Altegris QIM Futures Fund 10-Q 2015 Q3 Quarterly report

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 September 30, 2015

OR

[   ] 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

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  [X]No  [   ]

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes  [X]No  [   ]

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

  Large accelerated filer  [   ] Accelerated filer  [   ] Non-accelerated filer  [   ] Smaller reporting company [X] 

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

TABLE OF CONTENTS
		Page
PART I – FINANCIAL INFORMATION		1
Item 1.	Financial Statements	1
	Statements of Financial Condition	1
	Condensed Schedules of Investments	2
	Statements of Operations	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	26
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	30
Item 4.	Controls and Procedures	30
PART II – OTHER INFORMATION		30
Item 1.	Legal Proceedings	30
Item 1A.	Risk Factors	30
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	30
Item 3.	Defaults Upon Senior Securities	31
Item 4.	Mine Safety Disclosure	31
Item 5.	Other Information	31
Item 6.	Exhibits	31
Signatures		32
Rule 13a–14(a)/15d–14(a) Certifications		33-34
Section 1350 Certifications		35-36

PART I – FINANCIAL INFORMATION

Item 1: Financial Statements.

ALTEGRIS QIM FUTURES FUND, L.P.

FINANCIAL STATEMENTS

SEPTEMBER 30, 2015

  ALTEGRIS QIM FUTURES FUND, L.P.

TABLE OF CONTENTS

	PAGES
Financial Statements
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 – 25

ALTEGRIS QIM FUTURES FUND, L.P.

STATEMENTS OF FINANCIAL CONDITION

SEPTEMBER 30, 2015 (Unaudited) and DECEMBER 31, 2014 (Audited)

	2015		2014
ASSETS
Equity in commodity broker account:
Cash	$	1,662,753	$	1,708,036
Restricted cash		2,493,828		1,119,921
Restricted foreign currency (cost - $2,365,285 and $871,601)		2,354,949		846,214
Unrealized gain on open commodity futures contracts		321,437		-
		6,832,967		3,674,171
Cash		8,494,892		6,229,433
Investment securities at value
(cost - $13,431,446 and $35,270,474)		13,431,995		35,264,837
Interest receivable		1,659		14,558
Total assets	$	28,761,513	$	45,182,999
LIABILITIES
Equity in commodity broker account:
Foreign currency due to broker (proceeds - $2,376,237 and $875,134)	$	2,365,853	$	849,644
Unrealized loss on open commodity futures contracts		-		31,586
		2,365,853		881,230
Redemptions payable		1,009,994		3,684,626
Subscriptions received in advance		50,000		-
Incentive fees payable		33,346		-
Service fees payable		30,730		43,629
Management fee payable		25,432		45,585
Brokerage commissions payable		16,706		30,959
Administrative fee payable		6,489		11,126
Other liabilities		129,665		138,117
Total liabilities		3,668,215		4,835,272
PARTNERS' CAPITAL (NET ASSET VALUE)
General Partner		792		698
Limited Partners		25,092,506		40,347,029
Total partners' capital (Net Asset Value)		25,093,298		40,347,727
Total liabilities and partners' capital	$	28,761,513	$	45,182,999

See accompanying notes.

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ALTEGRIS QIM FUTURES FUND, L.P.

CONDENSED SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2015 (Unaudited)

INVESTMENT SECURITIES
Face Value		Maturity Date	Description	Value		% of Partners' Capital
Fixed Income Investments
U.S. Government Agency Bonds and Notes
$	1,500,000	11/18/2015	Federal Home Loan Bank Disc Note,0.07%*	$	1,499,868		5.98	%
	500,000	12/11/2015	Federal Home Loan Bank Disc Note,0.11%*		499,892		1.99	%
	800,000	2/16/2015	Federal Home Loan Bank Disc Note,0.17%*		799,475		3.19	%
	1,200,000	12/1/2015	Federal Home Loan Bank, 0.20%		1,200,183		4.78	%
	1,200,000	12/8/2015	Federal Home Loan Bank, 0.13%		1,199,761		4.78	%
	650,000	2/19/2016	Federal Home Loan Bank, 0.38%		650,146		2.59	%
	2,853,000	10/1/2015	Federal Home Loan Mortgage Corp Disc Note, 0.00%*		2,853,000		11.37	%
Total U.S. Government Agency Bonds and Notes (cost - $8,701,776)					8,702,325		34.68	%
Corporate Notes
$	410,000	10/16/2015	The Chiba Bank Ltd, 0.24%		410,000		1.63	%
	270,000	10/7/2015	DCAT LLC, 0.31%*		269,957		1.08	%
	540,000	10/2/2015	Exxon Mobil Corp, 0.17%*		539,959		2.15	%
	400,000	10/20/2015	Gotham Funding Corp, 0.22%*		399,948		1.59	%
	270,000	10/23/2015	National Rural Utilities Cooperative Finance Corp, 0.17%*		269,973		1.08	%
	410,000	10/23/2015	Norinchukin Bank Disc Note, 0.18%		410,000		1.64	%
	400,000	10/14/2015	PACCAR Financial Corp, 0.15%*		399,972		1.60	%
	270,000	10/22/2015	The Shizuoka Bank Ltd, 0.24%		270,000		1.08	%
	410,000	10/8/2015	Sumitomo Mutsui Banking Co, 0.19%		410,000		1.63	%
	410,000	10/30/2015	Sumitomo Mutsui Trust & Banking Co, 0.17%		410,000		1.63	%
	540,000	10/2/2015	Toronto-Dominion Bank New York, 0.19%*		539,928		2.15	%
	400,000	10/2/2015	Working Capital Management Co LP Disc Note, 0.26%*		399,933		1.59	%
Total Corporate Notes (cost - $4,729,670)					4,729,670		18.85	%
Total Investment Securities (cost - $13,431,446)				$	13,431,995		53.53	%
* The rate reported is the effective yield at time of purchase.

See accompanying notes.

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ALTEGRIS QIM FUTURES FUND, L.P.

CONDENSED SCHEDULE OF INVESTMENTS (continued)

SEPTEMBER 30, 2015 (Unaudited)

	Range of Expiration Dates	Number of Contracts		Value			% of Partners' Capital
Long Futures Contracts:
Currencies	Dec 15		21	$	(142	)		(0.00	)%
Energy	Oct 15		25		1,183			0.00	%
Interest Rates	Dec 15		115		79,040			0.32	%
Stock Indices	Oct 15 - Dec 15		79		(4,457	)		(0.02	)%
Treasury Rates	Dec 15		162		135,340			0.54	%
Total Long Futures Contracts			402		210,964			0.84	%
Short Futures Contracts:
Currencies	Dec 15		25		11,434			0.05	%
Energy	Oct 15		8		7,157			0.03	%
Metals	Dec 15		9		13,337			0.05	%
Stock Indices	Oct 15 - Dec 15		100		78,545			0.31	%
Total Short Futures Contracts			142		110,473			0.44	%
Total Futures Contracts			544	$	321,437			1.28	%

See accompanying notes.

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ALTEGRIS QIM FUTURES FUND, L.P.

CONDENSED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2014 (Audited)

INVESTMENT SECURITIES
Face Value			Maturity Date	Description	Value		% of Partners' Capital
Fixed Income Investments
U.S. Government Agency Bonds and Notes
	$	2,417,000	1/2/2015	Federal Farm Credit Bank Disc Note, 0.01%*	$	2,416,999		5.99	%
		3,050,000	1/16/2015	Federal Home Loan Bank Disc Note, 0.018%*		3,049,976		7.56	%
		2,500,000	3/20/2015	Federal Home Loan Bank, 0.13%		2,499,633		6.19	%
		2,000,000	8/19/2015	Federal Home Loan Bank, 0.20%		1,999,648		4.96	%
		1,500,000	9/18/2015	Federal Home Loan Bank, 0.20%		1,499,131		3.71	%
		1,200,000	12/1/2015	Federal Home Loan Bank, 0.20%		1,198,553		2.97	%
		1,200,000	12/8/2015	Federal Home Loan Bank, 0.13%		1,196,986		2.97	%
		2,000,000	1/16/2015	Federal Home Loan Bank, 0.25%		2,000,052		4.96	%
		2,000,000	8/28/2015	Federal Home Loan Mortgage Corp, 0.50%		2,003,500		4.96	%
		1,000,000	6/1/2015	Federal National Mort Assoc Disc Note, 0.14%*		999,625		2.48	%
		2,000,000	7/2/2015	Federal National Mortgage Association, 0.50%		2,001,672		4.96	%
Total U.S. Government Agency Bonds and Notes (cost - $20,871,412)						20,865,775		51.71	%
Corporate Notes
	$	1,000,000	1/2/2015	Bank of Montreal, 0.10%		1,000,000		2.48	%
		1,400,000	1/9/2015	Exxon Mobile Corp Disc Note, 0.09%*		1,399,893		3.47	%
		1,400,000	1/9/2015	General Electric Capital Corp Disc Note, 0.07%*		1,399,903		3.47	%
		1,600,000	1/5/2015	Johnson & Johnson, 0.07%*		1,599,916		3.97	%
		1,000,000	1/14/2015	Liberty Street Funding LLC, 0.16%*		999,887		2.48	%
		700,000	1/14/2015	National Rural Utilities Cooperative Finance Corp, 0.13%*		699,921		1.73	%
		1,000,000	1/29/2015	Norinchukin Bank Disc Note, 0.17%		1,000,000		2.48	%
		250,000	1/9/2015	Scotia Holdings (US) Inc., 0.13%*		249,976		0.62	%
		800,000	1/6/2015	Shizuoka Bank, 0.19%		800,000		1.98	%
		1,650,000	1/2/2015	Sumitomo Mutsui Banking Co Disc Note, 0.16%		1,650,000		4.09	%
		1,400,000	1/16/2015	Toronto-Dominion Holdings, 0.09%*		1,399,847		3.47	%
		1,200,000	1/8/2015	Victory Receivables Corp, 0.13%*		1,199,840		2.97	%
		1,000,000	1/2/2015	Working Capital Management Co LP Disc Note, 0.10%*		999,879		2.48	%
Total Corporate Notes (cost - $14,399,062)						14,399,062		35.69	%
Total Investment Securities (cost - $35,270,474)					$	35,264,837		87.40	%
* The rate reported is the effective yield at time of purchase.

See accompanying notes.

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ALTEGRIS QIM FUTURES FUND, L.P.

CONDENSED SCHEDULE OF INVESTMENTS (continued)

DECEMBER 31, 2014 (Audited)

	Range of Expiration Dates	Number of Contracts		Value			% of Partners' Capital
Long Futures Contracts:
Currencies	Mar 15		14	$	1,812			0.00	%
Energy	Jan 15 - Feb 15		34		(5,901	)		(0.02	)%
Interest Rates	Mar 15		6		7,949			0.02	%
Stock Indices	Jan 15		6		(714	)		(0.00	)%
Treasury Rates	Mar 15		19		(1,732	)		(0.00	)%
Total Long Futures Contracts			79		1,414			0.00	%
Short Futures Contracts:
Currencies	Mar 15		7		736			0.00	%
Energy	Jan 15		2		2,581			0.01	%
Interest Rates	Mar 15		29		(21,637	)		(0.05	)%
Stock Indices	Jan 15 - Mar 15		137		(14,423	)		(0.04	)%
Treasury Rates	Mar 15		2		(257	)		0.00	%
Total Short Futures Contracts			177		(33,000	)		(0.08	)%
Total Futures Contracts			256	$	(31,586	)		(0.08	)%

See accompanying notes.

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ALTEGRIS QIM FUTURES FUND, L.P.

STATEMENTS OF INCOME (LOSS)

FOR THE THREE MONTHS AND NINE MONTHS ENDED SEPTEMBER 30, 2015 AND 2014 (Unaudited)

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2015			2014			2015			2014
TRADING GAIN (LOSS)
Gain (loss) on trading of commodity futures
Realized	$	1,388,698		$	400,111		$	4,636,808		$	(3,188,245	)
Change in unrealized		277,397			(204,678	)		353,023			(1,046,397	)
Brokerage Commissions		(98,144	)		(216,660	)		(349,694	)		(762,285	)
Gain (loss) from trading futures		1,567,951			(21,227	)		4,640,137			(4,996,927	)
Gain (loss) on trading of securities
Realized		1,254			2,656			5,523			7,341
Change in unrealized		590			1,303			6,186			(526	)
Gain (loss) from trading securities		1,844			3,959			11,709			6,815
Gain (loss) on trading of foreign currency
Realized		(12,527	)		(9,041	)		(25,578	)		5,335
Change in unrealized		324			(2,652	)		(55	)		(2,400	)
Gain (loss) from trading foreign currency		(12,203	)		(11,693	)		(25,633	)		2,935
Total trading gain (loss)		1,557,592			(28,961	)		4,626,213			(4,987,177	)
NET INVESTMENT INCOME (LOSS)
Income
Interest income		5,802			12,342			22,673			45,256
Expenses
Management fee		80,105			170,434			282,394			599,255
Service fees		79,152			147,803			274,100			505,678
Professional fees		54,014			73,142			170,406			238,484
Administrative fee		20,482			40,988			70,982			143,953
Incentive fees		33,346			4,339			44,852			5,124
Interest expense		13,755			99			29,952			555
Other expenses		2,362			47,195			81,656			118,715
Total expenses		283,216			484,000			954,342			1,611,764
Net investment loss		(277,414	)		(471,658	)		(931,669	)		(1,566,508	)
NET INCOME (LOSS)	$	1,280,178		$	(500,619	)	$	3,694,544		$	(6,553,685	)

See accompanying notes.

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ALTEGRIS QIM FUTURES FUND, L.P.

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

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2015 AND 2014 (Unaudited)

				Limited Partners
										Institutional			General
	Total			Class A			Class B			Interests			Partner
Balances at December 31, 2013	$	82,855,113		$	39,149,821		$	29,758,386		$	13,946,064		$	842
Transfers		-			(91,271	)		(3,310	)		94,581			-
Capital additions		1,787,052			1,237,385			399,667			150,000			-
Capital withdrawals		(24,887,533	)		(8,246,620	)		(9,636,078	)		(7,004,835	)		-
From operations:
Net investment loss		(1,566,508	)		(1,070,994	)		(395,832	)		(99,657	)		(25	)
Net realized loss from investments (net of brokerage commissions)		(3,937,854	)		(2,015,392	)		(1,435,905	)		(486,511	)		(46	)
Net change in unrealized loss from investments		(1,049,323	)		(513,610	)		(374,732	)		(160,969	)		(12	)
Net loss		(6,553,685	)		(3,599,996	)		(2,206,469	)		(747,137	)		(83	)
Balances at September 30, 2014	$	53,200,947		$	28,449,319		$	18,312,196		$	6,438,673		$	759
Balances at December 31, 2014	$	40,347,727		$	22,069,532		$	13,349,109		$	4,928,388		$	698
Transfers		-			-			-			-			-
Capital additions		435,329			200,820			234,509			-			-
Capital withdrawals		(19,384,302	)		(8,956,923	)		(6,709,684	)		(3,717,695	)		-
From operations:
Net investment loss		(931,669	)		(664,576	)		(231,122	)		(35,945	)		(26	)
Net realized gain from investments (net of brokerage commissions)		4,267,059			2,573,408			1,473,177			220,362			112
Net change in unrealized gain from investments		359,154			207,388			122,809			28,949			8
Net income		3,694,544			2,116,220			1,364,864			213,366			94
Balances at September 30, 2015	$	25,093,298		$	15,429,649		$	8,238,798		$	1,424,059		$	792

See accompanying notes.

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ALTEGRIS QIM FUTURES FUND, L.P.

NOTES TO FINANCIAL STATEMENTS

NOTE 1 - ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

A. General Description of the Partnership

Altegris QIM Futures Fund, L.P. (“Partnership”) was organized as a Delaware limited partnership in June 2009. The Partnership's general partner is Altegris Advisors, L.L.C. (“General Partner”). The Partnership speculatively trades commodity futures contracts, and may trade options on futures contracts, forward 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.

B. 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 September 30, 2015 and December 31, 2014, and reported amounts of income and expenses for the three and nine months ended September 30, 2015 and 2014, 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.

C. 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.

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ALTEGRIS QIM FUTURES FUND, L.P.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

NOTE 1 -ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

C. 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.

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ALTEGRIS QIM FUTURES FUND, L.P.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

NOTE 1 - ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

C. Fair Value (continued)

Fair value is a market-based measure considered from the perspective of a market participant rather than an entity-specific measure. 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 which 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 categorized in Level 1 or Level 2 of the fair value hierarchy. As of September 30, 2015 and December 31, 2014, none of the Partnership’s holdings in U.S. government agency bonds and notes were fair valued using valuation models.

The fair value of U.S. treasury obligations is generally based on quoted prices in active markets. U.S. treasury obligations are categorized in Level 1 of the fair value hierarchy.

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, notes, 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 September 30, 2015 and December 31, 2014, none of the Partnership’s holdings in corporate notes were fair valued using valuation models.

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ALTEGRIS QIM FUTURES FUND, L.P.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

NOTE 1 - ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

C. Fair Value (continued)

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

There were no changes in the Partnership’s valuation methodology during the periods ended September 30, 2015 and December 31, 2014.

The following table presents information about the Partnership’s assets and liabilities measured at fair value as of September 30, 2015 and December 31, 2014:

	Level 1			Level 2		Level 3		Balance as of September 30, 2015
September 30, 2015
Assets
Futures contracts (1)	$	351,711		$	-	$	-	$	351,711
U.S. Government agency bonds and notes		8,702,325			-		-		8,702,325
Corporate notes		-			4,729,670		-		4,729,670
Total Assets	$	9,054,036		$	4,729,670	$	-	$	13,783,706
Liabilities
Futures contracts (1)	$	(30,274	)	$	-	$	-	$	(30,274	)

	Level 1			Level 2		Level 3		Balance as of December 31, 2014
December 31, 2014
Assets
Futures contracts (1)	$	50,035		$	-	$	-	$	50,035
U.S. Government agency bonds and notes		20,865,775			-		-		20,865,775
Corporate notes		-			14,399,062		-		14,399,062
Total Assets	$	20,915,810		$	14,399,062	$	-	$	35,314,872
Liabilities
Futures contracts (1)	$	(81,621	)	$	-	$	-	$	(81,621	)

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

For the nine month period ended September 30, 2015 and the year ended December 31, 2014, there were no transfers between Level 1 and Level 2 assets and liabilities. For the nine month period ended September 30, 2015 and the year ended December 31, 2014, there were no Level 3 securities.

-11-

ALTEGRIS QIM FUTURES FUND, L.P.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

NOTE 1 - ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

D. 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 incurred as an expense when contracts are opened, 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, sales and maturities of foreign currency forward contracts, 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 appreciation (depreciation) on foreign currency denominated other assets and liabilities arise from changes in the value of assets, other than investments in securities, and liabilities at fiscal year end, resulting from changes in the exchange rates.

JPMorgan Chase Bank, N.A. (the “Custodian”) is the Partnership’s custodian. The Partnership has cash deposited with the Custodian. Société Générale (the “Clearing Broker”) is the Partnership’s commodity broker. For cash not held with the Clearing Broker the Partnership receives cash management services from an affiliate of the Custodian, J.P. Morgan Investment Management Inc. (“JPMIM”).

E. Futures Contracts

The Partnership may engage 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 Statement 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.

-12-

ALTEGRIS QIM FUTURES FUND, L.P.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

NOTE 1 - ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

E. Futures Contracts (continued)

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 September 30, 2015 and December 31, 2014 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

Restricted cash is held as maintenance margin deposits for futures transactions.

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.

H. Offering Costs

Offering costs incurred in connection with the ongoing offering of the Partnership’s interests are borne by the Partnership. These costs include, but are not limited to, legal fees pertaining to updating the Partnership’s offering documents and materials, accounting and printing costs. These costs are charged as an expense when incurred.

I. Income Taxes

As an entity taxable as a partnership for U.S. Federal income tax purposes; the Partnership itself is not subject to Federal Income tax. The Partnership prepares and files calendar year U.S. and applicable state information tax returns and reports to the partners their allocable shares of the Partnership’s income and expenses.

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

-13-

ALTEGRIS QIM FUTURES FUND, L.P.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

NOTE 1 -ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

I. Income Taxes (continued)

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 September 30, 2015 and December 31, 2014. 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 2012.

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 September 30, 2015 and December 31, 2014 and for the three and nine months ended September 30, 2015 and 2014.

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 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, as may be amended and restated from time to time (the “Agreement”). 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.

No limited partner of the Partnership (each, a “Limited Partner” and collectively the “Limited Partners”) 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.

-14-

ALTEGRIS QIM FUTURES FUND, L.P.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

NOTE 2 -PARTNERS’ CAPITAL (CONTINUED)

B. Subscriptions, Distributions and Redemptions

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 nine months ended September 30, 2015 and 2014.

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 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 and nine months ended September 30, 2015 and 2014, there were no Special Limited Partners.

Total management fees earned by the General Partner for the three and nine months ended September 30, 2015 and 2014 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 and nine months ended September 30, 2015, administrative fees for Class A Interests were $12,983 and $44,889, respectively, and administrative fees for Class B Interests were $7,499 and $26,093, respectively. For the three and nine months ended September 30, 2014, administrative fees for Class A Interests were $24,502 and $84,471, respectively, and administrative fees for Class B Interests were $16,486 and $59,482, respectively.

-15-

ALTEGRIS QIM FUTURES FUND, L.P.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

NOTE 3 -RELATED PARTY TRANSACTIONS (CONTINUED)

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

Altegris Investments, Inc. (“Altegris Investments”), an affiliate of the General Partner, is registered as a broker-dealer with the Securities Exchange Commission. 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. Altegris Clearing Solutions, as 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 Altegris Clearing Solutions, at a minimum, brokerage charges at a monthly 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 September 30, 2015 and December 31, 2014, respectively, the Partnership had commissions and brokerage fees payable to Altegris Clearing Solutions of $13,442 and $29,423 and service fees payable to Altegris Investments of $5,350 and $7,777, respectively. The following tables show the fees paid to Altegris Investments and Altegris Clearing Solutions for the three and nine months ended September 30, 2015 and 2014, respectively:

	Three months ended		Nine months ended		Three months ended		Nine months ended
	September 30, 2015		September 30, 2015		September 30, 2014		September 30, 2014
Altegris Clearing Solutions - Brokerage Commission fees	$	35,323	$	120,776	$	114,103	$	346,304
Altegris Investments- Service fees		16,622		55,182		28,863		101,465
Total	$	51,945	$	175,958	$	142,966	$	447,769

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’s trading activities are conducted pursuant to an advisory contract with Quantitative Investment Management LLC (QIM) (“Advisor”). 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, calculated separately for each partner’s interest, achieved from commodity trading. The incentive fee is accrued on a monthly basis and paid quarterly. Incentive fees are reflected in the Statements of Income (Loss).

-16-

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. However, there were none for the three and nine months ended September 30, 2015. For the three and nine months ended September 30, 2015, service fees for Class A Interests were $79,152 and $274,100, respectively. For the three and nine months ended September 30, 2014, service fees for Class A Interests were $147,765 and $505,400, respectively, and service fees for Institutional Interests were $38 and $278, respectively.

NOTE 6 -BROKERAGE COMMISSIONS

The Partnership pays brokerage commissions to the Clearing Broker for clearing trades on its behalf, which are reflected in the Statements of Income (Loss) as Brokerage Commissions. The Partnership pays to its Clearing Broker a monthly brokerage commission equal to the greater of: (1) actual brokerage commissions, which are based upon trading volume, or (2) a flat rate of 0.125% (1.5% annually) (the “Minimum Amount”) of the Partnership’s management fee net asset value.

If actual brokerage commissions paid to the Clearing Broker are less than the Minimum Amount, the Partnership will pay to the introducing broker, the difference. However, if actual brokerage commissions are greater than the Minimum Amount, the Partnership only pays the actual 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.

-17-

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 September 30, 2015 and December 31, 2014. 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.

September 30, 2015
	Asset		Liability
Type of	Derivatives		Derivatives			Net
Futures Contracts	Fair Value		Fair Value			Fair Value
Currencies	$	12,562	$	(1,270	)	$	11,292
Energy		10,007		(1,667	)		8,340
Interest Rates		80,374		(1,334	)		79,040
Metals		13,337		-			13,337
Stock Indices		100,091		(26,003	)		74,088
Treasury Rates		135,340		-			135,340
	$	351,711	$	(30,274	)	$	321,437

December 31, 2014
	Asset		Liability
Type of	Derivatives		Derivatives			Net
Futures Contracts	Fair Value		Fair Value			Fair Value
Currencies	$	3,505	$	(957	)	$	2,548
Energy		4,249		(7,570	)		(3,321	)
Interest Rates		7,949		(21,637	)		(13,688	)
Stock Indices		33,223		(48,359	)		(15,136	)
Treasury Rates		1,109		(3,098	)		(1,989	)
	$	50,035	$	(81,621	)	$	(31,586	)

-18-

ALTEGRIS QIM FUTURES FUND, L.P.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

NOTE 7 -FINANCIAL DERIVATIVE INSTRUMENTS (CONTINUED)

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 and nine months ended September 30, 2015 and 2014.

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 September 30, 2015
Type of				Change in
Futures Contracts	Realized			Unrealized
Currencies	$	(146,218	)	$	16,790
					.
Energy		294,246			20,066
Interest Rates		380,304			133,872
Metals		2,700			10,231
Stock Indices		1,295,064			(57,827	)
Treasury Rates		(437,398	)		154,265
	$	1,388,698		$	277,397

For the three months ended September 30, 2015, the number of futures contracts closed was 7,682.

Nine Months Ended September 30, 2015
Type of				Change in
Futures Contracts	Realized			Unrealized
Currencies	$	292,738		$	8,743
					.
Energy		460,446			11,660
Interest Rates		1,436,542			92,729
Metals		(68,254	)		13,336
Stock Indices		1,685,599			89,225
Treasury Rates		829,737			137,330
	$	4,636,808		$	353,023

For the nine months ended September 30, 2015, the number of futures contracts closed was 24,965.

-19-

ALTEGRIS QIM FUTURES FUND, L.P.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

NOTE 7 -FINANCIAL DERIVATIVE INSTRUMENTS (CONTINUED)

Three Months Ended September 30, 2014
Type of				Change in
Futures Contracts	Realized			Unrealized
Currencies	$	856,682		$	(188,585	)
					.
Energy		(31,142	)		148,875
Interest Rates		(475,832	)		(137,428	)
Metals		116,007			14,781
Stock Indices		714,445			66,200
Treasury Rates		(780,049	)		(108,521	)
	$	400,111		$	(204,678	)

For the three months ended September 30, 2014, the number of futures contracts closed was 10,959.

Nine Months Ended September 30, 2014
Type of				Change in
Futures Contracts	Realized			Unrealized
Currencies	$	(137,609	)	$	(274,524	)
					.
Energy		785,343			172,416
Interest Rates		1,221,653			(322,426	)
Metals		(168,672	)		(1,903	)
Stock Indices		(2,779,516	)		(407,656	)
Treasury Rates		(2,109,444	)		(212,304	)
	$	(3,188,245	)	$	(1,046,397	)

For the nine months ended September 30, 2014, the number of futures contracts closed was 45,539.

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 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) upon the dissolution, winding up, liquidation or merger of the Partnership, (ii) failure to maintain initial margin or failure to make timely payment of additional variation margin, (iii) failure to pay the premium on any option purchased, (iv) upon the commencement of bankruptcy, insolvency or similar proceeding for the protection of creditors against the Partnership, (v) the Clearing Broker determines, at its discretion, that the risk in the Partnership’s account must be reduced for protection of the Clearing Broker, or (vi) if the Partnership’s registration status is suspended or is pending suspension.

-20-

ALTEGRIS QIM FUTURES FUND, L.P.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

NOTE 7 -FINANCIAL DERIVATIVE INSTRUMENTS (CONTINUED)

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 Statement of Financial Condition
As of September 30, 2015
Description	Gross Amounts of Recognized Assets			Gross Amounts of Recognized Liabilities Available to Offset				Net Amounts of Assets Presented in the Statement of Financial Condition			Financial Instruments			Cash Collateral Received (1)			Net Amount
Commodity futures contracts		$	351,711		$	(30,274	)		$	321,437		$	-		$	-		$	321,437

Offsetting the Financial Liabilities and Derivative Liabilities  

											Gross Amounts Not Offset in the Statement of Financial Condition
As of September 30, 2015
Description	Gross Amounts of Recognized Liabilities				Gross Amounts of Recognized Assets Available to Offset			Net Amounts of Liabilities Presented in the Statement of Financial Condition			Financial Instruments			Cash Collateral Pledged (1)			Net Amount
Commodity futures contracts		$	(30,274	)		$	30,274		$	-		$	-		$	-		$	-

Offsetting the Financial Assets and Derivative Assets  

											Gross Amounts Not Offset in the Statement of Financial Condition
As of December 31, 2014
Description	Gross Amounts of Recognized Assets			Gross Amounts of Recognized Liabilities Available to Offset				Net Amounts of Assets Presented in the Statement of Financial Condition			Financial Instruments			Cash Collateral Received (1)			Net Amount
Commodity futures contracts		$	50,035		$	(50,035	)		$	-		$	-		$	-		$	-

Offsetting the Financial Liabilities and Derivative Liabilities  

												Gross Amounts Not Offset in the Statement of Financial Condition
As of December 31, 2014
Description	Gross Amounts of Recognized Liabilities				Gross Amounts of Recognized Assets Available to Offset			Net Amounts of Liabilities Presented in the Statement of Financial Condition				Financial Instruments			Cash Collateral Pledged (1)			Net Amount
Commodity futures contracts		$	(81,621	)		$	50,035		$	(31,586	)		$	-		$	-		$	(31,586	)

(1) Does not include maintenance margin deposits held at the Clearing Broker of $4,848,777 for 2015 & $1,966,135 for 2014, respectively.

-21-

ALTEGRIS QIM FUTURES FUND, L.P.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

NOTE 8 -FINANCIAL INSTRUMENTS, OFF-BALANCE SHEET RISKSAND 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. 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 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 and corporate notes. 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.

-22-

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 and nine months ended September 30, 2015 and 2014. This information has been derived from information presented in the financial statements.

	Three Months ended September 30, 2015
							Institutional Interest
	Class A			Class B
Total return for Limited Partners (3)
Total return prior to incentive fees		5.14	%		5.66	%		5.87	%
Incentive fees		(0.13	%)		(0.12	%)		(0.21	%)
Total return after incentive fees		5.01	%		5.54	%		5.66	%
Ratio to average net asset value
Expenses prior to incentive fees (2)		4.70	%		2.72	%		1.78	%
Incentive fees (3)		0.13	%		0.12	%		0.21	%
Total expenses		4.83	%		2.84	%		1.99	%
Net investment loss (1) (2)		(4.61	%)		(2.63	%)		(1.69	%)

	Nine Months ended September 30, 2015
							Institutional Interest
	Class A			Class B
Total return for Limited Partners (3)
Total return prior to incentive fees		13.54	%		15.25	%		15.95	%
Incentive fees		(0.16	%)		(0.21	%)		(0.30	%)
Total return after incentive fees		13.38	%		15.04	%		15.65	%
Ratio to average net asset value
Expenses prior to incentive fees (2)		4.89	%		2.87	%		1.95	%
Incentive fees (3)		0.13	%		0.17	%		0.16	%
Total expenses		5.02	%		3.04	%		2.11	%
Net investment loss (1) (2)		(4.79	%)		(2.77	%)		(1.85	%)

-23-

ALTEGRIS QIM FUTURES FUND, L.P.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

NOTE 10 -FINANCIAL HIGHLIGHTS (CONTINUED)

	Three Months ended September 30, 2014
							Institutional Interest
	Class A			Class B
Total return for Limited Partners (3)
Total return prior to incentive fees		(1.07	%)		(0.57	%)		(0.37	%)
Incentive fees		0.00	%		0.00	%		(0.01	%)
Total return after incentive fees		(1.07	%)		(0.57	%)		(0.38	%)
Ratio to average net asset value
Expenses prior to incentive fees (2)		4.47	%		2.46	%		3.38	%
Incentive fees (3)		0.01	%		0.00	%		0.01	%
Total expenses		4.48	%		2.46	%		3.39	%
Net investment loss (1) (2)		(4.38	%)		(2.37	%)		(1.59	%)

	Nine Months ended September 30, 2014
							Institutional Interest
	Class A			Class B
Total return for Limited Partners (3)
Total return prior to incentive fees		(9.86	%)		(8.50	%)		(7.92	%)
Incentive fees		(0.01	%)		0.00	%		(0.01	%)
Total return after incentive fees		(9.87	%)		(8.50	%)		(7.93	%)
Ratio to average net asset value
Expenses prior to incentive fees (2)		4.35	%		2.34	%		1.98	%
Incentive fees (3)		0.01	%		0.00	%		0.01	%
Total expenses		4.36	%		2.34	%		1.99	%
Net investment loss (1) (2)		(4.26	%)		(2.25	%)		(1.42	%)

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) Excludes incentive fee.

(2) Annualized

(3) Not annualized.

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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.

From October 1, 2015 through November 11, 2015, the Partnership had subscriptions of $98,000 redemptions of $479,856. Management has determined there are no additional matters requiring disclosure.

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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 Altegris QIM Futures Fund, L.P. (the “Partnership”) generally holds its assets 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 September 30, 2015 the Partnership experienced no meaningful periods of illiquidity in any of the markets traded by Quantitative Investment Management LLC (QIM) (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.

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Performance Summary

Three Months Ended September 30, 2015

During the third quarter of 2015, the Partnership achieved net realized and unrealized gains of $1,557,592 from its trading activities, net of brokerage commissions of $98,144. The Partnership accrued total expenses of $283,216, including $80,105 in management fees paid to the General Partner, $33,346 in incentive fees, and $133,166 in service and professional fees. The Partnership earned $5,802 in interest income during the third quarter of 2015. An analysis of the profits and losses generated from the Partnership’s commodity futures trading activities for the third quarter of 2015 is set forth below.

Third Quarter 2015. The Partnership experienced a loss in July 2015 primarily from its long and short futures positions in U.S. and European stock indices. The Partnership experienced gains from its short positions in futures contracts on Crude Oil, Brent Oil and Gold as commodity weakness drove these markets lower during the month. The Partnership also benefited from its positions in interest rate futures. At the end of the month as a result of its ongoing market analysis, the Advisor discontinued trading in TOPIX, Gas Oil, Heating Oil, RBOB Gasoline, S&P 400 E-mini, Australian Dollar, Canadian Dollar, Mexican Peso and CBOE Vix contracts. The Partnership achieved a gain in August 2015 driven by profitable positioning in futures contracts on U.S. and European stock indices. On August 11^th the PBOC unexpectedly began to devalue the Yuan in a series of moves that would send shockwaves through global financial markets. Fears of an economic slowdown led to a flight to quality, and the Partnership benefitted from both short positions in stock indices and long positions in interest rate futures. Short positions in energy futures contracts detracted from the performance of the Partnership. The Partnership experienced a gain in September 2015 with the bulk of the positive performance coming from short positions in futures on stock indices. At the beginning of the month, the PBOC announced more stringent capital controls resulting in a 10% drop in the price of crude oil. The Partnership was well positioned in advance of the PBOC announcement by having short positions in crude oil contracts. Currencies were the only sector with negative performance during the month, and the Partnership’s positions in currencies detracted from performance.

Three Months Ended September 30, 2014

During the third quarter of 2014, the Partnership incurred net realized and unrealized losses of $28,961 from its trading activities, net of brokerage commissions of $216,660. The Partnership accrued total expenses of $484,000, including $170,434 in management fees paid to the General Partner, $4,339 in incentive fees, and $220,945 in service and professional fees. The Partnership earned $12,342 in interest income during the third quarter of 2014. An analysis of the profits and losses generated from the Partnership’s commodity futures trading activities for the third quarter of 2014 is set forth below.

Third Quarter 2014. The Partnership experienced a loss in July 2014 with the bulk of the poor performance driven by long positions in futures contracts on U.S. Treasuries. Performance was further degraded by short positions in futures contracts on the Euro-Bund and long positions in futures contracts on Brent Crude Oil. The Partnership experienced gains from its short positions in the Euro, S&P and DJ Euro Stoxx 50 indices. The Partnership also benefited from timely long/short signal pivots in futures contracts on Gold. The Partnership experienced a loss in August 2014 with losses primarily coming from short positions in European interest rates and stock indices. Short positions in futures contracts on the Euro-Bund accounted for over half of the month’s losses. Other short positions in futures contracts on European interest rates contributed to the losses, although the losses were partially offset by gains from long positions in U.S. Treasury contracts. Short positions in the Dax (German stock index) and other European stock indices also hurt performance as the European markets rallied during the month. Short positions in Euro partially offset the month’s poor returns in Europe, as did profitable positions in the S&P index due to long positions in future contracts for the second half of the month. The Partnership achieved a gain in September 2014 driven by profitable positioning in European stock indices, currencies, energies and interest rates. Long positions in futures contracts on the DJ Euro Stoxx 50 and Dax indices and short positions in futures contracts on the Japanese Yen drove performance for the month. Short positions in futures contracts on the Euro-Bund, Australian Dollar, Brent Crude Oil and Gold contributed to performance. Short positions in the U.S. 10-year Treasury Note was responsible for the month’s only significant losses.

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Nine Months Ended September 30, 2015

During the nine months ended September 30, 2015, the Partnership achieved net realized and unrealized gains of $4,626,213 from its trading activities, net of brokerage commissions of $349,694. The Partnership accrued total expenses of $954,342, including $282,394 in management fees paid to the General Partner, $44,852 in incentive fees, and $444,506 in service and professional fees. The Partnership earned $22,673 in interest income during the nine months ended September 30, 2015. An analysis of the profits and losses generated from the Partnership’s commodity futures trading activities for the nine months ended September 30, 2015 is set forth below.

Third Quarter 2015. The Partnership experienced a loss in July 2015 primarily from its long and short futures positions in U.S. and European stock indices. The Partnership experienced gains from its short positions in futures contracts on Crude Oil, Brent Oil and Gold as commodity weakness drove these markets lower during the month. The Partnership also benefited from its positions in interest rate futures. At the end of the month as a result of its ongoing market analysis, the Advisor discontinued trading in TOPIX, Gas Oil, Heating Oil, RBOB Gasoline, S&P 400 E-mini, Australian Dollar, Canadian Dollar, Mexican Peso and CBOE Vix contracts. The Partnership achieved a gain in August 2015 driven by profitable positioning in futures contracts on U.S. and European stock indices. On August 11^th the PBOC unexpectedly began to devalue the Yuan in a series of moves that would send shockwaves through global financial markets. Fears of an economic slowdown led to a flight to quality, and the Partnership benefitted from both short positions in stock indices and long positions in interest rate futures. Short positions in energy futures contracts detracted from the performance of the Partnership. The Partnership experienced a gain in September 2015 with the bulk of the positive performance coming from short positions in futures on stock indices. At the beginning of the month, the PBOC announced more stringent capital controls resulting in a 10% drop in the price of crude oil. The Partnership was well positioned in advance of the PBOC announcement by having short positions in crude oil contracts. Currencies were the only sector with negative performance during the month, and the Partnership’s positions in currencies detracted from performance.

Second Quarter 2015. The Partnership experienced a gain in April 2015 primarily driven by long positions in futures contracts in the currency sector. The Partnership achieved gains in its trading of futures contracts on the Euro and the British Pound. Performance was also benefited by short positions at the end of the month in the Euro-Bund. The Partnership’s long futures positions in the Hang Seng China Enterprises and Hang Seng and long and short positions in the U.S. treasury futures contributed positively to performance. The Partnership’s short positions in the FTSE China A50 and futures positions on European and U.S. stock indices detracted from performance. The Partnership experienced a slight gain in May 2015. After U.S. Federal Reserve Chairman Yellen’s comments on May 6th that equity market valuations appeared high, the S&P closed at its lowest level in over a month, and the Partnership experienced a loss in the first full week of trading since taking long positions. The Partnership experienced gains from trading during the month in long and short futures positions in the Euro and in short positions in the FTSE China A50. The Partnership experienced mid-month losses in equity market futures, which were more than offset by strong sell signals in European interest rate futures. The Partnership’s gain in June 2015 was almost entirely attributed to trading in fixed income markets with minor gains in stock indices. The Partnership’s long and short positions in interest rate futures, most notably the Euro-Bund, contributed positively to performance. Performance also benefited from short positions in FTSE China A50 futures and in positions in the DJ Euro Stoxx 50.The energy sector was the worst performing sector followed by a small loss in the currency sector. The Partnership’s futures position in crude oil contracts generated the largest losses in the Partnership’s energy sector positions.

First Quarter 2015. The Partnership experience a slight loss in January largely driven by positions in futures contracts on the Euro, energy and European interest rates. Long positions in futures contracts on U.S. Treasuries and short positions in futures contracts in the FTSE China A50 index and the S&P index contributed to performance. Long positions in the Euro abruptly turned negative against a market downturn the week following the Swiss National Bank’s decision to abandon its peg to the Euro. The Partnership’s performance was adversely impacted by long positions in futures contracts in Crude Oil and Brent Oil. Short positions in European interest rates were the largest detractors to performance during the month. Steady long positions in futures contracts on U.S. Treasuries contributed positively to performance throughout the month. The Partnership also benefited from holding short positions in futures contracts on the FTSE China A50 and S&P indices. The Partnership experienced a gain in February driven by gains in all sectors except metals. Global stock markets generally climbed throughout the month, a trend that was profitably exploited by the Partnership’s long positions across most markets. Long positions in the DJ Stoxx 50 and the Dax indices were the largest contributors to performance during the month. The Partnership’s performance also benefited from short positions in the Euro-Bund and long positions in the UK Gilt bond. The Partnership experienced gains on short and long positions in Crude Oil as that market ebbed and flowed several times over the month. Long positions in Gold adversely impacted the Partnership’s performance. Short positions in futures contracts on U.S. Treasuries detracted from performance. The Partnership experienced a loss in March largely driven by losses in currencies, U.S. stock indices and energies. Long positions in futures contracts on the Euro were chiefly responsible for the month’s overall performance, as the Euro declined significantly through mid-month against the Partnership’s long position. Performance was also adversely impacted by long positions in futures contracts on the S&P index early in the month with a mid-month pivot to short positions in the S&P index further degrading performance. Short positions in the Euro-Bund also hurt performance. Performance benefited from both long and short positions in futures contracts on U.S. Treasuries, the FTSE China A50, Dax and DJ Euro Stoxx 50 indices and the energy sector.

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Nine Months Ended September 30, 2014

During the nine months ended September 30, 2014, the Partnership incurred net realized and unrealized losses of $4,987,177 from its trading activities, net of brokerage commissions of $762,285. The Partnership accrued total expenses of $1,611,764, including $599,255 in management fees paid to the General Partner, $5,124 in incentive fees, and $744,162 in service and professional fees. The Partnership earned $45,256 in interest income during the nine months ended September 30, 2014. An analysis of the profits and losses generated from the Partnership’s commodity futures trading activities for the nine months ended September 30, 2014 is set forth below.

Third Quarter 2014. The Partnership experienced a loss in July 2014 with the bulk of the poor performance driven by long positions in futures contracts on U.S. Treasuries. Performance was further degraded by short positions in futures contracts on the Euro-Bund and long positions in futures contracts on Brent Crude Oil. The Partnership experienced gains from its short positions in the Euro, S&P and DJ Euro Stoxx 50 indices. The Partnership also benefited from timely long/short signal pivots in futures contracts on Gold. The Partnership experienced a loss in August 2014 with losses primarily coming from short positions in European interest rates and stock indices. Short positions in futures contracts on the Euro-Bund accounted for over half of the month’s losses. Other short positions in futures contracts on European interest rates contributed to the losses, although the losses were partially offset by gains from long positions in U.S. Treasury contracts. Short positions in the Dax (German stock index) and other European stock indices also hurt performance as the European markets rallied during the month. Short positions in Euro partially offset the month’s poor returns in Europe, as did profitable positions in the S&P index due to long positions in future contracts for the second half of the month. The Partnership achieved a gain in September 2014 driven by profitable positioning in European stock indices, currencies, energies and interest rates. Long positions in futures contracts on the DJ Euro Stoxx 50 and Dax indices and short positions in futures contracts on the Japanese Yen drove performance for the month. Short positions in futures contracts on the Euro-Bund, Australian Dollar, Brent Crude Oil and Gold contributed to performance. Short positions in the U.S. 10-year Treasury Note was responsible for the month’s only significant losses.

Second Quarter 2014. The Partnership experienced a loss in April largely driven by positions in futures contracts on U.S. and European stock indices, US Treasuries, the Euro and the Japanese Yen. At the beginning of the month, long positions in futures contracts on US and European stock indices and US Treasuries added to performance, but early in the month US equities dropped resulting in a loss in the Partnership’s long positions. Later in the month, the Partnership entered into short positions on the indices, but the markets rallied resulting in a loss in the short positions. Mixed long and short positions in US Treasuries further detracted from the Partnership’s performance. A long position in futures contracts on the Dax index adversely impacted the Partnership’s performance. The Partnership experienced a loss in May as losses in single sector, stock indices, eclipsed gains in interest rates, currencies, metals and energies. The Partnership’s long position in futures contracts on US Treasuries added to performance, while positions in futures contracts on the S&P and the DJ Euro Stoxx 50 indices adversely impacted performance. The long position in Gilt further detracted from performance. The Partnership’s futures contracts on currencies, metals and energies contributed positively to performance. The Partnership experienced a loss in June driven by losses in interest rate contracts. The US 10-Year Note accounted for the most significant portion of the losses in June. Long positions in futures on the S&P index and crude oil contributed to performance, while short positions in gold futures and the Eurobund adversely impacted performance.

First Quarter 2014. The Partnership experienced a gain in January largely driven by positions in futures contracts on the Eurobund, U.S. and European stock indices and natural gas. Long positions in futures contracts on the Eurobund and natural gas contributed to performance. Performance also benefited from holding short positions in futures contracts on the S&P index early in the month and then switching to long positions later in the month. Early in the month, long positions in futures contracts on the Dax and DJ Euro Stoxx 50 indices added to performance while later in the month short positions benefited performance. The Partnership’s performance was hurt by short positions in futures contracts on the U.S. 10-Year Note, but the positions’ losses were offset by gains in long futures positions in the U.S. Ultra Bond and 30-Year Bond. Performance was adversely impacted by long positions in futures contracts on Japanese stock indices and positions in the Euro. The Partnership experienced a slight gain in February largely driven by long positions in futures contracts on natural gas and on interest rates. Long positions on futures in Eurobund, Euro-Bobl and U.S. Treasuries and on the S&P index contributed positively to performance. Performance also benefited from short positions in futures contracts on natural gas late in the month. Short positions in futures contracts on the S&P and Dax indices were the largest detractors to performance during the month. The Partnership experienced a loss in March driven by losses across all sectors. Losses were primarily due to long positions in futures contracts on the U.S. 10-Year Note and other U.S. Treasuries early in the month and short positions in the same later in the month. Positions in futures contracts on the Dax and DJ Euro Stoxx 50 indices and on the Yen contributed to losses as the markets fluctuated generally inverse to the Partnership’s positions. Contributors to performance included long positions in futures contracts on the S&P index and positions in futures contracts Eurobund and Euro-Bobl.

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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.

Not required.

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

(a) The requested information has been previously reported on Form 8-K.

(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 third calendar quarter of 2015:

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Month	Amount Redeemed
July 31, 2015	$	1,483,968
August 31, 2015	$	1,593,497
September 30, 2015	$	967,987

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
32.01	Section 1350 Certification

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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: November 13, 2015

ALTEGRIS QIM FUTURES FUND, L.P.

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

/s/ Jack L. Rivkin

Jack L. Rivkin, Chief Executive Officer

/s/ Kenneth I. McGuire

Kenneth I. McGuire, Principal Financial Officer

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