10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

x QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) of the

SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2014

OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period fromto

Commission File Number 0-53965

GRAHAM ALTERNATIVE INVESTMENT FUND I LLC

BLENDED STRATEGIES PORTFOLIO

(Exact name of registrant as specified in its charter)

Delaware	20-4897069
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

c/o GRAHAM CAPITAL MANAGEMENT, L.P.

40 Highland Avenue

Rowayton, CT  06853

(Address of principal executive offices) (Zip Code)

Paul Sedlack

Graham Capital Management, L.P.

40 Highland Avenue

Rowayton, CT  06853

(203) 899-3400

(Registrant’s telephone number, including area code)

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

Yes x No o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of the chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes x  No o

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

 

Large accelerated filer o Accelerated filer o Non-accelerated filer o Smaller reporting company x

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

Yes o  No x

As of November 1, 2014, 675,109.895 Units of the Blended Strategies Portfolio were outstanding.

GRAHAM ALTERNATIVE INVESTMENT FUND I LLC

BLENDED STRATEGIES PORTFOLIO

FORM 10-Q

INDEX

		Page
		Number
PART I - Financial Information:
Item 1.	Financial Statements:
	Graham Alternative Investment Fund I LLC Blended Strategies Portfolio
	Statements of Financial Condition at September 30, 2014 (unaudited) and December 31, 2013 (audited)	1
	Unaudited Statements of Operations for the three and nine months ended September 30, 2014 and 2013	2
	Unaudited Statements of Changes in Members’ Capital for the nine months ended September 30, 2014 and 2013	3
	Unaudited Statements of Cash Flows for the nine months ended September 30, 2014 and 2013	4
	Notes to Unaudited Financial Statements	5
	Graham Alternative Investment Trading LLC
	Statements of Financial Condition at September 30, 2014 (unaudited) and December 31, 2013 (audited)	13
	Condensed Schedules of Investments at September 30, 2014 (unaudited) and December 31, 2013 (audited)	14
	Unaudited Statements of Operations and Incentive Allocation for the three and nine months ended September 30, 2014 and 2013	15
	Unaudited Statements of Changes in Members’ Capital for the nine months ended September 30, 2014 and 2013	16
	Unaudited Statements of Cash Flows for the nine monthsended September 30, 2014 and 2013	17
	Notes to Unaudited Financial Statements	18
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	55
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	63

Item 4.	Controls and Procedures	64
PART II - Other Information		65
Exhibits
EX - 31.1	Certification
EX - 31.2	Certification
EX - 32.1	Certification

PART I

Item 1. Financial Statements

Graham Alternative Investment Fund I LLC

Blended Strategies Portfolio

Statements of Financial Condition

	September 30, 2014 (Unaudited)		December 31, 2013 (Audited)
Assets
Investment in Graham Alternative Investment Trading LLC, at fair value	$	84,965,394	$	99,045,133
Redemption receivable from Graham Alternative Investment Trading LLC		6,638,045		3,619,464
Total assets	$	91,603,439	$	102,664,597
Liabilities and members’ capital
Liabilities:
Accrued redemptions	$	6,638,045	$	3,619,464
Total liabilities		6,638,045		3,619,464
Members’ capital:
Class 0 Units (465,282.761 and 605,548.066 units issued and outstanding at $131.61 and $127.72, respectively)		61,234,992		77,340,803
Class 2 Units (237,554.201 and 220,552.039 units issued and outstanding at $99.89 and $98.41, respectively)		23,730,402		21,704,330
Total members’ capital		84,965,394		99,045,133
Total liabilities and members’ capital	$	91,603,439	$	102,664,597

See accompanying notes.

1

Graham Alternative Investment Fund I LLC

Blended Strategies Portfolio

Unaudited Statements of Operations

	Three Months Ended September 30,						Nine Months Ended September 30,
	2014			2013			2014			2013
Net gain (loss) allocated from investment in Graham Alternative Investment Trading LLC
Net realized gain (loss) on investments	$	7,968,167		$	(5,919,049	)	$	1,919,517		$	10,989,075
Net increase (decrease) in unrealized appreciation on investments		4,288,027			2,590,408			1,836,951			(1,164,367	)
Brokerage commissions and fees		(126,896	)		(111,470	)		(383,844	)		(621,684	)
Net gain (loss) allocated from investment in Graham Alternative Investment Trading LLC		12,129,298			(3,440,111	)		3,372,624			9,203,024
Net investment loss allocated from investment in Graham Alternative Investment Trading LLC
Investment income
Interest income		44,077			56,893			141,252			199,638
Expenses
Advisory fees		380,169			475,643			1,164,444			1,811,268
Sponsor fees		275,934			315,823			818,106			1,140,204
Professional fees and other		33,780			25,603			109,982			311,504
Administrator’s fees		30,028			35,274			89,760			134,760
Total expenses		719,911			852,343			2,182,292			3,397,736
Net investment loss allocated from investment in Graham Alternative Investment Trading LLC		(675,834	)		(795,450	)		(2,041,040	)		(3,198,098	)
Net income (loss)	$	11,453,464		$	(4,235,561	)	$	1,331,584		$	6,004,926

See accompanying notes.

2

Graham Alternative Investment Fund I LLC

Blended Strategies Portfolio

Unaudited Statements of Changes in Members’ Capital

For the nine months ended September 30, 2014 and 2013

	Class 0 Units						Class 2 Units
	Units			Capital			Units			Capital			Total Members’ Capital
Members’ capital, December 31, 2012		1,241,639.087		$	142,637,622			279,471.807		$	25,234,372		$	167,871,994
Subscriptions		40,708.235			4,965,000			6,942.297			651,886			5,616,886
Redemptions		(605,373.540	)		(74,399,999	)		(53,822.202	)		(5,073,882	)		(79,473,881	)
Net income		–			5,797,769			–			207,157			6,004,926
Members’ capital, September 30, 2013		676,973.782		$	79,000,392			232,591.902		$	21,019,533		$	100,019,925
	Class 0 Units						Class 2 Units
	Units			Capital			Units			Capital			Total Members’ Capital
Members’ capital, December 31, 2013		605,548.066		$	77,340,803			220,552.039		$	21,704,330		$	99,045,133
Subscriptions		24,884.030			2,920,787			61,551.245			5,413,720			8,334,507
Redemptions		(165,149.335	)		(19,778,763	)		(44,549.083	)		(3,967,067	)		(23,745,830	)
Net income		–			752,165			–			579,419			1,331,584
Members’ capital, September 30, 2014		465,282.761		$	61,234,992			237,554.201		$	23,730,402		$	84,965,394

See accompanying notes.

3

Graham Alternative Investment Fund I LLC

Blended Strategies Portfolio

Unaudited Statements of Cash Flows

	Nine Months Ended September 30,
	2014			2013
Cash flows provided by operating activities
Net income	$	1,331,584		$	6,004,926
Adjustments to reconcile net income to net cash provided by operating activities:
Net income allocated from investment in Graham Alternative Investment Trading LLC		(1,331,584	)		(6,004,926	)
Proceeds from sale of investments in Graham Alternative Investment Trading LLC		20,727,249			90,594,683
Investments in Graham Alternative Investment Trading LLC		(8,334,507	)		(5,616,886	)
Net cash provided by operating activities		12,392,742			84,977,797
Cash flows used in financing activities
Subscriptions		8,334,507			5,616,886
Redemptions		(20,727,249	)		(90,594,683	)
Net cash used in financing activities		(12,392,742	)		(84,977,797	)
Net change in cash and cash equivalents		–			–
Cash and cash equivalents, beginning of period		–			–
Cash and cash equivalents, end of period	$	–		$	–

See accompanying notes.

4

 Graham Alternative Investment Fund I LLC

Blended Strategies Portfolio

Notes to Unaudited Financial Statements

September 30, 2014

1. Organization and Business

The Blended Strategies Portfolio (the “Fund”) is a series of Graham Alternative Investment Fund I LLC (“GAIF I”), a Delaware Series Limited Liability Company established through an amendment to the certificate of formation, effective March 28, 2013. GAIF I has two other series in addition to the Fund, Systematic Strategies Portfolio and Discretionary Strategies Portfolio. GAIF I closed the Discretionary Strategies Portfolio on June 30, 2014. Prior to March 28, 2013, GAIF I was organized as a Delaware Limited Liability Company which was formed on May 16, 2006 and commenced operations on August 1, 2006. Comparative information contained within these financial statements for periods prior to March 28, 2013 represent the data pertaining solely to the Blended Strategies Portfolio. GAIF I is a commodity pool, and as such is subject to the oversight and jurisdiction of the U.S. Commodity Futures Trading Commission (“CFTC”).

As a Series Limited Liability Company each series is legally segregated, and the assets associated with each series are held separately and accounted for in separate and distinct records from the assets of any other series of GAIF I. The debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to a particular series are enforceable against the assets of such series only, and not against the assets of GAIF I generally or any other series thereof. Further, none of the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to GAIF I are enforceable against the assets of any other series.

The Fund offers investors Class 0 and Class 2 units. The Fund invests all of its assets dedicated to trading in Graham Alternative Investment Trading LLC (“GAIT”), a Delaware Limited Liability Company which was formed on May 18, 2006 and commenced operations on August 1, 2006. GAIT invests in various master trading vehicles (“Master Funds”), all of which are managed by Graham Capital Management, L.P. (the “Advisor” or “Manager”). The Manager is the manager and the sole investment advisor of GAIT and the Fund. The Manager is registered as a Commodity Pool Operator and Commodity Trading Advisor with the U.S. CFTC and is a member of the National Futures Association. The Manager is also registered as a Registered Investment Advisor with the Securities and Exchange Commission. The Fund’s Units are registered under the Securities Exchange Act of 1934.

The investment objective of the Fund is to achieve long-term capital appreciation through professionally managed trading in both U.S. and foreign markets primarily in futures contracts, forwards contracts, spot currency contracts, and associated derivative instruments, such as options and swaps, through its investment in GAIT, which in turn invests in various Master Funds. The Master Funds seek to profit from opportunities in the global financial markets, including interest rate futures, foreign exchange, global stock indices and energy, metals and agricultural futures, as professionally managed multi-strategy investment vehicles. Each of the investment programs consists of multiple trading strategies of the Manager, which the Manager has combined in an effort to diversify the Fund’s investment exposure and to make the Fund’s performance returns less volatile and more consistently profitable.

SEI Global Services, Inc. (“SEI”) is the Fund’s independent administrator and transfer agent. SEI is responsible for certain matters pertaining to the administration of the Fund.

The Fund will terminate on December 31, 2050 or at an earlier date if certain conditions occur as outlined in the Limited Liability Company Agreement (“LLC Agreement”).

The performance of the Fund is directly affected by the performance of GAIT; therefore these financial statements should be read in conjunction with the attached financial statements of GAIT.

5

 Graham Alternative Investment Fund I LLC

Blended Strategies Portfolio

Notes to Unaudited Financial Statements (continued)

1. Organization and Business (continued)

Duties of the Manager

Subject to the terms and conditions of the LLC Agreement, the Manager has complete and exclusive responsibility for managing and administering the affairs of the Fund and for directing the investment and reinvestment of the assets of the Fund and GAIT.

2. Summary of Significant Accounting Policies

These financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) and all amounts are stated in U.S. dollars. The Fund is an investment company and applies specialized accounting guidance as outlined in Financial Accounting Standards Board Accounting Standards Update 2013-08, Financial Services – Investment Companies (Topic 946), Amendments to the Scope, Measurement, and Disclosure Requirements. The Manager has evaluated this guidance and has determined the Fund meets the criteria to be classified as an investment company. The preparation of these financial statements requires the Manager to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

Investment in Graham Alternative Investment Trading LLC

The Fund records its investment in GAIT at fair value based upon the Fund’s proportionate share of GAIT’s reported net asset value in accordance with U.S. GAAP. In determining its net asset value, GAIT records its investments in Master Funds at fair value based upon GAIT’s proportionate share of the Master Funds’ reported net asset value. The Fund records its proportionate share of GAIT’s investment income and loss, expenses, fees, and realized and unrealized gains and losses on a monthly basis and includes them in the statements of operations. Purchases and sales of units in GAIT are recorded on a trade date basis. The accounting policies of GAIT are described in its attached financial statements.

GAIT charges its investors, including the Fund, an advisory fee, administrator’s fee, sponsor fee and incentive allocation, all of which are described in detail in Note 4. The Fund does not charge any additional fees; however each investor in the Fund indirectly bears a portion of the advisory fee, sponsor fee, administrator’s fee, and incentive allocation charged by GAIT.

At September 30, 2014 and December 31, 2013, the Fund owned 55.53% and 54.85%, respectively of GAIT.

Fair Value

The fair value of the assets and liabilities of the Fund and GAIT, which qualify as financial instruments under U.S. GAAP, approximates the carrying amounts presented in the statements of financial condition. Changes in these carrying amounts are included in the statements of operations.

The Fund follows U.S. GAAP for fair value measurements, which defines fair value, establishes a framework for measuring fair value, and requires certain disclosures about fair value measurements. The Fund reports the fair value of its investment related assets and liabilities in accordance with the hierarchy established under U.S. GAAP. U.S. GAAP uses a three level hierarchy for fair value measurement based on the activeness of the market and the transparency and independence of inputs used in the valuation of an asset or liability as of the measurement date.

6

 Graham Alternative Investment Fund I LLC

Blended Strategies Portfolio

Notes to Unaudited Financial Statements (continued)

2. Summary of Significant Accounting Policies (continued)

Fair Value (continued)

The fair value hierarchy categorizes asset and liability positions into one of three levels, as summarized below, based on the inputs and assumptions used in deriving fair value.

· Level 1 inputs are unadjusted closing or settlement prices for such assets or liabilities as published by the primary exchange upon which they are traded.

· Level 2 inputs include quoted prices for similar assets and liabilities obtained from independent brokers and/or market makers in each security. With respect to the Fund’s investment in GAIT, Level 2 inputs include the net asset value of the underlying fund in which it holds an investment.

· Level 3 inputs are those which are considered unobservable and are significant in arriving at fair value.

In accordance with this hierarchy, the Fund’s investment in GAIT has been classified as a Level 2 valuation. There were no Level 3 assets or liabilities held at any point during the nine months ended September 30, 2014 or the year ended December 31, 2013 by the Fund, GAIT, or the Master Funds, and there were no transfers between levels during those periods. Transfers between levels, if any, are recognized on the actual date of the event or change in circumstances that cause the transfer.

Indemnifications

In the normal course of business, the Master Funds, GAIT, Graham Cash Assets LLC (“Cash Assets”), and the Fund enter into contracts that contain a variety of indemnifications. Such contracts may include those by Cash Assets and the Master Funds with their brokers and trading counterparties. The Fund’s maximum exposure under these arrangements is unknown; however, the Fund has not had prior claims or losses with respect to such indemnifications and considers the risk of loss to be remote.

3. Capital Accounts

The Fund offers two classes (each a “Class”) of Units (collectively the “Units”), being Class 0 Units and Class 2 Units. The Fund may issue additional Classes in the future subject to different fees, expenses or other terms, or to invest in other investment programs or combinations of investment programs managed by the Manager.

A separate Capital Account is maintained for each Member with respect to each member’s Class of Units. The initial balance of each Member’s Capital Account is equal to the initial contribution to the Fund by such Member with respect to the Class to which such Capital Account relates. Each Member’s Capital Account is increased by any additional subscription, and decreased by any redemption by such Member of Units of such Class to which the Capital Account relates. All income and expenses of the Fund are allocated among the Members’ Capital Accounts in proportion to the balance that each Capital Account bears to the balance of all Capital as of the beginning of such fiscal period.

Subscriptions

Units may be purchased at a price equal to the Net Asset Value per Unit of the relevant Class as of the immediately preceding Valuation Day as defined in the LLC Agreement. The minimum initial subscription from each investor in each Class is $50,000. Members may subscribe for additional Units in a minimum amount of not less than $5,000.

7

 Graham Alternative Investment Fund I LLC

Blended Strategies Portfolio

Notes to Unaudited Financial Statements (continued)

3. Capital Accounts (continued)

Subscriptions (continued)

Units are available for subscription as of the first business day of each month upon written notice of at least three business days prior to the last business day of the preceding month.

Redemption of Units

Units are not subject to any minimum holding period. Members may redeem Units at the Net Asset Value thereof as of each Valuation Day, as defined in the LLC Agreement, upon not less than three business days’ prior written notice to the administrator. A partial redemption request for an amount less than $10,000 will not be accepted, nor will a redemption request be accepted to the extent that it would result in an investor owning less than $25,000. The redemption proceeds will normally be remitted within 15 days after the Valuation Day, without interest for the period from the Valuation Day to the payment date.

Redemption Fees

Class 2 Units are subject to a redemption fee equal to 2% of their Net Asset Value if redeemed within six months from their subscription date and a redemption fee equal to 1% of their Net Asset Value if redeemed more than six and less than twelve months from their subscription date. Class 0 Units are not subject to a redemption fee. Redemption fees are payable to the Manager upon redemption of Units from the proceeds of such redemption. Redemption fees of $0 and $4,244 were paid to the Manager for the nine months ended September 30, 2014 and 2013, respectively, and are included as redemptions in the statements of changes in members’ capital.

4. Fees and Related Party Transactions

Advisory Fees

For the nine months ended September 30, 2014 and 2013, each Class of GAIT other than Class M paid the Manager an advisory fee (the “Advisory Fee”) at an aggregate annual rate equal to 1.75% of the Net Asset Value of such Class. The Advisory Fee is payable monthly in arrears calculated as of the last business day of each month and any other date the Manager may permit, in its sole and absolute discretion, as of which any subscription or redemption is effected with respect to Units of such Class during the month.

8

 Graham Alternative Investment Fund I LLC

Blended Strategies Portfolio

Notes to Unaudited Financial Statements (continued)

4. Fees and Related Party Transactions (continued)

Sponsor Fees

For the nine months ended September 30, 2014 and 2013, each Class of GAIT other than Class M paid the Manager a sponsor fee (the “Sponsor Fee”) at an annual rate of the Net Asset Value specified in the table below. The Sponsor Fee is payable monthly in arrears calculated as of the last business day of each month in the same manner as the Advisory Fee. For the three months ended March 31, 2013, the annual rate listed below for Class 2 comprised a Sponsor Fee of 0.75% and selling agent fee (the “Selling Agent Fee”) of 2%, which was used to compensate selling agents for initial and on-going services to the Fund. Subsequent to March 31, 2013, the Sponsor Fee and the Selling Agent Fee were combined to form the Sponsor Fee listed in the table below.

Class	Annual Rate
Class 0	0.75%
Class 2	2.75%

Incentive Allocation

At the end of each calendar quarter, the Manager of GAIT will receive a special allocation of net profits (the “Incentive Allocation”) in an amount equal to 20% of the New High Net Trading Profits of each Class of GAIT, as defined in the LLC Agreement. The Incentive Allocation is also accrued and allocable on the date of redemption with respect to any Units that are redeemed prior to the end of a calendar quarter. Additionally, any loss carryforward attributable to any class of GAIT shall be proportionately reduced, effective as of the date of any redemption of any Units of such class, by multiplying the loss carryforward by the ratio that the amount of assets redeemed from such class bears to the net assets of such class immediately prior to such redemption. The loss carryforward of a class must be recouped before any subsequent Incentive Allocation can be made to the Manager.

Administrator’s Fee

For the nine months ended September 30, 2014 and 2013, GAIT paid SEI a monthly administrator’s fee based on GAIT’s net asset value, calculated as of the last business day of each month. In addition, GAIT reimbursed SEI for reasonable out-of-pocket expenses incurred on behalf of GAIT.

Any portion of any of the above fees, including the Incentive Allocation, may be paid by the Manager to third parties as compensation for selling activities in connection with the Fund.

5. Income Taxes

No provision for income taxes has been made in the accompanying financial statements, as members are individually responsible for reporting income or loss based upon their respective share of the Fund’s revenues and expenses for income tax purposes.

9

 Graham Alternative Investment Fund I LLC

Blended Strategies Portfolio

Notes to Unaudited Financial Statements (continued)

5. Income Taxes (continued)

U.S. GAAP provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. U.S. GAAP requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet a more-likely-than-not threshold would be recorded as a tax expense in the current year. The Manager has evaluated the Fund’s tax positions and has concluded that there are no significant tax positions requiring recognition, measurement or disclosure in the financial statements. The Manager is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax expense will change materially in the next twelve months. Tax years which are considered open by the relevant jurisdiction are subject to potential examination.

6. Financial Highlights

The following is the per unit operating performance calculation for the three month periods ended September 30, 2014 and 2013:

	Class 0			Class 2
Per unit operating performance
Net asset value per unit, June 30, 2013	$	121.13		$	94.28
Net loss:
Net investment loss		(0.76	)		(1.06	)
Net loss on investments		(3.67	)		(2.85	)
Net loss		(4.43	)		(3.91	)
Net asset value per unit, September 30, 2013	$	116.70		$	90.37
Net asset value per unit, June 30, 2014	$	115.00		$	87.73
Net income:
Net investment loss		(0.81	)		(1.07	)
Net gain on investments		17.42			13.23
Net income		16.61			12.16
Net asset value per unit, September 30, 2014	$	131.61		$	99.89

10

 Graham Alternative Investment Fund I LLC

Blended Strategies Portfolio

Notes to Unaudited Financial Statements (continued)

6. Financial Highlights (continued)

The following represents ratios to average members’ capital and total return for the three month periods ended September 30, 2014 and 2013:

	Class 0						Class 2
	2014			2013			2014			2013
Total return before Incentive Allocation		14.44	%		(3.66	)%		13.86	%		(4.15	)%
Incentive Allocation		0.00			0.00			0.00			0.00
Total return after Incentive Allocation		14.44	%		(3.66	)%		13.86	%		(4.15	)%
Net investment loss before Incentive Allocation		(0.68	)%		(0.63	)%		(1.18	)%		(1.12	)%
Incentive Allocation		0.00			0.00			0.00			0.00
Net investment loss after Incentive Allocation		(0.68	)%		(0.63	)%		(1.18	)%		(1.12	)%
Total expenses before Incentive Allocation		0.74	%		0.69	%		1.23	%		1.20	%
Incentive Allocation		0.00			0.00			0.00			0.00
Total expenses after Incentive Allocation		0.74	%		0.69	%		1.23	%		1.20	%

The following is the per unit operating performance calculation for the nine month periods ended September 30, 2014 and 2013:

	Class 0			Class 2
Per unit operating performance
Net asset value per unit, December 31, 2012	$	114.88		$	90.29
Net income:
Net investment loss		(2.50	)		(3.33	)
Net gain on investments		4.32			3.41
Net income		1.82			0.08
Net asset value per unit, September 30, 2013	$	116.70		$	90.37
Net asset value per unit, December 31, 2013	$	127.72		$	98.41
Net income:
Net investment loss		(2.33	)		(3.18	)
Net gain on investments		6.22			4.66
Net income		3.89			1.48
Net asset value per unit, September 30, 2014	$	131.61		$	99.89

11

 Graham Alternative Investment Fund I LLC

Blended Strategies Portfolio

Notes to Unaudited Financial Statements (continued)

6. Financial Highlights (continued)

The following represents ratios to average members’ capital and total return for the nine month periods ended September 30, 2014 and 2013:

	Class 0						Class 2
	2014			2013			2014			2013
Total return before Incentive Allocation		3.04	%		1.58	%		1.51	%		0.09	%
Incentive Allocation		0.00			0.00			0.00			0.00
Total return after Incentive Allocation		3.04	%		1.58	%		1.51	%		0.09	%
Net investment loss before Incentive Allocation		(1.97	)%		(2.11	)%		(3.50	)%		(3.57	)%
Incentive Allocation		0.00			0.00			0.00			0.00
Net investment loss after Incentive Allocation		(1.97	)%		(2.11	)%		(3.50	)%		(3.57	)%
Total expenses before Incentive Allocation		2.13	%		2.27	%		3.67	%		3.73	%
Incentive Allocation		0.00			0.00			0.00			0.00
Total expenses after Incentive Allocation		2.13	%		2.27	%		3.67	%		3.73	%

Total return is calculated for Class 0 and Class 2 Units taken as a whole. Total return is calculated as the change in total members’ capital adjusted for subscriptions or redemptions during the period. An individual member’s return may vary from these returns based on the timing of capital transactions and the applicability of Advisory Fees, Sponsor Fees, Administrator’s Fees, and the Incentive Allocation. The net investment loss and total expense ratios (including Incentive Allocation) are calculated for Class 0 and Class 2 Units taken as a whole and include net amounts allocated from GAIT. The computation of such ratios is based on the amount of net investment loss, expenses and Incentive Allocation. Net investment loss and total expense ratios are computed based upon the weighted average of members’ capital for Class 0 and Class 2 Units of the Fund for the three and nine month periods ended September 30, 2014 and 2013.

7. Subsequent Events

The Fund had subscriptions of approximately $0.5 million and redemptions of approximately $4.1 million through November 14, 2014, the date through which subsequent events were evaluated by management.  These amounts have not been included in the financial statements.

12

Graham Alternative Investment Trading LLC

Statements of Financial Condition

	September 30, 2014 (Unaudited)		December 31, 2013 (Audited)
Assets
Investments in Master Funds, at fair value	$	29,321,869	$	33,759,212
Investment in Graham Cash Assets LLC, at fair value		132,377,412		153,099,740
Receivable from Master Funds		-		2,695
Total assets	$	161,699,281	$	186,861,647
Liabilities and members’ capital
Liabilities:
Accrued redemptions	$	8,169,800	$	5,589,666
Accrued advisory fees		231,022		276,022
Accrued sponsor fees		170,112		187,789
Accrued professional fees		79,760		203,102
Accrued administrator’s fee		18,368		20,714
Payable to Master Funds		19,956		7,249
Total liabilities		8,689,018		6,284,542
Members’ capital:
Class 0 Units (831,987.044 and 1,093,036.786 units issued and outstanding at $131.61 and $127.72  per unit, respectively)		109,496,244		139,603,019
Class 2 Units (425,927.030 and 407,013.551 units issued and outstanding at $99.89 and $98.41  per unit, respectively)		42,547,859		40,053,854
Class M Units (4,671.470 and 4,671.470 units issued and outstanding at $206.82 and $196.99 per unit, respectively)		966,160		920,232
Total members’ capital		153,010,263		180,577,105
Total liabilities and members’ capital	$	161,699,281	$	186,861,647

See accompanying notes.

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Graham Alternative Investment Trading LLC

Condensed Schedules of Investments

	September 30, 2014 (Unaudited)					December 31, 2013 (Audited)
Description	Fair Value		Percentage of Members’ Capital			Fair Value		Percentage of Members’ Capital
Investments in Master Funds, at fair value
Graham Commodity Strategies LLC	$	14,487,048		9.47	%	$	11,687,704		6.47	%
Graham Global Monetary Policy LLC		–		–			5,538,724		3.07	%
Graham K4D Trading Ltd.		14,834,821		9.69	%		16,532,784		9.16	%
Total investments in Master Funds	$	29,321,869		19.16	%	$	33,759,212		18.70	%

See accompanying notes.

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Graham Alternative Investment Trading LLC

Unaudited Statements of Operations and Incentive Allocation

	Three Months Ended September 30,						Nine Months Ended September 30,
	2014			2013			2014			2013
Net gain (loss) allocated from investments in Master Funds
Net realized gain (loss) on investments	$	14,018,712		$	(10,653,483	)	$	2,989,054		$	15,598,439
Net increase (decrease) in unrealized appreciation on investments		7,541,370			4,654,629			2,990,483			(1,456,947	)
Brokerage commissions and fees		(223,075	)		(200,801	)		(686,758	)		(1,032,426	)
Net gain (loss) allocated from investments in Master Funds		21,337,007			(6,199,655	)		5,292,779			13,109,066
Net investment loss allocated from investments in Master Funds		(14,194	)		(7,460	)		(48,642	)		(23,961	)
Investment income
Interest income		77,478			102,458			252,848			335,724
Total investment income		77,478			102,458			252,848			335,724
Expenses
Advisory fees		664,387			852,870			2,072,582			3,028,616
Sponsor fees		486,701			568,766			1,469,837			1,941,753
Administrator’s fees		52,785			63,526			160,567			226,120
Professional fees and other		45,155			38,516			148,056			479,690
Total expenses		1,249,028			1,523,678			3,851,042			5,676,179
Net investment loss of the Fund		(1,171,550	)		(1,421,220	)		(3,598,194	)		(5,340,455	)
Net income (loss)		20,151,263			(7,628,335	)		1,645,943			7,744,650
Incentive allocation		–			–			–			–
Net income (loss) available for pro-rata allocation to all members	$	20,151,263		$	(7,628,335	)	$	1,645,943		$	7,744,650

See accompanying notes.

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Graham Alternative Investment Trading LLC

Unaudited Statements of Changes in Members’ Capital

For the nine months ended September 30, 2014 and 2013

	Class 0						Class 2						Class M				Total
	Units			Capital			Units			Capital			Units		Capital		Capital
Members’ capital, December 31, 2012		1,922,696.211		$	220,876,439			483,129.319		$	43,623,249			4,671.470	$	806,295	$	265,305,983
Subscriptions		56,996.343			6,920,000			20,155.025			1,896,683			–		–		8,816,683
Redemptions		(760,799.085	)		(93,032,569	)		(78,934.223	)		(7,409,843	)		–		–		(100,442,412	)
Incentive allocation		–			–			–			–			–		–		–
Net income		–			7,476,614			–			238,814			–		29,222		7,744,650
Members’ capital, September 30, 2013		1,218,893.469		$	142,240,484			424,350.121		$	38,348,903			4,671.470	$	835,517	$	181,424,904
	Class 0						Class 2						Class M				Total
	Units			Capital			Units			Capital			Units		Capital		Capital
Members’ capital, December 31, 2013		1,093,036.786		$	139,603,019			407,013.551		$	40,053,854			4,671.470	$	920,232	$	180,577,105
Subscriptions		43,982.787			5,119,787			90,020.783			8,039,515			–		–		13,159,302
Redemptions		(305,032.529	)		(36,018,540	)		(71,107.304	)		(6,353,547	)		–		–		(42,372,087	)
Incentive allocation		–			–			–			–			–		–		–
Net income		–			791,978			–			808,037			–		45,928		1,645,943
Members’ capital, September 30, 2014		831,987.044		$	109,496,244			425,927.030		$	42,547,859			4,671.470	$	966,160	$	153,010,263

See accompanying notes.

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Graham Alternative Investment Trading LLC

Unaudited Statements of Cash Flows

	Nine Months Ended September 30,
	2014			2013
Cash flows provided by operating activities
Net income	$	1,645,943		$	7,744,650
Adjustments to reconcile net income to net cash provided by operating activities:
Net income allocated from investments in Master Funds		(5,244,137	)		(13,085,105	)
Net income allocated from investment in Graham Cash Assets LLC		(252,848	)		(335,724	)
Proceeds from sale of investments in Master Funds		179,274,652			231,980,828
Proceeds from sale of investments in Graham Cash Assets LLC		142,348,843			257,264,825
Investments in Master Funds		(169,577,770	)		(198,525,687	)
Investments in Graham Cash Assets LLC		(121,373,667	)		(175,262,636	)
Changes in assets and liabilities:
Accrued commission reimbursements		–			165,510
Accrued brokerage fees		–			(568,525	)
Accrued advisory fees		(45,000	)		(221,300	)
Accrued sponsor fees		(17,677	)		(64,853	)
Accrued professional fees		(123,342	)		230,964
Accrued administrator’s fee		(2,346	)		19,976
Net cash provided by operating activities		26,632,651			109,342,923
Cash flows used in financing activities
Subscriptions		13,159,302			8,816,683
Redemptions		(39,791,953	)		(118,159,606	)
Net cash used in financing activities		(26,632,651	)		(109,342,923	)
Net change in cash and cash equivalents		–			–
Cash and cash equivalents, beginning of period		–			–
Cash and cash equivalents, end of period	$	–		$	–

Supplemental non cash operating activities

Investments and proceeds related to investments in Master Funds consolidated into Graham Commodity Strategies LLC not included above:  $6,005,778 (See Note 2)

See accompanying notes.

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Graham Alternative Investment Trading LLC

Notes to Unaudited Financial Statements

September 30, 2014

1. Organization and Business

Graham Alternative Investment Trading LLC (“GAIT”) was formed on May 18, 2006, commenced operations on August 1, 2006 and is organized as a Delaware Limited Liability Company. Graham Capital Management, L.P. (the “Managing Member” or “Manager”) is the Managing Member and the sole investment advisor. The Managing Member is registered as a Commodity Pool Operator and Commodity Trading Advisor with the U.S. Commodity Futures Trading Commission (“CFTC”) and is a member of the National Futures Association. The Managing Member is also registered as a Registered Investment Advisor with the Securities and Exchange Commission. GAIT is a commodity pool, and as such is subject to the oversight and jurisdiction of the U.S. CFTC.

The investment objective of GAIT is to achieve long-term capital appreciation through professionally managed trading through its investment in various master trading vehicles (“Master Funds”). As more fully described in Notes 2 and 3, these Master Funds invest in a broad range of derivative instruments such as currency forward and futures contracts; bond, interest rate, and index futures contracts; commodity forward and futures contracts, and options and swaps thereon traded on U.S. and foreign exchanges, as well as over-the-counter.

Graham Alternative Investment Fund I LLC Blended Strategies Portfolio and Graham Alternative Investment Fund II LLC Blended Strategies Portfolio are the primary investors of GAIT. Graham Alternative Investment III Ltd. was an investor of GAIT for the period from January 1, 2014 through its closing on June 30, 2014.

SEI Global Services, Inc. (“SEI”) is GAIT’s independent administrator and transfer agent. SEI is responsible for certain matters pertaining to the administration of GAIT.

GAIT will terminate on December 31, 2050 or at an earlier date if certain conditions occur as outlined in the Limited Liability Company Agreement (“LLC Agreement”).

Duties of the Managing Member

Subject to the terms and conditions of the LLC Agreement, the Managing Member has complete and exclusive responsibility for managing and administering the affairs of GAIT and for directing the investment and reinvestment of the assets of GAIT.

2. Summary of Significant Accounting Policies

These financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) and all amounts are stated in U.S. dollars. GAIT is an investment company and applies specialized accounting guidance as outlined in Financial Accounting Standards Board Accounting Standards Update 2013-08, Financial Services – Investment Companies (Topic 946), Amendments to the Scope, Measurement, and Disclosure Requirements. The Manager has evaluated this guidance and has determined GAIT meets the criteria to be classified as an investment company. The preparation of these financial statements requires the Manager to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

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Graham Alternative Investment Trading LLC

Notes to Unaudited Financial Statements (continued)

2. Summary of Significant Accounting Policies (continued)

Investments in Master Funds

GAIT invests in various Master Funds which are managed by the Managing Member. These investments are valued in the accompanying statements of financial condition at fair value in accordance with U.S. GAAP based upon GAIT’s proportionate share of the Master Funds’ reported net asset values. Gains and losses are allocated monthly by each Master Fund to GAIT based upon GAIT’s proportionate share of the net asset value of each Master Fund and are included in the statements of operations and incentive allocation.

During the period ended September 30, 2014 certain Master Funds in which GAIT invested consolidated their assets under Graham Commodity Strategies LLC and then ceased operations. The dates of the consolidation were as follows:

Master Fund	Consolidation Date
Graham Macro Directional LLC	August 21, 2014
Graham Global Monetary Policy LLC	August 26, 2014

Fair Value

The fair value of GAIT’s assets and liabilities, which qualify as financial instruments under U.S. GAAP, approximates the carrying amounts presented in the statements of financial condition. Changes in these carrying amounts are included in the statements of operations and incentive allocation.

GAIT follows U.S. GAAP for fair value measurements, which defines fair value, establishes a framework for measuring fair value, and requires certain disclosures about fair value measurements. GAIT reports the fair value of its investment related assets and liabilities in accordance with the hierarchy established under U.S. GAAP. U.S. GAAP uses a three-level hierarchy for fair value measurement based on the activeness of the market and the transparency and independence of inputs used in the valuation of an asset or liability as of the measurement date.

The fair value hierarchy categorizes asset and liability positions into one of three levels, as summarized below, based on the inputs and assumptions used in deriving fair value.

· Level 1 inputs are unadjusted closing or settlement prices for such assets or liabilities as published by the primary exchange upon which they are traded.

· Level 2 inputs include quoted prices for similar assets and liabilities obtained from independent brokers and/or market makers in each security. With respect to GAIT’s investments in the other funds managed by the Manager, Level 2 inputs include the net asset value of the underlying fund in which it holds an investment.

· Level 3 inputs are those which are considered unobservable and are significant in arriving at fair value.

In accordance with this hierarchy, GAIT’s investments in Master Funds and Graham Cash Assets LLC (“Cash Assets”) have been classified as Level 2. These investments are discussed in Notes 3 and 4. There were no Level 3 assets or liabilities held at any point during the nine months ended September 30, 2014 or the year ended December 31, 2013 by GAIT, the Master Funds, or Cash Assets, and there were no transfers between levels during those periods. Transfers between levels, if any, are recognized on the actual date of the event or change in circumstances that cause the transfer.

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Graham Alternative Investment Trading LLC

Notes to Unaudited Financial Statements (continued)

2. Summary of Significant Accounting Policies (continued)

Derivative Instruments

In the normal course of business, the Master Funds utilize derivative financial instruments in connection with their trading activities. Derivative instruments derive their value from underlying assets, indices, reference rates or a combination of these factors. Investments in derivative financial instruments are subject to additional risks that can result in a loss of all or part of an investment. The Master Funds’ derivative financial instruments are classified by the following primary underlying risks: interest rate, foreign currency exchange rate, commodity price, and equity price risks. These risks can be in excess of the amounts recognized in the statements of financial condition. In addition, the Master Funds are also subject to additional counterparty risk should their counterparties fail to meet the terms of their contracts. Management of counterparty risk involves a number of considerations, such as the financial profile of the counterparty, specific terms and duration of the contractual agreement, and the value of collateral held, if any. The Master Funds have established initial credit approval, credit limits, and collateral requirements and may reduce their exposure to any counterparties they deem necessary. Trading in non-U.S. dollar denominated derivative instruments may subject the value of, and gains and losses associated with, such contracts to additional risks related to adverse changes in the applicable exchange rates.

Unrealized gains and losses from derivative financial instruments are recorded based on changes in their fair value. Realized gains and losses are recorded when the positions are closed. All unrealized and realized gains and losses related to derivative financial instruments are included in net gain (loss) on investments in the Master Funds’ statements of operations.

Futures Contracts

The Master Funds use futures contracts in an attempt to take advantage of changes in the value of equities, commodities, interest rates, bonds and foreign currencies. Futures contracts are valued based upon the closing price as of the valuation date established by the primary exchange upon which they are traded.

A futures contract represents a commitment for the future purchase or sale of an asset or cash settlement based on the value of an asset on a specified date. The purchase and sale of futures contracts are executed on an exchange which requires margin deposits with a Futures Commission Merchant (“FCM”). Subsequent payments are made or received by the Master Funds each day, depending on the daily fluctuations in the value of the contract. These changes in valuation are recorded for financial statement purposes as unrealized gains or losses by the Master Funds. Relative to over-the-counter derivative financial instruments, futures contracts provide reduced counterparty risk to the Master Funds since futures are exchange-traded and the exchanges’ clearing house guarantees the futures against default. However some non-U.S. exchanges are “principals’ markets” in which no common clearing facility exists and the Master Funds may look only to the clearing broker for performance of the contract. The U.S. Commodity Exchange Act requires an FCM to segregate all funds received from such FCM’s customers in respect of regulated futures transactions. If the FCM were not to do so to the full extent required by law, the assets of the Master Funds might not be fully protected in the event of the bankruptcy or insolvency of the FCM. In that case, the Master Funds would be limited to recovering only a pro rata share of all available funds segregated on behalf of the FCM’s combined customer accounts, even though certain property specifically traceable to the Master Funds was held by the FCM. In addition, in the event of bankruptcy or insolvency of an exchange or an affiliated clearing house, the Master Funds might experience a loss of funds deposited through its FCM as margin with such exchange or affiliated clearing house, the loss of unrealized profits on its open positions, and the loss of funds owed to it as realized profits on closed positions.

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Graham Alternative Investment Trading LLC

Notes to Unaudited Financial Statements (continued)

2. Summary of Significant Accounting Policies (continued)

Derivative Instruments (continued)

Forward Contracts

The Master Funds enter into foreign currency forward contracts in an attempt to take advantage of changes in exchange rates. Forward currency transactions are contracts or agreements for delivery of specific currencies or the cash equivalent value at a specified future date and an agreed upon price. Forward contracts are not guaranteed by an exchange or clearing house and therefore the risks include the inability of counterparties to meet their obligations under the terms of the contracts as well as the risks associated with movements in fair value.

Exchange traded forward contracts are valued based upon the settlement prices as of the valuation date, established by the primary exchange upon which they are traded. All other forward contracts are valued based upon a forward curve constructed using independently quoted forward points. Changes in fair value of each forward contract are recognized as unrealized gains or losses.

Swap Contracts

The Master Funds may enter into various swap contracts in an attempt to take advantage of changes in interest rates and asset values. Exchange traded interest rate swap contracts are executed on an exchange which requires margin deposits with a Central Clearing Counterparty (“CCP”). Subsequent payments are made or received by the Master Funds each day, depending on the daily fluctuations in the value of the contract. These changes in valuation are recorded for financial statement purposes as unrealized gains or losses by the Master Funds. Relative to over-the-counter interest rate swap contracts, exchange traded interest rate swap contracts provide reduced counterparty risk since they are exchange-traded and the exchange’s clearinghouse guarantees against default. The Commodity Exchange Act requires a CCP to segregate all funds received from such CCP’s customers in respect of exchange traded interest rate swaps. If the CCP were not to do so to the full extent required by law, the assets of the Master Funds might not be fully protected in the event of the bankruptcy or insolvency of the CCP. In that case, the Master Funds would be limited to recovering only a pro rata share of all available funds segregated on behalf of the CCP’s combined customer accounts, even though certain property specifically traceable to the Master Funds is held by the CCP. In addition, in the event of bankruptcy or insolvency of an exchange or an affiliated clearing house, the Master Funds could experience a loss of funds deposited through its CCP as margin with such exchange or affiliated clearing house, the loss of unrealized profits on its open positions, and the loss of funds owed to it as realized profits on closed positions. All funds deposited with both U.S. and non-U.S. CCPs are included in due from brokers on the statements of financial condition. Over the counter swap contracts are not guaranteed by an exchange or an affiliated clearing house or regulated by any U.S. or foreign government authorities. Failure of a counterparty to meet its obligation under the terms of the swap contract could result in the loss of any unrealized gains on open positions. It may not be possible to dispose of or close out a swap position without the consent of the counterparty, and the Master Funds may not be able to enter into an offsetting contract in order to cover its risk. Over the counter swaps are subject to the International Swap and Derivative Association (“ISDA”) Master Agreements which generally require among other things, that the Master Funds maintain a predetermined level of net assets, and provide limits with respect to any decline in the Master Funds’ net asset value over 1-month, 3-month and 12-month periods. If the Master Funds were to violate such provisions, the counterparty to the swaps could demand liquidation of outstanding swap positions.

An interest rate swap contract is an agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to changes in specified rates for a specified notional amount of the underlying assets. The payment flows are usually netted against each other, with the difference being paid by one party to another.

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Graham Alternative Investment Trading LLC

Notes to Unaudited Financial Statements (continued)

2. Summary of Significant Accounting Policies (continued)

Derivative Instruments (continued)

Swaps (continued)

A total return swap contract is an agreement that obligates two parties to exchange cash flows calculated by reference to changes in specified prices for a specified notional amount of the underlying assets. The payment flows are usually netted against each other, with the difference being paid by one party to another.

Exchange traded swaps are valued based upon the closing prices established by the primary exchange upon which they are traded. Total return swaps are valued based upon the exchange published settle price of the underlying reference instrument. Changes in fair value of each swap are recognized as unrealized gains or losses. The Master Funds record realized gains or losses when a swap contract is terminated.

Options

The Master Funds may buy and sell covered and uncovered exchange traded and over-the-counter options on futures, foreign currencies, commodities, interest rates and equities to take advantage of the price movements of the financial instrument underlying the option or to hedge positions in the underlying assets. Option contracts give one party the right, but not the obligation, to buy or sell within a limited time or on a specified date, a financial instrument, commodity or currency at a contracted price. Options may also be settled in cash, based on differentials between specified indices or prices.

The Master Funds are exposed to counterparty risk to the extent that a seller of an over-the-counter option does not meet its obligations under the terms of the option contract. The maximum risk of loss to the Master Funds is the unrealized gains of the contracts and the premiums paid to purchase its open option contracts. Relative to over-the-counter options, exchange traded options provide reduced counterparty risk to the Master Funds since the exchanges’ clearinghouse guarantees the option against default.

Exchange traded options are valued based upon the settlement prices published as of the valuation date by the principal exchange upon which they are traded. In the absence of an exchange published settlement price, the option will be valued using the last reported sales price reported on the exchange for the valuation date. Over-the-counter options and exchange traded options with no reported sales price on the valuation date will generally be valued at the average of last reported bid and offer quotes from independent brokers or from the exchange, respectively.

New York Mercantile Exchange Corporate Membership

Graham Commodity Strategies LLC is a member of the New York Mercantile Exchange (“NYMEX”). As a result of its membership, Graham Commodity Strategies LLC owns two NYMEX seats and 30,000 shares of the CME Group. Graham Commodity Strategy LLC’s policy is to value the NYMEX memberships and the shares of the CME Group at fair value. As of September 30, 2014 and December 31, 2013, the two NYMEX memberships were valued at $507,000 and $440,500, respectively, and the 30,000 shares of CME Group were valued at $2,398,650 and $2,353,800, respectively, both of which are contained within Exchange membership, at fair value on Graham Commodity Strategies LLC’s statements of financial condition.

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Graham Alternative Investment Trading LLC

Notes to Unaudited Financial Statements (continued)

2. Summary of Significant Accounting Policies (continued)

Chicago Board of Trade Membership

Graham K4D Trading Ltd. is a member of the Chicago Board of Trade (“CBOT”) under Rule 106.S and owns two B-1/Full seats and one B-2/Associate seat. Graham K4D Trading Ltd.’s policy is to value the CBOT memberships at fair value. As of September 30, 2014 and December 31, 2013, the B-1/Full memberships were valued at $536,000 and $547,000, respectively, and the B-2/Associate memberships were valued at $95,250 and $87,250, respectively, both of which are included in Exchange membership, at fair value on the statements of financial condition. Additionally, Graham K4D Trading Ltd. owns a Chicago Mercantile Exchange seat valued at $305,000 and $220,000 at September 30, 2014 and December 31, 2013, respectively, which is also included in Exchange membership, at fair value on the statements of financial condition of Graham K4D Trading Ltd.

Indemnifications

In the normal course of business, the Master Funds, Cash Assets, and GAIT enter into contracts that contain a variety of indemnifications. Such contracts may include those by Cash Assets and the Master Funds with their brokers and trading counterparties. GAIT’s maximum exposure under these arrangements is unknown; however, GAIT has not had prior claims or losses with respect to such indemnifications and considers the risk of loss to be remote.

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Graham Alternative Investment Trading LLC

Notes to Unaudited Financial Statements (continued)

3. Investments in Master Funds

As of September 30, 2014 and December 31, 2013, GAIT invested in various Master Funds, all of which were managed by the Manager. GAIT’s investments in these Master Funds, as well as the investment objectives of each Master Fund, are summarized below. Master Funds in which GAIT invested 5% or more of its members’ capital are individually identified, while smaller investments are aggregated under the caption “Other Global Macro Funds.” The number of Master Funds included for the period in each aggregated category is disclosed parenthetically next to each name. All of the Master Funds and GAIT are related parties. The Master Funds do not charge management or incentive fees and all offer monthly subscriptions and redemptions.

September 30, 2014
Investment – Objective	Percent of Members’ Capital			Fair Value		Net Income (three months then ended)		Net Income (loss) (nine months then ended)
Systematic Macro Funds
Graham K4D Trading Ltd.		9.69	%	$	14,834,821	$	5,752,759	$	3,535,124
Global Macro Funds
Graham Commodity Strategies LLC		9.47	%		14,487,048		14,332,744		6,598,154
Other Global Macro Funds (2)		0.00	%		-		1,237,310		(4,889,141	)
		19.16	%	$	29,321,869	$	21,322,813	$	5,244,137

December 31, 2013
Investment – Objective	Percent of Members’ Capital			Fair Value		Net Income (Loss) (three months ended September 30, 2013)			Net Income (nine months ended September 30, 2013)
Systematic Macro Funds
Graham K4D Trading Ltd.		9.16	%	$	16,532,784	$	3,757,481		$	9,396,030
Global Macro Funds
Graham Commodity Strategies LLC		6.47	%		11,687,704		(6,877,034	)		2,111,065
Other Global Macro Funds (1)		3.07	%		5,538,724		(3,087,562	)		1,578,010
		18.70	%	$	33,759,212	$	(6,207,115	)	$	13,085,105

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Graham Alternative Investment Trading LLC

Notes to Unaudited Financial Statements (continued)

3. Investments in Master Funds (continued)

The following table summarizes the financial position of each Master Fund as of September 30, 2014:

	Graham Commodity Strategies LLC (Delaware)			Graham K4D Trading Ltd. (BVI)
Assets:
Due from brokers	$	256,486,730		$	69,231,893
Derivative financial instruments, at fair value		71,757,554			71,128,726
Exchange membership, at fair value		2,905,650			936,250
Dividends receivable		9,870			-
Total assets		331,159,804			141,296,869
Liabilities:
Derivative financial instruments, at fair value		1,858,701			-
Due to brokers		-			-
Total liabilities		1,858,701			-
Net assets	$	329,301,103		$	141,296,869
Percentage of Master Fund held by GAIT		4.40	%		10.50	%

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Graham Alternative Investment Trading LLC

Notes to Unaudited Financial Statements (continued)

3. Investments in Master Funds (continued)

The following schedules display the condensed schedules of investments for the Master Funds as of September 30, 2014.

Description	Number of Contracts		Fair Value			Percentage of Members’ Capital of Master Fund
Graham Commodity Strategies LLC
Derivative financial instruments
Long contracts
Futures
Commodity			$	(16,567,082	)		(5.03	)%
Foreign bond				193,739			0.06	%
Foreign index				210,930			0.06	%
Interest rate				323,091			0.10	%
U.S. bond				(105,016	)		(0.03	)%
U.S. index				(163,100	)		(0.05	)%
Total futures				(16,107,438	)		(4.89	)%
Swaps
Interest rate				(6,001,762	)		(1.82	)%
Total swaps				(6,001,762	)		(1.82	)%
Forwards
Foreign currency				(28,535,348	)		(8.67	)%
Total forwards				(28,535,348	)		(8.67	)%
Options (cost $123,492,849)
Commodity futures				33,810,707			10.27	%
Australian dollar / U.S. dollar 10/10/14 - 12/16/14, $0.87 - $0.90 Put		9		19,871,981			6.04	%
Euro / U.S. dollar 10/07/14 - 08/17/15, $1.20 - $1.33 Put		29		99,764,071			30.30	%
U.S. dollar / Swiss franc 11/07/14 - 12/19/14, $0.93 - $0.97 Call		12		23,099,177			7.01	%
U.S. dollar / Japanese yen 10/17/14 - 03/23/15, $105.50 - $112.85 Call		23		61,318,868			18.62	%
Other currency				30,519,161			9.27	%
Interest rate futures				5,557,724			1.69	%
U.S. index futures				576,250			0.17	%
Total options				274,517,939			83.37	%

26

Graham Alternative Investment Trading LLC

Notes to Unaudited Financial Statements (continued)

3. Investments in Master Funds (continued)

The following schedules display the condensed schedules of investments for the Master Funds as September 30, 2014.

Description	Number of Contracts		Fair Value			Percentage of Members’ Capital of Master Fund
Graham Commodity Strategies LLC (continued)
Derivative financial instruments (continued)
Short contracts
Futures
Commodity			$	18,055,619			5.49	%
Foreign bond				(971,503	)		(0.30	)%
Foreign index				243,846			0.07	%
Interest rate				204,259			0.06	%
U.S. bond				218,657			0.07	%
U.S. index				1,450,375			0.44	%
Total futures				19,201,253			5.83	%
Swaps
Commodity				(286,500	)		(0.09	)%
Interest rate				912,620			0.28	%
Total swaps				626,120			0.19	%
Forwards
Foreign currency				30,334,130			9.21	%
Total forwards				30,334,130			9.21	%
Options (proceeds $113,774,515)
Commodity futures				(39,652,842	)		(12.04	)%
Euro / U.S. dollar 10/02/14 - 03/17/15, $1.23 - $1.32 Put		32		(63,196,851	)		(19.19	)%
U.S. dollar / Japanese yen 10/17/14 - 03/23/15, $105.00 - $114.50 Call		22		(43,992,640	)		(13.36	)%
Other currency				(54,854,732	)		(16.66	)%
Interest rate futures				(2,377,726	)		(0.72	)%
U.S. Index				(61,250	)		(0.02	)%
Total options				(204,136,041			(61.99	)%
Total derivative financial instruments			$	69,898,853			21.23	%

27

Graham Alternative Investment Trading LLC

Notes to Unaudited Financial Statements (continued)

3. Investments in Master Funds (continued)

The following schedules display the condensed schedules of investments for the Master Funds as of September 30, 2014.

Description	Number of Contracts			Fair Value			Percentage of Net Assets of Master Fund
Graham K4D Trading Ltd.
Derivative financial instruments
Long contracts
Futures
Commodity				$	(7,675,518	)		(5.43	)%
Currency					1,909,080			1.35	%
Foreign bond					5,849,530			4.14	%
Foreign index					(43,036	)		(0.03	)%
Interest rate					342,402			0.24	%
U.S. bond					(1,638,175	)		(1.16	)%
U.S. index					(3,290,119	)		(2.33	)%
Total futures					(4,545,836	)		(3.22	)%
Forwards
Foreign currency					(13,536,351	)		(9.58	)%
Total forwards					(13,536,351	)		(9.58	)%
Short contracts
Futures
Corn December 2014		(1,956	)		8,848,222			6.26	%
Wheat December 2014		(1,834	)		10,180,435			7.21	%
Commodity					29,562,645			20.92	%
Currency					1,567,945			1.11	%
Foreign bond					(378,401	)		(0.27	)%
Foreign index					365,144			0.26	%
Interest rate					665,227			0.47	%
U.S. bond					131,400			0.10	%
U.S. index					606,807			0.43	%
Total futures					51,549,424			36.49	%
Forwards
Foreign currency					37,661,489			26.65	%
Total forwards					37,661,489			26.65	%
Total derivative financial instruments				$	71,128,726			50.34	%

28

Graham Alternative Investment Trading LLC

Notes to Unaudited Financial Statements (continued)

3. Investments in Master Funds (continued)

The following table shows the fair value classification of each investment type by Master Fund as of September 30, 2014:

	Graham Commodity Strategies LLC			Graham K4D Trading Ltd.
Assets
Level 1:
Commodity futures	$	21,919,942		$	51,016,846
Commodity futures options		33,930,707			-
Commodity swaps		524,875			-
Currency futures		-			3,780,415
Foreign bond futures		194,611			7,321,917
Foreign index futures		1,219,678			4,579,983
Interest rate futures		836,493			1,196,635
Interest rate futures options		5,557,724			-
U.S. bond futures		421,266			224,116
U.S. index futures		1,453,500			609,569
U.S. index futures options		576,250			-
Total Level 1		66,635,046			68,729,481
Level 2:
Foreign currency forwards		35,579,571			37,805,112
Foreign currency options		234,573,258			-
Interest rate swaps		912,620			-
Total Level 2		271,065,449			37,805,112
Total investment related assets	$	337,700,495		$	106,534,593
Liabilities
Level 1:
Commodity futures	$	(20,431,405	)	$	(10,101,062	)
Commodity futures options		(39,772,842	)		-
Commodity swaps		(811,375	)		-
Currency futures		-			(303,390	)
Foreign bond futures		(972,375	)		(1,850,788	)
Foreign index futures		(764,902	)		(4,257,875	)
Interest rate futures		(309,143	)		(189,006	)
Interest rate futures options		(2,377,726	)		-
U.S. bond futures		(307,625	)		(1,730,891	)
U.S. index futures		(166,225	)		(3,292,881	)
U.S. index futures options		(61,250	)		-
Total Level 1		(65,974,868	)		(21,725,893	)
Level 2:
Foreign currency forwards		(33,780,789	)		(13,679,974	)
Foreign currency options		(162,044,223	)		-
Interest rate swaps		(6,001,762	)		-
Total Level 2		(201,826,774	)		(13,679,974	)
Total investment related liabilities	$	(267,801,642	)	$	(35,405,867	)

29

Graham Alternative Investment Trading LLC

Notes to Unaudited Financial Statements (continued)

3. Investments in Master Funds (continued)

The following table displays the gross volume of derivative activities based on their notional amounts, number of contracts, and fair value of derivative contracts held by the Master Funds at September 30, 2014 categorized by primary underlying risk and is representative of the derivative instruments held by the Master Funds throughout the period. Derivatives denominated in foreign currencies have been converted to U.S. dollars. Derivative asset and liability balances are presented on a gross basis, prior to the application of counterparty netting. The Master Funds trade derivative instruments on a leveraged basis. Due to the low margin deposits normally required for trading these derivative financial instruments, the gross notional exposure as displayed in the tables below may exceed the net asset value of the Master Funds by a significant amount. As a result, a relatively small price movement in an underlying derivative financial instrument may result in immediate and substantial effect on the net income and net asset value of the Master Funds and GAIT.

	Graham Commodity Strategies LLC
	Long exposure				Short exposure
	Notional amounts		Number of contracts		Notional amounts			Number of contracts			Derivative Assets		Derivative Liabilities
Commodity price
Futures	$	268,630,568		3,230	$	(369,698,201	)		(5,660	)	$	21,919,942	$	(20,431,405	)
Options(a)		272,054,706		13,303		(338,483,800	)		(17,275	)		33,930,707		(39,772,842	)
Swaps		-		-		(48,924,000	)		(4,800	)		524,875		(811,375	)
		540,685,274		16,533		(757,106,001	)		(27,735	)		56,375,524		(61,015,622	)
Equity price
Futures		124,736,858		1,512		(268,034,402	)		(2,887	)		2,673,178		(931,127	)
Options(a)		5,713,935		2		(29,522,026	)		(3	)		576,250		(61,250	)
		130,450,793		1,514		(297,556,428	)		(2,890	)		3,249,428		(992,377	)
Foreign currency exchange rate
Forwards		1,525,083,131		N/A		(1,807,138,092	)		N/A			35,579,571		(33,780,789	)
Options(a)		7,368,959,578		139		(7,243,200,245	)		(146	)		234,573,258		(162,044,223	)
		8,894,042,709		139		(9,050,338,337	)		(146	)		270,152,829		(195,825,012	)
Interest rate
Futures		4,811,073,812		18,258		(2,510,105,204	)		(11,351	)		1,452,370		(1,589,143	)
Options(a)		1,483,144,663		18		(2,473,157,345	)		(19	)		5,557,724		(2,377,726	)
Swaps		1,258,329,586		7		(1,258,329,586	)		(7	)		912,620		(6,001,762	)
		7,552,548,061		18,283		(6,241,592,135	)		(11,377	)		7,922,714		(9,968,631	)
Total	$	17,117,726,837		36,469	$	(16,346,592,901	)		(42,148	)	$	337,700,495	$	(267,801,642	)
Aggregate fair value of derivative instruments subject to credit-risk related contingent features (as described in Note 2).													$	(5,375,642	)

(a) Notional amounts for options are based on the delta-adjusted positions.

30

Graham Alternative Investment Trading LLC

Notes to Unaudited Financial Statements (continued)

3. Investments in Master Funds (continued)

The following table displays the gross volume of derivative activities based on their notional amounts, number of contracts, and fair value of derivative contracts held by the Master Funds at September 30, 2014 categorized by primary underlying risk and is representative of the derivative instruments held by the Master Funds throughout the period. Derivatives denominated in foreign currencies have been converted to U.S. dollars. Derivative asset and liability balances are presented on a gross basis, prior to the application of counterparty netting. The Master Funds trade derivative instruments on a leveraged basis. Due to the low margin deposits normally required for trading these derivative financial instruments, the gross notional exposure as displayed in the tables below may exceed the net asset value of the Master Funds by a significant amount. As a result, a relatively small price movement in an underlying derivative financial instrument may result in immediate and substantial effect on the net income and net asset value of the Master Funds and GAIT.

	Graham K4D Trading Ltd.
	Long exposure				Short exposure
	Notional amounts		Number of contracts		Notional amounts			Number of contracts			Derivative Assets		Derivative Liabilities
Commodity price
Futures	$	262,927,295		4,069	$	(730,958,673	)		(12,246	)	$	51,016,846	$	(10,101,062	)
		262,927,295		4,069		(730,958,673	)		(12,246	)		51,016,846		(10,101,062	)
Equity price
Futures		828,682,906		9,286		(55,148,854	)		(586	)		5,189,552		(7,550,756	)
		828,682,906		9,286		(55,148,854	)		(586	)		5,189,552		(7,550,756	)
Foreign currency exchange rate
Forwards		754,252,020		N/A		(1,583,354,524	)		N/A			37,805,112		(13,679,974	)
Futures		174,679,359		1,944		(83,017,560	)		(669	)		3,780,415		(303,390	)
		928,931,379		1,944		(1,666,372,084	)		(669	)		41,585,527		(13,983,364	)
Interest rate
Futures		5,764,106,720		30,432		(1,657,675,266	)		(7,435	)		8,742,668		(3,770,685	)
		5,764,106,720		30,432		(1,657,675,266	)		(7,435	)		8,742,668		(3,770,685	)
Total	$	7,784,648,300		45,731	$	(4,110,154,877	)		(20,936	)	$	106,534,593	$	(35,405,867	)

31

Graham Alternative Investment Trading LLC

Notes to Unaudited Financial Statements (continued)

3. Investments in Master Funds (continued)

When multiple derivative contracts are held with the same counterparty, the Master Funds will net the contracts in an asset position with the contracts in a liability position when covered by a master netting agreement or similar arrangements, for presentation in the statements of financial condition. The table below displays the amounts at September 30, 2014 by which the fair values of both derivative assets and derivative liabilities were reduced within the Master Funds’ statements of financial condition as a result of this netting. Gross amounts below correspond to the total derivative asset and derivative liability balances categorized by primary underlying risk and product type in the preceding tables. Collateral pledged (received) for derivative assets and liabilities represent the cash amounts which are included in due from brokers on the statements of financial condition.  Actual collateral pledged or received by the Master Funds may exceed these amounts.

Description	Gross Amount			Gross Amount Offset in the Statements of Financial Condition			Net Amount Presented in the Statements of Financial Condition			Collateral (Received) / Pledged		Net Amount
Graham Commodity Strategies LLC1
Derivative assets	$	337,700,495		$	(265,942,941	)	$	71,757,554		$	-	$	71,757,554
Derivative liabilities		(267,801,642	)		265,942,941			(1,858,701	)		1,858,701		-
Graham K4D Trading Ltd.2
Derivative assets		106,534,593			(35,405,867	)		71,128,726			-		71,128,726
Derivative liabilities		(35,405,867	)		35,405,867			-			-		-

¹ Net derivative asset and liability amounts presented in the statement of financial condition are held with three counterparties. The Master Fund has pledged offsetting collateral to one of these counterparties that is eligible to offset the derivative liability amount as of September 30, 2014. At September 30, 2014 additional collateral pledged in the amount of $254,628,029 was posted in support of derivative positions and is included in due from brokers on the statement of financial condition.

² Net derivative asset amounts presented in the statement of financial condition are held with two counterparties. The Master Fund did not receive collateral from these counterparties that may have been used to offset these derivative amounts as of September 30, 2014. At September 30, 2014 additional collateral pledged in the amount of $69,231,893 was posted in support of derivative positions and is included in due from brokers on the statement of financial condition.

32

Graham Alternative Investment Trading LLC

Notes to Unaudited Financial Statements (continued)

3. Investments in Master Funds (continued)

The following table summarizes the results of operations of each Master Fund for the three and nine month periods ended September 30, 2014:

	Three Months Ended September 30, 2014
	Graham Commodity Strategies LLC			Graham Global Monetary Policy LLC *			Graham K4D Trading Ltd.			Graham Macro Directional LLC **
Net investment loss	$	(8,345	)	$	(1,984	)	$	(24,555	)	$	(19,401	)
Net realized gain (loss) on investments		242,727,655			(2,745,543	)		17,198,682			41,231,330
Net increase (decrease) in unrealized appreciation on investments		85,512,029			3,051,230			37,132,200			(12,799,692	)
Brokerage commissions and fees		(3,452,347	)		(806,770	)		(294,946	)		(313,883	)
Net gain (loss) on investments		324,787,337			(501,083	)		54,035,936			28,117,755
Net income (loss)	$	324,778,992		$	(503,067	)	$	54,011,381		$	28,098,354

* - For the period from July 1, 2014 through August 26, 2014

** - For the period from July 1, 2014 through August 21, 2014

	Nine Months Ended September 30, 2014
	Graham Commodity Strategies LLC			Graham Global Monetary Policy LLC *			Graham K4D Trading Ltd.			Graham Macro Directional LLC **
Net investment loss	$	(33,512	)	$	(22,173	)	$	(63,389	)	$	(28,701	)
Net realized loss on investments		164,279,172			(57,094,567	)		(1,429,215	)		(44,103,713	)
Net increase (decrease) in unrealized appreciation on investments		39,370,150			(23,545,189	)		29,540,503			(22,432,629	)
Brokerage commissions and fees		(8,560,074	)		(3,839,651	)		(907,459	)		(1,191,772	)
Net gain (loss) on investments		195,089,248			(84,479,407	)		27,203,829			(67,728,114	)
Net income (loss)	$	195,055,736		$	(84,501,580	)	$	27,140,440		$	(67,756,815	)

* - For the period from January 1, 2014 through August 26, 2014

** - For the period from January 1, 2014 through August 21, 2014

33

Graham Alternative Investment Trading LLC

Notes to Unaudited Financial Statements (continued)

3. Investments in Master Funds (continued)

The following table shows the gross gains and losses on all financial instruments held by the Master Funds reported in net realized gain (loss) and net increase (decrease) in unrealized appreciation on investments in their statements of operations segregated by primary underlying risk and contract type for the three month period ended September 30, 2014:

	Graham Commodity Strategies LLC			Graham Global Monetary Policy LLC *			Graham K4D Trading Ltd.			Graham Macro Directional LLC **
Commodity price
Futures	$	503,663		$	(141,637	)	$	4,995,681		$	(716,138	)
Options		891,208			-			-			(4,500	)
Swaps		(2,633,630	)		-			-			-
		(1,238,759	)		(141,637	)		4,995,681			(720,638	)
Equity price
Equities		347,150			-			42,250			-
Futures		3,087,606			(4,593,659	)		(8,674,499	)		(1,508,902	)
Options		(1,111,928	)		-			-			-
		2,322,828			(4,593,659	)		(8,632,249	)		(1,508,902	)
Foreign currency exchange rate
Forwards		219,296,154			(55,759	)		31,526,278			24,434,098
Futures		561,561			-			5,178,328			-
Options		116,221,458			577,467			-			-
		336,079,173			521,708			36,704,606			24,434,098
Interest rate
Futures		236,994			4,706,775			21,262,844			6,102,081
Options		(5,263,011	)		(187,500	)		-			124,999
Swaps		(3,897,541	)		-			-			-
		(8,923,558	)		4,519,275			21,262,844			6,227,080
Total	$	328,239,684		$	305,687		$	54,330,882		$	28,431,638

* - For the period from July 1, 2014 through August 26, 2014

** - For the period from July 1, 2014 through August 21, 2014

34

Graham Alternative Investment Trading LLC

Notes to Unaudited Financial Statements (continued)

3. Investments in Master Funds (continued)

The following table shows the gross gains and losses on all financial instruments held by the Master Funds reported in net realized loss and net decrease in unrealized appreciation on investments in their statements of operations segregated by primary underlying risk and contract type for the nine month period ended September 30, 2014:

	Graham Commodity Strategies LLC			Graham Global Monetary Policy LLC *			Graham K4D Trading Ltd.			Graham Macro Directional  LLC **
Commodity price
Futures	$	(11,139,456	)	$	(3,089,460	)	$	(67,188,481	)	$	1,314,685
Options		6,448,946			-			-			61,906
Swaps		(3,372,638	)		-			-			-
		(8,063,148	)		(3,089,460	)		(67,188,481	)		1,376,591
Equity price
Equities		111,350			-			82,000			-
Futures		4,641,180			(30,078,139	)		(24,817,100	)		(8,605,315	)
Options		(19,490,358	)		-			-			-
		(14,737,828	)		(30,078,139	)		(24,735,100	)		(8,605,315	)
Foreign currency exchange rate
Forwards		222,863,979			(36,524,821	)		48,493,433			(55,372,285	)
Futures		909,430			-			3,578,325			-
Options		26,438,551			6,079,596			-			(1,889,306	)
		250,211,960			(30,445,225	)		52,071,758			(57,261,591	)
Interest rate
Futures		(3,558,054	)		(13,469,290	)		67,963,111			(2,466,339	)
Options		(14,007,811	)		(3,557,642	)		-			420,312
Swaps		(6,195,797	)		-			-			-
		(23,761,662	)		(17,026,932	)		67,963,111			(2,046,027	)
Total	$	203,649,322		$	(80,639,756	)	$	28,111,288		$	(66,536,342	)

* - For the period from January 1, 2014 through August 26, 2014

** - For the period from January 1, 2014 through August 21, 2014

35

Graham Alternative Investment Trading LLC

Notes to Unaudited Financial Statements (continued)

3. Investments in Master Funds (continued)

The following table summarizes the financial position of each Master Fund as of December 31, 2013:

	Graham Commodity  Strategies LLC (Delaware)			Graham Global Monetary Policy LLC (Delaware)			Graham K4D Trading Ltd. (BVI)
Assets:
Due from brokers	$	129,230,754		$	102,705,866		$	127,824,315
Derivative financial instruments, at fair value		80,129,304			13,304,071			41,566,974
Exchange membership, at fair value		2,794,300			-			854,250
Dividends receivable		64,050			-			-
Other assets		-			118			-
Total assets		212,218,408			116,010,055			170,245,539
Liabilities:
Derivative financial instruments, at fair value		-			9,593,764			-
Total liabilities		-			9,593,764			-
Net assets	$	212,218,408		$	106,416,291		$	170,245,539
Percentage of Master Fund held by GAIT		5.51	%		5.20	%		9.71	%

36

Graham Alternative Investment Trading LLC

Notes to Unaudited Financial Statements (continued)

3. Investments in Master Funds (continued)

The following schedules display the condensed schedules of investments for the Master Funds as of December 31, 2013.

Description	Notional Amount / Number of Contracts		Fair Value			Percentage  of Members’ Capital of Master Fund
Graham Commodity Strategies LLC
Derivative financial instruments
Long contracts
Futures
Commodity			$	(53,020	)		(0.02	)%
Foreign bond				(336,590	)		(0.16	)%
Foreign index				331,430			0.16	%
Interest rate				(223,204	)		(0.11	)%
U.S. bond				(230,703	)		(0.11	)%
Total futures				(512,087	)		(0.24	)%
Swaps
Interest rate				(1,938,332	)		(0.91	)%
Total swaps				(1,938,332	)		(0.91	)%
Forwards
Japanese yen / U.S. dollar 01/15/14	JPY 285,467,229,820			(14,084,520	)		(6.64	)%
Other Japanese yen / U.S. dollar 01/06/14 – 01/07/14				(4,784,084	)		(2.25	)%
Other foreign currency				12,395,703			5.84	%
Total forwards				(6,472,901	)		(3.05	)%
Options (cost $79,741,153)
U.S. dollar / Chinese yuan 03/07/14, $6.23 Put		4		11,882,525			5.60	%
U.S. dollar / Chinese yuan 03/07/14, $6.30 Put		3		12,413,547			5.85	%
U.S. dollar / Chinese yuan 03/07/14 - 06/04/14, $6.10 - $6.18 Put		6		10,914,033			5.14	%
Other U.S. dollar / Chinese yuan 03/07/14 - 12/31/14, $6.10 - $6.17 Put				9,123,219			4.30	%
U.S. dollar / Japanese yen 01/10/14, $101.00 Call		2		12,299,882			5.80	%
U.S. dollar / Japanese yen 04/08/14, $101.00 Call		1		11,919,922			5.62	%
U.S. dollar / Japanese yen 04/08/14, $104.00 Call		1		13,654,530			6.43	%
Other U.S. dollar / Japanese yen 01/17/14 - 11/10/14, $102.50 - $123.00 Call				22,120,836			10.42	%
Other U.S. dollar / Japanese yen 01/02/14 - 01/06/14, $103.00 Put				29,469			0.01	%
Other currency				12,463,768			5.87	%
Foreign bond futures				206,193			0.10	%
Foreign index futures				3,813,777			1.80	%
U.S. bond futures				781,250			0.37	%
U.S. index futures				3,250,000			1.53	%
Total options				124,872,951			58.84	%

37

Graham Alternative Investment Trading LLC

Notes to Unaudited Financial Statements (continued)

3. Investments in Master Funds (continued)

The following schedules display the condensed schedules of investments for the Master Funds as of December 31, 2013.

Description	Notional Amount / Number of Contracts			Fair Value			Percentage of Members’ Capital of Master Fund
Graham Commodity Strategies LLC (continued)
Derivative financial instruments (continued)
Short contracts
Futures
Commodity				$	552,040			0.26	%
Foreign bond					87,993			0.04	%
Interest rate					6,976			0.00	%
U.S. bond					(171,875	)		(0.08	)%
Total futures					475,134			0.22	%
Swaps
Interest rate					360,353			0.17	%
Total swaps					360,353			0.17	%
Forwards
U.S. dollar / Japanese yen 01/15/14	JPY (499,475,915,640		)		33,411,262			15.74	%
Other U.S. dollar / Japanese yen 01/06/14 – 01/07/14					5,444,684			2.57	%
Other foreign currency					(5,523,223	)		(2.60	)%
Total forwards					33,332,723			15.71	%
Options (proceeds $50,564,049)
U.S. dollar / Chinese yuan 03/07/14, $6.23 Put		(4	)		(11,882,525	)		(5.60	)%
U.S. dollar / Chinese yuan 03/07/14, $6.30 Put		(4	)		(12,413,547	)		(5.85	)%
Other U.S. dollar / Chinese yuan 03/07/14 - 12/02/14, $5.98 - $6.17 Put					(3,500,628	)		(1.65	)%
U.S. dollar / Japanese yen 04/08/14, $101.00 Call		(1	)		(11,919,922	)		(5.62	)%
Other U.S. dollar / Japanese yen 01/10/14 - 04/08/14, $102.50 - $114.00 Call					(20,135,817	)		(9.48	)%
Other currency					(9,823,598	)		(4.63	)%
U.S. bond					(312,500	)		(0.15	)%
Total options					(69,988,537	)		(32.98	)%
Total derivative financial instruments				$	80,129,304			37.76	%

38

Graham Alternative Investment Trading LLC

Notes to Unaudited Financial Statements (continued)

3. Investments in Master Funds (continued)

The following schedules display the condensed schedules of investments for the Master Funds as of December 31, 2013.

Description	Number of Contracts	Fair Value			Percentage of Members’ Capital of Master Fund
Graham Global Monetary Policy LLC
Derivative financial instruments
Long contracts
Futures
Commodity		$	128,850			0.12	%
Foreign bond			802,342			0.75	%
Foreign index			2,765,027			2.60	%
Interest rate			(3,880,963	)		(3.64	)%
U.S. index			3,250,338			3.05	%
Total futures			3,065,594			2.88	%
Forwards
Foreign currency			3,290,191			3.09	%
Total forwards			3,290,191			3.09	%
Options (cost $6,242,152)
Foreign currency			2,049,584			1.93	%
Total options			2,049,584			1.93	%
Short contracts
Futures
Commodity			267,000			0.25	%
Foreign bond			1,047,621			0.98	%
Foreign index			(1,017,217	)		(0.96	)%
Interest rate			6,236,193			5.87	%
U.S. bond			3,700,384			3.48	%
Total futures			10,233,981			9.62	%
Forwards
Foreign currency			(1,978,963	)		(1.86	)%
Total forwards			(1,978,963	)		(1.86	)%
Options (proceeds $21,920,475)
Euro / Swiss franc 01/15/14 - 06/16/14, 1.20 - 1.24 Put	15		(9,180,740	)		(8.63	)%
Euro / Swiss franc 01/23/14 - 03/27/14, 1.23 - 1.24 Call	9		(3,769,340	)		(3.54	)%
Total options			(12,950,080	)		(12.17	)%
Total derivative financial instruments		$	3,710,307			3.49	%

39

Graham Alternative Investment Trading LLC

Notes to Unaudited Financial Statements (continued)

3. Investments in Master Funds (continued)

The following schedules display the condensed schedules of investments for the Master Funds as of December 31, 2013.

Description	Fair Value			Percentage of Net Assets of Master Fund
Graham K4D Trading Ltd.
Derivative financial instruments
Long contracts
Futures
Commodity	$	2,119,535			1.24	%
Currency		338,275			0.20	%
Foreign bond		(3,988,711	)		(2.34	)%
Foreign index		17,706,322			10.40	%
Interest rate		(4,219,151	)		(2.48	)%
U.S. bond		(1,869,974	)		(1.10	)%
U.S. index		11,633,613			6.83	%
Total futures		21,719,909			12.75	%
Forwards
Foreign currency		3,567,368			2.10	%
Total forwards		3,567,368			2.10	%
Short contracts
Futures
Commodity		7,263,881			4.26	%
Currency		272,861			0.16	%
Foreign bond		1,615,436			0.95	%
Foreign index		(2,864,926	)		(1.68	)%
Interest rate		316,308			0.19	%
U.S. bond		3,636,948			2.14	%
U.S. index		(149,710	)		(0.09	)%
Total futures		10,090,798			5.93	%
Forwards
Foreign currency		6,188,899			3.64	%
Total forwards		6,188,899			3.64	%
Total derivative financial instruments	$	41,566,974			24.42	%

40

Graham Alternative Investment Trading LLC

Notes to Unaudited Financial Statements (continued)

3. Investments in Master Funds (continued)

The following table shows the fair value classification of each investment type by Master Fund as of December 31, 2013:

	Graham Commodity Strategies LLC			Graham Global Monetary Policy LLC			Graham K4D Trading Ltd.
Assets
Level 1:
U.S. bond futures	$	-		$	3,700,384		$	3,636,948
U.S. bond futures options		781,250			-			-
Foreign bond futures		87,993			1,849,963			3,780,754
Foreign bond futures options		206,193			-			-
Foreign index futures		331,430			2,765,027			17,711,747
Foreign index futures options		3,813,777			-			-
U.S. index futures		-			3,250,338			11,633,613
U.S. index futures options		3,250,000			-			-
Commodity futures		555,340			542,100			20,981,773
Interest rate futures		6,976			6,409,614			319,692
Currency futures		-			-			706,749
Total Level 1		9,032,959			18,517,426			58,771,276
Level 2:
Foreign currency forwards		63,466,694			19,384,491			14,317,387
Foreign currency options		116,821,732			2,049,584			-
Interest rate swaps		654,860			-			-
Total Level 2		180,943,286			21,434,075			14,317,387
Total investment related assets	$	189,976,245		$	39,951,501		$	73,088,663
Liabilities
Level 1:
U.S. bond futures	$	(402,578	)	$	-		$	(1,869,974	)
U.S. bond futures options		(312,500	)		-			-
Foreign bond futures		(336,590	)		-			(6,154,029	)
Foreign index futures		-			(1,017,217	)		(2,870,351	)
U.S. index futures		-			-			(149,710	)
Commodity futures		(56,320	)		(146,250	)		(11,598,357	)
Interest rate futures		(223,204	)		(4,054,384	)		(4,222,535	)
Currency futures		-			-			(95,613	)
Total Level 1		(1,331,192	)		(5,217,851	)		(26,960,569	)
Level 2:
Foreign currency forwards		(36,606,872	)		(18,073,263	)		(4,561,120	)
Foreign currency options		(69,676,038	)		(12,950,080	)		-
Interest rate swaps		(2,232,839	)		-			-
Total Level 2		(108,515,749	)		(31,023,343	)		(4,561,120	)
Total investment related liabilities	$	(109,846,941	)	$	(36,241,194	)	$	(31,521,689	)

41

Graham Alternative Investment Trading LLC

Notes to Unaudited Financial Statements (continued)

3. Investments in Master Funds (continued)

The following table displays the gross volume of derivative activities based on their notional amounts and number of contracts and fair value of derivative contracts held by the Master Funds at December 31, 2013 categorized by primary underlying risk and is representative of the derivative instruments held by the Master Funds throughout the year. Derivatives denominated in foreign currencies have been converted to U.S. dollars. Derivative asset and liability balances are presented on a gross basis, prior to the application of counterparty netting. The Master Funds trade derivative instruments on a leveraged basis. Due to the low margin deposits normally required for trading these derivative financial instruments, the gross notional exposure as displayed in the tables below may exceed the net asset value of the Master Funds by a significant amount. As a result, a relatively small price movement in an underlying derivative financial instrument may result in immediate and substantial effect on the net income and net asset value of the Master Funds and GAIT.

	Graham Commodity Strategies LLC
	Long exposure				Short exposure
	Notional amounts		Number of contracts		Notional amounts			Number of contracts			Derivative Assets		Derivative Liabilities
Commodity price
Futures	$	1,023,155		27	$	(86,736,500	)		(875	)	$	555,340	$	(56,320	)
		1,023,155		27		(86,736,500	)		(875	)		555,340		(56,320	)
Equity price
Futures		27,916,083		243		-			-			331,430		-
Options(a)		242,380,248		7,250		-			-			7,063,777		-
		270,296,331		7,493		-			-			7,395,207		-
Foreign currency exchange rate
Forwards		10,443,360,550		N/A		(10,140,658,387	)		N/A			63,466,694		(36,606,872	)
Options(a)		3,352,679,978		55		(3,877,669,196	)		(60	)		116,821,732		(69,676,038	)
		13,796,040,528		55		(14,018,327,583	)		(60	)		180,288,426		(106,282,910	)
Interest rate
Futures		4,218,339,506		8,393		(417,593,882	)		(2,917	)		94,969		(962,372	)
Options(a)		73,143,121		5,500		(93,712,500	)		(4,000	)		987,443		(312,500	)
Swaps		1,461,834,808		7		(1,461,834,808	)		(7	)		654,860		(2,232,839	)
		5,753,317,435		13,900		(1,973,141,190	)		(6,924	)		1,737,272		(3,507,711	)
Total	$	19,820,677,449		21,475	$	(16,078,205,273	)		(7,859	)	$	189,976,245	$	(109,846,941	)
Aggregate fair value of derivative instruments subject to credit-risk related contingent features (as described in Note 2).													$	(1,577,979	)

(a) Notional amounts for options are based on the delta-adjusted positions.

42

Graham Alternative Investment Trading LLC

Notes to Unaudited Financial Statements (continued)

3. Investments in Master Funds (continued)

The following table displays the gross volume of derivative activities based on their notional amounts and number of contracts and fair value of derivative contracts held by the Master Funds at December 31, 2013 categorized by primary underlying risk and is representative of the derivative instruments held by the Master Funds throughout the year. Derivatives denominated in foreign currencies have been converted to U.S. dollars. Derivative asset and liability balances are presented on a gross basis, prior to the application of counterparty netting. The Master Funds trade derivative instruments on a leveraged basis. Due to the low margin deposits normally required for trading these derivative financial instruments, the gross notional exposure as displayed in the tables below may exceed the net asset value of the Master Funds by a significant amount. As a result, a relatively small price movement in an underlying derivative financial instrument may result in immediate and substantial effect on the net income and net asset value of the Master Funds and GAIT.

	Graham Global Monetary Policy LLC
	Long exposure				Short exposure
	Notional amounts		Number of contracts		Notional amounts			Number of contracts			Derivative Assets		Derivative Liabilities
Commodity price
Futures	$	23,376,150		300	$	(8,683,200	)		(80	)	$	542,100	$	(146,250	)
		23,376,150		300		(8,683,200	)		(80	)		542,100		(146,250	)
Equity price
Futures		210,629,836		2,475		(38,274,091	)		(2,210	)		6,015,365		(1,017,217	)
		210,629,836		2,475		(38,274,091	)		(2,210	)		6,015,365		(1,017,217	)
Foreign currency exchange rate
Forwards		92,022,916,376		N/A		(38,009,941,739	)		N/A			19,384,491		(18,073,263	)
Options(a)		2,049,580		43		(12,950,080	)		(43	)		2,049,584		(12,950,080	)
		92,024,965,956		43		(38,022,891,819	)		(43	)		21,434,075		(31,023,343	)
Interest rate
Futures		3,982,239,026		14,619		(3,336,191,401	)		(16,810	)		11,959,961		(4,054,384	)
		3,982,239,026		14,619		(3,336,191,401	)		(16,810	)		11,959,961		(4,054,384	)
Total	$	96,241,210,968		17,437	$	(41,406,040,511	)		(19,143	)	$	39,951,501	$	(36,241,194	)

(a) Notional amounts for options are based on the delta-adjusted positions.

43

Graham Alternative Investment Trading LLC

Notes to Unaudited Financial Statements (continued)

3. Investments in Master Funds (continued)

The following table displays the gross volume of derivative activities based on their notional amounts and number of contracts and fair value of derivative contracts held by the Master Funds at December 31, 2013 categorized by primary underlying risk and is representative of the derivative positions held by the Master Funds throughout the year. Derivatives denominated in foreign currencies have been converted to U.S. dollars. Derivative asset and liability balances are presented on a gross basis, prior to the application of counterparty netting. The Master Funds trade derivative instruments on a leveraged basis. Due to the low margin deposits normally required for trading these derivative financial instruments, the gross notional exposure as displayed in the tables below may exceed the net asset value of the Master Funds by a significant amount. As a result, a relatively small price movement in an underlying derivative financial instrument may result in immediate and substantial effect on the net income and net asset value of the Master Funds and GAIT.

	Graham K4D Trading Ltd.
	Long exposure				Short exposure
	Notional amounts		Number of contracts		Notional amounts			Number of contracts			Derivative Assets		Derivative Liabilities
Commodity price
Futures	$	600,736,167		7,868	$	(818,149,290	)		(14,183	)	$	20,981,773	$	(11,598,357	)
		600,736,167		7,868		(818,149,290	)		(14,183	)		20,981,773		(11,598,357	)
Equity price
Futures		1,084,321,015		10,363		(72,186,031	)		(1,773	)		29,345,360		(3,020,061	)
		1,084,321,015		10,363		(72,186,031	)		(1,773	)		29,345,360		(3,020,061	)
Foreign currency exchange rate
Futures		41,642,925		339		(184,204,020	)		(2,217	)		706,749		(95,613	)
Forwards		1,307,412,590		N/A		(933,293,797	)		N/A			14,317,387		(4,561,120	)
		1,349,055,515		339		(1,117,497,817	)		(2,217	)		15,024,136		(4,656,733	)
Interest rate
Futures		4,856,729,015		19,225		(2,479,086,853	)		(16,180	)		7,737,394		(12,246,538	)
		4,856,729,015		19,225		(2,479,086,853	)		(16,180	)		7,737,394		(12,246,538	)
Total	$	7,890,841,712		37,795	$	(4,486,919,991	)		(34,353	)	$	73,088,663	$	(31,521,689	)

44

Graham Alternative Investment Trading LLC

Notes to Unaudited Financial Statements (continued)

3. Investments in Master Funds (continued)

When multiple derivative contracts are held with the same counterparty, the Master Funds will net the contracts in an asset position with the contracts in a liability position when covered by a master netting agreement or similar arrangements, for presentation in the statements of financial condition. The table below displays the amounts at December 31, 2013 by which the fair values of both derivative assets and derivative liabilities were reduced within the Master Funds’ statements of financial condition as a result of this netting. Gross amounts below correspond to the total derivative asset and derivative liability balances categorized by primary underlying risk and product type in the preceding tables. Collateral pledged (received) for derivative assets and liabilities represent the cash amounts which are included in due from brokers on the statements of financial condition.  Actual collateral pledged or received by the Master Fund may exceed these amounts.

Description	Gross Amount			Gross Amount Offset in the Statements of Financial Condition			Net Amount Presented in the Statements of Financial Condition			Collateral (Received) / Pledged		Net Amount
Graham Commodity Strategies LLC1
Derivative assets	$	189,976,245		$	(109,846,941	)	$	80,129,304		$	-	$	80,129,304
Derivative liabilities		(109,846,941	)		109,846,941			-			-		-
Graham Global Monetary Policy LLC2
Derivative assets		39,951,501			(26,647,430	)		13,304,071			-		13,304,071
Derivative liabilities		(36,241,194	)		26,647,430			(9,593,764	)		9,593,764		-
Graham K4D Trading Ltd. 3
Derivative assets		73,088,663			(31,521,689	)		41,566,974			-		41,566,974
Derivative liabilities		(31,521,689	)		31,521,689			-			-		-

¹ Net derivative asset amounts presented in the statement of financial condition are held with three counterparties. The Master Fund has not received collateral from these counterparties that is eligible to offset these derivative amounts as of December 31, 2013. There were no net derivative liability amounts held with any counterparties as of December 31, 2013. At December 31, 2013 additional collateral pledged in the amount of $129,230,754 was posted in support of derivative positions and is included in due from brokers on the statement of financial condition.

² Net derivative asset and liability amounts presented in the statement of financial condition are held with two counterparties. The Master Fund has pledged offsetting collateral to one of these counterparties. At December 31, 2013 additional collateral pledged in the amount of $93,112,102 was posted in support of derivative positions and is included in due from brokers on the statement of financial condition.

³ Net derivative asset amounts presented in the statement of financial condition are held with three counterparties. The Master Fund has not received collateral from these counterparties that is eligible to offset these derivative amounts as of December 31, 2013. There were no net derivative liability amounts held with any counterparties as of December 31, 2013. At December 31, 2013 additional collateral pledged in the amount of $127,824,315 was posted in support of derivative positions and is included in due from brokers on the statement of financial condition.

45

Graham Alternative Investment Trading LLC

Notes to Unaudited Financial Statements (continued)

3. Investments in Master Funds (continued)

The following table summarizes the results of operations of each Master Fund for the year ended December 31, 2013:

	Graham Commodity Strategies LLC			Graham Global Monetary Policy LLC			Graham K4D Trading Ltd.
Net investment income (loss)	$	99,431		$	(42,646	)	$	(6,182	)
Net realized gain on investments		79,075,377			51,595,494			140,524,370
Net increase in unrealized appreciation on investments		47,155,885			7,964,706			16,934,274
Brokerage commissions and fees		(12,430,107	)		(4,413,185	)		(1,766,806	)
Net gain on investments		113,801,155			55,147,015			155,691,838
Net income	$	113,900,586		$	55,104,369		$	155,685,656

46

Graham Alternative Investment Trading LLC

Notes to Unaudited Financial Statements (continued)

3. Investments in Master Funds (continued)

The following table shows the gross gains and losses on all financial instruments held by the Master Funds reported in net realized gain and net increase in unrealized appreciation on investments in their statements of operations segregated by primary underlying risk and contract type for the year ended December 31, 2013:

	Graham Commodity Strategies LLC			Graham Global Monetary Policy LLC			Graham K4D Trading Ltd.
Commodity price
Futures	$	(53,579,007	)	$	(5,104,883	)	$	22,390,945
Options		(1,216,750	)		-			-
Swaps		2,633,906			-			(577,404	)
		(52,161,851	)		(5,104,883	)		21,813,541
Equity price
Futures		(6,426,914	)		11,906,544			233,196,965
Equities		794,000			-			60,994
Options		5,308,495			89,030			-
		(324,419	)		11,995,574			233,257,959
Foreign currency exchange rate
Futures		(3,199,215	)		-			(3,993,100	)
Forwards		136,702,422			2,814,065			(16,548,454	)
Options		32,993,122			12,861,563			-
		166,496,329			15,675,628			(20,541,554	)
Interest rate
Bonds		16,147			-			42,352
Futures		15,085,869			39,523,590			(77,113,654	)
Options		523,654			(2,529,709	)		-
Swaps		(3,404,467	)		-			-
		12,221,203			36,993,881			(77,071,302	)
Total	$	126,231,262		$	59,560,200		$	157,458,644

47

Graham Alternative Investment Trading LLC

Notes to Unaudited Financial Statements (continued)

4. Graham Cash Assets LLC

GAIT invests a portion of its excess liquidity in Cash Assets, an entity for which the Manager is also the sole investment advisor. Cash Assets commenced operations on June 22, 2005, and was formed as a Delaware Limited Liability Company for the purpose of consolidating investment activity of multiple funds managed by the Manager. Its objective is to preserve capital while enhancing return on cash balances and providing daily liquidity. It invests in debt obligations guaranteed by the U.S. federal government which range in maturity from one to nineteen months. Cash Assets also maintains cash and cash equivalents on deposit with major U.S. institutions. Cash Assets values all fixed income securities at amortized cost which approximates fair value. GAIT’s investment in Cash Assets is valued in the accompanying statements of financial condition at fair value in accordance with U.S. GAAP based upon GAIT’s proportionate share of Cash Assets’ reported net asset value. GAIT records its proportionate share of Cash Assets’ investment income and expenses on a monthly basis. For the three and nine months ended September 30, 2014, the total amounts recognized by GAIT with respect to its investment in Cash Assets were $77,478 and $252,848, respectively. For the three and nine months ended September 30, 2013, the total amounts recognized by GAIT with respect to its investment in Cash Assets was $102,458 and $335,724, respectively. These amounts are included in interest income in the statements of operations and incentive allocation. At September 30, 2014 and December 31, 2013, GAIT owned approximately 6.03% and 4.36%, respectively, of Cash Assets. The following table summarizes the financial position of Cash Assets as of September 30, 2014 and December 31, 2013:

	September 30, 2014		December 31, 2013
Assets:
Cash and cash equivalents	$	708,663,039	$	1,011,694,165
Investments in fixed income securities (cost $1,482,810,325 and $2,493,161,454, respectively)		1,482,810,325		2,493,161,454
Accrued interest receivable		5,623,469		6,806,338
Total assets		2,197,096,833		3,511,661,957
Liabilities:
Other liabilities		-		15,004
Total liabilities		-		15,004
Net assets	$	2,197,096,833	$	3,511,646,953

The following table summarizes the results of operations of Cash Assets for the three and nine month periods ended September 30, 2014 and 2013:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2014		2013		2014		2013
Investment income
Interest income	$	1,403,319	$	2,331,345	$	5,058,145	$	6,571,736
Total investment income		1,403,319		2,331,345		5,058,145		6,571,736
Expenses:
Bank fee expense		5,866		7,210		33,082		66,174
Total expenses		5,866		7,210		33,082		66,174
Net investment income		1,397,453		2,324,135		5,025,063		6,505,562
Net income	$	1,397,453	$	2,324,135	$	5,025,063	$	6,505,562

48

Graham Alternative Investment Trading LLC

Notes to Unaudited Financial Statements (continued)

4. Graham Cash Assets LLC (continued)

The following represents the condensed schedule of investments of Cash Assets as of September 30, 2014:

Description	Principal Amount		Fair Value		Percentage of Members’ Capital
Investments in Fixed Income Securities (cost $1,482,810,325)
United States
Government Bonds (cost $1,482,810,325)
U.S. Treasury 2.38% due 10/31/14	$	150,000,000	$	150,486,496		6.85	%
Other U.S. Treasury 0.25% – 4.00% due 10/31/14 – 01/31/16				1,332,323,829		60.64	%
Total Government Bonds				1,482,810,325		67.49	%
Total Investments in Fixed Income Securities			$	1,482,810,325		67.49	%

The following represents the condensed schedule of investments of Cash Assets as of December 31, 2013:

Description	Principal Amount		Fair Value		Percentage of Members’ Capital
Investments in Fixed Income Securities (cost $2,493,161,454)
United States
Government Bonds (cost $2,493,161,454)
U.S. Treasury 0.13% – 4.00% due 01/15/14 – 9/15/15	$	2,475,000,000	$	2,493,161,454		71.00	%
Total Government Bonds				2,493,161,454		71.00	%
Total Investments in Fixed Income Securities			$	2,493,161,454		71.00	%

Cash Assets reports the fair value of its investment related assets and liabilities in accordance with the hierarchy established under U.S. GAAP. The following table shows the fair value classification of each investment type held by Cash Assets as of September 30, 2014 and December 31, 2013:

	September 30, 2014		December 31, 2013
Assets
Level 2:
Fixed income securities
Government Bonds	$	1,482,810,325	$	2,493,161,454
Total fixed income securities		1,482,810,325		2,493,161,454
Total Level 2		1,482,810,325		2,493,161,454
Total assets	$	1,482,810,325	$	2,493,161,454

49

Graham Alternative Investment Trading LLC

Notes to Unaudited Financial Statements (continued)

5. Capital Accounts

GAIT offers Class 0 Units and Class 2 Units (collectively, the “Units”). GAIT may issue additional classes in the future subject to different fees, expenses or other terms, or to invest in other investment programs or combinations of investment programs managed by the Manager. GAIT also has Management Units (“Class M units”) which are solely for the investment of the Manager.

A separate Capital Account is maintained for each member with respect to each Class of Units held by such member. The initial balance of each member’s Capital Account is equal to the initial contribution to GAIT with respect to the Class to which such Capital Account relates. Each member’s Capital Account is increased by any additional subscription, and decreased by any redemption by such member of Units of such Class to which the Capital Account relates. All income and expenses of GAIT are allocated among the Capital Accounts of the members in proportion to the balance that each Capital Account bears to the balance of all Capital Accounts as of the beginning of such fiscal period.

Subscriptions

Units may be purchased at a price equal to the Net Asset Value per Unit of the relevant Class as of the immediately preceding Valuation Day, as defined in the LLC Agreement. There is no minimum subscription amount.

Units are available for subscription as of the first business day of each month upon written notice of at least three business days prior to the last business day of the preceding month.

Redemptions

Units are not subject to any minimum holding period. Members may redeem Units at the Net Asset Value thereof as of the last business day of each month upon not less than three business days’ prior written notice to the administrator.

6. Fees and Related Party Transactions

Advisory Fees

For the nine months ended September 30, 2014 and 2013 each Class of GAIT other than Class M pays the Manager an advisory fee (the “Advisory Fee”) at an aggregate annual rate equal to 1.75% of the Net Asset Value of such Class. The Advisory Fee is payable monthly in arrears calculated as of the last business day of each month and any other date the Manager may permit, in its sole and absolute discretion, as of which any subscription or redemption is effected with respect to Units of such Class during the month.

50

Graham Alternative Investment Trading LLC

Notes to Unaudited Financial Statements (continued)

6. Fees and Related Party Transactions (continued)

Sponsor Fees

For the nine months ended September 30, 2014 and 2013, each Class of GAIT other than Class M paid the Manager a sponsor fee (the “Sponsor Fee”) at an annual rate of the Net Asset Value specified in the table below. The Sponsor Fee is payable monthly in arrears calculated as of the last business day of each month in the same manner as the Advisory Fee. For the three months ended March 31, 2013, the annual rate listed below for Class 2 comprised a Sponsor Fee of 0.75% and selling agent fee (the “Selling Agent Fee”) of 2%, which was used to compensate selling agents for initial and on-going services to the Fund. Subsequent to March 31, 2013, the Sponsor Fee and the Selling Agent Fee were combined to form the Sponsor Fee listed in the table below.

Class	Annual Rate
Class 0	0.75%
Class 2	2.75%

Incentive Allocation

At the end of each calendar quarter, the Manager will receive a special allocation of net profits (the “Incentive Allocation”) in an amount equal to 20% of the New High Net Trading Profits of each Class as defined in the LLC Agreement. The Incentive Allocation is also accrued and allocable on the date of redemption with respect to any Units that are redeemed prior to the end of a calendar quarter. Additionally, any loss carryforward attributable to any class of GAIT shall be proportionately reduced effective as of the date of any redemption of any Units of such class by multiplying the loss carryforward by the ratio that the amount of assets redeemed from such class bears to the net assets of such class immediately prior to such redemption. The loss carryforward of a class must be recouped before any subsequent Incentive Allocation can be made to the Manager.

Administrator’s Fee

For the nine months ended September 30, 2014 and 2013, GAIT paid SEI a monthly administrator’s fee based on GAIT’s net asset value, calculated as of the last business day of each month. In addition, GAIT reimbursed SEI for reasonable out-of-pocket expenses incurred on behalf of GAIT.

Any portion of any of the above fees, including the Incentive Allocation, may be paid by the Manager to third parties as compensation for selling activities in connection with GAIT.

7. Income Taxes

No provision for income taxes has been made in the accompanying financial statements, as members are individually responsible for reporting income or loss based upon their respective share of GAIT’s revenues and expenses for income tax purposes.

51

Graham Alternative Investment Trading LLC

Notes to Unaudited Financial Statements (continued)

7. Income Taxes (continued)

U.S. GAAP provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. U.S. GAAP requires the evaluation of tax positions taken or expected to be taken in the course of preparing GAIT’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet a more-likely-than-not threshold would be recorded as a tax expense in the current year. The Manager has evaluated GAIT’s tax positions and has concluded that there are no significant tax positions requiring recognition, measurement or disclosure in the financial statements. The Manager is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax expense will change materially in the next twelve months. Tax years which are considered open by the relevant jurisdiction are subject to potential examination.

8. Financial Highlights

The following is the per unit operating performance calculation for the three month periods ended September 30, 2014 and 2013:

	Class 0			Class 2
Per unit operating performance
Net asset value per unit, June 30, 2013	$	121.13		$	94.28
Net loss:
Net investment loss		(0.76	)		(1.06	)
Net loss on investments		(3.67	)		(2.85	)
Net loss		(4.43	)		(3.91	)
Net asset value per unit, September 30, 2013	$	116.70		$	90.37
Net asset value per unit, June 30, 2014	$	115.00		$	87.73
Net income:
Net investment loss		(0.81	)		(1.07	)
Net gain on investments		17.42			13.23
Net income		16.61			12.16
Net asset value per unit, September 30, 2014	$	131.61		$	99.89

52

Graham Alternative Investment Trading LLC

Notes to Unaudited Financial Statements (continued)

8. Financial Highlights (continued)

The following represents ratios to average members’ capital, excluding the Managing Member, and total return for the three month periods ended September 30, 2014 and 2013:

	Class 0						Class 2
	2014			2013			2014			2013
Total return before Incentive Allocation		14.44	%		(3.66	)%		13.86	%		(4.15	)%
Incentive Allocation		0.00			0.00			0.00			0.00
Total return after Incentive Allocation		14.44	%		(3.66	)%		13.86	%		(4.15	)%
Net investment loss before Incentive Allocation		(0.68	)%		(0.63	)%		(1.18	)%		(1.12	)%
Incentive Allocation		0.00			0.00			0.00			0.00
Net investment loss after Incentive Allocation		(0.68	)%		(0.63	)%		(1.18	)%		(1.12	)%
Total expenses before Incentive Allocation		0.73	%		0.69	%		1.24	%		1.20	%
Incentive Allocation		0.00			0.00			0.00			0.00
Total expenses after Incentive Allocation		0.73	%		0.69	%		1.24	%		1.20	%

The following is the per unit operating performance calculation for the nine month periods ended September 30, 2014 and 2013:

	Class 0			Class 2
Per unit operating performance
Net asset value per unit, December 31, 2012	$	114.88		$	90.29
Net income:
Net investment loss		(2.50	)		(3.33	)
Net gain on investments		4.32			3.41
Net income		1.82			0.08
Net asset value per unit, September 30, 2013	$	116.70		$	90.37
Net asset value per unit, December 31, 2013	$	127.72		$	98.41
Net loss:
Net investment loss		(2.33	)		(3.17	)
Net gain on investments		6.22			4.65
Net income		3.89			1.48
Net asset value per unit, September 30, 2014	$	131.61		$	99.89

53

Graham Alternative Investment Trading LLC

Notes to Unaudited Financial Statements (continued)

8. Financial Highlights (continued)

The following represents ratios to average members’ capital, excluding the Managing Member, and total return for the nine month periods ended September 30, 2014 and 2013:

	Class 0						Class 2
	2014			2013			2014			2013
Total return before Incentive Allocation		3.05	%		1.58	%		1.50	%		0.09	%
Incentive Allocation		0.00			0.00			0.00			0.00
Total return after Incentive Allocation		3.05	%		1.58	%		1.50	%		0.09	%
Net investment loss before Incentive Allocation		(1.96	)%		(2.11	)%		(3.49	)%		(3.57	)%
Incentive Allocation		0.00			0.00			0.00			0.00
Net investment loss after Incentive Allocation		(1.96	)%		(2.11	)%		(3.49	)%		(3.57	)%
Total expenses before Incentive Allocation		2.13	%		2.27	%		3.65	%		3.73	%
Incentive Allocation		0.00			0.00			0.00			0.00
Total expenses after Incentive Allocation		2.13	%		2.27	%		3.65	%		3.73	%

Total return is calculated for Class 0 and Class 2 units taken as a whole. Total return is calculated as the change in total members’ capital, excluding that of the Managing Member, adjusted for subscriptions or redemptions during the period. An individual member’s return may vary from these returns based on the timing of capital transactions and the applicability of Advisory Fees, Sponsor Fees, Administrator’s Fees, and the Incentive Allocation. The net investment loss and total expense ratios (including Incentive Allocation) are calculated for the Class 0 and Class 2 units taken as a whole and include amounts from GAIT and net investment loss and expenses allocated from Master Funds and investment income from Cash Assets. The computation of such ratios is based on the amount of net investment loss, total expenses and Incentive Allocation. Net investment loss and total expense ratios are computed based upon the weighted average of members’ capital of GAIT, excluding that of the Managing Member, for the three and nine month periods ended September 30, 2014 and 2013.

9. Subsequent Events

GAIT had subscriptions of approximately $7.2 million and redemptions of approximately $4.8 million through November 14, 2014, the date through which subsequent events were evaluated by management. These amounts have not been included in the financial statements.

54

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

Forward-Looking Statements

Certain statements within this Quarterly Report on Form 10-Q may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (“PSLRA”). These statements are being made pursuant to the PSLRA, with the intention of obtaining the benefits of the “safe harbor” provisions of the PSLRA, and, other than as required by law, we assume no obligation to update or supplement such statements. Forward-looking statements are those that do not relate solely to historical facts. They include, but are not limited to, any statement that may predict, forecast, indicate or imply future results, performance, achievements or events. You can identify these statements by the use of words such as “may,” “will,” “could,” “anticipate,” “believe,” “estimate,” “expect,” “intend,” “predict,” “continue,” “further,” “seek,” “plan,” or “project” and variations of these words or comparable words or phrases of similar meaning. These forward-looking statements reflect our current beliefs and expectations with respect to future events and are based on assumptions and are subject to risks and uncertainties and other factors outside our control that may cause actual results to differ materially from those projected. We undertake no obligation to update publicly or review any forward-looking statement, whether as a result of new information, future developments or otherwise.

(a) Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following is a discussion of our current financial position and results of operations. This discussion should be read together with our annual financial statements and the notes thereto for the fiscal year ended December 31, 2013 included in our Annual Report on Form 10-K, as filed with the Securities and Exchange Commission on March 28, 2014. This discussion should also be read in conjunction with “Item 1: Financial Statements.” The information contained therein is essential to, and should be read in conjunction with, the following analysis. For the purposes of this filing beginning with Item 2, the term “Fund” shall include each of the Blended Strategies Portfolio of GAIF I, GAIT and the Master Funds in which they invest, unless the context implies otherwise. The Fund does not engage in the sale of goods or services. The Fund’s capital consists of capital contributions of the members, as increased or decreased by gains and losses from its investments in the Master Funds, interest, expenses and redemptions. Its only assets are its investments in the Master Funds. The Master Funds do not engage in the sale of goods or services. Their assets are comprised of the equity in their accounts with clearing brokers and OTC counterparties, in each case consisting of cash, open trade equity on derivatives and the net option premium paid or received. In the case of Graham Cash Assets LLC (“Cash Assets”), the assets consist of investments in debt obligations guaranteed by the U.S. federal government, as well as cash and cash equivalents.

For the three months ended September 30, 2014 the Blended Strategies Portfolio’s net asset value increased by $898,953 or 1.1%. The net increase in the Blended Strategies Portfolio was attributable to total subscriptions of $375,218 or 0.5% and net income of $11,453,464 or 13.6% partially offset by redemptions totaling $10,929,729 or -13.0%, for the period.

For the nine months ended September 30, 2014 the Blended Strategies Portfolio’s net asset value decreased by $14,079,739 or -14.3%. The net decrease in the Blended Strategies Portfolio was attributable to total subscriptions of $8,334,507 or 8.4% and net income of $1,331,584 or 1.3% offset by redemptions totaling $23,745,830 or -24.0% for the period.

For the three months ended September 30, 2013 the Blended Strategies Portfolio’s net asset value decreased by $12,628,996 or -11.2%. The net decrease in the Blended Strategies Portfolio was attributable to total subscriptions of $375,000 or 0.3% offset by redemptions totaling $8,768,435 or -7.8% and a net loss of $4,235,561 or -3.7%, for the period.

For the nine months ended September 30, 2013 the Blended Strategies Portfolio’s net asset value decreased $67,582,069 or -40.4%. The net decrease in the Blended Strategies Portfolio was attributable to total subscriptions of $5,616,886 or 3.3% and net income of $6,004,926 or 3.6% offset by redemptions totaling $79,473,881 or –47.3%, for the period.

55

 (i)     Results of Operations

The Fund’s success depends primarily upon the Manager’s ability to recognize and capitalize on market trends in the different and varied sectors of the global financial markets in which it trades.

2014 Summary

Three Months Ended September 30, 2014

For the three months ended September 30, 2014, the Blended Strategies Portfolio experienced net trading gains of $12,256,194. The trading results are attributable to the following sectors:

Agriculture / Softs	$	1,202,565
Base metals		(494,111	)
Energy		(835,153	)
Equities		(642,322	)
Foreign exchange		11,388,136
Long term / Intermediate rates		1,750,775
Precious metals		396,508
Short term rates		(510,204	)
	$	12,256,194

The Blended Strategies Portfolio recorded a net gain for the third quarter of 2014. The portfolio recorded gains primarily from trading foreign exchange, in particular from a long bias in the U.S. dollar versus the euro, Japanese yen, and, to a lesser extent, the New Zealand dollar. The portfolio also benefitted from positions in European fixed income futures. The portfolio recorded modest gains in commodity futures, as profits in agriculture/softs commodities and precious metals more than offset losses in energy and base metals. Losses resulted from positions in European, U.K., and U.S. equity sectors.

Advisory, Sponsor, and Administrator’s Fees are calculated as a percentage of the Fund’s net asset value as of the end of each month and are affected by trading performance, interest income, subscriptions into and redemptions out of the Fund. Accordingly, the fluctuations in these amounts are directly correlated to the changes in net asset value which are discussed in detail herein.

For the three months ended September 30, 2014, Advisory Fees decreased by $95,474 or -20.1%, Sponsor Fees decreased by $39,889 or -12.6%, and Administrator’s Fees decreased by $5,246 or -14.9% in the Fund over the corresponding period of the preceding year. These decreases are all attributable to lower net assets of the portfolio resulting from redemptions partially offset by subscriptions and net income for the period. During the same period, interest income decreased by $12,816 or -22.5%. Interest was earned on free cash at an average annualized yield of 0.26% for the three months ended September 30, 2014 compared to 0.25% for the same period in 2013.

The Incentive Allocation is based on the New High Net Trading Profits of the portfolio. For the three months ended September 30, 2014 and 2013 the portfolio has not yet recovered previous losses. As a result, there was no Incentive Allocation for those periods.

56

Nine Months Ended September 30, 2014

For the nine months ended September 30, 2014, the Blended Strategies Portfolio experienced net trading gains of $3,756,468. The trading results are attributable to the following sectors:

Agriculture / Softs	$	(753,170	)
Base metals		(1,251,560	)
Energy		(2,519,902	)
Equities		(3,287,701	)
Foreign exchange		9,002,877
Long term / Intermediate rates		4,136,776
Precious metals		(1,069,630	)
Short term rates		(501,222	)
	$	3,756,468

The Blended Strategies Portfolio posted a net gain for the first three quarters of 2014. Gains resulted primarily from trading foreign exchange, most notably from a long bias in the U.S. dollar versus the euro, New Zealand dollar, Canadian dollar, and Japanese yen. The portfolio also benefitted from positions in European fixed income futures. Positions in commodity futures, including agriculture/softs commodities, metals, and energy led to losses. Losses also resulted from positions in the equities sector, which offset a portion of the portfolio’s overall profits.

Advisory, Sponsor, and Administrator’s Fees are calculated as a percentage of the Fund’s net asset value as of the end of each month and are affected by trading performance, interest income, subscriptions into and redemptions out of the Fund. Accordingly, the fluctuations in these amounts are directly correlated to the changes in net asset value which are discussed in detail herein.

For the nine months ended September 30, 2014, Advisory Fees decreased by $646,824 or -35.7%, Sponsor Fees decreased by $322,098 or -28.2%, and Administrator’s Fees decreased by $45,000 or -33.4% in the Fund over the corresponding period of the preceding year. These decreases are all attributable to lower net assets of the portfolio resulting from redemptions partially offset by subscriptions and net income for the period. During the same period, interest income decreased by $58,386 or -29.2%. Interest was earned on free cash at an average annualized yield of 0.25% for the nine months ended September 30, 2014 compared to 0.23% for the same period in 2013.

The Incentive Allocation is based on the New High Net Trading Profits of the portfolio. For the nine months ended September 30, 2014 and 2013 the portfolio has not yet recovered previous losses. As a result, there was no Incentive Allocation for those periods.

The following table illustrates the sector distribution of the Fund’s investments in Master Funds as of September 30, 2014 based on the fair value of the underlying assets and liabilities in each master fund including both long and short positions. Positive percentages represent net assets whereas negative percentages represent a net liability.

Agriculture / Softs	18.3	%
Base metals	(7.5	)%
Energy	7.1	%
Equities	(0.1	)%
Foreign exchange	72.2	%
Long term / Intermediate rates	1.0	%
Precious metals	7.9	%
Short term rates	1.1	%
	100.0	%

57

2013 Summary

Three Months Ended September 30, 2013

For the three months ended September 30, 2013, the Blended Strategies Portfolio experienced net trading losses of $3,328,641. The trading results are attributable to the following sectors:

Agriculture / Softs	$	533,363
Base metals		(509,333	)
Energy		(1,605,694	)
Equities		1,935,320
Foreign exchange		(3,117,035	)
Long term / Intermediate rates		39,943
Precious metals		(1,201,726	)
Short term rates		596,521
	$	(3,328,641	)

The Blended Strategies Portfolio recorded a net loss for the third quarter of 2013. The losses resulted primarily from positions in commodities, including energy and metals. The portfolio also recorded losses from positions in foreign exchange, particularly as the U.S. dollar weakened versus the Japanese yen, European currencies, and commodity currencies. The portfolio recorded profits from trading U.S. and European equity indices and short term rates futures, which mitigated a portion of the overall losses for the quarter.

Brokerage, Advisory, Sponsor, and Administrator’s Fees are calculated as a percentage of the Fund’s net asset value as of the end of each month and are affected by trading performance, interest income, subscriptions into and redemptions out of the Fund. Accordingly, the fluctuations in these amounts are directly correlated to the changes in net asset value which are discussed in detail herein.

For the three months ended September 30, 2013, Advisory Fees decreased by $663,307 or -58.2%, Brokerage Fees decreased by $1,304,776 or -100.0% and Sponsor Fees decreased by $253,651 or -44.5% in the Blended Strategies Portfolio over the corresponding period of the preceding year. These decreases are all attributable to lower net assets of the portfolio resulting from subscriptions offset by redemptions and a net loss for the period. Additionally, the Brokerage Fees were eliminated in 2013 and the Advisory Fees were reduced by 0.25% for each class of units from 2% in 2012 to 1.75% in 2013. During the same period, interest income decreased by $59,492 or -51.1%. Interest was earned on free cash at an average annualized yield of 0.25% for the three months ended September 30, 2013 compared to 0.25% for the same period in 2012.

The Incentive Allocation is based on the New High Net Trading Profits of the portfolio. For the three months ended September 30, 2013 and 2012 the portfolio has not yet recovered previous losses. As a result, there was no Incentive Allocation for those periods.

58

Nine Months Ended September 30, 2013

For the nine months ended September 30, 2013, the Blended Strategies Portfolio experienced net trading gains of $9,824,708 attributable to the following sectors:

Agriculture / Softs	$	2,023,624
Base metals		63,891
Energy		(8,464,356	)
Equities		16,340,207
Foreign exchange		124,986
Long term / Intermediate rates		(6,469,972	)
Precious metals		4,252,133
Short term rates		1,954,195
	$	9,824,708

Blended Strategies Portfolio posted a net gain for the first three quarters of 2013. The majority of the gains were driven by trading equity index futures, particularly in the U.S., Asia and U.K.  The portfolio also recorded gains from trading precious metals, with smaller gains in agricultural/softs commodities. Losses were experienced from trading in the energy sector, with smaller losses in long term/intermediate rates futures.  These losses offset a portion of the overall year-to-date gains through the third quarter.

Brokerage, Advisory, Sponsor, and Administrator's Fees are calculated as a percentage of the Fund’s net asset value as of the end of each month and are affected by trading performance, interest income, subscriptions into and redemptions out of the Fund. Accordingly, the fluctuations in these amounts are directly correlated to the changes in net asset value which are discussed in detail herein.

For the nine months ended September 30, 2013, Brokerage Fees decreased by $4,221,823 or -100.0%, Advisory Fees decreased by $1,872,727 or -50.8% and Sponsor Fees decreased by $701,793 or -38.1% in the Fund over the corresponding period of the preceding year. These decreases are all attributable to lower net assets of the portfolio resulting from subscriptions and net income offset by redemptions for the period. Additionally, the Brokerage Fees were eliminated beginning January 1, 2013 and the Advisory Fees were reduced by 0.25% for each class of units from 2% in 2012 to 1.75% in 2013. During the same period, interest income decreased by $176,817 or -47.0%. Interest was earned on free cash at an average annualized yield of 0.23% for the nine months ended September 30, 2013 compared to 0.26% for the same period in 2012.

The Incentive Allocation is based on the New High Net Trading Profits of the portfolio. For the nine months ended September 30, 2013 and 2012 the portfolio has not yet recovered previous losses. As a result, there was no Incentive Allocation for those periods.

The following table illustrates the sector distribution of the Fund’s investments in Master Funds as of September 30, 2013 based on the fair value of the underlying assets and liabilities in each master fund including both long and short positions. Positive percentages represent net assets whereas negative percentages represent a net liability.

Agriculture / Softs	39.7	%
Base metals	(5.4	)%
Energy	(31.6	)%
Equities	0.2	%
Foreign exchange	65.1	%
Long term / Intermediate rates	(9.9	)%
Precious metals	2.8	%
Short term rates	39.1	%
	100.0	%

59

Variables Affecting Performance

The Fund’s performance is affected by net profitability resulting from the trading operations of the Master Funds, the fees charged by the Fund, and interest income earned on cash and cash equivalents. The Master Funds acquire and liquidate long and short positions in futures contracts, forwards contracts, spot currency contracts and associated derivative instruments such as options and swaps. These instruments are carried at fair value, which is heavily influenced by a wide variety of factors including but not limited to, the level and volatility of exchange rates, interest rates, equity prices, and commodity prices as well as global macro political events. These factors generate market movements affecting the fair value of these instruments and in turn the net gains and losses allocated from the Master Funds.

Advisory and Sponsor Fees are calculated based on a percentage of the Fund’s net asset value. Changes in the net assets of the Fund resulting from subscriptions, redemptions, interest and trading profits allocated from the Master Funds can therefore have a material impact on the fee expense of the Fund.

A portion of the assets of the Fund is held in cash and cash equivalents. Changes in the net assets of the Fund as well as changes in the interest rates earned on these investments can have a material impact on interest income earned.

(ii)     Liquidity

There are no known demands, commitments, events or uncertainties that will result in or are reasonably likely to result in the Fund’s liquidity increasing or decreasing in any material way.

A portion of the Fund’s assets is generally held as cash or cash equivalents, which are used to margin the Fund’s investments. It is expected that the average margin the Fund will be required to post to support the Fund’s trading may range between 10% and 30% of the Fund’s total assets, which will be segregated or secured by the futures brokers in accordance with the Commodity Exchange Act and with U.S. Commodity Futures Trading Commission regulations or be maintained on deposit with over-the-counter counterparties. In exceptional market conditions, this amount could increase. The Master Funds are subject to margin calls on a constant daily and intra-day basis, whether in connection with initiating new investment positions or as a result of changes in the value of current investment positions. These margin requirements are met through the posting of additional margin with the applicable futures or OTC clearing broker. The Manager generally expresses its margin requirements for the portfolios in terms of the aggregate of the margin requirements plus the net option premium costs for the underlying strategies as a percentage of net assets. The following table shows these amounts as of the date indicated:

September 30, 2014	18.14	%
December 31, 2013	17.61	%
September 30, 2013	14.48	%

Other than any potential market-imposed limitations on liquidity, the Fund’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 Fund’s futures trading. Through September 30, 2014, the Fund experienced no meaningful periods of illiquidity in any of the markets traded by the Manager on behalf of the Fund.

(iii)    Capital Resources

The Fund raises additional capital through the sale of Units and capital is increased through trading profits (if any) and interest income. The Fund may borrow money from brokers or their affiliates and other lenders. Units may be offered for sale as of the beginning, and may be redeemed as of the end, of each month. The amount of capital raised for the Fund should not have a significant impact on its operations, as the Fund has no significant capital expenditure or working capital requirements other than for monies to pay trading losses, brokerage commissions and expenses.

60

The Fund participates in the speculative trading of commodity futures contracts, substantially all of which are subject to margin requirements. The minimum amount of margin required for each contract is set from time to time in response to various market factors by the respective exchanges. Further, the Fund’s brokers may require margin in excess of minimum exchange requirements. The Fund bears the risk of financial failure of the brokers through which it clears trades and maintains margin in respect of any such trades and of its counterparties for its foreign exchange and swap trades with whom it also maintains margin.

(iv)   Critical Accounting Policies

Presentation – Graham Alternative Investment Fund I LLC is a series Limited Liability Company under Delaware law. The financial statements and corresponding footnotes are presented solely for the Blended Strategies Portfolio, except where otherwise noted.

Use of Estimates – The Fund’s financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) and all amounts are stated in U.S. dollars except where noted. The preparation of the financial statements requires the Manager to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. The Fund’s significant accounting policies are described in detail in Note 2 of the financial statements.

Fair Value Measurement – The Fund follows U.S. GAAP for fair value measurements, which defines fair value, establishes a framework for measuring fair value and requires certain disclosures about fair value measurements. U.S. GAAP uses a three-level hierarchy for fair value measurement based on the transparency and independence of inputs used in the valuation of an asset or liability as of the measurement date. The Fund reports the fair value of its investment-related assets and liabilities in accordance with the hierarchy established under U.S. GAAP.

The Fund records its investments in GAIT at fair value in accordance with U.S. GAAP. In determining its net asset value, GAIT records its investments in Master Funds at fair value in accordance with U.S. GAAP. The Fund records its proportionate share of GAIT’s investment income and loss, expenses, fees, and realized and unrealized gains and losses on a monthly basis. Purchases and sales of units in GAIT are recorded on a trade date basis. The accounting policies of GAIT are described in its attached financial statements.

The Master Funds record all their financial instruments at fair value, which is derived in accordance with U.S. GAAP. Unrealized gains and losses from these instruments are recorded based on changes in their fair value. Realized gains and losses are recorded when the positions are closed. All unrealized and realized gains and losses related to derivative financial instruments are included in net gain (loss) on investments in the Master Funds’ statements of operations.

Investment Company – The Fund is an investment company and applies specialized accounting guidance as outlined in Financial Accounting Standards Board Accounting Standards Update 2013-08, Financial Services – Investment Companies (Topic 946), Amendments to the Scope, Measurement, and Disclosure Requirements. The Manager has evaluated this guidance and has determined the Fund meets the criteria to be classified as an investment company.

Cash Assets – GAIT invests a portion of its excess liquidity in Cash Assets, an entity for which the Manager is also the sole investment advisor. The financial information of Cash Assets is included in the notes to the Financial Statements of GAIT.

Income Taxes – No provision for income taxes has been made in the Fund’s financial statements, as each member is responsible for reporting income or loss based upon the member’s respective share of the Fund’s revenues and expenses for income tax purposes.

61

U.S. GAAP provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. U.S. GAAP requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet a more-likely-than-not threshold would be recorded as a tax expense in the current year.  The Manager has evaluated the Fund’s tax positions and has concluded that there are no significant tax positions requiring recognition, measurement or disclosure in the financial statements. The Manager is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax expense will change materially in the next twelve months.

(v)     Off-Balance Sheet Arrangements

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

62

Item 3. Quantitative and Qualitative Disclosures about Market Risk

No disclosure is required hereunder as the Fund is a “smaller reporting company”, as defined in Item 10(f)(1) of Regulation S-K.

63

Item 4. Controls and Procedures

Evaluation of Disclosure Control and Procedures

The Advisor’s Chief Operating Officer and Chief Financial Officer have evaluated the effectiveness of the design and operation of the Fund’s disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) as of September 30, 2014. Based on that evaluation, the Advisor’s Chief Operating Officer and Chief Financial Officer concluded that the Fund’s disclosure controls and procedures were effective as of September 30, 2014, to ensure that information required to be disclosed by the Fund in reports that it files or submits under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms and that such information is accumulated and made known to the Manager and the Fund’s management, as appropriate, to allow timely decisions regarding required disclosure.

Changes in Internal Control Over Financial Reporting

There were no changes to the Fund’s internal controls over financial reporting during the third quarter of 2014 that have materially affected, or are reasonably likely to materially affect, the Fund’s internal controls over financial reporting.

64

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

None

Item 1A. Risk Factors

Not Required

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

Issuer Sales of Units

For the three months ended September 30, 2014, the Fund issued 3,917.282 Units in exchange for $375,218 with respect to the Blended Strategies Portfolio, in each case in a transaction that was not registered under the Securities Act of 1933, as amended (the “Act”). The Units were issued in reliance upon applicable exemptions from registration under Section 4(a)(2) of the Act and Rule 506(b) of Regulation D promulgated thereunder. All purchasers of the Units were accredited investors, as that term is defined under Rule 501 of Regulation D.

The following chart sets forth the purchases of Units of the Fund.

Period (as of)	Blended Strategies Portfolio Total Number of Units Issued
July 1, 2014		1,773.805
August 1, 2014		605.614
September 1, 2014		1,537.863

Issuer Purchases of Units

Date	(a)Total Number of Units Purchased1		(b)Average Price Paid per Unit		(c)Total Number of Units Purchased as Part of Publicly Announced Plans or Programs		(d)Maximum Number of Approximate Dollar Value of Units that May Yet Be Purchased Under the Plans or Programs
July 31, 2014		19,692.938		99.30		N/A		N/A
August 31, 2014		19,633.538		103.57		N/A		N/A
September 30, 2014		50,998.567		115.75		N/A		N/A
TOTAL		90,325.043		106.21		N/A		N/A

¹ Represents number of Units redeemed by Members of the Fund in accordance with the LLC Agreement.

Item 3. Defaults Upon Senior Securities – None

Item 4. Mine Safety Disclosures – Not applicable

Item 5. Other Information – None

65

Item 6. Exhibits

** 3.1	Certificate of Formation of Graham Alternative Investment Fund I LLC
* 3.2	Amendment to Certificate of Formation of Graham Alternative Investment Fund I LLC
* 4.1	Amended and Restated Limited Liability Company Agreement of Graham Alternative Investment Fund I LLC
** 10.1	Form of Subscription Agreement
** 10.2	Form of Placement Agreement
*** 10.10	Safekeeping Account Agreement between Graham Cash Assets LLC and Bank of America, N.A.
**** 31.1	Rule 13a-14(a)/15d-14(a) Certification (Certification of Chief Operating Officer)
**** 31.2	Rule 13a-14(a)/15d-14(a) Certification (Certification of Chief Financial Officer)
**** 32.1	Section 1350 Certification (Certification of Chief Operating Officer and Chief Financial Officer)
101.INS	XBRL Instance Document
101.SCH	XBRL Taxonomy Extension Schema
101.CAL	XBRL Taxonomy Extension Calculation Linkbase
101.DEF	XBRL Taxonomy Extension Definition Linkbase
101.LAB	XBRL Taxonomy Extension Label Linkbase
101.PRE	XBRL Taxonomy Extension Presentation Linkbase

* Incorporated by reference to the Fund’s Form 8-K previously filed on April 11, 2013

** Incorporated by reference to the Fund’s Form 10 previously filed on April 30, 2010

*** Incorporated by reference to the Fund’s Form 10/A previously filed on September 3, 2010

**** Filed herewith

66

SIGNATURES

Pursuant to the requirements 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:  November 14, 2014	GRAHAM ALTERNATIVE INVESTMENT FUND I LLC
	BLENDED STRATEGIES PORTFOLIO
	By:	GRAHAM CAPITAL MANAGEMENT, L.P.
		its Manager
		By:	/s/ Paul Sedlack
			Paul Sedlack, Chief Operating Officer
		By:	/s/ Brian Douglas
			Brian Douglas, Chief Financial Officer

67

EX-31.1

Exhibit 31.1

CERTIFICATION

I, Paul Sedlack, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Graham Alternative Investment Fund I LLC Blended Strategies Portfolio (the “registrant”);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15(d)-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, 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;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.  The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 14, 2014

/s/ Paul Sedlack

Paul Sedlack

Chief Operating Officer

Graham Capital Management, L.P.

EX-31.2

Exhibit 31.2

CERTIFICATION

I, Brian Douglas, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Graham Alternative Investment Fund I LLC Blended Strategies Portfolio (the “registrant”);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15(d)-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, 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;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.  The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 14, 2014

/s/ Brian Douglas

Brian Douglas

Chief Financial Officer

Graham Capital Management, L.P.

EX-32.1

Exhibit 32.1

CERTIFICATION

PURSUANT TO

SECTION 1350 OF CHAPTER 63 OF TITLE 18 OF THE UNITED STATES CODE

I, Brian Douglas, Chief Financial Officer of Graham Capital Management, L.P. and I, Paul Sedlack, Chief Operating Officer of Graham Capital Management, L.P., certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that:

1. The Quarterly Report on Form 10-Q of Graham Alternative Investment Fund I LLC Blended Strategies Portfolio (the “registrant”) for the period ended September 30, 2014 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant.

Date: November 14, 2014

/s/ Brian Douglas

Brian Douglas

Chief Financial Officer

Graham Capital Management, L.P.

/s/ Paul Sedlack

Paul Sedlack

Chief Operating Officer

Graham Capital Management, L.P.

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Capital Accounts

9 Months Ended

Sep. 30, 2014

Capital Accounts [Abstract]

Capital Accounts

3. Capital Accounts

The Fund offers two classes (each a “Class”) of Units (collectively the “Units”), being Class 0 Units and Class 2 Units. The Fund may issue additional Classes in the future subject to different fees, expenses or other terms, or to invest in other investment programs or combinations of investment programs managed by the Manager.

A separate Capital Account is maintained for each Member with respect to each member’s Class of Units. The initial balance of each Member’s Capital Account is equal to the initial contribution to the Fund by such Member with respect to the Class to which such Capital Account relates. Each Member’s Capital Account is increased by any additional subscription, and decreased by any redemption by such Member of Units of such Class to which the Capital Account relates. All income and expenses of the Fund are allocated among the Members’ Capital Accounts in proportion to the balance that each Capital Account bears to the balance of all Capital as of the beginning of such fiscal period.

Subscriptions

Units may be purchased at a price equal to the Net Asset Value per Unit of the relevant Class as of the immediately preceding Valuation Day as defined in the LLC Agreement. The minimum initial subscription from each investor in each Class is $50,000. Members may subscribe for additional Units in a minimum amount of not less than $5,000.

Units are available for subscription as of the first business day of each month upon written notice of at least three business days prior to the last business day of the preceding month.

Redemption of Units

Units are not subject to any minimum holding period. Members may redeem Units at the Net Asset Value thereof as of each Valuation Day, as defined in the LLC Agreement, upon not less than three business days’ prior written notice to the administrator. A partial redemption request for an amount less than $10,000 will not be accepted, nor will a redemption request be accepted to the extent that it would result in an investor owning less than $25,000. The redemption proceeds will normally be remitted within 15 days after the Valuation Day, without interest for the period from the Valuation Day to the payment date.

Redemption Fees

Class 2 Units are subject to a redemption fee equal to 2% of their Net Asset Value if redeemed within six months from their subscription date and a redemption fee equal to 1% of their Net Asset Value if redeemed more than six and less than twelve months from their subscription date. Class 0 Units are not subject to a redemption fee. Redemption fees are payable to the Manager upon redemption of Units from the proceeds of such redemption. Redemption fees of $0 and $4,244 were paid to the Manager for the nine months ended September 30, 2014 and 2013, respectively, and are included as redemptions in the statements of changes in members’ capital.

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Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2014

Summary of Significant Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

These financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) and all amounts are stated in U.S. dollars. The Fund is an investment company and applies specialized accounting guidance as outlined in Financial Accounting Standards Board Accounting Standards Update 2013-08, Financial Services – Investment Companies (Topic 946), Amendments to the Scope, Measurement, and Disclosure Requirements. The Manager has evaluated this guidance and has determined the Fund meets the criteria to be classified as an investment company. The preparation of these financial statements requires the Manager to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

Investment in Graham Alternative Investment Trading LLC

The Fund records its investment in GAIT at fair value based upon the Fund’s proportionate share of GAIT’s reported net asset value in accordance with U.S. GAAP. In determining its net asset value, GAIT records its investments in Master Funds at fair value based upon GAIT’s proportionate share of the Master Funds’ reported net asset value. The Fund records its proportionate share of GAIT’s investment income and loss, expenses, fees, and realized and unrealized gains and losses on a monthly basis and includes them in the statements of operations. Purchases and sales of units in GAIT are recorded on a trade date basis. The accounting policies of GAIT are described in its attached financial statements.

GAIT charges its investors, including the Fund, an advisory fee, administrator’s fee, sponsor fee and incentive allocation, all of which are described in detail in Note 4. The Fund does not charge any additional fees; however each investor in the Fund indirectly bears a portion of the advisory fee, sponsor fee, administrator’s fee, and incentive allocation charged by GAIT.

At September 30, 2014 and December 31, 2013, the Fund owned 55.53% and 54.85%, respectively of GAIT.

Fair Value

The fair value of the assets and liabilities of the Fund and GAIT, which qualify as financial instruments under U.S. GAAP, approximates the carrying amounts presented in the statements of financial condition. Changes in these carrying amounts are included in the statements of operations.

The Fund follows U.S. GAAP for fair value measurements, which defines fair value, establishes a framework for measuring fair value, and requires certain disclosures about fair value measurements. The Fund reports the fair value of its investment related assets and liabilities in accordance with the hierarchy established under U.S. GAAP. U.S. GAAP uses a three level hierarchy for fair value measurement based on the activeness of the market and the transparency and independence of inputs used in the valuation of an asset or liability as of the measurement date.

The fair value hierarchy categorizes asset and liability positions into one of three levels, as summarized below, based on the inputs and assumptions used in deriving fair value.

· Level 1 inputs are unadjusted closing or settlement prices for such assets or liabilities as published by the primary exchange upon which they are traded.

· Level 2 inputs include quoted prices for similar assets and liabilities obtained from independent brokers and/or market makers in each security. With respect to the Fund’s investment in GAIT, Level 2 inputs include the net asset value of the underlying fund in which it holds an investment.

· Level 3 inputs are those which are considered unobservable and are significant in arriving at fair value.

In accordance with this hierarchy, the Fund’s investment in GAIT has been classified as a Level 2 valuation. There were no Level 3 assets or liabilities held at any point during the nine months ended September 30, 2014 or the year ended December 31, 2013 by the Fund, GAIT, or the Master Funds, and there were no transfers between levels during those periods. Transfers between levels, if any, are recognized on the actual date of the event or change in circumstances that cause the transfer.

Indemnifications

In the normal course of business, the Master Funds, GAIT, Graham Cash Assets LLC (“Cash Assets”), and the Fund enter into contracts that contain a variety of indemnifications. Such contracts may include those by Cash Assets and the Master Funds with their brokers and trading counterparties. The Fund’s maximum exposure under these arrangements is unknown; however, the Fund has not had prior claims or losses with respect to such indemnifications and considers the risk of loss to be remote.

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Statements of Financial Condition (Unaudited) (USD $)	Sep. 30, 2014	Dec. 31, 2013
Assets
Investment in Graham Alternative Investment Trading LLC, at fair value	$ 84,965,394	$ 99,045,133
Redemption receivable from Graham Alternative Investment Trading LLC	6,638,045	3,619,464
Total assets	91,603,439	102,664,597
Liabilities:
Accrued redemptions	6,638,045	3,619,464
Total liabilities	6,638,045	3,619,464
Members' capital:
Members' capital	84,965,394	99,045,133
Total liabilities and members' capital	91,603,439	102,664,597
Class 0 Units [Member]
Members' capital:
Members' capital	61,234,992	77,340,803
Class 2 Units [Member]
Members' capital:
Members' capital	$ 23,730,402	$ 21,704,330

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Statements of Cash Flows (Unaudited) (USD $)	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Cash flows provided by operating activities
Net (loss) income	$ 1,331,584	$ 6,004,926
Adjustments to reconcile net income to net cash provided by operating activities:
Net cash provided by operating activities	12,392,742	84,977,797
Cash flows used in financing activities
Subscriptions	8,334,507	5,616,886
Redemptions	(20,727,249)	(90,594,683)
Net cash used in financing activities	(12,392,742)	(84,977,797)
Net change in cash and cash equivalents	0	0
Cash and cash equivalents, beginning of period	0	0
Cash and cash equivalents, end of period	0	0
Graham Alternative Investment Trading LLC [Member]
Cash flows provided by operating activities
Net (loss) income	(1,331,584)	(6,004,926)
Adjustments to reconcile net income to net cash provided by operating activities:
Proceeds from sale of investments in Graham Alternative Investment Trading LLC	20,727,249	90,594,683
Investments in Graham Alternative Investment Trading LLC	$ (8,334,507)	$ (5,616,886)

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Financial Highlights (Details) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Class 0 Units [Member]
Net asset value per unit [Abstract]
Net asset value per unit, beginning of period (in dollars per unit)	$ 115.00	$ 121.13	$ 127.72	$ 114.88
Net income (loss) [Abstract]
Net investment loss (in dollars per unit)	$ (0.81)	$ (0.76)	$ (2.33)	$ (2.50)
Net gain (loss) on investments (in dollars per unit)	$ 17.42	$ (3.67)	$ 6.22	$ 4.32
Net income (loss) (in dollars per unit)	$ 16.61	$ (4.43)	$ 3.89	$ 1.82
Net asset value per unit, end of period (in dollars per unit)	$ 131.61	$ 116.70	$ 131.61	$ 116.70
Ratios to average members capital and total return [Abstract]
Total return before Incentive Allocation (in hundredths)	14.44%	(3.66%)	3.04%	1.58%
Incentive Allocation (in hundredths)	0.00%	0.00%	0.00%	0.00%
Total return after Incentive Allocation (in hundredths)	14.44%	(3.66%)	3.04%	1.58%
Net investment loss before Incentive Allocation (in hundredths)	(0.68%)	(0.63%)	(1.97%)	(2.11%)
Incentive Allocation (in hundredths)	0.00%	0.00%	0.00%	0.00%
Net investment loss after Incentive Allocation (in hundredths)	(0.68%)	(0.63%)	(1.97%)	(2.11%)
Total expenses before Incentive Allocation (in hundredths)	0.74%	0.69%	2.13%	2.27%
Incentive Allocation (in hundredths)	0.00%	0.00%	0.00%	0.00%
Total expenses after Incentive Allocation (in hundredths)	0.74%	0.69%	2.13%	2.27%
Class 2 Units [Member]
Net asset value per unit [Abstract]
Net asset value per unit, beginning of period (in dollars per unit)	$ 87.73	$ 94.28	$ 98.41	$ 90.29
Net income (loss) [Abstract]
Net investment loss (in dollars per unit)	$ (1.07)	$ (1.06)	$ (3.18)	$ (3.33)
Net gain (loss) on investments (in dollars per unit)	$ 13.23	$ (2.85)	$ 4.66	$ 3.41
Net income (loss) (in dollars per unit)	$ 12.16	$ (3.91)	$ 1.48	$ 0.08
Net asset value per unit, end of period (in dollars per unit)	$ 99.89	$ 90.37	$ 99.89	$ 90.37
Ratios to average members capital and total return [Abstract]
Total return before Incentive Allocation (in hundredths)	13.86%	(4.15%)	1.51%	0.09%
Incentive Allocation (in hundredths)	0.00%	0.00%	0.00%	0.00%
Total return after Incentive Allocation (in hundredths)	13.86%	(4.15%)	1.51%	0.09%
Net investment loss before Incentive Allocation (in hundredths)	(1.18%)	(1.12%)	(3.50%)	(3.57%)
Incentive Allocation (in hundredths)	0.00%	0.00%	0.00%	0.00%
Net investment loss after Incentive Allocation (in hundredths)	(1.18%)	(1.12%)	(3.50%)	(3.57%)
Total expenses before Incentive Allocation (in hundredths)	1.23%	1.20%	3.67%	3.73%
Incentive Allocation (in hundredths)	0.00%	0.00%	0.00%	0.00%
Total expenses after Incentive Allocation (in hundredths)	1.23%	1.20%	3.67%	3.73%

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Organization and Business

9 Months Ended

Sep. 30, 2014

Organization and Business [Abstract]

Organization and Business

1. Organization and Business

The Blended Strategies Portfolio (the “Fund”) is a series of Graham Alternative Investment Fund I LLC (“GAIF I”), a Delaware Series Limited Liability Company established through an amendment to the certificate of formation, effective March 28, 2013. GAIF I has two other series in addition to the Fund, Systematic Strategies Portfolio and Discretionary Strategies Portfolio. GAIF I closed the Discretionary Strategies Portfolio on June 30, 2014. Prior to March 28, 2013, GAIF I was organized as a Delaware Limited Liability Company which was formed on May 16, 2006 and commenced operations on August 1, 2006. Comparative information contained within these financial statements for periods prior to March 28, 2013 represent the data pertaining solely to the Blended Strategies Portfolio. GAIF I is a commodity pool, and as such is subject to the oversight and jurisdiction of the U.S. Commodity Futures Trading Commission (“CFTC”).

As a Series Limited Liability Company each series is legally segregated, and the assets associated with each series are held separately and accounted for in separate and distinct records from the assets of any other series of GAIF I. The debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to a particular series are enforceable against the assets of such series only, and not against the assets of GAIF I generally or any other series thereof. Further, none of the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to GAIF I are enforceable against the assets of any other series.

The Fund offers investors Class 0 and Class 2 units. The Fund invests all of its assets dedicated to trading in Graham Alternative Investment Trading LLC (“GAIT”), a Delaware Limited Liability Company which was formed on May 18, 2006 and commenced operations on August 1, 2006. GAIT invests in various master trading vehicles (“Master Funds”), all of which are managed by Graham Capital Management, L.P. (the “Advisor” or “Manager”). The Manager is the manager and the sole investment advisor of GAIT and the Fund. The Manager is registered as a Commodity Pool Operator and Commodity Trading Advisor with the U.S. CFTC and is a member of the National Futures Association. The Manager is also registered as a Registered Investment Advisor with the Securities and Exchange Commission. The Fund’s Units are registered under the Securities Exchange Act of 1934.

The investment objective of the Fund is to achieve long-term capital appreciation through professionally managed trading in both U.S. and foreign markets primarily in futures contracts, forwards contracts, spot currency contracts, and associated derivative instruments, such as options and swaps, through its investment in GAIT, which in turn invests in various Master Funds. The Master Funds seek to profit from opportunities in the global financial markets, including interest rate futures, foreign exchange, global stock indices and energy, metals and agricultural futures, as professionally managed multi-strategy investment vehicles. Each of the investment programs consists of multiple trading strategies of the Manager, which the Manager has combined in an effort to diversify the Fund’s investment exposure and to make the Fund’s performance returns less volatile and more consistently profitable.

SEI Global Services, Inc. (“SEI”) is the Fund’s independent administrator and transfer agent. SEI is responsible for certain matters pertaining to the administration of the Fund.

The Fund will terminate on December 31, 2050 or at an earlier date if certain conditions occur as outlined in the Limited Liability Company Agreement (“LLC Agreement”).

The performance of the Fund is directly affected by the performance of GAIT; therefore these financial statements should be read in conjunction with the attached financial statements of GAIT.

Duties of the Manager

Subject to the terms and conditions of the LLC Agreement, the Manager has complete and exclusive responsibility for managing and administering the affairs of the Fund and for directing the investment and reinvestment of the assets of the Fund and GAIT.

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Statements of Financial Condition (Unaudited) (Parenthetical) (USD $)	Sep. 30, 2014	Dec. 31, 2013
Class 0 Units [Member]
Members' capital:
Capital units, issued (in units)	465,282.761	605,548.066
Capital units, outstanding (in units)	465,282.761	605,548.066
Capital units, value (in dollars per unit)	$ 131.61	$ 127.72
Class 2 Units [Member]
Members' capital:
Capital units, issued (in units)	237,554.201	220,552.039
Capital units, outstanding (in units)	237,554.201	220,552.039
Capital units, value (in dollars per unit)	$ 99.89	$ 98.41

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Organization and Business (Details)	9 Months Ended
	Sep. 30, 2014 Investment
Organization and Business [Abstract]
Other series owned by entity	2

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Document and Entity Information	9 Months Ended
	Sep. 30, 2014	Nov. 01, 2014
Document and Entity Information [Abstract]
Entity Registrant Name	GRAHAM ALTERNATIVE INVESTMENT FUND I LLC
Entity Central Index Key	0001461219
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		675,109.895
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	Q3
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2014

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Summary of Significant Accounting Policies (Details) (Graham Alternative Investment Fund LLC [Member])	Sep. 30, 2014	Dec. 31, 2013
Graham Alternative Investment Fund LLC [Member]
Schedule of Equity Method Investments [Line Items]
Ownership percentage (in hundredths)	55.53%	54.85%

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Statements of Operations (Unaudited) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Net gain (loss) allocated from investment in Graham Alternative Investment Trading LLC
Net realized gain (loss) on investments	$ 7,968,167	$ (5,919,049)	$ 1,919,517	$ 10,989,075
Net increase (decrease) in unrealized appreciation on investments	4,288,027	2,590,408	1,836,951	(1,164,367)
Brokerage commissions and fees	(126,896)	(111,470)	(383,844)	(621,684)
Net gain (loss) allocated from investment in Graham Alternative Investment Trading LLC	12,129,298	(3,440,111)	3,372,624	9,203,024
Investment income
Interest income	44,077	56,893	141,252	199,638
Expenses
Advisory fees	380,169	475,643	1,164,444	1,811,268
Sponsor fees	275,934	315,823	818,106	1,140,204
Professional fees and other	33,780	25,603	109,982	311,504
Administrator's fees	30,028	35,274	89,760	134,760
Total expenses	719,911	852,343	2,182,292	3,397,736
Net investment loss allocated from investment in Graham Alternative Investment Trading LLC	(675,834)	(795,450)	(2,041,040)	(3,198,098)
Net income (loss)	$ 11,453,464	$ (4,235,561)	$ 1,331,584	$ 6,004,926

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Financial Highlights

9 Months Ended

Sep. 30, 2014

Financial Highlights [Abstract]

Financial Highlights

6. Financial Highlights

The following is the per unit operating performance calculation for the three month periods ended September 30, 2014 and 2013:

	Class 0			Class 2
Per unit operating performance
Net asset value per unit, June 30, 2013	$	121.13		$	94.28
Net loss:
Net investment loss		(0.76	)		(1.06	)
Net loss on investments		(3.67	)		(2.85	)
Net loss		(4.43	)		(3.91	)
Net asset value per unit, September 30, 2013	$	116.70		$	90.37
Net asset value per unit, June 30, 2014	$	115.00		$	87.73
Net income:
Net investment loss		(0.81	)		(1.07	)
Net gain on investments		17.42			13.23
Net income		16.61			12.16
Net asset value per unit, September 30, 2014	$	131.61		$	99.89

The following represents ratios to average members’ capital and total return for the three month periods ended September 30, 2014 and 2013:

	Class 0						Class 2
	2014			2013			2014			2013
Total return before Incentive Allocation		14.44	%		(3.66	)%		13.86	%		(4.15	)%
Incentive Allocation		0.00			0.00			0.00			0.00
Total return after Incentive Allocation		14.44	%		(3.66	)%		13.86	%		(4.15	)%
Net investment loss before Incentive Allocation		(0.68	)%		(0.63	)%		(1.18	)%		(1.12	)%
Incentive Allocation		0.00			0.00			0.00			0.00
Net investment loss after Incentive Allocation		(0.68	)%		(0.63	)%		(1.18	)%		(1.12	)%
Total expenses before Incentive Allocation		0.74	%		0.69	%		1.23	%		1.20	%
Incentive Allocation		0.00			0.00			0.00			0.00
Total expenses after Incentive Allocation		0.74	%		0.69	%		1.23	%		1.20	%

The following is the per unit operating performance calculation for the nine month periods ended September 30, 2014 and 2013:

	Class 0			Class 2
Per unit operating performance
Net asset value per unit, December 31, 2012	$	114.88		$	90.29
Net income:
Net investment loss		(2.50	)		(3.33	)
Net gain on investments		4.32			3.41
Net income		1.82			0.08
Net asset value per unit, September 30, 2013	$	116.70		$	90.37
Net asset value per unit, December 31, 2013	$	127.72		$	98.41
Net income:
Net investment loss		(2.33	)		(3.18	)
Net gain on investments		6.22			4.66
Net income		3.89			1.48
Net asset value per unit, September 30, 2014	$	131.61		$	99.89

The following represents ratios to average members’ capital and total return for the nine month periods ended September 30, 2014 and 2013:

	Class 0						Class 2
	2014			2013			2014			2013
Total return before Incentive Allocation		3.04	%		1.58	%		1.51	%		0.09	%
Incentive Allocation		0.00			0.00			0.00			0.00
Total return after Incentive Allocation		3.04	%		1.58	%		1.51	%		0.09	%
Net investment loss before Incentive Allocation		(1.97	)%		(2.11	)%		(3.50	)%		(3.57	)%
Incentive Allocation		0.00			0.00			0.00			0.00
Net investment loss after Incentive Allocation		(1.97	)%		(2.11	)%		(3.50	)%		(3.57	)%
Total expenses before Incentive Allocation		2.13	%		2.27	%		3.67	%		3.73	%
Incentive Allocation		0.00			0.00			0.00			0.00
Total expenses after Incentive Allocation		2.13	%		2.27	%		3.67	%		3.73	%

Total return is calculated for Class 0 and Class 2 Units taken as a whole. Total return is calculated as the change in total members’ capital adjusted for subscriptions or redemptions during the period. An individual member’s return may vary from these returns based on the timing of capital transactions and the applicability of Advisory Fees, Sponsor Fees, Administrator’s Fees, and the Incentive Allocation. The net investment loss and total expense ratios (including Incentive Allocation) are calculated for Class 0 and Class 2 Units taken as a whole and include net amounts allocated from GAIT. The computation of such ratios is based on the amount of net investment loss, expenses and Incentive Allocation. Net investment loss and total expense ratios are computed based upon the weighted average of members’ capital for Class 0 and Class 2 Units of the Fund for the three and nine month periods ended September 30, 2014 and 2013.

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Income Taxes

9 Months Ended

Sep. 30, 2014

Income Taxes [Abstract]

Income Taxes

5. Income Taxes

No provision for income taxes has been made in the accompanying financial statements, as members are individually responsible for reporting income or loss based upon their respective share of the Fund’s revenues and expenses for income tax purposes.

U.S. GAAP provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. U.S. GAAP requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet a more-likely-than-not threshold would be recorded as a tax expense in the current year. The Manager has evaluated the Fund’s tax positions and has concluded that there are no significant tax positions requiring recognition, measurement or disclosure in the financial statements. The Manager is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax expense will change materially in the next twelve months. Tax years which are considered open by the relevant jurisdiction are subject to potential examination.

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Subsequent Events (Details) (Subsequent Event [Member], USD $) In Millions, unless otherwise specified	0 Months Ended
	Nov. 14, 2014
Subsequent Event [Member]
Subsequent event [Line Items]
Fund subscriptions	$ 0.5
Fund redemptions	$ 4.1

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Capital Accounts (Details) (USD $)	9 Months Ended
	Sep. 30, 2014 Class	Sep. 30, 2013
Capital Accounts [Abstract]
Number of classes of units offered by Fund	2
Minimum initial subscription amount	$ 50,000
Minimum cost for additional units	5,000
Minimum notice period for units subscription	3 days
Minimum notice period for units redemption	3 days
Minimum amount for partial redemption request	10,000
Minimum holding post partial redemption	25,000
Period of remittance for redemption proceeds	15 days
Capital unit redemptions [Line Items]
Redemption and conversion policies	Class 2 Units are subject to a redemption fee equal to 2% of their Net Asset Value if redeemed within six months from their subscription date and a redemption fee equal to 1% of their Net Asset Value if redeemed more than six and less than twelve months from their subscription date. Class 0 Units are not subject to a redemption fee.
Fees paid to manager for redemptions	$ 0	$ 4,244
Class 2 Units [Member]
Capital unit redemptions [Line Items]
Maximum applicable redemption fee - holding period, description	within six months from their subscription date
Minimum applicable redemption fee - holding period, description	more than six and less than twelve months from their subscription date
Class 2 Units [Member] | Minimum [Member]
Capital unit redemptions [Line Items]
Redemption fee (in hundredths)	1.00%
Class 2 Units [Member] | Maximum [Member]
Capital unit redemptions [Line Items]
Redemption fee (in hundredths)	2.00%

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Fees and Related Party Transactions (Tables)

9 Months Ended

Sep. 30, 2014

Fees and Related Party Transactions [Abstract]

Sponsor Fees

Subsequent to March 31, 2013, the Sponsor Fee and the Selling Agent Fee were combined to form the Sponsor Fee listed in the table below.

Class	Annual Rate
Class 0	0.75%
Class 2	2.75%

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Subsequent Events

9 Months Ended

Sep. 30, 2014

Subsequent Events [Abstract]

Subsequent Events

7. Subsequent Events

The Fund had subscriptions of approximately $0.5 million and redemptions of approximately $4.1 million through November 14, 2014, the date through which subsequent events were evaluated by management.  These amounts have not been included in the financial statements.

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Summary of Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2014

Summary of Significant Accounting Policies [Abstract]

Basis of Accounting

These financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) and all amounts are stated in U.S. dollars. The Fund is an investment company and applies specialized accounting guidance as outlined in Financial Accounting Standards Board Accounting Standards Update 2013-08, Financial Services – Investment Companies (Topic 946), Amendments to the Scope, Measurement, and Disclosure Requirements. The Manager has evaluated this guidance and has determined the Fund meets the criteria to be classified as an investment company. The preparation of these financial statements requires the Manager to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

Investment in Graham Alternative Investment Trading LLC

Investment in Graham Alternative Investment Trading LLC

The Fund records its investment in GAIT at fair value based upon the Fund’s proportionate share of GAIT’s reported net asset value in accordance with U.S. GAAP. In determining its net asset value, GAIT records its investments in Master Funds at fair value based upon GAIT’s proportionate share of the Master Funds’ reported net asset value. The Fund records its proportionate share of GAIT’s investment income and loss, expenses, fees, and realized and unrealized gains and losses on a monthly basis and includes them in the statements of operations. Purchases and sales of units in GAIT are recorded on a trade date basis. The accounting policies of GAIT are described in its attached financial statements.

GAIT charges its investors, including the Fund, an advisory fee, administrator’s fee, sponsor fee and incentive allocation, all of which are described in detail in Note 4. The Fund does not charge any additional fees; however each investor in the Fund indirectly bears a portion of the advisory fee, sponsor fee, administrator’s fee, and incentive allocation charged by GAIT.

At September 30, 2014 and December 31, 2013, the Fund owned 55.53% and 54.85%, respectively of GAIT.

Fair Value

Fair Value

The fair value of the assets and liabilities of the Fund and GAIT, which qualify as financial instruments under U.S. GAAP, approximates the carrying amounts presented in the statements of financial condition. Changes in these carrying amounts are included in the statements of operations.

The Fund follows U.S. GAAP for fair value measurements, which defines fair value, establishes a framework for measuring fair value, and requires certain disclosures about fair value measurements. The Fund reports the fair value of its investment related assets and liabilities in accordance with the hierarchy established under U.S. GAAP. U.S. GAAP uses a three level hierarchy for fair value measurement based on the activeness of the market and the transparency and independence of inputs used in the valuation of an asset or liability as of the measurement date.

The fair value hierarchy categorizes asset and liability positions into one of three levels, as summarized below, based on the inputs and assumptions used in deriving fair value.

· Level 1 inputs are unadjusted closing or settlement prices for such assets or liabilities as published by the primary exchange upon which they are traded.

· Level 2 inputs include quoted prices for similar assets and liabilities obtained from independent brokers and/or market makers in each security. With respect to the Fund’s investment in GAIT, Level 2 inputs include the net asset value of the underlying fund in which it holds an investment.

· Level 3 inputs are those which are considered unobservable and are significant in arriving at fair value.

In accordance with this hierarchy, the Fund’s investment in GAIT has been classified as a Level 2 valuation. There were no Level 3 assets or liabilities held at any point during the nine months ended September 30, 2014 or the year ended December 31, 2013 by the Fund, GAIT, or the Master Funds, and there were no transfers between levels during those periods. Transfers between levels, if any, are recognized on the actual date of the event or change in circumstances that cause the transfer.

Indemnifications

Indemnifications

In the normal course of business, the Master Funds, GAIT, Graham Cash Assets LLC (“Cash Assets”), and the Fund enter into contracts that contain a variety of indemnifications. Such contracts may include those by Cash Assets and the Master Funds with their brokers and trading counterparties. The Fund’s maximum exposure under these arrangements is unknown; however, the Fund has not had prior claims or losses with respect to such indemnifications and considers the risk of loss to be remote.

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Financial Highlights (Tables)

9 Months Ended

Sep. 30, 2014

Financial Highlights [Abstract]

Unit Operating Performance

The following is the per unit operating performance calculation for the three month periods ended September 30, 2014 and 2013:

	Class 0			Class 2
Per unit operating performance
Net asset value per unit, June 30, 2013	$	121.13		$	94.28
Net loss:
Net investment loss		(0.76	)		(1.06	)
Net loss on investments		(3.67	)		(2.85	)
Net loss		(4.43	)		(3.91	)
Net asset value per unit, September 30, 2013	$	116.70		$	90.37
Net asset value per unit, June 30, 2014	$	115.00		$	87.73
Net income:
Net investment loss		(0.81	)		(1.07	)
Net gain on investments		17.42			13.23
Net income		16.61			12.16
Net asset value per unit, September 30, 2014	$	131.61		$	99.89

The following is the per unit operating performance calculation for the nine month periods ended September 30, 2014 and 2013:

	Class 0			Class 2
Per unit operating performance
Net asset value per unit, December 31, 2012	$	114.88		$	90.29
Net income:
Net investment loss		(2.50	)		(3.33	)
Net gain on investments		4.32			3.41
Net income		1.82			0.08
Net asset value per unit, September 30, 2013	$	116.70		$	90.37
Net asset value per unit, December 31, 2013	$	127.72		$	98.41
Net income:
Net investment loss		(2.33	)		(3.18	)
Net gain on investments		6.22			4.66
Net income		3.89			1.48
Net asset value per unit, September 30, 2014	$	131.61		$	99.89

Ratios to Average Members' Capital and Total Return

The following represents ratios to average members’ capital and total return for the three month periods ended September 30, 2014 and 2013:

	Class 0						Class 2
	2014			2013			2014			2013
Total return before Incentive Allocation		14.44	%		(3.66	)%		13.86	%		(4.15	)%
Incentive Allocation		0.00			0.00			0.00			0.00
Total return after Incentive Allocation		14.44	%		(3.66	)%		13.86	%		(4.15	)%
Net investment loss before Incentive Allocation		(0.68	)%		(0.63	)%		(1.18	)%		(1.12	)%
Incentive Allocation		0.00			0.00			0.00			0.00
Net investment loss after Incentive Allocation		(0.68	)%		(0.63	)%		(1.18	)%		(1.12	)%
Total expenses before Incentive Allocation		0.74	%		0.69	%		1.23	%		1.20	%
Incentive Allocation		0.00			0.00			0.00			0.00
Total expenses after Incentive Allocation		0.74	%		0.69	%		1.23	%		1.20	%

The following represents ratios to average members’ capital and total return for the nine month periods ended September 30, 2014 and 2013:

	Class 0						Class 2
	2014			2013			2014			2013
Total return before Incentive Allocation		3.04	%		1.58	%		1.51	%		0.09	%
Incentive Allocation		0.00			0.00			0.00			0.00
Total return after Incentive Allocation		3.04	%		1.58	%		1.51	%		0.09	%
Net investment loss before Incentive Allocation		(1.97	)%		(2.11	)%		(3.50	)%		(3.57	)%
Incentive Allocation		0.00			0.00			0.00			0.00
Net investment loss after Incentive Allocation		(1.97	)%		(2.11	)%		(3.50	)%		(3.57	)%
Total expenses before Incentive Allocation		2.13	%		2.27	%		3.67	%		3.73	%
Incentive Allocation		0.00			0.00			0.00			0.00
Total expenses after Incentive Allocation		2.13	%		2.27	%		3.67	%		3.73	%

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Income Taxes (Details)	9 Months Ended
	Sep. 30, 2014
Income Taxes [Abstract]
Change in amount of unrecognized tax expense due to unaware tax positions, period	12 months

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Statements of Changes in Members' Capital (Unaudited) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Increase (Decrease) in Partners' Capital [Roll Forward]
Members' capital, beginning			$ 99,045,133	$ 167,871,994
Subscriptions			8,334,507	5,616,886
Redemptions			(23,745,830)	(79,473,881)
Net income (loss)	11,453,464	(4,235,561)	1,331,584	6,004,926
Members' capital, ending	84,965,394	100,019,925	84,965,394	100,019,925
Class 0 Units [Member]
Increase (Decrease) in Partners' Capital [Roll Forward]
Members' capital, beginning			77,340,803	142,637,622
Members' capital, beginning (in units)			605,548.066	1,241,639.087
Subscriptions			2,920,787	4,965,000
Subscriptions (in units)			24,884.030	40,708.235
Redemptions			(19,778,763)	(74,399,999)
Redemptions (in units)			(165,149.335)	(605,373.540)
Net income (loss)			752,165	5,797,769
Members' capital, ending	61,234,992	79,000,392	61,234,992	79,000,392
Members' capital, ending (in units)	465,282.761	676,973.782	465,282.761	676,973.782
Class 2 Units [Member]
Increase (Decrease) in Partners' Capital [Roll Forward]
Members' capital, beginning			21,704,330	25,234,372
Members' capital, beginning (in units)			220,552.039	279,471.807
Subscriptions			5,413,720	651,886
Subscriptions (in units)			61,551.245	6,942.297
Redemptions			(3,967,067)	(5,073,882)
Redemptions (in units)			(44,549.083)	(53,822.202)
Net income (loss)			579,419	207,157
Members' capital, ending	$ 23,730,402	$ 21,019,533	$ 23,730,402	$ 21,019,533
Members' capital, ending (in units)	237,554.201	232,591.902	237,554.201	232,591.902

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Fees and Related Party Transactions

9 Months Ended

Sep. 30, 2014

Fees and Related Party Transactions [Abstract]

Fees and Related Party Transactions

4. Fees and Related Party Transactions

Advisory Fees

For the nine months ended September 30, 2014 and 2013, each Class of GAIT other than Class M paid the Manager an advisory fee (the “Advisory Fee”) at an aggregate annual rate equal to 1.75% of the Net Asset Value of such Class. The Advisory Fee is payable monthly in arrears calculated as of the last business day of each month and any other date the Manager may permit, in its sole and absolute discretion, as of which any subscription or redemption is effected with respect to Units of such Class during the month.

Sponsor Fees

For the nine months ended September 30, 2014 and 2013, each Class of GAIT other than Class M paid the Manager a sponsor fee (the “Sponsor Fee”) at an annual rate of the Net Asset Value specified in the table below. The Sponsor Fee is payable monthly in arrears calculated as of the last business day of each month in the same manner as the Advisory Fee. For the three months ended March 31, 2013, the annual rate listed below for Class 2 comprised a Sponsor Fee of 0.75% and selling agent fee (the “Selling Agent Fee”) of 2%, which was used to compensate selling agents for initial and on-going services to the Fund. Subsequent to March 31, 2013, the Sponsor Fee and the Selling Agent Fee were combined to form the Sponsor Fee listed in the table below.

Class	Annual Rate
Class 0	0.75%
Class 2	2.75%

Incentive Allocation

At the end of each calendar quarter, the Manager of GAIT will receive a special allocation of net profits (the “Incentive Allocation”) in an amount equal to 20% of the New High Net Trading Profits of each Class of GAIT, as defined in the LLC Agreement. The Incentive Allocation is also accrued and allocable on the date of redemption with respect to any Units that are redeemed prior to the end of a calendar quarter. Additionally, any loss carryforward attributable to any class of GAIT shall be proportionately reduced, effective as of the date of any redemption of any Units of such class, by multiplying the loss carryforward by the ratio that the amount of assets redeemed from such class bears to the net assets of such class immediately prior to such redemption. The loss carryforward of a class must be recouped before any subsequent Incentive Allocation can be made to the Manager.

Administrator’s Fee

For the nine months ended September 30, 2014 and 2013, GAIT paid SEI a monthly administrator’s fee based on GAIT’s net asset value, calculated as of the last business day of each month. In addition, GAIT reimbursed SEI for reasonable out-of-pocket expenses incurred on behalf of GAIT.

Any portion of any of the above fees, including the Incentive Allocation, may be paid by the Manager to third parties as compensation for selling activities in connection with the Fund.

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Fees and Related Party Transactions (Details)	9 Months Ended			3 Months Ended	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014 Class 0 Units [Member]	Mar. 31, 2013 Class 2 Units [Member]	Sep. 30, 2014 Class 2 Units [Member]
Fees and Related Party Transactions [Abstract]
Advisory fees at annual rate of net assets value of fund (in hundredths)	1.75%	1.75%
Percentage of incentive allocation (in hundredths)	20.00%	20.00%
Sponsor Fees [Abstract]
Sponsor fees at annual rate of net assets value of fund (in hundredths)			0.75%	0.75%	2.75%
Selling agent fees at annual rate of net assets value of fund (in hundredths)				2.00%