Graham Alternative Investment Fund I 10-K 30 Mar 17 2016 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2016	Mar. 01, 2017	Jun. 30, 2016
Document and Entity Information [Abstract]
Entity Registrant Name	GRAHAM ALTERNATIVE INVESTMENT FUND I LLC
Entity Central Index Key	1,461,219
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Smaller Reporting Company
Entity Public Float			$ 80,754,594
Entity Common Stock, Shares Outstanding		545,081.718
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	FY
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2016

Statements of Financial Conditi

Statements of Financial Condition - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Assets
Investment in Graham Alternative Investment Trading LLC, at fair value	$ 72,903,383	$ 85,931,311
Redemption receivable from Graham Alternative Investment Trading LLC	1,207,986	2,938,722
Total assets	74,111,369	88,870,033
Liabilities:
Accrued redemptions	1,207,986	2,938,722
Total liabilities	1,207,986	2,938,722
Members' capital:
Members' capital	72,903,383	85,931,311
Total liabilities and members' capital	74,111,369	88,870,033
Class 0 Units [Member]
Members' capital:
Members' capital	48,718,754	59,064,584
Class 2 Units [Member]
Members' capital:
Members' capital	$ 24,184,629	$ 26,866,727

Statements of Financial Condit3

Statements of Financial Condition (Parenthetical)	Dec. 31, 2016$ / sharesshares	Dec. 31, 2015$ / sharesshares
Class 0 Units [Member]
Members' capital:
Capital units, issued (in units)	331,592.087	400,877.751
Capital units, outstanding (in units)	331,592.087	400,877.751
Capital units, value (in dollars per unit) | $ / shares	146.92	147.34
Class 2 Units [Member]
Members' capital:
Capital units, issued (in units)	225,124.868	244,435.571
Capital units, outstanding (in units)	225,124.868	244,435.571
Capital units, value (in dollars per unit) | $ / shares	107.43	109.91

Statements of Operations

Statements of Operations - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Net gain allocated from investment in Graham Alternative Investment Trading LLC
Net realized gain on investments	$ 1,107,650	$ 7,296,980
Net increase (decrease) in unrealized appreciation on investments	687,160	(4,156,243)
Brokerage commissions and fees	(468,083)	(544,047)
Net gain allocated from investment in Graham Alternative Investment Trading LLC	1,326,727	2,596,690
Investment income
Interest income	368,746	290,216
Expenses
Advisory fees	1,388,718	1,626,179
Sponsor fees	1,102,687	1,249,515
Professional fees and other	207,179	186,039
Administrator's fees	103,331	129,047
Incentive allocation	0	1,550,824
Total expenses	2,801,915	4,741,604
Net investment loss allocated from investment in Graham Alternative Investment Trading LLC	(2,433,169)	(4,451,388)
Net loss	$ (1,106,442)	$ (1,854,698)

Statements of Changes in Member

Statements of Changes in Members' Capital - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Increase (Decrease) in Partners' Capital [Roll Forward]
Members' capital, beginning	$ 85,931,311	$ 89,185,934
Subscriptions	1,666,739	6,319,001
Redemptions	(13,588,225)	(7,718,926)
Net loss	(1,106,442)	(1,854,698)
Members' capital, ending	72,903,383	85,931,311
Class 0 Units [Member]
Increase (Decrease) in Partners' Capital [Roll Forward]
Members' capital, beginning	$ 59,064,584	$ 63,076,949
Members' capital, beginning (in units)	400,877.751	422,282.349
Subscriptions	$ 620,000	$ 2,542,001
Subscriptions (in units)	4,318.522	16,164.627
Redemptions	$ (10,502,194)	$ (5,636,293)
Redemptions (in units)	(73,604.186)	(37,569.225)
Net loss	$ (463,636)	$ (918,073)
Members' capital, ending	$ 48,718,754	$ 59,064,584
Members' capital, ending (in units)	331,592.087	400,877.751
Class 2 Units [Member]
Increase (Decrease) in Partners' Capital [Roll Forward]
Members' capital, beginning	$ 26,866,727	$ 26,108,985
Members' capital, beginning (in units)	244,435.571	229,870.220
Subscriptions	$ 1,046,739	$ 3,777,000
Subscriptions (in units)	9,922.534	32,865.276
Redemptions	$ (3,086,031)	$ (2,082,633)
Redemptions (in units)	(29,233.237)	(18,299.925)
Net loss	$ (642,806)	$ (936,625)
Members' capital, ending	$ 24,184,629	$ 26,866,727
Members' capital, ending (in units)	225,124.868	244,435.571

Statements of Cash Flows

Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Cash flows provided by operating activities
Net loss	$ (1,106,442)	$ (1,854,698)
Adjustments to reconcile net loss to net cash provided by operating activities:
Net cash provided by operating activities	13,652,222	251,286
Cash flows used in financing activities
Subscriptions	1,666,739	6,319,001
Redemptions	(15,318,961)	(6,570,287)
Net cash used in financing activities	(13,652,222)	(251,286)
Net change in cash and cash equivalents	0	0
Cash and cash equivalents, beginning of year	0	0
Cash and cash equivalents, end of year	0	0
Graham Alternative Investment Trading LLC [Member]
Cash flows provided by operating activities
Net loss	1,106,442	1,854,698
Adjustments to reconcile net loss to net cash provided by operating activities:
Proceeds from sale of investments in Graham Alternative Investment Trading LLC	15,318,961	6,570,287
Investments in Graham Alternative Investment Trading LLC	$ (1,666,739)	$ (6,319,001)

Organization and Business

Organization and Business	12 Months Ended
	Dec. 31, 2016
Organization and Business [Abstract]
Organization and Business	1. Organization and Business The Blended Strategies Portfolio (the “Fund”) is a series of Graham Alternative Investment Fund I LLC (“GAIF I”), a Delaware Series Limited Liability Company established through an amendment to the certificate of formation, effective March 28, 2013. Prior to March 28, 2013, GAIF I was organized as a Delaware Limited Liability Company which was formed on May 16, 2006 and commenced operations on August 1, 2006. GAIF I has one other active series in addition to the Fund, the Systematic Strategies Portfolio. GAIF I is registered as a commodity pool and as such is subject to the oversight and jurisdiction of the U.S. Commodity Futures Trading Commission (“CFTC”). As a Series Limited Liability Company each series is legally segregated, and the assets associated with each series are held separately and accounted for in separate and distinct records from the assets of any other series of GAIF I. The debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to a particular series are enforceable against the assets of such series only, and not against the assets of GAIF I generally or any other series thereof. Further, none of the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to GAIF I are enforceable against the assets of any other series. The Fund offers investors Class 0 and Class 2 units. The Fund invests all of its assets dedicated to trading in Graham Alternative Investment Trading LLC (“GAIT”), a Delaware Limited Liability Company which was formed on May 18, 2006 and commenced operations on August 1, 2006. GAIT invests in various master trading vehicles (“Master Funds”) and Graham Cash Assets LLC (“Cash Assets”), all of which are managed by Graham Capital Management, L.P. (the “Advisor” or “Manager”). The Manager is the manager and the sole investment advisor of GAIT and the Fund. The Manager is registered as a Commodity Pool Operator and Commodity Trading Advisor with the U.S. CFTC and is a member of the National Futures Association. The Manager is also registered with the Securities and Exchange Commission as an investment adviser. The Fund’s Units are registered under the Securities Exchange Act of 1934. The investment objective of the Fund is to achieve long-term capital appreciation through professionally managed trading in both U.S. and foreign markets primarily in futures contracts, forwards contracts, spot currency contracts, and associated derivative instruments, such as options and swaps, through its investment in GAIT, which in turn invests in various Master Funds. The Master Funds seek to profit from opportunities in the global financial markets, including interest rate futures, foreign exchange, global stock indices and energy, metals and agricultural futures, as professionally managed multi-strategy investment vehicles. Each of the investment programs consists of multiple trading strategies of the Manager, which the Manager has combined in an effort to diversify the Fund’s investment exposure and to make the Fund’s performance returns less volatile and more consistently profitable. SEI Global Services, Inc. (“SEI”) is the Fund’s independent administrator and transfer agent. SEI is responsible for certain matters pertaining to the administration of the Fund. The Fund will terminate on December 31, 2050 or at an earlier date if certain conditions occur as outlined in the Limited Liability Company Agreement (“LLC Agreement”). The performance of the Fund is directly affected by the performance of GAIT; therefore these financial statements should be read in conjunction with the attached financial statements of GAIT. Duties of the Manager Subject to the terms and conditions of the LLC Agreement, the Manager has complete and exclusive responsibility for managing and administering the affairs of the Fund and for directing the investment and reinvestment of the assets of the Fund and GAIT.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2016
Summary of Significant Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies These financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) and all amounts are stated in U.S. dollars. The Fund is an investment company and applies specialized accounting guidance as outlined in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies Investment in Graham Alternative Investment Trading LLC The Fund records its investment in GAIT at fair value based upon the Fund’s proportionate share of GAIT’s reported net asset value in accordance with U.S. GAAP. In determining its net asset value, GAIT records its investments in Master Funds at fair value based upon GAIT’s proportionate share of the Master Funds’ reported net asset value. The Fund records its proportionate share of GAIT’s investment income and loss, expenses, fees, and realized and unrealized gains and losses on a monthly basis and includes them in the statements of operations. Purchases and sales of units in GAIT are recorded on a trade date basis. The accounting policies of GAIT are described in its attached financial statements. GAIT charges its investors, including the Fund, an advisory fee, sponsor fee, and incentive allocation, all of which are described in detail in Note 4. The Fund does not charge any additional fees; however each investor in the Fund indirectly bears a portion of the advisory fee, sponsor fee, and incentive allocation charged by GAIT. At December 31, 2016 and 2015, the Fund owned 52.99% and 52.56%, respectively of GAIT. Fair Value The fair value of the assets and liabilities of the Fund and GAIT, which qualify as financial instruments under U.S. GAAP, approximates the carrying amounts presented in the statements of financial condition. Changes in these carrying amounts are included in the statements of operations. The Fund follows U.S. GAAP for fair value measurements, which defines fair value, establishes a framework for measuring fair value, and requires certain disclosures about fair value measurements. The Fund reports the fair value of its investment related assets and liabilities in accordance with the hierarchy established under U.S. GAAP. U.S. GAAP uses a three level hierarchy for fair value measurement based on the activeness of the market and the transparency and independence of inputs used in the valuation of an asset or liability as of the measurement date. The fair value hierarchy categorizes asset and liability positions into one of three levels, as summarized below, based on the inputs and assumptions used in deriving fair value. · Level 1 inputs are unadjusted closing or settlement prices for such assets or liabilities as published by the primary exchange upon which they are traded. · Level 2 inputs include quoted prices for similar assets and liabilities obtained from independent brokers and/or market makers in each security. · Level 3 inputs are those which are considered unobservable and are significant in arriving at fair value. The Fund’s investment in GAIT has been valued at net asset value using the practical expedient. According to FASB Accounting Standards Update 2015-07 – Disclosures for Investment in Certain Entities that Calculate Net Asset Value per Share (or Its Equivalent) Recent Accounting Pronouncement In May 2015, the Financial Accounting Standards Board issued ASU 2015-07. ASU 2015-07 removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient. The Fund has elected to early adopt ASU 2015-07 as of the fiscal year ended December 31, 2015 and has applied the update retrospectively. The adoption did not affect the Fund’s financial statements. Indemnifications In the normal course of business, the Master Funds, GAIT, Cash Assets, and the Fund enter into contracts that contain a variety of indemnifications. Such contracts may include those by Cash Assets and the Master Funds with their brokers and trading counterparties. The Fund’s maximum exposure under these arrangements is unknown; however, the Fund has not had prior claims or losses with respect to such indemnifications and considers the risk of loss to be remote. At December 31, 2016 and 2015, no accruals have been recorded by the Fund for indemnifications.

Capital Accounts

Capital Accounts	12 Months Ended
	Dec. 31, 2016
Capital Accounts [Abstract]
Capital Accounts	3. Capital Accounts The Fund offers two classes (each a “Class”) of Units (collectively the “Units”), being Class 0 Units and Class 2 Units. The Fund may issue additional Classes in the future subject to different fees, expenses or other terms, or to invest in other investment programs or combinations of investment programs managed by the Manager. A separate capital account is maintained for each member with respect to each member’s Class of Units. The initial balance of each member’s capital account is equal to the initial contribution to the Fund by such member with respect to the Class to which such capital account relates. Each member’s capital account is increased by any additional subscription, and decreased by any redemption by such member of Units of such Class to which the capital account relates. All income and expenses of the Fund are allocated among the members’ capital accounts in proportion to the balance that each capital account bears to the balance of all capital as of the beginning of such fiscal period. Subscriptions Units may be purchased at a price equal to the Net Asset Value per Unit of the relevant Class as of the immediately preceding Valuation Day as defined in the LLC Agreement. The minimum initial subscription from each investor in each Class is $10,000. Members may subscribe for additional Units in a minimum amount of not less than $5,000. Units are available for subscription as of the first business day of each month upon written notice of at least three business days prior to the last business day of the preceding month. Redemption of Units Units are not subject to any minimum holding period. Members may redeem Units at the Net Asset Value thereof as of each Valuation Day, as defined in the LLC Agreement, upon not less than three business days’ prior written notice to the administrator. A partial redemption request for an amount less than $10,000 will not be accepted, nor will a redemption request be accepted to the extent that it would result in an investor owning less than $25,000. The redemption proceeds will normally be remitted within 15 days after the Valuation Day, without interest for the period from the Valuation Day to the payment date. Redemption Fees Class 2 Units are subject to a redemption fee equal to 2% of their Net Asset Value if redeemed within six months from their subscription date and a redemption fee equal to 1% of their Net Asset Value if redeemed more than six and less than twelve months from their subscription date. Class 0 Units are not subject to a redemption fee. Redemption fees are payable to the Manager upon redemption of Units from the proceeds of such redemption. Redemption fees of $231 and $0 were paid to the Manager for the years ended December 31, 2016 and 2015, respectively.

Fees and Related Party Transact

Fees and Related Party Transactions	12 Months Ended
	Dec. 31, 2016
Fees and Related Party Transactions [Abstract]
Fees and Related Party Transactions	4. Fees and Related Party Transactions Advisory Fees For the years ended December 31, 2016 and 2015, each Class of GAIT other than Class M paid the Manager an advisory fee (the “Advisory Fee”) at an aggregate annual rate equal to 1.75% of the Net Asset Value of such Class. The Advisory Fee is payable monthly in arrears calculated as of the last business day of each month and any other date the Manager may permit, in its sole and absolute discretion, as of which any subscription or redemption is effected with respect to Units of such Class during the month. For the years ended December 31, 2016 and 2015, the Advisory Fees allocated to the Fund by each Class of GAIT totaled $1,388,718 and $1,626,179, respectively. Sponsor Fees For the years ended December 31, 2016 and 2015, each Class of GAIT other than Class M paid the Manager a sponsor fee (the “Sponsor Fee”) at an annual rate of the Net Asset Value specified in the table below. The Sponsor Fee is payable monthly in arrears calculated as of the last business day of each month in the same manner as the Advisory Fee. Class Annual Rate Class 0 0.75 % Class 2 2.75 % For the years ended December 31, 2016 and 2015, the Sponsor Fees allocated to the Fund by each Class of GAIT totaled $1,102,687 and $1,249,515, respectively. Incentive Allocation At the end of each calendar quarter, Graham Capital LLC, an affiliate of the Manager, will receive a special allocation of net profits (the “Incentive Allocation”) in an amount equal to 20% of the New High Net Trading Profits of each Class of GAIT, as defined in the LLC Agreement. The Incentive Allocation is also accrued and allocable on the date of redemption with respect to any Units that are redeemed prior to the end of a calendar quarter. Additionally, any loss carryforward attributable to any class of GAIT shall be proportionately reduced, effective as of the date of any redemption of any Units of such class, by multiplying the loss carryforward by the ratio that the amount of assets redeemed from such class bears to the net assets of such class immediately prior to such redemption. The loss carryforward of a class must be recouped before any subsequent Incentive Allocation can be made. The total Incentive Allocation allocated to the Fund by GAIT for the years ended December 31, 2016 and 2015 was $0 and $1,550,824, respectively. Administrator’s Fee For the years ended December 31, 2016 and 2015, GAIT paid SEI a monthly administrator’s fee based on GAIT’s net asset value, calculated as of the last business day of each month. In addition, GAIT reimbursed SEI for reasonable out-of-pocket expenses incurred on behalf of GAIT. The total administrator’s fees, including out-of-pocket expenses, allocated to the Fund by GAIT for the years ended December 31, 2016 and 2015 were $103,331 and $129,047, respectively. Any portion of any of the above fees, including the Incentive Allocation, may be paid by the Manager to third parties as compensation for selling activities in connection with the Fund.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2016
Income Taxes [Abstract]
Income Taxes	5. Income Taxes No provision for income taxes has been made in the accompanying financial statements, as members are individually responsible for reporting income or loss based upon their respective share of the Fund’s revenues and expenses for income tax purposes. U.S. GAAP provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. U.S. GAAP requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet a more-likely-than-not threshold would be recorded as a tax expense in the current year and the Fund identifies its major tax jurisdictions as U.S. Federal and Connecticut State. The Manager has evaluated the Fund’s tax positions and has concluded that there are no significant tax positions requiring recognition, measurement or disclosure in the financial statements for open tax years 2013 through 2015 or expected to be taken in the Fund’s 2016 tax returns. The Manager is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax expense will change materially in the next twelve months. Tax years which are considered open by the relevant jurisdiction are subject to potential examination.

Financial Highlights

Financial Highlights	12 Months Ended
	Dec. 31, 2016
Financial Highlights [Abstract]
Financial Highlights	6. Financial Highlights The following is the per Unit operating performance calculation for the years ended December 31, 2016 and 2015: Class 0 Class 2 Per unit operating performance Net asset value per unit, December 31, 2014 $ 149.37 $ 113.58 Net loss: Net investment loss (6.54 ) (7.12 ) Net gain on investments 4.51 3.45 Net loss (2.03 ) (3.67 ) Net asset value per unit, December 31, 2015 147.34 109.91 Net loss: Net investment loss (3.52 ) (4.74 ) Net gain on investments 3.10 2.26 Net loss (0.42 ) (2.48 ) Net asset value per unit, December 31, 2016 $ 146.92 $ 107.43 The following represents ratios to average members’ capital, excluding the Managing Member, and total return for the years ended December 31, 2016 and 2015: Class 0 Class 2 2016 2015 2016 2015 Total return before Incentive Allocation (0.29 )% 0.50 % (2.26 )% (1.66 )% Incentive Allocation 0.00 (1.86 ) 0.00 (1.57 ) Total return after Incentive Allocation (0.29 )% (1.36 )% (2.26 )% (3.23 )% Net investment loss before Incentive Allocation (2.45 )% (2.58 )% (4.47 )% (4.61 )% Incentive Allocation 0.00 (1.74 ) 0.00 (1.60 ) Net investment loss after Incentive Allocation (2.45 )% (4.32 )% (4.47 )% (6.21 )% Total expenses before Incentive Allocation 2.93 % 2.90 % 4.95 % 4.93 % Incentive Allocation 0.00 1.74 0.00 1.60 Total expenses after Incentive Allocation 2.93 % 4.64 % 4.95 % 6.53 % Total return is calculated for Class 0 and Class 2 Units taken as a whole. Total return is calculated as the change in total members’ capital adjusted for subscriptions or redemptions during the year. An individual member’s return may vary from these returns based on the timing of capital transactions and the applicability of Advisory Fees, Sponsor Fees, Administrator’s Fees, and the Incentive Allocation. The net investment loss and total expense ratios (including Incentive Allocation) are calculated for Class 0 and Class 2 Units taken as a whole and include net amounts allocated from GAIT. The computation of such ratios is based on the amount of net investment loss, expenses and Incentive Allocation. Net investment loss and total expense ratios are computed based upon the weighted average of members’ capital for Class 0 and Class 2 Units of the Fund for the years ended December 31, 2016 and 2015.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2016
Subsequent Events [Abstract]
Subsequent Events	7. Subsequent Events The Fund had subscriptions of approximately $1.6 million and redemptions of approximately $3.0 million from January 1, 2017 through March 30, 2017, the date through which subsequent events were evaluated by management. These amounts have not been included in the financial statements.

Summary of Significant Accoun14

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2016
Summary of Significant Accounting Policies [Abstract]
Basis of Accounting	These financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) and all amounts are stated in U.S. dollars. The Fund is an investment company and applies specialized accounting guidance as outlined in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies
Investment in Graham Alternative Investment Trading LLC	Investment in Graham Alternative Investment Trading LLC The Fund records its investment in GAIT at fair value based upon the Fund’s proportionate share of GAIT’s reported net asset value in accordance with U.S. GAAP. In determining its net asset value, GAIT records its investments in Master Funds at fair value based upon GAIT’s proportionate share of the Master Funds’ reported net asset value. The Fund records its proportionate share of GAIT’s investment income and loss, expenses, fees, and realized and unrealized gains and losses on a monthly basis and includes them in the statements of operations. Purchases and sales of units in GAIT are recorded on a trade date basis. The accounting policies of GAIT are described in its attached financial statements. GAIT charges its investors, including the Fund, an advisory fee, sponsor fee, and incentive allocation, all of which are described in detail in Note 4. The Fund does not charge any additional fees; however each investor in the Fund indirectly bears a portion of the advisory fee, sponsor fee, and incentive allocation charged by GAIT. At December 31, 2016 and 2015, the Fund owned 52.99% and 52.56%, respectively of GAIT.
Fair Value	Fair Value The fair value of the assets and liabilities of the Fund and GAIT, which qualify as financial instruments under U.S. GAAP, approximates the carrying amounts presented in the statements of financial condition. Changes in these carrying amounts are included in the statements of operations. The Fund follows U.S. GAAP for fair value measurements, which defines fair value, establishes a framework for measuring fair value, and requires certain disclosures about fair value measurements. The Fund reports the fair value of its investment related assets and liabilities in accordance with the hierarchy established under U.S. GAAP. U.S. GAAP uses a three level hierarchy for fair value measurement based on the activeness of the market and the transparency and independence of inputs used in the valuation of an asset or liability as of the measurement date. The fair value hierarchy categorizes asset and liability positions into one of three levels, as summarized below, based on the inputs and assumptions used in deriving fair value. · Level 1 inputs are unadjusted closing or settlement prices for such assets or liabilities as published by the primary exchange upon which they are traded. · Level 2 inputs include quoted prices for similar assets and liabilities obtained from independent brokers and/or market makers in each security. · Level 3 inputs are those which are considered unobservable and are significant in arriving at fair value. The Fund’s investment in GAIT has been valued at net asset value using the practical expedient. According to FASB Accounting Standards Update 2015-07 – Disclosures for Investment in Certain Entities that Calculate Net Asset Value per Share (or Its Equivalent)
Recent Accounting Pronouncement	Recent Accounting Pronouncement In May 2015, the Financial Accounting Standards Board issued ASU 2015-07. ASU 2015-07 removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient. The Fund has elected to early adopt ASU 2015-07 as of the fiscal year ended December 31, 2015 and has applied the update retrospectively. The adoption did not affect the Fund’s financial statements.
Indemnifications	Indemnifications In the normal course of business, the Master Funds, GAIT, Cash Assets, and the Fund enter into contracts that contain a variety of indemnifications. Such contracts may include those by Cash Assets and the Master Funds with their brokers and trading counterparties. The Fund’s maximum exposure under these arrangements is unknown; however, the Fund has not had prior claims or losses with respect to such indemnifications and considers the risk of loss to be remote. At December 31, 2016 and 2015, no accruals have been recorded by the Fund for indemnifications.

Fees and Related Party Transa15

Fees and Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2016
Fees and Related Party Transactions [Abstract]
Sponsor Fees	For the years ended December 31, 2016 and 2015, each Class of GAIT other than Class M paid the Manager a sponsor fee (the “Sponsor Fee”) at an annual rate of the Net Asset Value specified in the table below. The Sponsor Fee is payable monthly in arrears calculated as of the last business day of each month in the same manner as the Advisory Fee. Class Annual Rate Class 0 0.75 % Class 2 2.75 %

Financial Highlights (Tables)

Financial Highlights (Tables)	12 Months Ended
	Dec. 31, 2016
Financial Highlights [Abstract]
Unit Operating Performance	The following is the per Unit operating performance calculation for the years ended December 31, 2016 and 2015: Class 0 Class 2 Per unit operating performance Net asset value per unit, December 31, 2014 $ 149.37 $ 113.58 Net loss: Net investment loss (6.54 ) (7.12 ) Net gain on investments 4.51 3.45 Net loss (2.03 ) (3.67 ) Net asset value per unit, December 31, 2015 147.34 109.91 Net loss: Net investment loss (3.52 ) (4.74 ) Net gain on investments 3.10 2.26 Net loss (0.42 ) (2.48 ) Net asset value per unit, December 31, 2016 $ 146.92 $ 107.43
Ratios to Average Members' Capital and Total Return	The following represents ratios to average members’ capital, excluding the Managing Member, and total return for the years ended December 31, 2016 and 2015: Class 0 Class 2 2016 2015 2016 2015 Total return before Incentive Allocation (0.29 )% 0.50 % (2.26 )% (1.66 )% Incentive Allocation 0.00 (1.86 ) 0.00 (1.57 ) Total return after Incentive Allocation (0.29 )% (1.36 )% (2.26 )% (3.23 )% Net investment loss before Incentive Allocation (2.45 )% (2.58 )% (4.47 )% (4.61 )% Incentive Allocation 0.00 (1.74 ) 0.00 (1.60 ) Net investment loss after Incentive Allocation (2.45 )% (4.32 )% (4.47 )% (6.21 )% Total expenses before Incentive Allocation 2.93 % 2.90 % 4.95 % 4.93 % Incentive Allocation 0.00 1.74 0.00 1.60 Total expenses after Incentive Allocation 2.93 % 4.64 % 4.95 % 6.53 %

Organization and Business (Deta

Organization and Business (Details)	12 Months Ended
	Dec. 31, 2016Investment
Organization and Business [Abstract]
Other series owned by entity	1

Summary of Significant Accoun18

Summary of Significant Accounting Policies (Details)	Dec. 31, 2016	Dec. 31, 2015
Graham Alternative Investment Fund LLC [Member]
Schedule of Equity Method Investments [Line Items]
Ownership percentage	52.99%	52.56%

Capital Accounts (Details)

Capital Accounts (Details)	12 Months Ended
	Dec. 31, 2016USD ($)Class	Dec. 31, 2015USD ($)
Capital Accounts [Abstract]
Number of classes of units offered by Fund | Class	2
Initial subscription amount	$ 10,000
Cost for additional units	$ 5,000
Notice period for units subscription	3 days
Notice period for units redemption	3 days
Amount for partial redemption request	$ 10,000
Holding post partial redemption	$ 25,000
Period of remittance for redemption proceeds	15 days
Fees paid to manager for redemptions	$ 231	$ 0
Class 2 Units [Member]
Capital Accounts [Abstract]
Redemption fee holding period	6 months
Class 2 Units [Member] | Minimum [Member]
Capital Accounts [Abstract]
Redemption fee	2.00%
Redemption fee holding period	6 months
Class 2 Units [Member] | Maximum [Member]
Capital Accounts [Abstract]
Redemption fee	1.00%
Redemption fee holding period	12 months

Fees and Related Party Transa20

Fees and Related Party Transactions (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Fees and Related Party Transactions [Abstract]
Advisory fees at annual rate of net assets value of fund	1.75%	1.75%
Percentage of incentive allocation	20.00%	20.00%
Incentive allocation	$ 0	$ 1,550,824
Sponsor Fees [Abstract]
Sponsor fees	1,102,687	1,249,515
Advisory Fees [Abstract]
Advisory fees	1,388,718	1,626,179
Administrative fees [Abstract]
Administrator's fees allocated to the Fund	$ 103,331	$ 129,047
Class 0 Units [Member]
Sponsor Fees [Abstract]
Sponsor fees at annual rate of net assets value of fund	0.75%
Class 2 Units [Member]
Sponsor Fees [Abstract]
Sponsor fees at annual rate of net assets value of fund	2.75%

Financial Highlights (Details)

Financial Highlights (Details) - $ / shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Class 0 Units [Member]
Net asset value per unit [Abstract]
Net asset value per unit, beginning of period (in dollars per unit)	$ 147.34	$ 149.37
Net loss [Abstract]
Net investment loss (in dollars per unit)	(3.52)	(6.54)
Net gain on investments (in dollars per unit)	3.10	4.51
Net loss (in dollars per unit)	(0.42)	(2.03)
Net asset value per unit, end of period (in dollars per unit)	$ 146.92	$ 147.34
Ratios to average members capital and total return [Abstract]
Total return before Incentive Allocation	(0.29%)	0.50%
Incentive Allocation	0.00%	(1.86%)
Total return after Incentive Allocation	(0.29%)	(1.36%)
Net investment loss before Incentive Allocation	(2.45%)	(2.58%)
Incentive Allocation	0.00%	(1.74%)
Net investment loss after Incentive Allocation	(2.45%)	(4.32%)
Total expenses before Incentive Allocation	2.93%	2.90%
Incentive Allocation	0.00%	1.74%
Total expenses after Incentive Allocation	2.93%	4.64%
Class 2 Units [Member]
Net asset value per unit [Abstract]
Net asset value per unit, beginning of period (in dollars per unit)	$ 109.91	$ 113.58
Net loss [Abstract]
Net investment loss (in dollars per unit)	(4.74)	(7.12)
Net gain on investments (in dollars per unit)	2.26	3.45
Net loss (in dollars per unit)	(2.48)	(3.67)
Net asset value per unit, end of period (in dollars per unit)	$ 107.43	$ 109.91
Ratios to average members capital and total return [Abstract]
Total return before Incentive Allocation	(2.26%)	(1.66%)
Incentive Allocation	0.00%	(1.57%)
Total return after Incentive Allocation	(2.26%)	(3.23%)
Net investment loss before Incentive Allocation	(4.47%)	(4.61%)
Incentive Allocation	0.00%	(1.60%)
Net investment loss after Incentive Allocation	(4.47%)	(6.21%)
Total expenses before Incentive Allocation	4.95%	4.93%
Incentive Allocation	0.00%	1.60%
Total expenses after Incentive Allocation	4.95%	6.53%

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event [Member] $ in Millions	3 Months Ended
	Mar. 30, 2017USD ($)
Subsequent Event [Line Items]
Fund subscriptions	$ 1.6
Fund redemptions	$ 3