UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

_______________________________

FORM 10-Q

_______________________________

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

For the quarterly period ended March 31, 2020

¨	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: 000-53815

_______________________________

ALTEGRIS QIM FUTURES FUND, L.P.

(Exact name of registrant as specified in its charter)

_______________________________

DELAWARE

27-0473854

(State or other jurisdiction

of incorporation or organization)

(I.R.S. Employer

Identification No.)

c/o ALTEGRIS ADVISORS, L.L.C.

1200 Prospect Street, Suite 400

La Jolla, California 92037

(Address of principal executive offices) (zip code)

(858) 459-7040

(Registrant’s telephone number, including area code)

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

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
None	N/A	N/A

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

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

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted 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 such files). Yes ý No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer o		Accelerated filer o

Non-accelerated filer o		Smaller reporting company ý
		Emerging Growth Company o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

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

TABLE OF CONTENTS

		Page

PART I – FINANCIAL INFORMATION		1

Item 1.	Financial Statements	1

	Statements of Financial Condition	1

	Condensed Schedules of Investments	2 - 5

	Statements of Income (Loss)	6

	Statements of Changes in Partners’ Capital (Net Asset Value)	7

	Notes to Financial Statements	8

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

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	27

Item 4.	Controls and Procedures	27


PART II – OTHER INFORMATION		28

Item 1.	Legal Proceedings	28

Item 1A.	Risk Factors	28

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	28

Item 3.	Defaults Upon Senior Securities	28

Item 4.	Mine Safety Disclosure	28

Item 5.	Other Information	29

Item 6.	Exhibits	29

Signatures		30

Rule 13a–14(a)/15d–14(a) Certifications

Section 1350 Certifications

PART I – FINANCIAL INFORMATION

Item 1: Financial Statements.

ALTEGRIS QIM FUTURES FUND, L.P.

STATEMENT OF FINANCIAL CONDITION

MARCH 31, 2020 (Unaudited) and DECEMBER 31, 2019 (Audited)

_______________

	2020		2019
ASSETS
Equity in commodity broker account:
Cash	$	1,255,277	$	846,509
Restricted cash		339,289		1,247,462
Restricted foreign currency (cost – ($29,591) and $0)		4,650		–
Net unrealized gain on open futures contracts		–		183,464
		1,599,216		2,277,435

Cash		462,039		411,223
Investment securities at fair value (cost - $8,290,961 and $9,044,907)		8,292,292		9,045,081
Interest receivable		–		145
Total assets	$	10,353,547	$	11,733,884

LIABILITIES
Equity in commodity broker account:
Foreign currency due to broker (proceeds-$0 and $31,771)	$	–	$	31,582
Net unrealized loss on open futures contracts		14,253		–
Settled variation margin		30,110		37,732
		44,363		69,314

Redemptions payable		305,301		588,811
Service fees payable		11,888		12,705
Management fee payable		11,406		11,427
Incentive fees payable		–		7,827
Brokerage commissions payable		10,265		6,494
Administrative fee payable		2,958		2,968
Other liabilities		104,529		135,810

Total liabilities		490,710		835,356

PARTNERS' CAPITAL (NET ASSET VALUE)
General Partner		764		785
Limited Partners		9,862,073		10,897,743
Total partners' capital (Net Asset Value)		9,862,837		10,898,528
Total liabilities and partners' capital	$	10,353,547	$	11,733,884

See accompanying notes

ALTEGRIS QIM FUTURES FUND, L.P.

CONDENSED SCHEDULES OF INVESTMENTS

MARCH 31, 2020 (Unaudited)

_______________

INVESTMENT SECURITIES
Face Value		Maturity Date	Description	Fair Value		% of Partners' Capital

Fixed Income Investments

U.S. Government Agency Bonds and Notes
$	1,877,000	4/01/2020	Federal Home Loan Bank Disc Note, 0.00%*	$	1,876,992		19.03%
	4,000,000	4/20/2020	Federal Home Loan Bank Disc Note, 0.20%*		3,999,724		40.55%
Total U.S. Government Agency Bonds and Notes (cost - $5,876,267)					5,876,716		59.58%

Corporate Notes
	250,000	4/17/2020	Apple Inc., 1.14%*		249,858		2.53%
	325,000	4/17/2020	Chevron Corporation, 2.01%*		324,695		3.29%
	250,000	4/22/2020	Exxon Mobil Corporation, 2.01%*		249,708		2.53%
	314,000	4/06/2020	Intercontinental Exchange, Inc., 1.56%*		313,912		3.18%
	314,000	4/08/2020	PACCAR Financial Corp., 1.91%*		313,879		3.18%
	325,000	4/13/2020	Thunder Bay Funding, LLC, 1.76%*		324,714		3.30%
	314,000	4/01/2020	Victory Receivables Corporation, 0.10%*		313,985		3.18%
	325,000	4/15/2020	Walmart Inc., 1.56%*		324,825		3.30%
Total Corporate Notes (cost - $2,414,694)					2,415,576		24.49%

Total Investment Securities (cost - $8,290,961)				$	8,292,292		84.07%

* The rate reported is the effective yield at time of purchase.

See accompanying notes

ALTEGRIS QIM FUTURES FUND, L.P.

CONDENSED SCHEDULES OF INVESTMENTS (continued)

MARCH 31, 2020 (Unaudited)

_______________

	Range of Expiration Dates	Number of Contracts		Fair Value*			% of Partners' Capital
Long Futures Contracts:
Energy	Apr-20		19	$	(37,916	)		(0.38)%
Interest Rates	Jun-20		1		(485	)		(0.01)%
Metals	May-20		6		2,497			0.03%
Stock Indices	Apr 20 - Jun 20		16		3,040			0.03%
Total Long Futures Contracts			42		(32,864	)		(0.33)%

Short Futures Contracts:
Currencies	Jun-20		5		(2,443	)		(0.02)%
Interest Rates	Jun-20		21		(10,864	)		(0.11)%
Metals	May 20 - Jun 20		4		9,594			0.10%
Stock Indices	Apr 20 - Jun 20		5		(1,955	)		(0.02)%
Treasury Rates	Jun-20		18		(5,831	)		(0.06)%
Total Short Futures Contracts			53		(11,499	)		(0.11)%

Total Futures Contracts				$	(44,363	)		(0.44)%

*Futures include settled variation margin.

See accompanying notes

ALTEGRIS QIM FUTURES FUND, L.P.

CONDENSED SCHEDULES OF INVESTMENTS

DECEMBER 31, 2019 (Audited)

_______________

INVESTMENT SECURITIES

Face Value		Maturity Date	Description	Fair Value		% of Partners' Capital

Fixed Income Investments

U.S. Government Agency Bonds and Notes
$	3,586,000	1/2/2020	Federal Farm Credit Bank Disc Note, 1.15%*	$	3,585,886		32.90%
	2,500,000	1/3/2020	Federal Home Loan Bank Disc Note, 1.57%*		2,499,895		22.94%
	1,000,000	1/23/2020	Federal Home Loan Bank Disc Note, 1.58%*		999,119		9.17%
	Total U.S. Government Agency Bonds and Notes (cost - $7,084,708)				7,084,900		65.01%

Certificate of Deposit
	181,000	1/15/2020	The Chiba Bank Ltd., 1.80%		180,998		1.66%
	Total Certificate of Deposit (cost - $181,000)				180,998		1.66%

Corporate Notes
	278,000	1/2/2020	Cedar Springs Capital Company LLC, 1.59%*		277,988		2.55%
	355,000	1/14/2020	Chevron Corporation, 1.63%*		354,787		3.26%
	271,000	1/13/2020	Exxon Mobil Corp Disc Note, 1.67%*		270,846		2.48%
	271,000	1/13/2020	MetLife Short Term Funding LLC, 1.81%*		270,829		2.49%
	250,000	1/2/2020	The Home Depot, Inc., 1.46%*		249,990		2.29%
	355,000	1/15/2020	Thunder Bay Funding, LLC, 1.88%*		354,743		3.25%
	Total Corporate Notes (cost - $1,779,199)				1,779,183		16.32%

	Total Investment Securities (cost - $9,044,907)			$	9,045,081		82.99%

* The rate reported is the effective yield at time of purchase.

See accompanying notes

ALTEGRIS QIM FUTURES FUND, L.P.

CONDENSED SCHEDULES OF INVESTMENTS (continued)

DECEMBER 31, 2019 (Audited)

_______________

	Range of Expiration Dates	Number of Contracts		Fair Value*			% of Partners' Capital

Long Futures Contracts:
Currencies	Mar 20		2		6			0.01%
Energy	Jan 20		10		2,988			0.03%
Interest Rates	Mar 20		72		(83,118	)		(0.77)%
Metals	Feb 20 - Mar 20		62		162,087			1.49%
Stock Indices	Jan 20 - Mar 20		164		74,461			0.68%
Treasury Rates	Mar 20		75		(36,048	)		(0.33)%
Total Long Futures Contracts			385		120,376			1.11%

Short Futures Contracts:
Currencies	Mar 20		22		(6,051	)		(0.06)%
Energy	Jan 20		1		318			0.01%
Stock Indices	Jan 20 - Mar 20		53		31,089			0.29%
Total Short Futures Contracts			76		25,356			0.24%

Total Futures Contracts				$	145,732			1.35%

*Futures include settled variation margin.

See accompanying notes

ALTEGRIS QIM FUTURES FUND, L.P.

STATEMENTS OF INCOME (LOSS)

FOR THE THREE MONTHS ENDED MARCH 31, 2020 AND 2019 (Unaudited)

_______________

	2020			2019
TRADING LOSS
Gain (loss) on trading of futures
Net realized	$	82,520		$	(1,231,894	)
Net change in unrealized		(190,095	)		9,936
Brokerage Commissions		(42,007	)		(70,333	)

Net loss from trading futures		(149,582	)		(1,292,291	)

Gain (loss) on trading of securities
Net change in unrealized		1,157			(259	)

Net gain (loss) from trading securities		1,157			(259	)

Gain (loss) on trading of foreign currency
Net realized		(12,590	)		971
Net change in unrealized		34,430			(2,079	)

Net gain (loss) from trading foreign currency		21,840			(1,108	)

Total trading loss		(126,585	)		(1,293,658	)

NET INVESTMENT LOSS
Income
Interest income		33,852			100,249

Expenses
Service fees		32,880			60,925
Management fee		34,612			57,601
Professional fees		31,132			52,844
Administrative fee		8,982			14,807
Out of pocket fees		–			6,600
Interest expense		1,712			1,908
Other expenses		9,621			1,519

Total expenses		118,939			196,204

Net investment loss		(85,087	)		(95,955	)

NET LOSS	$	(211,672	)	$	(1,389,613	)

See accompanying notes

ALTEGRIS QIM FUTURES FUND, L.P.

STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (NET ASSET VALUE)

FOR THE THREE MONTHS ENDED MARCH 31, 2020 AND 2019 (Unaudited)

_______________

				Limited Partners
										Institutional			General
	Total			Class A			Class B			Interests			Partner

Balances at December 31, 2018	$	20,350,023		$	13,755,422		$	5,765,565		$	828,205		$	831

Capital withdrawals		(2,728,764	)		(1,908,253	)		(820,511	)		–			–

From operations:
Net investment gain (loss)		(95,955	)		(85,537	)		(10,505	)		93			(6	)
Net realized loss from investments (net of brokerage commissions)		(1,301,256	)		(860,035	)		(384,299	)		(56,865	)		(57	)
Net change in unrealized gain (loss) from investments		7,598			(2,078	)		7,897			1,777			2
Net loss		(1,389,613	)		(947,650	)		(386,907	)		(54,995	)		(61	)

Balances at March 31, 2019	$	16,231,646		$	10,899,519		$	4,558,147		$	773,210		$	770

Balances at December 31, 2019	$	10,898,528		$	6,494,634		$	4,104,248		$	298,861		$	785

Capital withdrawals		(824,019	)		(452,031	)		(371,988	)		–			–

From operations:
Net investment loss		(85,087	)		(64,389	)		(19,846	)		(844	)		(8	)
Net realized gain (loss) from investments (net of brokerage commissions)		27,923			5,089			23,659			(823	)		(2	)
Net change in unrealized loss from investments		(154,508	)		(85,747	)		(64,571	)		(4,179	)		(11	)
Net loss		(211,672	)		(145,047	)		(60,758	)		(5,846	)		(21	)

Balances at March 31, 2020	$	9,862,837		$	5,897,556		$	3,671,502		$	293,015		$	764

See accompanying notes

ALTEGRIS QIM FUTURES FUND, L.P.

NOTES TO FINANCIAL STATEMENTS

_______________

NOTE 1 - ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

General Description of the Partnership

Altegris QIM Futures Fund, L.P. (the “Partnership”) was organized as a Delaware limited partnership in June 2009. The Partnership's general partner is Altegris Advisors, L.L.C. (the "General Partner"). The General Partner has overall responsibility for the management, operation and administration of the Partnership, including the selection of its commodity trading adviser. The Partnership’s trading activities are conducted pursuant to an advisory contract with Quantitative Investment Management LLC (the “Advisor”). The Partnership speculatively trades commodity futures contracts, and may trade options on futures contracts, forward currency contracts and other commodity interests. The objective of the Partnership’s business is appreciation of its assets. It is subject to the regulations of the Commodity Futures Trading Commission (the “CFTC”), an agency of the United States (“U.S.”) government that regulates most aspects of the commodity futures industry; rules of the National Futures Association, an industry self-regulatory organization; and the requirements of commodity exchanges and futures commission merchants (brokers) through which the Partnership trades.

The General Partner is registered with the U.S. Securities and Exchange Commission under the U.S. Investment Advisers Act of 1940, as amended, as an investment adviser and is registered with the Commodity Futures Trading Commission (“CFTC”) as a commodity pool operator, and is a member of the National Futures Association, an industry self-regulatory organization.

Method of Reporting

The Partnership’s financial statements are presented in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). Therefore, the Partnership follows the accounting and reporting guidelines for investment companies. The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported fair value of assets and liabilities, disclosures of contingent assets and liabilities as of March 31, 2020 and December 31, 2019, and reported amounts of income and expenses for the three months ended March 31, 2020 and 2019, respectively. Management believes that the estimates utilized in preparing the Partnership’s financial statements are reasonable; however, actual results could differ from these estimates and it is reasonably possible that the differences could be material.

The financial information included herein is unaudited; however, such financial information reflects all adjustments which are, in the opinion of management, necessary for the fair presentation of the financial statements for the interim period.

Fair Value

In accordance with the authoritative guidance under U.S. GAAP, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e. the “exit price”) in an orderly transaction between market participants at the measurement date.

ALTEGRIS QIM FUTURES FUND, L.P.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

_______________

NOTE 1 - ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Fair Value (continued)

In determining fair value, the Partnership uses various valuation approaches. The authoritative guidance under U.S. GAAP establishes a fair value hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are those that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Partnership.

Unobservable inputs reflect the Partnership’s assumption about the inputs market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The fair value hierarchy is categorized into three levels based on the inputs as follows:

Level 1 – Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the Partnership has the ability to access at the measurement date;

Level 2 – Quoted prices which are not active, or inputs that are observable (either directly or indirectly) for substantially the full term of the asset or liability; and

Level 3 – Prices, inputs or exotic modeling techniques which are both significant to the fair value measurement and unobservable (supported by little or no market activity).

The availability of valuation techniques and observable inputs can vary among assets and liabilities and is affected by a wide variety of factors, including the type of asset or liability, whether the asset or liability is new and not yet established in the marketplace, and other characteristics particular to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Those estimated values do not necessarily represent the amounts that may be ultimately realized due to the occurrence of future circumstances that cannot be reasonably determined. Because of the inherent uncertainty of valuation, those estimated values may be materially higher or lower than the values that would have been used had a ready market for the asset or liability existed. Accordingly, the degree of judgment exercised by the Partnership in determining fair value is greatest for assets and liabilities categorized in Level 3. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined by the lowest level input that is significant to the fair value measurement.

Fair value is a market-based measure considered from the perspective of a market participant rather than an entity-specific measure.

ALTEGRIS QIM FUTURES FUND, L.P.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

_______________

NOTE 1 - ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Fair Value (continued)

Therefore, even when market assumptions are not readily available, the Partnership’s own assumptions are set to reflect those that market participants would use in pricing the asset or liability at the measurement date. The Partnership uses prices and inputs that are current as of the measurement date, including prices and inputs during periods of market dislocation. In periods of market dislocation, the observability of prices and inputs may be reduced for many assets and liabilities. This condition could cause an asset or liability to be reclassified to a lower level within the fair value hierarchy. The Partnership values futures contracts at the closing price of the contract’s primary exchange. The Partnership includes futures contracts in Level 1 of the fair value hierarchy, as they are exchange traded derivatives.

The fair value of U.S. government agency bonds and notes is generally based on quoted prices in active markets. When quoted prices are not available, fair value is determined based on a valuation model that uses inputs that include interest-rate yield curves, cross-currency-basis index spreads, and country credit spreads similar to the bond in terms of issue, maturity and seniority. U.S. government agency bonds and notes are generally categorized in Level I or Level 2 of the fair value hierarchy. As of March 31, 2020 and December 31, 2019, none of the Partnership’s holdings in U.S. government agency bonds and notes were fair valued using valuation models.

The fair value of corporate notes is determined using recently executed transactions, market price quotations (where observable), notes spreads or credit default swap spreads. The spread data used are for the same maturity as that of the notes. If the spread data does not reference the issuer, data that references a comparable issuer is used. When observable price quotations are not available, fair value is determined based on cash flow models with yield curves, bond, or single-name credit default swap spreads and recovery rates based on collateral values as key inputs. These valuation methods represent both a market and income approach to fair value measurement. Corporate notes are categorized in Level 2 of the fair value hierarchy; however, in instances where significant inputs are unobservable, they are categorized in Level 3 of the hierarchy. As of March 31, 2020 and December 31, 2019, none of the Partnership’s holdings in corporate notes were fair valued using valuation models.

The fair value of certificates of deposit is determined based on a constant maturity curve for comparable instruments denominated in USD. This valuation method represents both a market and income approach to fair value measurement. Certificates of deposit are categorized in Level 2 of the fair value hierarchy.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

ALTEGRIS QIM FUTURES FUND, L.P.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

_______________

NOTE 1 - ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Fair Value (continued)

There were no changes in the Partnership’s valuation methodology during period ended March 31, 2020 and the year ended December 31, 2019.

The following table presents information about the Partnership’s assets and liabilities measured at fair value as of March 31, 2020 and December 31, 2019:

								Balance as of
March 31, 2020	Level 1			Level 2		Level 3		March 31, 2020

Assets

Futures contracts (1)	$	16,367		$	–	$	–	$	16,367
U.S. Government agency bonds and notes		–			5,876,716		–		5,876,716
Corporate notes		–			2,415,576		–		2,415,576

Total Assets	$	16,367		$	8,292,292	$	–	$	8,308,659

Liabilities
Futures contracts (1)	$	(60,730	)	$	–	$	–	$	(60,730	)

								Balance as of
December 31, 2019	Level 1			Level 2		Level 3		December 31, 2019

Assets

Futures contracts (1)	$	282,964		$	–	$	–	$	282,964
U.S. Government agency bonds and notes		–			7,084,900		–		7,084,900
Certificates of deposit		–			180,998		–		180,998
Corporate notes		–			1,779,183		–		1,779,183

Total Assets	$	282,964		$	9,045,081	$	–	$	9,328,045

Liabilities
Futures contracts (1)	$	(137,232	)	$	–	$	–	$	(137,232	)

(1) See Note 7. "Financial Derivative Instruments" for the fair value in each type of contracts within this category.

The Partnership’s policy is to recognize any transfers between Level 1 and Level 2 assets as of the Partnership’s fiscal year-end.

ALTEGRIS QIM FUTURES FUND, L.P.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

_______________

NOTE 1 - ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Fair Value (continued)

For the period ended March 31, 2020 and the year ended December 31, 2019, there were no transfers between Level 1 and Level 2 assets and liabilities. For the period ended March 31, 2020 and the year ended December 31, 2019, there were no Level 3 securities.

Investment Transactions and Investment Income

Security transactions are recorded on the trade date for financial reporting purposes. Realized gains and losses from security transactions are determined using the specific identification cost method. Change in net unrealized gain or loss from the preceding period is reported in the Statements of Income (Loss). Brokerage commissions on securities and other trading fees are reflected as an adjustment to cost or proceeds at the time of the transaction. Interest income is recorded on an accrual basis.

Gains or losses on futures contracts are realized when contracts are closed. Net unrealized gains or losses on open contracts (the difference between contract trade price and quoted market price) are reflected in the Statements of Financial Condition. Any change in net unrealized gain or loss from the preceding period is reported in the Statements of Income (Loss). Brokerage commissions on futures contracts include other trading fees and are recognized as trading gains and losses.

Net realized gains and losses from foreign currency related transactions represent gains and losses from sales of foreign currencies, currency gains and losses realized between trade and settlement dates on securities transactions, and the difference between the amounts of interest and foreign withholding taxes recorded on the Partnership’s books and the U.S. Dollar equivalent of the amounts actually received or paid. Net unrealized gain (loss) on other assets and other liabilities denominated in foreign currency arise from changes in the value of assets, other than investments in securities, and liabilities at quarter end, resulting from changes in the exchange rates.

J.P. Morgan Chase Bank, N.A. (the “Custodian”) is the Partnership’s custodian. SG Americas Securities, LLC (the “Clearing Broker”) is the Partnership’s commodity broker. A portion of the Partnership’s assets are held as initial margin or option premiums (in cash or Treasury securities) in the Partnership’s brokerage accounts at the Clearing Broker. The Clearing Broker may convert the Partnership’s cash in U.S. dollar to foreign currency to facilitate the Partnership’s commodity trading activities. At times, the Partnership may carry foreign cash on loan with the Clearing Broker. Any net foreign currency on loan will be recognized in Foreign Currency Due to Broker on the Statements of Financial Condition. The Partnership’s Clearing Broker holds margin balances in a single currency, in which all margin requirements can be satisfied in U.S. dollars. Foreign currency balances can also be used to satisfy margin requirements. As of March 31, 2020 and December 31, 2019, the Partnership’s restricted cash balance on the Statements of Financial Condition of $339,289 and $1,247,462, respectively, represents the collateral pledged by the Partnership to satisfy the Clearing Broker’s margin requirements in US Dollars. As of March 31, 2020 and December 31, 2019,

ALTEGRIS QIM FUTURES FUND, L.P.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

_______________

NOTE 1 - ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Investment Transactions and Investment Income (continued)

the Partnership’s restricted foreign currency balance on the Statements of Financial Condition of $4,650 and $0, respectively, represents the collateral pledged by the Partnership to satisfy the Clearing Broker’s margin requirements in foreign currency. The Partnership’s assets not deposited at the Clearing Broker are deposited with either the Custodian or held in bank cash accounts at Northern Trust Company (and used to pay Partnership operating expenses). For the Partnership’s cash deposited at the Custodian, the Partnership receives cash management services from J.P. Morgan Investment Management Inc. (“JPMIM”).

E. Futures Contracts

The Partnership engages in futures contracts as part of its investment strategy. Upon entering into a futures contract, the Partnership is required to deposit with the broker an amount of cash or cash equivalents equal to a certain percentage of the contract amount. This is known as the “initial margin.” Subsequent payments (“variation margin”) are made or received by the Partnership each day, depending on the daily fluctuations in the value of the contract, and are included in unrealized gain (loss) on futures contracts. Due to broker amounts on the Statements of Financial Condition represent the amount of any short fall in the Partnership’s required cash margin. The Partnership recognizes a realized gain or loss when the contract is closed.

There are several risks in connection with the use of futures contracts as an investment option. The change in value of futures contracts primarily corresponds with the value of their underlying instruments. In addition, there is the risk that the Partnership may not be able to enter into a closing transaction because of an illiquid secondary market. Open positions in futures contracts at March 31, 2020 and December 31, 2019 are reflected within the Condensed Schedules of Investments.

F. Foreign Currency Transactions

The Partnership’s functional currency is the U.S. dollar; however, it transacts business in currencies other than the U.S. dollar. Assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars at the rates in effect at the date of the Statements of Financial Condition. Income and expense items denominated in currencies other than the U.S. dollar are translated into U.S. dollars at the rates in effect during the period. Gains and losses resulting from the translation to U.S. dollars are reported in the Statements of Income (Loss).

G. Cash

The Partnership maintains a custody account with JPMorgan Chase Bank, N.A. At times, the Partnership’s cash balance could exceed the insured amount under the Federal Deposit Insurance Corporation (“FDIC”). The Partnership has not experienced any losses in such accounts and believes it is not subject to any significant counterparty risk related to its cash account.

ALTEGRIS QIM FUTURES FUND, L.P.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

_______________

NOTE 1 - ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

G. Cash (Continued)

Both restricted cash and restricted foreign currency are held as margin collateral deposits for futures transactions.

H. Income Taxes

The Partnership is treated as a partnership for U.S. federal income tax purposes. As such, the partners are individually liable for their own distributable share of taxable income or loss. No provision has been made in the accompanying financial statements for U.S., federal, state, or local income taxes.

The Partnership is required to determine whether its tax positions are more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The tax benefit recognized is measured as the largest amount of benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement with the relevant taxing authority. De-recognition of a tax benefit previously recognized results in the Partnership recording a tax liability that reduces ending partners’ capital. Based on its analysis, the Partnership has determined that it has not incurred any liability for unrecognized tax benefits as of March 31, 2020 and December 31, 2019. However, the Partnership’s conclusions may be subject to review and adjustment at a later date based on factors including, but not limited to, on-going analyses of and changes to tax laws, regulations and interpretations thereof. The Partnership is subject to income tax examinations by major taxing authorities for all tax years since 2016.

The Partnership recognizes interest and penalties related to unrecognized tax benefits in interest expense and other expenses, respectively. No interest expense or penalties have been recognized as of and for the three months ended March 31, 2020 and for the year ended December 31, 2019.

NOTE 2 - PARTNERS’ CAPITAL

A. Capital Accounts and Allocation of Income and Loss

The Partnership accounts for subscriptions and redemptions on a per partner capital account basis.

The Partnership consists of the General Partner’s Interest, Class A Interests, Class B Interests and Institutional Interests (collectively referred to as “Interests”). Income or loss (prior to management fees, administrative fees, service fees and incentive fees) is allocated pro rata among the Limited Partners (each, a “Limited Partner” and collectively the “Limited Partners”) based on their respective capital accounts as of the end of each month in which the items accrue, pursuant to the terms of the Partnership’s Agreement of Limited Partnership (the “Agreement”), as may be amended and restated from time to time. Class A Interests, Class B Interests and Institutional Interests are then charged with their applicable management fee, administrative fee, service fee and incentive fee in accordance with the Agreement.

ALTEGRIS QIM FUTURES FUND, L.P.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

_______________

NOTE 2 - PARTNERS’ CAPITAL (CONTINUED)

B. Subscriptions, Distributions and Redemptions

No Limited Partner of the Partnership shall be liable for any debts or liabilities of the Partnership or any losses thereof in excess of such Limited Partner's capital contributions, except as may be required by law.

Investments in the Partnership are made by subscription agreement, subject to acceptance by the General Partner.

The Partnership is not required to make distributions, but may do so at the sole discretion of the General Partner. A Limited Partner may request and receive redemption of capital, subject to restrictions set forth in the Agreement. The General Partner may request and receive redemption of capital, subject to the same terms as any Limited Partner. The partners may withdraw their interests on a monthly basis upon at least 15 days’ prior written notice, subject to the discretion of the General Partner. No distributions were made for the three months ended March 31, 2020 and 2019.

NOTE 3 - RELATED PARTY TRANSACTIONS

A. General Partner Management Fee

The General Partner receives a monthly management fee from the Partnership equal to 0.104% (1.25% annually) for Class A and Class B, and 0.0625% (0.75% annually) for Institutional Interests of the Partnership's net asset value apportioned to each Partner’s capital account at the beginning of the month, before deduction of any accrued incentive fees related to the current quarter (the “management fee net asset value”). The General Partner may declare any Limited Partner a “Special Limited Partner” and the management fees or incentive fees charged to any such partner may be different than those charged to other Limited Partners. For the three months ended March 31, 2020 and 2019, there were no Special Limited Partners.

Total management fees earned by the General Partner for the three months ended March 31, 2020 and 2019 are shown on the Statements of Income (Loss) as Management Fee.

B. Administrative Fee

The General Partner receives a monthly administrative fee from the Partnership equal to 0.0275% (0.33% annually) of the Partnership's management fee net asset value attributable to Class A and Class B Interests. For the three months ended March 31, 2020 and 2019, administrative fees for Class A Interests were $5,507 and $10,379, respectively, and administrative fees for Class B Interests were $3,475 and $4,428, respectively.

ALTEGRIS QIM FUTURES FUND, L.P.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

_______________

NOTE 3 - RELATED PARTY TRANSACTIONS (CONTINUED)

C. Altegris Investments, L.L.C. and Altegris Clearing Solutions, L.L.C.

Altegris Investments, L.L.C. (“Altegris Investments”), an affiliate of the General Partner, is registered as a broker-dealer with the SEC and a Delaware limited liability company. Altegris Clearing Solutions, L.L.C. (Altegris Clearing Solutions), an affiliate of the General Partner and an introducing broker registered with the CFTC, is the Partnership’s introducing broker.

Altegris Investments has entered into a selling agreement with the Partnership whereby it receives 2% per annum as continuing compensation for Class A Interests sold by Altegris Investments that are outstanding at month end. The Partnership’s introducing broker receives a portion of the commodity brokerage commissions paid by the Partnership to the Clearing Broker and interest income retained by the Clearing Broker. Additionally, the Partnership pays to its clearing brokers and its introducing broker, at a minimum, brokerage charges at a flat rate of 0.125% (1.5% annually) of the Partnership’s management fee net asset value. Brokerage charges may exceed the flat rate described above, depending on commission and trading volume levels, which may vary.

At March 31, 2020 and December 31, 2019, respectively, the Partnership had charges for brokerage-related services payable to Altegris Clearing Solutions of $9,695 and $3,727, respectively, and service fees payable to Altegris Investments of $2,249 and $2,532, respectively. The following tables show the fees paid to Altegris Investments and Altegris Clearing Solutions for the three months ended March 31, 2020 and 2019, respectively:

	Three months ended		Three months ended
	March 31, 2020		March 31, 2019
Altegris Clearing Solutions - Brokerage Commission fees	$	20,292	$	42,566
Altegris Investments- Service fees		7,224		9,480
Total	$	27,516	$	52,046

The amounts above are included in Brokerage Commissions and Service Fees on the Statements of Income (Loss), respectively. The amounts shown on the Statements of Income (Loss) include fees paid to non-related parties.

NOTE 4 - ADVISORY CONTRACT

The Partnership pays the Advisor a quarterly incentive fee of 30% of the trading profits. However, the quarterly incentive fee is payable only on cumulative profits achieved from commodity trading (as defined in the Agreement), calculated separately for each partner’s interest. The incentive fee is accrued on a monthly basis and paid quarterly. Incentive fees are reflected in the Statements of Income (Loss).

ALTEGRIS QIM FUTURES FUND, L.P.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

_______________

NOTE 5 - SERVICE FEES

As compensation for the continuing services of the selling agents to the Class A Limited Partners, Class A Interests pay the selling agents an ongoing monthly payment of 0.166% (2% annually) of the net asset value of interests sold by the agents that are outstanding at month-end. As compensation for the continuing services of the selling agents to the Limited Partners holding Institutional Interests, the selling agents may elect the Institutional Interests to pay the selling agents an ongoing monthly payment of 0.0417% (0.50% annually) of the net asset value of Institutional Interests sold by the agents that are outstanding at month-end. For the three months ended March 31, 2020 and 2019, service fees for Class A Interests were $32,880 and $60,925, respectively. For the three months ended March 31, 2020 and 2019, there were no service fees for Institutional Interests.

NOTE 6 - BROKERAGE COMMISSIONS AND CHARGES

The Partnership is subject to monthly brokerage charges equal to the greater of: (A) actual commissions and expenses paid to the Clearing Broker by the Partnership; or (B) an amount equal to 0.125% of the management fee net asset value of all Limited Partners’ month-end capital account balances (1.50% annually) (the “Minimum Amount”).

If actual commissions and expenses paid to the Clearing Broker in a month (in (A) above) are less than the Minimum Amount, the Partnership will pay to the Introducing Broker the difference as payment for brokerage-related services, including, but not limited to, monitoring trade, execution, clearing, custodial and distribution services provided to the Partnership. If actual commissions and expenses paid to the Clearing Broker in a month (in (A) above) are greater than the Minimum Amount, the Partnership pays only the amounts described in (A) above. The Partnership’s payments of brokerage commissions to the Clearing Broker for clearing trades on its behalf, and payments to the Introducing Broker for brokerage-related services, if any, are reflected in the Statements of Income (Loss) as Brokerage Commissions.

NOTE 7 - FINANCIAL DERIVATIVE INSTRUMENTS

The Partnership engages in the speculative trading of futures contracts for the purpose of achieving capital appreciation. None of the Partnership’s derivative instruments are designated as hedging instruments, as defined in the Derivatives and Hedging Topic of the Accounting Standards Codification (“ASC”), nor are they used for other risk management purposes. The Advisor and General Partner actively assess, manage and monitor risk exposure on derivatives on a contract basis, a sector basis (e.g., interest rate derivatives, agricultural derivatives, etc.), and on an overall basis in accordance with established risk parameters. Due to the speculative nature of the Partnership’s derivative trading activity, the Partnership is subject to the risk of substantial losses from derivatives trading.

ALTEGRIS QIM FUTURES FUND, L.P.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

_______________

NOTE 7 - FINANCIAL DERIVATIVE INSTRUMENTS (CONTINUED)

The following presents the fair value of derivative contracts as of March 31, 2020 and December 31, 2019. The fair value of derivative contracts is presented as an asset if in a gain position and a liability if in a loss position. Fair value is presented on a gross basis in the table below even though the derivative contracts qualify for net presentation in the Statements of Financial Condition.

March 31, 2020

		Assets		Liability
Type of		Derivatives		Derivatives			Net
Derivatives Contracts		Fair Value		Fair Value			Fair Value

Futures Contracts
Currencies	$	768	$	(3,211	)	$	(2,443	)
Energy		–		(37,916	)		(37,916	)
Interest rates		77		(11,426	)		(11,349	)
Metals		12,091		–			12,091
Stock Indices		3,431		(2,346	)		1,085
Treasury Rates		–		(5,831	)		(5,831	)


	$	16,367	$	(60,730	)	$	(44,363	)

December 31, 2019

		Assets		Liability
Type of		Derivatives		Derivatives			Net
Derivatives Contracts		Fair Value		Fair Value			Fair Value

Futures Contracts
Currencies	$	5,072	$	(11,117	)	$	(6,045	)
Energy		4,138		(832	)		3,306
Interest rates		2,209		(85,327	)		(83,118	)
Metals		162,087		–			162,087
Stock Indices		109,458		(3,908	)		105,550
Treasury Rates		–		(36,048	)		(36,048	)


	$	282,964	$	(137,232	)	$	145,732

The following presents the trading results of the Partnership’s derivative trading and information related to the volume of the Partnership’s derivative activity for the three months ended March 31, 2020 and 2019.

ALTEGRIS QIM FUTURES FUND, L.P.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

_______________

NOTE 7 - FINANCIAL DERIVATIVE INSTRUMENTS (CONTINUED)

The below captions of “Realized” and “Change in Unrealized” correspond to the captions in the Statements of Income (Loss) for gain (loss) on trading derivatives contracts.

Three Months Ended March 31, 2020

Type of					Change in
Derivatives Contracts		Realized			Unrealized

Futures Contracts
Currencies	$	97,198		$	3,601
Energy		199,166			(41,222	)
Interest rates		104,288			71,769
Metals		398,823			(149,996	)
Stock Indices		(538,080	)		(104,465	)
Treasury Rates		(178,875	)		30,218


	$	82,520		$	(190,095	)

For the three months ended March 31, 2020, the number of futures contracts closed was 2,700. These closed contract amounts are representative of the Partnership’s volume of derivative activity during the period.

Three Months Ended March 31, 2019

Type of					Change in
Derivatives Contracts		Realized			Unrealized

Futures Contracts
Currencies	$	(192,112	)	$	45,675
Energy		10,454			45,841
Interest rates		214,268			(10,093	)
Metals		280,386			4,452
Stock Indices		(1,825,248	)		(82,882	)
Treasury Rates		280,358			6,943


	$	(1,231,894	)	$	9,936

For the three months ended March 31, 2019, the number of futures contracts closed was 2,944. These closed contract amounts are representative of the Partnership’s volume of derivative activity during the period.

With respect to futures contracts and options on futures contracts, the Partnership has entered into an agreement with the Clearing Broker which grants the Clearing Broker the right to offset recognized

ALTEGRIS QIM FUTURES FUND, L.P.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

_______________

NOTE 7 - FINANCIAL DERIVATIVE INSTRUMENTS (CONTINUED)

derivative assets and derivative liabilities if certain conditions exist, which would require the Clearing Broker to liquidate the Partnership’s positions. These events include the following: (i) the Clearing Broker is directed or required by a regulatory or self-regulatory organization, (ii) the Clearing Broker determines, at its discretion, that the risk in the Partnership’s account must be reduced for protection of the Clearing Broker, (iii) upon the Partnership’s breach or failure to perform on its contractual agreements with the Clearing Broker, (iv) upon the commencement of bankruptcy, insolvency or similar proceeding for the protection of creditors against the Partnership, or (v) upon the dissolution, winding-up, liquidation or merger of the Partnership.

The following table summarizes the disclosure requirements for offsetting assets and liabilities:

Offsetting the Financial Assets and Derivative Assets

Gross Amounts Not Offset in the Statements of Financial Condition

As of March 31, 2020

Description

Gross

Amounts of

Recognized

Assets

Gross Amounts

Offset in the

Statements of

Financial Condition

Net Amounts

of Assets Presented

in the Statements

of Financial Condition

Financial

Instruments

Cash Collateral

Received (1)

Net Amount

Futures Contracts*

15,599

(15,599

)

–

Offsetting the Financial Liabilities and Derivative Liabilities

Gross Amounts Not Offset in the Statements of Financial Condition

As of March 31, 2020

Description

Gross

Amounts of

Recognized

Liabilities

Gross Amounts

Offset in the

Statements of

Financial Condition

Net Amounts

of Liabilities Presented

in the Statements

of Financial Condition

Financial

Instruments

Cash Collateral

Pledged (1)

Net Amount

Futures Contracts*

(29,852

)

15,599

(14,253

)

–

14,253

–

ALTEGRIS QIM FUTURES FUND, L.P.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

_______________

NOTE 7 - FINANCIAL DERIVATIVE INSTRUMENTS (CONTINUED)

Offsetting the Financial Assets and Derivative Assets

Gross Amounts Not Offset in the Statements of Financial Condition

As of December 31, 2019

Description

Gross

Amounts of

Recognized

Assets

Gross Amounts

Offset in the

Statements of

Financial Condition

Net Amounts

of Assets Presented

in the Statements

of Financial Condition

Financial

Instruments

Cash Collateral

Received (1)

Net Amount

Futures Contracts*

271,712

(88,248

)

183,464

–

183,464

Offsetting the Financial Liabilities and Derivative Liabilities

Gross Amounts Not Offset in the Statements of Financial Condition

As of December 31, 2019

Description

Gross

Amounts of

Recognized

Liabilities

Gross Amounts

Offset in the

Statements of

Financial Condition

Net Amounts

of Liabilities Presented

in the Statements

of Financial Condition

Financial

Instruments

Cash Collateral

Pledged (1)

Net Amount

Futures Contracts*

(88,248

)

88,248

–

(1) The Partnership posted additional collateral of $329,686 as of March 31, 2020 and $1,247,462 for December 31, 2019 with the Clearing Broker. The Partnership may post collateral due to a variety of factors that may include, without limitation, initial margin or other requirements that are based on notional amounts which may exceed the fair value of the derivative.

* Futures contracts excludes settled variation margin.

ALTEGRIS QIM FUTURES FUND, L.P.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

_______________

NOTE 8 - FINANCIAL INSTRUMENTS, OFF-BALANCE SHEET RISKS AND UNCERTAINTIES

The Partnership participates in the speculative trading of commodity futures contracts, substantially all of which are subject to margin requirements. The minimum amount of margin required for each contract is set from time to time in response to various market factors by the respective exchanges and interbank market makers. Further, the Clearing Broker has the right to require margin in excess of the minimum exchange requirement. Risk arises from changes in the value of these contracts (market risk) and the potential inability of brokers or interbank market makers to perform under the terms of their contracts (credit risk).

All of the contracts currently traded by the Partnership are exchange traded. The risks associated with exchange-traded contracts are generally perceived to be less than those associated with over-the-counter transactions because, in over-the-counter transactions, the Partnership must rely solely on the credit of its respective individual counterparties. However, in the future, if the Partnership were to enter into non-exchange traded contracts, it would be subject to the credit risk associated with counterparty non-performance. The credit risk from counterparty non-performance associated with such instruments is the net unrealized gain, if any.

The Partnership also has credit risk because the sole counterparty to all domestic futures contracts is the exchange clearing corporation. In addition, the Partnership bears the risk of financial failure by the Clearing Broker. The Partnership's policy is to continuously monitor its exposure to market and counterparty risk through the use of a variety of financial position and credit exposure reporting and control procedures. In addition, the Partnership has a policy of reviewing the credit standing of each clearing broker or counterparty with which it conducts business.

The Partnership has a substantial portion of its assets on deposit with the Custodian in U.S. government agency bonds and notes, corporate notes and certificates of deposit. Risks arise from investments in bonds and notes due to possible illiquidity and the potential for default by the issuer or counterparty. Such instruments are also sensitive to changes in interest rates and economic conditions.

NOTE 9 - INDEMNIFICATIONS

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

ALTEGRIS QIM FUTURES FUND, L.P.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

_______________

NOTE 10 - FINANCIAL HIGHLIGHTS

The following information presents the financial highlights of the Partnership for the three months ended March 31, 2020 and 2019. This information has been derived from information presented in the financial statements.

	Three Months ended March 31, 2020

					Institutional
	Class A		Class B		Interest

Total return for Limited Partners (3)
Total return prior to incentive fees		(2.65)%		(2.14)%		(1.96)%
Incentive fees		0.00%		0.00%		0.00%
Total return after incentive fees		(2.65)%		(2.14)%		(1.96)%

Ratio to average net asset value
Expenses prior to incentive fees (2)		5.12%		3.13%		2.25%
Incentive fees (3)		0.00%		0.00%		0.00%
Total expenses		5.12%		3.13%		2.25%

Net investment loss (1) (2)		(3.95)%		(1.94)%		(1.09)%

	Three Months ended March 31, 2019

			Institutional
	Class A	Class B	Interest

Total return for Limited Partners (3)
Total return prior to incentive fees	(7.30)%	(6.84)%	(6.64)%
Incentive fees	0.00%	0.00%	0.00%
Total return after incentive fees	(7.30)%	(6.84)%	(6.64)%

Ratio to average net asset value
Expenses prior to incentive fees (2)	4.84%	2.92%	2.12%
Incentive fees (3)	0.00%	0.00%	0.00%
Total expenses	4.84%	2.92%	2.12%

Net investment income (loss) (1) (2)	(2.71)%	(0.78)%	0.05%

Total return and the ratios to average net asset value are calculated for each class of Limited Partners’ capital taken as a whole. An individual Limited Partner’s total return and ratios may vary from the above returns and ratios due to the timing of their contributions and withdrawals and differing fee structures.

Total return is calculated on a monthly compounded basis.

(1)

Excluded incentive fee

(2)

Annualized.

(3)

Not annualized.

ALTEGRIS QIM FUTURES FUND, L.P.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

_______________

NOTE 11 - SUBSEQUENT EVENTS

Management of the Partnership evaluated subsequent events through the date these financial statements were available to be issued, and concluded that no events subsequent to March 31, 2020 have occurred that would require recognition or disclosure, except as noted below.

From April 1, 2020 through May 15, 2020, the Partnership had redemptions of $216,399.

Subsequent to December 31, 2019, there has been a global outbreak of a coronavirus disease 2019 (COVID-19), which the World Health Organization has declared a “Public Health Emergency of International Concern”. The impact of COVID-19 may affect the Partnership’s investments, given that the Advisor’s operations and profitability could be impacted by the regional and global outbreak of COVID-19. The extent of the impact to the financial performance of the Partnership will depend on future developments, which are highly uncertain and cannot be predicted, including new information which may emerge concerning the severity of COVID-19 and actions taken to contain COVID-19 or its impact.

PART I – FINANCIAL INFORMATION (continued)

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

Reference is made to “Item 1: Financial Statements.” The information contained therein is essential to, and should be read in conjunction with, the following analysis.

Liquidity

The Partnership’s assets are generally held as cash or cash equivalents, which are used to margin the Partnership’s futures positions and are sold to pay redemptions and expenses as needed. Other than any potential market-imposed limitations on liquidity, the Partnership’s assets are highly liquid and are expected to remain so. Market-imposed limitations, when they occur, can be due to limited open interest in certain futures markets or to daily price fluctuation limits, which are inherent in the Partnership’s futures trading. A portion of the Partnership’s assets not used for margin and held with the Custodian are invested in liquid, high quality securities. Through March 31, 2020, the Partnership experienced no meaningful periods of illiquidity in any of the markets traded by the Advisor on behalf of the Partnership.

Capital Resources

The Partnership raises additional capital only through the sale of Interests and capital is increased through trading profits (if any) and interest income. The Partnership does not engage in borrowing.

The amount of capital raised for the Partnership should not have a significant impact on its operations, as the Partnership has no significant capital expenditure or working capital requirements other than for capital to pay trading losses, brokerage commissions and expenses. Within broad ranges of capitalization, the Partnership’s trading positions should increase or decrease in approximate proportion to the size of the Partnership.

The Partnership participates in the speculative trading of commodity futures contracts and may trade options on futures contracts and forward contracts, substantially all of which are subject to margin requirements. The minimum amount of margin required for each contract is set from time to time in response to various market factors by the respective exchanges. Further, the Partnership’s futures commission merchants and brokers may require margin in excess of minimum exchange requirements.

All of the futures contracts currently traded by the Advisor on behalf of the Partnership are exchange-traded. The risks associated with exchange-traded contracts are generally perceived to be less than those associated with over-the-counter transactions because, in over-the-counter transactions, the Partnership must rely solely on the credit of its trading counterparties, whereas exchange-traded contracts are generally, but not universally, backed by the collective credit of the members of the exchange. In the future, the Partnership anticipates that it will enter into non-exchange-traded foreign currency contracts and be subject to the credit risk associated with counterparty non-performance.

The Partnership bears the risk of financial failure by the Clearing Broker and/or other clearing brokers or counterparties with which the Partnership trades.

Results of Operations

The Partnership’s success depends primarily upon the Advisor’s ability to recognize and capitalize on market trends in the sectors of the global commodity futures markets in which it trades. The Partnership seeks to produce long-term capital appreciation through growth, and not current income. The past performance of the Partnership is not necessarily indicative of future results.

Due to the nature of the Partnership’s trading, the results of operations for the interim period presented should not be considered indicative of the results that may be expected for the entire year.

Performance Summary

Three Months Ended March 31, 2020

During the first quarter of 2020, the Partnership incurred net realized and unrealized losses of $126,585 from its trading activities, net of brokerage commissions of $42,007. The Partnership accrued total expenses of $118,939, including $34,612 in management fees paid to the General Partner, $0 in incentive fees, and $64,012 in service and professional fees. The Partnership earned $33,852 in interest income during the first quarter of 2020. An analysis of the profits and losses generated from the Partnership’s commodity futures trading activities for the first quarter of 2020 is set forth below.

First Quarter 2020. The Partnership’s trading advisor, QIM believes that numerous small inefficiencies exist in financial markets that can be exploited through the prudent use of robust analysis and predictive technologies. The trading program currently employs several thousand quantitative trading models that utilize pattern recognition to predict short-term price movements in global futures markets. All models are tested across large data sets that expose them to a wide range of market, economic, and political environments, as well as a wide range of time frames and interactions. Only those models that prove to be the most robust, statistically significant, and conceptually diverse are used in actual trading. The resultant system of models offers what QIM believes to be reliable signals that guide market timing and trade allocation. First quarter performance of the Partnership as a result of QIM’s trading program is as follows: The Partnership was positive in January of 2020. The Partnership enjoyed positive contribution from all sectors. Leading the performance, the largest profits were driven by interest rate trading, which outperformed the other sectors. Gains from stock index trading and metals were the next most significant contributors to returns. Positions in currencies and energies were also positive to a lesser extent. The Partnership was negative in February of 2020. Interest rate trading was the largest underperforming sector. Stock index positions also detracted from returns, adding to overall losses. Energies were the most positive performing sector, offsetting some of the losses. Currencies and metals were slightly positive, but not enough to impact aggregate results. The Partnership was negative in March of 2020. Losses were driven by stock index trading which was the most underperforming sector. Interest rates were the next most underperforming sector, followed by currencies. Energies were slightly negative and results from positions in metals were near flat.

Three Months Ended March 31, 2019

During the first quarter of 2019, the Partnership incurred net realized and unrealized losses of $1,231,894 from its trading activities, net of brokerage commissions of $70,333. The Partnership accrued total expenses of $196,204, including $57,601 in management fees paid to the General Partner, $0 in incentive fees, and $113,769 in service and professional fees. The Partnership earned $100,249 in interest income during the first quarter of 2019. An analysis of the profits and losses generated from the Partnership’s commodity futures trading activities for the first quarter of 2019 is set forth below.

First Quarter 2019. The Partnership’s trading advisor, QIM believes that numerous small inefficiencies exist in financial markets that can be exploited through the prudent use of robust analysis and predictive technologies. The trading program currently employs several thousand quantitative trading models that utilize pattern recognition to predict short-term price movements in global futures markets. All models are tested across large data sets that expose them to a wide range of market, economic, and political environments, as well as a wide range of time frames and interactions. Only those models that prove to be the most robust, statistically significant, and conceptually diverse are used in actual trading. The resultant system of models offers what QIM believes to be reliable signals that guide market timing and trade allocation. First quarter performance of the Partnership as a result of QIM’s trading program is as follows: The Partnership was negative in January of 2019. Losses were driven primarily by stock index trading, which was significantly the most underperforming sector. Currencies were also slightly negative which further detracted from returns. Metals were the best performing sector, although gains were not enough to offset overall declines. Energies were also positive, however not significant enough to deter losses while interest rates were flat. The Partnership was negative in February of 2019. Trading in stock indices detracted the most from performance. Metals, currencies, and energies were also underperformers adding to losses. Interest rate trading produced slightly positive results, but did not provide a meaningful impact to performance. The Partnership was negative in March of 2019. Positions in stock indices were responsible for the majority of losses. Profits from interest rate trading worked towards minimizing the impact of declines and metals were also slightly positive. Exposure to currencies and energies resulted in moderate declines which contributed to aggregate negative performance.

Off-Balance Sheet Arrangements

The Partnership does not engage in off-balance sheet arrangements with other entities.

Item 3: Quantitative and Qualitative Disclosures About Market Risk.

Not required.

Item 4: Controls and Procedures.

The General Partner, with the participation of the General Partner’s principal executive officer and principal financial officer, has evaluated the effectiveness of the design and operation of its disclosure controls and procedures with respect to the Partnership as of the end of the period covered by this quarterly report, and, based on their evaluation, has concluded that these disclosure controls and procedures are effective. There were no significant changes in the General Partner’s internal controls over financial reporting with respect to the Partnership or in other factors applicable to the Partnership that could significantly affect these controls subsequent to the date of the evaluation.

PART II – OTHER INFORMATION

Item 1: Legal Proceedings.

None.

Item 1A: Risk Factors.

There have been no material changes to the Partnership’s risk factors since the Partnership filed its annual report on Form 10-K, as amended, with the Securities and Exchange Commission on April 1, 2020.

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

(a) None.

(b) Not applicable.

(c) Limited Partners may redeem some or all of their Interest in the Partnership as of the end of any calendar month upon fifteen (15) days’ prior written notice to the General Partner. The Partnership may declare additional redemption dates upon notice to the Limited Partners. The redemption by a Limited Partner has no impact on the value of the capital accounts of the remaining Limited Partners. The following table summarizes the redemptions by Limited Partners during the first calendar quarter of 2020:

Month	Amount Redeemed
January 31, 2020	$	207,093
February 29, 2020	$	380,173
March 31, 2020	$	236,753

Item 3: Defaults Upon Senior Securities.

(a) None.

(b) None.

Item 4: Mine Safety Disclosure.

Not applicable.

Item 5: Other Information.

(a) None.

(b) Not applicable.

Item 6: Exhibits.

The following exhibits are incorporated herein by reference from the exhibits of the same numbers and descriptions filed with the registrant’s Registration Statement on Form 10 (File No. 000-53815) filed on November 2, 2009.

Exhibit Number	Description of Document
3.1	Certificate of Formation of APM – QIM Futures Fund, L.P.
10.1	Agreement with Quantitative Investment Management LLC
10.2	Selling Agency Agreement between APM – QIM Futures Fund, L.P. and Altegris Investments Inc.

The following exhibit is incorporated herein by reference from the exhibit of the same number and description filed with the registrant’s Current Report on Form 8-K (File No. 000-53815) filed on August 5, 2010.

Exhibit Number	Description of Document
3.01	Amendment to the Certificate of Formation of APM – QIM Futures Fund, L.P., changing the registrant’s name to Altegris QIM Futures Fund, L.P.

The following exhibit is incorporated herein by reference from the exhibit of the same number and description filed with the registrant’s Annual Report on Form 10-K (File No. 000-53815) filed on March 31, 2015.

Exhibit Number	Description of Document
4.1	Second Amended and Restated Agreement of Limited Partnership of Altegris QIM Futures Fund, L.P.

The following exhibits are included herewith.

Exhibit Number	Description of Document
31.01	Rule 13a-14(a)/15d-14(a) Certification
31.02	Rule 13a-14(a)/15d-14(a) Certification
32.01	Section 1350 Certification
32.02	Section 1350 Certification

SIGNATURES

Pursuant to the requirements of Section 12 of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Dated: May 15, 2020

ALTEGRIS QIM FUTURES FUND, L.P.

By:	ALTEGRIS ADVISORS, L.L.C.,
		its general partner

/s/ Martin Beaulieu
Martin Beaulieu, Principal Executive Officer and Principal Financial Officer

Altegris QIM Futures Fund, L.P. 10-Q