Table of Contents



UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549



FORM
10-K/A

(Mark One)

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



For the fiscal year ended December 31,
2019



or



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







Commission file number: 000-53815



ALTEGRIS QIM FUTURES FUND, L.P.

(Exact name of registrant as specified in
its charter)



|DELAWARE
        (State or other jurisdiction of
        incorporation or organization) | 27-0473854
        (I.R.S. Employer
        Identification No.)
|--------------------------------------------------------------------------------------- | ---------------------------------------------------------------



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

1200 Prospect Street, Suite 400

La Jolla, CA 92037

(Address of principal executive offices)
(zip code)

(858) 459-7040



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 if the registrant
is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes o No
x



Indicate by check mark if the registrant
is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.

Yes o No
x



Indicate by check mark whether the registrant
(1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding
12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.

Yes x No
o



Indicate by check mark whether the registrant
has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405
of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes x No
o



Indicate by check mark if the disclosure
of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of
the registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form
10-K or any amendment to this Form 10-K.

x



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



|Large accelerated filer ☐ | Accelerated filer ☐        
|------------------------- | ---------------------------
|Non-accelerated filer ☐   | Smaller reporting company x
|Emerging growth company ☐ |                            



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



Indicate by check mark whether the registrant
is a shell company (as defined in Rule 12b-2 of the Act).

Yes o No
x



State the aggregate market value of the
voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last
sold, or the average bid and asked price of such common equity, as of the last business day of the registrant’s most recently
completed second fiscal quarter.



Not Applicable.



DOCUMENTS INCORPORATED BY REFERENCE



None.



















EXPLANATORY NOTE



Altegris QIM Futures Fund, L.P. (the “Company”) is filing this Amendment
No. 1 (the “Amendment No. 1”) to its Annual Report on Form 10-K for the fiscal year ended December 31, 2019, filed
on March 10, 2020 (the “Original 10-K”), solely for the purpose of correcting the address contained on the Report
of Independent Registered Public Accounting Firm that appears on page F-3 hereto.



For convenience and ease of reference, the Company is filing the annual report
in its entirety with applicable changes. Unless otherwise stated, all information contained in this Form 10-K Amendment is as
of March 10, 2020, the filing date of the original Annual Report. Except as stated herein, this Form 10-K Amendment does not reflect
events or transactions occurring after such filing date and does not contain any modifications or updates to the disclosure in
the Annual Report that may have been affected by events or transactions occurring subsequent to such filing date. No information
in the Annual Report other than as set forth above is amended hereby.































TABLE OF CONTENTS



|         |                                                                                                              | Page
|-------- | ------------------------------------------------------------------------------------------------------------ | ----
|PART I  
|        
|Item 1   | Business                                                                                                     | 1   
|Item 1A  | Risk Factors                                                                                                 | 4   
|Item 1B  | Unresolved Staff Comments                                                                                    | 4   
|Item 2   | Properties                                                                                                   | 4   
|Item 3   | Legal Proceedings                                                                                            | 4   
|Item 4   | Mine Safety Disclosures                                                                                      | 4   
|         |                                                                                                              |     
|PART II 
|        
|Item 5   | Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities | 5   
|Item 6   | Selected Financial Data                                                                                      | 5   
|Item 7   | Management’s Discussion and Analysis of Financial Condition and Results of Operations                        | 6   
|Item 7A  | Quantitative and Qualitative Disclosures About Market Risk                                                   | 10  
|Item 8   | Financial Statements and Supplementary Data                                                                  | 10  
|Item 9   | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure                         | 11  
|Item 9A  | Controls and Procedures                                                                                      | 11  
|Item 9B  | Other Information                                                                                            | 11  
|         |                                                                                                              |     
|PART III
|         |                                                                                                              |     
|Item 10  | Directors, Executive Officers and Corporate Governance                                                       | 12  
|Item 11  | Executive Compensation                                                                                       | 13  
|Item 12  | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters               | 14  
|Item 13  | Certain Relationships and Related Transactions, and Director Independence                                    | 14  
|Item 14  | Principal Accounting Fees and Services                                                                       | 15  
|         |                                                                                                              |     
|         | PART IV                                                                                                      |     
|         |                                                                                                              |     
|Item 15  | Exhibits, Financial Statement Schedules                                                                      | 16  
|         | Signatures                                                                                                   | 17  











i







PART I



ITEM 1: BUSINESS



(a)            General
Development of Business



Altegris QIM Futures
Fund, L.P. (the “Partnership”) was organized as a Delaware limited partnership in June 2009 and commenced operations
following an initial closing on October 1, 2009. The Partnership is a commodity pool engaged in speculative trading across a broad
range of futures contracts and currencies. The Partnership may in the future trade options on futures contracts and forward contracts
(together with futures contracts and currencies, “Commodity Interests”).



On December 31, 2014,
pursuant to that certain General Partner Admission Agreement dated as of December 30, 2014 among Altegris Advisors, L.L.C. (“Advisors”
or the “General Partner”), Altegris Portfolio Management, Inc. (“APM”) and the Partnership, Advisors, a
Delaware limited liability company and an affiliate of APM, was admitted as a general partner of the Partnership effective immediately
prior to the Transaction (defined below). Pursuant to an internal reorganization of APM, then a general partner of Partnership,
and certain affiliated entities, APM merged with and into Advisors on December 31, 2014 (the “Transaction”). By operation
of law and pursuant to Paragraph 17 of Partnership’s First Amended and Restated Agreement of Limited Partnership, effective
as of July 26, 2010, Advisors then assumed the general partner interest of Partnership previously held by APM.



The General Partner
has sole responsibility for management and administration of all aspects of the Partnership’s business. Investors purchasing
limited partnership interests (the “Interests”) in the Partnership (“Limited Partners” and together with
the General Partner, “Partners”) have no rights to participate in the management of the Partnership.



The General Partner
is registered with the Commodity Futures Trading Commission (“CFTC”) as a Commodity Pool Operator (“CPO”)
and Commodity Trading Advisor (“CTA”), and is a member of National Futures Association (“NFA”). Quantitative
Investment Management LLC, a Virginia limited liability company formed in May 2003, acts as the Partnership’s trading advisor
(“QIM” or the “Advisor”). QIM became registered as a Commodity Trading Advisor (“CTA”) in 2004
and a CPO in 2005 and is a member of NFA.



Altegris Investments,
L.L.C. (“Altegris”), an affiliate of the General Partner, serves as a selling agent of the Interests and acted as the
Partnership’s introducing broker until January 1, 2011, when Altegris Futures L.L.C. (“Altegris Futures”) replaced
Altegris as the Partnership’s introducing broker. On December 31, 2014, Altegris Futures merged with and into its affiliate,
Altegris Clearing Solutions, L.L.C. Altegris Clearing Solutions, L.L.C. is registered with the CFTC as an Introducing Broker (“Clearing
Solutions” or the “Introducing Broker”).



The Partnership’s
term will end upon the first to occur of the following: receipt by the General Partner of an election to dissolve the Partnership
at a specified time by Limited Partners owning more than 50% of the Interests then outstanding, notice of which is sent by registered
mail to the General Partner not less than ninety (90) days prior to the effective date of such dissolution; withdrawal, admitted
or court decreed insolvency or dissolution of the General Partner unless at such time there is at least one remaining General Partner
in the Partnership; or any event that makes it unlawful for the existence of the Partnership to be continued or requiring termination
of the Partnership.



The Partnership is
not required to be, and is not, registered under the Investment Company Act of 1940, as amended.



As of January 31, 2020,
the aggregate net asset value of the Interests in the Partnership before redemptions was $11,821,483. The Partnership operates
on a calendar fiscal year and has no subsidiaries.



The Partnership offers
three “classes” of Interests: Class A, Class B and Institutional Interests (each, a “Class of Interest”).
The Classes of Interests differ from each other only in the fees that they pay and the applicable investment minimums.









1







(b)           
Financial Information About Segments



The Partnership’s
business constitutes only one segment for financial reporting purposes — i.e., a speculative “commodity pool.”
The Partnership does not engage in sales of goods or services. Financial information regarding the Partnership’s business
is set forth in the Partnership’s financial statements, included herewith.



(c)            Narrative
Description of Business



The Partnership’s
objective is to produce long-term capital appreciation through growth, and not current income.



Predictive Modeling.QIM believes that financial markets are not entirely efficient and that numerous small inefficiencies exist and can be exploited
through the prudent use of robust analysis and predictive technologies.



QIM currently employs
several thousand quantitative trading models that utilize pattern recognition to predict short-term price movements in global futures
markets. All models are tested across large data sets that expose them to a wide range of market, economic, and political environments,
as well as a wide range of time frames and interactions. Only those models that prove to be the most robust, statistically significant,
and conceptually diverse are used in actual trading. The resultant system of models offers what QIM believes to be reliable signals
that guide market timing and trade allocation.



QIM’s trading
strategies and models may be revised from time to time as a result of ongoing research and development seeking to devise new strategies
and systems as well as to improve current methods. The strategies and systems used by QIM in the future may differ significantly
from those currently in use due to changes resulting from this research, and Limited Partners will not be informed of these changes
as they may occur.



Risk Management.QIM applies risk management procedures that take into account the price, size, volatility, liquidity, and inter-relationships
of the contracts traded. The Partnership’s positions are generally balanced in a manner that allocates approximately equal
amounts of measured risk to as many distinct markets as possible and during significant drawdowns in equity, QIM will reduce market
exposure by scaling back the Partnership’s overall leverage.



Trading.QIM’s
trading is generally approximately 95% systematic and 5% discretionary. All facets of the predictive models, risk management, and
trade allocation are fully automated or proceduralized. In this sense, the trading is systematic. Discretion of QIM, however, plays
a significant role in the pursuit of improvements to the Program.



QIM has different time
horizons for the execution of certain trades. For example, QIM may have certain trades executed at the beginning of the trading
day while giving the executing broker limited discretion with respect to other trades.



Markets Traded.QIM currently trades or monitors a broad range of tradable markets in currencies, stock indices, interest rates, energy, grains,
softs and metals. QIM may add or delete markets from this universe of tradable markets in its discretion if QIM’s research
demonstrates that such an addition or deletion would enhance the program’s performance. All markets are futures markets or
interbank currency markets.



QIM seeks to profitably
trade each of these markets while taking advantage of the diversification available from such a varied universe of futures contracts.
QIM’s trading program often takes opposing long and short positions within the same or related classes of correlated futures,
which, taken in conjunction with the effect of diversification across a broad range of contracts, generally results in reduced
market exposure than trading a single market with similar leverage.



A substantial portion
of the equity in the Partnership’s account is invested in United States (“U.S.”) government and agency securities
and other liquid, high-quality instruments at the direction of the Custodian (as defined below). QIM will generally maintain an
average margin to equity level of between 0% and 20%. The actual percentage of assets committed to margin at any time may be higher
or lower than the target level.







2









It is expected that
between 5% and 20% of the Partnership’s assets generally will be held as initial margin or option premiums (in cash or U.S.
Treasury Department (“Treasury”) securities) in the Partnership’s brokerage accounts at its clearing broker,
SG Americas Securities LLC (“SGAS”), a futures commission merchant (“FCM”), and available for trading by
QIM in Commodity Interests on behalf of the Partnership. Interest on Partnership assets held at SGAS in cash or Treasury securities
will be credited to the Partnership. Depending on market factors, the amount of margin or option premiums held at SGAS could change
significantly, and all of the Partnership’s assets are available for use as margin. The Partnership may also retain other
brokers and/or dealers from time to time to clear or execute a portion of Partnership trades made by QIM.



With respect to Partnership
assets not held at SGAS as described above, but deposited with JPMorgan Chase Bank, N.A. (the “Custodian”), the portion
not held in checking, money market or other bank accounts (and used to pay Partnership operating expenses) will be invested in
liquid, high-quality short-term securities at the direction of the account balance of all such Class A and Class B Interests (0.333%
per annum).



(d)           Regulation



The CFTC has delegated
to NFA responsibility for the registration of “commodity trading advisors,” “commodity pool operators,”
“futures commission merchants,” “introducing brokers,” “swap dealers,” “major swap participants”
and, in most cases, their respective associated persons, as well as “floor brokers” and “floor traders.”
The Commodity Exchange Act requires commodity pool operators such as the General Partner, commodity trading advisors such as the
Advisor and commodity brokers or FCMs such as SGAS and introducing brokers such as the Introducing Broker to be registered and
to comply with various reporting and record keeping requirements. CFTC regulations also require FCMs and certain introducing brokers
to maintain a minimum level of net capital. In addition, the CFTC and certain commodities exchanges have established limits referred
to as “speculative position limits” on the maximum net long or net short speculative positions that any person may
hold or control in any particular futures or options contracts traded on U.S. commodities exchanges. Similar position limits may
in the future be put in place with respect to swaps that are exchange-traded or are economically equivalent to exchange-traded
swaps or futures contracts. All accounts owned or managed by the Advisor will be combined for position limit purposes. The Advisor
could be required to liquidate positions held for the Partnership in order to comply with such limits. Any such liquidation could
result in substantial costs to the Partnership. In addition, many futures exchanges impose limits beyond which the price of a futures
contract may not trade during the course of a trading day, and there is a potential for a futures contract to hit its daily price
limit for several days in a row, making it impossible for the Advisor to liquidate a position and thereby experiencing a dramatic
loss. Certain deliverable currency forward contracts are subject to limited regulation in the United States, including reporting
and recordkeeping requirements.



In addition to the
registration requirements described above, the CFTC and certain commodity exchanges have established limits on the maximum net
long or net short position which any person may hold or control in particular commodities. Most exchanges also limit the changes
in futures contract prices that may occur during a single trading day. The CFTC may in the future also implement position limits
for certain exempt commodity contracts, including metals and energy contracts, with respect to futures, options on futures, and
economically equivalent swaps. If such position limits are adopted, they could materially affect the Partnership’s trading
strategy.



Deliverable currency
forward contracts are currently subject to only limited regulation in the United States. The Dodd-Frank Wall Street Reform and
Consumer Protection Act (the “Reform Act”) was enacted in July 2010, and gave the CFTC jurisdiction over non-deliverable
currency forward contracts. The Reform Act mandates that a substantial portion of over-the-counter derivatives must be executed
in regulated markets and submitted for clearing to regulated clearinghouses, and the CFTC may impose such a requirement on non-deliverable
currency forward contracts. The mandates imposed by the Reform Act may result in the Partnership bearing higher upfront and mark-to-market
margin, less favorable trade pricing, and the possible imposition of new or increased fees with respect to any swaps entered into
by the Partnership.



The Partnership has
no employees.







3









Financial Information About Geographic Areas



The Partnership has
no operations in foreign countries although it trades on foreign exchanges and other non-U.S. markets. The Partnership does not
engage in sales of goods or services.



ITEM 1A: RISK FACTORS



Not required.



ITEM 1B: UNRESOLVED STAFF COMMENTS



Not applicable.



ITEM 2: PROPERTIES



The Partnership does
not own or use any physical properties in the conduct of its business. Employees of the General Partner and its affiliates perform
all administrative services for the Partnership from offices located at 1200 Prospect Street, Suite 400, La Jolla, CA 92037.



ITEM 3: LEGAL PROCEEDINGS



The Partnership is
not aware of any pending legal proceedings to which either the Partnership is a party or to which any of its assets are subject.
The Partnership is not aware of any material legal proceedings involving the General Partner or its principals in an adverse position
to the Partnership or in which the Partnership has adverse interests. The Partnership has no subsidiaries.



ITEM 4: MINE SAFETY DISCLOSURES



Not applicable.

















4









PART II



ITEM 5: MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED
STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES



(a)           Market
information



There is no trading
market for the Interests, and none is likely to develop. Interests may be redeemed or transferred subject to the conditions imposed
by the Limited Partnership Agreement.



(b)           Holders



As of January 31, 2020
the Partnership had 192 holders of Interests.



(c)           Dividends



The General Partner
has sole discretion in determining what distributions, if any, the Partnership will make to its investors. To date no distributions
or dividends have been paid on the Interests, and the General Partner has no present intention to make any.



(d)           Securities
Authorized for Issuance under Equity Compensation Plans



None.



(e)           Recent
Sales of Unregistered Securities; Use of Proceeds from Registered Securities



The Partnership did
not sell any unregistered securities within the past three years which have not previously been included in the Partnership’s
Quarterly Reports on Form 10-Q.



(f)           Issuer
Purchases of Equity Securities



Pursuant to the Limited
Partnership Agreement, Limited Partners may redeem their Interests in the Partnership as of the end of any calendar month upon
fifteen (15) days’ written notice to the General Partner. The redemption of capital from capital accounts by Limited Partners
has no impact on the value of the capital accounts of other Limited Partners.



The following table
summarizes Limited Partner redemptions during the fourth calendar quarter of 2019:



|Month Ended       |  |  | Amount Redeemed |          
|----------------- |  |  | --------------- | ---------
|October 31, 2019  |  |  | $               | 1,107,130
|November 30, 2019 |  |  |                 | 406,648  
|December 31, 2019 |  |  |                 | 371,292  
|Total             |  |  | $               | 1,885,070



ITEM 6: SELECTED FINANCIAL DATA



Not required.







5









ITEM 7: MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS



Reference is made to
“Item 8. Financial Statements and Supplementary Data.” The information contained therein is essential to, and should
be read in conjunction with, the following analysis.



(a)           Liquidity



The Partnership’s
assets are generally held as cash or cash equivalents, which are used to margin the Partnership’s futures positions and are
sold to pay redemptions and expenses as needed. Other than any potential market-imposed limitations on liquidity, the Partnership’s
assets are highly liquid and are expected to remain so. Market-imposed limitations, when they occur, can be due to limited open
interest in certain futures markets or to daily price fluctuation limits, which are inherent in the Partnership’s futures
trading. A portion of the Partnership’s assets not used for margin and held with the Custodian are invested in liquid, high
quality securities. Through December 31, 2019 the Partnership experienced no meaningful periods of illiquidity in any of the markets
traded by the Advisor on behalf of the Partnership.



(b)           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 FCMs 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 SGAS and/or other clearing brokers or counterparties with which the Partnership trades.



(c)           Results
of Operations



The Partnership’s
success depends primarily upon QIM’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.









6







Performance Summary



2019



During 2019, the Partnership achieved net
realized and unrealized losses of ($886,930) from all trading; losses of ($886,938) from trading of derivatives including brokerage
commissions of $224,487. The Partnership accrued total expenses of $690,898, including $12,621 in incentive fees, $184,249, in
management fees paid to the General Partner, and $389,023 in service and professional fees. The Partnership earned $304,377 in
interest income during 2019. An analysis of the profits and losses generated from the Partnership’s commodity futures trading
activities for each quarter during 2019 is set forth below.



Fourth Quarter 2019. The Partnership’s trading
advisor, QIM believes that numerous small inefficiencies exist in financial markets that can be exploited through the prudent use
of robust analysis and predictive technologies. The trading program currently employs several thousand quantitative trading models
that utilize pattern recognition to predict short-term price movements in global futures markets. All models are tested across
large data sets that expose them to a wide range of market, economic, and political environments, as well as a wide range of time
frames and interactions. Only those models that prove to be the most robust, statistically significant, and conceptually diverse
are used in actual trading. The resultant system of models offers what QIM believes to be reliable signals that guide market timing
and trade allocation. Fourth quarter performance of the Partnership as a result of QIM’s trading program is as follows: The
Partnership was positive in October of 2019. Profits were driven by stock index trading, which outperformed the other sectors.
Interest rates were also positive, contributing to overall gains. Currencies were the largest detractor from performance, followed
by metals. Energies were slightly negative. The Partnership was positive in November of 2019. Gains were led by stock index trading,
which significantly outperformed the other sectors. Results from positions in metals and currencies also added slightly to gains.
Interest rate trading was the largest underperforming sector, and energies were also modestly negative. The Partnership was positive
in December of 2019. Stock index trading was the most outperforming sector, driving profits. Trading in metals also resulted in
profits that contributed to aggregate gains. Interest rates were the most underperforming sector, offsetting positive performance.
Currency positions also resulted in negative performance to a lesser extent. Energies were close to flat, which did not provide
a significant effect on overall returns.



Third Quarter 2019. The Partnership’s
trading advisor, QIM believes that numerous small inefficiencies exist in financial markets that can be exploited through the prudent
use of robust analysis and predictive technologies. The trading program currently employs several thousand quantitative trading
models that utilize pattern recognition to predict short-term price movements in global futures markets. All models are tested
across large data sets that expose them to a wide range of market, economic, and political environments, as well as a wide range
of time frames and interactions. Only those models that prove to be the most robust, statistically significant, and conceptually
diverse are used in actual trading. The resultant system of models offers what QIM believes to be reliable signals that guide market
timing and trade allocation. Third quarter performance of the Partnership as a result of QIM’s trading program is as follows:
The Partnership was positive in July of 2019. All sectors posted gains and profits were driven by stock index trading, which outperformed
the other sectors. Interest rates were the next most profitable sector, followed closely by currencies. Trading in metals and energies
also contributed to overall positive performance. The Partnership was negative in August of 2019. Trading in interest rates detracted
the most from performance. Results from positions in metals were the next underperforming sector and currency trading also added
slightly to losses. Gains in stock indices offset some losses, and energies were also slightly positive but did not provide a meaningful
impact to performance. The Partnership was negative in September of 2019. Stock indices were the most underperforming sector. Trading
in metals and interest rates also resulted in losses. Energies were close to flat, which did not provide a significant effect on
aggregate returns. Trading in currencies also resulted in near flat performance and did not have a significant effect on overall
returns.









7







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



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



2018



During 2018, the Partnership
achieved net realized and unrealized losses of ($2,689,554) from all trading; losses of ($2,680,554) from trading of derivatives
including brokerage commissions of $400,551. The Partnership accrued total expenses of $1,084,226, including $1,500 in incentive
fees, $324,644 in management fees paid to the General Partner, and $611,936 in service and professional fees. The Partnership earned
$440,529 in interest income during 2018. An analysis of the profits and losses generated from the Partnership’s commodity
futures trading activities for each quarter during 2018 is set forth below.



Fourth Quarter 2018. Fourth quarter
performance of the Partnership is as follows: the Partnership was negative in October of 2018. Losses were driven primarily by
stock indices, as they substantially underperformed all other sectors. Energies were also slightly negative, further detracting
from performance. Interest Rates, currencies, and metals all had modest gains, however they were not enough to meaningfully offset
the aggregate decline. The Partnership was slightly negative in November of 2018. Losses were again driven by equities, however
metals and currency trading also detracted. Gains were led by interest rate trading, the best performing sector and followed by
energies, which also posted profits. The Partnership was positive in December of 2018. Equities’ contributions outpaced the
contributions of all other sectors and drove positive performance. Interest rates were the only other positive contributor. Currencies
were the worst performing sector, followed closely by energies, although the two combined were not enough to meaningfully negate
gains made in equities. The metals sector’s contributions finished very slightly negative.







8









Third Quarter 2018. The Partnership’s trading advisor,
QIM believes that numerous small inefficiencies exist in financial markets that can be exploited through the prudent use of robust
analysis and predictive technologies. The trading program currently employs several thousand quantitative trading models that utilize
pattern recognition to predict short-term price movements in global futures markets. All models are tested across large data sets
that expose them to a wide range of market, economic, and political environments, as well as a wide range of time frames and interactions.
Only those models that prove to be the most robust, statistically significant, and conceptually diverse are used in actual trading.
The resultant system of models offers what QIM believes to be reliable signals that guide market timing and trade allocation. Third
quarter performance of the Partnership as a result of QIM’s trading program is as follows: The Partnership was negative in
July of 2018. Losses were driven primarily by stock indices, which substantially underperformed the other sectors. Interest rates
and energies were also slightly negative which further detracted from performance. Currencies and metals both had modest gains,
however they were not enough to meaningfully offset aggregate declines. The Partnership was positive in August of 2018. Gains were
led by interest rate trading, which was the best performing sector. Energies were the next best performing sector, followed closely
by metals which also posted profits. Currencies were slightly negative, along with stock indices which were a minimal drag to performance.
The Partnership was slightly negative in September of 2018. Currencies outperformed all sectors, though not enough to offset losses.
Trading in equity indices and positions in the interest rate sector detracted the most from profits. Energies and metals were close
to flat, having little effect on overall performance.



Second Quarter 2018. The Partnership’s
trading advisor, QIM believes that numerous small inefficiencies exist in financial markets that can be exploited through the prudent
use of robust analysis and predictive technologies. The trading program currently employs several thousand quantitative trading
models that utilize pattern recognition to predict short-term price movements in global futures markets. All models are tested
across large data sets that expose them to a wide range of market, economic, and political environments, as well as a wide range
of time frames and interactions. Only those models that prove to be the most robust, statistically significant, and conceptually
diverse are used in actual trading. The resultant system of models offers what QIM believes to be reliable signals that guide market
timing and trade allocation. Second quarter performance of the Partnership as a result of QIM’s trading program is as follows:
The Partnership was modestly positive in April of 2018. Gains were driven solely by interest rate trading, which was the only positive
performing sector. These gains were substantial enough to outperform losses from all other sectors. Each additional sector detracted
slightly from performance. Currencies were the worst performing sector, followed closely by equities, energies, and metals to a
lesser degree. The Partnership enjoyed positive returns in May of 2018. Gains were driven primarily by interest rate trading, which
was significantly the best performing sector once again. Stock index trading was the worst performing sector, detracting the most
from aggregate returns. Currencies and energies posted profits that contributed positively to performance. Metals were slightly
negative, but did not meaningfully drag overall performance. The Partnership was positive in June of 2018. Profits were led by
equities and energies which were the best performing sectors. Interest rate trading resulted in the most significant losses, giving
back some of the gains earned earlier in the quarter. Positions in currencies produced favorable returns but were somewhat offset
by moderately negative performance from the metals sector.



First Quarter 2018. The Partnership’s trading advisor,
QIM believes that numerous small inefficiencies exist in financial markets that can be exploited through the prudent use of robust
analysis and predictive technologies. The trading program currently employs several thousand quantitative trading models that utilize
pattern recognition to predict short-term price movements in global futures markets. All models are tested across large data sets
that expose them to a wide range of market, economic, and political environments, as well as a wide range of time frames and interactions.
Only those models that prove to be the most robust, statistically significant, and conceptually diverse are used in actual trading.
The resultant system of models offers what QIM believes to be reliable signals that guide market timing and trade allocation. First
quarter performance of the Partnership as a result of QIM’s trading program is as follows: The Partnership was negative in
January of 2018. Losses were driven primarily by the stock index sector, which was the worst performing sector. Losses from stock
indices were somewhat offset by results from the other sectors; however the offsetting performance was insufficient in creating
cumulative positive returns. Currencies were the best performing sector, closely followed by metals. Interest rate trading contributed
positively to performance ahead of energies which were also positive to a lesser degree. The Partnership suffered losses for the
month of February 2018. Losses were driven primarily by the stock index sector, which was significantly the worst performing sector.
Currencies were the next underperforming sector detracting from returns, followed by metals which were only slightly negative.
Interest rate performance was mixed, and exposures to energy contracts produced insignificant gains that were close to flat. The
Partnership enjoyed positive returns for the month of March 2018. Profits were driven primarily by the stock index sector, which
was the best performing sector followed by energies. Gains from stock index and energy trading were partially offset by losses
in the interest rate sector, which was the worst performing sector. Currencies were mixed, and positions in the metals sector contributed
minimal gains.









9







(d)           Off-Balance
Sheet Arrangements



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



(e)           Contractual
Obligations



Not required.



(f)           Critical
Accounting Estimates



The General Partner
believes that the Partnership’s most critical accounting estimates relate to the valuation of the Partnership’s assets.
Futures and options on futures contracts are valued using the primary exchange’s closing price. U.S. government agency securities
are generally valued based on quoted prices in active markets. Corporate notes are generally valued at fair value. Security transactions
are recorded on the trade date. Realized gains and losses from security transactions are determined using the specific identification
cost method. 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 statement 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 income currently.



The
Partnership’s financial statements are presented in accordance with U.S. generally accepted accounting principles (U.S. GAAP),
which require the use of certain estimates made by the Partnership’s management. Actual results could differ from those estimates.
Based on the nature of the business and operations of the Partnership, the General Partner believes that the estimates utilized
in preparing the Partnership’s financial statements are appropriate and reasonable, however actual results could differ from
these estimates. The estimates used do not provide a range of possible results that would require the exercise of subjective judgment.
The General Partner further believes that, based on the nature of the business and operations of the Partnership, no other reasonable
assumptions relating to the application of the Partnership’s critical accounting estimates other than those currently used
would likely result in materially different amounts from those reported.



ITEM 7A: QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET
RISK



Not required.



ITEM 8: FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA



Financial statements
required by this item are included herewith following the Index to Financial Statements and are incorporated by reference into
this Item 8.



Because the Partnership
is a Smaller Reporting Company, as defined by Rule 229.10(f)(1), the supplementary financial information required by Item 302 of
Regulation S-K is not required.









10







ITEM 9: CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON
ACCOUNTING AND FINANCIAL DISCLOSURE



None.



ITEM 9A: CONTROLS AND PROCEDURES



(a)           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 annual report, and, based on their evaluation, has concluded that these disclosure
controls and procedures are effective.



(b)           Management’s
Annual Report on Internal Control over Financial Reporting



Altegris Advisors,
L.L.C., the general partner of the Partnership, is responsible for the management of the Partnership. Management of the General
Partner (“Management”) is responsible for establishing and maintaining adequate internal control over financial reporting.
The internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.



The
Partnership’s internal control over financial reporting includes those policies and procedures that:



|· | Pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Partnership;                                                                                                                                 
|- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|  |                                                                                                                                                                                                                                                                                                     
|· | Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that the Partnership’s transactions are being made only in accordance with authorizations of Management; and
|  |                                                                                                                                                                                                                                                                                                     
|· | Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Partnership’s assets that could have a material effect on the financial statements.                                                                                    



Because of its inherent
limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation
of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions,
or that the degree of compliance with the policies or procedures may deteriorate.



Management assessed
the effectiveness of the Partnership’s internal control over financial reporting as of December 31, 2019. In making this
assessment, Management used the criteria set forth in Internal Control — Integrated Framework issued in 2017 by the Committee
of Sponsoring Organizations of the Treadway Commission (“COSO”). As a result of this assessment and based on the criteria
in the COSO framework, management has concluded that, as of December 31, 2019, the Partnership’s internal control over financial
reporting was effective.



(c)           Changes
in Internal Control over Financial Reporting



There were no changes
in the Partnership’s internal control over financial reporting during the quarter and year ended December 31, 2019 that have
materially affected, or are reasonably likely to materially affect, its internal control over financial reporting.



ITEM 9B: OTHER INFORMATION



None.







11









PART III



ITEM 10: DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE



(a)           Identification
of Directors and Executive Officers



(i)           The
Partnership has no officers, directors, or employees. The Partnership’s affairs are managed by the General Partner (although
it has delegated trading and investment authority to the Advisor and administrative duties to Altegris). The General Partner is
an indirect subsidiary of Artivest Holdings, Inc., a corporation that may be deemed to be controlled by (i) entities managed by
Aquiline Capital Partners LLC and its affiliates (“Aquiline”), and (ii) Genstar Capital Management LLC and its affiliates
(“Genstar”). Aquiline is a private equity firm located in New York, New York, and Genstar is a private equity firm
located in San Francisco, California. The General Partner’s managers and executive officers are Martin Beaulieu and Matthew
C. Osborne.



Martin Beaulieu(born 1958) joined Altegris Advisors as its Executive Chairman in July 2016 and is responsible for firm strategy and the day-to-day
management of the company. In March 2016, Mr. Beaulieu joined the Board of Directors of Altegris Advisors’ parent company.
During the past five years, Mr. Beaulieu was a Managing Director, Co-Head of iShares U.S. ETFs, Head of iShares Wealth Management,
and Head of the Leveraged Distribution Group, at BlackRock Investments (August 2012 through October 2015). Mr. Beaulieu served
in several senior management roles for MFS Investment Management, a large mutual fund complex (September 1990 through July 2012).
These roles included acting, at various times, as MFS’ Vice Chairman, its Head of Global Distribution, its President, and
as a National Sales Manager. During his tenure at MFS, he also served as CEO of MFS/McLean Budden. He earned a BA degree from Santa
Clara University in 1980.



Matthew C. Osborne(born 1964) was appointed Chief Investment Officer of the General Partner in January 2016. Mr. Osborne has served as a manager
of the General Partner (or a director of the General Partner’s predecessor entity, APM) since July 2002. He has also served
as a Vice President of APM (July 2002 to January 2011), an Executive Vice President of the General Partner (January 2011 to June
2015) and as Co-President of the General Partner (June 2015 to January 2016). Mr. Osborne has also been (1) an Executive Vice President,
Chief Investment Officer and a director of Altegris (July 2002 to May 2010); (2) a manager (December 2008 to present), Executive
Vice President (December 2008 to June 2015), Co-President (June 2015 to January 2016), and Chief Investment Officer of Clearing
Solutions (January 2016 to present); (3) a manager (February 2010 to present), Executive Vice President (February 2010 to June
2015), Co-President (June 2015 to January 2016), and Chief Investment Officer (January 2016 to present) of Services; and (4) a
manager and Executive Vice President of Altegris Holdings (October 2012 to present).



None of the individuals
listed above currently serves as a director of a public company.



(ii)           Identification
of Certain Significant Employees



None.



(iii)          Family
Relationships



None.



(iv)          Business
Experience



See above.



(v)           Involvement
in Certain Legal Proceedings.



None.



(vi)          Promoters
and Control Persons



Not Applicable.







12









(b)           Section
16(a) Beneficial Ownership Reporting Compliance



Not Applicable



(c)           Code
of Ethics



The Partnership has
no employees, officers or directors and is managed by the General Partner. The General Partner has adopted a Code of Ethics that
applies to its principal executive officers and certain other persons associated with the General Partner. A copy of this Code
of Ethics may be obtained at no charge by written request to Altegris Advisors, L.L.C., 1200 Prospect Street, Suite 400, La Jolla,
CA 92037.



(d)           Corporate
Governance



Not applicable.



ITEM 11: EXECUTIVE COMPENSATION



The Partnership has
no officers, directors, or employees. None of the principals, officers, or employees of the General Partner or Altegris receives
compensation from the Partnership. All persons serving in the capacity of officers or executives of the General Partner, the general
partner of the Partnership, are compensated by Altegris and/or an affiliate in respect of their respective positions with such
entities. The General Partner receives a monthly management fee equal to 1/12 of 1.25% of the management fee net asset value of
the month-end capital account balances attributable to Class A and Class B Interests and equal to 1/12 of 0.75% of the management
fee net asset value of the month-end capital account balances attributable to Institutional Interests. The General Partner also
receives a monthly administrative fee equal to 1/12 of 0.333% of the management fee net asset value of the month- end capital account
balances attributable to Class A and Class B Interests.



Altegris receives continuing
monthly compensation from the Partnership equal to 1/12 of 2% of the month- end net asset value of Class A Interests sold by Altegris.



Clearing Solutions,
in its capacity as Introducing Broker to the Partnership, receives compensation for brokerage-related services. The Partnership
will pay monthly brokerage charges equal to the greater of (A) actual commissions of $9.75 per round-turn (higher for certain exchanges
or commodities) multiplied by number of round- turn trades, which amount includes other transaction costs; or (B) an amount equal
to 0.125% of the management fee net asset value of all Interest holders’ month-end capital account balances (1.50% annually).
If actual monthly commissions and transaction costs in (A) above are less than the amount in (B) above, the Partnership will pay
the difference to the Introducing Broker as payment for brokerage-related services. In any month when the amount in (A) is greater
than the amount in (B) above, the Partnership will pay only the amount described in (A) above.



The Partnership has
no other compensation arrangements. There are no compensation plans or arrangements relating to a change in control of the Partnership.









13







ITEM 12: SECURITY OWNERSHIP OF CERTAIN BENEFICIAL
OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS



(a)           Security
ownership of certain beneficial owners



Not applicable.



(b)           Security
Ownership of Management



The Partnership has
no officers or directors. Under the terms of the Limited Partnership Agreement, the Partnership’s affairs are managed by
the General Partner, which has delegated discretionary authority over the Partnership’s trading to QIM. As of January 31,
2020, the General Partner’s general partner interest in the Partnership was valued at $851, which constituted approximately
0% of the Partnership’s total assets. The General Partner and the principals of the General Partner may purchase Interests.
As of January 31, 2020, the following managers and executive officers of the General Partner owned Interests in the Partnership:
None. The direct and indirect holding of Interests of each manager and executive officer and the total aggregate ownership of Interests
is 0% of the Partnership’s total assets.



(c)           Changes
in Control



None.



ITEM 13: CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS,
AND DIRECTOR INDEPENDENCE



The Partnership does
not engage in any transactions with the General Partner or its affiliates other than in respect of the services and payment of
fees therefor described above in Item 1.



The Partnership paid
to the General Partner monthly management fees totaling $184,249 for the year ended December 31, 2019. The Partnership paid to
the General Partner administrative fees totaling $47,524 for the year ended December 31, 2019.



The Partnership paid
to Altegris monthly continuing compensation of $34,050 for the year ended December 31, 2019. Clearing Solutions, in its capacity
as the Introducing Broker for the Partnership, received from the Partnership’s clearing broker the following compensation:
a portion of the brokerage commissions paid by the Partnership to SGAS, and of the interest income earned on Partnership’s
assets held at SGAS, equal to $56,100 for the year ended December 31, 2019. In addition, Clearing Solutions, in its capacity as
Introducing Broker, receives from the Partnership, monthly brokerage charges as described in Item 11. For the year ended December
31, 2019 the Partnership paid monthly brokerage charges of $128,820.



The Partnership has
not and does not make any loans to the General Partner, its affiliates, their respective officers, directors or employees or the
immediate family members of any of the foregoing, or to any entity, trust or other estate in which any of the foregoing has any
interest, or to any other person.



None of the General
Partner, its affiliates, their respective officers, directors and employees or the immediate family members of any of the foregoing,
or any entity trust or other estate in which any of the foregoing has any interest has, to date, sold any asset, directly or indirectly,
to the Partnership.



The Partnership has
no directors, officers or employees and is managed by the General Partner. The General Partner is managed by certain of its principals,
none of whom is independent of the General Partner.







14









ITEM 14: PRINCIPAL ACCOUNTING FEES AND SERVICES



The following table
sets forth (a) the fees billed to the Partnership for professional audit services provided by Ernst & Young LLP, the Partnership’s
independent registered public accountant, for the audit of the Partnership’s annual financial statements for the year ended
December 31, 2019 and (b) the fees expected to be billed to the Partnership for professional audit services provided by Ernst &
Young LLP for the audit of the Partnership’s annual financial statements for the year ended December 31, 2019.



|FEE CATEGORY       |  | 2019 |        |  | 2018 |  
|------------------ |  | ---- | ------ |  | ---- | -
|                   |  |      |        |  |      |  
|Audit Fees         |  | $    | 16,000 |  |      | $
|Audit-Related Fees |  | $    | 40,000 |  |      | $
|Tax Fees           |  | $    | 38,925 |  |      | $
|All Other Fees     |  |      | –      |  |      |  
|                   |  |      |        |  |      |  
|TOTAL FEES         |  | $    | 94,925 |  |      | $



Audit Fees and Audit-Related
Fees consist of fees paid to Ernst & Young LLP for (i) the audit of Altegris QIM Futures Fund, L.P.’s annual financial
statements included in the annual report on Form 10-K, quarterly reviews of financial statements included in the reports on the
Partnership’s Form 10-Q and (ii) services that are normally provided by the Independent Registered Public Accountants in
connection with statutory and regulatory filings of registration statements.



Tax Fees consist of
fees paid to Ernst & Young LLP for professional services rendered in connection with tax compliance and Partnership income
tax return filings.



The managers of the
General Partner pre-approve the engagement of the Partnership’s auditor for all services to be provided by the auditor.



























15









PART IV



ITEM 15: EXHIBITS, FINANCIAL STATEMENT SCHEDULES



Financial Statements



The financial statements and balance sheets
required by this Item are included herewith, beginning after the signature page hereof, and are incorporated into this Item 15.



Exhibits



The following documents (unless otherwise
indicated) are filed herewith and made part of this registration statement.





|Exhibit Designation |  | Description                                                                                    
|------------------- |  | -----------------------------------------------------------------------------------------------
|                    |  |                                                                                                
|* 3.1               |  | Certificate of Formation of APM – QIM Futures Fund L.P.                                        
|                    |  |                                                                                                
|** 4.1              |  | Second Amended and Restated Agreement of Limited Partnership of Altegris 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.     
|                    |  |                                                                                                
|31.01               |  | Rule 13a-14(a)/15d-14(a) Certification of Principal Executive Officer                          
|                    |  |                                                                                                
|31.02               |  | Rule 13a-14(a)/15d-14(a) Certification of Financial Executive Officer                          
|                    |  |                                                                                                
|32.01               |  | Section 1350 Certification of Principal Executive Officer                                      
|                    |  |                                                                                                
|32.02               |  | Section 1350 Certification of Principal Financial Officer                                      
|                    |  |                                                                                                
|***101.INS          |  | XBRL Instance Document                                                                         
|                    |  |                                                                                                
|***101.SCH          |  | XBRL Schema Document                                                                           
|                    |  |                                                                                                
|***101.CAL          |  | XBRL Calculation Linkbase Document                                                             
|                    |  |                                                                                                
|***101.DEF          |  | XBRL Definition Linkbase Document                                                              
|                    |  |                                                                                                
|***101.LAB          |  | XBRL Label Linkbase Document                                                                   
|                    |  |                                                                                                
|***101.PRE          |  | XBRL Presentation Linkbase Document                                                            





*   These exhibits are incorporated
by reference to the exhibits of the same numbers and descriptions filed with the Partnership’s Registration Statement (File
No. 000-53815) filed on November 2, 2009 on Form 10-12G under the Securities Exchange Act of 1934.



** This exhibit is incorporated by reference
to 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.



*** Filed or furnished with the Company’s
Original Form 10-K filed on March 10, 2020.



16









SIGNATURES



Pursuant to the requirements
of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.



|Dated: March 31, 2020 | Altegris QIM FUTURES FUND, L.P.
        
        By: ALTEGRIS ADVISORS, L.L.C.
|--------------------- | ------------------------------------------------------------------------------
|                      |                                                                               
|                      | By: /s/ Matthew C. Osborne                                                    
|                      | Name: Matthew C. Osborne                                                      
|                      | Title: Chief Investment Officer                                               



Pursuant to the requirements
of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the General Partner
of the Registrant and in the capacities and on the date indicated.



|                       |  | Title with                        |  |               
|---------------------- |  | --------------------------------- |  | --------------
|Signature              |  | General Partner                   |  | Date          
|                       |  |                                   |  |               
|/s/ Martin Beaulieu    |  | Executive Chairman, Manager       |  | March 31, 2020
|Martin Beaulieu        |  | (Principal Executive Officer)     |  |               
|                       |  |                                   |  |               
|                       |  |                                   |  |               
|/s/ Matthew C. Osborne |  | Chief Investment Officer, Manager |  | March 31, 2020
|Matthew C. Osborne     |  |                                   |  |               
|                       |  |                                   |  |               
|                       |  |                                   |  |               







(Being the principal executive officer,
the principal financial officer and principal accounting officer, and a majority of the managers of Altegris Advisors, L.L.C.)









17









ALTEGRIS QIM FUTURES
FUND, L.P.

FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2019,
2018 AND 2017



____________



TABLE OF CONTENTS

_____________





|                                                             | PAGES    
|------------------------------------------------------------ | ---------
|Affirmation of the Commodity Pool Operator                   | F-2      
|                                                             |          
|Report of Independent Registered Public Accounting Firm      | F-3      
|                                                             |          
|Financial Statements                                         |          
|                                                             |          
|Statements of Financial Condition                            | F-4      
|                                                             |          
|Condensed Schedules of Investments                           | F- 5-8   
|                                                             |          
|Statements of Income (Loss)                                  | F-9      
|                                                             |          
|Statements of Changes in Partners’ Capital (Net Asset Value) | F-10     
|                                                             |          
|Notes to Financial Statements                                | F-11 – 27























F-1











ALTEGRIS
QIM Futures Fund, L.P.

AFFIRMATION
OF THE COMMODITY POOL OPERATOR

_______________











To the Partners of

Altegris QIM Futures Fund, L.P.



To the best of the knowledge and belief of the undersigned,
the information contained in this Annual Report for the years ended December 31, 2019, 2018 and 2017 is accurate and complete.



















| | By: /s/ Martin Beaulieu                
| | ---------------------------------------
| | Altegris Advisors, L.L.C.              
| | Commodity Pool Operator for            
| | Altegris QIM Futures Fund, L.P.        
| | By: Martin Beaulieu, Executive
Chairman































F-2







| | Ernst & Young LLP

Suite 500

725 South Figueroa Street

Los Angeles, CA 90017 |  | Tel: +1 213-977-3200

Fax: +1 213-977-3729

ey.com
| | ------------------------------------------------------------------------------ |  | --------------------------------------------------



Report of Independent Registered Public
Accounting Firm





The General Partner and Limited Partners of Altegris QIM Futures
Fund, L.P.



Opinion on the Financial Statements



We have audited the accompanying statements
of financial condition of Altegris QIM Futures Fund, L.P. (the “Partnership”), including the condensed schedules of
investments, as of December 31, 2019 and 2018, the related statements of income (loss) and changes in partners’ capital (net
asset value) for each of the three years in the period ended December 31, 2019 and the related notes (collectively referred to
as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects,
the financial position of the Partnership at December 31, 2019 and 2018, and the results of its operations and the changes in its
partners’ capital for each of the three years in the period ended December 31, 2019, in conformity with U.S. generally accepted
accounting principles.



Basis for Opinion



These financial statements are the responsibility
of the Partnership’s management. Our responsibility is to express an opinion on the Partnership’s financial statements
based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States)
(“PCAOB”) and are required to be independent with respect to the Partnership in accordance with the U.S. federal securities
laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.



We conducted our audits in accordance with
the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement, whether due to error or fraud. The Partnership is not required to have,
nor were we engaged to perform, an audit of the Partnership’s internal control over financial reporting. As part of our audits,
we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing
an opinion on the effectiveness of the Partnership’s internal control over financial reporting. Accordingly, we express no
such opinion.



Our audits included performing procedures
to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures
that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures
in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2019, by correspondence
with the custodian and broker. Our audits also included evaluating the accounting principles used and significant estimates made
by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a
reasonable basis for our opinion.





We have served as the Partnership’s
auditor since 2011.

Los Angeles, CA

March 9, 2020





































F-3







ALTEGRIS QIM FUTURES
FUND, L.P.

STATEMENTS OF
FINANCIAL CONDITION

DECEMBER 31, 2019
and DECEMBER 31, 2018







|                                                                        |  | 2019 |            |  | 2018 |  
|----------------------------------------------------------------------- |  | ---- | ---------- |  | ---- | -
|ASSETS                                                                  |  |      |            |  |      |  
|Equity in commodity broker account:                                     |  |      |            |  |      |  
|Cash                                                                    |  | $    | 846,509    |  |      | $
|Restricted cash                                                         |  |      | 1,247,462  |  |      |  
|Restricted foreign currency (cost - $0 and $103,635)                    |  |      | –          |  |      |  
|Net unrealized gain on open futures contracts                           |  |      | 183,464    |  |      |  
|                                                                        |  |      |            |  |      |  
|                                                                        |  |      | 2,277,435  |  |      |  
|                                                                        |  |      |            |  |      |  
|Cash                                                                    |  |      | 411,223    |  |      |  
|Investment securities at fair value (cost - $9,044,907 and $15,755,364) |  |      | 9,045,081  |  |      |  
|Interest receivable                                                     |  |      | 145        |  |      |  
|                                                                        |  |      |            |  |      |  
|Total assets                                                            |  | $    | 11,733,884 |  |      | $
|                                                                        |  |      |            |  |      |  
|LIABILITIES                                                             |  |      |            |  |      |  
|Equity in commodity broker account:                                     |  |      |            |  |      |  
|Foreign currency due to broker (proceeds - $31,771 and $0)              |  | $    | 31,582     |  |      | $
|Net unrealized loss on open futures contracts                           |  |      | –          |  |      |  
|Settled variation margin                                                |  |      | 37,732     |  |      |  
|                                                                        |  |      |            |  |      |  
|                                                                        |  |      | 69,314     |  |      |  
|                                                                        |  |      |            |  |      |  
|Redemptions payable                                                     |  |      | 588,811    |  |      |  
|Service fees payable                                                    |  |      | 12,705     |  |      |  
|Management fee payable                                                  |  |      | 11,427     |  |      |  
|Incentive fees payable                                                  |  |      | 7,827      |  |      |  
|Brokerage commissions payable                                           |  |      | 6,494      |  |      |  
|Administrative fee payable                                              |  |      | 2,968      |  |      |  
|Other liabilities                                                       |  |      | 135,810    |  |      |  
|                                                                        |  |      |            |  |      |  
|Total liabilities                                                       |  |      | 835,356    |  |      |  
|                                                                        |  |      |            |  |      |  
|                                                                        |  |      |            |  |      |  
|PARTNERS' CAPITAL (NET ASSET VALUE)                                     |  |      |            |  |      |  
|General Partner                                                         |  |      | 785        |  |      |  
|Limited Partners                                                        |  |      | 10,897,743 |  |      |  
|                                                                        |  |      |            |  |      |  
|Total partners' capital (Net Asset Value)                               |  |      | 10,898,528 |  |      |  
|                                                                        |  |      |            |  |      |  
|Total liabilities and partners' capital                                 |  | $    | 11,733,884 |  |      | $



See accompanying notes.









F-4







ALTEGRIS QIM FUTURES
FUND, L.P.

CONDENSED SCHEDULES OF INVESTMENTS

DECEMBER 31, 2019





INVESTMENT SECURITIES



|Face Value                             |                                                                  |  | Maturity Date |           | Description |                                            | Fair Value |        |           | % of Partners' Capital | 
|-------------------------------------- | ---------------------------------------------------------------- |  | ------------- | --------- | ----------- | ------------------------------------------ | ---------- | ------ | --------- | ---------------------- | 
|                                       |                                                                  |  |               |           |             |                                            |            |        |           |                        | 
|Fixed Income Investments               |                                                                  |  |               |           |             |                                            |            |       
|                                       |                                                                  |  |               |           |             |                                            |            |        |           |                        | 
|U.S. Government Agency Bonds and Notes |                                                                  |  |               |           |             |                                           
|$                                      | 3,586,000                                                        |  |               | 1/2/2020  |             | Federal Farm Credit Bank Disc Note, 1.15%* |            | $      | 3,585,886 |                        | 
|                                       | 2,500,000                                                        |  |               | 1/3/2020  |             | Federal Home Loan Bank Disc Note, 1.57%*   |            |        | 2,499,895 |                        | 
|                                       | 1,000,000                                                        |  |               | 1/23/2020 |             | Federal Home Loan Bank Disc Note, 1.58%*   |            |        | 999,119   |                        | 
|                                       |                                                                  |  |               |           |             |                                            |            |       
|                                       | Total U.S. Government Agency Bonds and Notes (cost - $7,084,708) |  |               | 7,084,900 |             |                                            |            | 65.01% |          
|                                       |                                                                  |  |               |           |             |                                            |            |        |           |                        | 
|Certificate of Deposit                 |                                                                  |  |               |           |             |                                            |            |       
|                                       | 181,000                                                          |  |               | 1/15/2020 |             | The Chiba Bank Ltd., 1.80%                 |            |        | 180,998   |                        | 
|                                       |                                                                  |  |               |           |             |                                            |            |        |           |                        | 
|                                       | Total Certificate of Deposit (cost - $181,000)                   |  |               | 180,998   |             |                                            |            | 1.66%  |          
|                                       |                                                                  |  |               |           |             |                                            |            |        |           |                        | 
|Corporate Notes                        |                                                                  |  |               |           |             |                                            |            |        |          
|                                       | 278,000                                                          |  |               | 1/2/2020  |             | Cedar Springs Capital Company LLC, 1.59%*  |            |        | 277,988   |                        | 
|                                       | 355,000                                                          |  |               | 1/14/2020 |             | Chevron Corporation, 1.63%*                |            |        | 354,787   |                        | 
|                                       | 271,000                                                          |  |               | 1/13/2020 |             | Exxon Mobil Corp Disc Note, 1.67%*         |            |        | 270,846   |                        | 
|                                       | 271,000                                                          |  |               | 1/13/2020 |             | MetLife Short Term Funding LLC, 1.81%*     |            |        | 270,829   |                        | 
|                                       | 250,000                                                          |  |               | 1/2/2020  |             | The Home Depot, Inc., 1.46%*               |            |        | 249,990   |                        | 
|                                       | 355,000                                                          |  |               | 1/15/2020 |             | Thunder Bay Funding, LLC, 1.88%*           |            |        | 354,743   |                        | 
|                                       |                                                                  |  |               |           |             |                                            |            |        |           |                        | 
|                                       | Total Corporate Notes (cost - $1,779,199)                        |  |               | 1,779,183 |             |                                            |            | 16.32% |          
|                                       |                                                                  |  |               |           |             |                                            |            |        |           |                        | 
|                                       | Total Investment Securities (cost - $9,044,907)                  |  | $             | 9,045,081 |             |                                            |            | 82.99% |          



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



See accompanying notes.









F-5









ALTEGRIS QIM FUTURES
FUND, L.P.

CONDENSED
SCHEDULES OF INVESTMENTS (continued)

DECEMBER 31, 2019





|                              |  | Range of
                                                                                Expiration Dates |     | Number of
                                                                                Contracts |     |   | Fair Value* |  |         | % of
                                                                                Partners' Capital |      
|----------------------------- |  | --------------------------------------------------------------------------------------------------------- | --- | --------------------------------------------------------------------------------------------------- | --- | - | ----------- |  | ------- | ------------------------------------------------------------------------------------------------------ | -----
|                              |  |                                                                                                           |     |                                                                                                     |     |   |             |  |         |                                                                                                        |      
|Long Futures Contracts:       |  |                                                                                                           |     |                                                                                                     |     |   |             |  |        
|Currencies                    |  | Mar 20                                                                                                    |     |                                                                                                     | 2   |   |             |  | 6       |                                                                                                        |      
|Energy                        |  | Jan 20                                                                                                    |     |                                                                                                     | 10  |   |             |  | 2,988   |                                                                                                        |      
|Interest Rates                |  | Mar 20                                                                                                    |     |                                                                                                     | 72  |   |             |  | (83,118 | )                                                                                                      |      
|Metals                        |  | Feb 20 - Mar 20                                                                                           |     |                                                                                                     | 62  |   |             |  | 162,087 |                                                                                                        |      
|Stock Indices                 |  | Jan 20 - Mar 20                                                                                           |     |                                                                                                     | 164 |   |             |  | 74,461  |                                                                                                        |      
|Treasury Rates                |  | Mar 20                                                                                                    |     |                                                                                                     | 75  |   |             |  | (36,048 | )                                                                                                      |      
|                              |  |                                                                                                           |     |                                                                                                     |     |   |             |  |         |                                                                                                        |      
|Total Long Futures Contracts  |  |                                                                                                           | 385 |                                                                                                     |     |   | 120,376     |  |         |                                                                                                        | 1.11%
|                              |  |                                                                                                           |     |                                                                                                     |     |   |             |  |         |                                                                                                        |      
|Short Futures Contracts:      |  |                                                                                                           |     |                                                                                                     |     |   |             |  |         |                                                                                                        |      
|Currencies                    |  | Mar 20                                                                                                    |     |                                                                                                     | 22  |   |             |  | (6,051  | )                                                                                                      |      
|Energy                        |  | Jan 20                                                                                                    |     |                                                                                                     | 1   |   |             |  | 318     |                                                                                                        |      
|Stock Indices                 |  | Jan 20 - Mar 20                                                                                           |     |                                                                                                     | 53  |   |             |  | 31,089  |                                                                                                        |      
|                              |  |                                                                                                           |     |                                                                                                     |     |   |             |  |         |                                                                                                        |      
|Total Short Futures Contracts |  |                                                                                                           | 76  |                                                                                                     |     |   | 25,356      |  |         |                                                                                                        | 0.24%
|                              |  |                                                                                                           |     |                                                                                                     |     |   |             |  |         |                                                                                                        |      
|Total Futures Contracts       |  |                                                                                                           |     |                                                                                                     |     | $ | 145,732     |  |         |                                                                                                        | 1.35%



*Futures include settled variation margin.



See accompanying notes.









F-6









ALTEGRIS QIM FUTURES
FUND, L.P.

CONDENSED SCHEDULES OF INVESTMENTS

DECEMBER 31, 2018





|INVESTMENT SECURITIES                  |                                                                          |  |               |            |             |                                            |            |       
|-------------------------------------- | ------------------------------------------------------------------------ |  | ------------- | ---------- | ----------- | ------------------------------------------ | ---------- | ------
|Face Value                             |                                                                          |  | Maturity Date |            | Description |                                            | Fair Value |       
|                                       |                                                                          |  |               |            |             |                                            |            |       
|Fixed Income Investments               |                                                                          |  |               |            |             |                                            |            |       
|                                       |                                                                          |  |               |            |             |                                            |            |       
|U.S. Government Agency Bonds and Notes |                                                                          |  |               |            |             |                                            |            |       
|$                                      | 4,738,000                                                                |  |               | 1/2/2019   |             | Federal Farm Credit Bank Disc Note, 2.18%* |            | $     
|                                       | 5,000,000                                                                |  |               | 1/9/2019   |             | Federal Home Loan Bank Disc Note, 2.36%*   |            |       
|                                       |                                                                          |  |               |            |             |                                            |            |       
|                                       | Total U.S. Government Agency Bonds and Notes
        (cost - $9,734,853) |  |               | 9,735,119  |             |                                            |            | 47.84%
|                                       |                                                                          |  |               |            |             |                                            |            |       
|Certificates of Deposit                |                                                                          |  |               |            |             |                                            |            |       
|$                                      | 521,000                                                                  |  |               | 1/4/2019   |             | Banco del Estado de Chile, 2.32%           |            | $     
|                                       | 315,000                                                                  |  |               | 1/11/2019  |             | The Chiba Bank Ltd., 2.53%                 |            |       
|                                       |                                                                          |  |               |            |             |                                            |            |       
|                                       | Total Certificates of Deposit (cost - $836,000)                          |  |               | 836,001    |             |                                            |            | 4.11% 
|                                       |                                                                          |  |               |            |             |                                            |            |       
|Corporate Notes                        |                                                                          |  |               |            |             |                                            |            |       
|$                                      | 473,000                                                                  |  |               | 1/3/2019   |             | Apple Inc., 2.52%*                         |            |       
|                                       | 680,000                                                                  |  |               | 1/2/2019   |             | Automatic Data Processing, Inc., 2.38%*    |            |       
|                                       | 250,000                                                                  |  |               | 1/2/2019   |             | Banco del Estado de Chile, 2.39%*          |            |       
|                                       | 474,000                                                                  |  |               | 1/18/2019  |             | Canadian Imperial Holdings, Inc., 2.48%*   |            |       
|                                       | 500,000                                                                  |  |               | 1/2/2019   |             | Cedar Springs Capital Company LLC, 2.50%*  |            |       
|                                       | 473,000                                                                  |  |               | 1/4/2019   |             | Exxon Mobil Corp Disc Note, 2.43%*         |            |       
|                                       | 316,000                                                                  |  |               | 1/15/2019  |             | IBM Credit LLC, 2.42%*                     |            |       
|                                       | 473,000                                                                  |  |               | 1/16/2019  |             | MetLife Short Term Funding LLC, 2.50%*     |            |       
|                                       | 348,000                                                                  |  |               | 1/3/2019   |             | PACCAR Financial Corporation, 2.40%*       |            |       
|                                       | 600,000                                                                  |  |               | 1/15/2019  |             | Thunder Bay Funding, LLC, 2.52%*           |            |       
|                                       | 600,000                                                                  |  |               | 1/17/2019  |             | Thunder Bay Funding, LLC, 2.52%*           |            |       
|                                       |                                                                          |  |               |            |             |                                            |            |       
|                                       | Total Corporate Notes (cost - $5,184,511)                                |  |               | 5,183,853  |             |                                            |            | 25.47%
|                                       |                                                                          |  |               |            |             |                                            |            |       
|                                       | Total Investment Securities (cost - $15,755,364)                         |  | $             | 15,754,973 |             |                                            |            | 77.42%



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



See accompanying notes.









F-7









ALTEGRIS QIM FUTURES
FUND, L.P.

CONDENSED
SCHEDULES OF INVESTMENTS (continued)

DECEMBER 31, 2018





|                              |  | Range of Expiration Dates |  | Number of Contracts |     |  | Fair Value* |   |         | % of Partners' Capital
|----------------------------- |  | ------------------------- |  | ------------------- | --- |  | ----------- | - | ------- | ----------------------
|Long Futures Contracts:       |  |                           |  |                     |     |  |             |   |         |                       
|Currencies                    |  | Mar 19                    |  |                     | 12  |  |             |   | 5,351   |                       
|Energy                        |  | Jan 19                    |  |                     | 26  |  |             |   | (60,238 | )                     
|Interest Rates                |  | Mar 19                    |  |                     | 79  |  |             |   | 26,811  |                       
|Metals                        |  | Feb 19 - Mar 19           |  |                     | 22  |  |             |   | 4,167   |                       
|Stock Indices                 |  | Jan 19 - Mar 19           |  |                     | 126 |  |             |   | (59,855 | )                     
|Treasury Rates                |  | Mar 19                    |  |                     | 3   |  |             |   | 402     |                       
|                              |  |                           |  |                     |     |  |             |   |         |                       
|Total Long Futures Contracts  |  |                           |  |                     | 268 |  |             |   | (83,362 | )                     
|                              |  |                           |  |                     |     |  |             |   |         |                       
|Short Futures Contracts:      |  |                           |  |                     |     |  |             |   |         |                       
|Currencies                    |  | Mar 19                    |  |                     | 35  |  |             |   | (6,611  | )                     
|Metals                        |  | Mar 19                    |  |                     | 7   |  |             |   | 11,143  |                       
|Stock Indices                 |  | Jan 19                    |  |                     | 5   |  |             |   | (10,172 | )                     
|Treasury Rates                |  | Mar 19                    |  |                     | 13  |  |             |   | (8,746  | )                     
|                              |  |                           |  |                     |     |  |             |   |         |                       
|Total Short Futures Contracts |  |                           |  |                     | 60  |  |             |   | (14,386 | )                     
|                              |  |                           |  |                     |     |  |             |   |         |                       
|Total Futures Contracts       |  |                           |  |                     |     |  |             | $ | (97,748 | )                     



*Futures include settled variation margin.





See accompanying notes.









F-8









ALTEGRIS QIM FUTURES
FUND, L.P.

STATEMENTS OF INCOME (LOSS)

FOR THE YEARS
ENDED DECEMBER 31, 2019, 2018 AND 2017





|                                           |  | 2019 |            |   | 2018 |   |            | 2017 | 
|------------------------------------------ |  | ---- | ---------- | - | ---- | - | ---------- | ---- | 
|TRADING GAIN (LOSS)                        |  |      |            |   |      |   |            |      | 
|Gain (loss) on trading of futures          |  |      |            |   |      |   |            |      | 
|Net realized                               |  | $    | (905,931   | ) |      | $ | (1,765,994 | )    | 
|Net change in unrealized                   |  |      | 243,480    |   |      |   | (513,999   | )    | 
|Brokerage Commissions                      |  |      | (224,487   | ) |      |   | (400,551   | )    | 
|                                           |  |      |            |   |      |   |            |      | 
|Net gain (loss) from trading futures       |  |      | (886,938   | ) |      |   | (2,680,544 | )    | 
|                                           |  |      |            |   |      |   |            |      | 
|Gain (loss) on trading of securities       |  |      |            |   |      |   |            |      | 
|Net realized                               |  |      | 29         |   |      |   | 85         |      | 
|Net change in unrealized                   |  |      | 565        |   |      |   | (488       | )    | 
|                                           |  |      |            |   |      |   |            |      | 
|Net gain (loss) from trading securities    |  |      | 594        |   |      |   | (403       | )    | 
|                                           |  |      |            |   |      |   |            |      | 
|Gain (loss) on trading of foreign currency |  |      |            |   |      |   |            |      | 
|Net realized                               |  |      | 1,244      |   |      |   | (10,641    | )    | 
|Net change in unrealized                   |  |      | (1,830     | ) |      |   | 2,034      |      | 
|                                           |  |      |            |   |      |   |            |      | 
|Net loss from trading foreign currency     |  |      | (586       | ) |      |   | (8,607     | )    | 
|Total trading gain (loss)                  |  |      | (886,930   | ) |      |   | (2,689,554 | )    | 
|                                           |  |      |            |   |      |   |            |      | 
|NET INVESTMENT INCOME (LOSS)               |  |      |            |   |      |   |            |      | 
|Income                                     |  |      |            |   |      |   |            |      | 
|Interest income                            |  |      | 304,377    |   |      |   | 440,529    |      | 
|                                           |  |      |            |   |      |   |            |      | 
|Expenses                                   |  |      |            |   |      |   |            |      | 
|Professional fees                          |  |      | 196,763    |   |      |   | 261,495    |      | 
|Service fees                               |  |      | 192,260    |   |      |   | 350,441    |      | 
|Management fee                             |  |      | 184,249    |   |      |   | 324,644    |      | 
|Administrative fee                         |  |      | 47,524     |   |      |   | 82,083     |      | 
|Out of pocket fees                         |  |      | 17,600     |   |      |   | 19,952     |      | 
|Incentive fees                             |  |      | 12,621     |   |      |   | 1,500      |      | 
|Interest expense                           |  |      | 7,128      |   |      |   | 16,096     |      | 
|Other expenses                             |  |      | 32,753     |   |      |   | 28,015     |      | 
|                                           |  |      |            |   |      |   |            |      | 
|Total expenses                             |  |      | 690,898    |   |      |   | 1,084,226  |      | 
|                                           |  |      |            |   |      |   |            |      | 
|Net investment loss                        |  |      | (386,521   | ) |      |   | (643,697   | )    | 
|                                           |  |      |            |   |      |   |            |      | 
|NET INCOME (LOSS)                          |  | $    | (1,273,451 | ) |      | $ | (3,333,251 | )    | 





See accompanying notes.









F-9









ALTEGRIS QIM FUTURES
FUND, L.P.

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

FOR THE YEARS
ENDED DECEMBER 31, 2019, 2018 AND 2017





|                                                                             |  |       |            |   | Limited
    Partners |   |            |             | 
|---------------------------------------------------------------------------- |  | ----- | ---------- | - | -------------------- | - | ---------- | ----------- | 
|                                                                             |  |       |            |   |                      |   |            |             | 
|                                                                             |  | Total |            |   | Class
    A          |   |            | Class
    B | 
|                                                                             |  |       |            |   |                      |   |            |             | 
|Balances at December 31, 2016                                                |  | $     | 29,444,464 |   |                      | $ | 20,121,489 |             | 
|                                                                             |  |       |            |   |                      |   |            |             | 
|Capital additions                                                            |  |       | 4,760,748  |   |                      |   | 3,096,648  |             | 
|                                                                             |  |       |            |   |                      |   |            |             | 
|Capital withdrawals                                                          |  |       | (3,971,530 | ) |                      |   | (2,746,440 | )           | 
|                                                                             |  |       |            |   |                      |   |            |             | 
|From operations:                                                             |  |       |            |   |                      |   |            |             | 
|Net investment loss                                                          |  |       | (1,715,605 | ) |                      |   | (1,311,939 | )           | 
|Net realized gain/(loss)
    from investments (net of brokerage commissions) |  |       | 2,567,146  |   |                      |   | 1,740,295  |             | 
|Net
    change in unrealized gain/(loss) from investments                    |  |       | 264,979    |   |                      |   | 186,165    |             | 
|Net
    income/(loss)                                                        |  |       | 1,116,520  |   |                      |   | 614,521    |             | 
|                                                                             |  |       |            |   |                      |   |            |             | 
|Balances at December
    31, 2017                                            |  | $     | 31,350,202 |   |                      | $ | 21,086,218 |             | 
|                                                                             |  |       |            |   |                      |   |            |             | 
|Balances at December 31, 2017                                                |  | $     | 31,350,202 |   |                      | $ | 21,086,218 |             | 
|                                                                             |  |       |            |   |                      |   |            |             | 
|Capital additions                                                            |  |       | 610,679    |   |                      |   | 433,441    |             | 
|                                                                             |  |       |            |   |                      |   |            |             | 
|Capital withdrawals                                                          |  |       | (8,277,607 | ) |                      |   | (5,404,873 | )           | 
|                                                                             |  |       |            |   |                      |   |            |             | 
|From operations:                                                             |  |       |            |   |                      |   |            |             | 
|Net investment loss                                                          |  |       | (643,697   | ) |                      |   | (559,105   | )           | 
|Net realized gain/(loss)
    from investments (net of brokerage commissions) |  |       | (2,177,101 | ) |                      |   | (1,454,920 | )           | 
|Net
    change in unrealized gain/(loss) from investments                    |  |       | (512,453   | ) |                      |   | (345,339   | )           | 
|Net
    income/(loss)                                                        |  |       | (3,333,251 | ) |                      |   | (2,359,364 | )           | 
|                                                                             |  |       |            |   |                      |   |            |             | 
|Balances at December
    31, 2018                                            |  | $     | 20,350,023 |   |                      | $ | 13,755,422 |             | 
|                                                                             |  |       |            |   |                      |   |            |             | 
|Balances at December 31, 2018                                                |  | $     | 20,350,023 |   |                      | $ | 13,755,422 |             | 
|                                                                             |  |       |            |   |                      |   |            |             | 
|Capital additions                                                            |  |       | 500,000    |   |                      |   | –          |             | 
|                                                                             |  |       |            |   |                      |   |            |             | 
|Capital withdrawals                                                          |  |       | (8,678,044 | ) |                      |   | (6,304,016 | )           | 
|                                                                             |  |       |            |   |                      |   |            |             | 
|From operations:                                                             |  |       |            |   |                      |   |            |             | 
|Net investment loss                                                          |  |       | (386,521   | ) |                      |   | (311,471   | )           | 
|Net realized gain/(loss)
    from investments (net of brokerage commissions) |  |       | (1,129,145 | ) |                      |   | (788,244   | )           | 
|Net
    change in unrealized gain/(loss) from investments                    |  |       | 242,215    |   |                      |   | 142,943    |             | 
|Net
    income/(loss)                                                        |  |       | (1,273,451 | ) |                      |   | (956,772   | )           | 
|                                                                             |  |       |            |   |                      |   |            |             | 
|Balances at December
    31, 2019                                            |  | $     | 10,898,528 |   |                      | $ | 6,494,634  |             | 



See accompanying notes.









F-10







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



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



| | 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 December 31, 2019 and 2018, and reported amounts of income and expenses
for the years ended December 31, 2019, 2018 and 2017, 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.



| | 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.









F-11







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.



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.









F-12







ALTEGRIS QIM FUTURES FUND, L.P.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

_______________



NOTE 1 - 	ORGANIZATION AND
SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)





| | C. | Fair Value (continued)
| | -- | ----------------------



The fair value of U.S. government agency
bonds and notes is generally based on quoted prices in active markets. When quoted prices are not available, fair value is determined
based on a valuation model that uses inputs that include interest-rate yield curves, cross-currency-basis index spreads, and country
credit spreads similar to the bond in terms of issue, maturity and seniority. U.S. government agency bonds and notes are generally
categorized in Level 1 or Level 2 of the fair value hierarchy. As of December 31, 2019 and 2018, none of the Partnership’s
holdings in U.S. government agency bonds and notes were fair valued using valuation models.



The fair value of corporate notes is determined
using recently executed transactions, market price quotations (where observable), notes spreads or credit default swap spreads.
The spread data used are for the same maturity as that of the notes. If the spread data does not reference the issuer, data that
references a comparable issuer is used. When observable price quotations are not available, fair value is determined based on cash
flow models with yield curves, bond, or single-name credit default swap spreads and recovery rates based on collateral values as
key inputs. These valuation methods represent both a market and income approach to fair value measurement. Corporate notes are
categorized in Level 2 of the fair value hierarchy; however, in instances where significant inputs are unobservable, they are categorized
in Level 3 of the hierarchy. As of December 31, 2019 and 2018, none of the Partnership’s holdings in corporate notes were
fair valued using valuation models.



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

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



There were no changes in the Partnership’s
valuation methodology during the years ended December 31, 2019 and 2018.









F-13







ALTEGRIS QIM FUTURES FUND, L.P.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

_______________



NOTE 1 - 	ORGANIZATION AND
SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)



| | C. | Fair Value (continued)
| | -- | ----------------------



The following table presents information
about the Partnership’s assets and liabilities measured at fair value as of December 31, 2019 and December 31, 2018:





|                                       |  |         |          |   |         |   |           |         |  |   | Balance as of     | 
|-------------------------------------- |  | ------- | -------- | - | ------- | - | --------- | ------- |  | - | ----------------- | 
|December 31, 2019                      |  | Level 1 |          |   | Level 2 |   |           | Level 3 |  |   | December 31, 2019 | 
|                                       |  |         |          |   |         |   |           |         |  |   |                   | 
|Assets                                 |  |         |          |   |         |   |           |         |  |   |                   | 
|                                       |  |         |          |   |         |   |           |         |  |   |                   | 
|Futures contracts (1)                  |  | $       | 282,964  |   |         | $ | –         |         |  | $ | –                 | 
|U.S. Government agency bonds and notes |  |         | –        |   |         |   | 7,084,900 |         |  |   | –                 | 
|Certificates of deposit                |  |         | –        |   |         |   | 180,998   |         |  |   | –                 | 
|Corporate notes                        |  |         | –        |   |         |   | 1,779,183 |         |  |   | –                 | 
|                                       |  |         |          |   |         |   |           |         |  |   |                   | 
|Total Assets                           |  | $       | 282,964  |   |         | $ | 9,045,081 |         |  | $ | –                 | 
|                                       |  |         |          |   |         |   |           |         |  |   |                   | 
|Liabilities                            |  |         |          |   |         |   |           |         |  |   |                   | 
|                                       |  |         |          |   |         |   |           |         |  |   |                   | 
|Futures contracts (1)                  |  | $       | (137,232 | ) |         | $ | –         |         |  | $ | –                 | 





|                                       |  |         |          |   |         |   |            |         |  |   | Balance as of     | 
|-------------------------------------- |  | ------- | -------- | - | ------- | - | ---------- | ------- |  | - | ----------------- | 
|December 31, 2018                      |  | Level 1 |          |   | Level 2 |   |            | Level 3 |  |   | December 31, 2018 | 
|                                       |  |         |          |   |         |   |            |         |  |   |                   | 
|Assets                                 |  |         |          |   |         |   |            |         |  |   |                   | 
|                                       |  |         |          |   |         |   |            |         |  |   |                   | 
|Futures contracts (1)                  |  | $       | 69,626   |   |         | $ | –          |         |  | $ | –                 | 
|U.S. Government agency bonds and notes |  |         | –        |   |         |   | 9,735,119  |         |  |   | –                 | 
|Certificates of deposit                |  |         | –        |   |         |   | 836,001    |         |  |   | –                 | 
|Corporate notes                        |  |         | –        |   |         |   | 5,183,853  |         |  |   | –                 | 
|                                       |  |         |          |   |         |   |            |         |  |   |                   | 
|Total Assets                           |  | $       | 69,626   |   |         | $ | 15,754,973 |         |  | $ | –                 | 
|                                       |  |         |          |   |         |   |            |         |  |   |                   | 
|Liabilities                            |  |         |          |   |         |   |            |         |  |   |                   | 
|                                       |  |         |          |   |         |   |            |         |  |   |                   | 
|Futures contracts (1)                  |  | $       | (167,374 | ) |         | $ | –          |         |  | $ | –                 | 







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



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

For the years ended December 31, 2019 and
2018, there were no transfers between Level 1 and Level 2 assets and liabilities. For the years ended December 31, 2019 and 2018,
there were no Level 3 securities.











F-14







ALTEGRIS QIM FUTURES FUND, L.P.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

_______________



NOTE 1 - 	ORGANIZATION AND SIGNIFICANT ACCOUNTING
POLICIES (CONTINUED)



| | D. | Recent Accounting Pronouncements
| | -- | --------------------------------



In August
2018, the FASB issued an ASU, ASU 2018-13, which reduces the amount of disclosure associated with level 3 investments. This ASU
is effective for all entities for fiscal years beginning after December 15, 2019 and for interim periods within those fiscal years.
At this time, management is evaluating the implications of these changes on the financial statements.



| | E. | Investment Transactions and Investment Income
| | -- | ---------------------------------------------





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



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



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



J.P.
Morgan Chase Bank, N.A. (the “Custodian”) is the Partnership’s custodian. SG Americas Securities, LLC (the “Clearing
Broker”) is the Partnership’s commodity broker. A portion of the Partnership’s assets are held as initial margin
or option premiums (in cash or Treasury securities) in the Partnership’s brokerage accounts at the Clearing Broker. The Clearing
Broker may convert the Partnership’s cash in U.S. dollar to foreign currency to facilitate the Partnership’s commodity
trading activities. At times, the Partnership may carry foreign cash on loan with the Clearing Broker. Any net foreign currency
on loan will be recognized in Foreign Currency Due to Broker on the Statements of Financial Condition. The Partnership’s
Clearing Broker holds margin balances in a single currency, in which all margin requirements can be satisfied in U.S. dollars.
Foreign currency balances can also be used to satisfy margin requirements. As of December 31, 2019 and 2018, the Partnership’s
restricted cash balance on the Statements of Financial Condition of $1,247,462 and $1,012,429, respectively, represents the collateral
pledged by the Partnership to satisfy the Clearing Broker’s margin requirements in US Dollars. As of December 31, 2019 and
2018, the Partnership’s
restricted foreign currency balance on the Statements of Financial Condition of $0 and $105,654, respectively, represents the collateral
pledged by the Partnership to satisfy the Clearing Broker’s margin requirements in foreign currency. The Partnership’s
assets not deposited at the Clearing Broker are deposited with either the Custodian or held in bank cash accounts at Northern Trust
Company (and used to pay Partnership operating expenses).  For the Partnership’s cash deposited at the Custodian,
the Partnership receives cash management services from J.P. Morgan Investment Management Inc. (“JPMIM”).









F-15







ALTEGRIS QIM FUTURES FUND, L.P.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

_______________



NOTE 1 - 	ORGANIZATION AND SIGNIFICANT ACCOUNTING
POLICIES (CONTINUED)



| | F. | Futures Contracts
| | -- | -----------------





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



There
are several risks in connection with the use of futures contracts as an investment option. The change in value of futures contracts
primarily corresponds with the value of their underlying instruments. In addition, there is the risk that the Partnership may not
be able to enter into a closing transaction because of an illiquid secondary market. Open positions in futures contracts at December
31, 2019 and 2018 are reflected within the Condensed Schedules of Investments.



| | G. | 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 year.  Gains and losses resulting from the translation
to U.S. dollars are reported in the Statements of Income (Loss).



| | H. | Cash
| | -- | ----





The Partnership maintains a custody account
with JPMorgan Chase Bank, N.A. and Northern Trust Company. 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. Both restricted cash and restricted foreign
currency are held as margin collateral deposits for futures transactions.











F-16







ALTEGRIS QIM FUTURES FUND, L.P.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

_______________



NOTE 1 - 	ORGANIZATION AND SIGNIFICANT ACCOUNTING
POLICIES (CONTINUED)



| | I. | Income Taxes
| | -- | ------------





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



The Partnership is required
to determine whether its tax positions are more likely than not to be sustained upon examination by the applicable taxing authority,
including resolution of any related appeals or litigation processes, based on the technical merits of the position. The tax
benefit recognized is measured as the largest amount of benefit that has a greater than fifty percent likelihood of being realized
upon ultimate settlement with the relevant taxing authority. De-recognition of a tax benefit previously recognized results
in the Partnership recording a tax liability that reduces ending partners’ capital. Based on its analysis, the Partnership
has determined that it has not incurred any liability for unrecognized tax benefits as of December 31, 2019, 2018 and 2017.
However, the Partnership’s conclusions may be subject to review and adjustment at a later date based on factors including,
but not limited to, on-going analyses of and changes to tax laws, regulations and interpretations thereof. The Partnership is subject
to income tax examinations by major taxing authorities for all tax years since 2016.



The Partnership recognizes
interest and penalties related to unrecognized tax benefits in interest expense and other expenses, respectively.  No interest
expense or penalties have been recognized as of and for the years ended December 31, 2019, 2018 and 2017.



NOTE 2 - 	PARTNERS’ CAPITAL



A. Capital Accounts and Allocation of Income and Loss



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



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









F-17







ALTEGRIS QIM FUTURES FUND, L.P.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

_______________



NOTE 2 - 	PARTNERS’ CAPITAL (CONTINUED)



B. Subscriptions, Distributions and Redemptions



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



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



The Partnership is not required to make
distributions, but may do so at the sole discretion of the General Partner. A Limited Partner may request and receive redemption
of capital, subject to restrictions set forth in the Agreement. The General Partner may request and receive redemption of capital,
subject to the same terms as any Limited Partner. The partners may withdraw their interests on a monthly basis upon at least 15
days’ prior written notice, subject to the discretion of the General Partner. No distributions were made for the years ended
December 31, 2019, 2018 and 2017.



NOTE 3 -	RELATED PARTY TRANSACTIONS



A. General Partner Management Fee



The General Partner receives a monthly
management fee from the Partnership equal to 0.104% (1.25% annually) for Class A and Class B, and 0.0625% (0.75% annually) for
Institutional Interests of the Partnership's net asset value apportioned to each Partner’s capital account at the beginning
of the month, before deduction of any accrued incentive fees related to the current quarter (the “management fee net asset
value”). The General Partner may declare any Limited Partner a “Special Limited Partner” and the management fees
or incentive fees charged to any such partner may be different than those charged to other Limited Partners. For the years ended
December 31, 2019, 2018 and 2017, there were no Special Limited Partners.



Total management fees earned by the General
Partner for the years ended December 31, 2019, 2018 and 2017 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 years ended December 31, 2019, 2018 and 2017, administrative fees for Class A Interests
were $32,262, $59,591 and $71,570, respectively, and administrative fees for Class B Interests were $15,262, $22,492 and $26,186,
respectively.









F-18







ALTEGRIS QIM FUTURES FUND, L.P.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

_______________



NOTE 3 - 	RELATED PARTY TRANSACTIONS (CONTINUED)



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



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



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



At December 31, 2019, 2018 and 2017, respectively,
the Partnership had charges for brokerage-related services payable to Altegris Clearing Solutions of $3,727, $17,509 and $12,021,
respectively, and service fees payable to Altegris Investments of $2,532, $3,525 and $5,217, respectively. The following tables
show the fees paid to Altegris Investments and Altegris Clearing Solutions for the years ended December 31, 2019, 2018 and 2017,
respectively:





|                                                        |  | Year ended        |         |  | Year ended        |   |         | Year ended        | 
|------------------------------------------------------- |  | ----------------- | ------- |  | ----------------- | - | ------- | ----------------- | 
|                                                        |  | December 31, 2019 |         |  | December 31, 2018 |   |         | December 31, 2017 | 
|Altegris Clearing Solutions - Brokerage Commission fees |  | $                 | 128,820 |  |                   | $ | 224,549 |                   | 
|Altegris Investments- Service fees                      |  |                   | 34,050  |  |                   |   | 50,980  |                   | 
|Total                                                   |  | $                 | 162,870 |  |                   | $ | 275,529 |                   | 



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



NOTE 4 - 	ADVISORY CONTRACT

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









F-19







ALTEGRIS QIM FUTURES FUND, L.P.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

_______________



NOTE 5 - 	SERVICE FEES



As compensation for the continuing services
of the selling agents to the Class A Limited Partners, Class A Interests pay the selling agents an ongoing monthly payment of 0.166%
(2% annually) of the net asset value of interests sold by the agents that are outstanding at month-end. As compensation for the
continuing services of the selling agents to the Limited Partners holding Institutional Interests, the selling agents may elect
the Institutional Interests to pay the selling agents an ongoing monthly payment of 0.0417% (0.50% annually) of the net asset value
of Institutional Interests sold by the agents that are outstanding at month-end. For the years ended December 31, 2019, 2018 and
2017, service fees for Class A Interests were $192,260, $350,441 and $433,670, respectively, and service fees for Institutional
Interests were $0, $0, and $286.



NOTE 6 - 	BROKERAGE COMMISSIONS





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

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



NOTE 7 - 	FINANCIAL DERIVATIVE INSTRUMENTS



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









F-20







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 December 31, 2019 and, 2018. The fair value of derivative contracts is presented as an asset if in a
gain position and a liability if in a loss position. The derivative contracts qualify for net presentation in the Statements of
Financial Condition, however fair value is presented on a gross basis in the table below.



|December 31, 2019
|-----------------
|                 
|Type of          
|Futures Contracts
|                 
|Futures Contracts
|                 
|Currencies       
|Energy           
|Interest Rates   
|Metals           
|Stock Indices    
|Treasury Rates   
|                 
|                 





|December 31, 2018                                                                                        
|---------------------------------------------------------------------------------------------------------
|                                                                                                         
|Type of
                                                                                Futures Contracts
|                                                                                                         
|Futures Contracts                                                                                        
|                                                                                                         
|Currencies                                                                                               
|Energy                                                                                                   
|Interest Rates                                                                                           
|Metals                                                                                                   
|Stock Indices                                                                                            
|Treasury Rates                                                                                           
|                                                                                                         
|                                                                                                         



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 years ended December 31, 2019, 2018 and 2017.









F-21







ALTEGRIS QIM FUTURES FUND, L.P.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

_______________



NOTE 7 - 	FINANCIAL DERIVATIVE
INSTRUMENTS (CONTINUED)



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



|Year Ended December 31, 2019
|----------------------------
|Type of                     
|Futures Contracts           
|                            
|Futures Contracts           
|Currencies                  
|Energy                      
|Interest Rates              
|Metals                      
|Stock Indices               
|Treasury Rates              
|                            
|                            



For the year ended December 31, 2019, the
number of futures contracts closed was 10,268. These closed contract amounts are representative of the Partnership’s volume
of derivative activity during the year.



|Year Ended December 31, 2018
|----------------------------
|                            
|Type of                     
|Futures Contracts           
|                            
|Futures Contracts           
|Currencies                  
|Energy                      
|Interest Rates              
|Metals                      
|Stock Indices               
|Treasury Rates              
|                            
|                            



For the year ended December 31, 2018, the
number of futures contracts closed was 19,348. These closed contract amounts are representative of the Partnership’s volume
of derivative activity during the year.







F-22









ALTEGRIS QIM FUTURES FUND, L.P.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

_______________



NOTE 7 - 	FINANCIAL DERIVATIVE
INSTRUMENTS (CONTINUED)



|Year Ended December 31, 2017
|----------------------------
|                            
|Type of                     
|Futured Contracts           
|                            
|Futures Contracts           
|Currencies                  
|Energy                      
|Interest Rates              
|Metals                      
|Stock Indices               
|Treasury Rates              
|                            
|                            



For the year ended December 31, 2017, the
number of futures contracts closed was 29,414. These closed contract amounts are representative of the Partnership’s volume
of derivative activity during the year.



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) the Clearing Broker is directed
or required by a regulatory or self-regulatory organization, (ii) the Clearing Broker determines, at its discretion, that the risk
in the Partnership’s account must be reduced for protection of the Clearing Broker, (iii) upon the Partnership’s breach
or failure to perform on its contractual agreements with the Clearing Broker, (iv) upon the commencement of bankruptcy, insolvency
or similar proceeding for the protection of creditors against the Partnership, or (v) upon the dissolution, winding-up, liquidation
or merger of the Partnership.

















F-23









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 Statements of Financial Condition |  |                                                                                                      
|As of December 31, 2019                               |  |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |  |  |                                                                                                                                                                                                                                                                                                                             |   |  |                                                                                                                                                                                                                                                                                                                                        |                                                                   |  |                                                                                                      
|                                                      |  |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |  |  |                                                                                                                                                                                                                                                                                                                             |   |  |                                                                                                                                                                                                                                                                                                                                        |                                                                   |  |                                                                                                      
|Description                                           |  |  | Gross
                                                                                                                                                                                                          Amounts of
                                                                                                                                                                                                          Recognized
                                                                                Assets |  |  | Gross Amounts
                                                                                       Offset in the
                                                                                       Statements of
                                                                                Financial Condition |   |  | Net Amounts
                                                                                       of Assets Presented
                                                                                       in the Statements
                                                                                of Financial Condition |                                                                   |  | Financial
                                                                                Instruments
|                                                      |  |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |  |  |                                                                                                                                                                                                                                                                                                                             |   |  |                                                                                                                                                                                                                                                                                                                                        |                                                                   |  |                                                                                                      
|Futures Contracts*                                    |  |  | 271,712                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |  |  | (88,248                                                                                                                                                                                                                                                                                                                     | ) |  | 183,464                                                                                                                                                                                                                                                                                                                                |                                                                   |  | –                                                                                                    





|Offsetting the Financial Liabilities and Derivative Liabilities |  |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |  |                                                                                                                                                                                                                                                                                                                             |  |  |                                                                                                                                                                                                                                                                                                                                             |                                                                   |  |                                                                                                      
|--------------------------------------------------------------- |  |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | - |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------- |  | -----------------------------------------------------------------------------------------------------
|                                                                |  |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |  |                                                                                                                                                                                                                                                                                                                             |  |  |                                                                                                                                                                                                                                                                                                                                             | Gross Amounts Not Offset in the Statements of Financial Condition |  |                                                                                                      
|As of December 31, 2019                                         |  |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |  |                                                                                                                                                                                                                                                                                                                             |  |  |                                                                                                                                                                                                                                                                                                                                             |                                                                   |  |                                                                                                      
|                                                                |  |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |  |                                                                                                                                                                                                                                                                                                                             |  |  |                                                                                                                                                                                                                                                                                                                                             |                                                                   |  |                                                                                                      
|Description                                                     |  |  | Gross
                                                                                                                                                                                                          Amounts of
                                                                                                                                                                                                          Recognized
                                                                                Liabilities |   |  | Gross Amounts
                                                                                       Offset in the
                                                                                       Statements of
                                                                                Financial Condition |  |  | Net Amounts
                                                                                       of Liabilities Presented
                                                                                       in the Statements
                                                                                of Financial Condition |                                                                   |  | Financial
                                                                                Instruments
|                                                                |  |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |  |                                                                                                                                                                                                                                                                                                                             |  |  |                                                                                                                                                                                                                                                                                                                                             |                                                                   |  |                                                                                                      
|Futures Contracts*                                              |  |  | (88,248                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | ) |  | 88,248                                                                                                                                                                                                                                                                                                                      |  |  | –                                                                                                                                                                                                                                                                                                                                           |                                                                   |  | –                                                                                                    









F-24






ALTEGRIS QIM FUTURES FUND, L.P.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

_______________



NOTE 7 - 	FINANCIAL DERIVATIVE
INSTRUMENTS (CONTINUED)







|Offsetting the Financial Assets and Derivative Assets |  |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |  |  |                                                                                                                                                                                                                                                                                                                             |   |  |                                                                                                                                                                                                                                                                                                                                        |                                                                   |  |                                                                                                      
|----------------------------------------------------- |  |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | - |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------- |  | -----------------------------------------------------------------------------------------------------
|                                                      |  |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |  |  |                                                                                                                                                                                                                                                                                                                             |   |  |                                                                                                                                                                                                                                                                                                                                        | Gross Amounts Not Offset in the Statements of Financial Condition |  |                                                                                                      
|As of December 31, 2018                               |  |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |  |  |                                                                                                                                                                                                                                                                                                                             |   |  |                                                                                                                                                                                                                                                                                                                                        |                                                                   |  |                                                                                                      
|                                                      |  |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |  |  |                                                                                                                                                                                                                                                                                                                             |   |  |                                                                                                                                                                                                                                                                                                                                        |                                                                   |  |                                                                                                      
|Description                                           |  |  | Gross
                                                                                                                                                                                                          Amounts of
                                                                                                                                                                                                          Recognized
                                                                                Assets |  |  | Gross Amounts
                                                                                       Offset in the
                                                                                       Statements of
                                                                                Financial Condition |   |  | Net Amounts
                                                                                       of Assets Presented
                                                                                       in the Statements
                                                                                of Financial Condition |                                                                   |  | Financial
                                                                                Instruments
|                                                      |  |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |  |  |                                                                                                                                                                                                                                                                                                                             |   |  |                                                                                                                                                                                                                                                                                                                                        |                                                                   |  |                                                                                                      
|Futures Contracts*                                    |  |  | 46,809                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |  |  | (46,809                                                                                                                                                                                                                                                                                                                     | ) |  | –                                                                                                                                                                                                                                                                                                                                      |                                                                   |  | –                                                                                                    





|Offsetting the Financial Liabilities and Derivative Liabilities |  |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |  |                                                                                                                                                                                                                                                                                                                             |  |  |                                                                                                                                                                                                                                                                                                                                             |                                                                   |  |                                                                                                      
|--------------------------------------------------------------- |  |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | - |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------- |  | -----------------------------------------------------------------------------------------------------
|                                                                |  |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |  |                                                                                                                                                                                                                                                                                                                             |  |  |                                                                                                                                                                                                                                                                                                                                             | Gross Amounts Not Offset in the Statements of Financial Condition |  |                                                                                                      
|As of December 31, 2018                                         |  |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |  |                                                                                                                                                                                                                                                                                                                             |  |  |                                                                                                                                                                                                                                                                                                                                             |                                                                   |  |                                                                                                      
|                                                                |  |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |  |                                                                                                                                                                                                                                                                                                                             |  |  |                                                                                                                                                                                                                                                                                                                                             |                                                                   |  |                                                                                                      
|Description                                                     |  |  | Gross
                                                                                                                                                                                                          Amounts of
                                                                                                                                                                                                          Recognized
                                                                                Liabilities |   |  | Gross Amounts
                                                                                       Offset in the
                                                                                       Statements of
                                                                                Financial Condition |  |  | Net Amounts
                                                                                       of Liabilities Presented
                                                                                       in the Statements
                                                                                of Financial Condition |                                                                   |  | Financial
                                                                                Instruments
|                                                                |  |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |  |                                                                                                                                                                                                                                                                                                                             |  |  |                                                                                                                                                                                                                                                                                                                                             |                                                                   |  |                                                                                                      
|Futures Contracts*                                              |  |  | (98,826                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | ) |  | 46,809                                                                                                                                                                                                                                                                                                                      |  |  | (52,017                                                                                                                                                                                                                                                                                                                                     | )                                                                 |  | –                                                                                                    





(1) The
Partnership posted additional collateral of $1,247,462 as of December 31, 2019 and $1,066,066 for December 31, 2018 with the
Clearing Broker. The
Partnership may post collateral due to a variety
of factors that may include, without limitation, initial margin or other requirements that are based on notional amounts
which may exceed the fair value of the derivative contract.

* Futures contracts excludes settled variation margin.







F-25







ALTEGRIS QIM FUTURES FUND, L.P.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

_______________



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





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



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



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



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



NOTE 9 - 	INDEMNIFICATIONS



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







F-26







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 years ended December 31, 2019, 2018 and 2017. This information has been derived
from information presented in the financial statements.



|                                     |  | Year ended December 31, 2019 |       
|------------------------------------ |  | ---------------------------- | ------
|                                     |  |                              |       
|                                     |  | Class A                      |       
|                                     |  |                              |       
|Total return for Limited Partners    |  |                              |       
|Total return prior to incentive fees |  |                              | (5.60%
|Incentive fees                       |  |                              | 0.00% 
|                                     |  |                              |       
|Total return after incentive fees    |  |                              | (5.60%
|                                     |  |                              |       
|Ratio to average net asset value     |  |                              |       
|Expenses prior to incentive fees     |  |                              | 5.11% 
|Incentive fees                       |  |                              | 0.00% 
|                                     |  |                              |       
|Total expenses                       |  |                              | 5.11% 
|                                     |  |                              |       
|Net investment loss (1)              |  |                              | (3.11%



|                                     |  | Year ended December 31, 2018 |        
|------------------------------------ |  | ---------------------------- | -------
|                                     |  |                              |        
|                                     |  | Class A                      |        
|                                     |  |                              |        
|Total return for Limited Partners    |  |                              |        
|Total return prior to incentive fees |  |                              | (11.80%
|Incentive fees                       |  |                              | (0.01% 
|                                     |  |                              |        
|Total return after incentive fees    |  |                              | (11.81%
|                                     |  |                              |        
|Ratio to average net asset value     |  |                              |        
|Expenses prior to incentive fees     |  |                              | 4.72%  
|Incentive fees                       |  |                              | 0.01%  
|                                     |  |                              |        
|Total expenses                       |  |                              | 4.73%  
|                                     |  |                              |        
|Net investment loss (1)              |  |                              | (3.08% 



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
| | --- | ----------------------



F-27







ALTEGRIS QIM FUTURES FUND, L.P.

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

_______________



NOTE 10 -	FINANCIAL HIGHLIGHTS
(CONTINUED)



|                                     |  | Year ended December 31, 2017 |       
|------------------------------------ |  | ---------------------------- | ------
|                                     |  |                              |       
|                                     |  | Class A                      |       
|                                     |  |                              |       
|Total return for Limited Partners    |  |                              |       
|Total return prior to incentive fees |  |                              | 5.36% 
|Incentive fees                       |  |                              | (2.31%
|                                     |  |                              |       
|Total return after incentive fees    |  |                              | 3.05% 
|                                     |  |                              |       
|Ratio to average net asset value     |  |                              |       
|Expenses prior to incentive fees     |  |                              | 4.58% 
|Incentive fees                       |  |                              | 2.20% 
|                                     |  |                              |       
|Total expenses                       |  |                              | 6.78% 
|                                     |  |                              |       
|Net investment loss (1)              |  |                              | (3.88%



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.
| | --- | -----------------------



NOTE 11 - 	SUBSEQUENT EVENTS



Management of the Partnership evaluated
subsequent events through the date these financial statements were available to be issued, and concluded that no events subsequent
to December 31, 2019 have occurred that would require recognition or disclosure, except as noted below.



From January 1, 2020 through March 9, 2020,
the Partnership had redemptions of $207,093.

















F-28