UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2014

o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number 0-23240

BLACKROCK GLOBAL HORIZONS I L.P.

(Exact Name of Registrant as

specified in its charter)

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

c/o BlackRock Investment Management LLC

55 East 52nd Street

New York, New York 10055

(Address of principal executive offices)

(Zip Code)

609-282-6996

(Registrant’s telephone number, including area code)

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 x 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 x No o

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		Smaller reporting company x

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

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BLACKROCK GLOBAL HORIZONS I L.P.

QUARTERLY REPORT FOR September 30, 2014 ON FORM 10-Q

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		PAGE

PART I

Item 1.	Consolidated Financial Statements	2

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	25

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	38

Item 4.	Controls and Procedures	41

PART II

Item 1.	Legal Proceedings	42

Item 1A.	Risk Factors	42

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	42

Item 3.	Defaults Upon Senior Securities	44

Item 4.	Reserved	44

Item 5.	Other Information	44

Item 6.	Exhibits	44

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PART I - FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements

BLACKROCK GLOBAL HORIZONS I L.P.

(A DELAWARE LIMITED PARTNERSHIP)

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(unaudited)

	September 30,
	2014		December 31,
	(in liquidation)		2013

ASSETS:
Cash and cash equivalents	$	41,916,037	$	62,321,409
Equity in commodity futures trading accounts:
Cash (restricted cash $952,624 and $10,605,212)	15,484,311		26,472,676
Net unrealized profit / market value on open contracts / options (See note 4)	274,913		738,429
Investments in Non-Consolidated LLCs (cost $6,028,542 and $55,413,490) (See note 4)	4,685,461		49,264,514
Due from Non-Consolidated LLCs	—		3,621,272
Accrued interest and other assets	233		2,577

TOTAL ASSETS	$	62,360,955	$	142,420,877

LIABILITIES AND PARTNERS’ CAPITAL
LIABILITIES:

Net unrealized loss / market value on open contracts / options (See note 4)	$	746,654	$	233,777
Due to Non-Consolidated LLCs	61,125		—
Redemptions payable	—		8,513,455
Profit Shares payable	220,283		407,778
Professional fees payable	570,491		521,394
Administrator fees payable	138,431		135,849
Distribution fees payable	381,723		348,490
Trading Advisors’ management fees payable	82,456		144,680
Sponsor fees payable	198,004		147,533
Other fees payable	66,135		286,598

Total liabilities	2,465,302		10,739,554

PARTNERS’ CAPITAL:
General Partner (3,355,287 and 3,355,287 Units)	3,298,420		3,354,997
Limited Partners (56,437,893 and 130,976,898 Units)	56,597,233		128,326,326

Total partners’ capital	59,895,653		131,681,323

TOTAL LIABILITIES AND PARTNERS’ CAPITAL	$	62,360,955	$	142,420,877

NET ASSET VALUE PER UNIT (See note 2)

See notes to consolidated financial statements (in liquidation).

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BLACKROCK GLOBAL HORIZONS I L.P.

(A DELAWARE LIMITED PARTNERSHIP)

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

	For the three			For the three			For the nine			For the nine
	months ended			months ended			months ended			months ended
	September 30, 2014			September 30,			September 30, 2014			September 30,
	(in liquidation)			2013			(in liquidation)			2013
TRADING PROFITS (LOSSES):

Realized	$	2,661,417		$	(3,021,769	)	$	6,936,337		$	(8,822,526	)
Change in unrealized	(1,892,654		)	1,009,411			(2,544,995		)	2,866,807
Change in value of Investments in Non-Consolidated LLCs (1)	1,064,421			(1,466,806		)	(3,931,373		)	(9,260,858		)
Brokerage commissions and clearing costs	(187,693		)	(296,160		)	(641,740		)	(789,057		)

Total trading profits / (losses)	1,645,491			(3,775,324		)	(181,771		)	(16,005,634		)

INVESTMENT INCOME:
Interest	775			6,992			4,528			59,502

EXPENSES:
Distribution fees	347,636			827,766			1,424,645			3,077,478
Professional fees	(138,750		)	105,803			398,186			365,028
Sponsor fees	146,533			348,680			600,622			1,295,315
Trading Advisors’ management fees	149,595			418,390			602,513			1,569,312
Administrator fees	(41,625		)	80,475			173,000			343,934
Profit Shares	58,164			300			264,289			6,816
Other fees	(148,001		)	73,069			(26,018		)	193,466
Total expenses before waiver	373,552			1,854,483			3,437,237			6,851,349
Sponsor fee waiver (See note 5)	343,700			—			(332,933		)	—
Total expenses	717,252			1,854,483			3,104,304			6,851,349

NET INVESTMENT LOSS	(716,477		)	(1,847,491		)	(3,099,776		)	(6,791,847		)

NET INCOME / (LOSS)	$	929,014		$	(5,622,815	)	$	(3,281,547	)	$	(22,797,481	)

NET INCOME / (LOSS) PER WEIGHTED AVERAGE UNIT: (2)
Weighted average number of General Partner and Limited Partner Units outstanding
Series A	52,527,452			162,231,045			87,583,268			195,450,644
Series F	37,372			66,250			48,352			70,511
Series G	13,324,157			18,381,424			15,218,576			19,661,682
Series I	680,929			1,688,736			1,080,157			1,828,118

Net income / (loss) per weighted average General Partner and Limited Partner Unit
Series A	$	0.0119		$	(0.0282	)	$	(0.0302	)	$	(0.0968	)
Series F	$	2.98		$	(6.90	)	$	(6.21	)	$	(23.80	)
Series G	$	0.0130		$	(0.0298	)	$	(0.0212	)	$	(0.1026	)
Series I	$	0.0242		$	(0.0262	)	$	(0.0127	)	$	(0.0968	)

(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 income / (loss) per weighted average Unit. The weighted average number of Units outstanding for the three-month and nine-month periods ended September 30, 2014 and 2013 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 period.

See notes to consolidated financial statements (in liquidation).

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BLACKROCK GLOBAL HORIZONS I L.P.

(A DELAWARE LIMITED PARTNERSHIP)

CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2014 (IN LIQUIDATION) AND 2013

(unaudited)

			General			Limited
	Units		Partner			Partners			Total

PARTNERS’ CAPITAL,
December 31, 2012	254,204,453		$	3,636,703		$	258,026,265		$	261,662,968

Subscriptions	4,759,745		—			4,382,986			4,382,986

Net loss	—		(377,785		)	(22,419,696		)	(22,797,481		)

Redemptions	(94,300,976	)	—			(88,496,567		)	(88,496,567		)

PARTNERS’ CAPITAL,
September 30, 2013	164,663,222		$	3,258,918		$	151,492,988		$	154,751,906

PARTNERS’ CAPITAL,
December 31, 2013	134,332,185		$	3,354,997		$	128,326,326		$	131,681,323

Subscriptions	870,161		—			745,000			745,000

Net loss	—		(113,912		)	(4,322,085		)	(4,435,997		)

Redemptions	(24,267,162	)	—			(23,013,410		)	(23,013,410		)

PARTNERS’ CAPITAL,
May 31, 2014	110,935,184		$	3,241,085		$	101,735,831		$	104,976,916

PARTNERS’ CAPITAL,
June 1, 2014 (commencement of liquidation basis)	110,935,184		$	3,241,085		$	101,735,831		$	104,976,916

Subscriptions	—		—			—			—

Net income	—		57,335			1,097,115			1,154,450

Redemptions	(51,142,004	)	—			(46,235,713		)	(46,235,713		)

PARTNERS’ CAPITAL,
September 30, 2014 (in liquidation)	59,793,180		$	3,298,420		$	56,597,233		$	59,895,653

See notes to consolidated financial statements (in liquidation).

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BLACKROCK GLOBAL HORIZONS I L.P.

(A DELAWARE LIMITED PARTNERSHIP)

CONSOLIDATED FINANCIAL DATA HIGHLIGHTS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2014 (IN LIQUIDATION)

(unaudited)

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 period	$	0.8802		$	212.56		$	0.9206		$	1.1261

Realized	0.0696			16.48			0.0709			0.0904
Change in unrealized	(0.0298		)	(6.87		)	(0.0293		)	(0.0389		)
Change in value of Investments in Non-Consolidated LLCs (1)	(0.0219		)	(5.32		)	(0.0233		)	(0.0199		)
Interest	—		(2)	0.01			—		(2)	—		(2)
Expenses	(0.0333		)	(8.03		)	(0.0345		)	(0.0277		)

Net asset value, end of period	$	0.8648		$	208.83		$	0.9044		$	1.1300

Total Return: (1)

Total return (before Profit Shares)	-1.47		%	-1.48		%	-1.51		%	0.74		%
Profit Shares	-0.30		%	-0.29		%	-0.26		%	-0.39		%
Total return	-1.75		%	-1.75		%	-1.76		%	0.35		%

Ratios to Average Net Assets:(3) (4) (5)

Expenses (before Sponsor fee waiver)	5.16		%	4.97		%	4.94		%	3.05		%
Sponsor fee waiver	-0.52		%	-0.26		%	-0.19		%	-0.30		%
Expenses (after Sponsor fee waiver and before Profit Shares)	4.64		%	4.71		%	4.75		%	2.75		%
Profit Shares	0.27		%	0.26		%	0.25		%	0.35		%
Expenses	4.91		%	4.97		%	5.00		%	3.10		%

Net investment loss	-4.90		%	-4.96		%	-4.99		%	-3.09		%

(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 amounts for Series A, Series G and Series I rounds to less than $0.0001.

(3) 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.

(4) The expenses (before Profit Shares) and the interest portion of net investment loss for the net investment loss ratios have been annualized.

(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 Sponsor fee waiver), Sponsor fee waiver, Expenses (after Sponsor fee waiver and before Profit Shares), Profit Shares, Expenses and Net investment loss for Series A would be 7.74%, (0.64)%, 7.10%, 0.34%, 7.44%, and (7.45)%, respectively; Series F would be 7.45%, (0.33)%, 7.12%, 0.36%, 7.48% and (7.49)%, respectively; for Series G would be 7.39%, (0.25)%, 7.14%, 0.39%, 7.53% and (7.54)%, respectively; and for Series I would be 4.53%, (0.36)%, 4.17%, 0.43%, 4.60% and (4.61)%, respectively.

See notes to consolidated financial statements (in liquidation).

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BLACKROCK GLOBAL HORIZONS I L.P.

(A DELAWARE LIMITED PARTNERSHIP)

CONSOLIDATED FINANCIAL DATA HIGHLIGHTS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2013

(unaudited)

Per Unit Operating Performance:	Series A			Series F			Series G			Series I

Net asset value, beginning of period	$	0.9551		$	230.67		$	0.9991		$	1.1835

Realized	(0.0402		)	(9.72		)	(0.0421		)	(0.0506		)
Change in unrealized	0.0120			2.91			0.0126			0.0151
Change in value of Investments in Non-Consolidated LLCs (1)	(0.0393		)	(9.49		)	(0.0411		)	(0.0396		)
Interest	0.0002			0.06			0.0002			0.0003
Expenses	(0.0326		)	(7.88		)	(0.0341		)	(0.0233		)

Net asset value, end of period	$	0.8552		$	206.55		$	0.8946		$	1.0854

Total Return: (1)

Total return (before Profit Shares)	-10.46		%	-10.46		%	-10.46		%	-8.27		%
Profit Shares	0.00		%	0.00		%	0.00		%	-0.02		%
Total return	-10.46		%	-10.46		%	-10.46		%	-8.29		%

Ratios to Average Net Assets:(2) (3) (4)

Expenses (before Profit Shares)	4.70		%	4.72		%	4.72		%	2.65		%
Profit Shares	0.00		%(5)	0.00		%(5)	0.00		%(5)	0.02		%
Expenses	4.70		%	4.72		%	4.72		%	2.67		%

Net investment loss	-4.67		%	-4.69		%	-4.69		%	-2.64		%

(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) The expenses (before Profit Shares) and the interest portion of net investment loss for the net investment loss ratios have been annualized.

(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 7.03%, 0.00%, 7.03% and (7.02)%, Series F & Series G would be 7.04%, 0.00%, 7.04% and (7.03)%, respectively; and for Series I would be 3.86%, 0.02%, 3.88% and (3.87)%, respectively.

(5) The Profit Shares ratios round to less than 0.01%

See notes to consolidated financial statements (in liquidation).

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BLACKROCK GLOBAL HORIZONS I L.P.

(A DELAWARE LIMITED PARTNERSHIP)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (IN LIQUIDATION)

(unaudited)

1. LIQUIDATION BASIS OF ACCOUNTING AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

After due consideration of the diminished size of the Partnership and the recent levels of redemptions, BlackRock Investment Management, LLC (the “General Partner” or “BRIM”) had determined it would be difficult to continue to effectively implement the Partnership’s investment strategy on a long-term basis going forward. Accordingly as of June 1, 2014, the Partnership no longer accepted subscriptions and effective September 30, 2014, BRIM appointed itself as the supervisor of the liquidation of the Partnership and withdrew as general partner of the Partnership. As of September 30, 2014 the Partnership was in liquidation and these financial statements have been prepared on the liquidation basis of accounting. Partners were paid proceeds equal to approximately 95% of the September 30, 2014 Net Asset Value in October. The Partnership has had limited activity in October and November related to the winding down of its operations. BRIM anticipates redeeming all remaining Partners from the Partnership and paying the remaining redemption proceeds before the end of 2014 at which time, the Partnership will terminate, concluding the liquidation process.

These consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and include the accounts of BlackRock Global Horizons I L.P. (the “Partnership”) and its wholly owned subsidiaries on a going concern basis through May 31, 2014. Effective June 1, 2014, these consolidated financial statements and consolidated financial highlights have been prepared in accordance with GAAP applied on a liquidation basis.

The interim financial information at September 30, 2014 and 2013, and for the periods ended September 30, 2014 and 2013 is unaudited. However, in the opinion of management, the interim financial information includes all normal recurring adjustments necessary for the fair presentation of the operating results of the Partnership for the interim periods presented as applied on the liquidation basis of accounting. The operating results for the interim periods may not be indicative of the results for the full year.

Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with GAAP have been omitted. These consolidated financial statements (in liquidation) should be read in conjunction with the consolidated financial statements and notes thereto included in the Partnership’s Annual Report on Form 10-K filed with the Securities and Exchange Commission for the year ended December 31, 2013.

The preparation of consolidated financial statements in conformity with GAAP applied on the liquidation basis 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 and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

BRIM, a wholly owned subsidiary of BlackRock, Inc. (“BlackRock”), was the general partner of the Partnership.

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The General Partner had 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 had, in turn, entered into an advisory agreement with each respective Trading Advisor. The primary purpose of these subsidiaries was to segregate the assets of the Partnership allocated to any one Trading Advisor from the other assets of the Partnership in order 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 could have allocated 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 had invested 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 is no longer being 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, May 7, 2013 and February 18, 2014, 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 was presented as Investments in Non-Consolidated LLCs on the Consolidated Statements of Financial Condition. See Note 4 for further information on the Non-Consolidated LLCs. The General Partner terminated the advisory agreement with the Trading Advisor for Cambridge Global Horizons, LLC on January 30, 2014, commenced liquidation, and paid all proceeds to its members in the second quarter of 2014. The General Partner entered into an advisory agreement with the Trading Advisor for Canberra Global Horizons, LLC on December 30, 2013; trading commenced February 18, 2014, at which time another fund managed by the General Partner also invested in the LLC. 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 were wholly owned subsidiaries of the Partnership and these were re-consolidated with the Partnership at that time. On August 31, 2014, the other fund managed by the General Partner redeemed from Canberra Global Horizons, LLC and Quaker Global Horizons, LLC. As a result effective September 1, 2014, Canberra Global Horizons, LLC and Quaker Global Horizons, LLC were wholly owned subsidiaries of the Partnership and these were re-consolidated with the Partnership at that time. As of September 30, 2014, the Non-Consolidated LLC was in liquidation. BRIM anticipates redeeming all remaining members from the Non-Consolidated LLC and paying all redemption proceeds before the end of 2014.

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.”), HSBC Bank PLC (“HSBC”) and Barclays Bank PLC (“Barclays”) (collectively, the “Clearing Brokers”) or could have been 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”). As of September 30, 2014, there were no assets held in any Portfolio Funds.

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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.

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, entered into various derivatives contracts with MLPF&S, Newedge USA, JPMS, MS&Co., HSBC and Barclays each acting as the Partnership’s clearing brokers or derivatives counterparties. Pursuant to the brokerage agreements with MLPF&S, Newedge USA, JPMS, MS&Co., HSBC and Barclays (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., HSBC and Barclays, 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.

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.

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There were no uncertain tax positions which require recognition or measurement in the Partnership’s consolidated financial statements.

2. PARTNERS’ CAPITAL

At September 30, 2014 and December 31, 2013, the Net Asset Values of the different Series of Units were:

September 30, 2014	Net Asset Value		Number of Units	Net Asset Value per Unit

Series A	$	39,981,440	46,234,333	$	0.8648
Series F	7,532,597		36,071	$	208.83
Series G	11,624,142		12,852,445	$	0.9044
Series I	757,474		670,331	$	1.1300
Total Partners’ Capital	$	59,895,653	59,793,180

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

3. FAIR VALUE DISCLOSURES

The Partnership qualifies as an investment company under the provisions set forth in Accounting Standard Codification (“ASC”) 946, Financial Services — Investment Companies (“ASC 946”) 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 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.

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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 September 30, 2014, December 31, 2013 or during the periods then ended.

The following table summarizes the valuation of the Partnership’s investments by the above ASC 820 fair value hierarchy levels as of September 30, 2014 and December 31, 2013.

				Fair Value at Reporting Date Using
Description	September 30, 2014			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)
Cash Equivalents	$	41,916,037		$	41,916,037	$	—
Investments in Non-Consolidated LLCs	4,685,461			—		4,685,461
Futures (1)	13,817			13,817		—
Forwards (1)	(485,558		)	—		(485,558		)
Options (1)	—			—		—
	$	46,129,757		$	41,929,854	$	4,199,903

Description	December 31, 2013
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

(1) See the Condensed Consolidated Schedules of Investments in Note 4 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

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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 had 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 period.

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

The Partnership, through its Trading Advisors in its LLCs which included both consolidated and Non-consolidated LLCs, traded 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 were 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 included both consolidated and Non-consolidated LLCs, engaged in the speculative trading of derivative contracts on agriculture, currencies, energy, interest rates, metals and stock indices. The following were the primary trading risk exposures of such derivative contracts as of at September 30, 2014, organized by market sector:

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

Currencies. Exchange rate risk was a principal market exposure of the Partnership. The Partnership’s currency exposure was to exchange rate fluctuations, primarily fluctuations which could disrupt the historical pricing relationships between different currencies and currency pairs. The fluctuations were influenced by interest rate changes as well as political and general economic conditions. The Partnership, through its Trading Advisors, traded 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 was to natural gas and oil price movements, often resulting from political developments in the Middle East and economic conditions worldwide. Energy prices were volatile and substantial profits and losses had been experienced in this market.

Interest rates. Interest rate movements directly affected 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 could have materially impacted the Partnership’s profitability. The Partnership’s primary interest rate exposure was 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 could hold positions in futures contracts on the government debt of other nations.

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

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Stock Indices. The Partnership’s equity exposure, through stock index futures, was 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 engaged in the speculative trading of forward currency contracts. Substantially all of the Partnership’s off-exchange trading took place in the highly liquid, institutional spot and forward foreign exchange markets (the “FX Markets”) where there were no direct execution costs. Instead, the participant banks and dealers in the FX Markets took a “spread” between the prices at which they were prepared to buy and sell a particular currency, and such spreads were 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 acquired or could acquire cash currency positions through banks and dealers. The Partnership paid a spread when it exchanges these positions for futures. This spread reflected, 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 could 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 wrote an option, the premium received was 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 paid or received a premium at the outset and then bore the risk of unfavorable changes in the price of the contract underlying the option. Written options exposed the Partnership to potentially unlimited liability; for purchased options the risk of loss was limited to the premiums paid. Certain written put options permitted cash settlement and did not require the option holder to own the reference asset. The Partnership did not consider these contracts to be guaranteed as described in ASC 460 Guarantees.

The Partnership was exposed to market risk, the risks that arose 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 were 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

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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 noted in Note 1, during the normal course of business, the Partnership, through each Trading Advisor, entered 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.

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As of 9/30/2014

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 of			the Consolidated Statements of
Industry Sector	Recognized Assets		Financial Condition			Financial Condition

Futures
Agriculture	$	—	$	—		$	—
Currencies	—		—			—
Energy	—		—			—
Interest rates	—		—			—
Metals	1,974,902		(1,944,411		)	30,491
Stock indices	—		—			—
Subtotal	1,974,902		(1,944,411		)	30,491

Forwards
Currencies	3,512,760		(3,268,338		)	244,422

Options
Currencies	—		—			—
Energy	—		—			—
Interest rates	—		—			—
Stock indices	—		—			—
Subtotal	—		—			—

Total Derivatives subject to a master netting or similar arrangement	5,487,662		(5,212,749		)	274,913

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

Total Derivatives	$	5,487,662	$	(5,212,749	)	$	274,913

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 of		the Consolidated Statements of
Industry Sector	Recognized Liabilities			Financial Condition		Financial Condition

Futures
Agriculture	$	—		$	—	$	—
Currencies	—			—		—
Energy	—			—		—
Interest rates	—			—		—
Metals	(1,961,093		)	1,944,411		(16,682		)
Stock indices	—			—		—
Subtotal	(1,961,093		)	1,944,411		(16,682		)

Forwards
Currencies	(3,998,310		)	3,268,338		(729,972		)

Options
Currencies	—			—		—
Energy	—			—		—
Interest rates	—			—		—
Stock indices	—			—		—
Subtotal	—			—		—

Total Derivatives subject to a master netting or similar arrangement	(5,959,403		)	5,212,749		(746,654		)

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

Total Derivatives	$	(5,959,403	)	$	5,212,749	$	(746,654	)

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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 of			the Consolidated Statements of
Industry Sector	Recognized Assets		Financial Condition			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 of		the Consolidated Statements of
Industry Sector	Recognized Liabilities			Financial Condition		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	)

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As of 9/30/2014

Collateral Held by Counterparty:

			Gross Amounts not offset in the Consolidated Statements of Financial Condition
	Net Amount of Unrealized Profit in the		Cash Collateral		Net
Counterparty	Consolidated Statements of Financial Condition		Received		Amount

Counterparty A	$	—	$	—	$	—
Counterparty B	194,980		—		194,980
Counterparty C	—		—		—
Counterparty D	—		—		—
Counterparty E	—		—		—
Counterparty F	—		—		—
Counterparty G	—		—		—
Counterparty H	1,169		—		1,169
	$	196,149	$	—	$	196,149

	Net Amount of Unrealized Loss in the		Cash Collateral		Net
Counterparty	Consolidated Statements of Financial Condition		Pledged		Amount

Counterparty A	$	654,822	$	5	$	654,817
Counterparty B	—		—		—
Counterparty C	—		—		—
Counterparty D	—		—		—
Counterparty E	—		—		—
Counterparty F	—		—		—
Counterparty G	13,068		13,068		—
Counterparty H	—		—		—
	$	667,890	$	13,073	$	654,817

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 in the		Cash Collateral		Net
Counterparty	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 in the		Cash Collateral		Net
Counterparty	Consolidated Statements of Financial Condition		Pledged		Amount

Counterparty A	$	—	$	—	$	—
Counterparty B	—		—		—
Counterparty C	673,773		673,773		—
Counterparty D	—		—		—
Counterparty E	76,767		85		76,682
Counterparty F	—		—		—
Counterparty G	—		—		—
Counterparty H	5,888		3		5,885
	$	756,428	$	673,861	$	82,567

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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 September 30, 2014 and December 31, 2013 was $952,624 and $10,605,212 respectively, which equals 1.59% and 8.05% 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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Condensed Consolidated Schedules of Investments

The Partnership traded futures, forwards and options contracts. The level of trading is affected by conditions in those markets. During the period ended September 30, 2014, 164,057 contracts were closed. No option contracts are held as of September 30, 2014. 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 in the Consolidated Statements of Financial Condition as of September 30, 2014 (in liquidation) 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			Net Assets		Maturity Dates

Futures
Metals	338	$	15,956	$	(1,944,372	)	$	(1,928,416	)	-3.22	%	(338	)	$	1,958,946	$	(16,713	)	$	1,942,233	3.24	%	$	13,817		0.02	%	October 14 - December 14

Forwards
Currencies		156,737		(3,744,972		)	(3,588,235		)	-5.99	%			3,356,023		(253,346		)	3,102,677		5.18	%	(485,558		)	-0.81	%	October 14 - April 15

Total	338	$	172,693	$	(5,689,344	)	$	(5,516,651	)	-9.21	%	(338	)	$	5,314,969	$	(270,059	)	$	5,044,910	8.42	%	$	(471,741	)	-0.79	%

No individual contract’s unrealized profit or loss comprised greater than 5% of the Partnership’s capital as of September 30, 2014.

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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												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	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.

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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 September 30, 2014 (in liquidation) and December 31, 2013, respectively:

September 30, 2014 (in liquidation)

	Partnership’s		Partnership’s		Partnership’s investment %
Non-Consolidated LLC	Fair Value		Cost		of Non-Consolidated LLC		Management Fee		Profit Share		Redemptions Permitted
Quantum Global Horizons, LLC	$	4,685,461	$	6,028,542	37.21	%	0	%	30	%	Monthly

Total	$	4,685,461	$	6,028,542

December 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	$	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%

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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 September 30, 2014 (in liquidation) and 2013 are as follows:

2014

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

Futures
Agriculture	$	869,938		$	(401,993	)	$	467,945
Currencies	(212,956		)	(338,145		)	(551,101		)
Energy	(1,449,444		)	(369,926		)	(1,819,370		)
Interest rates	(194,733		)	(488,402		)	(683,135		)
Metals	(244,676		)	227,297			(17,379		)
Stock indices	234,920			(133,752		)	101,168
Subtotal	(996,951		)	(1,504,921		)	(2,501,872		)

Forwards
Currencies	(230,288		)	(627,007		)	(857,295		)

Options
Agriculture	—			—			—
Currencies	186,573			(88,251		)	98,322
Energy	1,026,988			399,644			1,426,632
Interest rates	1,790,346			(58,582		)	1,731,764
Metals	(39,612		)	—			(39,612		)
Stock indices	924,361			(13,537		)	910,824
Subtotal	3,888,656			239,274			4,127,930

Total	$	2,661,417		$	(1,892,654	)	$	768,763

2013

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

Futures
Agriculture	$	1,174,749		$	(569,511	)	$	605,238
Currencies	(845,599		)	418,591			(427,008		)
Energy	(570,306		)	(63,511		)	(633,817		)
Interest rates	(2,856,907		)	667,058			(2,189,849		)
Metals	(692,491		)	40,618			(651,873		)
Stock indices	(668,081		)	(355,910		)	(1,023,991		)
Subtotal	(4,458,635		)	137,335			(4,321,300		)

Forwards
Currencies	(1,280,167		)	778,194			(501,973		)

Options
Agriculture	(10,550		)	100,314			89,764
Currencies	580,873			(66,999		)	513,874
Energy	194,199			(28,420		)	165,779
Interest rates	1,768,510			292,358			2,060,868
Metals	(30,726		)	(252,194		)	(282,920		)
Stock indices	214,727			48,823			263,550
Subtotal	2,717,033			93,882			2,810,915

Total	$	(3,021,769	)	$	1,009,411		$	(2,012,358	)

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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 nine month periods ended September 30, 2014 (in liquidation) and 2013 are as follows:

2014

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

Futures
Agriculture	$	1,117,363		$	(269,703	)	$	847,660
Currencies	350,295			(468,328		)	(118,033		)
Energy	(1,851,196		)	(41,677		)	(1,892,873		)
Interest rates	(3,544,378		)	(88,715		)	(3,633,093		)
Metals	(723,810		)	153,657			(570,153		)
Stock indices	(891,935		)	(1,096,158		)	(1,988,093		)
Subtotal	(5,543,661		)	(1,810,924		)	(7,354,585		)

Forwards
Currencies	(597,203		)	(635,925		)	(1,233,128		)

Options
Agriculture	(15,414		)	—			(15,414		)
Currencies	457,685			(150,981		)	306,704
Energy	1,697,330			(10,689		)	1,686,641
Interest rates	7,678,157			42,698			7,720,855
Metals	(22,909		)	—			(22,909		)
Stock indices	3,282,352			20,826			3,303,178
Subtotal	13,077,201			(98,146		)	12,979,055

Total	$	6,936,337		$	(2,544,995	)	$	4,391,342

2013

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

Futures
Agriculture	$	43,495		$	291,719		$	335,214
Currencies	(3,279,505		)	148,813			(3,130,692		)
Energy	(2,007,014		)	(223,839		)	(2,230,853		)
Interest rates	(6,978,246		)	93,979			(6,884,267		)
Metals	(682,577		)	301,087			(381,490		)
Stock indices	2,763,307			(774,824		)	1,988,483
Subtotal	(10,140,540		)	(163,065		)	(10,303,605		)

Forwards
Currencies	(5,654,410		)	2,154,833			(3,499,577		)

Options
Agriculture	(65,264		)	182,358			117,094
Currencies	2,260,243			115,554			2,375,797
Energy	711,474			(35,615		)	675,859
Interest rates	3,855,289			(87,048		)	3,768,241
Metals	(263,743		)	660,541			396,798
Stock indices	474,425			39,249			513,674
Subtotal	6,972,424			875,039			7,847,463

Total	$	(8,822,526	)	$	2,866,807		$	(5,955,719	)

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5. RELATED PARTY TRANSACTIONS

As of September 30, 2014 and December 31, 2013, $41,916,037 and $62,321,409, respectively, were invested in an affiliated BlackRock money market fund. The Due to Non-Consolidated LLCs and Due from Non-Consolidated LLCs balances of $61,125 and $3,621,272, respectively, included in the Consolidated Statements of Financial Condition as of September 30, 2014 (in liquidation) and December 31, 2013, respectively, represents the amounts owed by and 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.

BRIM reimbursed 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 was 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 waived the portion of the sponsor fees that would otherwise be payable to BRIM that was necessary to reduce the Capped Expenses until they equaled the Expense Cap. If the waiver of the sponsor fees was not sufficient to lower the Partnership’s Capped Expenses to the Expense Cap, BRIM paid those Capped Expenses necessary so that Capped Expenses did not exceed the Expense Cap. However, if on any Regularly Scheduled Calculation Date Capped Expenses were less than the Expense Cap, the difference was 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 could not be used to reimburse BRIM for any sponsor fees that were waived or any Capped Expenses paid by BRIM in preceding periods. When the Partnership changed to the liquidation basis of accounting, it provided for the estimated costs of liquidation.

Effective June 1, 2014, the General Partner had agreed to waive the 3% redemption charge for Limited Partners whose purchase of units was within the last 12 months.

6. RECENT ACCOUNTING PRONOUNCEMENTS

In April 2013, FASB issued 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’s adoption of the liquidation basis of accounting did not have a material impact on the carrying value of the assets and liabilities and the impact has been reflected in the financial statements herein.

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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. There has been no impact to the Partnership as a result of adopting ASU 2013-08.

7. 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, except as noted in Note 1 regarding distributions.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Operational Review

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 September 1, 2014, the general trading focus of each 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).

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Trading Advisors	Systematic / Discretionary	General Trading Focus	Allocation		CPO Registration Status	Investment Adviser Registration Status
Civic Capital Advisors LLC - Currency Program	Discretionary	Fundamental - Dedicated FX	15.00	%	Registered	Registered

BlackRock Global Horizons I L.P. 10-Q