SENECA GLOBAL FUND, L.P. - FORM 10-Q

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EXCEL - IDEA: XBRL DOCUMENT - SENECA GLOBAL FUND, L.P.	Financial_Report.xls
EX-31.02 - CERTIFICATION OF CHIEF FINANCIAL OFFICER OF THE GENERAL PARTNER - SENECA GLOBAL FUND, L.P.	ex31-02.htm
EX-32.02 - CERTIFICATION OF CHIEF FINANCIAL OFFICER OF THE GENERAL PARTNER - SENECA GLOBAL FUND, L.P.	ex32-02.htm
EX-32.01 - CERTIFICATION OF CHIEF EXECUTIVE OFFICER OF THE GENERAL PARTNER - SENECA GLOBAL FUND, L.P.	ex32-01.htm
EX-31.01 - CERTIFICATION OF CHIEF EXECUTIVE OFFICER OF THE GENERAL PARTNER - SENECA GLOBAL FUND, L.P.	ex31-01.htm

UNITED STATES
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 March 31, 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

March 31, 2015 (Unaudited) and December 31, 2014 (Audited)

	March 31, 2015		December 31, 2014
Assets
Equity in broker trading accounts
Cash	$	4,823,603	$	5,200,629
Net unrealized gain (loss) on open futures contracts		518,113		865,785
Net unrealized gain (loss) on open forward currency contracts		1,039		(74,851	)
Total equity in broker trading accounts		5,342,755		5,991,563
Cash and cash equivalents		3,980,474		3,479,863
Investments in securities, at fair value		14,403,580		14,902,985
Total assets	$	23,726,809	$	24,374,411

Liabilities and Partners’ Capital (Net Asset Value)
Liabilities
Trading Advisor management fee payable	$	35,021	$	33,513
Trading Advisor incentive fees payable		228,993		425,408
Commissions and other trading fees payable on open contracts		3,604		3,041
Cash Manager fees payable		4,793		4,976
General Partner fee payable		27,543		28,103
Selling Agent fees payable – General Partner		16,438		16,781
Administrative expenses payable – General Partner		18,058		18,422
Offering expenses payable – General Partner		12,075		12,550
Broker dealer custodial fee payable – General Partner		1,569		1,824
Broker dealer servicing fee payable – General Partner		1,727		1,768
Redemptions payable		106,205		442,664
Subscriptions received in advance		14,068		96,868
Total liabilities		470,094		1,085,918
Partners’ Capital (Net Asset Value)
General Partner Units – 7,460.6309 units outstanding at
March 31, 2015 and December 31, 2014		873,716		836,215
Series A Units – 129,479.2264 and 141,154.3626 units outstanding
at March 31, 2015 and December 31, 2014, respectively		9,577,151		10,103,311
Series B Units – 47,974.8123 and 54,209.8546 units outstanding
at March 31, 2015 and December 31, 2014, respectively		4,155,058		4,525,734
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

March 31, 2015

(Unaudited)

				Description				Fair Value		% of Partners' Capital (Net Asset Value)
INVESTMENTS IN SECURITIES
U.S. Treasury Securities
Face Value		Maturity Date		Name	Yield¹
$	1,600,000		4/30/15	U.S. Treasury Note		0.13	%	$	1,600,590		6.88	%
	750,000		5/31/15	U.S. Treasury Note		0.25	%		750,687		3.23	%
	525,000		7/15/15	U.S. Treasury Note		0.25	%		525,543		2.27	%
	100,000		8/31/15	U.S. Treasury Note		0.38	%		100,146		0.43	%
	50,000		11/15/15	U.S. Treasury Note		0.38	%		50,123		0.22	%
	500,000		11/30/15	U.S. Treasury Note		1.38	%		506,171		2.18	%
	500,000		1/15/16	U.S. Treasury Note		0.38	%		500,902		2.15	%
	200,000		2/29/16	U.S. Treasury Note		0.25	%		200,028		0.86	%
	1,000,000		3/15/16	U.S. Treasury Note		0.38	%		1,001,189		4.30	%
	500,000		3/31/16	U.S. Treasury Note		0.38	%		500,474		2.15	%
	500,000		3/31/16	U.S. Treasury Note		2.38	%		510,306		2.19	%
	500,000		4/15/16	U.S. Treasury Note		0.25	%		500,303		2.15	%
	250,000		7/31/16	U.S. Treasury Note		1.50	%		254,274		1.09	%
Total U.S. Treasury securities (cost: $7,006,830)									7,000,736		30.10	%

U.S. Commercial Paper
Face Value			Maturity Date	Name		Yield¹
Banks and Diversified Financial Services
$	230,000		4/7/15	DCAT, LLC		0.26	%		229,990		0.99	%
	250,000		6/15/15	Mitsubishi UFJ Trust & Banking Corp. (USA)		0.24	%		249,875		1.07	%
	150,000		5/11/15	MUFG Union Bank, NA		0.17	%		149,972		0.65	%
Beverages
	250,000		4/22/15	Bacardi USA, Inc.		0.49	%		249,929		1.07	%
Energy
	250,000		4/14/15	Motiva Enterprises LLC		0.56	%		249,949		1.07	%
Non-profit
	150,000		6/9/15	Salvation Army National Corporation		0.15	%		149,957		0.65	%
Total U.S. commercial paper (cost: $1,279,538)									1,279,672		5.50	%

Foreign Commercial Paper
Face Value			Maturity Date	Name		Yield¹
Banks
$	250,000		4/13/15	Sumitomo Mitsui Bank		0.24	%		249,980		1.07	%
Total foreign commercial paper (cost: $249,850)									249,980		1.07	%
Total commercial paper (cost: $1,529,388)									1,529,652		6.57	%

U.S. Corporate Notes
	Face Value		Maturity Date	Name		Yield¹
Aerospace
$	200,000		12/15/16	Rockwell Collins, Inc.		0.62	%		200,215		0.86	%
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)

March 31, 2015

(Unaudited)

			Description				Fair Value		% of Partners' Capital (Net Asset Value)
U.S. Corporate Notes (continued)
Face Value		Maturity Date	Name	Yield¹
Banks
$	150,000	4/1/15	Bank of America		4.50	%	$	153,390		0.66	%
	150,000	3/22/16	Bank of America		1.08	%		150,686		0.65	%
	350,000	4/1/16	Citigroup Inc.		1.30	%		353,287		1.52	%
	150,000	7/22/15	Goldman Sachs Group, Inc.		0.66	%		150,219		0.65	%
	200,000	2/26/16	JPMorgan Chase & Co.		0.88	%		200,686		0.86	%
	100,000	10/15/15	Morgan Stanley		0.73	%		100,245		0.43	%
	100,000	4/29/16	Morgan Stanley		3.80	%		104,594		0.45	%
	275,000	2/9/18	MUFG Americas Holdings Corporation		0.83	%		276,064		1.19	%
Beverages
	175,000	1/27/17	Anheuser-Busch Inbev Finance Inc.		1.13	%		176,061		0.76	%
	Energy
	150,000	12/1/17	Kinder Morgan, Inc.		2.00	%		150,808		0.65	%
	150,000	2/1/16	ONEOK Partners, LP		3.25	%		152,700		0.66	%
	250,000	7/15/16	Pioneer Natural Resources Company		5.88	%		266,851		1.15	%
Healthcare
	170,000	9/26/16	Ventas Realty, LP		1.55	%		170,887		0.73	%
	225,000	4/1/18	Zimmer Holdings, Inc.		2.00	%		226,788		0.98	%
Insurance
	100,000	10/18/16	American International Group, Inc.		5.60	%		109,176		0.47	%
	200,000	9/30/15	Jackson National Life Global Funding		0.62	%		200,261		0.86	%
Manufacturing
	345,000	3/3/17	Caterpillar Financial Services Corporation		0.49	%		344,757		1.47	%
Media
	100,000	4/30/15	NBCUniversal Media, LLC		3.65	%		101,807		0.44	%
	100,000	4/15/16	NBCUniversal Media, LLC		0.79	%		100,077		0.43	%
Telecommunications
	75,000	9/15/16	Verizon Communications Inc.		1.80	%		76,421		0.33	%
Total U.S. corporate notes (cost: $4,474,479)								4,468,651		19.21	%

Foreign Corporate Notes
Face Value		Maturity Date	Name		Yield¹
Banks
$	150,000	9/25/15	ING Bank NV		2.00	%		150,550		0.66	%
Energy
	200,000	5/9/16	CNOOC Finance (2013) Limited		1.13	%		200,482		0.86	%
	200,000	6/2/17	Enbridge Inc.		0.71	%		197,679		0.85	%
Pharmaceutical
	210,000	3/12/18	Actavis Funding SCS		1.35	%		212,635		0.91	%
Transportation
	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)

March 31, 2015

(Unaudited)

			Description				Fair Value			% of Partners' Capital (Net Asset Value)
Asset Backed Securities
Face Value		Maturity Date	Name	Yield¹
Automotive
$	30,118	10/20/16	Ally Auto Receivables Trust 2014-SN1		0.52	%	$	30,106			0.13	%
	50,000	6/20/17	Capital Auto Receivables Asset Trust 2013-1		0.79	%		50,049			0.22	%
	20,000	7/20/17	Capital Auto Receivables Asset Trust 2015-1		0.60	%		19,979			0.09	%
	15,000	4/16/18	Santander Drive Auto Receivables Trust 2014-5		0.57	%		14,990			0.06	%
Credit Card
	50,000	1/15/20	BA Credit Card Trust		0.46	%		49,972			0.21	%
	100,000	10/16/17	Chase Issuance Trust		0.32	%		99,944			0.43	%
Other
	50,000	7/20/19	GE Dealer Floorplan Master Note		0.56	%		49,866			0.21	%
	55,000	8/15/17	Volvo Financial Equip LLC Series 2012-1		1.51	%		55,170			0.24	%
Student Loan
	72,031	8/15/23	SLM Private Educ Loan Trust 2012-C		1.27	%		72,264			0.31	%
Total asset backed securities (cost: $442,895)								442,340			1.90	%

Total investments in securities (cost: $14,417,836)							$	14,403,580			61.92	%


Long U.S. Futures Contracts
			Agricultural commodities				$	(14,144	)		(0.06	)%
			Currencies					(2,145	)		(0.01	)%
			Energy					(6,164	)		(0.03	)%
			Equity indices					4,661			0.02	%
			Interest rate instruments²					243,265			1.05	%
			Metals					8,629			0.04	%
Net unrealized gain (loss) on open long U.S. futures contracts								234,102			1.01	%

Short U.S. Futures Contracts
			Agricultural commodities					51,011			0.22	%
			Currencies					24,661			0.11	%
			Energy					70,687			0.30	%
			Equity indices					(4,129	)		(0.02	)%
			Interest rate instruments					(11,804	)		(0.05	)%
			Metals					(74,999	)		(0.32	)%
Net unrealized gain (loss) on open short U.S. futures contracts								55,427			0.24	%

Total U.S. futures contracts - net unrealized gain (loss) on open U.S. futures contracts								289,529			1.25	%

Long Foreign Futures Contracts
			Agricultural commodities					(5,201	)		(0.02	)%
			Equity indices					43,727			0.19	%
			Interest rate instruments					215,190			0.92	%
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 Global Fund, L.P.

Condensed Schedule of Investments (continued)

March 31, 2015

(Unaudited)

	Description	Fair Value			% of Partners' Capital (Net Asset Value)
Short Foreign Futures Contracts
	Equity indices	$	97			0.00	%
	Interest rate instruments		(25,229	)		(0.11	)%
Net unrealized gain (loss) on open short foreign futures contracts			(25,132	)		(0.11	)%

Total foreign futures contracts - net unrealized gain (loss) on open foreign futures contracts			228,584			0.98	%

Net unrealized gain (loss) on open futures contracts		$	518,113			2.23	%


OPEN FORWARD CURRENCY CONTRACTS
Foreign Forward Currency Contracts
	Long	$	(8,022	)		(0.03	)%
	Short		9,061			0.03	%
Net unrealized gain (loss) on open foreign forward currency contracts			1,039			0.00	%

Net unrealized gain (loss) on open forward currency contracts		$	1,039			0.00	%

¹Represents the annualized yield at date of purchase for discount securities or the stated coupon rate for coupon-bearing securities.

²No 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, 2014

(Audited)

			Description				Fair Value		% of Partners' Capital (Net Asset Value)
INVESTMENTS IN SECURITIES
U.S. Treasury Securities
Face Value		Maturity Date	Name	Yield¹
$	1,250,000	1/31/15	U.S. Treasury Note		0.25	%	$	1,251,454		5.37	%
	700,000	3/31/15	U.S. Treasury Note		2.50	%		708,545		3.04	%
	1,600,000	4/30/15	U.S. Treasury Note		0.13	%		1,600,717		6.88	%
	750,000	5/31/15	U.S. Treasury Note		0.25	%		750,634		3.22	%
	525,000	7/15/15	U.S. Treasury Note		0.25	%		525,953		2.26	%
	100,000	8/31/15	U.S. Treasury Note		0.38	%		100,248		0.43	%
	50,000	11/15/15	U.S. Treasury Note		0.38	%		50,071		0.22	%
	500,000	11/30/15	U.S. Treasury Note		1.38	%		505,604		2.17	%
	500,000	1/15/16	U.S. Treasury Note		0.38	%		501,179		2.15	%
	500,000	3/15/16	U.S. Treasury Note		0.38	%		500,598		2.15	%
	500,000	3/31/16	U.S. Treasury Note		0.38	%		500,401		2.15	%
	500,000	4/15/16	U.S. Treasury Note		0.25	%		499,487		2.14	%
Total U.S. Treasury securities (cost: $7,514,195)								7,494,891		32.18	%

U.S. Commercial Paper
Face Value		Maturity Date	Name		Yield¹
Banks and Diversified Financial Services
$	150,000	1/23/15	Credit Suisse (USA), Inc.		0.18	%		149,984		0.65	%
	230,000	2/2/15	DCAT, LLC		0.26	%		229,947		0.99	%
	250,000	1/13/15	Liberty Street Funding LLC		0.17	%		249,986		1.07	%
	150,000	1/20/15	Rabobank USA Financial Corporation		0.12	%		149,991		0.65	%
Energy
	250,000	1/8/15	Apache Corporation		0.40	%		249,981		1.07	%
	250,000	1/9/15	ONEOK Partners, L.P.		0.43	%		249,976		1.07	%
Total U.S. commercial paper (cost: $1,279,560)								1,279,865		5.50	%

Foreign Commercial Paper
Face Value		Maturity Date	Name		Yield¹
Banks
$	250,000	1/30/15	Bank of Tokyo-Mitsubishi UFJ, Ltd.		0.17	%		249,966		1.07	%
Total foreign commercial paper (cost: $249,947)								249,966		1.07	%
Total commercial paper (cost: $1,529,507)								1,529,831		6.57	%

U.S. Corporate Notes
Face Value		Maturity Date	Name		Yield¹
Aerospace
$	200,000	12/15/16	Rockwell Collins, Inc.		0.59	%		200,316		0.86	%
Automotive
	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, 2014

(Audited)

			Description			Fair Value		% of Partners' Capital (Net Asset Value)
U.S. Corporate Notes (continued)
	Face Value	Maturity Date	Name	Yield¹
Banks
$	150,000	4/1/15	Bank of America Corporation	4.50	%	$	153,116		0.66	%
	150,000	3/22/16	Bank of America Corporation	1.07	%		150,869		0.65	%
	350,000	4/1/16	Citigroup Inc.	1.30	%		351,918		1.51	%
	150,000	7/22/15	Goldman Sachs Group, Inc.	0.63	%		150,202		0.64	%
	200,000	2/26/16	JPMorgan Chase & Co.	0.85	%		201,031		0.86	%
	100,000	10/15/15	Morgan Stanley	0.71	%		100,234		0.43	%
	100,000	4/29/16	Morgan Stanley	3.80	%		104,182		0.45	%
Beverages
	275,000	1/27/17	Anheuser-Busch Inbev Finance Inc.	1.13	%		276,915		1.18	%
Biomedical
	220,000	2/1/17	Thermo Fisher Scientific Inc.	1.30	%		220,111		0.95	%
Energy
	150,000	12/1/17	Kinder Morgan, Inc.	2.00	%		149,573		0.64	%
	150,000	2/1/16	ONEOK Partners, L.P.	3.25	%		155,208		0.67	%
	250,000	7/15/16	Pioneer Natural Resources Company	5.88	%		270,523		1.16	%
Healthcare
	100,000	6/15/16	Becton, Dickinson and Company	0.69	%		100,043		0.43	%
	230,000	9/26/16	Ventas Realty, Limited Partnership	1.55	%		231,845		1.00	%
Insurance
	100,000	10/18/16	American International Group, Inc.	5.60	%		108,444		0.47	%
	200,000	9/30/15	Jackson National Life Global Funding	0.61	%		200,294		0.86	%
Manufacturing
	345,000	3/3/17	Caterpillar Financial Services Corporation	0.46	%		344,612		1.48	%
	275,000	10/9/15	General Electric Company	0.85	%		275,915		1.17	%
Media
	100,000	4/30/15	NBCUniversal Media, LLC	3.65	%		101,658		0.44	%
	100,000	4/15/16	NBCUniversal Media, LLC	0.77	%		100,036		0.43	%
Telecommunications
	175,000	9/15/16	Verizon Communications Inc.	1.77	%		178,979		0.77	%
Total U.S. corporate notes (cost: $4,342,045)							4,327,524		18.58	%

Foreign Corporate Notes
Face Value		Maturity Date	Name	Yield¹
Banks
$	200,000	9/25/15	ING Bank N.V.	1.89	%		201,812		0.88	%
	150,000	9/25/15	ING Bank N.V.	2.00	%		152,117		0.65	%
Energy
	200,000	5/9/16	CNOOC Finance (2013) Limited	1.13	%		199,587		0.86	%
	200,000	6/2/17	Enbridge Inc.	0.68	%		198,774		0.85	%
Telecommunications
	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, 2014

(Audited)

			Description				Fair Value			% of Partners' Capital (Net Asset Value)
Foreign Corporate Notes (continued)
Face Value		Maturity Date	Name	Yield¹
Transportation
$	200,000	10/28/16	Kansas City Southern de Mexico, S.A. de C.V.		0.93	%	$	200,797			0.86	%
Total foreign corporate notes (cost: $1,115,180)								1,105,344			4.75	%
Total corporate notes (cost: $5,457,225)								5,432,868			23.33	%

Asset Backed Securities
Face Value		Maturity Date	Name		Yield¹
Automotive
$	39,789	10/20/16	Ally Auto Receivables Trust 2014-SN1		0.52	%		39,793			0.17	%
	50,000	6/20/17	Capital Auto Receivables Asset Trust 2013-1		0.79	%		50,028			0.21	%
	15,000	4/16/18	Santander Drive Auto Receivables Trust 2014-5		0.56	%		15,004			0.06	%
Credit Card
	50,000	1/15/20	BA Credit Card Trust		0.45	%		49,949			0.21	%
	100,000	10/16/17	Chase Issuance Trust		0.31	%		99,910			0.44	%
Other
	50,000	7/20/19	GE Dealer Floorplan Master Note		0.55	%		49,911			0.21	%
	55,000	8/15/17	Volvo Financial Equip LLC Series 2012-1		1.51	%		55,273			0.24	%
Student Loan
	85,218	8/15/23	SLM Private Educ Loan Trust 2012-C		1.26	%		85,527			0.37	%
Total asset backed securities (cost: $445,962)								445,395			1.91	%

Total investments in securities (cost: $14,946,889)							$	14,902,985			63.99	%

OPEN FUTURES CONTRACTS
Long U.S. Futures Contracts
			Agricultural commodities				$	(11,462	)		(0.05	)%
			Currencies					(7,530	)		(0.03	)%
			Energy					(51,681	)		(0.22	)%
			Equity indices					97,975			0.42	%
			Interest rate instruments					(4,299	)		(0.02	)%
			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, 2014

(Audited)

	Description	Fair Value			% of Partners' Capital (Net Asset Value)
Short U.S. Futures Contracts
	Agricultural commodities	$	17,616			0.08	%
	Currencies		144,438			0.62	%
	Energy²		240,451			1.02	%
	Equity indices		(21,599	)		(0.09	)%
	Interest rate instruments		(3,428	)		(0.01	)%
	Metals		54,383			0.23	%
Net unrealized gain (loss) on open short U.S. futures contracts			431,861			1.85	%

Total U.S. futures contracts - net unrealized gain (loss) on open U.S. futures contracts			408,365			1.75	%

Long Foreign Futures Contracts
	Agricultural commodities		639			0.00	%
	Equity indices		52,394			0.22	%
	Interest rate instruments²		440,422			1.90	%
Net unrealized gain (loss) on open long foreign futures contracts			493,455			2.12	%

Short Foreign Futures Contracts
	Equity indices		7,583			0.03	%
	Interest rate instruments		(43,618	)		(0.18	)%
Net unrealized gain (loss) on open short foreign futures contracts			(36,035	)		(0.15	)%

Total foreign futures contracts - net unrealized gain (loss) on open foreign futures contracts			457,420			1.97	%

Net unrealized gain (loss) on open futures contracts		$	865,785			3.72	%


OPEN FORWARD CURRENCY CONTRACTS
U.S. Forward Currency Contracts
	Long	$	(108	)		(0.00	)%
	Short		106			0.00	%
Net unrealized gain (loss) on open U.S. forward currency contracts			(2	)		(0.00	)%

Foreign Forward Currency Contracts
	Long		29,476			0.13	%
	Short		(104,325	)		(0.45	)%
Net unrealized gain (loss) on open foreign forward currency contracts			(74,849	)		(0.32	)%

Net unrealized gain (loss) on open forward currency contracts		$	(74,851	)		(0.32	)%

¹Represents the annualized yield at date of purchase for discount securities or the stated coupon rate for coupon-bearing securities.

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

Seneca Global Fund, L.P.

Statements of Operations

For the Three Months Ended March 31, 2015 and 2014

(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	)

	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

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

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

Seneca Global Fund, L.P.

Statements of Cash Flows

For the Three Months Ended March 31, 2015 and 2014

(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

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

Seneca Global Fund, L.P.

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

For the Three Months Ended March 31, 2015 and 2014

(Unaudited)

	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

	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

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

Seneca Global Fund, L.P.

Notes to Financial Statements

(Unaudited)

Organization and Summary of Significant Accounting Policies

Description of the Fund

Seneca 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.

The Fund uses multiple commodity trading advisors to engage in the 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, but 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 to a broad and diversified range of global market sectors including equity indices, currencies, interest rate instruments, energy, metals and agricultural commodities.

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 selling agent commissions, broker 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 (“FINRA”) members (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.

The Fund is a registrant with the 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 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 (“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.

Significant Accounting Policies

Accounting Principles

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

Use of Estimates

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

Revenue Recognition

Futures, 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 gains and 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 operations. Unrealized 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.

Fair Value of Financial Instruments

Financial instruments 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:

§ 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, 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.

In 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.

The Fund assesses the classification of the instruments at each measurement 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.

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

The investment in money market fund, included in cash and cash equivalents in the statements of financial condition, and futures contracts, all of which are exchange-traded, are valued using quoted market prices for identical assets and are classified within Level 1. The fair values of forward currency contracts are based upon third-party quoted dealer values on the interbank market and are classified within Level 2.

U.S. Treasury securities are recorded at fair value based on bid and 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.

Cash and Cash Equivalents

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. 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.

Brokerage Commissions and Trading Expenses

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

Redemptions Payable

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.

Income Taxes

The Fund prepares calendar year U.S. and applicable state 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, expenses and trading gains or losses. The Fund evaluates the tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether the tax positions are more-likely-than-not to be sustained when examined by the applicable tax authority. 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 March 31, 2015. 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 Currency Transactions

The Fund has certain investments denominated in foreign currencies. The purchase 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.

Reclassification

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

Fair Value Disclosures

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:

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

*See the condensed schedule of investments for further description.

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

*See the condensed schedule of investments for further description.

There were no Level 3 holdings at March 31, 2015 and December 31, 2014 or during the periods then ended.

In addition to the financial instruments listed above, substantially all 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.

Derivative Instruments Disclosures

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:

	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

The Fund’s financial assets, derivative assets, and cash collateral held by counterparties at March 31, 2015 were:

			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

*formerly Newedge UK Financial Ltd

**formerly Newedge USA, LLC

At March 31, 2015, there were 1,423 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	)

For the three months ended March 31, 2015 the number of futures contracts closed were 3,903 and the number of forward currency contracts closed were 107.

At December 31, 2014, the Fund’s derivative contracts had the following impact on the statements of financial condition:

	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	)

At December 31, 2014, there were 1,210 open futures contracts and 54 open forward currency contracts.

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

				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

*formerly Newedge UK Financial Ltd

**formerly Newedge USA, LLC

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

	Three Months Ended March 31, 2014
Types of Exposure	Net realized gain (loss)			Net change in unrealized gain (loss)
Futures contracts
Agricultural commodities	$	472,933		$	105,900
Currencies		(83,487	)		(245,158	)
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	)

For the three months ended March 31, 2014, the number of futures contracts closed was 7,316 and the number of forward currency contracts closed was 124.

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.

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.

The General Partner earns the following compensation:

General Partner Fee – each Series of Units, other than General Partner Units, incurs a monthly fee equal to 1/12^th 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.

Selling Agent Fees – the General Partner charges Series A Units a monthly fee equal to 1/12^th of 2% of the outstanding Series A Units’ month-end net asset value, prorated for partial months and adjusted for weekly subscriptions and redemptions, and 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, the General Partner pays the selling agents a monthly fee in arrears equal to 1/12^th 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.

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.

	§	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 1/12^th 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.

Trading Advisors and Cash Managers

Trading advisor management fees range from 0% to 1.5% per annum of each trading advisors’ 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 Fund has engaged J.P. Morgan Investment Management, Inc. and Principal Global Investors, LLC (collectively, the “Cash Managers”) to provide cash management services to the Fund. The Fund incurs monthly fees, payable in arrears to the Cash Managers, equal to approximately 1/12^th of 0.13% of the investments in securities and certificates of deposit.

Deposits with Brokers

To meet margin requirements, the Fund deposits funds with its brokers, subject to CFTC regulations and various exchange and broker requirements. The Fund earns interest income on its assets deposited with its brokers. At March 31, 2015 and December 31, 2014, the Fund had margin requirements of $2,487,147 and $2,007,712.

Administrative and Offering Expenses

The Fund reimburses the General Partner for actual monthly administrative expenses paid to various third-party service providers, including the General Partner, up to 1/12^th of 0.95% of the Fund’s month-end net asset value, prorated 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 March 31, 2015 and 2014, actual administrative expenses were $278,075 and $257,997, respectively. Such amounts are presented as administrative expenses in the statements of operations.

During the three months ended March 31, 2015 and 2014, the General Partner absorbed administrative expenses in excess of the 0.95% limitation of $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.

The Fund reimburses the General Partner for actual ongoing offering expenses, up to 1/12^th of 0.75% of the Fund’s month-end net asset value pro rata for each Series of Units except for the General Partner and Series C Units, prorated for partial months and adjusted for weekly subscriptions and redemptions and payable monthly in arrears. Actual ongoing offering expenses in excess of this limitation are absorbed by the General Partner. For the three months ended March 31, 2015 and 2014, actual offering expenses were $86,516 and $ 81,478, respectively. Such amounts are presented as offering expenses in the statements of operations.

During the three months ended March 31, 2015 and 2014, the General Partner absorbed offering expenses in excess of the 0.75% limitation of $49,100 and $29,585, 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.

Subscriptions, Distributions and Redemptions

Investments in the Fund are made by subscription agreement, subject to a minimum investment of $10,000. Subscriptions into and redemptions out of the Fund occur weekly. Each series of units will be offered to the public as of the open of business on each Wednesday at the net asset value per Unit of the relevant series at the close of the preceding business day. At March 31, 2015 and December 31, 2014, the Fund received advance subscriptions of $14,068 and $96,868, respectively, which were recognized as subscriptions to the Fund or returned, if applicable, subsequent to the end of the respective quarter.

The Fund is not required to make distributions, but may do so at the sole discretion of the General Partner. 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.

Series 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. Series B, C and I Units are not subject to the redemption fee. For the three months ended March 31, 2015 and 2014, these redemption fees were negligible.

The General Partner may require a limited partner to redeem from the Fund if the General Partner deems the redemption (a) necessary to prevent or correct the occurrence of a non-exempt prohibited transaction under the Employee Retirement Income Security Act of 1974, as amended, or the Internal Revenue Code of 1986, as amended, (b) beneficial to the Fund, or (c) necessary to comply with any applicable government or self-regulatory agency regulations. Limited partners will not be required to pay any redemption fees if such limited partners are subject to a mandatory redemption of their Units within the first year of purchase.

Trading Activities and Related Risks

The 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.

Purchase and sale of futures contracts requires margin deposits with futures brokers. Additional deposits may be necessary for any loss of contract value. The Commodity Exchange Act (“CEAct”) requires a broker to segregate all customer transactions and assets from such broker’s proprietary activities. A customer’s cash and other property (for example, U.S. Treasury securities) deposited with a broker are considered commingled with all other customer funds subject to the broker’s segregation requirements. In the event of a broker’s insolvency, recovery may be limited to a pro rata share of segregated funds available. It is possible that the recovered amount could be less than (or none of) the total cash and other property deposited. The Fund uses SG Americas Securities, LLC (formerly Newedge USA, LLC) and J. P. Morgan Securities, LLC as its futures brokers and Société Générale Newedge UK Limited (formerly Newedge UK Finance Limited) as its forward currency counterparty.

For futures contracts, risks arise from changes in the fair value of the contracts. Theoretically, the Fund is exposed to a market risk equal to the value of futures and forward contracts purchased and unlimited liability on such contracts sold short.

In 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. The counterparty for futures and options 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.

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.

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.

The General Partner has established 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 of loss only to the extent of the fair value of their respective investments and, in certain circumstances, distributions and redemptions received.

Through its investments in debt securities, the Fund has exposure to U.S. and foreign enterprises. The following table presents the exposure at March 31, 2015.

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 following table presents the exposure at December 31, 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	%

10.

Indemnifications

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.

11.

Interim Financial Statements

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.

12.

Financial Highlights

The following information presents per unit operating performance results and other supplemental financial ratios for the three months ended March 31, 2015 and 2014. 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:

	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	)%

Total 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.

⁽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 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.

⁽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.

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

The Trading Advisors

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:

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

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.

Liquidity

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

Capital Resources

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.

Results of Operations

The returns for Series A, B, C and I Units for the three months ended March 31, 2015 and 2014 were:

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

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

2015

January

In January, Europe’s economic woes continued to have a major impact on financial markets. In order to combat deflationary pressures, the European Central Bank implemented quantitative easing, committing to purchase €60 billion of government bonds per month for 19 months. This led to further depreciation of the euro and a rally in European stocks. In order to untether itself from the falling euro, the Swiss National Bank made a surprise move to de-peg the Swiss franc, which led to a dramatic 30% intraday spike in its exchange 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.

2015 began with a continuation of many of the 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.

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 Fund’s largest gains for the month came from its long stock index positions. However, trend reversals in bonds hurt the Fund’s long fixed income positions. In currencies, profits made on declines in the euro and Japanese yen were offset by losses from the rising British pound. Short exposure in energy markets also detracted from performance as oil prices staged a minor recovery. Overall, the Fund finished the month with a loss of 0.47%, 0.34%, 0.23% and 0.29% for Series A, B, C and I Units, respectively.

March

Monetary easing in Europe remained the dominant theme in financial markets in March. The European Central Bank began its bond purchases under its new quantitative easing program, designed to lower borrowing costs and stimulate 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.

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.

2014

January

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.

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

In 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.

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

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.

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.

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 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.

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 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 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.

There has been no change in internal control over financial reporting that occurred during the period ended March 31, 2015 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 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:

	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

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.
10.9^(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

^(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)

Previously 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: 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)

SENECA GLOBAL FUND, L.P. - FORM 10-Q - May 15, 2015

Attached files

SENECA GLOBAL FUND, L.P. Reports