UNITED STATES SECURITIES AND EXCHANGE COMMISSION

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended ~~September~~March 3031, ~~2014~~2015

Commission file number: 000-53453

SENECA GLOBAL FUND, L.P.

Organized in Delaware IRS Employer Identification No.: 75-3236572

c/o Steben & Company, Inc.

9711 Washingtonian Blvd., Suite 400

Gaithersburg, Maryland 20878

(240) 631-7600

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 ☒ No ☐

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

Yes ☒ No ☐

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

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☐	Smaller Reporting Company	☒

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

Yes ☐ No ☒

Part I: Financial Information

Item 1. Financial Statements

Seneca Global Fund, L.P.

Statements of Financial Condition

~~September 30~~March 31, ~~2014~~2015 (Unaudited) and December 31, 2014 ~~2013~~ (Audited)

	September 30, 2014			December 31, 2013
	March 31, 2015			December 31, 2014
Assets
Equity in broker trading accounts
Cash	$	64,~~953~~823,~~973~~603		$	105,~~049~~200,~~111~~629
Net unrealized gain (loss) on open futures contracts		~~301~~518,~~899~~113			1865,~~166,626~~785
Net unrealized gain (loss) on open forward currency contracts		~~(129~~1,~~502~~039	)		5(74,~~443~~851	)
Total equity in broker trading accounts		75,~~126~~342,~~370~~755			115,~~221~~991,~~180~~563
Cash and cash equivalents		43,~~340~~980,~~412~~474			53,~~265~~479,~~305~~863
Investments in securities, at fair value		14,~~336~~403,~~905~~580			1814,~~124~~902,~~799~~985
Certificates of deposit, at fair value		—			250,730
Total assets	$	23,726,809		$	24,374,411
Total assets	$	25,803,687		$	34,862,014
Liabilities and Partners’ Capital (Net Asset Value)
Liabilities
Trading Advisor management fee payable	$	3235,~~391~~021		$	7033,~~628~~513
Trading Advisor incentive fees payable		6228,~~291~~993			~~112~~425,~~352~~408
Commissions and other trading fees payable on open contracts		43,~~001~~604			43,~~923~~041
Cash Manager fees payable		4,~~823~~793			54,~~769~~976
General Partner fee payable		3127,~~151~~543			4128,~~389~~103
Selling Agent fees payable – General Partner		16,~~579~~438			1916,~~416~~781
Administrative expenses payable – General Partner		2018,~~356~~058			2618,~~737~~422
Offering expenses payable – General Partner		1412,~~118~~075			1912,~~163~~550
Broker dealer custodial fee payable – General Partner		1,~~891~~569			21,~~977~~824
Broker dealer servicing fee payable – General Partner		1,~~721~~727			21,~~081~~768
Redemptions payable		~~383~~106,~~683~~205			~~934~~442,~~506~~664
Subscriptions received in advance		1814,068			6296,~~372~~868
Total liabilities		~~535~~470,~~073~~094			1,~~302~~085,~~313~~918
Partners’ Capital (Net Asset Value)
General Partner Units – 7,460.6309 units outstanding at September 30, 2014 and December 31, 2013		789,235			794,660
General Partner Units – 7,460.6309 units outstanding at
Series A Units – 144,102.5214 and 164,417.4673 units outstanding at September 30, 2014 and December 31, 2013, respectively		9,842,861			11,687,076
March 31, 2015 and December 31, 2014		873,716			836,215
Series B Units – 57,621.1052 and 86,507.9830 units outstanding at September 30, 2014 and December 31, 2013, respectively		4,572,781			7,060,706
Series A Units – 129,479.2264 and 141,154.3626 units outstanding
Series C Units – 25,928.5215 and 27,732.4319 units outstanding at September 30, 2014 and December 31, 2013, respectively		2,320,220			2,526,789
at March 31, 2015 and December 31, 2014, respectively		9,577,151			10,103,311
Series I Units – 82,873.5659 and 120,105.4790 units outstanding at September 30, 2014 and December 31, 2013, respectively		7,743,517			11,490,470
Series B Units – 47,974.8123 and 54,209.8546 units outstanding
Total partners’ capital (net asset value)		25,268,614			33,559,701
at March 31, 2015 and December 31, 2014, respectively		4,155,058			4,525,734
Total liabilities and partners’ capital (net asset value)	$	25,803,687		$	34,862,014
Series C Units – 33,391.1783 and 26,534.5412 units outstanding
at March 31, 2015 and December 31, 2014, respectively		3,283,248			2,506,469
Series I Units – 52,456.4590 and 53,985.4271 units outstanding
at March 31, 2015 and December 31, 2014, respectively		5,367,542			5,316,764
Total partners’ capital (net asset value)		23,256,715			23,288,493
Total liabilities and partners’ capital (net asset value)	$	23,726,809		$	24,374,411

The accompanying notes are an integral part of these financial statements.

Seneca Global Fund, L.P.

Condensed Schedule of Investments

~~September 30~~March 31, ~~2014~~2015

(Unaudited)

							Description				Fair Value		% of Partners’' Capital (Net Asset Value)
INVESTMENTS IN SECURITIES
U.S. Treasury Securities	~~U.S. Treasury Securities~~
Face Value		~~Face Value~~		Maturity Date		~~Maturity Date~~	Name	Yield1
$	1,600,000	$	~~400,000~~		4/30/15	~~10/15/14~~	U.S. Treasury Note		0.5013	%	$	~~400~~1,~~971~~600,590		16.5988	%
			600,000			11/30/14	U.S. Treasury Note		2.13	%		606,325		2.40	%
	750,000				5/31/15		U.S. Treasury Note		0.25	%		750,687		3.23	%
			40,000			12/15/14	U.S. Treasury Note		0.25	%		40,045		0.16	%
	525,000				7/15/15		U.S. Treasury Note		0.25	%		525,543		2.27	%
			600,000			12/31/14	U.S. Treasury Note		0.13	%		600,283		2.38	%
	100,000				8/31/15		U.S. Treasury Note		0.38	%		100,146		0.43	%
			1,250,000			1/31/15	U.S. Treasury Note		0.25	%		1,251,356		4.95	%
	50,000				11/15/15		U.S. Treasury Note		0.38	%		50,123		0.22	%
			700,000			3/31/15	U.S. Treasury Note		2.50	%		708,552		2.80	%
	500,000				11/30/15		U.S. Treasury Note		1.38	%		506,171		2.18	%
			600,000			4/30/15	U.S. Treasury Note		0.13	%		600,548		2.38	%
	500,000				1/15/16		U.S. Treasury Note		0.38	%		500,902		2.15	%
			750,000			5/31/15	U.S. Treasury Note		0.25	%		751,568		2.97	%
	200,000				2/29/16		U.S. Treasury Note		0.25	%		200,028		0.86	%
			500,000			11/30/15	U.S. Treasury Note		1.38	%		509,088		2.01	%
	1,000,000				3/15/16		U.S. Treasury Note		0.38	%		1,001,189		4.30	%
	500,000		~~500,000~~		3/31/16	~~1/15/16~~	U.S. Treasury Note		0.38	%		~~501~~500,~~120~~474		12.9815	%
	500,000		~~500,000~~		3/31/16	~~3/15/16~~	U.S. Treasury Note		02.38	%		~~500~~510,~~317~~306		12.9819	%
	500,000		~~500,000~~		4/15/16	~~3/31/16~~	U.S. Treasury Note		0.3825	%		500,~~122~~303		12.9815	%
		Total U.S. Treasury securities (cost: $6,989,183)										6,970,295		27.58	%
	250,000				7/31/16		U.S. Treasury Note		1.50	%		254,274		1.09	%
	U.S. Commercial Paper
Total U.S. Treasury securities (cost: $7,006,830)												7,000,736		30.10	%
			Face Value			Maturity Date	Name		Yield1
U.S. Commercial Paper
		Automotive
Face Value					Maturity Date		Name		Yield1
		$	250,000			10/20/14	Nissan Motor Acceptance Corporation		0.25	%		249,966		0.99	%
Banks and Diversified Financial Services
		Banks
$	230,000				4/7/15		DCAT, LLC		0.26	%		229,990		0.99	%
	250,000		~~250,000~~		6/15/15	~~10/15/14~~	~~Mizuho~~Mitsubishi ~~Funding~~UFJ ~~LLC~~Trust & Banking Corp. (USA)		0.1924	%		249,~~982~~875		01.9907	%
		Diversified Financial Services
	150,000				5/11/15		MUFG Union Bank, NA		0.17	%		149,972		0.65	%
			170,000			11/3/14	DCAT, LLC		0.24	%		169,963		0.67	%
Beverages
		Total U.S. commercial paper (cost: $669,795)										669,911		2.65	%
	250,000				4/22/15		Bacardi USA, Inc.		0.49	%		249,929		1.07	%
	Foreign Commercial Paper
Energy
			Face Value			Maturity Date	Name		Yield1
	250,000				4/14/15		Motiva Enterprises LLC		0.56	%		249,949		1.07	%
		Banks
Non-profit
		$	150,000			12/3/14	Bank of Tokyo-Mitsubishi UFJ, Ltd.		0.19	%		149,952		0.59	%
	150,000				6/9/15		Salvation Army National Corporation		0.15	%		149,957		0.65	%
			150,000			11/13/14	Oversea-Chinese Banking Corporation Ltd		0.15	%		149,973		0.59	%
Total U.S. commercial paper (cost: $1,279,538)												1,279,672		5.50	%
			250,000			10/27/14	Sumitomo Mitsui Banking Corporation		0.15	%		249,973		1.00	%
Foreign Commercial Paper
		Energy
Face Value					Maturity Date		Name		Yield1
			250,000			10/27/14	GDF Suez		0.16	%		249,971		0.99	%
Banks
		Total foreign commercial paper (cost: $799,802)										799,869		3.17	%
$	250,000				4/13/15		Sumitomo Mitsui Bank		0.24	%		249,980		1.07	%
		Total commercial paper (cost: $1,469,597)										1,469,780		5.82	%
Total foreign commercial paper (cost: $249,850)												249,980		1.07	%
	U.S. Corporate Notes
Total commercial paper (cost: $1,529,388)												1,529,652		6.57	%
			Face Value			Maturity Date	Name		Yield1
U.S. Corporate Notes
		Aerospace
	Face Value				Maturity Date		Name		Yield1
		$	200,000			12/15/16	Rockwell Collins, Inc.		0.58	%		200,651		0.79	%
Aerospace
		Automotive
$	200,000				12/15/16		Rockwell Collins, Inc.		0.62	%		200,215		0.86	%
			200,000			8/11/15	American Honda Finance Corporation		1.00	%		201,156		0.80	%
Automotive
	200,000				8/11/15		American Honda Finance Corporation		1.00	%		200,758		0.86	%
	300,000				3/2/18		Daimler Finance North America LLC		0.68	%		300,770		1.29	%
	200,000				1/9/18		Ford Motor Credit Company LLC		1.19	%		201,143		0.86	%

The accompanying notes are an integral part of these financial statements.

Seneca Global Fund, L.P.

Condensed Schedule of Investments (continued)

~~September 30~~March 31, ~~2014~~2015

(Unaudited)

					Description	~~Description~~				Fair Value		~~Fair Value~~		% of Partners' Capital (Net Asset Value)		~~% of Partners’ Capital (Net Asset Value)~~
U.S. Corporate Notes (continued)	~~U.S. Corporate Notes (continued)~~
Face Value		~~Face Value~~		Maturity Date	~~Maturity Date~~Name	~~Name~~Yield1		~~Yield1~~
Banks		~~Banks~~
$	150,000	$	~~150,000~~	4/1/15	~~4/1/15~~Bank of America	~~Bank of America Corporation~~	4.50	%	~~4.50~~	%$	153,390	$	~~156,276~~		0.66	%	~~0.62~~	%
	150,000		~~150,000~~	3/22/16	~~3/22/16~~Bank of America	~~Bank of America Corporation~~	1.08	%	~~1.05~~	%	150,686		~~151,089~~		0.65	%	~~0.60~~	%
	350,000		~~350,000~~	4/1/16	~~4/1/16~~Citigroup Inc.	~~Citigroup Inc.~~	1.30	%	~~1.30~~	%	353,287		~~353,630~~		1.52	%	~~1.40~~	%
	150,000		~~150,000~~	7/22/15	~~7/22/15~~Goldman Sachs Group, Inc.	~~Goldman Sachs Group, Inc.~~	0.66	%	~~0.63~~	%	150,219		~~150,247~~		0.65	%	~~0.59~~	%
	200,000		~~200,000~~	2/26/16	~~2/26/16~~JPMorgan Chase & Co.	~~JPMorgan Chase & Co.~~	0.88	%	~~0.85~~	%	200,686		~~201,411~~		0.86	%	~~0.80~~	%
			200,000		10/15/15	Morgan Stanley			0.71	%			200,649				0.79	%
	100,000			10/15/15	Morgan Stanley		0.73	%			100,245				0.43	%
	100,000		~~100,000~~	4/29/16	~~4/29/16~~Morgan Stanley	~~Morgan Stanley~~	3.80	%	~~3.80~~	%	104,594		~~105,919~~		0.45	%	~~0.42~~	%
		Beverages
	275,000			2/9/18	MUFG Americas Holdings Corporation		0.83	%			276,064				1.19	%
			425,000		1/27/17	Anheuser-Busch Inbev Finance Inc.			1.13	%			427,066				1.68	%
Beverages
		Electronics
	175,000			1/27/17	Anheuser-Busch Inbev Finance Inc.		1.13	%			176,061				0.76	%
			220,000		2/1/17	Thermo Fisher Scientific Inc.			1.30	%			219,821				0.87	%
	Energy
		Energy
	150,000			12/1/17	Kinder Morgan, Inc.		2.00	%			150,808				0.65	%
	150,000		~~150,000~~	2/1/16	~~2/1/16~~ONEOK Partners, LP	~~ONEOK Partners, L.P.~~	3.25	%	~~3.25~~	%	152,700		~~155,116~~		0.66	%	~~0.61~~	%
	250,000		~~250,000~~	7/15/16	~~7/15/16~~Pioneer Natural Resources Company	~~Pioneer Natural Resources Company~~	5.88	%	~~5.88~~	%	266,851		~~273,101~~		1.15	%	~~1.08~~	%
		Food
Healthcare
			100,000		10/17/16	The Kroger Co.			0.76	%			100,221				0.40	%
	170,000			9/26/16	Ventas Realty, LP		1.55	%			170,887				0.73	%
		Healthcare
	225,000			4/1/18	Zimmer Holdings, Inc.		2.00	%			226,788				0.98	%
			230,000		9/26/16	Ventas Realty, LP			1.55	%			231,220				0.92	%
Insurance
		Insurance
	100,000			10/18/16	American International Group, Inc.		5.60	%			109,176				0.47	%
	200,000		~~200,000~~	9/30/15	~~9/30/15~~Jackson National Life Global Funding	~~Jackson National Life Global Funding~~	0.62	%	~~0.58~~	%	200,261		~~200,540~~		0.86	%	~~0.79~~	%
Manufacturing		~~Manufacturing~~
	345,000		~~345,000~~	3/3/17	~~3/3/17~~Caterpillar Financial Services Corporation	~~Caterpillar Financial Services Corporation~~	0.49	%	~~0.46~~	%	344,757		~~344,952~~		1.47	%	~~1.37~~	%
			275,000		10/9/15	General Electric Company			0.85	%			276,846				1.10	%
Media
		Media
	100,000			4/30/15	NBCUniversal Media, LLC		3.65	%			101,807				0.44	%
	100,000		~~100,000~~	4/15/16	~~4/30/15~~NBCUniversal Media, LLC	~~NBCUniversal Media, LLC~~	0.79	%	~~3.65~~	%	100,077		~~103,440~~		0.43	%	~~0.41~~	%
			100,000		4/15/16	NBCUniversal Media, LLC			0.77	%			100,237				0.40	%
Telecommunications
		Telecommunication
	75,000			9/15/16	Verizon Communications Inc.		1.80	%			76,421				0.33	%
			175,000		9/15/16	Verizon Communications Inc.			1.76	%			179,775				0.71	%
Total U.S. corporate notes (cost: $4,474,479)											4,468,651				19.21	%
		Total U.S. corporate notes (cost: $4,333,994)											4,333,363				17.15	%
Foreign Corporate Notes
	Foreign Corporate Notes
Face Value				Maturity Date	Name		Yield1
			Face Value		Maturity Date	Name			Yield1
Banks
		Banks
$	150,000			9/25/15	ING Bank NV		2.00	%			150,550				0.66	%
		$	200,000		9/25/15	ING Bank N.V.			1.87	%			202,502				0.80	%
Energy
			150,000		9/25/15	ING Bank N.V.			2.00	%			151,637				0.61	%
	200,000			5/9/16	CNOOC Finance (2013) Limited		1.13	%			200,482				0.86	%
		Energy
	200,000			6/2/17	Enbridge Inc.		0.71	%			197,679				0.85	%
			200,000		5/9/16	CNOOC Finance (2013) Limited			1.13	%			200,618				0.79	%
Pharmaceutical
			200,000		6/2/17	Enbridge Inc.			0.68	%			200,490				0.79	%
	210,000			3/12/18	Actavis Funding SCS		1.35	%			212,635				0.91	%
		Telecommunication
Transportation
			150,000		4/27/15	Telefonica Emisiones, S.A.U.			3.73	%			154,698				0.61	%
	200,000			10/28/16	Kansas City Southern de Mexico, SA de CV		0.96	%			200,855				0.86	%
Total foreign corporate notes (cost: $964,244)											962,201				4.14	%
Total corporate notes (cost: $5,438,723)											5,430,852				23.35	%

The accompanying notes are an integral part of these financial statements.

Seneca Global Fund, L.P.

Condensed Schedule of Investments (continued)

~~September 30~~March 31, ~~2014~~2015

(Unaudited)

					Description	~~Description~~				Fair Value		~~Fair Value~~		% of Partners' Capital (Net Asset Value)		~~% of Partners’ Capital (Net Asset Value)~~
	Foreign Corporate Notes (continued)
Asset Backed Securities
Face Value			~~Face Value~~	Maturity Date	~~Maturity Date~~Name	~~Name~~Yield1		~~Yield1~~
		Transportation
Automotive
$	30,118	$	~~200,000~~	10/20/16	~~10/28/16~~Ally Auto Receivables Trust 2014-SN1	~~Kansas City Southern de Mexico, SA~~	0.52	%	~~0.94~~	%$	30,106	$	~~201,598~~		0.13	%	~~0.80~~	%
		Total foreign corporate notes (cost: $1,115,180)											1,111,543				4.40	%
	50,000			6/20/17	Capital Auto Receivables Asset Trust 2013-1		0.79	%			50,049				0.22	%
		Total corporate notes (cost: $5,449,174)											5,444,906				21.55	%
	20,000			7/20/17	Capital Auto Receivables Asset Trust 2015-1		0.60	%			19,979				0.09	%
	Asset Backed Securities
	15,000			4/16/18	Santander Drive Auto Receivables Trust 2014-5		0.57	%			14,990				0.06	%
			Face Value		Maturity Date	Name			Yield1
Credit Card
		Automotive
	50,000			1/15/20	BA Credit Card Trust		0.46	%			49,972				0.21	%
		$	48,601		10/20/16	Ally Auto Receivables Trust			0.52	%			48,603				0.19	%
	100,000			10/16/17	Chase Issuance Trust		0.32	%			99,944				0.43	%
			50,000		6/20/17	Capital Auto Receivables Asset Trust			0.79	%			50,048				0.20	%
Other
		Credit Cards
	50,000			7/20/19	GE Dealer Floorplan Master Note		0.56	%			49,866				0.21	%
			50,000		1/15/20	BA Credit Card Trust			0.44	%			49,939				0.20	%
	55,000			8/15/17	Volvo Financial Equip LLC Series 2012-1		1.51	%			55,170				0.24	%
			100,000		10/16/17	Chase Issuance Trust			0.30	%			100,024				0.39	%
Student Loan
		Other
	72,031			8/15/23	SLM Private Educ Loan Trust 2012-C		1.27	%			72,264				0.31	%
			50,000		7/20/19	GE Dealer Floorplan Master Note			0.53	%			49,814				0.20	%
Total asset backed securities (cost: $442,895)											442,340				1.90	%
			55,000		8/15/17	Volvo Financial Equipment LLC			1.51	%			55,372				0.22	%
Total investments in securities (cost: $14,417,836)										$	14,403,580				61.92	%
		Student Loans
Long U.S. Futures Contracts
			97,741		8/15/23	Sallie Mae Private Education Loan Trust			1.25	%			98,124				0.39	%
					Agricultural commodities					$	(14,144	)			(0.06	)%
		Total asset backed securities (cost: $452,364)											451,924				1.79	%
					Currencies						(2,145	)			(0.01	)%
		Total investments in securities (cost: $13,907,954)										$	14,336,905				54.95	%
					Energy						(6,164	)			(0.03	)%
OPEN FUTURES CONTRACTS
					Equity indices						4,661				0.02	%
	Long U.S. Futures Contracts
					Interest rate instruments2						243,265				1.05	%
						Agricultural commodities						$	(166,416	)			(0.66	)%
					Metals						8,629				0.04	%
						Currencies							(71,130	)			(0.28	)%
Net unrealized gain (loss) on open long U.S. futures contracts											234,102				1.01	%
						Energy							(966	)			(0.00	)%
Short U.S. Futures Contracts
						Equity indices							(80,823	)			(0.32	)%
					Agricultural commodities						51,011				0.22	%
						Interest rate instruments							(94,910	)			(0.38	)%
					Currencies						24,661				0.11	%
						Metals							(126,443	)			(0.50	)%
					Energy						70,687				0.30	%
		Net unrealized gain (loss) on open long U.S. futures contracts											(540,688	)			(2.14	)%
					Equity indices						(4,129	)			(0.02	)%
	Short U.S. Futures Contracts
					Interest rate instruments						(11,804	)			(0.05	)%
						Agricultural commodities							53,755				0.22	%
					Metals						(74,999	)			(0.32	)%
						Currencies2							310,208				1.23	%
Net unrealized gain (loss) on open short U.S. futures contracts											55,427				0.24	%
						Energy							106,639				0.42	%
Total U.S. futures contracts - net unrealized gain (loss) on open U.S. futures contracts											289,529				1.25	%
						Equity indices							21,678				0.09	%
Long Foreign Futures Contracts
						Interest rate instruments							(1,619	)			(0.01	)%
					Agricultural commodities						(5,201	)			(0.02	)%
						Metals							246,032				0.97	%
					Equity indices						43,727				0.19	%
		Net unrealized gain (loss) on open short U.S. futures contracts											736,693				2.92	%
					Interest rate instruments						215,190				0.92	%
		Total U.S. futures contracts - net unrealized gain (loss) on open U.S. futures contracts											196,005				0.78	%
Net unrealized gain (loss) on open long foreign futures contracts											253,716				1.09	%

The accompanying notes are an integral part of these financial statements.

~~Seneca~~ Seneca Global Fund, L.P.

Condensed Schedule of Investments (continued)

~~September 30~~March 31, ~~2014~~2015

(Unaudited)

		Description	~~Description~~	~~Fair Value~~	Fair Value			~~% of Partners’ Capital (Net Asset Value)~~	% of Partners' Capital (Net Asset Value)
	Long Foreign Futures Contracts
Short Foreign Futures Contracts
			Agricultural commodities	$	5,950				0.02	%
		Equity indices			$	97				0.00	%
			Currencies		618				0.00	%
		Interest rate instruments				(25,229	)			(0.11	)%
			Equity indices		(93,946	)			(0.37	)%
Net unrealized gain (loss) on open short foreign futures contracts						(25,132	)			(0.11	)%
			Interest rate instruments		214,676				0.85	%
Total foreign futures contracts - net unrealized gain (loss) on open foreign futures contracts						228,584				0.98	%
	Net unrealized gain (loss) on open long foreign futures contracts				127,298				0.50	%
Net unrealized gain (loss) on open futures contracts					$	518,113				2.23	%
	Short Foreign Futures Contracts
OPEN FORWARD CURRENCY CONTRACTS
			Agricultural commodities		1,859				0.02	%
Foreign Forward Currency Contracts
			Currencies		461				0.00	%
		Long			$	(8,022	)			(0.03	)%
			Equity indices		543				0.00	%
		Short				9,061				0.03	%
			Interest rate instruments		(24,267	)			(0.10	)%
Net unrealized gain (loss) on open foreign forward currency contracts						1,039				0.00	%
	Net unrealized gain (loss) on open short foreign futures contracts				(21,404	)			(0.08	)%
Net unrealized gain (loss) on open forward currency contracts					$	1,039				0.00	%
	Total foreign futures contracts - net unrealized gain (loss) on open foreign futures contracts				105,894				0.42	%
	Net unrealized gain (loss) on open futures contracts			$	301,899				1.20	%
OPEN FORWARD CURRENCY CONTRACTS
Foreign Forward Currency Contracts
			Long	$	20,236				0.08	%
			Short		(149,738	)			(0.59	)%
	Net unrealized gain (loss) on open foreign forward currency contracts				(129,502	)			(0.51	)%
	Net unrealized gain (loss) on open forward currency contracts			$	(129,502	)			(0.51	)%

1 Represents the annualized yield at date of purchase for discount securities, or the stated coupon rate for coupon-bearing securities~~, or the stated interest rate for certificates of deposit~~.

2 No individual futures or forward currency contract position constituted one percent or greater of partners’ capital (net asset value). Accordingly, the number of contracts and expiration dates are not presented.

The accompanying notes are an integral part of these financial statements.

Seneca Global Fund, L.P.

Condensed Schedule of Investments

December 31, ~~2013~~2014

(Audited)

					Description	~~Description~~				Fair Value		~~Fair Value~~		% of Partners' Capital (Net Asset Value)		~~% of Partners’ Capital (Net Asset Value)~~
INVESTMENTS IN SECURITIES
U.S. Treasury Securities	~~U.S. Treasury Securities~~
Face Value		~~Face Value~~		Maturity Date	~~Maturity Date~~Name	~~Name~~Yield1		~~Yield1~~
$	1,250,000	$	~~750,000~~	1/31/15	~~2/28/14~~U.S. Treasury Note	~~U.S. Treasury Note~~	0.25	%	~~1.88~~	%$	1,251,454	$	~~756,888~~		5.37	%	~~2.26~~	%
			500,000		5/15/14	U.S. Treasury Note			1.00	%			502,309				1.50	%
	700,000			3/31/15	U.S. Treasury Note		2.50	%			708,545				3.04	%
			500,000		5/31/14	U.S. Treasury Note			0.25	%			500,403				1.49	%
	1,600,000			4/30/15	U.S. Treasury Note		0.13	%			1,600,717				6.88	%
			500,000		6/30/14	U.S. Treasury Note			2.63	%			506,247				1.51	%
	750,000			5/31/15	U.S. Treasury Note		0.25	%			750,634				3.22	%
			250,000		7/15/14	U.S. Treasury Note			0.63	%			251,415				0.75	%
	525,000			7/15/15	U.S. Treasury Note		0.25	%			525,953				2.26	%
			500,000		7/31/14	U.S. Treasury Note			2.63	%			512,758				1.53	%
	100,000			8/31/15	U.S. Treasury Note		0.38	%			100,248				0.43	%
			250,000		8/31/14	U.S. Treasury Note			2.38	%			255,699				0.76	%
	50,000			11/15/15	U.S. Treasury Note		0.38	%			50,071				0.22	%
			400,000		9/15/14	U.S. Treasury Note			0.25	%			400,642				1.19	%
	500,000			11/30/15	U.S. Treasury Note		1.38	%			505,604				2.17	%
			1,000,000		9/30/14	U.S. Treasury Note			0.25	%			1,001,459				2.98	%
	500,000			1/15/16	U.S. Treasury Note		0.38	%			501,179				2.15	%
			400,000		10/15/14	U.S. Treasury Note			0.50	%			401,553				1.20	%
	500,000			3/15/16	U.S. Treasury Note		0.38	%			500,598				2.15	%
			700,000		11/30/14	U.S. Treasury Note			2.13	%			713,698				2.13	%
	500,000			3/31/16	U.S. Treasury Note		0.38	%			500,401				2.15	%
			40,000		12/15/14	U.S. Treasury Note			0.25	%			40,037				0.12	%
	500,000			4/15/16	U.S. Treasury Note		0.25	%			499,487				2.14	%
			600,000		12/31/14	U.S. Treasury Note			0.13	%			599,815				1.79	%
Total U.S. Treasury securities (cost: $7,514,195)											7,494,891				32.18	%
			1,250,000		1/31/15	U.S. Treasury Note			0.25	%			1,252,333				3.72	%
U.S. Commercial Paper
			600,000		4/30/15	U.S. Treasury Note			0.13	%			599,425				1.79	%
Face Value				Maturity Date	Name		Yield1
			101,000		12/31/15	U.S. Treasury Note			0.25	%			100,732				0.30	%
Banks and Diversified Financial Services
		Total U.S. Treasury securities (cost: $8,430,578)											8,395,413				25.02	%
$	150,000			1/23/15	Credit Suisse (USA), Inc.		0.18	%			149,984				0.65	%
	U.S. Commercial Paper
	230,000			2/2/15	DCAT, LLC		0.26	%			229,947				0.99	%
			Face Value		Maturity Date	Name			Yield1
	250,000			1/13/15	Liberty Street Funding LLC		0.17	%			249,986				1.07	%
		Banks
	150,000			1/20/15	Rabobank USA Financial Corporation		0.12	%			149,991				0.65	%
		$	250,000		1/14/14	Mizuho Funding LLC			0.22	%			249,979				0.74	%
Energy
		Beverages
	250,000			1/8/15	Apache Corporation		0.40	%			249,981				1.07	%
	250,000		~~250,000~~	1/9/15	~~1/8/14~~ONEOK Partners, L.P.	~~Bacardi Corporation~~	0.43	%	~~0.24~~	%	249,976		~~249,988~~		1.07	%	~~0.75~~	%
		Diversified Financial Services
Total U.S. commercial paper (cost: $1,279,560)											1,279,865				5.50	%
			250,000		1/30/14	AXA Financial, Inc.			0.25	%			249,950				0.74	%
Foreign Commercial Paper
			250,000		1/27/14	VNA Holding Inc.			0.30	%			249,946				0.74	%
Face Value				Maturity Date	Name		Yield1
		Energy
Banks
			250,000		1/13/14	Oglethorpe Power Corporation			0.15	%			249,988				0.75	%
$	250,000			1/30/15	Bank of Tokyo-Mitsubishi UFJ, Ltd.		0.17	%			249,966				1.07	%
			250,000		1/7/14	Southern Company Funding Corp.			0.17	%			249,993				0.75	%
Total foreign commercial paper (cost: $249,947)											249,966				1.07	%
		Total U.S. commercial paper (cost: $1,499,532)											1,499,844				4.47	%
Total commercial paper (cost: $1,529,507)											1,529,831				6.57	%
	Foreign Commercial Paper
U.S. Corporate Notes
Face Value			~~Face Value~~	Maturity Date	~~Maturity Date~~Name	~~Name~~	Yield1		~~Yield1~~
		Banks
Aerospace
$	200,000	$	~~200,000~~	12/15/16	~~1/30/14~~Rockwell Collins, Inc.	~~Bank of Tokyo-Mitsubishi UFJ, Ltd.~~	0.59	%	~~0.19~~	%	200,316		~~199,969~~		0.86	%	~~0.60~~	%
			100,000		1/3/14	Oversea-Chinese Banking Corp. Ltd			0.18	%			99,999				0.30	%
Automotive
			250,000		3/10/14	Sumitomo Mitsui Bank			0.21	%			249,901				0.74	%
	200,000			8/11/15	American Honda Finance Corporation		1.00	%			201,500				0.87	%

The accompanying notes are an integral part of these financial statements.

Seneca Global Fund, L.P.

Condensed Schedule of Investments (continued)

December 31, ~~2013~~2014

(Audited)

					Description	~~Description~~					Fair Value		~~Fair Value~~		% of Partners' Capital (Net Asset Value)		~~% of Partners’ Capital (Net Asset Value)~~
	Foreign Commercial Paper (continued)
U.S. Corporate Notes (continued)
	Face Value	~~Face Value~~		Maturity Date	~~Maturity Date~~Name		~~Name~~	Yield1	~~Yield1~~
		Energy
Banks
$	150,000	$	~~250,000~~	4/1/15	~~1/30/14~~Bank of America Corporation		~~GDF Suez~~	4.50	%	~~0.20~~	%$	153,116	$	~~249,960~~		0.66	%	~~0.74~~	%
		Total foreign commercial paper (cost: $799,677)												799,829				2.38	%
	150,000			3/22/16	Bank of America Corporation			1.07	%			150,869				0.65	%
		Total commercial paper (cost: $2,299,209)												2,299,673				6.85	%
	350,000			4/1/16	Citigroup Inc.			1.30	%			351,918				1.51	%
	U.S. Corporate Notes
	150,000			7/22/15	Goldman Sachs Group, Inc.			0.63	%			150,202				0.64	%
			Face Value		Maturity Date		Name			Yield1
	200,000			2/26/16	JPMorgan Chase & Co.			0.85	%			201,031				0.86	%
		Aerospace
	100,000			10/15/15	Morgan Stanley			0.71	%			100,234				0.43	%
		$	200,000		12/15/16		Rockwell Collins, Inc.			0.59	%			200,384				0.60	%
	100,000			4/29/16	Morgan Stanley			3.80	%			104,182				0.45	%
		Automotive
Beverages
			200,000		7/31/15		Daimler Finance North America LLC			1.30	%			202,597				0.60	%
	275,000			1/27/17	Anheuser-Busch Inbev Finance Inc.			1.13	%			276,915				1.18	%
		Banks
Biomedical
			150,000		4/1/15		Bank of America Corporation			4.50	%			158,571				0.47	%
	220,000			2/1/17	Thermo Fisher Scientific Inc.			1.30	%			220,111				0.95	%
			150,000		3/22/16		Bank of America Corporation			1.07	%			151,255				0.45	%
Energy
			9,000		4/1/14		Citigroup Inc.			1.18	%			9,027				0.03	%
	150,000			12/1/17	Kinder Morgan, Inc.			2.00	%			149,573				0.64	%
			250,000		4/1/16		Citigroup Inc.			1.30	%			251,643				0.75	%
	150,000			2/1/16	ONEOK Partners, L.P.			3.25	%			155,208				0.67	%
			150,000		7/22/15		Goldman Sachs			0.64	%			149,717				0.45	%
	250,000			7/15/16	Pioneer Natural Resources Company			5.88	%			270,523				1.16	%
			200,000		2/26/16		JPMorgan Chase & Co.			0.86	%			200,869				0.60	%
Healthcare
			200,000		10/15/15		Morgan Stanley			0.72	%			200,186				0.60	%
	100,000			6/15/16	Becton, Dickinson and Company			0.69	%			100,043				0.43	%
			225,000		4/14/14		SSIF Nevada, Limited Partnership			0.94	%			225,747				0.67	%
	230,000			9/26/16	Ventas Realty, Limited Partnership			1.55	%			231,845				1.00	%
		Beverages
Insurance
			200,000		7/15/15		Anheuser-Busch InBev Worldwide Inc.			0.80	%			201,658				0.60	%
	100,000			10/18/16	American International Group, Inc.			5.60	%			108,444				0.47	%
		Computers
	200,000			9/30/15	Jackson National Life Global Funding			0.61	%			200,294				0.86	%
			225,000		5/30/14		Hewlett-Packard Company			0.64	%			224,841				0.67	%
Manufacturing
			100,000		9/19/14		Hewlett-Packard Company			1.79	%			100,896				0.30	%
	345,000			3/3/17	Caterpillar Financial Services Corporation			0.46	%			344,612				1.48	%
		Diversified Financial Services
	275,000			10/9/15	General Electric Company			0.85	%			275,915				1.17	%
			200,000		8/11/15		American Honda Finance Corporation			1.00	%			201,610				0.60	%
Media
			200,000		6/9/14		General Electric Capital Corporation			5.65	%			205,219				0.61	%
	100,000			4/30/15	NBCUniversal Media, LLC			3.65	%			101,658				0.44	%
		Energy
	100,000			4/15/16	NBCUniversal Media, LLC			0.77	%			100,036				0.43	%
			200,000		6/30/14		Arizona Public Service Company			5.80	%			204,916				0.61	%
Telecommunications
			150,000		8/15/14		Public Service Electric and Gas Co,			0.85	%			150,911				0.45	%
	175,000			9/15/16	Verizon Communications Inc.			1.77	%			178,979				0.77	%
		Food
Total U.S. corporate notes (cost: $4,342,045)												4,327,524				18.58	%
			300,000		10/17/16		Kroger Co.			0.80	%			299,985				0.89	%
Foreign Corporate Notes
		Insurance
Face Value				Maturity Date	Name			Yield1
			450,000		3/20/15		American International Group, Inc.			3.00	%			466,469				1.39	%
Banks
			200,000		9/30/15		Jackson National Life Global Funding			0.60	%			200,593				0.60	%
$	200,000			9/25/15	ING Bank N.V.			1.89	%			201,812				0.88	%
			200,000		4/4/14		MetLife Institutional Funding II			1.14	%			200,998				0.60	%
	150,000			9/25/15	ING Bank N.V.			2.00	%			152,117				0.65	%
		Manufacturing
Energy
			275,000		10/9/15		General Electric Company			0.85	%			276,938				0.83	%
	200,000			5/9/16	CNOOC Finance (2013) Limited			1.13	%			199,587				0.86	%
		Media
	200,000			6/2/17	Enbridge Inc.			0.68	%			198,774				0.85	%
			100,000		4/30/15		NBCUniversal Media, LLC			3.65	%			104,730				0.31	%
Telecommunications
			100,000		4/15/16		NBCUniversal Media, LLC			0.78	%			100,221				0.30	%
	150,000			4/27/15	Telefonica Emisiones, S.A.U.			3.73	%			152,257				0.65	%

The accompanying notes are an integral part of these financial statements.

Seneca Global Fund, L.P.

Condensed Schedule of Investments (continued)

December 31, ~~2013~~2014

(Audited)

					Description	~~Description~~				Fair Value		~~Fair Value~~		% of Partners' Capital (Net Asset Value)		~~% of Partners’ Capital (Net Asset Value)~~
	U.S. Corporate Notes (continued)
Foreign Corporate Notes (continued)
Face Value		~~Face Value~~		Maturity Date	~~Maturity Date~~Name	~~Name~~Yield1		~~Yield1~~
		Pharmaceuticals
Transportation
$	200,000	$	~~200,000~~	10/28/16	~~11/6/15~~Kansas City Southern de Mexico, S.A. de C.V.	~~AbbVie Inc.~~	0.93	%	~~1.00~~	%$	200,797	$	~~201,863~~		0.86	%	~~0.60~~	%
			150,000		2/12/15	Express Scripts Holding Company			2.10	%			153,447				0.46	%
Total foreign corporate notes (cost: $1,115,180)											1,105,344				4.75	%
			225,000		2/10/14	Novartis Capital Corporation			4.13	%			229,596				0.68	%
Total corporate notes (cost: $5,457,225)											5,432,868				23.33	%
		Telecommunications
Asset Backed Securities
			225,000		2/13/15	AT&T Inc.			0.88	%			227,377				0.68	%
Face Value				Maturity Date	Name		Yield1
			175,000		3/6/15	Verizon Communications Inc.			0.44	%			174,828				0.52	%
Automotive
		Total U.S. corporate notes (cost: $5,698,950)											5,677,092				16.92	%
$	39,789			10/20/16	Ally Auto Receivables Trust 2014-SN1		0.52	%			39,793				0.17	%
	Foreign Corporate Notes
	50,000			6/20/17	Capital Auto Receivables Asset Trust 2013-1		0.79	%			50,028				0.21	%
			Face Value		Maturity Date	Name			Yield1
	15,000			4/16/18	Santander Drive Auto Receivables Trust 2014-5		0.56	%			15,004				0.06	%
		Banks
Credit Card
		$	225,000		4/14/14	Danske Bank A/S			1.29	%			225,905				0.67	%
	50,000			1/15/20	BA Credit Card Trust		0.45	%			49,949				0.21	%
			150,000		9/25/15	ING Bank N.V.			2.00	%			153,037				0.46	%
	100,000			10/16/17	Chase Issuance Trust		0.31	%			99,910				0.44	%
			200,000		9/25/15	ING Bank N.V.			1.89	%			204,004				0.61	%
Other
			350,000		3/18/16	Rabobank Nederland			0.72	%			351,351				1.04	%
	50,000			7/20/19	GE Dealer Floorplan Master Note		0.55	%			49,911				0.21	%
		Energy
	55,000			8/15/17	Volvo Financial Equip LLC Series 2012-1		1.51	%			55,273				0.24	%
			300,000		10/1/15	BP Capital Markets P.L.C.			3.13	%			315,637				0.94	%
Student Loan
			300,000		11/14/14	Canadian Natural Resources Ltd			1.45	%			302,572				0.90	%
	85,218			8/15/23	SLM Private Educ Loan Trust 2012-C		1.26	%			85,527				0.37	%
			200,000		5/9/16	CNOOC Finance (2013) Limited			1.13	%			200,115				0.60	%
Total asset backed securities (cost: $445,962)											445,395				1.91	%
		Total foreign corporate notes (cost: $1,756,036)											1,752,621				5.22	%
Total investments in securities (cost: $14,946,889)										$	14,902,985				63.99	%
		Total corporate notes (cost: $7,454,986)											7,429,713				22.14	%
OPEN FUTURES CONTRACTS
		Total investments in securities (cost: $18,184,773)										$	18,124,799				54.01	%
Long U.S. Futures Contracts
	CERTIFICATES OF DEPOSIT
					Agricultural commodities					$	(11,462	)			(0.05	)%
	U.S. Certificates of Deposit
					Currencies						(7,530	)			(0.03	)%
			Face Value		Maturity Date	Name			Yield1
					Energy						(51,681	)			(0.22	)%
		Banks
					Equity indices						97,975				0.42	%
		$	250,000		5/9/14	Sumitomo Mitsui Bank (NY)			0.38	%		$	250,730				0.75	%
					Interest rate instruments						(4,299	)			(0.02	)%
		Total U.S. certificates of deposit (cost: $250,000)										$	250,730				0.75	%
					Metals						(46,499	)			(0.20	)%
Net unrealized gain (loss) on open long U.S. futures contracts											(23,496	)			(0.10	)%

The accompanying notes are an integral part of these financial statements.

Seneca Global Fund, L.P.

Condensed Schedule of Investments (continued)

December 31, ~~2013~~2014

(Audited)

	Description	~~Description~~Fair Value		~~Fair Value~~		% of Partners' Capital (Net Asset Value)		~~% of Partners’ Capital (Net Asset Value)~~
OPEN FUTURES CONTRACTS
Short U.S. Futures Contracts
	Long U.S. Futures Contracts
	Agricultural commodities	$	17,616				0.08	%
		Agricultural commodities		$	(4,198	)			(0.03	)%
	Currencies		144,438				0.62	%
		Currencies			86,494				0.26	%
	Energy2		240,451				1.02	%
		Energy			5,420				0.02	%
	Equity indices		(21,599	)			(0.09	)%
		Equity indices			220,650				0.66	%
	Interest rate instruments		(3,428	)			(0.01	)%
		Interest rate instruments			(10,989	)			(0.03	)%
	Metals		54,383				0.23	%
		Metals			115,819				0.35	%
Net unrealized gain (loss) on open short U.S. futures contracts			431,861				1.85	%
	Net unrealized gain (loss) on open long U.S. futures contracts				413,196				1.23	%
Total U.S. futures contracts - net unrealized gain (loss) on open U.S. futures contracts			408,365				1.75	%
	Short U.S. Futures Contracts
Long Foreign Futures Contracts
	Agricultural commodities	~~Agricultural commodities~~	639		~~176,548~~		0.00	%	~~0.54~~	%
		Currencies			192,279				0.57	%
	Equity indices		52,394				0.22	%
		Energy			(8,832	)			(0.03	)%
	Interest rate instruments2		440,422				1.90	%
		Equity indices			1,095				0.00	%
Net unrealized gain (loss) on open long foreign futures contracts			493,455				2.12	%
		Interest rate instruments			37,027				0.11	%
Short Foreign Futures Contracts
		Metals			(103,082	)			(0.31	)%
	Equity indices		7,583				0.03	%
	Net unrealized gain (loss) on open short U.S. futures contracts				295,035				0.88	%
	Interest rate instruments		(43,618	)			(0.18	)%
	Total U.S. futures contracts - net unrealized gain (loss) on open U.S. futures contracts				708,231				2.11	%
Net unrealized gain (loss) on open short foreign futures contracts			(36,035	)			(0.15	)%
	Long Foreign Futures Contracts
Total foreign futures contracts - net unrealized gain (loss) on open foreign futures contracts			457,420				1.97	%
		Agricultural commodities			(822	)			(0.00	)%
Net unrealized gain (loss) on open futures contracts		$	865,785				3.72	%
		Currencies			33,774				0.10	%
OPEN FORWARD CURRENCY CONTRACTS
		Equity indices2			395,105				1.18	%
U.S. Forward Currency Contracts
		Interest rate instruments			(107,083	)			(0.32	)%
	Long	$	(108	)			(0.00	)%
	Net unrealized gain (loss) on open long foreign futures contracts				320,974				0.96	%
	Short		106				0.00	%
	Short Foreign Futures Contracts
Net unrealized gain (loss) on open U.S. forward currency contracts			(2	)			(0.00	)%
		Agricultural commodities			17,594				0.05	%
Foreign Forward Currency Contracts
		Interest rate instruments			119,827				0.36	%
	Long		29,476				0.13	%
	Net unrealized gain (loss) on open short foreign futures contracts				137,421				0.41	%
	Short		(104,325	)			(0.45	)%
	Total foreign futures contracts - net unrealized gain (loss) on open foreign futures contracts				458,395				1.37	%
Net unrealized gain (loss) on open foreign forward currency contracts			(74,849	)			(0.32	)%
	Net unrealized gain (loss) on open futures contracts			$	1,166,626				3.48	%
Net unrealized gain (loss) on open forward currency contracts		$	(74,851	)			(0.32	)%

~~The accompanying~~1 ~~notes~~Represents ~~are~~the anannualized ~~integral~~yield ~~part~~at date of ~~these~~purchase for ~~financial~~discount ~~statements~~securities or the stated coupon rate for coupon-bearing securities.

92 No individual futures or forward currency contract position constituted one percent or greater of partners’ capital (net asset value). Accordingly, the number of contracts and expiration dates are not presented.

~~Seneca~~ The accompanying notes are an integral part ~~Global~~of ~~Fund,~~these Lfinancial statements.P.

~~Condensed Schedule of Investments (continued)~~9

~~December 31~~Seneca Global Fund, ~~2013~~L.P.

~~(Audited)~~Statements of Operations

		Description	Fair Value			% of Partners’ Capital (Net Asset Value)
OPEN FORWARD CURRENCY CONTRACTS
	Foreign Forward Currency Contracts
		Long	$	(5,969	)		(0.01	)%
		Short		11,412			0.03	%
	Net unrealized gain (loss) on open foreign forward currency contracts			5,443			0.02	%
	Net unrealized gain (loss) on open forward currency contracts		$	5,443			0.02	%

For the Three Months Ended March 31, 2015 and 2014

~~1 Represents the annualized yield at date of purchase for discount securities, the stated coupon rate for coupon-bearing securities, or the stated interest rate for certificates of deposit.~~(Unaudited)

	Three Months Ended March 31,
	2015			2014
Trading Gain (Loss) from Futures and Forwards
Net realized gain (loss)	$	1,646,684		$	(330,606	)
Net change in unrealized gain (loss)		(271,782	)		(579,494	)
Brokerage commissions and trading expenses		(11,822	)		(26,096	)
Net gain (loss) from futures and forwards trading		1,363,080			(936,196	)

Net Investment Income (Loss)
Income (loss)
Interest income		34,436			48,107
Net realized and change in unrealized gain (loss) on securities		(3,342	)		(28,086	)
Total income (loss)		31,094			20,021
Expenses
Trading Advisor management fees		88,428			97,850
Trading Advisor incentive fees		228,993			—
Cash Manager fees		4,856			5,901
General Partner fee		84,531			113,797
Selling Agent fees – General Partner		50,869			54,142
Broker dealer custodial fee – General Partner		5,078			7,956
Broker dealer servicing fee – General Partner		5,318			5,866
Administrative expenses – General Partner		278,075			257,997
Offering expenses – General Partner		86,516			81,478
Total expenses		832,664			624,987
Administrative and offering expenses waived		(271,608	)		(213,674	)
Net total expenses		561,056			411,313
Net investment income (loss)		(529,962	)		(391,292	)
Net Income (Loss)	$	833,118		$	(1,327,488	)

The accompanying notes are an integral part of these financial statements.

	Series A			Series B			Series C			Series I			General Partner
Three Months Ended March 31, 2015
Increase (decrease) in net asset value per unit	$	2.39		$	3.12		$	3.87		$	3.83		$	5.03
Net income (loss) per unit†	$	2.42		$	3.01		$	3.60		$	3.84		$	5.03
Weighted average number of units outstanding		138,288.6167			51,529.2699			27,886.8703			53,483.7176			7,460.6309

Three Months Ended March 31, 2014
Increase (decrease) in net asset value per unit	$	(3.11	)	$	(3.28	)	$	(3.36	)	$	(3.70	)	$	(3.54	)
Net income (loss) per unit†	$	(3.13	)	$	(3.34	)	$	(3.37	)	$	(3.85	)	$	(3.54	)
Weighted average number of units outstanding		158,051.5727			82,439.8621			29,912.6323			111,569.3108			7,460.6309

10† Based on weighted average number of units outstanding during the period.

~~Seneca~~ The accompanying notes are an integral part ~~Global~~of ~~Fund,~~these Lfinancial statements.P.

~~Statements of Operations~~10

~~For the~~Seneca ~~Three~~Global ~~and Nine Months Ended September 30~~Fund, ~~2014 and 2013~~L.P.

~~(Unaudited)~~Statements of Cash Flows

	Three Months Ended September 30,						Nine Months Ended September 30,
	2014			2013			2014			2013
Trading Gain (Loss) from Futures and Forwards
Net realized gain (loss)	$	947,233		$	(1,327,631	)	$	1,176,910		$	689,898
Net change in unrealized gain (loss)		(346,342	)		(606,891	)		(999,672	)		(1,208,469	)
Brokerage commissions and trading expenses		(21,998	)		(28,768	)		(75,217	)		(115,550	)
Net gain (loss) from futures and forwards trading		578,893			(1,963,290	)		102,021			(634,121	)
Net Investment Income (Loss)
Income
Interest income		34,290			72,079			125,940			242,590
Net realized and change in unrealized gain (loss) on securities and certificates of deposit		(23,469	)		(18,452	)		(73,886	)		(141,487	)
Total income (loss)		10,821			53,627			52,054			101,103
Expenses
Trading Advisor management fees		84,047			119,216			269,200			394,761
Trading Advisor incentive fees		6,291			—			77,510			—
Cash Manager fees		4,897			8,206			16,325			25,443
General Partner fee		94,257			143,261			311,405			485,156
Selling Agent fees – General Partner		49,919			63,426			156,250			214,626
Broker dealer custodial fee – General Partner		5,919			10,294			20,937			33,069
Broker dealer servicing fee – General Partner		5,193			6,764			16,593			22,121
Administrative expenses – General Partner		300,229			206,859			808,981			726,313
Offering expenses – General Partner		110,499			137,671			268,998			369,828
Total expenses		661,251			695,697			1,946,199			2,271,317
Administrative and offering expenses waived		(306,236	)		(186,134	)		(733,140	)		(557,540	)
Net total expenses		355,015			509,563			1,213,059			1,713,777
Net investment income (loss)		(344,194	)		(455,936	)		(1,161,005	)		(1,612,674	)
Net Income (Loss)	$	234,699		$	(2,419,226	)	$	(1,058,984	)	$	(2,246,795	)

For the Three Months Ended March 31, 2015 and 2014

~~The accompanying notes are an integral part of these financial statements.~~(Unaudited)

	Three Months Ended March 31,
	2015			2014
Cash flows from operating activities
Net income (loss)	$	833,118		$	(1,327,488	)
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Net change in unrealized (gain) loss from futures and forwards trading		271,782			579,494
Purchases of securities and certificates of deposit		(6,511,095	)		(7,967,202	)
Proceeds from disposition of securities		7,007,158			8,633,223
Net realized and change in unrealized (gain) loss in securities and certificates of deposit		3,342			28,086
Changes in
Trading Advisor management fee payable		1,508			(13,038	)
Trading Advisor incentive fee payable		(196,415	)		(112,352	)
Commissions and other trading expenses payable on open contracts		563			(1,132	)
Cash Manager fees payable		(183	)		(212	)
General Partner fee payable		(560	)		(4,885	)
Selling Agent fees payable – General Partner		(343	)		(1,971	)
Administrative expenses payable – General Partner		(364	)		(3,142	)
Offering expenses payable – General Partner		(475	)		(2,560	)
Broker dealer custodial fee payable – General Partner		(255	)		(432	)
Broker dealer servicing fee payable – General Partner		(41	)		(167	)
Net cash provided by (used in) operating activities		1,407,740			(193,778	)

Cash flows from financing activities
Subscriptions		266,443			636,599
Subscriptions received in advance		14,068			53,421
Redemptions		(1,564,666	)		(3,899,546	)
Net cash provided by (used in) financing activities		(1,284,155	)		(3,209,526	)

Net increase (decrease) in cash and cash equivalents		123,585			(3,403,304	)
Cash and cash equivalents, beginning of period		8,680,492			15,314,416
Cash and cash equivalents, end of period	$	8,804,077		$	11,911,112

End of period cash and cash equivalents consists of
Cash in broker trading accounts	$	4,823,603		$	8,266,098
Cash and cash equivalents		3,980,474			3,645,014
Total end of period cash and cash equivalents	$	8,804,077		$	11,911,112

Supplemental disclosure of cash flow information
Prior period redemptions paid	$	442,664		$	934,506
Prior period subscriptions received in advance	$	96,868		$	62,372

Supplemental schedule of non-cash financing activities
Redemptions payable	$	106,205		$	179,872

~~Seneca~~ The accompanying notes are an integral part ~~Global~~of ~~Fund,~~these Lfinancial statements.P.

~~Statements of Operations (continued)~~11

~~For the~~Seneca ~~Three~~Global ~~and Nine Months Ended September 30~~Fund, ~~2014 and 2013~~L.P.

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

	Series A			Series B			Series C			Series I			General Partner
Three Months Ended September 30, 2014
Increase (decrease) in net asset value per unit	$	0.42		$	0.80		$	1.20		$	1.09		$	1.81
Net income (loss) per unit†	$	0.39		$	0.69		$	1.22		$	1.04		$	1.81
Weighted average number of units outstanding		147,930.0523			62,472.9660			25,042.5999			86,651.4143			7,460.6309
Three Months Ended September 30, 2013
Increase (decrease) in net asset value per unit	$	(4.66	)	$	(5.01	)	$	(5.26	)	$	(5.72	)	$	(5.74	)
Net income (loss) per unit†	$	(4.64	)	$	(4.97	)	$	(5.20	)	$	(5.74	)	$	(5.73	)
Weighted average number of units outstanding		179,590.0781			101,142.0607			34,421.2151			149,797.7873			7,460.6309

For the Three Months Ended March 31, 2015 and 2014

	Series A			Series B			Series C			Series I			General Partner
Nine Months Ended September 30, 2014
Increase (decrease)in net asset value per unit	$	(2.78	)	$	(2.26	)	$	(1.62	)	$	(2.23	)	$	(0.72	)
Net income (loss) per unit†	$	(2.94	)	$	(3.10	)	$	(2.20	)	$	(3.20	)	$	(0.73	)
Weighted average number of units outstanding		153,444.4094			72,869.4824			27,296.0090			98,794.3341			7,460.6309
Nine Months Ended September 30, 2013
Increase (decrease) in net asset value per unit	$	(5.41	)	$	(5.22	)	$	(4.87	)	$	(5.67	)	$	(4.49	)
Net income (loss) per unit†	$	(4.54	)	$	(4.86	)	$	(6.80	)	$	(3.50	)	$	(4.49	)
Weighted average number of units outstanding		194,823.5752			103,710.7130			31,577.7789			174,593.0896			7,460.6309

(Unaudited)

† Based on weighted average number of units outstanding during the period.

	Series A						Series B						Series C						Series I						General Partner
	Units			Amount			Units			Amount			Units			Amount			Units			Amount			Units		Amount			Total
Three Months Ended March 31, 2015
Balance at December 31, 2014		141,154.3626		$	10,103,311			54,209.8546		$	4,525,734			26,534.5412		$	2,506,469			53,985.4271		$	5,316,764			7,460.6309	$	836,215		$	23,288,493
Net income (loss)					334,409						155,322						100,396						205,490					37,501			833,118
Subscriptions		4,190.1225			305,511			—			—			—			—			585.5122			57,800			—		—			363,311
Redemptions		(4,905.1029	)		(355,482	)		(6,235.0423	)		(525,998	)		(1,394.8138	)		(134,215	)		(2,114.4803	)		(215,512	)		—		—			(1,228,207	)
Transfers		(10,960.1558	)		(810,598	)		—			—			8,251.4509			810,598			—			—			—		—			—
Balance at March 31, 2015		129,479.2264		$	9,577,151			47,974.8123		$	4,155,058			33,391.1783		$	3,283,248			52,456.4590		$	5,367,542			7,460.6309	$	873,716		$	23,256,715

Three Months Ended March 31, 2014
Balance at December 31, 2013		164,417.4673		$	11,687,076			86,507.9830		$	7,060,706			27,732.4319		$	2,526,789			120,105.4790		$	11,490,470			7,460.6309	$	794,660		$	33,559,701
Net income (loss)					(495,334	)					(275,529	)					(100,749	)					(429,449	)				(26,427	)		(1,327,488	)
Subscriptions		7,845.7875			539,996			1,367.7819			109,000			—			—			535.9620			49,975			—		—			698,971
Redemptions		(11,750.5194	)		(810,711	)		(8,295.0808	)		(659,487	)		(2,565.2191	)		(226,946	)		(15,571.1427	)		(1,447,768	)		—		—			(3,144,912	)
Transfers		(5,752.9980	)		(402,708	)		—			—			4,481.8523			402,708			—			—			—		—			—
Balance at March 31, 2014		154,759.7374		$	10,518,319			79,580.6841		$	6,234,690			29,649.0651		$	2,601,802			105,070.2983		$	9,663,228			7,460.6309	$	768,233		$	29,786,272

The accompanying notes are an integral part of these financial statements.

	Net Asset Value per Unit
	Series A		Series B		Series C		Series I		General Partner
March 31, 2015	$	73.97	$	86.61	$	98.33	$	102.32	$	117.11
December 31, 2014		71.58		83.49		94.46		98.49		112.08
March 31, 2014		67.97		78.34		87.75		91.97		102.97
December 31, 2013		71.08		81.62		91.11		95.67		106.51

12The accompanying notes are an integral part of these financial statements.

~~Seneca Global Fund, L.P.~~12

~~Statements of~~Seneca ~~Cash~~Global ~~Flows~~Fund, L.P.

~~For the~~Notes ~~Nine~~to ~~Months~~Financial ~~Ended September 30, 2014 and 2013~~Statements

(Unaudited)

	Nine Months Ended September 30,
	2014			2013
Cash flows from operating activities
Net income (loss)	$	(1,058,984	)	$	(2,246,795	)
Adjustments to reconcile net (income) loss to net cash provided by operating activities
Net change in unrealized (gain) loss from futures and forwards trading		999,672			1,208,469
Purchases of securities and certificates of deposit		(25,820,243	)		(35,819,107	)
Proceeds from disposition of securities and certificates of deposit		29,784,981			39,980,977
Net realized and change in unrealized gain (loss) in securities and certificates of deposit		73,886			141,487
Changes in
Trading Advisor management fee payable		(38,237	)		3,851
Trading Advisor incentive fee payable		(106,061	)		—
Commissions and other trading expenses payable on open contracts		(922	)		(3,083	)
Cash Manager fees payable		(946	)		(5,996	)
General Partner fee payable		(10,238	)		(16,798	)
Selling Agent fees payable – General Partner		(2,837	)		(8,885	)
Administrative expenses payable – General Partner		(6,381	)		(10,799	)
Offering expenses payable – General Partner		(5,045	)		(9,218	)
Broker dealer custodial fee payable – General Partner		(1,086	)		(607	)
Broker dealer servicing fee payable – General Partner		(360	)		(672	)
Net cash provided by operating activities		3,807,199			3,212,824
Cash flows from financing activities
Subscriptions		1,722,812			4,715,506
Subscriptions received in advance		18,068			219,758
Redemptions		(9,568,110	)		(17,088,658	)
Net cash used in financing activities		(7,827,230	)		(12,153,394	)
Net increase (decrease) in cash and cash equivalents		(4,020,031	)		(8,940,570	)
Cash and cash equivalents, beginning of period		15,314,416			22,118,810
Cash and cash equivalents, end of period	$	11,294,385		$	13,178,240
End of period cash and cash equivalents consists of
Cash in broker trading accounts	$	6,953,973		$	9,197,532
Cash and cash equivalents		4,340,412			3,980,708
Total end of period cash and cash equivalents	$	11,294,385		$	13,178,240
Supplemental disclosure of cash flow information
Prior period redemptions paid	$	934,506		$	634,037
Prior period subscriptions received in advance	$	62,372		$	236,268
Supplemental schedule of non-cash financing activities
Redemptions payable	$	383,683		$	382,148

Organization and Summary of Significant Accounting Policies

~~The accompanying~~Description ~~notes are an integral part~~ of ~~these~~the ~~financial statements.~~Fund

13Seneca Global Fund, L.P., (“Fund”) is a Delaware limited partnership, which was formed in 2007. The Fund operates as a commodity investment pool and commenced investment operations on September 1, 2008. The Fund issues units of limited partner interests (“Units”) in four series: A, B, C and I, which represent units of fractional undivided beneficial interest in and ownership of the Fund.

~~Seneca~~The Fund uses multiple commodity trading advisors to engage in the ~~Global~~speculative trading of futures contracts, forward currency contracts and other financial instruments traded in the United States (“U.S.”) and internationally. The Fund does not currently use options or swaps as part of its trading system, Lbut may employ them in the future.P Each trading advisor uses a proprietary, systematic trading system that deploys multiple trading strategies using derivatives that seeks to identify and exploit directional moves in market behavior to a broad and diversified range of global market sectors including equity indices, currencies, interest rate instruments, energy, metals and agricultural commodities.

~~Statements~~Only Series A, B and I Units are offered by the Fund. Series A, B and I Units will be re-designated as Series C Units after the Fee Limit has been reached. The Series C Units are identical to the other Units except that the Series C Units only incur the Trading Advisor management fee, Trading Advisor incentive fee, brokerage expenses, General Partner management fee and administrative expenses. The Fee Limit is the total amount of ~~Changes~~selling inagent ~~Partners’~~commissions, broker ~~Capital~~dealer servicing fees paid to the selling agents, payments for wholesalers, payments for sales conferences, and other offering expenses that are items of compensation to Financial Industry Regulatory Authority (~~Net~~“FINRA”) ~~Asset~~members ~~Value~~(but excluding among other items, the production and printing of prospectuses and related collateral material, as well as various legal and regulatory fees) paid by particular Series A, B or I Units when it is equal to 10% of the original purchase price paid by holders of those particular Units.

~~For~~The Fund is a registrant with the U.S. Securities and Exchange Commission (“SEC”) pursuant to the ~~Nine~~U.S. ~~Months~~Securities ~~Ended~~Act ~~September~~of 301933, ~~2014~~as amended, (“1933 Act”) and ~~2013~~the U.S. Securities Exchange Act of 1934, as amended, (“1934 Act”). As a registrant, the Fund is subject to the regulations of the SEC and the disclosure requirements of the 1933 Act and the 1934 Act. As a commodity pool, the Fund is subject to the regulations of the U.S. Commodity Futures Trading Commission (“CFTC”), an agency of the U.S. government, which regulates most aspects of the commodity futures industry; rules of the National Futures Association (“NFA”), an industry self-regulatory organization; rules of FINRA, an industry self-regulatory organization; and the requirements of commodity exchanges where the Fund executes transactions. Additionally, the Fund is subject to the requirements of its futures broker and interbank market makers through which the Fund trades.

Under its Fourth Amended and Restated Limited Partnership Agreement (~~Unaudited~~“Partnership Agreement”), the Fund’s business and affairs are managed and conducted by the Fund’s general partner, Steben & Company, Inc. (“General Partner”), a Maryland corporation. The General Partner is registered with the CFTC as a commodity pool operator and a commodities introducing broker, and is registered with the SEC as an investment adviser and a broker dealer. Additionally, the General Partner is a member of the NFA and FINRA. The General Partner manages all aspects of the Fund’s business and serves as one of the Fund’s selling agents.

	Series A						Series B						Series C						Series I						General Partner
	Units			Amount			Units			Amount			Units			Amount			Units			Amount			Units		Amount			Total
Nine Months Ended September 30, 2014
Balance at December 31, 2013		164,417.4673		$	11,687,076			86,507.9830		$	7,060,706			27,732.4319		$	2,526,789			120,105.4790		$	11,490,470			7,460.6309	$	794,660		$	33,559,701
Net income (loss)					(451,292	)					(225,806	)					(60,179	)					(316,282	)				(5,425	)		(1,058,984	)
Subscriptions		20,308.4529			1,379,809			3,252.5861			254,400			—			—			1,649.8613			150,975			—		—			1,785,184
Redemptions		(30,252.7681	)		(2,057,774	)		(31,625.8435	)		(2,476,038	)		(9,654.5281	)		(846,478	)		(39,483.6355	)		(3,636,997	)		—		—			(9,017,287	)
Transfers		(10,370.6307	)		(714,958	)		(513.6204	)		(40,481	)		7,850.6177			700,088			601.8611			55,351			—		—			—
Balance at September 30, 2014		144,102.5214		$	9,842,861			57,621.1052		$	4,572,781			25,928.5215		$	2,320,220			82,873.5659		$	7,743,517			7,460.6309	$	789,235		$	25,268,614
Nine Months Ended September 30, 2013
Balance at December 31, 2012		236,423.1119		$	17,300,439			110,409.9497		$	9,133,773			17,608.2983		$	1,604,266			219,781.2927		$	21,182,358			7,460.6309	$	782,908		$	50,003,744
Net income (loss)					(883,693	)					(503,622	)					(214,860	)					(611,156	)				(33,464	)		(2,246,795	)
Subscriptions		31,704.7135			2,342,655			16,948.5508			1,423,914			—			—			12,129.3768			1,185,205			—		—			4,951,774
Redemptions		(48,639.5071	)		(3,573,817	)		(31,316.8837	)		(2,611,748	)		(19,106.9159	)		(1,779,170	)		(89,868.8834	)		(8,872,034	)		—		—			(16,836,769	)
Transfers		(43,576.1250	)		(3,263,931	)		740.8394			59,586			34,127.4376			3,203,586			—			759			—		—			—
Balance at September 30, 2013		175,912.1933		$	11,921,653			96,782.4562		$	7,501,903			32,628.8200		$	2,813,822			142,041.7861		$	12,885,132			7,460.6309	$	749,444		$	35,871,954

Significant Accounting Policies

	Series A		Series B		Series C		Series I		General Partner
September 30, 2014	$	68.30	$	79.36	$	89.49	$	93.44	$	105.79
December 31, 2013		71.08		81.62		91.11		95.67		106.51
September 30, 2013		67.77		77.51		86.24		90.71		100.45
December 31, 2012		73.18		82.73		91.11		96.38		104.94

Accounting Principles

The ~~accompanying~~ ~~notes~~Fund’s financial statements are prepared in conformity with U.S. generally accepted accounting principles (“GAAP”). The Fund is an ~~integral~~investment ~~part~~company ofand ~~these~~follows ~~financial~~accounting and ~~statements~~reporting guidance under the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

14Use of Estimates

~~Seneca~~Preparing financial statements in conformity with GAAP requires ~~Global~~management ~~Fund,~~to Lmake estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes.P Actual results could differ from those estimates.

~~Notes to Financial Statements~~13

~~(Unaudited)~~Revenue Recognition

1Futures, forward currency contracts and investments in securities are recorded on a trade date basis, and gains or losses are realized when contracts/positions are liquidated. Realized ~~Organization~~gains and ~~Summary~~losses on investments in securities are determined on a specific identification basis and are included in net realized and change in unrealized gain (loss) in the statements of ~~Significant~~operations. ~~Accounting~~Unrealized ~~Policies~~gains and losses on open contracts (the difference between contract trade price and fair value) are reported in the statements of financial condition as net unrealized gain or loss, as there exists a right of offset of any unrealized gains or losses. The difference between cost and the fair value of open investments in securities is reflected as unrealized gain or loss on investments in. Any change in net unrealized gain or loss from the preceding period is reported in the statements of operations. Interest income earned on investments in securities and other cash and cash equivalent balances is recorded on an accrual basis.

~~Description~~ Fair Value of ~~the~~Financial ~~Fund~~Instruments

~~Seneca~~Financial ~~Global Fund,~~instruments ~~L.P.~~are recorded at fair value, ~~(“Fund”)~~the isprice athat would ~~Delaware~~be ~~limited~~received ~~partnership,~~to ~~which~~sell ~~was~~an ~~formed~~asset or paid to transfer a liability in ~~2007.~~an ~~The~~orderly ~~Fund~~transaction ~~operates~~between asmarket aparticipants. ~~commodity~~Assets ~~investment~~and ~~pool~~liabilities ~~and~~recorded ~~commenced~~at ~~investment~~fair ~~operations~~value onare ~~September~~classified 1,within ~~2008.~~a ~~The~~fair ~~Fund~~value ~~issues~~hierarchy ~~units~~based ofupon ~~limited~~the ~~partner~~level ~~interests~~of ~~(“Units”)~~judgment associated inwith ~~four~~the ~~series:~~inputs A,used B,to Cmeasure ~~and~~their I,value. ~~which~~This ~~represent~~fair ~~units~~value ofhierarchy ~~fractional~~gives ~~undivided~~the ~~beneficial~~highest ~~interest~~priority to quoted prices in active markets for identical assets or liabilities (Level 1) and ~~ownership~~the lowest priority to unobservable inputs (Level 3). The three levels of the ~~Fund.~~fair value hierarchy are described below:

~~The~~§ ~~Fund uses~~Level ~~multiple~~1 ~~commodity~~– ~~trading~~Fair ~~advisors~~value tois ~~engage~~based inon ~~the~~unadjusted ~~speculative~~quoted ~~trading~~prices offor ~~futures~~identical ~~contracts, forward currency contracts and other financial~~ instruments ~~traded~~ in ~~the~~active ~~United States (“U~~markets.~~S.”)~~ ~~and~~Financial ~~internationally.~~instruments ~~The~~using ~~Fund~~Level ~~does~~1 ~~not~~inputs ~~currently use~~include ~~options~~futures ~~or swaps as part of its trading system~~contracts, ~~but~~money may employ them in the future. Each trading advisor uses a proprietary, systematic trading system that deploys multiple trading strategies using derivatives that seeks to identify and exploit directional moves in market ~~behavior~~funds ~~to a broad~~ and ~~diversified~~U.S. ~~range~~Treasury ~~of global market sectors including equity indices, currencies, interest rate instruments, energy, metals and agricultural commodities~~securities.

~~Only~~§ ~~Series A,~~Level B2 ~~and~~– IFair ~~Units~~value ~~are~~is ~~offered~~based byon ~~the~~quoted ~~fund.~~prices ~~Series~~for A,similar Binstruments ~~and~~in Iactive ~~Units~~markets ~~will~~and beinputs ~~re-designated~~other asthan ~~Series~~quoted Cprices ~~Units~~that ~~after the Fee Limit has been reached. The Series C Units~~ are ~~identical~~observable tofor the ~~other~~financial ~~Units except that the Series C Units only incur the Trading Advisor management fee~~instrument, ~~Trading~~such ~~Advisor~~as ~~incentive~~interest ~~fee,~~rates ~~brokerage expenses, General Partner management fee~~ and ~~administrative~~yield ~~expenses. The~~curves ~~Fee~~that ~~Limit~~are isobservable ~~the~~at ~~total~~commonly ~~amount~~quoted ofintervals ~~selling~~using ~~agent~~a ~~commissions,~~market ~~broker~~approach. ~~dealer~~Financial ~~servicing~~instruments ~~fees~~using ~~paid~~Level to2 ~~the~~inputs ~~selling~~include ~~agents,~~forward ~~payments for~~currency ~~wholesalers~~contracts, ~~payments~~commercial ~~for sales conferences~~paper, ~~and~~corporate ~~other offering expenses that are items of compensation to Financial Industry Regulatory Authority (“FINRA”) members (but excluding among other items~~notes, ~~the~~asset ~~production~~backed ~~and~~securities ~~printing of prospectuses~~ and ~~related~~U.S. ~~collateral material, as well as various legal~~ and ~~regulatory~~foreign ~~fees)~~government ~~paid~~sponsored byenterprise ~~particular Series A, B or I Units when it is equal to 10% of the original purchase price paid by holders of those particular Units~~notes.

~~The~~§ ~~Fund is~~Level a3 ~~registrant~~– ~~with~~Fair ~~the~~value U.S. Securities and Exchange Commission (“SEC”) pursuant to the U.S. Securities Act of 1933, as amended, (“1933 Act”) and the U.S. Securities Exchange Act of 1934, as amended, (“1934 Act”). As a registrant, the Fund is ~~subject~~based toon ~~the~~valuation ~~regulations~~techniques ofin the SEC and the disclosure requirements of the 1933 Act and the 1934 Act. As a commodity pool, the Fund is subject to the regulations of the U.S. Commodity Futures Trading Commission (“CFTC”), an agency of the U.S. government, which ~~regulates~~one ~~most~~or ~~aspects~~more ofsignificant ~~the~~inputs ~~commodity~~are futures industry; rules of the National Futures Association (“NFA”), an industry self-regulatory organization; rules of FINRA, an industry self-regulatory organization; and the requirements of commodity exchanges where the Fund executes transactionsunobservable. ~~Additionally,~~The ~~the~~ Fund ishas ~~subject~~no tofinancial ~~the~~instruments ~~requirements of~~using ~~its~~Level ~~futures~~3 ~~broker and interbank market makers through which the Fund trades~~inputs.

~~Under~~In ~~its Fourth~~certain ~~Amended~~cases, ~~and~~the ~~Restated~~inputs ~~Limited~~used ~~Partnership~~to ~~Agreement~~measure ~~(“Partnership~~fair ~~Agreement”),~~value ~~the~~may ~~Fund’s business and~~fall ~~affairs~~into ~~are~~different ~~managed~~levels ~~and~~of ~~conducted by~~ the ~~Fund’s~~fair ~~general~~value ~~partner,~~hierarchy. ~~Steben~~In &such ~~Company~~cases, ~~Inc.~~an ~~(“General~~instrument’s ~~Partner”), a~~level ~~Maryland~~within ~~corporation.~~the ~~The~~fair ~~General~~value ~~Partner~~hierarchy is based ~~registered~~on ~~with~~ the ~~CFTC~~lowest aslevel aof ~~commodity~~input ~~pool~~that ~~operator and a commodities introducing broker, and~~ is ~~registered~~significant ~~with~~to the ~~SEC~~fair asvalue anmeasurement. ~~investment~~The ~~adviser~~Fund’s ~~and~~assessment aof ~~broker dealer. Additionally,~~ the ~~General Partner is a member~~significance of ~~the~~a ~~NFA~~particular ~~and~~input ~~FINRA.~~to ~~The~~the ~~General~~fair ~~Partner~~value ~~manages~~measurement ~~all~~in ~~aspects~~its ofentirety ~~the~~requires ~~Fund’s~~judgment, ~~business~~ and ~~serves~~considers asfactors ~~one~~specific ofto the ~~Fund’s selling agents~~investment.

~~Significant~~The Fund assesses the classification of the instruments at each ~~Accounting~~measurement ~~Policies~~date, and any transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfer in accordance with the Fund’s accounting policy regarding the recognition of transfers between levels of the fair value hierarchy. For the periods ended March 31, 2015 and December 31, 2014, there were no such transfers between levels.

~~Accounting~~A description of the valuation techniques applied to the Fund’s ~~Principles~~major categories of assets and liabilities measured at fair value on a recurring basis follows.

The ~~Fund’s~~investment in money market fund, included in cash and cash equivalents ~~financial~~in the statements of financial condition, and futures contracts, all of which are ~~prepared~~exchange-traded, inare ~~conformity~~valued ~~with~~using Uquoted market prices for identical assets and are classified within Level 1.S. ~~generally~~The ~~accepted~~fair ~~accounting~~values ~~principles~~of ~~(“GAAP”)~~forward currency contracts are based upon third-party quoted dealer values on the interbank market and are classified within Level 2.

~~Use~~U.S. Treasury securities are recorded at fair value based on bid ofand ~~Estimates~~ask quotes for identical instruments. Commercial paper, corporate notes, asset backed securities and U.S. and foreign government sponsored enterprise notes are recorded at fair value based on bid and ask quotes for similar, but not identical, instruments. Accordingly, U.S. Treasury securities are classified within Level 1, and commercial paper, corporate notes, asset backed securities and U.S. and foreign government sponsored enterprise notes are classified within Level 2.

~~Preparing financial~~Cash ~~statements in conformity with GAAP requires management to make estimates~~ and ~~assumptions~~Cash ~~that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.~~Equivalents

15Cash and cash equivalents include investments with original maturities of three months or less at the date of acquisition that are not held for sale in the ordinary course of business. The Fund maintains deposits with financial institutions in amounts that are in excess of federally insured limits; however, the Fund does not believe it is exposed to any significant credit risk.

~~Revenue Recognition~~Brokerage Commissions and Trading Expenses

~~Futures, forward~~Brokerage ~~currency~~commissions ~~contracts, investments in securities,~~ and ~~certificates~~trading ofexpenses ~~deposit~~include ~~are~~brokerage ~~recorded on a trade date basis,~~ and ~~gains~~ orother ~~losses~~trading ~~are~~fees, ~~realized when contracts/positions are liquidated. Realized gains~~ and ~~losses on investments in securities and certificates of deposit~~ are ~~determined~~charged onto aexpense ~~specific~~when ~~identification basis and are included in net realized and change in unrealized gain (loss) in the statements of operations. Unrealized gains and losses on open~~ contracts ~~(the difference between contract trade price and fair value)~~ are ~~reported~~opened ~~in the statements of financial condition as net unrealized gain or loss, as there exists a right of offset of any unrealized gains or losses. The difference between cost~~ and ~~the fair value of open investments in securities and certificates of deposit is reflected as unrealized gain or loss on investments in securities and certificates of deposit~~closed. Any change in net unrealized gain or loss from the preceding period is reported in the statements of operations. Interest income earned on investments in securities, certificates of deposit and other cash and cash equivalent balances is recorded on an accrual basis.

~~Fair Value of Financial Instruments~~14

~~Financial instruments~~Redemptions are recorded at fair value, the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Assets and liabilities recorded at fair value are classified within a fair value hierarchy based upon the level of judgment associated with the inputs used to measure their value. This fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:Payable

▪	Level 1 –	Fair value is based on unadjusted quoted prices for identical instruments in active markets. Financial instruments using Level 1 inputs include futures contracts, money market funds and U.S. Treasury securities.
▪	Level 2 –	Fair value is based on quoted prices for similar instruments in active markets and inputs other than quoted prices that are observable for the financial instrument, such as interest rates and yield curves that are observable at commonly quoted intervals using a market approach. Financial instruments using Level 2 inputs include forward currency contracts, certificates of deposit, commercial paper, corporate notes, asset backed securities and U.S. and foreign government sponsored enterprise notes.
▪	Level 3 –	Fair value is based on valuation techniques in which one or more significant inputs are unobservable. The Fund has no financial instruments using Level 3 inputs.

Redemptions payable represent redemptions that meet the requirements of the Fund and have been approved by the General Partner prior to period-end. These redemptions have been recorded using the period-end net asset value per Unit.

InIncome certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Fund’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment.Taxes

The Fund prepares calendar year U.S. and applicable state and local ~~assesses~~tax ~~the~~returns. ~~classification~~The ofFund ~~the~~is ~~instruments~~not atsubject ~~each~~to ~~measurement~~federal ~~date,~~income ~~and~~taxes ~~any~~as ~~transfers~~each ~~between~~partner ~~levels~~is ~~are~~individually ~~recognized~~liable onfor ~~the actual~~his ~~date~~or her allocable share of the ~~event~~Fund’s orincome, ~~change~~expenses inand ~~circumstances~~trading ~~that~~gains ~~caused~~or losses. The Fund evaluates the ~~transfer~~tax positions taken or expected to be taken in ~~accordance~~the ~~with~~course of preparing the Fund’s ~~accounting~~tax ~~policy regarding~~returns to determine whether the ~~recognition~~tax ofpositions ~~transfers~~are ~~between~~more-likely-than-not ~~levels~~to be ofsustained when examined by the ~~fair~~applicable ~~value~~tax ~~hierarchy~~authority. ~~For~~Tax positions not deemed to meet the ~~periods~~more-likely-than-not ~~ended~~threshold would ~~September~~be ~~30,~~recorded ~~2014~~as a tax benefit or expense and asset or liability in the current year. Management has determined there are no ~~December~~material uncertain income tax positions through March 31, ~~2013~~2015. With few exceptions, ~~there~~the ~~were~~Fund is no ~~such~~longer ~~transfers~~subject ~~between~~to ~~levels~~U.S. or state and local income tax examinations by tax authorities for years before 2011.

AForeign ~~description of~~Currency ~~the valuation techniques applied to the Fund’s major categories of assets and liabilities measured at fair value on a recurring basis follows.~~Transactions

The ~~investment in~~Fund ~~money~~has ~~market~~certain ~~fund,~~investments ~~included~~denominated in ~~cash~~foreign currencies. The purchase and ~~cash~~sale ~~equivalents~~of ininvestments, and income and expenses are translated at the ~~statements~~rates of ~~financial~~exchange ~~condition,~~prevailing ~~and~~on ~~futures~~the ~~contracts, all~~respective dates of ~~which~~such ~~are~~transactions. ~~exchange-traded,~~The ~~are~~Fund ~~valued~~does ~~using~~not ~~quoted~~isolate ~~market~~that ~~prices~~portion ~~for~~of ~~identical~~the ~~assets~~results ~~and~~of ~~are~~operations ~~classified~~resulting ~~within~~from ~~Level~~changes 1.in ~~The~~foreign ~~fair~~exchange ~~values~~rates ofon ~~forward~~investments ~~currency~~from ~~contracts~~the ~~are~~fluctuations ~~based~~arising ~~upon~~from ~~third-party~~changes ~~quoted~~in ~~dealer~~market ~~values~~prices onof investments held. Such fluctuations are included with the ~~interbank~~net ~~market~~realized and ~~are~~change ~~classified within~~in ~~Level~~unrealized 2gain or loss on such investments in the statement of operations.

U.S. Treasury securities are recorded at fair value based on bid and ask quotes for identical instruments. Commercial paper, certificates of deposit, corporate notes, asset backed securities and U.S. and foreign government sponsored enterprise notes are recorded at fair value based on bid and ask quotes for similar, but not identical, instruments. Accordingly, U.S. Treasury securities are classified within Level 1, and commercial paper, certificates of deposit, corporate notes, asset backed securities and U.S. and foreign government sponsored enterprise notes are classified within Level 2.Reclassification

~~Cash~~Certain amounts in the 2014 financial statements may have been reclassified ~~and~~to ~~Cash~~conform ~~Equivalents~~to the 2015 presentation without affecting previously reported partners’ capital (net asset value).

~~Cash and cash equivalents include investments with original maturities of three months or less at the date of acquisition that are not held for sale in the ordinary course of business~~2. ~~The~~Fair ~~Fund~~Value ~~maintains deposits with financial institutions in amounts that are in excess of federally insured limits; however, the Fund does not believe it is exposed to any significant credit risk.~~Disclosures

~~Brokerage Commissions~~The Fund’s assets and ~~Trading~~liabilities, ~~Expenses~~measured at fair value on a recurring basis, are summarized in the following tables by the type of inputs applicable to the fair value measurements:

Brokerage commissions and trading expenses include brokerage and other trading fees, and are charged to expense when contracts are opened and closed.

At March 31, 2015
	Level 1		Level 2		Total
Equity in broker trading accounts:
Net unrealized gain (loss) on open futures contracts^*	$	518,113	$	—	$	518,113
Net unrealized gain (loss) on open forward currency contracts^*		—		1,039		1,039
Cash and cash equivalents:
Money market fund		1,348,242		—		1,348,242
Investments in securities:
U.S. Treasury securities*		7,000,736		—		7,000,736
Asset backed securities*		—		442,340		442,340
Commercial paper*		—		1,529,652		1,529,652
Corporate notes*		—		5,430,852		5,430,852
Total	$	8,867,091	$	7,403,883	$	16,270,974

16*See the condensed schedule of investments for further description.

Redemptions Payable

At December 31, 2014
	Level 1		Level 2			Total
Equity in broker trading accounts:
Net unrealized gain (loss) on open futures contracts*	$	865,785	$	—		$	865,785
Net unrealized gain (loss) on open forward currency contracts*		—		(74,851	)		(74,851	)
Cash and cash equivalents:
Money market fund		851,036		—			851,036
Investments in securities:
U.S. Treasury securities*		7,494,891		—			7,494,891
Asset backed securities*		—		445,395			445,395
Commercial paper*		—		1,529,831			1,529,831
Corporate notes*		—		5,432,868			5,432,868
Total	$	9,211,712	$	7,333,243		$	16,544,955

~~Redemptions payable~~*See ~~represent redemptions that meet~~ the ~~requirements~~condensed schedule of ~~the~~investments ~~Fund~~for ~~and~~further ~~have been approved by the General Partner prior to period-end~~description. ~~These redemptions have been recorded using the period-end net asset value per Unit.~~

~~Income Taxes~~15

~~The~~There ~~Fund prepares~~were ~~calendar~~no ~~year~~Level ~~U.S.~~3 ~~and~~holdings ~~applicable~~at ~~state~~March ~~and local tax returns. The Fund is not subject to federal income taxes as each partner is individually liable for his or her allocable share of the Fund’s income~~31, ~~expenses~~2015 and ~~trading~~December ~~gains or losses.~~31, ~~The~~2014 ~~Fund evaluates the tax positions taken~~ or ~~expected~~during ~~to be taken in~~ the ~~course~~periods ofthen ~~preparing the Fund’s tax returns to determine whether the tax positions are more-likely-than-not to be sustained when examined by the applicable tax authority~~ended. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense and asset or liability in the current year. Management has determined there are no material uncertain income tax positions through September 30, 2014. With few exceptions, the Fund is no longer subject to U.S. or state and local income tax examinations by tax authorities for years before 2011.

~~Foreign~~In addition to the financial instruments listed above, substantially ~~Currency~~all ~~Transactions~~of the Fund’s other assets and liabilities are considered financial instruments and are reflected at fair value, or at carrying amounts that approximate fair value because of the short maturity of the instruments.

~~The Fund has certain investments denominated in foreign currencies~~3. ~~The~~Derivative ~~purchase~~Instruments and sale of investments, and income and expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. The Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of investments held. Such fluctuations are included with the net realized and change in unrealized gain or loss on such investments in the statement of operations.Disclosures

~~Reclassification~~The Fund’s derivative contracts are comprised of futures and forward currency contracts, none of which were designated as hedging instruments. At March 31, 2015, the Fund’s derivative contracts had the following impact on the statements of financial condition:

Certain amounts in the 2013 financial statements may have been reclassified to conform to the 2014 presentation without affecting previously reported partners’ capital (net asset value).

	Derivative Assets and Liabilities, at fair value
Statements of Financial Condition Location	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statements of Financial Condition			Net Amount of Assets Presented in the Statements of Financial Condition
Equity in broker trading accounts: Net unrealized gain (loss) on open futures contracts
Agricultural commodities	$	68,528	$	(36,862	)	$	31,666
Currencies		66,502		(43,986	)		22,516
Energy		75,713		(11,190	)		64,523
Equity indices		99,469		(55,113	)		44,356
Interest rate instruments		479,631		(58,209	)		421,422
Metals		15,335		(81,705	)		(66,370	)
Net unrealized gain (loss) on open futures contracts	$	805,178	$	(287,065	)	$	518,113

Net unrealized gain (loss) on open forward currency contracts	$	33,556	$	(32,517	)	$	1,039

2.The ~~Fair~~Fund’s ~~Value~~financial ~~Disclosures~~assets, derivative assets, and cash collateral held by counterparties at March 31, 2015 were:

The Fund’s assets and liabilities, measured at fair value on a recurring basis, are summarized in the following tables by the type of inputs applicable to the fair value measurements:

			Gross Amounts Not Offset in the Statements of Financial Condition
Counterparty	Net Amount of Assets in the Statements of Financial Condition		Financial Instruments		Cash Collateral Received		Net Amount
JP Morgan Securities, LLC	$	1,722	$	—	$	—	$	1,722
Société Générale Newedge UK Limited*		1,039		—		—		1,039
SG Americas Securities, LLC**		516,391		—		—		516,391
Total	$	519,152	$	—	$	—	$	519,152

At September 30, 2014
	Level 1		Level 2			Total
Equity in broker trading accounts:
Net unrealized gain (loss) on open futures contracts*	$	301,899	$	—		$	301,899
Net unrealized gain (loss) on open forward currency contracts*		—		(129,502	)		(129,502	)
Cash and cash equivalents:
Money market fund		1,346,337		—			1,346,337
Investments in securities:
U.S. Treasury securities*		6,970,295		—			6,970,295
Asset backed securities*		—		451,924			451,924
Commercial paper*		—		1,469,780			1,469,780
Corporate notes*		—		5,444,906			5,444,906
Total	$	8,618,531	$	7,237,108		$	15,855,639

*formerly Newedge UK Financial Ltd

*~~See~~*formerly ~~the condensed~~Newedge ~~schedule~~USA, ~~of investments for further description.~~LLC

At December 31, 2013
	Level 1		Level 2		Total
Equity in broker trading accounts:
Net unrealized gain (loss) on open futures contracts*	$	1,166,626	$	—	$	1,166,626
Net unrealized gain (loss) on open forward currency contracts*		—		5,443		5,443
Cash and cash equivalents:
Money market fund		556,060		—		556,060
Investments in securities:
U.S. Treasury securities*		8,395,413		—		8,395,413
Commercial paper*		—		2,299,673		2,299,673
Corporate notes*		—		7,429,713		7,429,713
Certificates of deposit*		—		250,730		250,730
Total	$	10,118,099	$	9,985,559	$	20,103,658

*SeeAt ~~the condensed~~March ~~schedule~~31, of2015, ~~investments~~there ~~for~~were ~~further~~1,423 ~~description~~open futures contracts and 49 open forward currency contracts. For the three months ended March 31, 2015, the Fund’s derivative contracts had the following impact on the statements of operations:

	Three Months Ended March 31, 2015
Types of Exposure	Net realized gain (loss)			Net change in unrealized gain (loss)
Futures contracts
Agricultural commodities	$	(37,143	)	$	24,873
Currencies		468,862			(114,392	)
Energy		107,009			(124,247	)
Equity indices		738,226			(91,997	)
Interest rate instruments		616,246			32,345
Metals		(153,919	)		(74,254	)
Total futures contracts		1,739,281			(347,672	)

Forward currency contracts		(104,027	)		75,890
Total futures and forward currency contracts	$	1,635,254		$	(271,782	)

~~There~~For ~~were no~~the ~~Level~~three 3months ~~holdings~~ended atMarch ~~September 30~~31, ~~2014~~2015 ~~and~~the ~~December~~number ~~31,~~of ~~2013~~futures contracts orclosed ~~during~~were 3,903 and the ~~periods~~number ~~then~~of ~~ended~~forward currency contracts closed were 107.

InAt ~~addition to~~December ~~the~~31, ~~financial instruments listed above~~2014, ~~substantially all of~~ the Fund’s ~~other~~derivative ~~assets~~contracts ~~and liabilities are considered financial~~had ~~instruments~~the ~~and~~following ~~are~~impact ~~reflected~~on ~~at fair value, or at carrying amounts that approximate fair value because of~~ the ~~short~~statements ~~maturity~~ of ~~the~~financial ~~instruments.~~condition:

3. Derivative Instruments Disclosures

	Derivative Assets and Liabilities, at fair value
Statements of Financial Condition Location	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statements of Financial Condition			Net Amount of Assets Presented in the Statements of Financial Condition
Equity in broker trading accounts: Net unrealized gain (loss) on open futures contracts
Agricultural commodities	$	38,591	$	(31,798	)	$	6,793
Currencies		159,626		(22,718	)		136,908
Energy		242,155		(53,385	)		188,770
Equity indices		208,401		(72,048	)		136,353
Interest rate instruments		495,632		(106,555	)		389,077
Metals		56,467		(48,583	)		7,884
Net unrealized gain (loss) on open futures contracts	$	1,200,872	$	(335,087	)	$	865,785

Net unrealized gain (loss) on open forward currency contracts	$	40,419	$	(115,270	)	$	(74,851	)

~~The~~At ~~Fund’s derivative~~December ~~contracts~~31, ~~are comprised of futures and forward currency contracts~~2014, ~~none~~there ~~of which~~ were ~~designated as hedging instruments. At September 30~~1,210 ~~2014,~~open ~~the~~futures ~~Fund’s derivative~~ contracts ~~had~~and 54 ~~the~~open ~~following~~forward ~~impact~~currency ~~on the statements of financial condition:~~contracts.

	Derivative Assets and Liabilities, at fair value
Statements of Financial Condition Location	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statements of Financial Condition			Net Amount of Assets Presented in the Statements of Financial Condition
Equity in broker trading accounts
Net unrealized gain (loss) on open futures contracts
Agricultural commodities	$	96,169	$	(201,021	)	$	(104,852	)
Currencies		326,369		(86,212	)		240,157
Energy		119,369		(13,696	)		105,673
Equity indices		102,352		(254,900	)		(152,548	)
Interest rate instruments		234,938		(141,058	)		93,880
Metals		247,419		(127,830	)		119,589
Net unrealized gain (loss) on open futures contracts	$	1,126,616	$	(824,717	)	$	301,899
Net unrealized gain (loss) on open forward currency contracts	$	39,443	$	(168,945	)	$	(129,502	)

The Fund’s financial assets, derivative assets, and cash collateral held by counterparties at December 31, 2014 were:

At September 30, 2014, there were 1,590 open futures contracts and 71 open forward currency contracts. For the three and nine months ended September 30, 2014, the Fund’s derivative contracts had the following impact on the statements of operations:

				Gross Amounts Not Offset in the Statements of Financial Condition
Counterparty	Net Amount of Assets in the Statements of Financial Condition			Financial Instruments		Cash Collateral Received		Net Amount
JP Morgan Securities, LLC	$	(21,199	)	$	—	$	—	$	(21,199	)
Société Générale Newedge UK Limited*		(74,851	)		—		—		(74,851	)
SG Americas Securities, LLC**		886,984			—		—		886,984
Total	$	790,934		$	—	$	—	$	790,934

	Three Months Ended September 30, 2014						Nine Months Ended September 30, 2014
Types of Exposure	Net realized gain (loss)			Net change in unrealized gain (loss)			Net realized gain (loss)			Net change in unrealized gain (loss)
Futures contracts
Agricultural commodities	$	226,422		$	(209,843	)	$	791,522		$	(293,974	)
Currencies		388,149			106,055			193,650			(72,390	)
Energy		(254,743	)		143,377			(393,140	)		109,085
Equity indices		220,461			(234,289	)		(120,488	)		(769,398	)
Interest rate instruments		422,887			(245,876	)		992,751			55,098
Metals		27,285			231,612			(273,685	)		106,852
Total futures contracts		1,030,461			(208,964	)		1,190,610			(864,727	)
Forward currency contracts		(50,153	)		(137,378	)		7,371			(134,945	)
Total futures and forward currency contracts	$	980,308		$	(346,342	)	$	1,197,981		$	(999,672	)

*formerly Newedge UK Financial Ltd

~~For~~**formerly ~~the three~~Newedge ~~and nine months ended September 30~~USA, ~~2014 the number of futures contracts closed were 5,920 and 19,988, respectively, and the number of forward currency contracts closed were 113 and 349, respectively.~~LLC

18For the three months ended March 31, 2014, the Fund’s derivative contracts had the following impact on the statements of operations:

~~The Fund’s financial assets, derivative assets, and cash collateral held by counterparties at September 30, 2014 were:~~17

				Gross Amounts Not Offset in the Statements of Financial Condition
	Three Months Ended March 31, 2014
Counterparty	Net Amount of Assets in the Statements of Financial Condition			Financial Instruments			Cash Collateral Received		Net Amount
Types of Exposure	Net realized gain (loss)			Net change in unrealized gain (loss)
JP Morgan Securities, LLC	$	(38,949	)	$	—		$	—	$	(38,949	)
Futures contracts
Newedge UK Financial Ltd		(129,502	)		—			—		(129,502	)
Agricultural commodities	$	472,933		$	105,900
Newedge USA, LLC		340,848			—			—		340,848
Currencies		(83,487	)		(245,158	)
Total	$	172,397		$	—		$	—	$	172,397
Energy		(114,424	)		(3,090	)
Equity indices		(406,184	)		(528,775	)
Interest rate instruments		235,496			(2,955	)
Metals		(368,125	)		35,193
Total futures contracts		(263,791	)		(638,885	)
Forward currency contracts		(70,801	)		59,391
Total futures and forward currency contracts	$	(334,592	)	$	(579,494	)

AtFor ~~December~~ the three months ended March 31, ~~2013~~2014, the ~~Fund’s~~number ~~derivative~~of futures contracts ~~had~~closed ~~the~~was ~~following~~7,316 ~~impact~~and on the ~~statements~~number of ~~financial~~forward ~~condition:~~currency contracts closed was 124.

	Derivative Assets and Liabilities, at fair value
Statements of Financial Condition Location	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statements of Financial Condition			Net Amount of Assets Presented in the Statements of Financial Condition
Equity in broker trading accounts
Net unrealized gain (loss) on open futures contracts
Agricultural commodities	$	250,715	$	(61,593	)	$	189,122
Currencies		366,335		(53,788	)		312,547
Energy		48,136		(51,548	)		(3,412	)
Equity indices		618,040		(1,190	)		616,850
Interest rate instruments		220,687		(181,905	)		38,782
Metals		370,438		(357,701	)		12,737
Net unrealized gain (loss) on open futures contracts	$	1,874,351	$	(707,725	)	$	1,166,626
Net unrealized gain (loss) on open forward currency contracts	$	49,606	$	(44,163	)	$	5,443

General Partner

AtIn ~~December 31,~~accordance ~~2013,~~with ~~there~~the ~~were~~Partnership 2Agreement,~~186~~ ~~open~~the ~~futures~~General ~~contracts~~Partner must ~~and~~maintain 68its ~~open~~interest ~~forward~~in ~~currency~~the ~~contracts.~~capital ~~For~~of the ~~three~~Fund ~~and~~at ~~nine~~no ~~months~~less ~~ended September~~than ~~30,~~the ~~2013,~~greater of: (i) 1% of aggregate capital contributions to the Fund by all partners (including the General Partner’s ~~derivative~~contributions) ~~contracts~~or ~~had~~(ii) ~~the~~$25,000. ~~following~~The ~~impact~~General onPartner shares in the ~~statements~~profits and losses of ~~operations:~~the Fund in proportion to its respective ownership interest.

	Three Months Ended September 30, 2013						Nine Months Ended September 30, 2013
Types of Exposure	Net realized gain (loss)			Net change in unrealized gain (loss)			Net realized gain (loss)			Net change in unrealized gain (loss)
Futures contracts
Agricultural commodities	$	(128,869	)	$	85,363		$	184,558		$	(205,484	)
Currencies		(736,411	)		80,656			(359,201	)		(272,083	)
Energy		(324,704	)		(34,823	)		(1,659,535	)		(89,762	)
Equity indices		320,440			(49,820	)		2,683,849			(582,161	)
Interest rate instruments		(175,133	)		123,262			(1,485,211	)		29,104
Metals		(201,353	)		(939,151	)		1,730,950			(114,513	)
Total futures contracts		(1,246,030	)		(734,513	)		1,095,414			(1,234,899	)
Forward currency contracts		(96,342	)		127,622			(436,130	)		26,430
Total futures and forward currency contracts	$	(1,342,372	)	$	(606,891	)	$	659,284		$	(1,208,469	)

At March 31, 2015 and December 31, 2014, the General Partner had an investment of 7,460.6309 units valued at $873,716 and $836,215, respectively.

~~For~~The ~~the three~~General ~~and~~Partner ~~nine~~earns ~~months ended September 30, 2013,~~ the ~~number~~following ~~of futures contracts closed were 6,627 and 30,672, respectively, and the number of forward currency contracts closed were 112 and 1,993, respectively~~compensation:

19§ General Partner Fee – each Series of Units, other than General Partner Units, incurs a monthly fee equal to 1/12th of 1.5% of the respective Series’ month-end net asset value, prorated for partial months and adjusted for weekly subscriptions and redemptions, and payable in arrears.

~~The~~§ ~~Fund~~Selling Agent Fees – the General Partner charges Series A Units a monthly fee equal to 1/12th of 2% of the outstanding Series A Units’~~s financial~~ ~~assets~~month-end net asset value, ~~derivative~~prorated ~~assets~~for partial months and adjusted for weekly subscriptions and redemptions, and ~~cash~~payable ~~collateral~~in ~~held~~arrears. byThe ~~counterparties~~General atPartner ~~December~~pays 31to the selling agents an upfront fee of 2% of the aggregate subscription amount for the sale of Series A Units. Beginning in the 13th month, ~~2013~~the ~~were:~~General Partner pays the selling agents a monthly fee in arrears equal to 1/12th of 2.00% of the outstanding Series A Units’ month-end net asset value, prorated for partial months and adjusted for weekly subscriptions and redemptions. If there is no designated selling agent or the General Partner was the selling agent, such portions of the selling agent fee are retained by the General Partner.

			Gross Amounts Not Offset in the Statements of Financial Condition
Counterparty	Net Amount of Assets in the Statements of Financial Condition		Financial Instruments		Cash Collateral Received		Net Amount
JP Morgan Securities, LLC	$	732,303	$	—	$	—	$	732,303
Newedge UK Financial Ltd		5,443		—		—		5,443
Newedge USA, LLC		434,323		—		—		434,323
Total	$	1,172,069	$	—	$	—	$	1,172,069

Broker Dealer Servicing Fee – the General Partner charges Series A Units a monthly fee equal to 1/12^th of 0.15% of their month-end net asset value, prorated for partial months and adjusted for weekly subscriptions and redemptions. The Series B Units which are not subject to a broker dealer custodial fee incur a monthly fee equal to 1/12^th of 0.6% of their month-end net asset value, prorated for partial months and adjusted for weekly subscriptions and redemptions. These fees are payable in arrears to the selling agents by the General Partner. If there is no designated selling agent or the General Partner was the selling agent, such portions of the broker dealer servicing fee are retained by the General Partner.

4§ Broker Dealer Custodial Fee – the General Partner charges Series B Units that are held by broker dealers who act as custodian for Series B Units for the benefit of the limited partners, a monthly fee to such broker dealers equal to 1/12th of 0.6% of the outstanding Series B Units’ month-end net asset value, prorated for partial months and adjusted for weekly subscriptions and redemptions. These fees are payable in arrears to the selling agents by the General Partner.

In accordance with the Partnership Agreement, the General Partner must maintain its interest in the capital of the Fund at no less than the greater of: (i) 1% of aggregate capital contributions to the Fund by all partners (including the General Partner’s contributions) or (ii) $25,000. The General Partner shares in the profits and losses of the Fund in proportion to its respective ownership interest.18

~~At September 30, 2014 and December 31, 2013, the General Partner had an investment of 7,460~~5.~~6309~~ ~~units~~Trading ~~valued~~Advisors ~~at $789,235~~ and ~~$794,660,~~Cash ~~respectively.~~Managers

~~The~~Trading ~~General~~advisor management fees range from 0% to 1.5% per annum ~~Partner~~of ~~earns~~each ~~the~~trading ~~following~~advisors’ ~~compensation:~~respective trading level (as defined in each respective advisory agreement) and trading advisor incentive fees equal to 20% to 30% of net new trading profits (as defined in each respective advisory agreement).

▪The ~~General~~Fund ~~Partner~~has ~~Fee~~engaged ~~– each Series of Units, other than General Partner Units, incurs a monthly fee equal to 1/12th of 1~~J.5%P. ofMorgan ~~the~~Investment ~~respective Series’ month-end net asset value~~Management, ~~prorated for partial months and adjusted for weekly subscriptions and redemptions, and payable in arrears~~Inc. ~~▪ Selling Agent Fees – the General Partner charges Series A Units a monthly fee equal to 1/12th of 2% of the outstanding Series A Units’ month-end net asset value, prorated for partial months~~ and Principal ~~adjusted~~Global ~~for weekly subscriptions and redemptions~~Investors, ~~and~~LLC ~~payable in arrears. The General Partner pays to the selling agents an upfront fee of 2% of the aggregate subscription amount for the sale of Series A Units. Beginning in the 13th month~~(collectively, the ~~General~~“Cash ~~Partner~~Managers”) ~~pays~~to ~~the~~provide ~~selling~~cash ~~agents~~management aservices ~~monthly fee in arrears equal~~ to ~~1/12th of 2.00% of~~ the ~~outstanding Series A Units’ month-end net asset value, prorated for partial months and adjusted for weekly subscriptions and redemptions~~Fund. If there is no designated selling agent or the General Partner was the selling agent, such portions of the selling agent fee are retained by the General Partner. ▪ Broker Dealer Servicing Fee – the General Partner charges Series A Units a monthly fee equal to 1/12th of 0.15% of their month-end net asset value, prorated for partial months and adjusted for weekly subscriptions and redemptions. The ~~Series~~Fund Bincurs ~~Units which are not subject to a broker dealer custodial fee incur a~~ monthly ~~fee equal to 1/12th of 0.6% of their month-end net asset value~~fees, ~~prorated for partial months and adjusted for weekly subscriptions and redemptions. These fees are~~ payable in arrears to the ~~selling~~Cash ~~agents by the General Partner. If there is no designated selling agent or the General Partner was the selling agent~~Managers, such portions of the broker dealer servicing fee are retained by the General Partner. ▪ Broker Dealer Custodial Fee – the General Partner charges Series B Units that are held by broker dealers who act as custodian for Series B Units for the benefit of the limited partners, a monthly fee to such broker dealers equal to approximately 1/12th of 0.613% of the investments ~~outstanding~~in ~~Series~~securities ~~B Units’ month-end net asset value, prorated for partial months~~ and ~~adjusted~~certificates ~~for~~of ~~weekly subscriptions and redemptions~~deposit. ~~These fees are payable in arrears to the selling agents by the General Partner.~~

56. ~~Trading~~Deposits ~~Advisors~~with ~~and Cash Managers~~Brokers

~~Trading advisor~~To ~~management~~meet ~~fees~~margin ~~range~~requirements, ~~from~~the 0%Fund todeposits ~~1.5%~~funds ~~per~~with ~~annum~~its ofbrokers, subject ~~each~~to ~~trading~~CFTC ~~advisors’~~regulations ~~respective~~and ~~trading~~various ~~level~~exchange ~~(as~~and ~~defined~~broker ~~in each~~requirements. ~~respective~~The ~~advisory~~Fund ~~agreement)~~earns ~~and~~interest ~~trading~~income ~~advisor~~on ~~incentive~~its ~~fees~~assets ~~equal~~deposited with toits ~~20%~~brokers. toAt ~~30%~~March of31, ~~net~~2015 ~~new~~and ~~trading~~December ~~profits~~31, ~~(as~~2014, ~~defined in~~the ~~each~~Fund ~~respective~~had ~~advisory~~margin ~~agreement)~~requirements of $2,487,147 and $2,007,712.

207. Administrative and Offering Expenses

The Fund ~~has~~ ~~engaged~~reimburses ~~J.P.~~the ~~Morgan~~General ~~Investment~~Partner ~~Management,~~for ~~Inc.~~actual ~~and~~monthly ~~Principal~~administrative expenses ~~Global~~paid ~~Investors,~~to ~~LLC~~various ~~(collectively,~~third-party ~~the~~service ~~“Cash~~providers, ~~Managers”) to~~including ~~provide~~the ~~cash~~General ~~management~~Partner, ~~services~~up to ~~the~~1/12th ~~Fund~~of 0.95% ~~The~~of the Fund’s ~~incurs~~month-end ~~monthly~~net ~~fees~~asset value, prorated for partial months and adjusted for weekly subscriptions and redemptions and payable monthly in arrears. toActual administrative expenses may vary; however, such administrative expenses will not exceed 0.95% of the Fund’s ~~Cash~~average ~~Managers~~annual net asset value. The administrative expenses include legal, ~~equal~~accounting, clerical and other back office related expenses related to ~~approximately~~the ~~1/12th~~administration of 0the Fund and all other associated costs incurred by the Fund.~~13%~~ ofFor the ~~investments~~three inmonths ended ~~securities~~March 31, 2015 and ~~certificates~~2014, actual administrative expenses were $278,075 and $257,997, respectively. Such amounts are presented as administrative expenses in the statements of ~~deposit~~operations.

6During the three months ended March 31, 2015 and 2014, the General Partner absorbed administrative expenses in excess of the 0.95% ~~Deposits~~limitation ~~with~~of ~~Brokers~~$222,508 and $184,089, respectively. Such amounts are included in administrative and offering expenses waived in the statements of operations. At March 31, 2015 and December 31, 2014, $18,058 and $18,422, respectively, were payable to the General Partner for administrative expenses incurred on behalf of the Fund and not waived by the General Partner. Such amounts are presented as administrative expenses payable – General Partner in the statements of financial condition.

ToThe ~~meet margin~~Fund ~~requirements~~reimburses the General Partner for actual ongoing offering expenses, up to 1/12th of 0.75% of the Fund’s ~~deposits~~month-end ~~funds~~net ~~with~~asset ~~its~~value ~~brokers~~pro rata for each Series of Units except for the General Partner and Series C Units, ~~subject~~prorated tofor ~~CFTC~~partial ~~regulations~~months and ~~various~~adjusted ~~exchange~~for weekly subscriptions and ~~broker~~redemptions ~~requirements.~~and ~~The~~payable ~~Fund~~monthly ~~earns~~in ~~interest~~arrears. ~~income~~Actual onongoing ~~its~~offering ~~assets~~expenses ~~deposited~~in ~~with~~excess ~~its~~of ~~brokers.~~this Atlimitation ~~September~~are ~~30,~~absorbed ~~2014~~by ~~and~~the ~~December~~General Partner. For the three months ended March 31, ~~2013,~~2015 ~~the~~and ~~Fund had~~2014, ~~margin~~actual ~~requirements~~offering ofexpenses were $286,~~965,614~~516 and $4 81,~~038~~478,~~995~~ respectively. Such amounts are presented as offering expenses in the statements of operations.

7During the three months ended March 31, 2015 and 2014, the General Partner absorbed offering expenses in excess of the 0.75% ~~Administrative~~limitation of $49,100 and ~~Offering~~$29,585, ~~Expenses~~respectively. Such amounts are included in administrative and offering expenses waived in the statements of operations. At March 31, 2015 and December 31, 2014, $12,075 and $12,550, respectively, were payable to the General Partner for offering expenses incurred on behalf of the Fund and not waived by the General Partner. Such amounts are presented as offering expenses payable – General Partner in the statements of financial condition.

~~The Fund reimburses the General Partner for actual monthly administrative expenses paid to various third-party service providers, including the General Partner, up to 1/12th of 0~~8.~~95%~~ ~~of the Fund’s month-end net asset value~~Subscriptions, ~~prorated~~Distributions ~~for partial months~~ and adjusted for weekly subscriptions and redemptions and payable monthly in arrears. Actual administrative expenses may vary; however, such administrative expenses will not exceed 0.95% of the Fund’s average annual net asset value. The administrative expenses include legal, accounting, clerical and other back office related expenses related to the administration of the Fund and all other associated costs incurred by the Fund. For the three months ended September 30, 2014 and 2013, actual administrative expenses were $300,299 and $206,859, respectively. For the nine months ended September 30, 2014 and 2013, actual administrative expenses were $808,981 and $726,313, respectively. Such amounts are presented as administrative expenses in the statements of operations.Redemptions

~~During~~Investments in the ~~three~~ ~~months~~Fund ~~ended~~are ~~September~~made ~~30,~~by ~~2014~~subscription ~~and 2013~~agreement, ~~the~~subject to ~~General~~a ~~Partner~~minimum ~~absorbed~~investment ~~administrative~~of ~~expenses~~$10,000. inSubscriptions ~~excess~~into ofand ~~the~~redemptions ~~0.95%~~out ~~limitation~~ of ~~$238,688~~the ~~and~~Fund ~~$114,284,~~occur ~~respectively~~weekly. ~~Such~~Each ~~amounts~~series ~~are~~of ~~included~~units inwill be ~~administrative~~offered ~~and~~to ~~offering~~the ~~expenses~~public ~~waived~~as inof the ~~statements~~ open of ~~operations.~~business ~~During~~on ~~the~~each ~~nine~~Wednesday ~~months~~at ~~ended~~the ~~September~~net ~~30,~~asset ~~2014~~value ~~and~~per ~~2013,~~Unit of the ~~General~~relevant ~~Partner~~series ~~absorbed administrative expenses~~at inthe ~~excess~~close of the ~~0.95%~~preceding ~~limitation~~business ~~of $606,255 and $413,349, respectively~~day. At ~~September~~March 3031, ~~2014~~2015 and December 31, ~~2013~~2014, the Fund received advance subscriptions of $2014,~~356~~068 and $2696,~~737~~868, respectively, which were ~~payable~~recognized as subscriptions to the ~~General~~Fund ~~Partner~~or ~~for~~returned, ~~administrative~~if ~~expenses~~applicable, ~~incurred~~subsequent onto ~~behalf of~~ the ~~Fund and~~end ~~not~~of ~~waived by~~ the ~~General~~respective ~~Partner~~quarter. ~~Such amounts are presented as administrative expenses payable – General Partner in the statements of financial condition.~~

The Fund ~~reimburses~~ ~~the~~is ~~General~~not ~~Partner~~required ~~for~~to ~~actual~~make ~~ongoing offering expenses~~distributions, upbut tomay ~~1/12th~~do ofso ~~0.75% of~~ at the ~~Fund’s~~sole ~~month-end net~~discretion ~~asset value pro rata for each Series~~ of ~~Units except for~~ the General Partner. ~~and~~Redemptions ~~Series~~may Cbe ~~Units,~~made ~~prorated~~by ~~for~~a ~~partial~~limited ~~months and~~partner ~~adjusted~~as ~~for weekly subscriptions and redemptions and payable monthly in arrears. Actual ongoing offering expenses in excess~~ of ~~this limitation are absorbed by~~ the ~~General~~close ~~Partner.~~of ~~For~~business ~~the~~day ~~three~~each ~~months ended September 30, 2014 and 2013, actual offering~~Tuesday ~~expenses~~at ~~were~~the ~~$110,499~~net ~~and~~asset ~~$137,671,~~value ~~respectively.~~of ~~For~~ the ~~nine~~redeemed ~~months~~Units ~~ended~~(or ~~September~~portion ~~30,~~thereof) ~~2014~~on ~~and~~that ~~2013, actual offering expenses were $268,998 and $369,828, respectively~~day. ~~Such amounts are presented as offering expenses in the statements of operations.~~

During the three months ended September 30, 2014 and 2013, the General Partner absorbed offering expenses in excess of the 0.75% limitation of $67,548 and $71,850, respectively. During the nine months ended September 30, 2014 and 2013, the General Partner absorbed offering expenses in excess of the 0.75% limitation of $126,885 and $144,191, respectively. Such amounts are included in administrative and offering expenses waived in the statements of operations. At September 30, 2014 and December 31, 2013, $14,118 and $19,163, respectively, were payable to the General Partner for offering expenses incurred on behalf of the Fund and not waived by the General Partner. Such amounts are presented as offering expenses payable – General Partner in the statements of financial condition.

8Series A Units redeemed prior to the first anniversary of the subscription date are subject to a redemption fee equal to the product of (i) 2% of the subscription price for such Series A Units on the subscription date divided by 52 (ii) multiplied by the number of weeks remaining before the first anniversary of the subscription date. ~~Subscriptions~~Series B, ~~Distributions~~C and ~~Redemptions~~I Units are not subject to the redemption fee. For the three months ended March 31, 2015 and 2014, these redemption fees were negligible.

~~Investments in~~The ~~the~~General ~~Fund~~Partner ~~are~~may ~~made~~require bya ~~subscription~~limited ~~agreement,~~partner ~~subject~~ to aredeem ~~minimum investment of $10,000. Subscriptions into and redemptions~~from ~~out of~~ the Fund ~~occur~~if ~~weekly.~~the ~~Each~~General ~~series~~Partner ofdeems ~~units~~the ~~will~~redemption be(a) ~~offered~~necessary to ~~the~~prevent ~~public~~or ascorrect of the ~~open~~occurrence of ~~business~~a onnon-exempt ~~each Wednesday~~prohibited attransaction under the ~~net~~Employee ~~asset~~Retirement ~~value~~Income ~~per~~Security ~~Unit~~Act of ~~the~~1974, ~~relevant~~as ~~series~~amended, ator the ~~close~~Internal Revenue Code of ~~the~~1986, ~~preceding~~as ~~business~~amended, (b) ~~day.~~beneficial Atto ~~September~~the 30Fund, ~~2014~~or ~~and~~(c) ~~December 31,~~necessary ~~2013,~~to ~~the~~comply ~~Fund~~with ~~received~~any ~~advance~~applicable ~~subscriptions~~government ofor ~~$18,068~~self-regulatory ~~and~~agency ~~$62,372,~~regulations. ~~respectively,~~Limited partners ~~which~~will ~~were~~not ~~recognized~~be asrequired ~~subscriptions~~ to ~~the~~pay ~~Fund~~any orredemption ~~returned,~~fees if ~~applicable,~~such ~~subsequent~~limited partners are subject to ~~the~~a ~~end~~mandatory redemption of their Units within the ~~respective~~first ~~quarter~~year of purchase.

~~The Fund is not required to make distributions, but may do so at the sole discretion of the General Partner~~9. ~~Redemptions~~Trading ~~may~~Activities beand ~~made~~Related ~~by a limited partner as of the close of business day each Tuesday at the net asset value of the redeemed Units (or portion thereof) on that day.~~Risks

21The Fund engages in the speculative trading of futures and forward currency contracts traded in the U.S. and internationally. Trading in derivatives exposes the fund to both market risk, the risk arising from a change in the fair value of a contract and credit risk, the risk of failure by another party to perform according to the terms of a contract.

~~Series~~Purchase ~~A Units~~and ~~redeemed~~sale ~~prior~~of tofutures ~~the~~contracts ~~first~~requires ~~anniversary~~margin ofdeposits with ~~the~~futures ~~subscription~~brokers. ~~date~~Additional ~~are~~deposits ~~subject~~may tobe anecessary ~~redemption~~for ~~fee~~any ~~equal~~loss toof ~~the~~contract ~~product~~value. of The Commodity Exchange Act (i“CEAct”) requires 2%a ofbroker ~~the~~to ~~subscription~~segregate ~~price~~all ~~for~~customer transactions and assets from such ~~Series~~broker’s proprietary activities. A ~~Units~~customer’s cash onand ~~the~~other ~~subscription~~property ~~date~~(for ~~divided~~example, byU.S. 52Treasury ~~(ii~~securities) ~~multiplied~~deposited bywith ~~the~~a ~~number~~broker are considered commingled with all other ofcustomer ~~weeks~~funds ~~remaining~~subject ~~before~~to the ~~first~~broker’s ~~anniversary~~segregation ofrequirements. In the ~~subscription~~event ~~date.~~of ~~Series~~a Bbroker’s insolvency, Crecovery ~~and~~may be Ilimited ~~Units~~to ~~are~~a ~~not~~pro ~~subject~~rata toshare of segregated funds available. It is possible that the ~~redemption~~recovered amount could be less than (or none ~~fee~~of) the total cash and other property deposited. ~~For~~The ~~the~~Fund ~~three~~uses ~~months~~SG ~~ended~~Americas ~~September~~Securities, 30LLC (formerly Newedge USA, ~~2014~~LLC) and ~~2013~~J. P. Morgan Securities, ~~these~~LLC ~~redemption~~as ~~fees~~its ~~were~~futures ~~negligible~~brokers and Société Générale Newedge UK Limited (formerly Newedge UK Finance Limited) as its forward currency counterparty.

~~The~~For ~~General Partner~~futures ~~may~~contracts, ~~require~~risks aarise ~~limited partner to redeem~~ from ~~the~~changes ~~Fund~~in if the ~~General~~fair ~~Partner deems the redemption (a) necessary to prevent~~value ~~or correct the occurrence~~ of ~~a non-exempt prohibited transaction under~~ the ~~Employee~~contracts. ~~Retirement Income Security Act of 1974~~Theoretically, ~~as amended, or~~ the ~~Internal~~Fund ~~Revenue~~is ~~Code~~exposed ofto ~~1986,~~a asmarket ~~amended,~~risk ~~(b)~~equal ~~beneficial~~ to the ~~Fund,~~value orof ~~(c)~~futures ~~necessary~~and toforward ~~comply~~contracts ~~with any applicable~~purchased ~~government~~and orunlimited ~~self-regulatory~~liability ~~agency~~on ~~regulations. Limited partners will not be required to pay any redemption fees if~~ such ~~limited partners~~contracts ~~are~~sold ~~subject to a mandatory redemption of their Units within the first year of purchase~~short.

9In addition to market risk, upon entering into commodity interest contracts there is a credit risk that the counterparty will not be able to meet its obligations to the Fund. ~~Trading~~The ~~Activities~~counterparty for futures and ~~Related~~options ~~Risks~~on futures contracts traded in the U.S. and on most non-U.S. futures exchanges is the clearinghouse associated with such exchanges. In general, clearinghouses are backed by the corporate members of the clearinghouse who are required to share any financial burden resulting from the non-performance by one of their members and, as such, should significantly reduce this credit risk. In cases where the clearinghouse is not backed by the clearing members, like some non-U.S. exchanges, it is normally backed by a consortium of banks or other financial institutions.

~~The~~In ~~Fund engages in~~ the ~~speculative~~case ~~trading~~ of ~~futures and~~ forward currency contracts, which are traded inon the interbank ~~U.S.~~or ~~and~~other ~~internationally.~~institutional ~~Trading~~market ~~in derivatives~~rather ~~exposes~~than on exchanges, the ~~fund~~counterparty tois ~~both~~generally ~~market~~a ~~risk,~~single ~~the~~bank ~~risk~~or ~~arising~~other ~~from~~financial institution, rather than a ~~change~~clearinghouse inbacked ~~the~~by ~~fair~~a ~~value~~group of afinancial ~~contract~~institutions; ~~and~~thus, there likely will be greater counterparty credit risk. While the Fund trades only with those counterparties that it believes to be creditworthy, there can be no assurance that any clearing member, clearinghouse or other counterparty will be able to meet its obligations to the Fund. The Fund trades forward currency contracts in unregulated markets between principals and assumes the risk of ~~failure~~loss byfrom ~~another~~counterparty ~~party~~non-performance. Accordingly, tothe ~~perform~~risks ~~according~~associated towith forward currency contracts are generally greater than those associated with exchange-traded contracts because of the ~~terms~~greater risk of acounterparty ~~contract~~default. Additionally, the trading of forward currency contracts typically involves delayed cash settlement.

~~Purchase and~~The ~~sale~~Cash ofManagers ~~futures~~manage ~~contracts~~the ~~requires~~Fund’s ~~margin~~cash ~~deposits~~and ~~with~~excess ~~futures brokers. Additional deposits may be necessary for any loss~~margin ofthrough ~~contract~~investments ~~value.~~in ~~The~~fixed ~~Commodity~~income ~~Exchange~~instruments, ~~Act~~pursuant ~~(“CEAct”) requires a broker~~ to ~~segregate~~investment ~~all~~parameters ~~customer~~established ~~transactions~~by ~~and assets~~the ~~from~~General ~~such broker’s proprietary activities~~Partner. AThe ~~customer~~Fund’s objective ~~cash~~in ~~and~~retaining ~~other~~the ~~property~~Cash ~~(for~~Managers ~~example,~~is ~~U.S.~~to ~~Treasury securities)~~enhance ~~deposited~~the ~~with~~return aon ~~broker~~its ~~are~~assets ~~considered~~not ~~commingled~~required ~~with~~to ~~all~~be ~~other~~held ~~customer~~by ~~funds~~the ~~subject~~Fund’s brokers to support the ~~broker~~Fund’s ~~segregation requirements~~trading. InThere ~~the~~is ~~event~~no ofguarantee athat ~~broker’s~~the ~~insolvency,~~Cash ~~recovery~~Managers ~~may~~will beachieve ~~limited~~returns tofor athe ~~pro~~Fund, ~~rata~~net ~~share~~ of ~~segregated funds available.~~fees Itpayable isto ~~possible that~~ the ~~recovered~~Cash ~~amount~~Managers, ~~could~~in beexcess ~~less~~of ~~than~~the ~~(or~~returns ~~none~~previously ~~of)~~achieved through the ~~total~~General ~~cash~~Partner’s efforts and/or ~~other~~available through ~~property~~the ~~deposited. The~~ Fund ~~uses~~’s ~~Newedge USA~~brokers, ~~LLC~~or ~~and~~that ~~J.P.~~the ~~Morgan~~Cash ~~Securities,~~Managers ~~LLC~~will asavoid ~~its~~a ~~futures~~loss ~~brokers~~of ~~and~~principal ~~Newedge~~on UKamounts ~~Financial~~placed ~~Limited~~under astheir ~~its forward currency counterparty~~management.

~~For~~The ~~futures~~General Partner has established procedures to actively monitor ~~contracts,~~market ~~risks~~risk ~~arise~~and ~~from~~minimize ~~changes~~credit inrisk, ~~the~~although ~~fair~~there ~~value~~can ofbe ~~the~~no ~~contracts.~~assurance ~~Theoretically~~that it will, ~~the~~in ~~Fund~~fact, issucceed ~~exposed~~in todoing aso. ~~market~~The limited partners bear the risk ~~equal~~ of loss only to the ~~value~~extent of ~~futures~~the ~~and~~fair ~~forward~~value ~~contracts~~of ~~purchased~~their ~~and~~respective ~~unlimited~~investments ~~liability~~and, onin ~~such~~certain ~~contracts~~circumstances, distributions ~~sold~~and ~~short~~redemptions received.

InThrough ~~addition to~~its ~~market~~investments ~~risk,~~in ~~upon~~debt ~~entering~~securities, ~~into commodity interest contracts there is a credit risk that~~ the ~~counterparty~~Fund ~~will~~has ~~not be able~~exposure to ~~meet its obligations to the Fund. The counterparty for futures and options on futures contracts traded in the~~ U.S. and onforeign ~~most non-U~~enterprises.S. The ~~futures~~following ~~exchanges~~table ispresents the ~~clearinghouse~~exposure ~~associated~~at ~~with~~March ~~such exchanges. In general~~31, clearinghouses are backed by the corporate members of the clearinghouse who are required to share any financial burden resulting from the non-performance by one of their members and, as such, should significantly reduce this credit risk2015. ~~In cases where the clearinghouse is not backed by the clearing members, like some non-U.S. exchanges, it is normally backed by a consortium of banks or other financial institutions.~~

In the case of forward currency contracts, which are traded on the interbank or other institutional market rather than on exchanges, the counterparty is generally a single bank or other financial institution, rather than a clearinghouse backed by a group of financial institutions; thus, there likely will be greater counterparty credit risk. While the Fund trades only with those counterparties that it believes to be creditworthy, there can be no assurance that any clearing member, clearinghouse or other counterparty will be able to meet its obligations to the Fund. The Fund trades forward currency contracts in unregulated markets between principals and assumes the risk of loss from counterparty non-performance. Accordingly, the risks associated with forward currency contracts are generally greater than those associated with exchange-traded contracts because of the greater risk of counterparty default. Additionally, the trading of forward currency contracts typically involves delayed cash settlement.20

The Cash Managers manage the Fund’s cash and excess margin through investments in fixed income instruments, pursuant to investment parameters established by the General Partner. The Fund’s objective in retaining the Cash Managers is to enhance the return on its assets not required to be held by the Fund’s brokers to support the Fund’s trading. There is no guarantee that the Cash Managers will achieve returns for the Fund, net of fees payable to the Cash Managers, in excess of the returns previously achieved through the General Partner’s efforts and/or available through the Fund’s brokers, or that the Cash Managers will avoid a loss of principal on amounts placed under their management.

Country or Region	U.S. Treasury Securities		Commercial Paper		Corporate Notes		Asset Backed Securities		Total		% of Partners' Capital (Net Asset Value)
United States	$	7,000,736	$	1,279,672	$	4,468,651	$	442,340	$	13,191,399		56.73	%
Japan		—		249,980		—		—		249,980		1.07	%
Luxembourg		—		—		212,635		—		212,635		0.91	%
Mexico		—		—		200,855		—		200,855		0.86	%
British Virgin Islands		—		—		200,482		—		200,482		0.86	%
Canada		—		—		197,679		—		197,679		0.85	%
Netherlands		—		—		150,550		—		150,550		0.65	%
Total	$	7,000,736	$	1,529,652	$	5,430,852	$	442,340	$	14,403,580		61.93	%

The ~~General Partner~~following ~~has~~table ~~established~~presents ~~procedures to actively monitor market risk and minimize credit risk, although there can be no assurance that it will, in fact, succeed in doing so. The limited partners bear~~ the ~~risk~~exposure ofat ~~loss~~December ~~only to the extent of the fair value of their respective investments and~~31, ~~in certain circumstances, distributions and redemptions received~~2014.

Through its investments in debt securities and certificates of deposit, the Fund has exposure to U.S. and foreign enterprises. The following table presents the exposure at September 30, 2014.

Country or Region	U.S. Treasury Securities		Commercial Paper		Corporate Notes		Asset Backed Securities		Total		% of Partners' Capital (Net Asset Value)
United States	$	7,494,891	$	1,279,865	$	4,327,524	$	445,395	$	13,547,675		58.18	%
Netherlands		—		—		353,929		—		353,929		1.52	%
Japan		—		249,966		—		—		249,966		1.07	%
Mexico		—		—		200,797		—		200,797		0.86	%
British Virgin Islands		—		—		199,587		—		199,587		0.86	%
Canada		—		—		198,774		—		198,774		0.85	%
Spain		—		—		152,257		—		152,257		0.65	%
Total	$	7,494,891	$	1,529,831	$	5,432,868	$	445,395	$	14,902,985		63.99	%

2210. Indemnifications

Country or Region	U.S. Treasury Securities		Asset Backed Securities		Commercial Paper		Corporate Notes		Total		% of Partners’ Capital (Net Asset Value)
United States	$	6,970,295	$	451,924	$	669,911	$	4,333,363	$	12,425,493		49.19	%
Japan		—		—		399,925		—		399,925		1.58	%
Netherlands		—		—		—		354,139		354,139		1.40	%
France		—		—		249,971		—		249,971		0.99	%
Mexico		—		—		—		201,598		201,598		0.80	%
British Virgin Islands		—		—		—		200,618		200,618		0.79	%
Canada		—		—		—		200,490		200,490		0.79	%
Singapore		—		—		149,973		—		149,973		0.59	%
Spain		—		—		—		154,698		154,698		0.61	%
Total	$	6,970,295	$	451,924	$	1,469,780	$	5,444,906	$	14,336,905		56.74	%

In the normal course of business, the Fund may enter into contracts and agreements that contain a variety of representations and warranties, and which provide general indemnifications. The Fund’s maximum exposure under these arrangements cannot be estimated. However, the Fund believes that it is unlikely it will have to make material payments under these arrangements and has not recorded any contingent liability in the financial statements for such indemnifications.

~~The~~11. ~~following table~~Interim ~~presents~~Financial ~~the exposure at December 31, 2013.~~Statements

Country or Region	U.S. Treasury Securities		Commercial Paper		Corporate Notes		Certificates of Deposit		Total		% of Partners’ Capital (Net Asset Value)
United States	$	8,395,413	$	1,499,844	$	5,677,092	$	250,730	$	15,823,079		47.15	%
Netherlands		—		—		708,392		—		708,392		2.11	%
Japan		—		449,870		—		—		449,870		1.34	%
United Kingdon		—		—		315,637		—		315,637		0.94	%
Canada		—		—		302,572		—		302,572		0.90	%
France		—		249,960		—		—		249,960		0.74	%
Denmark		—		—		225,905		—		225,905		0.67	%
British Virgin Islands		—		—		200,115		—		200,115		0.60	%
Singapore		—		99,999		—		—		99,999		0.30	%
Total	$	8,395,413	$	2,299,673	$	7,429,713	$	250,730	$	18,375,529		54.75	%

The statement of financial condition, including the condensed schedule of investments, at March 31, 2015, the statements of operations for the three months ended March 31, 2015 and 2014, the statements of cash flows and changes in partners’ capital (net asset value) for the three months ended March 31, 2015 and 2014, and the accompanying notes to the financial statements are unaudited. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP may be omitted pursuant to such rules and regulations. In the opinion of management, such financial statements and accompanying disclosures reflect all adjustments, which were of a normal and recurring nature, necessary to present fairly the financial position at March 31, 2015, results of operations for the three months ended March 31, 2015 and 2014, cash flows and changes in partners’ capital (net asset value) for the three months ended March 31, 2015 and 2014. The results of operations for the three months ended March 31, 2015 and 2014 are not necessarily indicative of the results to be expected for the full year or any other period. These financial statements should be read in conjunction with the audited financial statements and the notes thereto included in the Fund’s Form 10-K as filed with the SEC.

~~10. Indemnifications~~21

~~In the normal course of business, the Fund may enter into contracts and agreements that contain a variety of representations and warranties, and which provide general indemnifications~~12. ~~The~~Financial Fund’s maximum exposure under these arrangements cannot be estimated. However, the Fund believes that it is unlikely it will have to make material payments under these arrangements and has not recorded any contingent liability in the financial statements for such indemnifications.Highlights

11The following information presents per unit operating performance results and other supplemental financial ratios for the three months ended March 31, 2015 and 2014. ~~Interim~~This ~~Financial~~information ~~Statements~~has been derived from information presented in the financial statements for limited partner units and assumes that a unit is outstanding throughout the entire period:

The statement of financial condition, including the condensed schedule of investments, at September 30, 2014, the statements of operations for the three and nine months ended September 30, 2014 and 2013, the statements of cash flows and changes in partners’ capital (net asset value) for the nine months ended September 30, 2014 and 2013, and the accompanying notes to the financial statements are unaudited. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP may be omitted pursuant to such rules and regulations. In the opinion of management, such financial statements and accompanying disclosures reflect all adjustments, which were of a normal and recurring nature, necessary to present fairly the financial position at September 30, 2014, results of operations for the three and nine months ended September 30, 2014 and 2013, cash flows and changes in partners’ capital (net asset value) for the nine months ended September 30, 2014 and 2013. The results of operations for the three and nine months ended September 30, 2014 and 2013 are not necessarily indicative of the results to be expected for the full year or any other period. These financial statements should be read in conjunction with the audited financial statements and the notes thereto included in the Fund’s Form 10-K as filed with the SEC.

	Three Months Ended March 31, 2015												Three Months Ended March 31, 2014
	Series A Units			Series B Units			Series C Units			Series I Units			Series A Units			Series B Units			Series C Units			Series I Units
Per Unit Operating Performance
Net asset value per Unit at beginning of period	$	71.58		$	83.49		$	94.46		$	98.49		$	71.08		$	81.62		$	91.11		$	95.67

Gain (Loss) from trading ⁽¹⁾		4.30			4.97			5.57			5.90			(2.01	)		(2.32	)		(2.57	)		(2.71	)
Net investment income (loss) ⁽¹⁾		(1.91	)		(1.85	)		(1.70	)		(2.07	)		(1.10	)		(0.96	)		(0.79	)		(0.99	)
Total gain (loss) from operations		2.39			3.12			3.87			3.83			(3.11	)		(3.28	)		(3.36	)		(3.70	)
Net asset value per Unit at end of period	$	73.97		$	86.61		$	98.33		$	102.32		$	67.97		$	78.34		$	87.75		$	91.97

Total return ⁽⁵⁾		3.34	%		3.74	%		4.09	%		3.90	%		(4.38	)%		(4.01	)%		(3.69	)%		(3.87	)%

Other Financial Ratios
Ratios to average net asset value
Total expenses		10.98	%		9.22	%		7.54	%		8.74	%		6.60	%		5.08	%		3.79	%		4.48	%
Net investment income (loss) ^(2)(3)(4)		(10.45	)%		(8.69	)%		(7.02	)%		(8.21	)%		(6.35	)%		(4.82	)%		(3.53	)%		(4.23	)%

23Total returns are calculated based on the change in value of a Series A, B, C or I Units during the period. An individual limited partner’s total returns and ratios may vary from the above total returns and ratios based on the timing of subscriptions and redemptions.

12(1) The net investment income (loss) per Unit is calculated by dividing the net investment income (loss) by the average number of Series A, B, C or I Units outstanding during the period. ~~Financial~~Gain ~~Highlights~~(loss) from trading is a balancing amount necessary to reconcile the change in net asset value per Unit with the other per Unit information. Such balancing amount may differ from the calculation of loss from trading per Unit due to the timing of trading gains and losses during the period relative to the number of Units outstanding.

~~The~~(2) ~~following information~~All ~~presents~~of ~~per~~the ~~unit~~ratios ~~operating~~under ~~performance results and~~ other ~~supplemental~~ financial ratios ~~for~~are ~~the~~computed ~~three~~net ~~and~~of ~~nine~~involuntary ~~months ended~~waivers ~~September~~of ~~30,~~administrative ~~2014~~ and ~~2013.~~offering ~~This information has been derived from information presented in the financial statements for limited partner units and assumes that a unit is outstanding throughout the entire period:~~expenses.

	Three Months Ended September 30, 2014												Three Months Ended September 30, 2013
	Series A Units			Series B Units			Series C Units†			Series I Units			Series A Units			Series B Units			Series C Units†			Series I Units
Per Unit Operating Performance
Net asset value per Unit at beginning of period	$	67.88		$	78.56		$	88.29		$	92.35		$	72.43		$	82.52		$	91.50		$	96.43
Gain (Loss) from operations
Gain (Loss) from trading (1)		1.54			1.80			2.03			2.13			(3.58	)		(4.09	)		(4.54	)		(4.78	)
Net investment income (loss) (1)		(1.12	)		(1.00	)		(0.83	)		(1.04	)		(1.08	)		(0.92	)		(0.72	)		(0.94	)
Total gain (loss) from operations		0.42			0.80			1.20			1.09			(4.66	)		(5.01	)		(5.26	)		(5.72	)
Net asset value per Unit at end of period	$	68.30		$	79.36		$	89.49		$	93.44		$	67.77		$	77.51		$	86.24		$	90.71
Total return (5)		0.63	%		1.02	%		1.36	%		1.17	%		(6.43	)%		(6.07	)%		(5.75	)%		(5.93	)%
Other Financial Ratios
Ratios to average net asset value
Net total expenses		6.79	%		5.27	%		3.94	%		4.67	%		6.70	%		5.17	%		3.80	%		4.57	%
Net investment income (loss) (2)(3)(4)		(6.62	)%		(5.11	)%		(3.77	)%		(4.50	)%		(6.14	)%		(4.61	)%		(3.24	)%		(4.01	)%

For the three months ended March 31, 2015 and 2014, the ratios are net of 3.80% and 2.34% effect of waived administrative expenses, respectively. For the three months ended March 31, 2015 and 2014, the ratios are net of 0.99% and 0.42% effect of waived offering expenses, respectively.

24(3) The net investment income (loss) includes interest income and excludes net realized and net change in unrealized gain (loss) from trading activities as shown on the statements of operations. The total amount is then reduced by all expenses, excluding brokerage commissions, which are included in net trading gain (loss) on the statements of operations. The resulting amount is divided by the average net asset value for the period.

	Nine Months Ended September 30, 2014												Nine Months Ended September 30, 2013
	Series A Units			Series B Units			Series C Units†			Series I Units			Series A Units			Series B Units			Series C Units†			Series I Units
Per Unit Operating Performance
Net asset value per Unit at beginning of period	$	71.08		$	81.62		$	91.11		$	95.67		$	73.18		$	82.73		$	91.11		$	96.38
Gain (loss) from operations
Gain (loss) from trading (1)		0.70			0.84			0.96			0.98			(1.93	)		(2.22	)		(2.41	)		(2.61	)
Net investment income (loss) (1)		(3.48	)		(3.10	)		(2.58	)		(3.21	)		(3.48	)		(3.00	)		(2.46	)		(3.06	)
Total gain (loss) from operations		(2.78	)		(2.26	)		(1.62	)		(2.23	)		(5.41	)		(5.22	)		(4.87	)		(5.67	)
Net asset value per Unit at end of period	$	68.30		$	79.36		$	89.49		$	93.44		$	67.77		$	77.51		$	86.24		$	90.71
Total return (5)		(3.91	)%		(2.77	)%		(1.79	)%		(2.33	)%		(7.39	)%		(6.30	)%		(5.35	)%		(5.88	)%
Other Financial Ratios
Ratios to average net asset value
Net total expenses		7.02	%		5.47	%		4.13	%		4.86	%		6.66	%		5.12	%		3.87	%		4.52	%
Net investment income (loss) (2)(3)(4)		(6.78	)%		(5.23	)%		(3.89	)%		(4.62	)%		(6.35	)%		(4.81	)%		(3.57	)%		(4.21	)%

⁽⁴⁾

Ratios have been annualized.

~~Total returns~~(5) ~~are~~Ratios ~~calculated~~have ~~based~~not onbeen ~~the change in value of a Series A, B, C or I Units during the period~~annualized. ~~An individual limited partner’s total returns and ratios may vary from the above total returns and ratios based on the timing of subscriptions and redemptions.~~

(1)

The net investment income (loss) per Unit is calculated by dividing the net investment income (loss) by the average number of Series A, B, C or I Units outstanding during the period. Gain (loss) from trading is a balancing amount necessary to reconcile the change in net asset value per Unit with the other per Unit information. Such balancing amount may differ from the calculation of loss from trading per Unit due to the timing of trading gains and losses during the period relative to the number of Units outstanding.

(2)

All of the ratios under other financial ratios are computed net of involuntary waivers of administrative and offering expenses.

~~For the~~Item ~~three~~2. ~~months~~Management’s ~~ended~~Discussion ~~September 30, 2014~~ and ~~2013,~~Analysis ~~the ratios are net~~ of ~~3.68%~~Financial ~~and~~Condition ~~1.19% effect of waived administrative expenses, respectively. For the three months ended September 30, 2014~~ and ~~2013,~~Results ~~the ratios are net~~ of ~~1.18% and 0.83 % effect of waived offering expenses, respectively.~~Operations

~~For the~~The ~~nine~~Trading months ended September 30, 2014 and 2013, the ratios are net of 2.83% and 1.27% effect of waived administrative expenses, respectively. For the nine months ended September 30, 2014 and 2013, the ratios are net of 0.67% and 0.48 % effect of waived offering expenses, respectively.Advisors

(3)	The net investment income (loss) includes interest income and excludes net realized and net change in unrealized gain (loss) from trading activities as shown on the statements of operations. The total amount is then reduced by all expenses, excluding brokerage commissions, which are included in net trading gain (loss) on the statements of operations. The resulting amount is divided by the average net asset value for the period.
(4)	Ratios have been annualized.
(5)	Ratios have not been annualized.

The Fund’s current trading advisors are FORT, L.P. (“FORT”), Quantica Capital AG (“Quantica”), Quantitative Investment Management LLC (“QIM”), and Winton Capital Management Ltd (“Winton”). At March 31, 2015, the allocation of trading levels to the Trading Advisors was as follows:

† Series C units commenced trading on September 1, 2012.

Winton	45%
Quantica	28%
FORT	20%
QIM	7%

~~Item~~The General Partner may cause a trading advisor to trade its allocated 2Fund assets at a trading level of approximately 0.90 ~~Management’s~~– ~~Discussion~~1.50 times the trading level normally used by the trading advisor employing its own trading program. Thus, the Fund could experience either greater or less volatility, and ~~Analysis~~greater or less brokerage commission expenses relative to a client who invests at the normal trading level of ~~Financial~~the ~~Condition~~trading ~~and~~programs ~~Results~~depending on the amount of ~~Operations~~leverage used.

~~The Trading Advisors~~Liquidity

~~Effective September~~There 3,are ~~2014~~no ~~the~~known ~~General~~material ~~Partner~~trends, ~~removed~~demands, ~~Blackwater~~commitments, ~~Capital~~events, or ~~Management~~uncertainties ~~LLC~~at ~~and~~the ~~Estlander~~present &time ~~Partners~~that ~~Ltd.~~are asreasonably ~~trading~~likely ~~advisors~~ to result in the Fund’s ~~and~~liquidity ~~allocated~~increasing ~~assets~~or ~~to Fort Investment Management, LP (Fort) and Quantica Capital AG (Quantica), new trading advisors~~decreasing toin ~~the~~any ~~Fund~~material way.

~~Fort,~~Capital LP was formed in 1993 and is located in Chevy Chase, Maryland. Fort is registered as a commodity trading advisor and commodity pool operator with the CFTC and is a member of the NFA. For the Fund, Fort operates its global contrarian strategy, which is a managed futures trading program that aims to achieve absolute rates of return while remaining generally uncorrelated with global equity indices. Global Contrarian incorporates technical trend anticipation strategies which are able to be implemented systematically and that generally trade over a two to six week time horizon. Global Contrarian trades futures on government bonds, interest rates, currencies, stock indices, energy and metals.Resources

~~Quantica~~The ~~Capital~~Fund AGintends ~~was~~to ~~formed~~raise inadditional ~~2003~~capital ~~and~~only isthrough ~~headquartered~~the sale inof ~~Schaffhausen,~~Units ~~Switzerland. Quantica~~and isdoes ~~registered~~not asintend ato ~~commodity~~raise ~~trading~~capital ~~advisor~~through ~~and~~borrowing. ~~commodity~~Due ~~pool~~to ~~operator with~~ the ~~CFTC~~ ~~and~~nature ~~is a member~~ of the ~~NFA. For the~~ Fund,’s ~~Quantica operates its managed futures strategy~~business, ~~which is an investment strategy with~~ the ~~objective~~Fund ~~to generate capital growth by investing in liquid financial futures and forward contracts in different asset~~does ~~classes.~~not ~~The~~have, ~~program~~nor isdoes ~~managed~~it ~~according~~expect to ~~proprietary~~have, ~~quantitative~~any ~~models~~capital ~~designed~~assets. toRedemptions, ~~identify~~exchanges and ~~exploit~~sales ~~market price anomalies. These anomalies can be best described as trending or mean reverting tendencies~~ of ~~prices.~~Units ~~The~~in ~~uniqueness~~the offuture ~~the~~will ~~Quantica~~affect ~~Investment~~the ~~Approach~~amount isof tofunds ~~identify~~available ~~such~~for ~~tendencies~~investment ~~between~~in ~~different~~futures ~~instruments~~contracts and ~~asset~~other ~~classes~~financial ~~and~~instruments ~~thus~~ in asubsequent ~~relative setting~~periods. ~~The~~It ~~investment~~is not ~~philosophy~~possible ~~centers~~to ~~around~~estimate the ~~belief~~amount, ~~that~~and ~~risk~~therefore ~~adjusted~~the ~~returns~~impact, ~~can~~of befuture ~~systematically~~capital ~~exploited~~inflows ~~from~~and ~~liquid~~outflows ~~markets~~related byto ~~analyzing risk~~the ~~adjusted~~sale ~~outperformance~~and redemption of ~~one market versus other markets in the investment universe~~Units. ~~Risk~~There ~~and price movements~~ are ~~statistically analyzed~~no inknown ~~order~~material totrends, ~~determine~~favorable ifor aunfavorable, ~~market~~that ~~should~~would beaffect, ~~over-~~nor orany ~~underweighted~~expected ~~versus~~material achanges ~~neutral portfolio. When~~ to, the ~~program~~Fund’s ~~detects higher~~capital ~~inefficiencies~~resource inarrangements ~~markets~~at ~~it will adjust~~ the ~~exposure~~present ~~higher vs~~time. ~~a neutral portfolio, and vice-versa.~~

25Results of Operations

AsThe ~~part of~~returns ~~its~~for ~~manager~~Series ~~selection~~A, ~~process~~B, ~~the~~C ~~General~~and ~~Partner~~I ~~strives~~Units for ~~to identify~~ the ~~best~~three ~~trading~~months ~~advisors~~ended ~~available~~March ~~relative~~31, to2015 ~~the Fund’s objectives. The General Partner added Fort~~ and ~~Quantica~~2014 ~~to provide improved diversification for the Fund in difficult market conditions.~~were:

The Fund’s current trading advisors are FORT, Quantica, Quantitative Investment Management LLC (QIM), and Winton Capital Management Ltd (Winton). At September 30, 2014, the allocation of trading levels to the Trading Advisors was as follows:

Series	2015	2014
A	3.34%	(4.38)%
B	3.74%	(4.01)%
C	4.09%	(3.69)%
I	3.90%	(3.87)%

FORT	16	%
Quantica	16	%
QIM	22	%
Winton	46	%

A discussion of monthly performance for the three months ended March 31, 2015 and 2014 follows:

The General Partner may cause a trading advisor to trade its allocated Fund assets at a trading level of approximately 0.90 – 1.50 times the trading level normally used by the trading advisor employing its own trading program. Thus, the Fund could experience either greater or less volatility and greater or less brokerage commission expenses relative to a client who invests at the normal trading level of the trading programs depending on the amount of leverage used.2015

~~Liquidity~~January

~~There~~In ~~are~~January, Europe’s economic woes nocontinued ~~known~~to ~~material~~have ~~trends,~~a ~~demands,~~major ~~commitments~~impact on financial markets. In order to combat deflationary pressures, ~~events~~the European Central Bank implemented quantitative easing, orcommitting ~~uncertainties~~to atpurchase ~~the~~€60 ~~present~~billion ~~time~~of ~~that~~government ~~are~~bonds ~~reasonably~~per ~~likely~~month for 19 months. This led to ~~result~~further depreciation of the euro and a rally in European stocks. In order to untether itself from the ~~Fund’s~~falling ~~liquidity~~euro, ~~increasing~~the orSwiss ~~decreasing~~National Bank made a surprise move to de-peg the Swiss franc, which led to a dramatic 30% intraday spike in ~~any~~its ~~material~~exchange ~~way~~rate. In the U.S., bond yields plummeted, with the 30-year yield hitting a historic low of 2.2%, as foreign buyers plowed into safe haven assets supported by a strong U.S. dollar.

~~Capital~~2015 began with a continuation of many of the ~~Resources~~strong trends seen in the second half of 2014. The Fund made the bulk of its gains in January from long bond positions, particularly in the U.S. In currencies, the Fund profited from a short position in the euro, which more than offset Swiss franc losses. The rebound in gold hurt the Fund’s short position leading to a modest loss in the metals sector. Overall, the Fund finished the month with a gain of 2.62%, 2.76%, 2.87% and 2.81% for Series A, B, C and I Units, respectively.

The Fund intends to raise additional capital only through the sale of Units and does not intend to raise capital through borrowing. Due to the nature of the Fund’s business, the Fund does not have, nor does it expect to have, any capital assets. Redemptions, exchanges and sales of Units in the future will affect the amount of funds available for investment in futures contracts and other financial instruments in subsequent periods. It is not possible to estimate the amount, and therefore the impact, of future capital inflows and outflows related to the sale and redemption of Units. There are no known material trends, favorable or unfavorable, that would affect, nor any expected material changes to, the Fund’s capital resource arrangements at the present time.23

~~Results of Operations~~February

February began with a sell-off in bonds after a strong labor market report in the U.S. led to speculation of interest rate hikes in the second half of the year. Improved growth prospects also stoked a rally in equities, as the S&P 500 made its biggest monthly gain since October 2011. Driven by cold U.S. weather and a falling North American oilrig count, energy prices saw a rebound for the first time since the precipitous decline that began in June 2014. The U.S. dollar continued to appreciate against most major currencies, with the exception of the British pound, which strengthened after the UK saw its eighth straight quarter of positive growth.

The ~~returns~~ Fund’s largest gains for ~~Series~~the Amonth came from its long stock index positions. However, Btrend reversals in bonds hurt the Fund’s long fixed income positions. In currencies, profits Cmade on declines in the euro and IJapanese ~~Units~~yen ~~for~~were offset by losses from the ~~nine~~rising ~~months~~British ~~ended~~pound. ~~September~~Short 30exposure in energy markets also detracted from performance as oil prices staged a minor recovery. Overall, ~~2014~~the Fund finished the month with a loss of 0.47%, 0.34%, 0.23% and ~~2013~~0.29% ~~were:~~for Series A, B, C and I Units, respectively.

Series	2014			2013
A		(3.91	)%		(7.39	)%
B		(2.77	)%		(6.30	)%
C		(1.79	)%		(5.35	)%
I		(2.33	)%		(5.88	)%

March

~~A discussion~~Monetary ofeasing ~~monthly~~in ~~performance~~Europe ~~for~~remained the dominant ~~nine~~theme ~~months~~in ~~ended~~financial ~~September~~markets 30in March. The European Central Bank began its bond purchases under its new quantitative easing program, ~~2014~~designed to lower borrowing costs and ~~2013~~stimulate ~~follows:~~growth in the region. This pushed down German 10 year bond yields to below 0.2%, and caused the euro to depreciate to its lowest level against the U.S. dollar since 2003. Meanwhile, the U.S. Federal Open Market Committee struck a more dovish tone than the market expected on the timing of interest rate hikes, despite positive labor market trends. In energy markets, a continued supply glut pushed oil prices down to $44 per barrel during the month.

~~January~~The Fund’s largest gains for the month came from its long fixed income positions, particularly in U.S. short term interest rates and UK gilts. In currencies, short euro positions against the U.S. dollar proved profitable. Short oil positions also contributed positively, taking advantage of the slide in energy prices. Performance in equity indices was flat with gains in Europe and Japan being offset by losses in the U.S. Overall, the Fund finished the month with a gain of 1.18%, 1.31%, 1.42% and 1.36% for Series A, B, C and I Units, respectively.

January saw a broad flight to safety, sparked by a sharp sell-off in emerging market currencies, as investors worried about the impact of Fed tapering and weak Chinese manufacturing on emerging economies. This heightened risk aversion quickly spread to developed markets, which saw declines in equity indices and rallies in bonds, gold and safe haven currencies. Meanwhile, in energy markets, natural gas prices surged due to freezing temperatures across the U.S.2014

January saw a reversal of many of the most profitable trends from the fourth quarter of 2013, resulting in negative performance for the Fund’s trend-following programs. In equity markets, the Fund’s long positions in the S&P 500 and Nikkei saw losses as global indices fell sharply. Although the Fund has historically been non-correlated to stocks over the long run, in the short term it can have positive or negative correlation depending on whether existing equity trends cause the Fund to be positioned long or short. In currencies, the Fund’s short Japanese yen position suffered as the exchange rate appreciated on safe haven buying. Elsewhere, choppiness in the Euro and Swiss franc also caused losses. The Fund did make gains in interest rates, where long positions in European bonds benefited from fund flows into fixed income markets. In agricultural commodities, the Fund also profited from the continued upward trend in the meat markets. Overall, the Fund finished the month with a loss of 3.36%, 3.24%, 3.13% and 3.19% for Series A, B, C and I Units, respectively.

~~February~~January saw a broad flight to safety, sparked by a sharp sell-off in emerging market currencies, as investors worried about the impact of Fed tapering and weak Chinese manufacturing on emerging economies. This heightened risk aversion quickly spread to developed markets, which saw declines in equity indices and rallies in bonds, gold and safe haven currencies. Meanwhile, in energy markets, natural gas prices surged due to freezing temperatures across the U.S.

InJanuary saw a reversal of many of the most ~~February,~~profitable ~~global~~trends ~~equities~~from ~~rallied~~the ~~despite~~fourth ~~weakness~~quarter of 2013, resulting in ~~economic~~negative ~~data~~performance ~~caused~~for bythe ~~inclement~~Fund’s ~~weather~~trend-following programs. In ~~New~~equity ~~Fed~~markets, ~~Chair~~the ~~Janet~~Fund’s ~~Yellen~~long ~~reassured~~positions in the S&P 500 and Nikkei saw losses as global indices fell sharply. Although ~~investors~~the ~~that~~Fund ~~interest~~has ~~rate~~historically ~~hikes~~been ~~would~~non-correlated beto ~~unlikely~~stocks over the long run, in the ~~current~~short ~~environment~~term ~~and~~it ~~that~~can have positive or negative correlation depending on whether existing equity trends cause the ~~gradual~~Fund ~~tapering~~to ofbe ~~bond~~positioned ~~purchases~~long or short. In currencies, the Fund’s short ~~would~~Japanese ~~remain~~yen ~~contingent~~position suffered as the exchange rate appreciated on ~~sustained~~safe ~~labor~~haven ~~market~~buying. ~~improvement~~Elsewhere, choppiness in the Euro and Swiss franc also caused losses. ~~This~~The ~~relatively~~Fund ~~dovish~~did ~~stance~~make ~~raised~~gains ~~bond~~in ~~prices~~interest ~~and~~rates, ~~weakened~~where ~~the~~long positions in European bonds benefited from fund ~~U.S.~~flows ~~dollar.~~into ~~Energy~~fixed ~~prices~~income ~~surged~~markets. ~~during~~In agricultural commodities, the ~~month~~Fund asalso ~~unusually~~profited ~~cold~~from ~~temperatures~~the ~~boosted~~continued ~~demand~~upward trend in the Umeat markets.S. Overall, ~~while~~the Fund finished the ~~escalating crisis~~month inwith ~~Ukraine~~a ~~threatened~~loss toof ~~disrupt~~3.36%, ~~European~~3.24%, ~~supply~~3.13% ~~channels~~and 3.19% for Series A, B, C and I Units, respectively.

The Fund made its largest gains from rising energy markets through long positions in natural gas and crude oil. Additionally, the Fund profited from long positions in global bonds, which rallied on continued accommodative policy guidance from central banks. In currencies, the Fund benefited from long exposure to European exchange rates. Meanwhile, in the agricultural sector, the Fund profited from rising soybean prices due to a drought in Brazil. However, the metals sector caused losses as a rebound in gold and silver on US dollar weakness hurt the Fund’s short positions. Overall, the Fund finished the month with a gain of 1.34%, 1.47%, 1.59% and 1.52% for Series A, B, C and I Units, respectively.February

26In February, global equities rallied despite weakness in economic data caused by inclement weather. New Fed Chair Janet Yellen reassured investors that interest rate hikes would be unlikely in the current environment and that the gradual tapering of bond purchases would remain contingent on sustained labor market improvement. This relatively dovish stance raised bond prices and weakened the U.S. dollar. Energy prices surged during the month as unusually cold temperatures boosted demand in the U.S., while the escalating crisis in Ukraine threatened to disrupt European supply channels.

~~March~~The Fund made its largest gains from rising energy markets through long positions in natural gas and crude oil. Additionally, the Fund profited from long positions in global bonds, which rallied on continued accommodative policy guidance from central banks. In currencies, the Fund benefited from long exposure to European exchange rates. Meanwhile, in the agricultural sector, the Fund profited from rising soybean prices due to a drought in Brazil. However, the metals sector caused losses as a rebound in gold and silver on US dollar weakness hurt the Fund’s short positions. Overall, the Fund finished the month with a gain of 1.34%, 1.47%, 1.59% and 1.52% for Series A, B, C and I Units, respectively.

March was a choppy month in equity and energy markets, due to the Russia/Ukraine crisis and as China saw its first domestic corporate bond default in a sign of slowing growth. In the U.S., Fed Chair Yellen stirred up fixed income and currency markets by initially suggesting that interest rates hikes might come sooner than expected, then later backtracking on those comments.24

The Fund made gains in the agricultural sector, capitalizing on rising price trends in soybeans (due to poor weather in Brazil) and in lean hogs (due to a disease outbreak in the U.S.). However, uncertainty over both the health of China’s economy and the timing of Fed tightening caused whipsaw market action in global stocks, oil markets and U.S. bonds, which generated losses for trend-following strategies in those sectors. Overall, the Fund finished the month with a loss of 2.37%, 2.24%, 2.13% and 2.19% for Series A, B, C and I Units, respectively.March

~~April~~March was a choppy month in equity and energy markets, due to the Russia/Ukraine crisis and as China saw its first domestic corporate bond default in a sign of slowing growth. In the U.S., Fed Chair Yellen stirred up fixed income and currency markets by initially suggesting that interest rates hikes might come sooner than expected, then later backtracking on those comments.

InThe ~~April, equities~~Fund ~~initially~~made ~~sold~~gains ~~off~~in ~~amid~~the ~~concerns~~agricultural ~~over~~sector, ~~stock~~capitalizing ~~valuations~~on rising ~~and~~price ~~weak~~trends ~~economic~~in ~~numbers.~~soybeans ~~Optimism~~(due ~~returned~~to ~~and~~poor ~~global~~weather ~~equities rallied~~in ~~mid-month~~Brazil) ~~with~~and ~~the~~in ~~Fed~~lean ~~calming~~hogs ~~fears,~~(due ~~stating that they remained committed~~ to ~~supportive~~a ~~monetary~~disease ~~policy~~outbreak ~~and~~in ~~noting than~~ the ~~recent weather-induced~~ U.S.). ~~growth~~However, uncertainty ~~slowdown~~over ~~would~~both bethe ~~short-lived.~~health ~~Meanwhile,~~of ~~risks~~China’s ofeconomy ~~deflation~~and inthe ~~Europe~~timing ~~led~~of toFed ~~speculation that~~tightening ~~the~~caused ~~ECB~~whipsaw ~~might~~market ~~resort~~action toin ~~quantitative~~global stocks, ~~easing.~~oil Inmarkets ~~contrast~~and U.S. bonds, UKwhich ~~unemployment~~generated ~~dipped~~losses ~~below~~for ~~the~~trend-following ~~Bank~~strategies ofin ~~England’s~~those 7%sectors. ~~threshold~~Overall, ~~prompting~~ ~~speculation~~the ~~that~~Fund finished the ~~BOE~~month ~~may~~with ~~begin~~a ~~raising~~loss ~~interest~~of ~~rates~~2.37%, ~~Tension~~2.24%, ~~surrounding~~2.13% ~~Ukraine~~ and ~~sanctions~~2.19% onfor ~~Russia~~Series ~~drove many~~A, ~~commodity~~B, ~~markets~~C ~~higher~~and onI ~~fears~~Units, ~~of supply disruptions~~respectively.

~~The Fund recorded its largest gains in metals, specifically in nickel whose price rose to a 14~~Off-~~month~~Balance ~~high~~Sheet due to falling supply as Indonesia, the biggest nickel miner, had banned unprocessed ore exports earlier in the year. In currencies, gains were made from long positions in the British pound which rose to four year highs on speculation over interest rate hikes. However, this was offset by losses due to a reversal in the Japanese yen. The Fund saw its largest losses in equities due to an early sell off in stock indices, which then caused the Fund to cut its long positions and prevented it from fully benefiting from the market rebound going into month-end. Overall, the Fund finished the month with a loss of 1.61%, 1.48%, 1.37% and 1.43% for Series A, B, C and I Units, respectively.Risk

~~May~~The term “off-balance sheet risk” refers to an unrecorded potential liability that, even though it does not appear on the balance sheet, may result in future obligation or loss. The Fund trades in futures and forward currency contracts and is therefore a party to financial instruments with elements of off-balance sheet market and credit risk. In entering into these contracts there exists a risk to the Fund, market risk, that such contracts may be significantly influenced by market conditions, such as interest rate volatility, resulting in such contracts being less valuable. If the markets should move against all of the futures interests positions of the Fund at the same time, and if the Trading Advisors were unable to offset futures interest positions of the Fund, the Fund could lose all of its assets and the limited partners would realize a 100% loss. The General Partner attempts to decrease market risk through maintenance of a margin-to-equity ratio that rarely exceeds 30%.

In ~~May, global~~addition ~~bond~~to ~~markets~~subjecting ~~rallied~~the asFund ~~10-year~~to ~~yields~~market ~~fell~~risk, toupon ~~1.4%~~entering into infutures ~~Germany~~ and ~~2.5%~~forward incurrency ~~the~~contracts ~~U.S.~~there Inis ~~Europe, this move was driven by investor expectations of~~ a ~~near~~risk ~~term~~that ~~interest~~the ~~rate~~counterparty ~~cut~~will ~~and~~not ~~potential~~be ~~future~~able ~~quantitative~~to ~~easing~~meet byits ~~the~~obligations ~~European Central Bank~~ to the ~~counteract~~Fund. ~~weak~~The ~~economic~~counterparty ~~growth~~for ~~and~~futures ~~deflationary~~contracts ~~risks.~~traded ~~Meanwhile~~ in the U.S., ~~Fed~~and ~~Chair~~on ~~Janet~~most ~~Yellen~~foreign ~~expressed~~exchanges ~~concern~~is ~~over~~the aclearinghouse associated with ~~weak~~such ~~housing~~exchange. ~~recovery~~In general, ~~suggesting~~clearinghouses ~~the~~are ~~Fed~~backed ~~could~~by ~~keep~~the ~~interest~~corporate ~~rates~~members ~~low~~of ~~for~~the ~~longer~~clearinghouse ~~than~~who ~~previously~~are ~~anticipated.~~required ~~Equity~~to ~~markets~~share any ~~interpreted~~financial ~~these~~burden ~~signals~~resulting offrom ~~continued~~the ~~easy~~non-performance ~~monetary~~by ~~policy~~one inof atheir ~~positive~~members ~~light~~and, ~~leading~~as tosuch, ~~gains~~should insignificantly ~~most~~reduce ~~developed~~this ~~market stock indices~~risk. In ~~Volatility~~cases inwhere ~~many~~the ~~asset~~clearinghouse ~~classes~~is ~~continued~~not tobacked ~~decline~~by inthe ~~May~~clearing ~~towards~~members, ~~historic~~like ~~lows~~some foreign exchanges, asit ~~exemplified~~is bynormally ~~the~~backed ~~VIX~~by ~~index,~~a ~~which~~consortium ~~fell~~of tobanks ~~the~~or ~~pre-crisis~~other ~~levels~~financial ~~of 2007~~institutions.

~~The~~In ~~Fund was well positioned to profit from~~ the ~~key~~case ~~moves~~of inforward ~~fixed~~currency ~~income~~contracts, ~~and~~which ~~equities~~are ~~during~~traded ~~the~~on ~~month. The bulk of returns came from~~the ~~long~~interbank ~~positions~~market inrather ~~bonds,~~than inon ~~particular the U.S. 10-year~~exchanges, the ~~U.S.~~counterparty ~~long~~is ~~bond~~generally ~~and~~a ~~the~~single ~~Euro~~bank ~~Bund.~~or Inother ~~equities~~financial institution, ~~the~~rather ~~largest gains~~than ~~came~~a ~~from~~group ~~long~~of ~~positions~~financial ininstitutions; ~~European~~thus ~~indices.~~there ~~The~~may ~~Fund~~be ~~had~~a ~~modest~~greater ~~losses~~counterparty inrisk. ~~currencies~~The asGeneral ~~the~~Partner ~~euro~~utilizes ~~and~~only ~~British~~those ~~pound~~counterparties that ~~each~~it ~~saw a~~believes ~~sell-off.~~to ~~Agricultural~~be ~~commodities~~creditworthy ~~also~~for ~~had~~the aFund. ~~small~~There ~~giveback~~can asbe ~~upward~~no ~~trending~~assurance, ~~grain~~however, ~~prices~~that ~~reversed~~any onclearing ~~improved~~member, ~~weather~~clearinghouse ~~and~~or ~~harvest~~other ~~prospects.~~counterparty ~~Overall,~~will ~~the~~be ~~Fund~~able ~~finished~~to ~~the~~meet ~~month~~its ~~with~~obligations ato ~~gain~~the ~~of 1~~Fund.~~65%,~~ ~~1.78%,~~All ~~1.89%~~positions ~~and~~of ~~1.83%~~the ~~for~~Fund ~~Series~~are A,valued B,each Cday ~~and~~on ~~I Units,~~a ~~respectively~~mark-to-market basis.

~~June~~The Fund may invest in U.S. Treasury securities, U.S. and foreign government sponsored enterprise notes, commercial paper, corporate notes and asset backed securities. Should an issuing entity default on its obligation to the Fund and such entity is not backed by the full faith and credit of the U.S. government, the Fund bears the risk of loss of the amount expected to be received. The Fund minimizes this risk by only investing in securities of firms with high quality debt ratings.

InSignificant ~~June, equity~~Accounting markets continued to set record highs as the Federal Reserve reiterated its dovish policy stance in light of a weaker U.S. growth outlook. Meanwhile European fixed income markets rallied as the European Central Bank imposed negative deposit rates to stem deflation and encourage bank lending. Only the Bank of England gave any indication that it could soon begin to raise interest rates, which led to further strengthening in the British pound. Violence escalated in the Middle East, as the militant ISIS group seized key regions in Iraq, pushing up oil prices on fears of a supply disruption.Estimates

~~The~~A ~~Fund recorded~~summary ~~its~~of ~~largest gains for~~ the ~~month in long equity positions. The~~ Fund’s ~~profited~~significant inaccounting ~~currency~~policies ~~trading, particularly in the~~are ~~British~~included ~~pound, which rose on signals of a tightening bias at the Bank of England. The portfolio also capitalized on rising energy prices with its long oil positions. However, short positions~~ in ~~gold~~Note ~~and~~1 silver lost money, as demand climbed for these safe haven assets on fears of a full-blown civil war in Iraq. Meanwhile, choppy price movements in U.S. fixed income markets whipsawed the Fund resulting in a small loss. In agricultural markets, long soybean positions were hurt as prices fell with U.S. farmers planting a record crop. These losses offset gains, leading the Fund to ~~roughly flat performance for~~ the ~~month.~~Financial ~~Overall, the Fund finished the month with a loss of 0~~Statements.~~14% for Series A, a flat 0.00% for Series B, a gain of 0.11% and 0.04% for Series C and I Units, respectively.~~

27The Fund’s most significant accounting policy is the valuation of its assets invested in U.S. and foreign futures and forward currency contracts, and fixed income investments. The Fund’s futures contracts are exchange-traded, with the fair value of these contracts based on exchange settlement prices. The fair values of non-exchange-traded contracts, such as forward currency contracts, are based on third-party quoted dealer values on the interbank market. The fair value of money market funds is based quoted market prices for identical shares. U.S. Treasury securities, which are stated at fair value based on quoted market prices for identical assets in an active market. Notes of U.S. and foreign government sponsored enterprises, as well as commercial paper, asset backed securities and corporate notes, are stated at fair value based on quoted market prices for similar assets in an active market. Given the valuation sources, there is little judgment or uncertainty involved in the valuation of these assets, and it is unlikely that materially different amounts would be reported under different valuation methodologies or assumptions.

~~July~~Contractual Obligations

~~Despite small~~The ~~gains~~Fund ~~for~~does ~~U.S.~~not ~~equities~~have inany ~~early~~contractual ~~July,~~obligations aof ~~strong GDP report at month-end sparked fears that~~ the ~~Federal~~type ~~Reserve might tighten~~contemplated ~~monetary~~by ~~policy~~Item ~~sooner than expected, causing~~ 303(a)(5) ~~sharp~~of ~~sell~~Regulation S-~~off~~K. inThe ~~stocks~~Fund’s ~~and~~sole ~~bonds,~~business asis ~~well~~trading asfutures aand ~~rally~~forward incurrency ~~the U.S. dollar. Meanwhile~~contracts, ~~European~~ ~~equities were driven down by~~ both ~~tougher sanctions on Russia~~ long (~~hurting~~contracts ~~regional~~to ~~trade~~buy) and ~~the~~short ~~collapse~~(contracts ~~of a large Portuguese bank. In energy, crude oil prices fell for the month as supply disruptions due~~ to ~~the civil war in Iraq proved to be less than anticipated~~sell). ~~In agricultural commodities, grain prices fell as record plantings and ideal weather in the U.S. drove expected supply levels higher.~~

In July, metals and equities were the top performing sectors, as signs of a manufacturing rebound in China spurred rallies in both aluminum and the Hong Kong stock market, helping the Fund’s long positions. Trends in agricultural markets also proved profitable. In foreign exchange markets, the strong surge in the U.S. dollar against major currencies helped the Fund in its short euro position, but this was more than offset by losses from long positions in the Canadian dollar, the Australian dollar and the British pound. Bonds and energy both detracted from performance during the month, as long positions were hurt by price corrections in these two sectors. The Fund closed the month with a loss of 1.98% for Series A, 1.85% for Series B, 1.74% for Series C and 1.81% for Series I Units, respectively.25

~~August~~Item 3. Quantitative and Qualitative Disclosures about Market Risk

~~Global~~A ~~bond markets~~smaller ~~rallied~~reporting ~~strongly~~company inis ~~August.~~not Inrequired the U.S., weaker than expected employment numbers and a dovish speech from U.S. Federal Reserve Chairwoman Janet Yellen suggested the timing of interest rate hikes might be pushed further out. Meanwhile, Europe threatened to ~~slip~~provide ~~into deflation, prompting speculation that~~ the ~~European Central Bank might get more aggressive in its expansionary monetary~~information ~~policy.~~under ~~This~~this ~~fueled a rise in European debt prices and a depreciation of the Euro~~item. In equity markets, tension between Ukraine and Russia caused an initial sell-off, but the expectation of continued support from central banks helped stock indices rebound sharply in the second half of the month.

InItem ~~August, the~~4: ~~interest~~Controls ~~rate sector was the top contributor to the Fund’s returns, as long exposures in U.S.~~ and European bonds profited from a decline in yields. In currencies, the Fund made gains from a short position in the Euro, as expectations of further monetary easing pushed the currency to a year-to-date low. In equities, the fund benefited from a long position in the S&P 500 as equity markets rallied into month-end. The Fund closed the month with a gain of 3.11% for Series A, 3.24% for Series B, 3.36% for Series C and 3.29% for Series I Units, respectively.Procedures

~~September~~The General Partner of the Fund, with the participation of the Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the design and operation of the Fund’s disclosure controls and procedures at March 31, 2015 (the “Evaluation Date”). Based on their evaluation, the Chief Executive Officer and Chief Financial Officer of the General Partner concluded that, as of the Evaluation Date, the Fund’s disclosure controls and procedures were effective.

~~Equity~~There ~~markets rose~~has ~~early~~been inno ~~September~~change ~~but~~in ~~declined~~internal bycontrol ~~month~~over ~~end~~financial ~~on poor European economic data and concerns about Chinese growth. Fixed income~~reporting ~~markets~~that ~~sold~~occurred ~~off~~during ~~and~~ the ~~U.S.~~period ~~dollar~~ended ~~rallied~~March as31, ~~the~~2015 ~~Federal Reserve Bank of San Francisco published a report suggesting~~ that ~~markets are~~has ~~underestimating~~materially ~~the~~affected, ~~pace~~or ofis ~~future~~reasonably ~~rate~~likely ~~increases. The euro continued~~ to ~~weaken~~materially as affect, the ~~European~~Fund’s ~~Central~~internal ~~Bank~~control ~~lowered~~over ~~interest rates~~financial ~~further and introduced measures to combat low inflation~~reporting.

InPart ~~September, the~~II: ~~Fund’s~~Other performance was primarily driven by a strong U.S. dollar. Short positions in the physical commodities gained as prices fell on dollar strength, particularly in crude oil and silver. In currencies, short positions in the euro and the Japanese yen against the U.S. dollar proved profitable, but gains were offset by losses on long positions in the Australian dollar which depreciated during the month. Global growth concerns weighed on equity prices which went against the Fund’s long positions. In the fixed income sector, rate increase worries hurt the fund’s long position in the U.S. 10-Year Note. The Fund closed the month with a loss of 0.43% for Series A, 0.30% for Series B, 0.20% for Series C and 0.25% for Series I Units, respectively.Information

~~2013~~Item 1. Legal Proceedings.

~~January~~None.

~~Spurred on~~Item ~~by the resolution of the U~~1A.S. ~~“fiscal~~Risk ~~cliff” negotiations, markets began 2013 with a strong risk appetite~~Factors. This led to a rally in global equities and industrial commodities and caused a sell-off in safe haven bonds. In Europe, investors gained confidence that the region’s sovereign debt crisis had been contained, helping the euro strengthen against other currencies. Meanwhile, Japan’s new government implemented a stimulus program consisting of major fiscal spending, coupled with measures to weaken the yen to help the country’s exporters.

~~The Fund~~A ~~started~~smaller ~~the~~reporting ~~year~~company onis anot ~~positive~~required ~~note,~~to asprovide ~~it profited from long positions in stock indices and energy, as well as long positions in~~ the ~~euro and short positions in the Japanese yen. These gains were partially offset by losses from long fixed income positions,~~information asunder ~~bond~~this ~~yields and interest rates climbed during the month~~item. ~~Overall, the Fund finished the month with a gain of 2.59%, 2.72%, 2.84% and 2.77% for Series A, B, C and I Units, respectively.~~

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

~~February~~There were no sales of unregistered securities of the Fund during the three months ended March 31, 2015. Under the Partnership Agreement, redemptions may be made by a limited partner as of the close of business day each Tuesday at the net asset value of the redeemed Units (or portion thereof) on that day. Redemptions of Units during the three months ended March 31, 2015 were as follows:

Although February began with a continuation of January’s risk-seeking market trends, the second half of the month saw “risk-off” price reversals across many sectors. Weak European data signaled a region-wide economic contraction. The UK suffered a credit rating downgrade as it is on the verge of a triple-dip recession. Meanwhile, Italian voters toppled the country’s incumbent government with an election result that repudiated austerity as a means of managing Europe’s sovereign debt crisis. In the U.S., minutes from the most recent Fed meeting hinted at a sooner than expected slowdown of monetary stimulus, frightening investors who anticipated longer term quantitative easing.

	January		February		March		Total
A Units
Units redeemed		691.5561		1,827.8877		2,385.6591		4,905.1029
Average net asset value per Unit	$	72.38	$	72.06	$	72.81	$	72.47

B Units
Units redeemed		296.1276		3,895.0408		2,043.8739		6,235.0423
Average net asset value per Unit	$	84.64	$	83.78	$	85.44	$	84.37

C Units
Units redeemed		502.7903		441.7404		450.2831		1,394.8138
Average net asset value per Unit	$	96.47	$	94.77	$	97.38	$	96.23

I Units
Units redeemed		728.1942		192.5055		1,193.7806		2,114.4803
Average net asset value per Unit	$	99.77	$	99.07	$	101.18	$	100.50

~~The Fund~~Item ~~entered February with “risk-on” exposures in many of the markets it trades, including long positions in equities, industrial commodities, the euro and high-yielding currencies~~3. ~~February’s~~Defaults ~~market~~Upon ~~reversals~~Senior caused losses in a number of these positions. The largest losses came from energy, as oil prices fell late in the month on concerns over global demand as well as U.S. supply hitting a 20-year high due to shale fracking. In currencies, the decline of the euro detracted from performance. The Fund did however make gains in fixed income with long positions in Japanese bonds. In the agricultural sector, easing drought conditions in the Midwest lowered wheat prices, helping the Fund’s short position. In metals, the Fund made profits from a short position in gold, offsetting losses in base metals. Overall, the Fund finished the month with a loss of 1.05%, 0.92%, 0.81% and 0.87% for Series A, B, C and I Units, respectively.Securities

~~March~~Not applicable.

In March, financial headlines were dominated by the banking crisis in Cyprus. Eurozone members led by Germany made the release of bailout funds contingent on a Cypriot financial contribution through a one-time “tax” on bank deposits. This action sparked protests over the plan’s fairness. A last minute compromise deal exempted smaller insured deposits from capital seizure. Investors feared that the Cyprus bailout might create a precedent for haircutting depositors at troubled banks in Spain and Italy. This prompted a sell-off in the euro, a slide in southern European stock markets and a rally in safe haven German bunds. Meanwhile, in the U.S., equities climbed with largely positive economic data and a statement from Fed Chairman Bernanke that he saw no evidence of a stock bubble. In Japan, monetary easing by the Abe government continued, boosting bond and equity markets and depreciating the yen.26

~~The~~Item ~~Fund profited in the currency sector in March, particularly from a long position in the Mexican peso~~4. ~~The~~Mine ~~Fund~~Safety also gained from a fall in industrial metals prices, with short positions in aluminum and copper, as investors worried about the impact of a clampdown on Chinese property speculation. Profits were also made from long positions in stocks, especially in the U.S. The Fund was down slightly in fixed income as gains from being long Japanese bonds were offset by losses in the choppy U.S. bond market. The Fund finished the month with a net gain of 0.89%, 1.02%, 1.14% and 1.07% for Series A, B, C and I Units, respectively.Disclosures

~~April~~Not applicable.

~~April,~~Item ~~economic data in China confirmed a slowdown in growth, while U~~5.S. ~~GDP~~Other estimates for the first quarter were weaker than expected. This led to a sell-off in industrial commodities such as energy and base metals, and a rally in Treasury bonds. The price of gold tumbled mid-month, triggered by reports that Cyprus might sell part of its gold reserves to pay down the country’s debt. Furthermore, the current absence of global inflation has reduced the attractiveness of precious metals that are often used as a hedge against inflation. Meanwhile, the Japanese central bank continued its policy of monetary stimulus, further weakening the yen and boosting the Nikkei stock index.Information

~~The Fund entered the month with short positions in gold and copper, which profited on the decline in precious and base metals prices~~None. The Fund also had a positive contribution from its long bond positions, particularly in the U.S., where the fixed income market rallied on disappointing economic growth. Partly offsetting these gains were losses from long exposures to declining oil markets, as well as from trend reversals in agricultural markets such as corn. Overall, the Fund finished the month with a gain of 2.38%, 2.51%, 2.63% and 2.56% for Series A, B, C and I Units, respectively.

~~May~~Item 6. Exhibits

InThe ~~May, improving~~following ~~economic~~exhibits ~~data~~are infiled ~~the~~herewith ~~U.S.~~or ~~drove~~incorporated stock indices higher, but also prompted the Fed to signal that it might soon taper its quantitative easing program. Fixed income markets reacted negatively to the prospect of a reduction in the Fed’s $85 billion in monthly purchases of Treasury bonds and mortgage-backed securities. U.S. 10-year Treasury bond yields jumped 46 basis points from 1.67% to 2.13% during the month, while international bond markets also sold off. Meanwhile in Japan, the high flying Nikkei index, which at one point was up 50% on the year, fell abruptly by ~~13% over the last 9 days of the month~~reference. ~~This was caused by investors taking profits after signs of slowing Chinese growth and impending U.S. monetary tightening.~~

May proved to be a challenging month for the Fund’s trend-following strategies. The majority of losses were a result of sharp declines in global bond markets, particularly in the U.S. and Europe, which hurt the Fund’s long positions. The Fund’s trading systems responded by cutting back bond positions substantially, standing ready to reposition as new trends emerge, whether bullish or bearish. In energy markets, long positions in natural gas suffered as prices declined on higher than expected inventory levels. The Fund did however make a profit in equity indices through its long positions across the globe. The Fund was also positive in agricultural commodities, benefitting from a rally in soybeans. Overall, the Fund finished the month with a loss of 2.40%, 2.27%, 2.16% and 2.22% for Series A, B, C and I Units, respectively.

Exhibit No.	Description of Exhibit
1.1^(a)	Form of Selling Agreement
4.1^(d)	Fourth Amended and Restated Limited Partnership Agreement
9.1^(c)	Delaware Amended and Restated Certificate of Limited Partnership
10.1^(d)	Form of Subscription Agreement
10.5^(b)	Third Amended and Restated Trading Advisory Agreement with Aspect Capital Ltd.
10.6^(b)	Trading Advisory Agreement with Estlander & Partners Ltd.
10.7^(b)	Trading Advisory Agreement with Blackwater Capital Management, L.L.C.
10.8^(e)	Trading Advisory Agreement with Quantitative Investment Management, LLC
10.9^(f)	Trading Advisory Agreement with Winton Capital Management, Ltd.
10.9^(g)	Trading Advisory Agreements with Fort Investment Management, LP and Quantica Capital AG
31.01	Certification of Chief Executive Officer of the General Partner in accordance with Section 302 of the Sarbanes-Oxley Act of 2002
31.02	Certification of Chief Financial Officer of the General Partner in accordance with Section 302 of the Sarbanes-Oxley Act of 2002
32.01	Certification of Chief Executive Officer of the General Partner in accordance with Section 906 of the Sarbanes-Oxley Act of 2002
32.02	Certification of Chief Financial Officer of the General Partner in accordance with Section 906 of the Sarbanes-Oxley Act of 2002
101.INS	XBRL Instance Document
101.SCH	XBRL Taxonomy Extension Schema Document
101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	XBRL Taxonomy Extension Definition Linkbase Document
101.LAB	XBRL Taxonomy Extension Label Linkbase Document
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document

29(a) Previously filed as an exhibit to Pre-Effective Amendment No. 3 to the Registration Statement on Form S-1 (SEC File No.: 333-148049) on May 23, 2008, and incorporated herein by reference.

~~June~~(b) Previously filed as an exhibit to Post-Effective Amendment No. 3 to the Registration Statement on form S-1 (SEC File No.: 333-148049) on April 19, 2011, and incorporated herein by reference.

In(c) ~~June, the~~Previously ~~Fed~~filed ~~reaffirmed~~on ~~its~~May ~~desire~~3, to2011 ~~phase~~with ~~out~~Form ~~its quantitative easing program as long as U.S. economic data continues to improve. Markets interpreted this as the beginning of the end of an era of ultra~~8-~~easy~~K ~~monetary~~(File ~~policy~~No. ~~As a result~~000-53453), ~~global equities~~ and ~~bonds~~ ~~sold~~incorporated ~~off~~herein ~~sharply. Ironically, the largest stock market declines were not in the U.S. Prospective tightening~~ by ~~the U~~reference.S. Federal Reserve had a greater impact in Europe, where the economic recovery lags the U.S., and in Asia and emerging markets, where a slowdown in China also worried investors. Meanwhile, the Fed’s new stance caused gold prices to plummet to levels last seen in 2010, as the risk of inflation due to loose monetary conditions diminished. The market moves in June were a continuation of the sharp and sudden trend reversals that began at the end of May.

~~These~~(d) ~~price patterns~~Previously ~~are~~filed ~~particularly~~on ~~difficult~~August ~~for trend-following systems to navigate. The Fund came into June with long exposure to global equities. Although these positions were reduced significantly over the month~~15, ~~the~~2011 ~~Fund~~as ~~nevertheless~~an ~~saw~~exhibit ~~losses in this sector, particularly in Europe and Canada. In currencies, choppy price movements in the euro and British pound sterling against the U.S. dollar were also a detriment~~ to ~~performance. Losses in bonds and interest rates were muted in June, despite~~ the ~~market sell~~Post-~~off, as~~Effective ~~the~~Amendment ~~Fund had unwound most of its long positions relatively early in the month~~No. By1 ~~the end of the month, most of the Fund’s trading advisors had systematically moved~~ to ~~net short positions in fixed income instruments. On~~ the ~~positive~~Registration ~~side,~~Statement ~~the~~on ~~Fund~~Form ~~was able~~S-1 ~~to profit from the downward trend in precious metals, such as gold and silver, as well as in industrial metals, such as copper~~(Reg. ~~Overall,~~ ~~the Fund finished the month with a loss of 3~~No.~~28%,~~ ~~3.16%~~333-175052), ~~3.05%~~ and ~~3.11%~~incorporated ~~for~~herein ~~Series~~by ~~A, B, C and I Units, respectively~~reference.

~~July~~(e) Previously filed on March 28, 2013 as an exhibit to Form 10-K (File No. 000-53453), and incorporated herein by reference.

In(f) ~~July, global~~Previously ~~equity~~filed ~~indices~~on ~~rebounded~~March ~~from~~28, ~~their~~2014 ~~losses~~as inan ~~the~~exhibit ~~prior month. This was a result of central banks seeking~~ to ~~reassure~~Form ~~skittish investors~~10-K ~~that~~(File ~~they~~No. ~~would~~000-53453), ~~wait~~and toincorporated ~~pull~~herein ~~back~~by ~~on monetary easing until an economic recovery became more firmly established~~reference.

In(g) ~~the~~Previously ~~U.S., investors~~filed ~~came~~on toRegistration ~~believe~~Statement ~~that~~on ~~the~~Form ~~imminent~~S-1 ~~tapering~~(SEC ofFile ~~the~~No. ~~Fed’s~~333-198439) ~~quantitative~~on ~~easing~~August ~~program~~28, ~~may be more gradual than previously thought~~2014, ~~as Bernanke softened his tone on potential tightening amid still modest economic growth~~ and ~~low~~incorporated ~~inflation.~~herein ~~Meanwhile, the~~by ~~European Central Bank announced that interest rates would stay at current levels or lower for an extended period~~reference.

Gold and bond markets saw a bounce as a result. In energy markets, surprisingly high summer demand in the U.S. coupled with lower inventories caused WTI crude oil prices to jump to a 16-month high of $108/barrel.27

The Fund profited from long equity positions, particularly in the U.S. However, the size of these gains was tempered by the fact that our trend-following managers had trimmed their exposures after stock market declines in the previous month. Offsetting these profits were losses from short positions in metals, as gold prices reversed from their downward trend. Overall, the Fund finished the month with a loss of 1.19%, 1.07%, 0.96% and 1.02% for Series A, B, C and I Units, respectively.SIGNATURES

~~August~~Pursuant to the requirements of the U.S. Securities Exchange Act of 1934, the registrant has caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

August saw continued positive economic data in the U.S. and early signs of a recovery in the Eurozone, where a positive second quarter GDP report marked the end of an 18-month recession in the region. This raised the risk of near-term monetary policy tightening, which caused bond yields to rise across developed markets and weighed on equity indices. In the latter half of the month, political tensions escalated in the Middle East. The U.S. and France threatened to intervene in Syria’s civil war, causing a sell-off in stocks and a rally in oil and gold.

Date: May 15, 2015	SENECA GLOBAL FUND, L.P.


	By:	Steben & Company, Inc.
		General Partner

	By:	/s/ Kenneth E. Steben
	Name:	Kenneth E. Steben
	Title:	President, Chief Executive Officer and Director of the General Partner
		(Principal Executive Officer)

	By:	/s/ Carl A. Serger
	Name:	Carl A. Serger
	Title:	Chief Financial Officer and Director of the General Partner
		(Principal Financial and Accounting Officer)

In August, the Fund’s short positions in metals suffered losses, as stronger than expected Chinese industrial production caused a rebound in base metal prices, while the Syrian crisis boosted demand for precious metals. The currency sector also detracted from performance as a result of choppy movements in European exchange rates. Meanwhile, the Fund saw a negative contribution from long positions in equity indices as global stock markets fell, with the S&P 500 seeing its biggest monthly decline since May 2012. On the positive side, the Fund’s long energy positions were able to profit from the rise in oil prices. Overall, the Fund finished the month with a loss of 3.90%, 3.78%, 3.67% and 3.73% for Series A, B, C and I Units, respectively.28

September

In September, the Federal Reserve surprised markets by delaying a much anticipated “tapering” of its quantitative easing program until there are more signs of a robust U.S. economic recovery. The Fed’s decision boosted stock indices, lowered bond yields and weakened the U.S. dollar. Meanwhile, oil prices fell as the U.S. backed away from military intervention in Syria, following the Assad regime’s acceptance of a chemical disarmament proposal. Towards the end of the month, a breakdown in U.S. budget and debt ceiling negotiations caused a sell-off in equities ahead of a government shutdown.

The Fund profited in September from long exposure to rising equity indices, although the political impasse over the U.S. budget led to a giveback of some of the stock gains from early in the month. The Fund’s main losses came from long positions in the energy sector, as oil prices fell from their highs with an easing of the Syrian crisis. The Fund also saw small losses in metals and agricultural commodities. In currencies, gains from long positions in the Euro and British pound were more than offset by losses from whipsawing in the Mexican peso and short positions in the Australian dollar and Canadian dollar. Overall the Fund finished the month with a loss of 1.46%, 1.33%, 1.22% and 1.28% for Series A, B, C and I Units, respectively.

Off-Balance Sheet Risk

The term “off-balance sheet risk” refers to an unrecorded potential liability that, even though it does not appear on the balance sheet, may result in future obligation or loss. The Fund trades in futures and forward currency contracts and is therefore a party to financial instruments with elements of off-balance sheet market and credit risk. In entering into these contracts there exists a risk to the Fund, market risk, that such contracts may be significantly influenced by market conditions, such as interest rate volatility, resulting in such contracts being less valuable. If the markets should move against all of the futures interests positions of the Fund at the same time, and if the Trading Advisors were unable to offset futures interest positions of the Fund, the Fund could lose all of its assets and the limited partners would realize a 100% loss. The General Partner attempts to decrease market risk through maintenance of a margin-to-equity ratio that rarely exceeds 30%.

In addition to subjecting the Fund to market risk, upon entering into futures and forward currency contracts there is a risk that the counterparty will not be able to meet its obligations to the Fund. The counterparty for futures contracts traded in the U.S. and on most foreign exchanges is the clearinghouse associated with such exchange. In general, clearinghouses are backed by the corporate members of the clearinghouse who are required to share any financial burden resulting from the non-performance by one of their members and, as such, should significantly reduce this risk. In cases where the clearinghouse is not backed by the clearing members, like some foreign exchanges, it is normally backed by a consortium of banks or other financial institutions.

In the case of forward currency contracts, which are traded on the interbank market rather than on exchanges, the counterparty is generally a single bank or other financial institution, rather than a group of financial institutions; thus there may be a greater counterparty risk. The General Partner utilizes only those counterparties that it believes to be creditworthy for the Fund. There can be no assurance, however, that any clearing member, clearinghouse or other counterparty will be able to meet its obligations to the Fund. All positions of the Fund are valued each day on a mark-to-market basis.

The Fund may invest in U.S. Treasury securities, U.S. and foreign government sponsored enterprise notes, commercial paper, corporate notes, asset backed securities and certificates of deposit. Should an issuing entity default on its obligation to the Fund and such entity is not backed by the full faith and credit of the U.S. government, the Fund bears the risk of loss of the amount expected to be received. The Fund minimizes this risk by only investing in securities and certificates of deposit of firms with high quality debt ratings.

Significant Accounting Estimates

A summary of the Fund’s significant accounting policies are included in Note 1 to the Financial Statements.

The Fund’s most significant accounting policy is the valuation of its assets invested in U.S. and foreign futures and forward currency contracts, and fixed income investments. The Fund’s futures contracts are exchange-traded, with the fair value of these contracts based on exchange settlement prices. The fair values of non-exchange-traded contracts, such as forward currency contracts, are based on third-party quoted dealer values on the interbank market. The fair value of money market funds is based quoted market prices for identical shares. U.S. Treasury securities, which are stated at fair value based on quoted market prices for identical assets in an active market. Notes of U.S. and foreign government sponsored enterprises, as well as certificates of deposit commercial paper, asset backed securities and corporate notes, are stated at fair value based on quoted market prices for similar assets in an active market. Given the valuation sources, there is little judgment or uncertainty involved in the valuation of these assets, and it is unlikely that materially different amounts would be reported under different valuation methodologies or assumptions.

Contractual Obligations

The Fund does not have any contractual obligations of the type contemplated by Item 303(a)(5) of Regulation S-K. The Fund’s sole business is trading futures and forward currency contracts, both long (contracts to buy) and short (contracts to sell).

Item 3. Quantitative and Qualitative Disclosures about Market Risk

A smaller reporting company is not required to provide the information under this item.

Item 4: Controls and Procedures

The General Partner of the Fund, with the participation of the Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the design and operation of the Fund’s disclosure controls and procedures at September 30, 2014 (the “Evaluation Date”). Based on their evaluation, the Chief Executive Officer and Chief Financial Officer of the General Partner concluded that, as of the Evaluation Date, the Fund’s disclosure controls and procedures were effective.

There has been no change in internal control over financial reporting that occurred during the period ended September 30, 2014 that has materially affected, or is reasonably likely to materially affect, the Fund’s internal control over financial reporting.

Part II: Other Information

Item 1. Legal Proceedings.

None.

Item 1A. Risk Factors.

A smaller reporting company is not required to provide the information under this item.

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

There were no sales of unregistered securities of the Fund during the nine months ended September 30, 2014. Under the Partnership Agreement, redemptions may be made by a limited partner as of the close of business day each Tuesday at the net asset value of the redeemed Units (or portion thereof) on that day. Redemptions of Units during the three months ended September 30, 2014 were as follows:

	July		August		September		Total
A Units
Units redeemed		3,437.9684		4,399.7932		2,657.2284		10,494.9900
Average net asset value per Unit	$	67.54	$	67.02	$	68.19	$	67.49
B Units
Units redeemed		5,119.1695		3,152.0044		2,808.5849		11,079.7588
Average net asset value per Unit	$	78.14	$	77.50	$	79.13	$	78.21
C Units
Units redeemed		1,656.2724		—		519.1599		2,175.4323
Average net asset value per Unit	$	87.65	$	—	$	89.56	$	88.11
I Units
Units redeemed		4,892.2656		2,012.7185		2,439.5256		9,344.5097
Average net asset value per Unit	$	91.76	$	91.91	$	93.29	$	92.19

Item 3. Defaults Upon Senior Securities

Not applicable.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

None.

Item 6. Exhibits

The following exhibits are filed herewith or incorporated by reference.

Exhibit No.	Description of Exhibit
1.1(a)	Form of Selling Agreement
4.1(d)	Fourth Amended and Restated Limited Partnership Agreement
9.1(c)	Delaware Amended and Restated Certificate of Limited Partnership
10.1(d)	Form of Subscription Agreement
10.5(b)	Third Amended and Restated Trading Advisory Agreement with Aspect Capital Ltd.
10.6(b)	Trading Advisory Agreement with Estlander & Partners Ltd.
10.7(b)	Trading Advisory Agreement with Blackwater Capital Management, L.L.C.
10.8(e)	Trading Advisory Agreement with Quantitative Investment Management, LLC
10.9(f)	Trading Advisory Agreement with Winton Capital Management, Ltd.
10.10(g)	Trading Advisory Agreements with Fort Investment Management, LP and Quantica Capital AG
31.01	Certification of Chief Executive Officer of the General Partner in accordance with Section 302 of the Sarbanes-Oxley Act of 2002
31.02	Certification of Chief Financial Officer of the General Partner in accordance with Section 302 of the Sarbanes-Oxley Act of 2002
32.01	Certification of Chief Executive Officer of the General Partner in accordance with Section 906 of the Sarbanes-Oxley Act of 2002
32.02	Certification of Chief Financial Officer of the General Partner in accordance with Section 906 of the Sarbanes-Oxley Act of 2002

(a) Previously filed as an exhibit to Pre-Effective Amendment No. 3 to the Registration Statement on Form S-1 (SEC File No.: 333-148049) on May 23, 2008, and incorporated herein by reference. (b) Previously filed as an exhibit to Post-Effective Amendment No. 3 to the Registration Statement on form S-1 (SEC File No.: 333-148049) on April 19, 2011, and incorporated herein by reference. (c) Previously filed on May 3, 2011 with Form 8-K (File No. 000-53453), and incorporated herein by reference. (d) Previously filed on August 15, 2011 as an exhibit to the Post-Effective Amendment No. 1 to the Registration Statement on Form S-1 (Reg. No. 333-175052), and incorporated herein by reference. (e) Previously filed on March 28, 2013 as an exhibit to Form 10-K (File No. 000-53453), and incorporated herein by reference. (f) Previously filed on March 28, 2014 as an exhibit to Form 10-K (File No. 000-53453), and incorporated herein by reference. (g) Prreviously filed on Registration Statement on Form S-1 (SEC File No.: 333-198439) on August 28, 2014, and incorporated herein by reference.

SIGNATURES

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

Date: November 13, 2014	SENECA GLOBAL FUND, L.P.
	By:	Steben & Company, Inc.
		General Partner
	By:	/s/ Kenneth E. Steben
	Name:	Kenneth E. Steben
	Title:	President, Chief Executive Officer and Director of the General Partner
		(Principal Executive Officer)
	By:	/s/ Carl A. Serger
	Name:	Carl A. Serger
	Title:	Chief Financial Officer and Director of the General Partner
		(Principal Financial and Accounting Officer)

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