,525		54.62	%	1	%	15	%	Monthly
Cambridge Global Horizons, LLC	23,166,268		23,723,068		64.52	%	2	%	20	%	Monthly
Quantum Global Horizons, LLC	17,089,817		19,129,532		44.38	%	0	%	30	%	Monthly

Total	$	73,338,597	$	76,494,155

December 31, 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

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 three month periods ended March 31, 2013 and 2012 are as follows:

2013

				Change in Net
Commodity	Realized Profits			Unrealized Profits			Net Trading
Industry Sector	(Losses)			(Losses)			Profits (Losses)

Futures
Agriculture	$	(583,304	)	$	215,265		$	(368,039	)
Currencies	981,342			(661,026		)	320,316
Energy	(731,718		)	122,927			(608,791		)
Interest rates	(1,144,639		)	288,811			(855,828		)
Metals	(567,539		)	629,650			62,111
Stock indices	3,918,623			(265,108		)	3,653,515
Subtotal	1,872,765			330,519			2,203,284

Forwards
Currencies	(4,219,130		)	2,181,835			(2,037,295		)

Options
Agriculture	(23,411		)	45,542			22,131
Currencies	608,495			260,401			868,896
Energy	312,614			(54,751		)	257,863
Interest rates	1,055,296			28,022			1,083,318
Metals	(137,340		)	(59,385		)	(196,725		)
Stock indices	115,828			2,651			118,479
Subtotal	1,931,482			222,480			2,153,962

Total	$	(414,883	)	$	2,734,834		$	2,319,951

2012

				Change in Net
Commodity	Realized Profits			Unrealized Profits			Net Trading
Industry Sector	(Losses)			(Losses)			Profits (Losses)

Futures
Agriculture	$	(1,530,728	)	$	280,592		$	(1,250,136	)
Currencies	(1,231,137		)	(1,156,885		)	(2,388,022		)
Energy	2,741,587			(132,445		)	2,609,142
Interest rates	(876,154		)	(1,247,408		)	(2,123,562		)
Metals	(717,544		)	(32,450		)	(749,994		)
Stock indices	2,984,427			301,780			3,286,207
Subtotal	1,370,451			(1,986,816		)	(616,365		)

Forwards
Currencies	(3,898,656		)	(775,347		)	(4,674,003		)

Options
Currencies	249,441			22,939			272,380
Energy	121,571			(1,822		)	119,749
Interest rates	1,181,962			(40,217		)	1,141,745
Metals	(2,134		)	—			(2,134		)
Stock indices	282,794			(23,320		)	259,474
Subtotal	1,833,634			(42,420		)	1,791,214

Total	$	(694,571	)	$	(2,804,583	)	$	(3,499,154	)

- Definition

The entire disclosure for the entity's entire derivative instruments and hedging activities. Describes an entity's risk management strategies, derivatives in hedging activities and non-hedging derivative instruments, the assets, obligations, liabilities, revenues and expenses arising therefrom, and the amounts of and methodologies and assumptions used in determining the amounts of such items.

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+ Details

BlackRock Global Horizons I L.P. 10-Q