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 ~~June~~September 30, 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 ☐

~~Yes~~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 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 ☒

Yes ☐ No ☒

Part I:

Financial Information

Item 1.

Financial Statements

Seneca Global Fund, L.P.

Statements of Financial Condition

~~June~~ September 30, 2015 (Unaudited) and December 31, 2014

	June 30, 2015			December 31, 2014
	September 30, 2015			December 31, 2014
Assets
Equity in broker trading accounts
Cash	$	4,~~919~~164,~~163~~971		$	5,200,629
Net unrealized gain (loss) on open futures contracts		~~(92~~493,~~732~~386	)		865,785
Net unrealized gain (loss) on open forward currency contracts		27(71,~~848~~664	)		(74,851	)
Total equity in broker trading accounts		4,~~854~~586,~~279~~693			5,991,563
Cash and cash equivalents		57,~~141~~214,~~973~~061			3,479,863
Investments in securities, at fair value		106,~~940~~767,~~852~~814			14,902,985
Total assets	$	2018,~~937~~568,~~104~~568		$	24,374,411
Liabilities and Partners’ Capital (Net Asset Value)
Liabilities
Trading Advisor management fee payable	$	3828,~~963~~241		$	33,513
Trading Advisor incentive fees payable		—			425,408
Commissions and other trading fees payable on open contracts		23,~~863~~360			3,041
Cash Manager fees payable		63,~~346~~732			4,976
General Partner fee payable		2522,~~150~~693			28,103
Selling Agent fees payable – General Partner		1413,~~782~~320			16,781
Administrative expenses payable – General Partner		1614,~~442~~775			18,422
Offering expenses payable – General Partner		109,~~705~~303			12,550
Broker dealer custodial fee payable – General Partner		~~1,226~~764			1,824
Broker dealer servicing fee payable – General Partner		1,~~553~~423			1,768
Redemptions payable		—138,622			442,664
Subscriptions received in advance		~~225,068~~—			96,868
Total liabilities		~~343~~236,~~098~~233			1,085,918
Partners’ Capital (Net Asset Value)
General Partner Units – 7,460.6309 units outstanding at June 30, 2015 and December 31, 2014		822,957			836,215
General Partner Units – 3,685.2188 and 7,460.6309 units outstanding at September 30, 2015 and December 31, 2014		401,172			836,215
Series A Units – 126,635.0886 and 141,154.3626 units outstanding at June 30, 2015 and December 31, 2014, respectively		8,725,914			10,103,311
Series A Units – 118,708.7410 and 141,154.3626 units outstanding at September 30, 2015 and December 31, 2014, respectively		7,983,133			10,103,311
Series B Units – 39,964.7441 and 54,209.8546 units outstanding at June 30, 2015 and December 31, 2014, respectively		3,237,041			4,525,734
Series B Units – 27,435.3185 and 54,209.8546 units outstanding at September 30, 2015 and December 31, 2014, respectively		2,176,888			4,525,734
Series C Units – 32,428.8761 and 26,534.5412 units outstanding at June 30, 2015 and December 31, 2014, respectively		2,992,126			2,506,469
Series C Units – 35,708.3023 and 26,534.5412 units outstanding at September 30, 2015 and December 31, 2014, respectively		3,239,538			2,506,469
Series I Units – 50,251.2764 and 53,985.4271 units outstanding at June 30, 2015 and December 31, 2014, respectively		4,815,968			5,316,764
Series I Units – 48,186.9282 and 53,985.4271 units outstanding at September 30, 2015 and December 31, 2014, respectively		4,531,604			5,316,764
Total partners’ capital (net asset value)		2018,~~594~~332,~~006~~335			23,288,493
Total liabilities and partners’ capital (net asset value)	$	2018,~~937~~568,~~104~~568		$	24,374,411

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

Seneca Global Fund, L.P.

Condensed Schedule of Investments

~~June~~ September 30, 2015

(Unaudited)

					Description				Fair Value		% of Partners'’ Capital (Net Asset Value)
INVESTMENTS IN SECURITIES
U.S. Treasury Securities
	Face Value		Maturity Date		Name	Yield1
	$	~~525~~50,000		711/15/15	U.S. Treasury Note		0.2538	%	$	~~525~~50,~~626~~088		20.5527	%
		50,000		11/15/15	U.S. Treasury Note		0.38	%		50,075		0.24	%
		525,000		1/15/16	U.S. Treasury Note		0.38	%		525,869		2.87	%
		500,000		11/30/15	U.S. Treasury Note		1.38	%		503,278		2.44	%
	Total U.S. Treasury securities (cost: $575,771)									575,957		3.14	%
		500,000		1/15/16	U.S. Treasury Note		0.38	%		501,412		2.43	%
		200,000		2/29/16	U.S. Treasury Note		0.25	%		200,277		0.97	%
		1,000,000		3/15/16	U.S. Treasury Note		0.38	%		1,002,273		4.88	%
		500,000		3/31/16	U.S. Treasury Note		2.38	%		510,954		2.48	%
		500,000		3/31/16	U.S. Treasury Note		0.38	%		500,979		2.43	%
		500,000		4/15/16	U.S. Treasury Note		0.25	%		500,107		2.43	%
		250,000		7/31/16	U.S. Treasury Note		1.50	%		254,611		1.24	%
	Total U.S. Treasury securities (cost: $4,556,230)									4,549,592		22.09	%
U.S. Commercial Paper
	Face Value		Maturity Date	~~Maturity Date~~	Name	Yield1	~~Yield1~~
	Banks and Diversified Financial Services
	Automotive
	$	~~150~~250,000		810/323/15	~~American~~Nissan ~~Express~~Motor ~~Credit~~Acceptance Corporation		0.2137	%		~~149~~249,~~971~~943		01.7336	%
		250,000		7/22/15	Bank of Tokyo-Mitsubishi UFJ, Ltd.		0.20	%		249,971		1.21	%
	Banks and Diversified Fianancial Services
		240,000		7/20/15	DCAT, LLC		0.28	%		239,965		1.17	%
		250,000		10/22/15	The Bank of Tokyo-Mitsubishi UFJ, Ltd.		0.24	%		249,965		1.37	%
		250,000		10/7/15	DCAT, LLC		0.37	%		249,985		1.37	%
	Beverages
		250,000		10/7/8/15	Bacardi ~~U.S.A., Inc.~~Corporation		0.4745	%		249,~~977~~981		1.2136	%
	Media
	Non-profit
		250,000		711/163/15	~~CBS~~Catholic ~~Corporation~~Health Initiatives		0.4240	%		249,~~956~~908		1.2136	%
	Total U.S. commercial paper (cost: $1,139,544)									1,139,840		5.53	%
	Total U.S. commercial paper (cost: $1,249,560)									1,249,782		6.82	%
Foreign Commercial Paper
	Face Value		Maturity Date	~~Maturity Date~~	Name	Yield1	~~Yield1~~
	Banks
	Energy
	$	250,000		810/125/15	~~GDF Suez~~Engie		0.1820	%		249,~~948~~994		1.2136	%
	Total foreign commercial paper (cost: $249,910)									249,948		1.21	%
	Total foreign commercial paper (cost: $249,925)									249,994		1.36	%
	Total commercial paper (cost: $1,389,454)									1,389,788		6.74	%
	Total commercial paper (cost: $1,499,485)									1,499,776		8.18	%
U.S. Corporate Notes
	Face Value		Maturity Date	~~Maturity Date~~	Name	Yield1	~~Yield1~~
	Aerospace
	$	200,000		12/15/16	Rockwell Collins, Inc.		0.6469	%		~~200~~199,~~217~~961		01.9709	%
	Automotive
		200,000		8/11/15	American Honda Finance Corporation		1.00	%		200,938		0.98	%
		300,000		3/2/18	Daimler Finance North America LLC		0.75	%		297,301		1.63	%
		300,000		3/2/18	Daimler Finance North America LLC		0.70	%		300,650		1.46	%
		200,000		1/9/18	Ford Motor Credit Company LLC		1.22	%		199,631		1.09	%
		200,000		1/9/18	Ford Motor Credit Company LLC		1.21	%		200,560		0.97	%
	Banks
		325,000		3/22/16	Bank of America Corporation		1.1014	%		326,~~259~~100		1.5879	%
		150,000		7/22/15	Goldman Sachs Group, Inc.		0.68	%		150,197		0.73	%
		100,000		10/15/15	Morgan Stanley		0.77	%		100,177		0.55	%
		100,000		104/1529/1516	Morgan Stanley		03.7680	%		~~100~~103,~~222~~167		0.4956	%
		100,000		41/299/1617	Morgan Stanley		35.8045	%		~~102~~106,~~879~~261		0.5058	%
		275,000		2/9/18	MUFG Americas Holdings Corporation		0.88	%		275,866		1.51	%
	Energy
		150,000		12/1/17	Kinder Morgan, Inc.		2.00	%		148,831		0.81	%
		250,000		7/15/16	Pioneer Natural Resources Company		5.88	%		261,138		1.42	%

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

Seneca Global Fund, L.P.

Condensed Schedule of Investments (continued)

~~June~~ September 30, 2015

(Unaudited)

					Description				Fair Value		% of Partners'’ Capital (Net Asset Value)
U.S. Corporate Notes (continued)
	Face Value		Maturity Date		Name	Yield1
Banks (continued)
	Healthcare
	$	~~100~~250,000		1/915/1718	~~Morgan~~Anthem, ~~Stanley~~Inc.		51.4588	%	$	~~108~~251,~~584~~127		01.5337	%
		275,000		2/9/18	MUFG Americas Holdings Corporation		0.85	%		275,969		1.34	%
		250,000		1/17/17	UnitedHealth Group Incorporated		0.74	%		250,112		1.36	%
Energy
		170,000		9/26/16	Ventas Realty, Limited Partnership		1.55	%		170,303		0.93	%
		150,000		12/1/17	Kinder Morgan, Inc.		2.00	%		149,721		0.73	%
		175,000		4/1/18	Zimmer Biomet Holdings, Inc.		2.00	%		176,611		0.96	%
		250,000		7/15/16	Pioneer Natural Resources Company		5.88	%		268,998		1.31	%
	Insurance
Healthcare
		100,000		10/18/16	American International Group, Inc.		5.60	%		106,801		0.58	%
		170,000		9/26/16	Ventas Realty, Limited Partnership		1.55	%		171,425		0.83	%
	Pharmaceutical
		175,000		4/1/18	Zimmer Holdings, Inc.		2.00	%		176,035		0.85	%
		225,000		5/14/18	AbbVie Inc.		1.80	%		226,139		1.23	%
Insurance
	Telecommunications
		100,000		10/18/16	American International Group, Inc.		5.60	%		107,061		0.52	%
		75,000		9/15/16	Verizon Communications, Inc.		1.87	%		75,790		0.41	%
		200,000		6/9/~~30/15~~17	~~Jackson~~Verizon ~~National~~Communications, ~~Life Global Funding~~Inc.		0.6373	%		~~200~~199,~~118~~590		01.9709	%
Media
	Total U.S. corporate notes (cost: $3,492,562)									3,474,906		18.96	%
		100,000		4/15/16	NBCUniversal Media, LLC		0.81	%		100,104		0.49	%
Pharmaceutical
		225,000		5/14/18	AbbVie Inc.		1.80	%		225,088		1.09	%
Telecommunications
		75,000		9/15/16	Verizon Communications, Inc.		1.82	%		76,156		0.37	%
		200,000		6/9/17	Verizon Communications, Inc.		0.68	%		199,883		0.97	%
Total U.S. corporate notes (cost: $3,641,333)										3,641,064		17.68	%
Foreign Corporate Notes
	Face Value	~~Face Value~~	Maturity Date	~~Maturity Date~~	Name	Yield1	~~Yield1~~
~~Banks~~	Banks
	$	~~150~~250,000		96/251/1517	~~ING~~UBS ~~Bank N.V.~~AG		20.0088	%		~~151~~249,~~088~~984		01.7437	%
		250,000		6/1/17	UBS AG		0.84	%		249,776		1.21	%
	Energy
Energy
		200,000		5/9/16	CNOOC Finance (2013) Limited		1.13	%		200,712		1.09	%
		200,000		5/9/16	CNOOC Finance (2013) Limited		1.13	%		199,925		0.97	%
	Pharmaceutical
Pharmaceutical
		210,000		3/12/18	Actavis Funding SCS		1.42	%		209,174		1.14	%
		210,000		3/12/18	Actavis Funding SCS		1.37	%		210,950		1.02	%
	Transportation
Transportation
		200,000		10/28/16	Kansas City Southern de Mexico, SA de CV		0.99	%		199,459		1.09	%
		200,000		10/28/16	Kansas City Southern de Mexico, SA de CV		0.98	%		199,968		0.97	%
	Total foreign corporate notes (cost: $861,509)									859,329		4.69	%
Total foreign corporate notes (cost: $1,014,244)										1,011,707		4.91	%
	Total corporate notes (cost: $4,354,071)									4,334,235		23.65	%
Total corporate notes (cost: $4,655,577)										4,652,771		22.59	%
Asset Backed Securities
	Face Value	~~Face Value~~	Maturity Date	~~Maturity Date~~	Name	Yield1	~~Yield1~~
~~Automotive~~	Automotive
	$	188,~~740~~003		10/20/16	Ally Auto Receivables Trust 2014-SN1		0.52	%		188,~~737~~001		0.0904	%
		36,515		6/20/17	Capital Auto Receivables Asset Tr 2013-1		0.79	%		36,545		0.18	%
		18,619		6/20/17	Capital Auto Receivables Asset Trust 2013-1		0.79	%		18,624		0.10	%
		20,000		7/20/17	Capital Auto Receivables Asset Tr 2015-1		0.61	%		19,980		0.10	%
		25,000		10/20/17	Capital Auto Receivables Asset Trust 2015-2		0.62	%		24,965		0.14	%
		25,000		10/20/17	Capital Auto Receivables Asset Trust 2015-2		0.59	%		24,958		0.12	%
		20,000		7/20/17	Capital Auto Receivables Asset Trust 2015-1		0.64	%		19,985		0.11	%
		47,402		8/15/18	Nissan Auto Receivables 2013-C Owner Trust		0.67	%		47,384		0.23	%
		45,000		9/15/17	Ford Credit Auto Lease Trust 2014-B		0.89	%		45,002		0.25	%
		12,185		4/16/18	Santander Drive Auto Receivables Trust 2014-5		0.59	%		12,178		0.06	%
		50,000		7/20/19	GE Dealer Floorplan Master Note		0.60	%		49,783		0.27	%
		38,722		8/15/18	Nissan Auto Receivables 2013-C Owner Trust		0.67	%		38,691		0.21	%
		8,580		4/16/18	Santander Drive Auto Receivables Trust 2014-5		0.61	%		8,579		0.05	%
		50,000		10/22/18	Volkswagen Auto Loan Enhanced Trust 2014-1		0.91	%		49,756		0.27	%
	Credit Card
		50,000		1/15/20	BA Credit Card Trust		0.50	%		49,918		0.27	%

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

Seneca Global Fund, L.P.

Condensed Schedule of Investments (continued)

~~June~~ September 30, 2015

(Unaudited)

					Description				Fair Value			% of Partners'’ Capital (Net Asset Value)
Asset Backed Securities (continued)
	~~Face Value~~	Face Value	Maturity Date		Name	Yield1
	Credit Card
	Student Loan
	$	5044,~~000~~426		18/15/2023	BASLM ~~Credit~~Private ~~Card~~Ed Loan Trust 2012-C		01.4731	%	$	4944,~~978~~542			0.24	%
	Other
	Total asset backed securities (cost: $358,472)									357,846			1.95	%
		50,000		7/20/19	GE Dealer Floorplan Master Note		0.57	%		49,805			0.24	%
	Total investments in securities (cost: $6,787,799)								$	6,767,814			36.92	%
		31,195		8/15/17	Volvo Finl Equip LLC Series 2012-1		1.51	%		31,238			0.15	%
	Student Loans
		57,669		8/15/23	SLM Private Educ Loan Trust 2012-C		1.29	%		57,898			0.28	%
	Total asset backed securities (cost: $349,201)									348,701			1.69	%
	Total investments in securities (cost: $10,950,462)								$	10,940,852			53.11	%
OPEN FUTURES CONTRACTS
Long U.S. Futures Contracts
					Agricultural commodities				$	71(9,~~478~~972	)		(0.3505	)%
					Currencies					~~101~~(32,658	)		(0.0018	)%
					Energy					(313,~~233~~749	)		(0.0207	)%
					Equity indices					(8324,~~718~~114	)		(0.4113	)%
					Interest rate instruments					51,370			0.25	%
					Interest rate instruments2					307,799			1.67	%
					Metals					(3715,~~151~~852	)		(0.1809	)%
Net unrealized gain (loss) on open long U.S. futures contracts	~~Net unrealized gain (loss) on open long U.S. futures contracts~~									(1211,~~153~~454	)		(01.0115	)%
Short U.S. Futures Contracts	~~Short U.S. Futures Contracts~~
					Agricultural commodities					~~(65~~3,~~918~~596	)		(0.3101	)%
					Currencies					2521,~~461~~867			0.12	%
					Energy					1339,~~214~~483			0.0622	%
					Equity indices					812,~~057~~380			0.0407	%
					Interest rate instruments					~~(23,066~~100	)		(0.1100	)%
					Metals					56(16,~~455~~020	)		(0.2709	)%
Net unrealized gain (loss) on open short U.S. futures contracts	~~Net unrealized gain (loss) on open short U.S. futures contracts~~									1461,~~203~~406			0.0733	%
Total U.S. futures contracts - net unrealized gain (loss) on open U.S. futures contracts	~~Total U.S. futures contracts - net unrealized gain (loss) on open U.S. futures contracts~~									13272,~~050~~860			01.0648	%
Long Foreign Futures Contracts	~~Long Foreign Futures Contracts~~
					Agricultural commodities					7(1,~~554~~346	)		(0.0401	)%
					Equity indices					(~~108~~24,~~929~~737	)		(0.5313	)%
					Interest rate instruments					(1,104	)		(0.01	)%
					Interest rate instruments2					239,731			1.31	%
Net unrealized gain (loss) on open long foreign futures contracts	~~Net unrealized gain (loss) on open long foreign futures contracts~~									~~(102~~213,~~479~~648	)		(01.5017	)%
Short Foreign Futures Contracts
					Agricultural commodities					(377	)		(0.00	)%
					Equity indices					8,194			0.05	%
					Interest rate instruments					(939	)		(0.01	)%
Net unrealized gain (loss) on open short foreign futures contracts										6,878			0.04	%
Total foreign futures contracts - net unrealized gain (loss) on open foreign futures contracts										220,526			1.21	%
Net unrealized gain (loss) on open futures contracts									$	493,386			2.69	%

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

Seneca Global Fund, L.P.

Condensed Schedule of Investments (continued)

~~June~~ September 30, 2015

(Unaudited)

	Description	~~Fair Value~~	Fair Value			~~% of Partners' Capital (Net Asset Value)~~	% of Partners’ Capital (Net Asset Value)
Short Foreign Futures Contracts
	Equity indices	$	(671	)			(0.00	)%
	Interest rate instruments		(2,632	)			(0.02	)%
Net unrealized gain (loss) on open short foreign futures contracts			(3,303	)			(0.02	)%
Total foreign futures contracts - net unrealized gain (loss) on open foreign futures contracts			(105,782	)			(0.52	)%
Net unrealized gain (loss) on open futures contracts		$	(92,732	)			(0.46	)%
OPEN FORWARD CURRENCY CONTRACTS
Foreign Forward Currency Contracts
	Long	$	~~(6,677~~$	)31,748			(0.0317	)%
	Short		~~34,525~~	(103,412	)		(0.1756)	%
Net unrealized gain (loss) on open foreign forward currency contracts			~~27,848~~	(71,664	)		(0.1439)	%
Net unrealized gain (loss) on open forward currency contracts		$	~~27,848~~$	(71,664	)		(0.1439	)%

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

~~The~~2 ~~accompanying~~No ~~notes~~individual ~~are~~futures anor ~~integral~~forward ~~part~~currency contract position constituted one percent or greater of ~~these~~partners’ ~~financial~~capital ~~statements~~(net asset value). Accordingly, the number of contracts and expiration dates are not presented.

5The accompanying notes are an integral part of these financial statements.

~~Seneca Global Fund, L.P.~~5

~~Condensed~~Seneca Global ~~Schedule~~Fund, ~~of Investments~~ L.P.

~~December~~Condensed Schedule ~~31,~~of ~~2014~~Investments

					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	%

December 31, 2014

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

					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	%

6The accompanying notes are an integral part of these financial statements.

~~Seneca Global Fund, L.P.~~6

~~Condensed~~Seneca Global ~~Schedule~~Fund, ~~of Investments (continued)~~L.P.

~~December~~Condensed Schedule ~~31,~~of ~~2014~~Investments (continued)

					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	%

December 31, 2014

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

					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	%

7The accompanying notes are an integral part of these financial statements.

~~Seneca Global Fund, L.P.~~ 7

~~Condensed~~Seneca Global ~~Schedule~~Fund, ~~of Investments (continued)~~L.P.

~~December~~Condensed Schedule ~~31,~~of ~~2014~~Investments (continued)

					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	)%

December 31, 2014

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

					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	)%

8The accompanying notes are an integral part of these financial statements.

~~Seneca Global Fund, L.P.~~8

~~Condensed~~Seneca Global ~~Schedule~~Fund, ~~of Investments (continued)~~ L.P.

~~December~~Condensed Schedule ~~31,~~of ~~2014~~Investments (continued)

	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	)%

December 31, 2014

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

	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	)%

21 ~~No individual futures or forward currency contract~~Represents ~~position~~the ~~constituted~~annualized ~~one~~yield ~~percent~~at ordate ~~greater~~ of ~~partners’~~purchase ~~capital~~for ~~(net~~discount ~~asset~~securities ~~value).~~or ~~Accordingly,~~ the ~~number~~stated ofcoupon ~~contracts and~~rate ~~expiration~~for ~~dates~~coupon-bearing ~~are not presented~~securities.

9The accompanying notes are an integral part of these financial statements.

~~Seneca Global Fund, L.P.~~9

~~Statements~~Seneca Global ofFund, ~~Operations~~L.P.

~~For the Three and Six Months Ended June~~Statements ~~30,~~of ~~2015 and 2014~~Operations

~~(Unaudited)~~For the Three and Nine Months Ended September 30, 2015 and 2014

	Three Months Ended June 30,						Six Months Ended June 30,
	2015			2014			2015			2014
Realized and Change in Unrealized Gain (Loss) on Investments
Net realized gain (loss) on:
Futures and forward contracts	$	(585,988	)	$	560,283		$	1,060,696		$	229,677
Investments in securities		(8,389	)		(15,761	)		(17,593	)		(26,117	)
Net change in unrealized gain (loss) on:
Futures and forward contracts		(584,036	)		(73,836	)		(855,818	)		(653,330	)
Investments in securities		7,365			19,262			28,573			29,503
Brokerage commissions and trading expenses		(12,165	)		(27,123	)		(23,987	)		(53,219	)
Net realized and change in unrealized gain (loss) on investments		(1,183,213	)		462,825			191,871			(473,486	)
Net Investment Income (Loss)
Income
Interest income		18,504			17,711			37,594			37,847
Expenses
Trading Advisor management fees		79,982			87,303			168,410			185,153
Trading Advisor incentive fees		—			71,219			228,993			71,219
Cash Manager fees		4,487			5,527			9,343			11,428
General Partner fee		78,969			103,351			163,500			217,148
Selling Agent fees – General Partner		46,018			52,189			96,887			106,331
Broker dealer custodial fee – General Partner		3,987			7,062			9,065			15,018
Broker dealer servicing fee – General Partner		4,859			5,534			10,177			11,400
Administrative expenses – General Partner		200,501			250,755			478,576			508,752
Offering expenses – General Partner		57,190			77,021			143,706			158,499
Total expenses		475,993			659,961			1,308,657			1,284,948
Administrative and offering expenses waived		(172,039	)		(213,230	)		(443,647	)		(426,904	)
Net total expenses		303,954			446,731			865,010			858,044
Net investment income (loss)		(285,450	)		(429,020	)		(827,416	)		(820,197	)
Net Income (Loss)	$	(1,468,663	)	$	33,805		$	(635,545	)	$	(1,293,683	)

(Unaudited)

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

	Three Months Ended September 30,						Nine Months Ended September 30,
	2015			2014			2015			2014
Realized and Change in Unrealized Gain (Loss) on Investments
Net realized gain (loss) on:
Futures and forward contracts	$	(650,806	)	$	947,233		$	409,890		$	1,176,910
Investments in securities		22,638			(16,105	)		5,045			(42,222	)
Net change in unrealized gain (loss) on:
Futures and forward contracts		486,606			(346,342	)		(369,212	)		(999,672	)
Investments in securities		(8,598	)		9,869			19,975			39,372
Brokerage commissions and trading expenses		(14,928	)		(21,998	)		(38,915	)		(75,217	)
Net realized and change in unrealized gain (loss) on investments		(165,088	)		572,657			26,783			99,171

Net Investment Income (Loss)
Income
Interest income (loss)		(10,069	)		17,057			27,525			54,904
Expenses
Trading Advisor management fees		77,546			84,047			245,956			269,200
Trading Advisor incentive fees		—			6,291			228,993			77,510
Cash Manager fees		3,139			4,897			12,482			16,325
General Partner fee		72,089			94,257			235,589			311,405
Selling Agent fees – General Partner		41,312			49,919			138,199			156,250
Broker dealer custodial fee – General Partner		3,006			5,919			12,071			20,937
Broker dealer servicing fee – General Partner		4,391			5,193			14,568			16,593
Administrative expenses – General Partner		167,890			300,229			646,466			808,981
Offering expenses – General Partner		48,904			110,499			192,610			268,998
Total expenses		418,277			661,251			1,726,934			1,946,199
Administrative and offering expenses waived		(139,774	)		(306,236	)		(583,421	)		(733,140	)
Net total expenses		278,503			355,015			1,143,513			1,213,059
Net investment income (loss)		(288,572	)		(337,958	)		(1,115,988	)		(1,158,155	)
Net Income (Loss)	$	(453,660	)	$	234,699		$	(1,089,205	)	$	(1,058,984	)

10The accompanying notes are an integral part of these financial statements.

~~Seneca Global Fund, L.P.~~ 10

~~Statements of~~Seneca ~~Operations~~Global ~~(continued)~~ Fund, L.P.

~~For the Three and~~Statements ~~Six~~of ~~Months~~Operations ~~Ended June 30, 2015 and 2014~~ (continued)

~~(Unaudited)~~For the Three and Nine Months Ended September 30, 2015 and 2014

	Series A			Series B			Series C			Series I			General Partner
Three Months Ended June 30, 2015
Increase (decrease) in net asset value per unit	$	(5.06	)	$	(5.61	)	$	(6.06	)	$	(6.48	)	$	(6.80	)
Net income (loss) per unit†	$	(5.05	)	$	(5.45	)	$	(6.03	)	$	(6.52	)	$	(6.80	)
Weighted average number of units outstanding		128,380.3050			43,097.9458			32,841.4002			51,600.8470			7,460.6309

(Unaudited)

Three Months Ended June 30, 2014
	Series A			Series B			Series C			Series I			General Partner
Increase (decrease) in net asset value per unit	$	(0.09	)	$	0.22		$	0.54		$	0.38		$	1.01
Three Months Ended September 30, 2015
Net income (loss) per unit†	$	(0.09	)	$	0.09		$	0.37		$	0.24		$	1.00
Increase (decrease) in net asset value per unit	$	(1.66	)	$	(1.65	)	$	(1.55	)	$	(1.80	)	$	(1.45	)
Weighted average number of units outstanding		154,527.1325			74,220.8925			26,890.8755			97,849.9707			7,460.6309
Net income (loss) per unit†	$	(1.65	)	$	(2.14	)	$	(1.84	)	$	(1.82	)	$	(3.34	)
Weighted average number of units outstanding		121,834.7990			35,386.5620			36,057.5915			49,179.9818			6,516.7778
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

	Series A			Series B			Series C			Series I			General Partner
Six Months Ended June 30, 2015
Nine Months Ended September 30, 2015
Increase (decrease) in net asset value per unit	$	(24.6733	)	$	(24.4914	)	$	(23.1974	)	$	(24.6545	)	$	(13.7722	)
Net income (loss) per unit†	$	(23.3496	)	$	(13.6859	)	$	(35.2710	)	$	(24.5029	)	$	(14.7895	)
Weighted average number of units outstanding		~~133~~129,~~885~~790.~~2086~~0568			4743,~~219~~211.~~1501~~5555			2932,~~931~~132.~~7005~~3394			5251,~~554~~435.~~5428~~0450			7,~~460~~083.~~6309~~0896
Six Months Ended June 30, 2014
Nine Months Ended September 30, 2014
Increase (decrease) in net asset value per unit	$	(32.2078	)	$	(32.0626	)	$	(21.8262	)	$	(32.3223	)	$	(20.5372	)
Net income (loss) per unit†	$	(32.2594	)	$	(3.4410	)	$	(32.2220	)	$	(3.8820	)	$	(20.5473	)
Weighted average number of units outstanding		~~156~~153,~~507~~444.~~8691~~4094			7872,~~151~~869.~~7621~~4824			2827,~~223~~296.~~5666~~0090			~~104~~98,~~658~~794.~~1183~~3341			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 of Cash Flows

For the ~~Six~~ Nine Months Ended ~~June~~September 30, 2015 and 2014

(Unaudited)

	Nine Months Ended September 30,
	2015			2014
Cash flows from operating activities
Net income (loss)	$	(~~635~~1,~~545~~089,205	)	$	(1,~~293~~058,~~683~~984	)
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Net change in unrealized (gain) loss from futures and forwards trading		~~855~~369,~~818~~212			~~653~~999,~~330~~672
Purchases of securities and certificates of deposit		(15,751,538	)		(13,764,370	)
Net realized and change in unrealized (gain) loss in securities and certificates of deposit		(25,020	)		2,850
Proceeds from disposition of securities		19,724,651			16,403,419
Purchases of securities and certificates of deposit		(17,952,678	)		(20,838,861	)
Net realized and change in unrealized (gain) loss in securities and certificates of deposit		(10,980	)		(3,386	)
Proceeds from disposition of securities		26,112,869			24,874,635
Changes in
Trading Advisor management fee payable		(5,~~450~~272	)		(38,~~583~~237	)
Trading Advisor incentive fee payable		(425,408	)		(41106,~~133~~061	)
Commissions and other trading expenses payable on open contracts		~~(178~~319	)		(~~703~~922	)
Cash Manager fees payable		(1,~~370~~244	)		~~2,064~~(946	)
General Partner fee payable		(25,~~953~~410	)		(710,~~991~~238	)
Selling Agent fees payable – General Partner		(13,~~999~~461	)		(2,~~032~~837	)
Administrative expenses payable – General Partner		(13,~~980~~647	)		(56,~~247~~381	)
Offering expenses payable – General Partner		(13,~~845~~247	)		(35,~~866~~045	)
Broker dealer custodial fee payable – General Partner		(~~598~~1,060	)		(~~753~~1,086	)
Broker dealer servicing fee payable – General Partner		(~~215~~345	)		(~~268~~360	)
Net cash provided by (used in) operating activities		36,~~754~~966,~~050~~403			13,~~896~~807,~~798~~199
Cash flows from financing activities
Subscriptions		~~416~~778,714			1,~~189~~722,~~193~~812
Subscriptions received in advance		~~225,068~~—			518,068
Redemptions		(35,~~015~~046,~~188~~577	)		(69,~~978~~568,~~418~~110	)
Net cash provided by (used in) financing activities		(24,~~373~~267,~~406~~863	)		(57,~~784~~827,~~157~~230	)
Net increase (decrease) in cash and cash equivalents		12,~~380~~698,~~644~~540			(34,~~887~~020,~~359~~031	)
Cash and cash equivalents, beginning of period		8,680,492			15,314,416
Cash and cash equivalents, end of period	$	1011,~~061~~379,~~136~~032		$	11,~~427~~294,~~057~~385
End of period cash and cash equivalents consists of
Cash in broker trading accounts	$	4,~~919~~164,~~163~~971		$	86,~~084~~953,~~690~~973
Cash and cash equivalents		57,~~141~~214,~~973~~061			34,~~342~~340,~~367~~412
Total end of period cash and cash equivalents	$	1011,~~061~~379,~~136~~032		$	11,~~427~~294,~~057~~385
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	$	—138,622		$	~~345~~383,~~441~~683

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 ~~Six~~Nine Months Ended ~~June~~September 30, 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
Six Months Ended
Nine Months Ended September 30, 2015
June 30, 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)		—			(~~313~~514,~~872~~494	)		—			(79155,~~486~~066	)		—			(97163,~~746~~998	)		—			(~~131~~220,~~183~~604	)		—			(1335,~~258~~043	)		(~~635~~1,~~545~~089,205	)
Subscriptions		611,~~300~~369.~~9641~~2426			~~455~~807,782			—122.8669			—10,000			—			—			585.5122			57,800			—			—			~~513~~875,582
Redemptions		(912,~~174~~162.~~8756~~5032	)		(~~660~~861,~~539~~281	)		(1426,~~052~~582.~~1852~~4191	)		(12,~~193~~178,~~581~~236	)		(37,~~038~~331.~~4833~~8995	)		(~~290~~680,~~991~~662	)		(46,~~319~~384.~~6629~~0111	)		(~~427~~622,~~413~~356	)		—(3,775.4121	)		—(400,000	)		(24,~~572~~742,~~524~~535	)
Transfers		(1121,~~645~~652.~~3625~~3610	)		(~~858~~1,~~768~~552,185	)		(~~192~~314.~~9253~~9839	)		(1525,~~626~~544	)		816,~~932~~505.~~8182~~6606			~~874~~1,~~394~~577,729			—			—			—			—			—
Balance at June 30, 2015		126,635.0886		$	8,725,914			39,964.7441		$	3,237,041			32,428.8761		$	2,992,126			50,251.2764		$	4,815,968			7,460.6309		$	822,957		$	20,594,006
Balance at September 30, 2015		118,708.7410		$	7,983,133			27,435.3185		$	2,176,888			35,708.3023		$	3,239,538			48,186.9282		$	4,531,604			3,685.2188		$	401,172		$	18,332,335
Six Months Ended
Nine Months Ended September 30, 2014
June 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)		—			(~~508~~451,~~922~~292	)		—			(~~268~~225,~~834~~806	)		—			(9060,~~852~~179	)		—			(~~406~~316,~~140~~282	)		—			(185,~~935~~425	)		(1,~~293~~058,~~683~~984	)
Subscriptions		1420,~~199~~308.~~0024~~4529			~~966~~1,~~190~~379,809			23,~~811~~252.~~0965~~5861			~~220~~254,400			—			—			~~700~~1,649.~~9301~~8613			64150,975			—			—			1,~~251~~785,~~565~~184
Redemptions		(1930,~~757~~252.~~7781~~7681	)		(12,~~349~~057,~~532~~774	)		(2031,~~546~~625.~~0847~~8435	)		(12,~~609~~476,~~489~~038	)		(79,~~479~~654.~~0958~~5281	)		(~~654~~846,~~801~~478	)		(3039,~~139~~483.~~1258~~6355	)		(23,~~775~~636,~~531~~997	)		—			—			(69,~~389~~017,~~353~~287	)
Transfers		(610,~~027~~370.~~4927~~6307	)		(~~421~~714,~~096~~958	)		(513.6204	)		(40,481	)		47,~~521~~850.~~9395~~6177			~~406~~700,~~226~~088			601.8611			55,351			—			—			—
Balance at June 30, 2014		152,831.1989		$	10,373,716			68,259.3744		$	5,362,302			24,775.2756		$	2,187,362			91,269.1444		$	8,429,125			7,460.6309		$	775,725		$	27,128,230
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

	~~Net Asset Value per Unit~~	Net Asset Value per Unit
	~~Series A~~	Series A		~~Series B~~	Series B		~~Series C~~	Series C		~~Series I~~	Series I		~~General Partner~~	General Partner
June 30, 2015	$	68.91		$	81.00		$	92.27		$	95.84		$	110.31
September 30, 2015			67.25			79.35			90.72			94.04			108.86
December 31, 2014		~~71.58~~	71.58		~~83.49~~	83.49		~~94.46~~	94.46		~~98.49~~	98.49		~~112.08~~	112.08
June 30, 2014		67.88			78.56			88.29			92.35			103.98
September 30, 2014			68.30			79.36			89.49			93.44			105.79
December 31, 2013		~~71.08~~	71.08		~~81.62~~	81.62		~~91.11~~	91.11		~~95.67~~	95.67		~~106.51~~	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~~issued 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~~Effective ~~speculative~~August ~~trading~~12, ~~of futures contracts~~2015, ~~forward~~the ~~currency~~General ~~contracts~~Partner ~~and~~closed ~~other financial instruments traded in~~ the ~~United~~Fund ~~States (“U.S.”)~~to ~~and~~new ~~internationally~~subscriptions. ~~The~~On ~~Fund~~October ~~does~~30th, ~~not~~the ~~currently~~General ~~use~~Partner ~~options~~adopted a orplan ~~swaps as part~~ of ~~its~~liquidation ~~trading~~for ~~system, but may employ them in~~ the ~~future~~Fund. ~~Each~~The ~~trading~~Fund ~~advisor~~will ~~uses~~cease aall ~~proprietary, systematic~~ trading ~~system~~activities ~~that~~and ~~deploys~~close ~~multiple~~effective ~~trading~~November ~~strategies~~30th. The ~~using~~Fund ~~derivatives~~will ~~that~~redeem ~~seeks~~all tolimited ~~identify~~partners ~~and~~prior ~~exploit directional moves in market behavior~~ to athe ~~broad~~end ~~and diversified range~~ of ~~global market sectors including equity indices, currencies, interest rate instruments, energy, metals and agricultural commodities~~2015.

~~Only~~The ~~Series A, B and I Units are offered by the~~ Fund~~. Series A,~~ Bused ~~and~~multiple Icommodity ~~Units~~trading ~~will~~advisors beto ~~re-designated~~engage asin ~~Series C Units after~~ the ~~Fee~~speculative ~~Limit~~trading ~~has~~of ~~been~~futures ~~reached.~~contracts, ~~The~~forward ~~Series~~currency ~~C Units are identical to~~contracts ~~the~~and other ~~Units~~financial ~~except~~instruments ~~that~~traded ~~the~~in ~~Series C Units only incur~~ the ~~Trading~~United ~~Advisor~~States ~~management~~(“U.S.”) ~~fee, Trading Advisor incentive fee, brokerage expenses, General Partner fee~~ and ~~administrative expenses~~internationally. ~~The~~Each ~~Fee~~trading ~~Limit~~advisor ~~is the total amount of selling agent commissions, broker~~used ~~dealer~~a ~~servicing fees paid to the selling agents~~proprietary, ~~payments~~systematic ~~for~~trading ~~wholesalers,~~system ~~payments~~that ~~for~~deployed ~~sales~~multiple ~~conferences,~~trading ~~and~~strategies ~~other~~using ~~offering expenses~~derivatives that ~~are~~seeked ~~items of compensation~~ to ~~Financial~~identify ~~Industry Regulatory Authority (“FINRA”) members (but excluding~~and ~~among~~exploit ~~other~~directional ~~items,~~moves ~~the~~in ~~production~~market ~~and~~behavior ~~printing~~to ofa ~~prospectuses~~broad and ~~related~~diversified ~~collateral~~range ~~material,~~of asglobal ~~well~~market assectors ~~various~~including ~~legal~~equity ~~and regulatory~~indices, ~~fees)~~currencies, ~~paid~~interest byrate ~~particular~~instruments, ~~Series A~~energy, Bmetals orand Iagricultural ~~Units when it is equal to 10% of the original purchase price paid by holders of those particular Units~~commodities.

~~The~~Series ~~Fund~~A, B isand aI ~~registrant~~Units ~~with~~will ~~the~~be ~~U.S.~~re-designated ~~Securities~~as ~~and~~Series ~~Exchange~~C ~~Commission (“SEC”)~~Units ~~pursuant~~after to the ~~U.S.~~Fee ~~Securities~~Limit ~~Act~~has ofbeen ~~1933,~~reached. asThe ~~amended,~~Series ~~(“1933~~C ~~Act”)~~Units ~~and~~are identical to the ~~U.S.~~other ~~Securities~~Units ~~Exchange Act~~except ofthat ~~1934,~~the asSeries ~~amended,~~C ~~(“1934~~Units ~~Act”).~~only Asincur athe ~~registrant,~~Trading ~~the~~Advisor ~~Fund~~management isfee, ~~subject~~Trading toAdvisor ~~the~~incentive ~~regulations~~fee, ofbrokerage expenses, ~~the~~General ~~SEC~~Partner fee and ~~the~~administrative ~~disclosure requirements~~expenses. ofThe ~~the~~Fee ~~1933~~Limit ~~Act~~is ~~and~~ the ~~1934~~total ~~Act.~~amount Asof aselling ~~commodity~~agent ~~pool~~commissions, ~~the~~broker dealer ~~Fund~~servicing isfees ~~subject~~paid to the ~~regulations~~selling ofagents, ~~the~~payments ~~U.S.~~for ~~Commodity Futures Trading Commission (“CFTC”)~~wholesalers, anpayments ~~agency~~for ofsales ~~the~~conferences, ~~U.S.~~and ~~government,~~other ~~which~~offering expenses ~~regulates~~that ~~most~~are ~~aspects~~items of ~~the~~compensation ~~commodity futures~~to ~~industry;~~Financial ~~rules~~Industry ofRegulatory ~~the~~Authority ~~National Futures Association~~ (“~~NFA~~FINRA”) members (but excluding among other items, anthe ~~industry~~production ~~self-regulatory~~and ~~organization;~~printing ~~rules~~ of ~~FINRA~~prospectuses and related collateral material, anas ~~industry~~well ~~self-regulatory~~as ~~organization;~~various legal and ~~the~~regulatory fees) ~~requirements~~paid ofby ~~commodity~~particular ~~exchanges~~Series ~~where~~A, ~~the~~B ~~Fund~~or ~~executes~~I ~~transactions. Additionally,~~Units ~~the~~when ~~Fund~~it is ~~subject~~equal to ~~the~~10% ~~requirements~~ of ~~its~~the ~~futures~~original ~~broker~~purchase ~~and~~price ~~interbank~~paid ~~market~~by ~~makers~~holders ~~through~~of ~~which the Fund~~those ~~trades~~particular Units.

~~Under~~The ~~its~~Fund is ~~Fourth~~a ~~Amended~~registrant ~~and~~with ~~Restated~~the ~~Limited~~U.S. ~~Partnership~~Securities ~~Agreement~~ and Exchange Commission (“~~Partnership Agreement~~SEC”), pursuant to the ~~Fund’s~~U.S. ~~business~~Securities ~~and~~Act ~~affairs~~of ~~are~~1933, as ~~managed~~amended, ~~and~~("1933 ~~conducted~~Act”) byand the ~~Fund’s~~U.S. ~~general partner,~~Securities ~~Steben~~Exchange &Act ~~Company~~of 1934, ~~Inc.~~as amended, (~~“General~~"1934 ~~Partner~~Act”),. As a registrant, ~~Maryland~~the ~~corporation.~~Fund ~~The~~is ~~General~~subject ~~Partner~~to isthe ~~registered with~~regulations of the ~~CFTC~~SEC asand athe ~~commodity~~disclosure ~~pool~~requirements ~~operator~~of the 1933 Act and athe ~~commodities~~1934 ~~introducing~~Act. As ~~broker~~a commodity pool, ~~and~~the Fund is ~~registered~~subject ~~with~~to the ~~SEC~~regulations asof anthe ~~investment~~U.S. Commodity Futures Trading Commission (“CFTC”), ~~adviser~~an ~~and~~agency aof ~~broker~~the ~~dealer~~U.S. ~~Additionally~~government, ~~the~~which ~~General~~regulates ~~Partner~~most isaspects aof ~~member~~the commodity futures industry; rules of the National Futures Association (“NFA”), ~~and~~an ~~FINRA.~~industry ~~The~~self-regulatory ~~General~~organization; ~~Partner~~rules ~~manages~~of ~~all~~FINRA, an industry self-regulatory organization; ~~aspects~~and the requirements of commodity exchanges where the Fund’s ~~business~~executes ~~and~~transactions. ~~serves~~Additionally, asthe ~~one~~Fund is subject to the requirements of its futures broker and interbank market makers through which the Fund’s ~~selling agents~~trades.

~~Effective~~Under ~~August~~its Fourth ~~12,~~Amended ~~2015~~and Restated Limited Partnership Agreement (“Partnership Agreement”), the ~~General~~Fund’s ~~Partner~~business ~~closed~~and affairs are managed and conducted by the Fund’s togeneral ~~new~~partner, ~~subscriptions~~Steben & Company, Inc. (“General Partner”), a Maryland corporation. The ~~Fund~~General ~~will~~Partner ~~remain~~is ~~open~~registered ~~however,~~with the CFTC as a commodity pool operator and a commodities introducing ~~will~~broker, ~~continue~~and tois ~~trade~~registered ~~its~~with ~~assets~~the ~~for~~SEC ~~existing~~as ~~investors~~an investment adviser and a broker dealer. Additionally, ~~but~~the ~~will~~General noPartner ~~longer~~is ~~accept~~a ~~new~~member of ~~subscriptions~~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. 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 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 and asset backed securities.

▪	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.

~~§ Level~~In certain 2cases, ~~– Fair~~the ~~value~~inputs isused ~~based~~to onmeasure ~~quoted~~fair ~~prices~~value ~~for~~may ~~similar~~fall ~~instruments~~into indifferent ~~active~~levels ~~markets~~of ~~and~~the ~~inputs~~fair ~~other~~value ~~than~~hierarchy. ~~quoted~~In ~~prices that~~such ~~are~~cases, ~~observable~~an ~~for~~instrument’s level within the ~~financial~~fair ~~instrument,~~value ~~such~~hierarchy asis ~~interest~~based ~~rates~~on ~~and~~the ~~yield~~lowest ~~curves~~level ~~that~~of ~~are~~input ~~observable~~that atis ~~commonly~~significant ~~quoted intervals~~to ~~using~~the afair ~~market~~value ~~approach~~measurement. The ~~Financial~~Fund’s ~~instruments~~assessment ~~using~~of ~~Level~~the 2significance ~~inputs~~of ~~include~~a ~~forward~~particular ~~currency~~input ~~contracts,~~to ~~commercial~~the ~~paper, corporate~~fair ~~notes,~~value ~~asset~~measurement ~~backed~~in ~~securities~~its ~~and~~entirety ~~U.S.~~requires judgment, and ~~foreign~~considers ~~government~~factors ~~sponsored~~specific ~~enterprise~~to ~~notes~~the investment.

~~§ Level~~The Fund 3assesses ~~– Fair~~the ~~value~~classification isof ~~based~~the instruments at each measurement date, and any transfers between levels are recognized on ~~valuation~~the actual ~~techniques~~date inof ~~which~~the ~~one~~event or ~~more~~change ~~significant~~in ~~inputs~~circumstances ~~are~~that ~~unobservable.~~caused ~~The~~the transfer in accordance with the Fund’s ~~has~~accounting policy noregarding ~~financial~~the ~~instruments~~recognition ~~using~~of ~~Level~~transfers 3between ~~inputs~~levels of the fair value hierarchy. For the periods ended September 30, 2015 and December 31, 2014, there were no such transfers between levels.

InA ~~certain cases, the inputs used to measure fair value may fall~~description ~~into different levels~~ of the ~~fair~~valuation ~~value~~techniques ~~hierarchy.~~applied ~~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~~major ofcategories ~~the significance~~ of aassets ~~particular~~and ~~input~~liabilities tomeasured ~~the~~at fair value ~~measurement~~on ina recurring ~~its~~basis ~~entirety requires judgment, and considers factors specific to the investment~~follows.

The ~~Fund~~investment in ~~assesses~~money ~~the~~market ~~classification~~fund, ofincluded ~~the~~in ~~instruments~~cash ~~at each measurement date,~~ and ~~any~~cash ~~transfers~~equivalents ~~between~~in ~~levels are recognized on~~ the ~~actual~~statements ~~date~~ of ~~the~~financial ~~event~~condition, orand ~~change~~futures incontracts, ~~circumstances that~~all ~~caused~~of ~~the~~which ~~transfer~~are inexchange-traded, ~~accordance~~are ~~with~~valued ~~the~~using ~~Fund’s~~quoted ~~accounting~~market ~~policy~~prices ~~regarding~~for ~~the~~identical ~~recognition~~assets ofand ~~transfers~~are ~~between~~classified ~~levels of~~within ~~the~~Level 1. The fair ~~value~~values ~~hierarchy.~~of ~~For~~forward ~~the~~currency ~~periods~~contracts ~~ended~~are ~~June~~based ~~30,~~upon ~~2015~~third-party ~~and~~quoted ~~December~~dealer ~~31,~~values ~~2014,~~on ~~there~~the ~~were~~interbank nomarket ~~such~~and ~~transfers~~are ~~between~~classified within ~~levels~~Level 2.

AU.S. ~~description~~Treasury securities ofare ~~the~~recorded ~~valuation~~at ~~techniques~~fair ~~applied~~value tobased ~~the~~on ~~Fund’s major~~bid ~~categories~~and ofask ~~assets~~quotes for identical instruments. Commercial paper, corporate notes and ~~liabilities~~asset ~~measured~~backed securities are recorded at fair value based on abid ~~recurring~~and ~~basis~~ask ~~follows~~quotes for similar, but not identical, instruments. Accordingly, U.S. Treasury securities are classified within Level 1, and commercial paper, corporate notes and asset backed securities are classified within Level 2.

~~The investment in money market fund, included in cash and cash equivalents~~Cash ~~in the statements of financial condition,~~ and ~~futures~~Cash 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.Equivalents

~~U.S.~~Cash ~~Treasury securities are recorded at fair value based on bid~~ and cash ~~ask~~equivalents ~~quotes~~include ~~for~~investments ~~identical~~with ~~instruments.~~original ~~Commercial~~maturities ~~paper,~~of ~~corporate~~three ~~notes,~~months ~~asset~~or ~~backed~~less ~~securities~~at ~~and~~the ~~U.S.~~date ~~and~~of ~~foreign~~acquisition ~~government sponsored~~that ~~enterprise notes~~ are ~~recorded~~not held atfor ~~fair~~sale ~~value~~in ~~based~~the onordinary ~~bid~~course ~~and~~of ~~ask~~business. ~~quotes~~The ~~for~~Fund ~~similar,~~maintains ~~but~~deposits ~~not~~with ~~identical,~~financial ~~instruments. Accordingly,~~institutions ~~U.S.~~in ~~Treasury~~amounts ~~securities~~that are in ~~classified~~excess ~~within~~of ~~Level~~federally 1,insured ~~and~~limits; ~~commercial paper~~however, ~~corporate~~the ~~notes,~~Fund ~~asset~~does ~~backed~~not ~~securities and~~believe ~~U.S.~~it ~~and~~is ~~foreign~~exposed ~~government~~to ~~sponsored~~any ~~enterprise~~significant ~~notes~~credit ~~are classified within Level 2~~risk.

~~Cash~~Brokerage Commissions and ~~Cash~~Trading ~~Equivalents~~ Expenses

~~Cash~~Brokerage commissions and ~~cash~~trading ~~equivalents~~expenses include ~~investments~~brokerage ~~with~~and ~~original~~other ~~maturities of~~trading ~~three~~fees, ~~months~~and ~~or less at the date of acquisition that~~ are ~~not~~charged ~~held~~to ~~for~~expense ~~sale~~when incontracts ~~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~~opened itand ~~is exposed to any significant credit risk~~closed.

~~Brokerage Commissions and Trading Expenses~~Redemptions Payable

~~Brokerage~~Redemptions payable ~~commissions~~represent ~~and~~redemptions ~~trading~~that ~~expenses~~meet ~~include~~the ~~brokerage~~requirements ~~and other~~of ~~trading~~the ~~fees,~~Fund and ~~are~~have ~~charged~~been approved by the General Partner prior to ~~expense~~period-end. These ~~when~~redemptions ~~contracts~~have ~~are~~been ~~opened~~recorded ~~and~~using ~~closed~~the period-end net asset value per Unit.

~~Redemptions Payable~~Income Taxes

~~Redemptions~~The ~~payable~~Fund prepares ~~represent~~calendar ~~redemptions~~year ~~that~~U.S. ~~meet~~and ~~the~~applicable ~~requirements~~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 ~~have~~trading ~~been~~gains ~~approved~~or bylosses. The Fund evaluates the ~~General~~tax ~~Partner~~positions ~~prior~~taken or expected to ~~period~~be taken in the course of preparing the Fund’s tax returns to determine whether the tax positions are more-~~end~~likely-than-not to be sustained when examined by the applicable tax authority. ~~These~~Tax positions ~~redemptions~~not ~~have~~deemed ~~been~~to meet the more-likely-than-not threshold would be recorded ~~using~~as a tax benefit or expense and asset or liability in the ~~period-end~~current year. Management has determined there are no material uncertain income tax positions through September 30, 2015. ~~net~~With ~~asset~~few ~~value~~exceptions, ~~per~~the ~~Unit~~Fund is no longer subject to U.S. or state and local income tax examinations by tax authorities for years before 2012.

~~Income~~Foreign Currency ~~Taxes~~ Transactions

The Fund has ~~prepares~~certain ~~calendar~~investments ~~year~~denominated ~~U.S.~~in ~~and~~foreign ~~applicable~~currencies. ~~state~~Assets and ~~local tax~~liabilities ~~returns.~~denominated ~~The~~in ~~Fund~~currencies isother ~~not~~than ~~subject~~the toU.S. dollar ~~federal~~are ~~income~~translated ~~taxes~~into asU.S. ~~each~~dollars ~~partner~~at isthe ~~individually~~rates ~~liable~~in ~~for~~effect ~~his~~at orthe ~~her~~date ~~allocable share~~ of ~~the~~statement ~~Fund’s~~of ~~income,~~financial ~~expenses and trading gains or losses~~condition. The ~~Fund~~purchase ~~evaluates~~and sale ~~the~~of ~~tax~~investments, ~~positions~~and ~~taken~~income orand ~~expected~~expenses toare ~~be taken~~translated inat the ~~course~~rates of ~~preparing~~exchange ~~the~~prevailing ~~Fund’s~~on ~~tax~~the ~~returns~~respective todates ~~determine~~of ~~whether~~such transactions. ~~the~~The ~~tax~~Fund ~~positions~~does ~~are more-likely-than-~~not ~~to be~~isolate ~~sustained~~that ~~when~~portion ~~examined~~of by the ~~applicable~~results ~~tax~~of ~~authority.~~operations ~~Tax~~resulting ~~positions~~from ~~not~~changes ~~deemed~~in toforeign ~~meet~~exchange ~~the more-likely-than-not threshold~~rates ~~would~~on beinvestments ~~recorded~~from asthe afluctuations ~~tax~~arising ~~benefit~~from orchanges ~~expense~~in ~~and~~market ~~asset~~prices orof ~~liability~~investments ~~in the current year~~held. ~~Management~~Such ~~has~~fluctuations ~~determined there~~ are noincluded ~~material~~with ~~uncertain income tax positions through June 30, 2015. With few exceptions,~~ the ~~Fund~~net isrealized noand ~~longer~~change ~~subject~~in tounrealized ~~U.S.~~gain or ~~state and~~loss ~~local~~on ~~income~~such ~~tax~~investments ~~examinations~~in bythe ~~tax~~statement ~~authorities~~of ~~for years before 2011~~operations.

~~Foreign Currency Transactions~~Reclassification

~~The Fund has certain investments denominated in foreign currencies.~~Certain ~~Assets~~amounts ~~and liabilities denominated~~ in ~~currencies other than~~ the ~~U.S.~~2014 ~~dollar are translated into U.S. dollars at the rates in effect at the date of statement of~~ financial ~~condition.~~statements ~~The~~may ~~purchase~~have ~~and~~been ~~sale~~reclassified ofto ~~investments,~~conform ~~and~~to ~~income and expenses are translated at~~ the ~~rates~~2015 ofpresentation ~~exchange~~without ~~prevailing~~affecting ~~on the respective dates of such transactions. The Fund does not isolate that portion of the results~~previously ofreported ~~operations~~partners’ ~~resulting~~capital ~~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~~asset ~~and change in unrealized gain or loss on such investments in the statement of operations~~value).

~~Reclassification~~2. Fair Value Disclosures

~~Certain~~The ~~amounts~~Fund’s assets inand ~~the~~liabilities, ~~2014~~measured ~~financial~~at ~~statements~~fair ~~may~~value ~~have~~on ~~been~~a ~~reclassified to~~recurring ~~conform~~basis, toare summarized in the ~~2015~~following ~~presentation~~tables ~~without~~by ~~affecting~~the ~~previously~~type ~~reported~~of ~~partners’~~inputs applicable ~~capital~~to ~~(net~~the ~~asset~~fair value). measurements:

2. Fair Value Disclosures

At September 30, 2015
	Level 1		Level 2			Total
Equity in broker trading accounts:
Net unrealized gain (loss) on open futures contracts^*	$	493,386	$	—		$	493,386
Net unrealized gain (loss) on open forward currency contracts^*		—		(71,664	)		(71,664	)
Investments in securities:
U.S. Treasury securities*		575,957		—			575,957
Asset backed securities*		—		357,846			357,846
Commercial paper*		—		1,499,776			1,499,776
Corporate notes*		—		4,334,235			4,334,235
Total	$	1,069,343	$	6,120,193		$	7,189,536

~~The~~*See ~~Fund’s assets and liabilities, measured at fair value~~the oncondensed aschedule ~~recurring basis, are summarized in the following tables by the type~~ of ~~inputs~~investments ~~applicable~~for tofurther ~~the fair value measurements:~~description.

At June 30, 2015

At December 31, 2014

Level 1

Level 2

Total

Equity in broker trading accounts:

Net unrealized gain (loss) on open futures contracts*

~~(92~~865,~~732~~785

)

—

~~(92~~865,~~732~~785

)

Net unrealized gain (loss) on open forward currency contracts*

—

27(74,~~848~~851

)

27(74,~~848~~851

)

Cash and cash equivalents:

Money market fund

2851,~~704,959~~036

—

2851,~~704,959~~036

Investments in securities:

U.S. Treasury securities*

47,~~549~~494,~~592~~891

—

47,~~549~~494,~~592~~891

Asset backed securities*

—

~~348~~445,~~701~~395

Commercial paper*

—

1,~~389~~529,~~788~~831

Corporate notes*

—

45,~~652~~432,~~771~~868

Total

79,~~161~~211,~~819~~712

67,~~419~~333,~~108~~243

1316,~~580~~544,~~927~~955

*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

There were no Level 3 holdings at September 30, 2015 and December 31, 2014 or during the periods then ended.

*SeeIn addition to the ~~condensed~~financial ~~schedule~~instruments listed above, substantially all of ~~investments~~the ~~for~~Fund’s ~~further~~other ~~description~~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.

~~There were no Level~~ 3. ~~holdings~~Derivative atInstruments ~~June 30, 2015 and December 31, 2014 or during the periods then ended.~~Disclosures

InThe ~~addition~~Fund’s derivative tocontracts ~~the~~are ~~financial~~comprised ~~instruments~~of ~~listed~~futures ~~above,~~and ~~substantially all~~forward ofcurrency ~~the~~contracts, ~~Fund’s~~none ~~other~~of ~~assets~~which ~~and~~were ~~liabilities~~designated ~~are~~as ~~considered~~hedging ~~financial~~ instruments. At ~~and~~September ~~are~~30, ~~reflected at fair value~~2015, orthe ~~at carrying~~Fund’s ~~amounts~~derivative ~~that~~contracts ~~approximate~~had ~~fair~~the ~~value~~following ~~because~~impact ofon 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	$	52,293	$	(60,392	)	$	(8,099	)
Currencies		36,139		(46,930	)		(10,791	)
Energy		49,140		(23,406	)		25,734
Equity indices		42,399		(70,676	)		(28,277	)
Interest rate instruments		579,825		(33,134	)		546,691
Metals		13,383		(45,255	)		(31,872	)
Net unrealized gain (loss) on open futures contracts	$	773,179	$	(279,793	)	$	493,386

Net unrealized gain (loss) on open forward currency contracts	$	66,548	$	(138,212	)	$	(71,664	)

~~The~~At ~~Fund’s derivative contracts are comprised of futures and~~September ~~forward~~30, ~~currency contracts~~2015, ~~none~~there ~~of which~~ were ~~designated as hedging instruments. At June 30~~1,333 ~~2015,~~open ~~the~~futures ~~Fund’s derivative~~ contracts ~~had~~and ~~the~~81 ~~following~~open ~~impact~~forward oncurrency ~~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	$	106,094	$	(92,980	)	$	13,114
Currencies		83,952		(58,390	)		25,562
Energy		22,188		(12,207	)		9,981
Equity indices		23,286		(208,547	)		(185,261	)
Interest rate instruments		107,614		(83,046	)		24,568
Metals		60,185		(40,881	)		19,304
Net unrealized gain (loss) on open futures contracts	$	403,319	$	(496,051	)	$	(92,732	)
Net unrealized gain (loss) on open forward currency contracts	$	54,149	$	(26,301	)	$	27,848

The Fund’s financial assets, derivative assets, and cash collateral held by counterparties at September 30, 2015 were:

At June 30, 2015, there were 1,135 open futures contracts and 57 open forward currency contracts.

				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	$	22,299		$	—	$	—	$	22,299
Société Générale Newedge UK Limited*		(71,664	)		—		—		(71,664	)
SG Americas Securities, LLC**		471,087			—		—		471,087
Total	$	421,722		$	—	$	—	$	421,722

17*formerly Newedge UK Financial Ltd

~~The Fund’s financial assets, derivative assets, and~~**formerly ~~cash~~Newedge ~~collateral held by counterparties at June 30~~USA, ~~2015 were:~~LLC

				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	$	(1,553	)	$	—	$	—	$	(1,553	)
Société Générale Newedge UK Limited*		27,848			—		—		27,848
SG Americas Securities, LLC**		(91,179	)		—		—		(91,179	)
Total	$	(64,884	)	$	—	$	—	$	(64,884	)

*formerlyFor ~~Newedge~~the three UKand ~~Financial~~nine ~~Ltd~~months ended September 30, 2015, the Fund’s derivative contracts had the following impact on the statements of operations:

**formerly Newedge USA, LLC

	Three Months Ended September 30, 2015						Nine Months Ended September 30, 2015
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	$	(93,825	)	$	(21,213	)	$	(163,635	)	$	(14,892	)
Currencies		(175,407	)		(36,353	)		66,943			(147,699	)
Energy		148,966			15,753			121,753			(163,036	)
Equity indices		(972,082	)		156,984			(276,973	)		(164,630	)
Interest rate instruments		339,893			522,123			946,572			157,614
Metals		167,940			(51,176	)		(102,429	)		(39,756	)
Total futures contracts		(584,515	)		586,118			592,231			(372,399	)

Forward currency contracts		(68,838	)		(99,512	)		(212,264	)		3,187
Total futures and forward currency contracts	$	(653,353	)	$	486,606		$	379,967		$	(369,212	)

For the three and ~~six~~nine months ended ~~June~~September 30, 2015, the ~~Fund’s derivative~~number of futures contracts ~~had~~closed ~~the~~were ~~following~~4,423 ~~impact~~and on12,509, respectively and the ~~statements~~number of ~~operations:~~forward currency contracts closed were 114 and 313, respectively.

	Three Months Ended June 30, 2015						Six Months Ended June 30, 2015
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	$	(32,667	)	$	(18,552	)	$	(69,810	)	$	6,321
Currencies		(226,512	)		3,046			242,350			(111,346	)
Energy		(134,222	)		(54,542	)		(27,213	)		(178,789	)
Equity indices		(43,117	)		(229,617	)		695,109			(321,614	)
Interest rate instruments		(9,567	)		(396,854	)		606,679			(364,509	)
Metals		(116,450	)		85,674			(270,369	)		11,420
Total futures contracts		(562,535	)		(610,845	)		1,176,746			(958,517	)
Forward currency contracts		(39,399	)		26,809			(143,426	)		102,699
Total futures and forward currency contracts	$	(601,934	)	$	(584,036	)	$	1,033,320		$	(855,818	)

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

For the three and six months ended June 30, 2015 the number of futures contracts closed were 4,183 and 8,086, respectively, and the number of forward currency contracts closed were 92 and 199, respectively.

	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, ~~the~~there ~~Fund’s~~were ~~derivative~~1,210 ~~contracts~~open ~~had the~~futures ~~following~~contracts ~~impact~~and on54 ~~the~~open ~~statements~~forward ofcurrency ~~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	$	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	)

AtThe ~~December~~Fund’s financial 31assets, ~~2014~~derivative assets, ~~there~~and ~~were~~cash ~~1,210~~collateral ~~open~~held ~~futures~~by ~~contracts~~counterparties ~~and 54~~at ~~open~~December ~~forward~~31, ~~currency~~2014 ~~contracts.~~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

~~The Fund’s financial assets, derivative assets, and cash collateral~~*formerly ~~held~~Newedge byUK ~~counterparties~~Financial ~~at December 31, 2014 were:~~Ltd

				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 USA, LLC

*formerlyFor ~~Newedge~~the three UKand ~~Financial~~nine ~~Ltd~~months ended September 30, 2014, the Fund’s derivative contracts had the following impact on the statements of operations:

**formerly Newedge USA, LLC

	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	)

For the three and ~~six~~nine months ended ~~June~~September 30, 2014, the ~~Fund’s derivative~~number of futures contracts ~~had~~closed ~~the~~was ~~following~~5,920 ~~impact~~and on19,988, respectively and the ~~statements~~number of ~~operations:~~forward currency contracts closed was 113 and 349, respectively.

	Three Months Ended June 30, 2014						Six Months Ended June 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	$	92,167		$	(190,031	)	$	565,100		$	(84,131	)
Currencies		(111,012	)		66,713			(194,499	)		(178,445	)
Energy		(23,973	)		(31,202	)		(138,397	)		(34,292	)
Equity indices		65,235			(6,334	)		(340,949	)		(535,109	)
Interest rate instruments		334,368			303,929			569,864			300,974
Metals		67,155			(159,953	)		(300,970	)		(124,760	)
Total futures contracts		423,940			(16,878	)		160,149			(655,763	)
Forward currency contracts		128,325			(56,958	)		57,524			2,433
Total futures and forward currency contracts	$	552,265		$	(73,836	)	$	217,673		$	(653,330	)

General Partner

~~For~~In accordance with the ~~three~~Partnership ~~and~~Agreement, ~~six~~the ~~months~~General ~~ended~~Partner ~~June~~must ~~30,~~maintain ~~2014,~~its interest in the ~~number~~capital of the Fund at no less than the ~~futures~~greater ~~contracts~~of: ~~closed~~(i) ~~was~~1% ~~6,752~~of ~~and~~aggregate ~~14,068,~~capital ~~respectively~~contributions to the Fund by all partners (including the General Partner’s contributions) or (ii) $25,000. ~~and~~The General Partner shares in the ~~number~~profits and losses of ~~forward~~the ~~currency~~Fund ~~contracts~~in ~~closed~~proportion ~~was~~to ~~112~~its ~~and~~respective ~~236, respectively~~ownership interest.

4.At September 30, 2015 and December 31, 2014, the General Partner had an investment of 3,685.2188 and 7,460.6309 units valued at $401,172 and $836,215, respectively.

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.19

AtThe ~~June 30, 2015 and December 31, 2014, the~~ General Partner ~~had an~~earns ~~investment~~the offollowing ~~7,460.6309 units valued at $822,957 and $836,215, 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.

▪ 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 adjusted for weekly subscriptions and redemptions, and payable in arrears. The General Partner ~~earns~~pays to the ~~following~~selling ~~compensation:~~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 1/12th 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.

§▪ ~~General~~Broker ~~Partner~~Dealer Servicing Fee – ~~each~~the General Partner charges Series ofA Units a monthly fee equal to 1/12th of 0.15% of their month-end net asset value, ~~other~~prorated ~~than~~for ~~General~~partial ~~Partner~~months and adjusted for weekly subscriptions and redemptions. The Series B Units, ~~incurs~~which are not subject to a broker dealer custodial fee incur a monthly fee equal to 1/12th of 10.56% of ~~the~~their ~~respective Series’~~ month-end net asset value, prorated for partial months and adjusted for weekly subscriptions and redemptions,. ~~and~~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.

§▪ ~~Selling~~Broker ~~Agent~~Dealer ~~Fees~~Custodial Fee – the General Partner charges Series AB Units athat ~~monthly~~are ~~fee~~held ~~equal~~by tobroker ~~1/12th~~dealers ofwho 2%act ofas ~~the~~custodian ~~outstanding~~for Series AB 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~~benefit ~~agents an upfront fee~~ of ~~2% of~~ the ~~aggregate~~limited ~~subscription amount for the sale of Series A Units. Beginning in the 13th month~~partners, ~~the General Partner pays the selling agents~~ a monthly fee into ~~arrears~~such broker dealers equal to 1/12th of 20.006% of the outstanding Series AB Units’ month-end net asset value, prorated for partial months and adjusted for weekly subscriptions and redemptions. IfThese ~~there~~fees isare nopayable ~~designated~~in ~~selling~~arrears ~~agent~~to or the ~~General Partner was the~~ selling ~~agent,~~agents ~~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~~5.~~15%~~ ofTrading ~~their~~Advisors ~~month-end net asset value, prorated for partial months~~ and ~~adjusted~~Cash 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 1/12th 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.Managers

§Trading advisor ~~Broker~~management ~~Dealer~~fees ~~Custodial~~range ~~Fee~~from –0% ~~the~~to ~~General~~1.5% ~~Partner~~per ~~charges~~annum ~~Series~~of Beach ~~Units~~trading ~~that~~advisors’ ~~are~~respective ~~held~~trading bylevel ~~broker dealers who act~~ (as ~~custodian~~defined ~~for~~in each ~~Series~~respective Badvisory ~~Units~~agreement) ~~for~~and ~~the~~trading ~~benefit~~advisor ofincentive ~~the~~fees ~~limited~~equal ~~partners, a monthly fee~~ to ~~such~~20% ~~broker dealers equal~~ to ~~1/12th of 0.6~~30% of ~~the outstanding Series B Units’ month-end~~ net ~~asset~~new ~~value,~~trading ~~prorated~~profits ~~for~~(as ~~partial months and adjusted for weekly subscriptions and redemptions. These fees are payable~~ defined in ~~arrears~~each torespective ~~the~~advisory ~~selling agents by the General Partner~~agreement).

5The Fund had engaged J.P. ~~Trading~~Morgan ~~Advisors~~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 1/12th of 0.12% of the investments in securities and certificates of deposit. During the third quarter, the Fund ceased using J.P. Morgan Investment Management, Inc. as one of its Cash Managers.

~~Trading advisor management fees range from 0% to 1~~6.5% ~~per~~Deposits ~~annum of~~with 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).Brokers

~~The~~To ~~Fund~~meet margin ~~has~~requirements, ~~engaged~~the ~~J.P.~~Fund ~~Morgan~~deposits ~~Investment~~funds ~~Management,~~with ~~Inc.~~its ~~and Principal Global Investors~~brokers, ~~LLC~~subject ~~(collectively, the “Cash Managers”)~~ to ~~provide~~CFTC ~~cash~~regulations ~~management~~and ~~services~~various toexchange ~~the~~and ~~Fund~~broker requirements. The Fund ~~incurs~~earns ~~monthly~~interest ~~fees,~~income ~~payable~~on inits ~~arrears~~assets todeposited ~~the~~with ~~Cash~~its ~~Managers,~~brokers. ~~equal~~At toSeptember ~~approximately~~30, ~~1/12th~~2015 ofand ~~0.13%~~December of31, 2014, the Fund ~~investments~~had inmargin ~~securities~~requirements ~~and~~of ~~certificates~~$1,924,568 ofand ~~deposit~~$2,007,712, respectively.

67. ~~Deposits~~Administrative ~~with~~and ~~Brokers~~Offering Expenses

ToThe ~~meet~~Fund reimburses ~~margin~~the ~~requirements,~~General ~~the~~Partner ~~Fund~~for ~~deposits~~actual ~~funds~~monthly ~~with~~administrative ~~its~~expenses ~~brokers~~paid to various third-party service providers, including ~~subject~~the General Partner, up to ~~CFTC~~1/12th ~~regulations~~of 0.95% of the Fund’s month-end net asset value, prorated for partial months and ~~various~~adjusted ~~exchange~~for weekly subscriptions and ~~broker~~redemptions ~~requirements~~and payable monthly in arrears. ~~The~~Actual administrative expenses may vary; however, such administrative expenses will not exceed 0.95% of the Fund’s ~~earns~~average ~~interest~~annual ~~income~~net onasset ~~its~~value. ~~assets~~The ~~deposited~~administrative ~~with~~expenses ~~its~~include ~~brokers~~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. AtFor ~~June~~the three months ended September 30, 2015 and ~~December~~2014, 31actual administrative expenses were $167,890 ~~2014~~and $300,299, respectively. For the ~~Fund~~nine ~~had~~months ~~margin~~ended ~~requirements~~September of30, 2015 and 2014, actual administrative expenses were $2646,~~213,443~~466 and $2808,~~007~~981,~~712~~ respectively. Such amounts are presented as administrative expenses in the statements of operations.

~~7. Administrative and Offering Expenses~~20

~~The~~During ~~Fund reimburses~~ the ~~General Partner for actual monthly administrative~~ ~~expenses~~three ~~paid~~months toended ~~various~~September ~~third-party~~30, ~~service~~2015 ~~providers~~and 2014, ~~including~~ the General Partner, upabsorbed toadministrative ~~1/12th~~expenses in excess of the 0.95% limitation of ~~the Fund’s~~$120,524 ~~month-end~~and ~~net asset value~~$238,688, ~~prorated~~respectively. ~~for~~During ~~partial~~the nine months ~~and~~ended ~~adjusted~~September ~~for~~30, ~~weekly~~2015 ~~subscriptions~~ and ~~redemptions~~2014, ~~and~~the ~~payable monthly~~General inPartner ~~arrears. Actual~~ absorbed administrative expenses ~~may~~in ~~vary;~~excess ~~however,~~of ~~such~~the ~~administrative expenses will not exceed~~ 0.95% limitation of ~~the Fund’s~~$491,501 ~~average~~and ~~annual~~$606,255, ~~net asset value~~respectively. ~~The~~Such ~~administrative~~amounts ~~expenses~~are ~~include~~included ~~legal,~~in administrative ~~accounting, clerical~~ and ~~other~~offering ~~back office related~~ expenses ~~related~~waived toin the ~~administration~~statements of ~~the Fund and all other associated costs incurred by the Fund~~operations. ~~For~~At ~~the~~September ~~three months ended June~~ 30, 2015 and December 31, 2014, ~~actual administrative expenses were~~ $~~200~~14,~~501~~ 775 and $~~250~~18,~~755~~422, respectively., ~~For~~were ~~the~~payable ~~six~~to ~~months~~the ~~ended June~~General ~~30,~~Partner ~~2015~~for ~~and~~administrative ~~2014,~~expenses ~~actual~~incurred ~~administrative~~on ~~expenses~~behalf ~~were~~of ~~$478,576~~the Fund and not ~~$508,752,~~waived ~~respectively~~by the General Partner. Such amounts are presented as administrative expenses payable – General Partner in the statements of ~~operations~~financial condition.

~~During~~The Fund reimburses the ~~three~~General ~~months~~Partner ~~ended~~for ~~June~~actual ~~30,~~ongoing ~~2015~~offering ~~and 2014~~expenses, ~~the~~up ~~General Partner~~to ~~absorbed~~1/12th ~~administrative expenses in excess~~ of ~~the~~ 0.9575% ~~limitation~~ of ~~$148,469~~the ~~and~~Fund’s ~~$183,478,~~month-end net ~~respectively.~~asset ~~During~~value ~~the~~pro ~~six months~~rata ~~ended~~for ~~June~~each ~~30,~~Series ~~2015~~of ~~and~~Units ~~2014,~~except for the General Partner ~~absorbed~~and ~~administrative~~Series ~~expenses~~C inUnits, ~~excess~~prorated offor ~~the~~partial ~~0.95%~~months and ~~limitation~~adjusted ~~of $370,977~~for ~~and~~weekly ~~$367,567,~~subscriptions ~~respectively.~~and ~~Such~~redemptions ~~amounts~~and ~~are~~payable ~~included~~monthly in ~~administrative~~arrears. ~~and~~Actual ongoing offering expenses ~~waived~~ in ~~the statements~~excess of ~~operations~~this limitation are absorbed by the General Partner. AtFor ~~June~~the three months ended September 30, 2015 and ~~December 31,~~ 2014, actual offering expenses were $1648,~~442~~904 and $18110,~~422~~499, respectively,. ~~were~~For ~~payable~~the tonine ~~the~~months ~~General~~ended ~~Partner~~September ~~for administrative~~30, ~~expenses~~2015 ~~incurred~~and on2014, ~~behalf~~actual ofoffering ~~the~~expenses were ~~Fund~~$192,610 and ~~not~~$268,998, ~~waived by the General Partner~~respectively. Such amounts are presented as ~~administrative~~ offering expenses ~~payable – General Partner~~ in the statements of ~~financial condition~~operations.

20During the three months ended September 30, 2015 and 2014, the General Partner absorbed offering expenses in excess of the 0.75% limitation of $19,250 and $67,548, respectively. During the nine months ended September 30, 2015 and 2014, the General Partner absorbed offering expenses in excess of the 0.75% limitation of $91,920 and $126,885, respectively. Such amounts are included in administrative and offering expenses waived in the statements of operations. At September 30, 2015 and December 31, 2014, $9,303 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 ongoing offering expenses, up to 1/12th of 0~~8.~~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~~Subscriptions, ~~prorated~~Distributions ~~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 June 30, 2015 and 2014, actual offering expenses were $57,190 and $ 77,021, respectively. For the six months ended June 30, 2015 and 2014, actual offering expenses were $143,706 and $158,499, respectively. Such amounts are presented as offering expenses in the statements of operations.Redemptions

~~During~~The ~~the three months ended June 30, 2015 and 2014, the General~~fund ~~Partner~~is ~~absorbed~~currently ~~offering~~closed ~~expenses~~to innew ~~excess of the 0~~investments.~~75%~~ ~~limitation~~Redemptions ofout ~~$23,570 and $29,753, respectively. During the six months ended June 30, 2015 and 2014, the General Partner absorbed offering expenses in excess~~ of the 0.75% limitation of $72,670 and $59,337, respectively. Such amounts are included in administrative and offering expenses waived in the statements of operations. At June 30, 2015 and December 31, 2014, $10,705 and $12,550, respectively, were payable to the General Partner for offering expenses incurred on behalf of the Fund ~~and~~occur ~~not waived by the General Partner~~weekly. ~~Such amounts are presented as offering expenses payable – General Partner in the statements of financial condition.~~

8.The ~~Subscriptions~~Fund is not required to make distributions, ~~Distributions~~but ~~and~~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.

~~Investments~~Series inA Units ~~the~~redeemed ~~Fund~~prior ~~are made by subscription agreement, subject~~ to athe ~~minimum~~first ~~investment~~anniversary of ~~$10,000.~~the ~~Subscriptions~~subscription ~~into~~date ~~and~~are ~~redemptions~~subject ~~out~~to ofa ~~the~~redemption ~~Fund~~fee ~~occur~~equal ~~weekly.~~to ~~Each~~the ~~series~~product of ~~units will~~ be(i) ~~offered~~2% toof the ~~public~~subscription asprice offor ~~the~~such ~~open~~Series ofA ~~business~~Units on ~~each~~the ~~Wednesday~~subscription atdate ~~the~~divided ~~net~~by ~~asset~~52 ~~value~~(ii) ~~per~~multiplied ~~Unit~~by the number of ~~the~~weeks ~~relevant~~remaining ~~series~~before at the ~~close~~first anniversary of the ~~preceding~~subscription ~~business day~~date. AtSeries ~~June 30~~B, ~~2015~~C and ~~December~~I ~~31,~~Units ~~2014,~~are ~~the~~not ~~Fund~~subject ~~received~~to ~~advance~~the ~~subscriptions of $225,068~~redemption ~~and~~fee. ~~$96,868,~~For ~~respectively,~~the ~~which~~three ~~were~~and ~~recognized~~nine asmonths ~~subscriptions~~ended toSeptember ~~the~~30, ~~Fund~~2015 orand ~~returned~~2014, ifthese ~~applicable,~~redemption ~~subsequent~~fees towere ~~the end of the respective quarter~~negligible.

The ~~Fund~~General Partner ismay ~~not~~require ~~required~~a tolimited ~~make~~partner ~~distributions,~~to ~~but~~redeem ~~may~~from dothe soFund at if the ~~sole~~General ~~discretion~~Partner ofdeems the ~~General~~redemption ~~Partner.~~(a) ~~Redemptions~~necessary ~~may~~to beprevent or ~~made~~correct bythe occurrence of a ~~limited~~non-exempt ~~partner~~prohibited astransaction ofunder the ~~close~~Employee ofRetirement ~~business~~Income ~~day~~Security ~~each~~Act ~~Tuesday~~of 1974, as atamended, or the ~~net~~Internal ~~asset~~Revenue ~~value~~Code of 1986, as amended, (b) beneficial to the ~~redeemed~~Fund, ~~Units~~or (c) necessary to comply with any applicable government or ~~portion~~self-regulatory ~~thereof)~~agency onregulations. ~~that~~Limited ~~day~~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.

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 date9. ~~Series B,~~Trading CActivities and IRelated ~~Units are not subject to the redemption fee. For the three months ended June 30, 2015 and 2014, these redemption fees were negligible.~~Risks

The ~~General Partner may require a limited partner to redeem from~~Fund ~~the~~engages ~~Fund~~in if the ~~General~~speculative ~~Partner~~trading ~~deems~~of ~~the~~futures ~~redemption~~and ~~(a)~~forward ~~necessary~~currency tocontracts ~~prevent~~traded orin ~~correct~~ the ~~occurrence~~U.S. ofand ainternationally. ~~non-exempt~~Trading ~~prohibited~~in ~~transaction~~derivatives ~~under~~exposes the ~~Employee~~fund ~~Retirement~~to ~~Income~~both ~~Security~~market ~~Act of 1974~~risk, ~~as amended, or~~ the ~~Internal~~risk ~~Revenue~~arising ~~Code~~from ofa ~~1986,~~change asin ~~amended, (b) beneficial to~~ the ~~Fund,~~fair orvalue ~~(c)~~of ~~necessary~~a tocontract ~~comply~~and ~~with~~credit ~~any~~risk, the ~~applicable~~risk ~~government~~of orfailure ~~self-regulatory~~by ~~agency~~another ~~regulations.~~party ~~Limited partners will not be required~~ to ~~pay~~perform ~~any~~according ~~redemption fees if such limited partners are subject~~ to ~~a mandatory redemption of their Units within~~ the ~~first~~terms ~~year~~ of ~~purchase~~a contract.

9Purchase and sale of futures contracts requires margin deposits with futures brokers. ~~Trading~~Additional ~~Activities~~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 ~~Related~~from ~~Risks~~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.

~~The~~For ~~Fund engages in the speculative trading of~~ futures contracts, ~~and~~risks ~~forward currency~~arise ~~contracts~~from ~~traded~~changes in the ~~U.S.~~fair ~~and~~value ~~internationally.~~of ~~Trading~~the incontracts. ~~derivatives~~Theoretically, ~~exposes~~ the ~~fund~~Fund is exposed to ~~both~~a market risk, ~~the risk~~equal ~~arising~~to ~~from a change in~~ the ~~fair~~ value of afutures ~~contract~~ and ~~credit~~forward ~~risk,~~contracts ~~the~~purchased ~~risk~~and ofunlimited ~~failure~~liability byon ~~another~~such ~~party~~contracts tosold ~~perform according to the terms of a contract~~short.

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.21

~~For~~In ~~futures~~addition to ~~contracts~~market risk, ~~risks~~upon ~~arise~~entering ~~from~~into ~~changes~~commodity ininterest contracts there is a credit risk that the ~~fair~~counterparty ~~value~~will not be able ofto meet its obligations to the Fund. The counterparty for futures and options on futures contracts traded in the U.S. ~~Theoretically~~and on most non-U.S. futures exchanges is the clearinghouse associated with such exchanges. In general, clearinghouses are backed by the ~~Fund~~corporate members isof ~~exposed~~the clearinghouse who are required to ashare ~~market~~any ~~risk~~financial ~~equal~~burden toresulting from the ~~value~~non-performance by one of ~~futures~~their members and, ~~forward~~as ~~contracts~~such, ~~purchased~~should significantly reduce this credit risk. In cases where the clearinghouse is not backed by the clearing ~~and~~members, ~~unlimited~~like ~~liability~~some onnon-U.S. ~~such~~exchanges, ~~contracts~~it ~~sold~~is ~~short~~normally backed by a consortium of banks or other financial institutions.

21In 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.

InThe ~~addition~~Cash Managers tomanage ~~market~~the ~~risk,~~Fund’s ~~upon~~cash ~~entering~~and ~~into~~excess ~~commodity~~margin ~~interest contracts~~through ~~there~~investments isin afixed ~~credit~~income ~~risk~~instruments, ~~that~~pursuant ~~the counterparty will not be able~~ to ~~meet~~investment parameters ~~its~~established ~~obligations~~by to the ~~Fund~~General Partner. The ~~counterparty~~Fund’s ~~for futures~~objective ~~and options on futures contracts traded~~ in retaining the ~~U.S.~~Cash ~~and~~Managers onis ~~most~~to ~~non-U.S.~~enhance ~~futures exchanges is~~ the ~~clearinghouse associated~~return ~~with~~on ~~such~~its ~~exchanges.~~assets Innot ~~general,~~required ~~clearinghouses~~to ~~are~~be ~~backed~~held by the ~~corporate~~Fund’s ~~members~~brokers ofto support the ~~clearinghouse~~Fund’s ~~who~~trading. ~~are~~There ~~required~~is tono ~~share~~guarantee that ~~any~~the ~~financial~~Cash ~~burden~~Managers ~~resulting~~will ~~from~~achieve ~~the~~returns ~~non-performance~~for bythe ~~one~~Fund, net of ~~their~~fees ~~members~~payable ~~and,~~to asthe ~~such~~Cash Managers, ~~should~~in ~~significantly~~excess ~~reduce~~of ~~this credit~~the ~~risk.~~returns Inpreviously achieved ~~cases~~through ~~where~~ the ~~clearinghouse~~General isPartner’s ~~not~~efforts ~~backed~~and/or byavailable through the ~~clearing~~Fund’s ~~members~~brokers, ~~like~~or ~~some~~that ~~non-U.S.~~the ~~exchanges,~~Cash ~~it is normally~~Managers ~~backed~~will byavoid a ~~consortium~~loss of ~~banks~~principal oron ~~other~~amounts ~~financial~~placed ~~institutions~~under their management.

InThe ~~the~~General Partner ~~case~~has ofestablished ~~forward~~procedures ~~currency~~to ~~contracts,~~actively ~~which~~monitor ~~are traded on the interbank or other institutional~~ market ~~rather~~risk ~~than~~and onminimize 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~~, although there can be no assurance that ~~any~~it ~~clearing member~~will, ~~clearinghouse~~in orfact, ~~other~~succeed ~~counterparty~~in ~~will~~doing ~~be able to meet its obligations to the Fund~~so. The ~~Fund~~limited ~~trades forward~~partners ~~currency~~bear ~~contracts in unregulated markets between principals and assumes~~ the risk of loss ~~from~~only ~~counterparty~~to ~~non-performance. Accordingly,~~ the ~~risks~~extent ~~associated with forward currency contracts are generally greater than those associated with exchange-traded contracts because~~ of the ~~greater~~fair ~~risk~~value of their ~~counterparty~~respective ~~default.~~investments ~~Additionally~~and, ~~the~~in ~~trading~~certain ofcircumstances, ~~forward~~distributions ~~currency~~and ~~contracts~~redemptions ~~typically involves delayed cash settlement~~received.

~~The Cash Managers manage the Fund’s cash and excess margin~~Through ~~through~~its investments in ~~fixed~~debt ~~income instruments~~securities, ~~pursuant to investment parameters established by~~ the ~~General Partner. The~~ Fund~~’s objective~~ inhas ~~retaining~~exposure ~~the Cash Managers is~~ to ~~enhance~~U.S. ~~the~~and ~~return~~foreign ~~on its assets not required to be held by the Fund’s brokers to support the Fund’s trading~~enterprises. ~~There~~The isfollowing notable ~~guarantee~~presents ~~that~~ the ~~Cash Managers will achieve returns for the Fund, net of fees~~exposure ~~payable~~at toSeptember ~~the Cash Managers~~30, 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 management2015.

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.

Country or Region	U.S. Treasury Securities		Commercial Paper		Corporate Notes		Asset Backed Securities		Total		% of Partners’ Capital (Net Asset Value)
United States	$	575,957	$	1,249,782	$	3,474,906	$	357,846	$	5,658,491		30.88	%
France		—		249,994		—		—		249,994		1.36	%
Switzerland		—		—		249,984		—		249,984		1.36	%
Luxembourg		—		—		209,174		—		209,174		1.14	%
British Virgin Islands		—		—		200,712		—		200,712		1.09	%
Mexico		—		—		199,459		—		199,459		1.09	%
Total	$	575,957	$	1,499,776	$	4,334,235	$	357,846	$	6,767,814		36.92	%

~~Through its investments in debt securities, the Fund has exposure to U.S. and foreign enterprises.~~ The following table presents the exposure at ~~June~~December 3031, ~~2015~~2014.

Country or Region	U.S. Treasury Securities		Commercial Paper		Corporate Notes		Asset Backed Securities		Total		% of Partners'’ Capital (Net Asset Value)
United States	$	47,~~549~~494,~~592~~891	$	1,~~139~~279,~~840~~865	$	34,~~641~~327,~~064~~524	$	~~348~~445,~~701~~395	$	913,~~679~~547,~~197~~675		4758.0218	%
France		—		249,948		—		—		249,948		1.21	%
Netherlands		—		—		353,929		—		353,929		1.52	%
Switzerland		—		—		249,776		—		249,776		1.21	%
Japan		—		249,966		—		—		249,966		1.07	%
Luxembourg		—		—		210,950		—		210,950		1.02	%
Mexico		—		—		200,797		—		200,797		0.86	%
Mexico		—		—		199,968		—		199,968		0.97	%
British Virgin Islands		—		—		199,587		—		199,587		0.86	%
British Virgin Islands		—		—		199,925		—		199,925		0.97	%
Canada		—		—		198,774		—		198,774		0.85	%
Netherlands		—		—		151,088		—		151,088		0.73	%
Spain		—		—		152,257		—		152,257		0.65	%
Total	$	47,~~549~~494,~~592~~891	$	1,~~389~~529,~~788~~831	$	45,~~652~~432,~~771~~868	$	~~348~~445,~~701~~395	$	1014,~~940~~902,~~852~~985		5363.1399	%

~~The following table presents the exposure at December 31, 2014.~~22

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

22In 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.

1011. ~~Indemnifications~~Interim Financial Statements

InThe statement of financial condition, including the ~~normal~~condensed ~~course~~schedule of ~~business~~investments, ~~the~~at ~~Fund~~September ~~may~~30, ~~enter~~2015, ~~into~~the ~~contracts~~statements of operations for the three and ~~agreements~~nine ~~that~~months ~~contain~~ended aSeptember ~~variety~~30, 2015 and 2014, the statements of ~~representations~~cash flows and ~~warranties~~changes in partners’ capital (net asset value) for the nine months ended September 30, 2015 and ~~which~~2014, ~~provide~~and ~~general~~the ~~indemnifications.~~accompanying ~~The~~notes ~~Fund’s~~to the financial statements ~~maximum~~are ~~exposure~~unaudited. ~~under~~Certain ~~these~~information ~~arrangements~~and ~~cannot~~footnote disclosures normally included in financial statements prepared in accordance with GAAP may be ~~estimated~~omitted pursuant to such rules and regulations. ~~However,~~In the ~~Fund~~opinion ~~believes~~of ~~that~~management, itsuch isfinancial ~~unlikely~~statements itand ~~will~~accompanying disclosures ~~have~~reflect all adjustments, which were of a normal and recurring nature, necessary to ~~make~~present fairly the financial position ~~material~~at ~~payments~~September ~~under~~30, ~~these~~2015, ~~arrangements~~results of operations for the three and ~~has~~nine months ended September 30, 2015 and 2014, cash flows and changes in partners’ capital (net asset value) for the nine months ended September 30, 2015 and 2014. The results of operations for the three and nine months ended September 30, 2015 and 2014 are not ~~recorded~~necessarily indicative of the results to be expected for the full year or any ~~contingent~~other ~~liability~~period. These financial statements should be read in conjunction with the audited financial statements and ~~for~~the ~~such~~notes ~~indemnifications~~thereto included in the Fund’s Form 10-K as filed with the SEC.

1112. ~~Interim~~ Financial ~~Statements~~Highlights

The ~~statement~~following information ofpresents ~~financial~~per ~~condition,~~unit ~~including~~operating ~~the~~performance ~~condensed~~results ~~schedule of~~and ~~investments,~~other atsupplemental ~~June~~financial ~~30,~~ratios ~~2015, the statements of operations~~ for the three and ~~six~~nine months ~~ended June 30, 2015 and 2014, the statements~~ ~~of cash flows and changes in partners’ capital (net asset value) for the six months~~ ended ~~June~~September 30, 2015 and 2014~~, and the accompanying notes to the financial statements are unaudited~~. ~~Certain~~This information ~~and~~has ~~footnote~~been ~~disclosures~~derived ~~normally~~from ~~included~~information ~~in financial~~presented ~~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 June 30, 2015, results of operations~~ for ~~the three and six months~~ ~~ended~~limited ~~June~~partner ~~30,~~units ~~2015~~ and ~~2014,~~assumes ~~cash~~that ~~flows~~a ~~and~~unit ~~changes~~is inoutstanding ~~partners’~~throughout ~~capital (net asset value) for~~ the ~~six~~entire months ended June 30, 2015 and 2014. The results of operations for the three and six months ended June 30, 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

	Three Months Ended September 30, 2015												Three Months Ended September 30, 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	$	68.91		$	81.00		$	92.27		$	95.84		$	67.88		$	78.56		$	88.29		$	92.35

Net realized and change in unrealized gain (loss) on investments ⁽¹⁾		(0.44	)		(0.49	)		(0.58	)		(0.61	)		1.53			1.78			2.01			2.11
Net investment income (loss) ⁽¹⁾		(1.22	)		(1.16	)		(0.97	)		(1.19	)		(1.11	)		(0.98	)		(0.81	)		(1.02	)
Total income (loss) from operations		(1.66	)		(1.65	)		(1.55	)		(1.80	)		0.42			0.80			1.20			1.09
Net asset value per Unit at end of period	$	67.25		$	79.35		$	90.72		$	94.04		$	68.30		$	79.36		$	89.49		$	93.44

Total return ⁽⁵⁾		(2.40	)%		(2.04	)%		(1.67	)%		(1.87	)%		0.63	%		1.02	%		1.36	%		1.17	%

Other Financial Ratios
Ratios to average net asset value
Net total expenses ⁽²⁾⁽⁴⁾		6.98	%		5.50	%		4.23	%		4.87	%		6.79	%		5.27	%		3.94	%		4.67	%
Net investment income (loss) ^(2)(3)(4)		(7.20	)%		(5.84	)%		(4.29	)%		(5.06	)%		(6.53	)%		(5.00	)%		(3.68	)%		(4.40	)%

The following information presents per unit operating performance results and other supplemental financial ratios for the three and six months ended June 30, 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:23

	Three Months Ended June 30, 2015												Three Months Ended June 30, 2014
	Nine Months Ended September 30, 2015												Nine Months Ended September 30, 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	$	7371.9758		$	8683.6149		$	9894.3346		$	~~102~~98.3249		$	6771.9708		$	7881.3462		$	8791.7511		$	9195.9767
Net realized and change in unrealized gain (loss) on investments (1)		(30.8904	)		(40.5514	)		(50.1924	)		(50.3901	)		10.1769			10.3683			10.5296			10.5897
Net investment income (loss) (1)		(14.1737	)		(14.0628	)		(03.8750	)		(14.0944	)		(13.2647	)		(13.1409	)		(02.9858	)		(13.20	)
Total income (loss) from operations		(54.0633	)		(54.6114	)		(63.0674	)		(64.4845	)		(02.0978	)		0(2.2226	)		0(1.5462	)		0(2.3823	)
Net asset value per Unit at end of period	$	6867.9125		$	8179.0035		$	9290.2772		$	9594.8404		$	6768.8830		$	7879.5636		$	8889.2949		$	9293.3544
Total return (5)		(6.8404	)%		(64.4896	)%		(63.1696	)%		(64.3351	)%		(03.1391	)%		0(2.2777	)%		0(1.6179	)%		0(2.4233	)%
Other Financial Ratios
Ratios to average net asset value
Net total expenses (2)(4)		68.8942	%		57.4001	%		35.9716	%		46.7321	%		67.9102	%		5.3447	%		34.9913	%		4.7686	%
Net investment income (loss) (2)(3)(4)		(68.5525	)%		(56.0785	)%		(34.6397	)%		(46.3904	)%		(6.4076	)%		(45.8521	)%		(3.5088	)%		(4.2660	)%

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.

	Six Months Ended June 30, 2015												Six Months Ended June 30, 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
Net realized and change in unrealized gain (loss) on investments (1)		0.46			0.55			0.39			0.58			(0.85	)		(0.97	)		(1.05	)		(1.14	)
Net investment income (loss) (1)		(3.13	)		(3.04	)		(2.58	)		(3.23	)		(2.35	)		(2.09	)		(1.77	)		(2.18	)
Total income (loss) from operations		(2.67	)		(2.49	)		(2.19	)		(2.65	)		(3.20	)		(3.06	)		(2.82	)		(3.32	)
Net asset value per Unit at end of period	$	68.91		$	81.00		$	92.27		$	95.84		$	67.88		$	78.56		$	88.29		$	92.35
Total return (5)		(3.73	)%		(2.98	)%		(2.32	)%		(2.69	)%		(4.51	)%		(3.75	)%		(3.10	)%		(3.47	)%
Other Financial Ratios
Ratios to average net asset value
Net total expenses (2)(4)		9.03	%		7.53	%		5.73	%		6.81	%		6.86	%		5.32	%		4.02	%		4.72	%
Net investment income (loss) (2)(3)(4)		(8.69	)%		(7.20	)%		(5.39	)%		(6.48	)%		(6.36	)%		(4.84	)%		(3.53	)%		(4.24	)%

⁽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. Net realized and change in unrealized gain (loss) on investments 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 net realized and change in unrealized gain (loss) on investments per Unit due to the timing of investment gains and losses during the period relative to the number of Units outstanding.

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.

⁽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 September 30, 2015 and 2014, the ratios are net of 2.45% and 3.68% effect of waived administrative expenses, respectively. For the three months ended September 30, 2015 and 2014, the ratios are net of 0.49% and 1.18% effect of waived offering expenses, respectively.

	For the nine months ended September 30, 2015 and 2014, the ratios are net of 3.03% and 2.83% effect of waived administrative expenses, respectively. For the nine months ended September 30, 2015 and 2014, the ratios are net of 0.69% and 0.67% effect of waived offering expenses, respectively.

(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. Net realized and change in unrealized gain (loss) on investments 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 net realized and change in unrealized gain (loss) on investments per Unit due to the timing of investment 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 June 30, 2015 and 2014, the ratios are net of 2.71% and 2.59% effect of waived administrative expenses, respectively. For the three months ended June 30, 2015 and 2014, the ratios are net of 0.53% and 0.47% effect of waived offering expenses, respectively.
		For the six months ended June 30, 2015 and 2014, the ratios are net of 3.29% and 2.46% effect of waived administrative expenses, respectively. For the six months ended June 30, 2015 and 2014, the ratios are net of 0.77% and 0.45% 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 investment 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 investment 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.

⁽³⁾

The net investment income (loss) includes interest income and excludes net realized and net change in unrealized gain (loss) from investment 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 investment gain (loss) on the statements of operations. The resulting amount is divided by the average net asset value for the period.

~~Item~~(4) 2.Ratios ~~Management’s~~have ~~Discussion~~been ~~and Analysis of Financial Condition and Results of Operations~~annualized.

~~Effective~~(5) ~~August~~Ratios ~~12,~~have ~~2015,~~not ~~the~~been ~~General Partner closed the Fund to new subscriptions~~annualized. ~~The Fund will remain open however, and will continue to trade its assets for existing investors, but will no longer accept new subscriptions.~~

~~When~~Item ~~launched, the Fund was structured to provide managed futures strategies to non-accredited investors with fewer constraints than traditional privately offered managed futures funds~~2. ~~However,~~Management’s ~~soon~~Discussion ~~thereafter, the industry began to migrate towards newer "liquid alternative" products~~ and ~~managed~~Analysis ~~futures investments in the form~~ of ~~mutual~~Financial ~~funds.~~Condition ~~In contrast to the Fund, managed futures mutual funds are accessible to all investors regardless of net worth~~ and ~~income,~~Results ~~and offer daily liquidity. This trend has led to a decline in interest for the Fund, and consequently, the General Partner does not feel the current level~~ of ~~investor interest merits registration of additional Fund shares.~~Operations

~~The~~Effective November ~~Trading~~30, ~~Advisors~~2015, the Fund will close. All limited partners will be redeemed in December 2015.

~~The~~When launched, the Fund’s ~~current~~was ~~trading~~structured ~~advisors~~to ~~are~~provide ~~FORT,~~managed ~~L.P.~~futures ~~(“FORT”),~~strategies to non-accredited investors with fewer constraints than traditional ~~Quantica~~privately ~~Capital~~offered AGmanaged ~~(“Quantica”)~~futures funds. However, ~~Quantitative~~soon ~~Investment~~thereafter, ~~Management~~the ~~LLC~~industry (began to migrate towards newer “~~QIM~~liquid alternative”), products and ~~Winton~~managed ~~Capital~~futures ~~Management~~investments in the form of mutual funds. In contrast to the Fund, managed futures mutual funds are ~~Ltd~~accessible ~~(“Winton”)~~to all investors regardless of net worth and income, and offer daily liquidity. AtThis ~~June~~trend 30has led to a decline in interest for the Fund, ~~2015~~and consequently, the ~~allocation~~General ofPartner ~~trading~~does ~~levels~~not tofeel the ~~Trading~~current ~~Advisors~~level ~~was~~of asinvestor ~~follows:~~interest merits registration of additional Fund shares.

Winton	43	%
Quantica	28	%
FORT	21	%
QIM	8	%

24The Trading Advisors

The ~~General Partner may cause a trading advisor to trade its allocated~~ Fund’s current ~~assets at a~~ trading ~~level~~advisors ofare ~~approximately~~FORT, 0L.~~90 – 1~~P.50 ~~times~~(“FORT”), ~~the~~Quantica ~~trading~~Capital ~~level~~AG ~~normally~~(“Quantica”), ~~used~~Quantitative ~~by the trading advisor~~Investment ~~employing~~Management ~~its~~LLC ~~own trading program. Thus~~(“QIM”), ~~the~~and ~~Fund~~Winton ~~could~~Capital ~~experience~~Management ~~either~~Ltd ~~greater~~(“Winton”). orAt ~~less~~September ~~volatility~~30, ~~and~~2015, ~~greater~~the ~~or less brokerage~~allocation ~~commission~~of ~~expenses~~trading ~~relative~~levels to ~~a client who invests at~~ the ~~normal~~Trading ~~trading~~Advisors ~~level~~was ofas ~~the trading programs depending on the amount of leverage used.~~follows:

Liquidity

Winton	41	%
Quantica	27	%
FORT	23	%
QIM	9	%

~~There~~The ~~are~~General Partner nomay ~~known~~cause ~~material~~a ~~trends,~~trading ~~demands,~~advisor ~~commitments,~~to ~~events, or~~trade ~~uncertainties~~its allocated Fund assets at a trading level of approximately 0.90 – 1.50 times the ~~present~~trading ~~time~~level ~~that~~normally ~~are~~used ~~reasonably~~by ~~likely~~the totrading ~~result~~advisor inemploying its own trading program. Thus, the Fund’s ~~liquidity~~could ~~increasing~~experience either greater or ~~decreasing~~less volatility, and greater or less brokerage commission expenses relative to a client who invests at the normal trading inlevel ~~any~~of ~~material~~the ~~way~~trading programs depending on the amount of leverage used.

~~Capital Resources~~Liquidity

~~The~~There ~~Fund intends to raise additional capital only through the sale~~are ofno ~~Units~~known ~~and~~material ~~does not intend to raise capital through borrowing. Due to the nature of the Fund’s business~~trends, ~~the Fund does not have~~demands, ~~nor does it expect to have~~commitments, ~~any capital assets. Redemptions~~events, ~~exchanges~~or ~~and~~uncertainties ~~sales~~at ~~of Units in~~ the ~~future~~present ~~will~~time ~~affect~~that ~~the amount~~are ofreasonably ~~funds~~likely ~~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~~result ofin ~~Units. There are no known material trends, favorable or unfavorable, that would affect, nor any expected material changes to,~~ the Fund’s ~~capital~~liquidity ~~resource~~increasing ~~arrangements~~or atdecreasing ~~the~~in ~~present~~any ~~time~~material way.

Results of Operations

The returns for Series A, B, C and I Units for the ~~six~~nine months ended ~~June~~September 30, 2015 and 2014 were:

Series		2015			2014
A	A		(36.7304	)%		(43.5191	)%
B	B		(24.9896	)%		(32.7577	)%
C	C		(23.3296	)%		(31.1079	)%
I	I		(24.6951	)%		(32.4733	)%

A discussion of monthly performance for the ~~six~~ nine months ended ~~June~~September 30, 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.

April

In April, markets were quiet through the first three weeks of the month, but a shift in sentiment towards European monetary easing during the final days of the month caused reversals in many of the most profitable trends from the first quarter. Signs of economic improvement in Europe raised fears that quantitative easing programs would be removed sooner than anticipated. The result was a sudden rise in interest rates, and a rebound in the euro along with a retreat in European equity markets.

The Fund experienced its largest losses in currencies, interest rates and energy. Losses were partially offset by gains in non-European stock indices. In currencies, the Fund’s net short position against the euro accounted for the majority of losses. In the interest rate instruments, losses occurred during the last week of the month, primarily from Gilts, Canadian Bonds, U.S. Treasury Bonds and German Bunds. Stock indices experienced broad based gains, with long positions in the Hang Sang and Chinese equity index contributing to performance. The Fund finished the month with a loss 3.23%, 3.11%, 3.00% and 3.06% for Series A, B, C and I Units, respectively.

May

The sudden deterioration in investor sentiment over Europe’s quantitative easing (QE) program carried over from April into the first half of May. Yields on the German Bund, which had previously been on a steady decline, rose sharply from a low of 7 basis points (bps) in late April to a high of 72bps by mid-May. The euro also rebounded against the U.S. dollar, reversing its depreciating trend. However, in the second half of the month, worries over Greek debt repayments and an announcement by the European Central Bank (ECB) that it could bring forward its scheduled bond purchases from July and August into June caused the euro and European bond yields to fall. Meanwhile, in Japan, expectations of further monetary stimulus on the back of disappointing economic data drove the Japanese yen to a 12-year low against the U.S. dollar, which boosted export-oriented Japanese stocks.

The Fund saw losses in the first half of May primarily as a result of a sharp sell-off in bonds. The Fund made some gains later in the month through short positions in the euro and Japanese yen, which benefited from a depreciation of those currencies against the U.S. dollar. Long positions in Japanese equity indices were also profitable. The Fund finished the month mixed, with Series A Units experiencing a loss of 0.08% and Series B, C and I Units experiencing gains of 0.05%, 0.16% and 0.10%, respectively.

June

June saw large reversals across a broad range of markets as a result of shifting sentiment in Europe and Asia. The Greek debt crisis once again became a focal point for investors. After early optimism on a possible bailout deal, the Greek government shocked markets with a weekend announcement that the European creditors’ proposed bailout plan and austerity demands would be put to a national referendum, increasing the risk of a full default and a Greek exit from the Eurozone. This caused the largest ever gap decline in Eurostoxx equity index futures when markets re-opened on the last Monday of the month. Elsewhere, the frothy Chinese equity market extended its huge run up before falling more than 20%. Chinese authorities sought to quell concerns by cutting interest rates for the fourth time since last November, causing stocks to rebound. Apart from the macroeconomic issues that dominated headlines, unexpectedly heavy rainfall in the U.S. Midwest delayed crop plantings and caused a sharp reversal in the downtrend recently seen in agricultural commodities.

Equity indices, particularly in Europe, were the biggest detractors during the month, as long positions were hurt when the crisis in Greece sparked a broad stock sell-off. Short positions in agricultural commodities also struggled during the month. Wheat and corn prices jumped suddenly, reversing their entire year-to-date trend decline in just seven trading days, as wet weather delayed plantings and reduced supply forecasts. A choppy environment in currencies also proved challenging, as the euro and the Japanese yen rebounded against the U.S. dollar. The Fund finished the month with a loss of 3.65%, 3.52%, 3.42% and 3.48% for Series A, B, C and I Units, respectively.

~~2014~~July

~~January~~July saw markets begin to trend again after the reversals of the second quarter. While global equity and fixed income markets moved modestly higher for the month, commodities were down more than 14%, as represented by the S&P GSCI. The decline in commodities was caused by weakening demand from China, a stronger U.S. dollar and supply/demand imbalances. Energy markets experienced the strongest sell-off as crude oil futures lost more than 21%, hitting a low of $47 per barrel by month end. Markets were concerned with a surprise increase in the U.S. oil rig count, as well as potential new supply from Iran after a lifting of sanctions. In metals markets, concerns about slowing growth in China put pressure on the price of industrial metals. This broad commodity weakness also led to depreciation in the currencies of exporting countries, such as Canada and Australia.

~~January~~The Fund ~~saw~~made aprofits ~~broad~~in ~~flight~~July ~~to safety~~in metals, ~~sparked~~energy, byinterest arates ~~sharp~~and ~~sell-off~~currencies. inAgricultural ~~emerging~~commodities ~~market~~and ~~currencies,~~equity asindices ~~investors~~were ~~worried~~detractors. The ~~about~~metals ~~the~~sector ~~impact~~was ofthe ~~Fed~~top ~~tapering~~contributor and ~~weak Chinese~~gold ~~manufacturing~~was onthe ~~emerging~~best ~~economies.~~performing ~~This~~contract, ~~heightened~~as ~~risk~~short ~~aversion~~positions ~~quickly~~benefitted ~~spread~~from todeclining ~~developed~~prices. ~~markets,~~Gold ~~which~~futures ~~saw~~prices ~~declines~~were down over 6% in ~~equity~~July, ~~indices~~due to both U.S. dollar strength and ~~rallies~~a indisclosure ~~bonds,~~from China’s central bank that it had purchased less gold ~~and~~during ~~safe~~the ~~haven~~prior ~~currencies~~six years than markets realized. ~~Meanwhile,~~ Short positions in energy markets, ~~natural~~profited from ~~gas~~falling Brent and WTI crude oil prices. ~~surged~~Short ~~due~~exposure to ~~freezing~~commodity ~~temperatures~~exporting ~~across~~currencies and long fixed income positions also made gains. The Fund finished the Umonth with a gain of 1.S56%, 1.67%, 1.82% and 1.74% for Series A, B, C and I Units, respectively.

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.August

~~February~~In August, news from China led to a tumultuous month for global financial markets. China’s CSI 300 equity index fell 37% by month end from its June peak, which impacted emerging markets, before spreading to developed markets, with the S&P 500 falling as much as 11% intra-month. Speculation mounted that the Fed might respond by deferring U.S. interest rate hikes, leading to weakness in the U.S. dollar against the euro and Japanese yen. Commodity prices also fell for most of the month, but the last 3 trading days saw a 27% rebound in oil prices, the largest percentage jump since 1990.

InThe Fund ~~February,~~came ~~global~~into ~~equities~~August ~~rallied~~with ~~despite~~long ~~weakness~~ positions in ~~economic~~developed ~~data~~market ~~caused~~equities, and was hit by ~~inclement~~the ~~weather~~sharp sell-off in the second half of the month. ~~New~~Trend ~~Fed~~following ~~Chair~~managers ~~Janet~~moved ~~Yellen~~to ~~reassured~~a ~~investors~~net ~~that~~short ~~interest~~position ~~rate~~in ~~hikes~~stock ~~would~~indices beby month-end, but not before incurring losses. ~~unlikely~~In foreign exchange markets, the decline in the ~~current~~U.S. ~~environment~~dollar hurt the Fund’s long dollar exposure against major currencies. Early gains in long fixed income and ~~that~~short ~~the~~commodity ~~gradual~~positions ~~tapering~~were ofoffset ~~bond~~at ~~purchases~~month ~~would~~end ~~remain~~after ~~contingent~~sharp, onchoppy ~~sustained~~reversals ~~labor~~in these markets. The trading strategies employed in the Fund have the potential to take advantage of periods of extended market ~~improvement.~~stress, but ~~This~~it ~~relatively~~is ~~dovish~~normal ~~stance~~to ~~raised~~suffer ~~bond~~drawdowns ~~prices~~at turning points, as managers respond to new trends and ~~weakened~~reposition ~~the~~their Uportfolios.S. ~~dollar~~Managers’ trading systems are designed to react to price patterns that evolve over the course of days and months. ~~Energy~~However, ~~prices~~it ~~surged~~is ~~during~~important ~~the~~to ~~month~~remember asthat ~~unusually~~extreme ~~cold~~intraday ~~temperatures~~and ~~boosted~~overnight ~~demand~~price reversals, which we saw in ~~the~~August, Ucan be challenging to navigate.S. Despite this month’s setback, ~~while~~we believe that the ~~escalating~~Fund’s ~~crisis~~managers inwill ~~Ukraine~~be ~~threatened~~successful toover ~~disrupt~~the long-term and deliver valuable ~~European~~diversification ~~supply~~for ~~channels~~investors’ portfolios. The Fund finished the month with a loss of 7.87%, 7.75%, 7.65% and 7.71% 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.September

~~March~~The global equity rout which began in August spilled over into September. In the U.S., the S&P 500 declined 2.5% during the month. International stocks fell even more, as the Eurostoxx 50 was down 5.1% and the Nikkei dropped 7.3%. China’s slowdown continued to weigh on a broad range of industrial commodities. An overhang in global supply in crude oil relative to reduced demand caused prices to fall from $50 to $45 per barrel. Amid the backdrop of weak global growth, the Fed delayed its first interest rate hike and fixed income markets rallied.

~~March~~Trend-following managers ~~was~~were aable ~~choppy~~to ~~month~~capitalize on September’s decline in ~~equity~~investor ~~and~~risk ~~energy~~sentiment. ~~markets,~~The ~~due~~largest topositive ~~the~~contributing sector ~~Russia/Ukraine~~was ~~crisis~~fixed ~~and~~income, with profitable long positions in interest rate futures as ~~China~~well ~~saw~~as ~~its~~in ~~first~~long ~~domestic~~term ~~corporate~~bonds. ~~bond~~Short ~~default~~oil exposure benefited from the sell-off in aenergy. ~~sign~~Equity ofpositions ~~slowing~~were ~~growth~~small during the month and had little impact on performance. In agricultural markets, the ~~U.S.~~Fund gained on short positions in cattle futures, ~~Fed Chair~~as ~~Yellen~~robust ~~stirred~~growth upin ~~fixed~~herds ~~income~~pushed ~~and~~down ~~currency~~prices. ~~markets~~However this was offset by ~~initially~~short ~~suggesting~~positions ~~that~~in ~~interest~~sugar ~~rates~~as ~~hikes~~excessive ~~might~~rain ~~come~~in ~~sooner~~Brazil ~~than~~caused prices to spike. The Fund finished the month with a gain ~~expected~~of 4.31%, ~~then~~4.45%, ~~later~~4.57% ~~backtracking~~and on4.50% ~~those~~for ~~comments~~Series A, B, C and I Units, respectively.

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.2014

~~April~~January

~~In April, equities initially sold off amid concerns over stock valuations~~January ~~and~~saw ~~weak~~a ~~economic~~broad ~~numbers.~~flight ~~Optimism~~to ~~returned~~safety, ~~and~~sparked ~~global~~by ~~equities~~a ~~rallied~~sharp ~~mid~~sell-~~month~~off ~~with~~in ~~the~~emerging ~~Fed~~market ~~calming fears~~currencies, ~~stating~~as ~~that~~investors ~~they remained~~worried ~~committed~~about tothe ~~supportive~~impact of ~~monetary~~Fed ~~policy~~tapering and ~~noting~~weak ~~than~~Chinese ~~the~~manufacturing ~~recent~~on ~~weather-induced~~emerging Ueconomies.S. ~~growth~~This ~~slowdown~~heightened ~~would~~risk beaversion ~~short-lived. Meanwhile,~~quickly ~~risks~~spread ~~of deflation in Europe led~~ to ~~speculation~~developed markets, ~~that~~which ~~the~~saw ~~ECB~~declines ~~might~~in ~~resort~~equity toindices ~~quantitative~~and ~~easing.~~rallies Inin ~~contrast~~bonds, UKgold ~~unemployment dipped~~and ~~below~~safe ~~the~~haven ~~Bank~~currencies. ~~of England’s 7% threshold~~Meanwhile, ~~prompting~~in ~~speculation~~energy ~~that the BOE may begin raising interest rates. Tension~~markets, ~~surrounding~~natural ~~Ukraine~~gas ~~and~~prices ~~sanctions~~surged ondue ~~Russia~~to ~~drove~~freezing ~~many~~temperatures ~~commodity~~across ~~markets~~the ~~higher on fears of supply disruptions~~U.S.

The Fund recorded its largest gains in metals, specifically in nickel whose price rose to a 14-month high 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.27

27January 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.

~~May~~February

In ~~May~~ February, global ~~bond~~equities ~~markets~~ rallied asdespite ~~10-year~~weakness ~~yields fell to 1.4%~~ in ~~Germany~~economic ~~and~~data ~~2.5%~~caused inby ~~the~~inclement Uweather.S. InNew ~~Europe,~~Fed ~~this~~Chair ~~move~~Janet ~~was~~Yellen ~~driven~~reassured investors bythat ~~investor expectations of a near term~~ interest rate ~~cut~~hikes ~~and~~would ~~potential future~~be ~~quantitative~~unlikely ~~easing~~in by the ~~European~~current ~~Central~~environment ~~Bank to counteract weak economic growth~~ and ~~deflationary~~that ~~risks. Meanwhile in~~ the ~~U.S.,~~gradual ~~Fed~~tapering ~~Chair~~of ~~Janet~~bond ~~Yellen~~purchases would ~~expressed~~remain ~~concern~~contingent ~~over~~on asustained ~~weak~~labor ~~housing~~market ~~recovery, suggesting the Fed could keep interest rates low for longer than previously anticipated~~improvement. ~~Equity~~This ~~markets~~relatively ~~interpreted~~dovish ~~these~~stance ~~signals~~raised ofbond ~~continued~~prices ~~easy~~and ~~monetary~~weakened ~~policy in a positive~~the ~~light,~~U.S. ~~leading~~dollar. toEnergy ~~gains~~prices insurged ~~most~~during ~~developed~~the ~~market~~month ~~stock~~as ~~indices.~~unusually ~~Volatility~~cold intemperatures ~~many~~boosted ~~asset~~demand ~~classes continued to decline~~ in ~~May~~the ~~towards historic lows~~U.S., aswhile ~~exemplified by~~ the ~~VIX~~escalating crisis ~~index,~~in ~~which~~Ukraine ~~fell~~threatened to ~~the~~disrupt ~~pre-crisis~~European ~~levels~~supply ~~of 2007~~channels.

The Fund ~~was~~made ~~well~~its ~~positioned~~largest togains ~~profit~~ from ~~the~~rising ~~key~~energy ~~moves~~markets inthrough ~~fixed income~~long ~~and~~positions ~~equities~~in ~~during~~natural ~~the~~gas ~~month.~~and ~~The~~crude ~~bulk~~oil. ofAdditionally, ~~returns~~the Fund ~~came~~profited from long positions in global bonds, inwhich ~~particular~~rallied ~~the~~on ~~U.S.~~continued ~~10-year,~~accommodative ~~the U.S.~~policy ~~long~~guidance ~~bond~~from ~~and~~central ~~the Euro Bund~~banks. In ~~equities~~currencies, the ~~largest~~Fund ~~gains~~benefited ~~came~~ from long ~~positions~~exposure into European ~~indices~~exchange rates. ~~The~~Meanwhile, ~~Fund had modest losses~~ in ~~currencies~~the asagricultural sector, the ~~euro~~Fund profited ~~and~~from ~~British~~rising ~~pound~~soybean ~~each~~prices ~~saw~~due to a ~~sell-off.~~drought ~~Agricultural~~in ~~commodities~~Brazil. ~~also~~However, ~~had~~the ametals ~~small~~sector ~~giveback~~caused losses as ~~upward trending~~a ~~grain~~rebound ~~prices~~in ~~reversed~~gold and silver on ~~improved~~US ~~weather~~dollar ~~and~~weakness ~~harvest~~hurt ~~prospects~~the Fund’s short positions. Overall, the Fund finished the month with a gain of 1.6534%, 1.7847%, 1.8959% and 1.8352% for Series A, B, C and I Units, respectively.

~~June~~March

InMarch ~~June,~~was a choppy month in equity and energy markets, ~~continued~~due to ~~set~~the ~~record~~Russia/Ukraine ~~highs~~crisis and as ~~the~~China ~~Federal Reserve~~saw ~~reiterated~~ its ~~dovish~~first ~~policy~~domestic ~~stance~~corporate bond default in ~~light~~a sign of aslowing ~~weaker~~growth. In the U.S., ~~growth~~Fed ~~outlook.~~Chair ~~Meanwhile~~Yellen ~~European~~stirred up fixed income ~~markets rallied as the European Central Bank imposed negative deposit rates to stem deflation~~ and ~~encourage~~currency ~~bank~~markets ~~lending.~~by ~~Only~~initially ~~the Bank of England~~suggesting ~~gave any indication~~ that ~~it could soon begin to raise~~ interest rates, ~~which~~hikes ~~led~~might tocome ~~further~~sooner ~~strengthening~~than ~~in the British pound. Violence escalated in the Middle East~~expected, asthen ~~the~~later ~~militant~~backtracking ~~ISIS group seized key regions in Iraq, pushing up oil prices~~ on ~~fears~~those ~~of a supply disruption~~comments.

The Fund made ~~recorded its largest~~ gains ~~for the month~~ in ~~long equity positions. The Fund profited in currency trading, particularly in~~ the ~~British~~agricultural ~~pound~~sector, ~~which~~capitalizing ~~rose~~ on ~~signals of a tightening bias at the Bank of England. The portfolio also capitalized on~~ rising ~~energy~~price ~~prices~~trends ~~with~~in ~~its~~soybeans ~~long~~(due ~~oil~~to ~~positions.~~poor ~~However,~~weather ~~short positions~~ in ~~gold~~Brazil) and ~~silver~~in lean ~~lost~~hogs ~~money,~~(due asto ~~demand climbed for these safe haven assets on fears of~~ a ~~full-blown~~disease ~~civil~~outbreak ~~war~~ in ~~Iraq.~~the ~~Meanwhile, choppy price movements in~~ U.S.). ~~fixed~~However, ~~income~~uncertainty ~~markets~~over ~~whipsawed~~both the ~~Fund~~health ~~resulting~~of inChina’s aeconomy ~~small~~and ~~loss.~~the timing Inof ~~agricultural~~Fed ~~markets,~~tightening ~~long soybean~~caused ~~positions~~whipsaw ~~were~~market ~~hurt~~action asin ~~prices~~global ~~fell~~stocks, ~~with~~oil markets and U.S. ~~farmers~~bonds, ~~planting~~which agenerated ~~record crop. These~~ losses ~~offset gains, leading the Fund~~for totrend-following ~~roughly~~strategies ~~flat~~in ~~performance~~those ~~for the month~~sectors. Overall, the Fund finished the month with a loss of 02.1437% ~~for Series A~~, ~~a flat 0~~2.0024% ~~for Series B~~, ~~a gain of 0~~2.1113% and 02.0419% for Series A, B, C and I Units, respectively.

~~Off-Balance Sheet Risk~~April

~~The~~In ~~term “off-balance sheet risk” refers to an unrecorded~~April, ~~potential~~equities ~~liability~~initially ~~that,~~sold ~~even~~off ~~though~~amid itconcerns ~~does~~over ~~not~~stock ~~appear~~valuations onand ~~the~~weak ~~balance~~economic ~~sheet,~~numbers. ~~may~~Optimism ~~result~~returned inand ~~future~~global ~~obligation or loss. The Fund~~equities ~~trades~~rallied inmid-month ~~futures~~with ~~and~~the ~~forward~~Fed ~~currency~~calming ~~contracts~~fears, ~~and~~stating isthat ~~therefore~~they aremained ~~party~~committed to ~~financial~~supportive ~~instruments~~monetary ~~with~~policy ~~elements~~and ofnoting ~~off-balance~~than ~~sheet~~the ~~market~~recent ~~and~~weather-induced ~~credit risk~~U.S. Ingrowth ~~entering~~slowdown ~~into~~would ~~these contracts there exists a risk to the Fund, market risk, that such contracts may~~ be ~~significantly~~short-lived. ~~influenced by market conditions~~Meanwhile, ~~such~~risks asof ~~interest~~deflation ~~rate volatility, resulting~~ in ~~such~~Europe ~~contracts~~led ~~being~~to ~~less~~speculation ~~valuable.~~that If the ~~markets~~ECB ~~should~~might ~~move~~resort ~~against~~to ~~all~~quantitative ofeasing. ~~the~~In ~~futures~~contrast, ~~interests~~UK ~~positions~~unemployment ofdipped below the ~~Fund~~Bank atof ~~the~~England’s ~~same~~7% ~~time~~threshold, prompting ~~and~~speculation ifthat the ~~Trading Advisors~~BOE ~~were~~may ~~unable~~begin toraising ~~offset futures~~ interest ~~positions~~rates. ofTension ~~the~~surrounding ~~Fund,~~Ukraine ~~the Fund could lose all of its assets~~ and ~~the~~sanctions ~~limited~~on ~~partners~~Russia drove ~~would~~many ~~realize~~commodity amarkets ~~100%~~higher ~~loss.~~on ~~The~~fears ~~General Partner attempts to decrease market risk through maintenance~~ of asupply ~~margin-to-equity ratio that rarely exceeds 30%~~disruptions.

InThe ~~addition~~Fund recorded toits ~~subjecting~~largest ~~the~~gains ~~Fund~~in tometals, ~~market~~specifically ~~risk,~~in ~~upon~~nickel ~~entering into~~whose ~~futures~~price ~~and~~rose ~~forward~~to ~~currency~~a ~~contracts~~14-month ~~there~~high isdue ato ~~risk~~falling ~~that~~supply as Indonesia, the ~~counterparty~~biggest ~~will~~nickel ~~not~~miner, behad ~~able~~banned tounprocessed ~~meet~~ore ~~its~~exports ~~obligations~~earlier toin the ~~Fund~~ year. ~~The~~In ~~counterparty~~currencies, ~~for~~gains ~~futures~~were ~~contracts~~made ~~traded~~from long positions in the ~~U.S.~~British ~~and~~pound onwhich ~~most~~rose ~~foreign~~to ~~exchanges~~four isyear ~~the~~highs ~~clearinghouse~~on ~~associated~~speculation ~~with such~~over ~~exchange.~~interest Inrate ~~general~~hikes. However, ~~clearinghouses~~this ~~are~~was ~~backed~~offset by ~~the~~losses due ~~corporate~~to ~~members~~a ofreversal in the ~~clearinghouse~~Japanese ~~who~~yen. ~~are~~The ~~required~~Fund saw its largest losses in equities due to ~~share~~an ~~any financial~~early ~~burden~~sell ~~resulting~~off ~~from~~in stock indices, which then caused the ~~non-performance~~Fund byto ~~one~~cut ofits ~~their~~long ~~members~~positions and, asprevented ~~such,~~it ~~should~~from ~~significantly~~fully ~~reduce~~benefiting ~~this~~from ~~risk. In~~the ~~cases~~market ~~where~~rebound ~~the~~going ~~clearinghouse~~into month-end. isOverall, ~~not~~the ~~backed~~Fund byfinished the ~~clearing~~month ~~members,~~with ~~like~~a ~~some~~loss ~~foreign~~of ~~exchanges~~1.61%, it1.48%, is1.37% ~~normally~~and ~~backed~~1.43% byfor ~~a consortium~~Series ofA, ~~banks~~B, orC ~~other~~and ~~financial~~I ~~institutions~~Units, respectively.

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.May

~~The~~In ~~Fund~~May, global ~~may~~bond ~~invest~~markets rallied as 10-year yields fell to 1.4% in UGermany and 2.S.5% ~~Treasury~~in ~~securities,~~the U.S. ~~and~~In ~~foreign government~~Europe, ~~sponsored~~this ~~enterprise~~move ~~notes,~~was ~~commercial~~driven ~~paper,~~by investor ~~corporate~~expectations ~~notes~~of ~~and~~a ~~asset~~near ~~backed~~term ~~securities.~~interest ~~Should~~rate ancut ~~issuing~~and ~~entity default~~potential onfuture ~~its~~quantitative ~~obligation~~easing toby the ~~Fund~~European ~~and~~Central ~~such~~Bank ~~entity~~to counteract isweak ~~not~~economic ~~backed~~growth byand ~~the~~deflationary ~~full~~risks. ~~faith~~Meanwhile ~~and~~in ~~credit of~~ the U.S., ~~government~~Fed Chair Janet Yellen expressed concern over a weak housing recovery, suggesting the ~~Fund~~Fed could keep interest rates low for longer than previously anticipated. Equity markets ~~bears~~interpreted ~~the~~these ~~risk~~signals of ~~loss~~continued ofeasy ~~the~~monetary ~~amount~~policy ~~expected~~in a positive light, leading to begains ~~received~~in most developed market stock indices. ~~The~~Volatility ~~Fund~~in ~~minimizes~~many ~~this~~asset ~~risk~~classes bycontinued ~~only~~to ~~investing~~decline in ~~securities~~May oftowards ~~firms~~historic lows, as exemplified by the VIX index, ~~with~~which ~~high~~fell ~~quality~~to ~~debt~~the ~~ratings~~pre-crisis levels of 2007.

~~Significant~~The ~~Accounting~~Fund was ~~Estimates~~ well positioned to profit from the key moves in fixed income and equities during the month. The bulk of returns came from long positions in bonds, in particular the U.S. 10-year, the U.S. long bond and the Euro Bund. In equities, the largest gains came from long positions in European indices. The Fund had modest losses in currencies as the euro and British pound each saw a sell-off. Agricultural commodities also had a small giveback as upward trending grain prices reversed on improved weather and harvest prospects. Overall, the Fund finished the month with a gain of 1.65%, 1.78%, 1.89% and 1.83% for Series A, B, C and I Units, respectively.

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

~~The~~In ~~Fund’s~~June, equity ~~most~~markets ~~significant~~continued ~~accounting~~to ~~policy~~set isrecord ~~the~~highs ~~valuation of~~as ~~its~~the ~~assets~~Federal ~~invested~~Reserve inreiterated ~~U.S.~~its ~~and~~dovish ~~foreign~~policy ~~futures~~stance ~~and~~in ~~forward~~light ~~currency~~of ~~contracts,~~a ~~and~~weaker ~~fixed income investments~~U. ~~The Fund’s~~S. ~~futures~~growth ~~contracts~~outlook. ~~are~~Meanwhile ~~exchange-traded,~~European ~~with~~fixed ~~the~~income ~~fair~~markets ~~value~~rallied ofas ~~these~~the ~~contracts~~European ~~based~~Central onBank ~~exchange~~imposed ~~settlement~~negative ~~prices.~~deposit ~~The~~rates ~~fair values~~to ofstem ~~non-exchange-traded~~deflation ~~contracts,~~and ~~such~~encourage asbank ~~forward~~lending. ~~currency~~Only ~~contracts, are based on third-party quoted dealer values on~~ the ~~interbank market.~~Bank ~~The fair value~~ of ~~money~~England ~~market~~gave ~~funds~~any isindication ~~based~~that ~~quoted~~it ~~market~~could ~~prices~~soon ~~for~~begin ~~identical~~to ~~shares.~~raise ~~U.S. Treasury securities~~interest rates, which ~~are~~ ~~stated~~led atto ~~fair~~further ~~value~~strengthening ~~based on quoted market prices for identical assets~~ in anthe ~~active~~British ~~market~~pound. ~~Notes~~Violence ofescalated ~~U.S.~~in ~~and~~the ~~foreign~~Middle ~~government sponsored enterprises~~East, as ~~well~~the asmilitant ~~commercial~~ISIS ~~paper, asset backed securities and corporate notes, are stated at fair value based~~group onseized ~~quoted~~key ~~market~~regions ~~prices for similar assets~~ in ~~an active market. Given the valuation sources~~Iraq, ~~there~~pushing isup ~~little~~oil ~~judgment~~prices oron ~~uncertainty involved~~fears ~~in the valuation~~ of ~~these~~a ~~assets,~~supply ~~and it is unlikely that materially different amounts would be reported under different valuation methodologies or assumptions~~disruption.

~~Contractual~~The ~~Obligations~~Fund recorded its largest gains for the month in long equity positions. The Fund profited in currency trading, particularly in the British 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 and 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. Overall, the Fund finished the month with a loss of 0.14% 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.

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).July

~~Item~~Despite small 3gains for U.S. ~~Quantitative~~equities in early July, a strong GDP report at month-end sparked fears that the Federal Reserve might tighten monetary policy sooner than expected, causing a sharp sell-off in stocks and ~~Qualitative~~bonds, ~~Disclosures~~as ~~about~~well ~~Market~~as ~~Risk~~a rally in the U.S. dollar. Meanwhile, European equities were driven down by both tougher sanctions on Russia (hurting regional trade) and the collapse 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. In agricultural commodities, grain prices fell as record plantings and ideal weather in the U.S. drove expected supply levels higher.

AIn ~~smaller~~July, metals ~~reporting~~and ~~company~~equities iswere ~~not~~the ~~required~~top toperforming ~~provide~~sectors, as signs of a manufacturing rebound in China spurred rallies in both aluminum and the ~~information~~Hong Kong stock market, helping the Fund’s long positions. Trends in agricultural markets also proved profitable. ~~under~~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 ~~item~~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.

~~Item 4: Controls and Procedures~~August

~~The~~Global ~~General~~bond markets ~~Partner~~rallied ofstrongly ~~the~~in ~~Fund,~~August. ~~with~~In the ~~participation~~U.S., ofweaker ~~the~~than ~~Chief Executive~~expected ~~Officer~~employment numbers and ~~Chief~~a ~~Financial~~dovish ~~Officer,~~speech ~~evaluated~~from U.S. Federal Reserve Chairwoman Janet Yellen suggested the ~~effectiveness~~timing of ~~the~~interest ~~design~~rate ~~and~~hikes ~~operation~~might ofbe ~~the~~pushed ~~Fund’s~~further ~~disclosure controls~~out. ~~and~~Meanwhile, ~~procedures~~Europe atthreatened to ~~June~~slip 30into deflation, ~~2015~~prompting (speculation that the ~~“Evaluation~~European ~~Date”).~~Central ~~Based~~Bank onmight ~~their~~get ~~evaluation,~~more ~~the~~aggressive ~~Chief~~in ~~Executive~~its ~~Officer~~expansionary monetary ~~and~~policy. ~~Chief~~This ~~Financial~~fueled ~~Officer~~a rise in European debt prices and a depreciation of the ~~General~~Euro. ~~Partner~~In ~~concluded~~equity ~~that~~markets, astension ofbetween ~~the~~Ukraine and ~~Evaluation~~Russia ~~Date~~caused an initial sell-off, but the ~~Fund’s~~expectation ~~disclosure~~of ~~controls~~continued support from central banks helped stock indices rebound ~~and~~sharply ~~procedures~~in ~~were~~the ~~effective~~second half of the month.

~~There~~In ~~has~~August, the ~~been~~interest norate ~~change~~sector was the top contributor to the Fund’s returns, as long exposures in ~~internal~~U.S. ~~control~~and ~~over~~European ~~financial~~bonds ~~reporting~~profited ~~that~~from ~~occurred~~a ~~during~~decline in yields. In currencies, the ~~period~~Fund ~~ended~~made ~~June~~gains ~~30,~~from ~~2015~~a ~~that~~short ~~has~~position ~~materially~~in ~~affected~~the Euro, oras isexpectations ~~reasonably~~of ~~likely~~further monetary easing pushed the currency to ~~materially~~a ~~affect~~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’s ~~internal~~closed ~~control~~the ~~over~~month ~~financial~~with ~~reporting~~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.

~~Part II: Other Information~~September

~~Item~~Equity 1markets rose early in September but declined by month end on poor European economic data and concerns about Chinese growth. ~~Legal~~Fixed ~~Proceedings~~income markets sold off and the U.S. dollar rallied as the Federal Reserve Bank of San Francisco published a report suggesting that markets are underestimating the pace of future rate increases. The euro continued to weaken as the European Central Bank lowered interest rates further and introduced measures to combat low inflation.

~~None.~~29

~~Item~~In 1ASeptember, the Fund’s performance was primarily driven by a strong U.S. ~~Risk~~dollar. ~~Factors~~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.

~~A smaller reporting company is not required to provide the information~~Off-Balance ~~under~~Sheet ~~this item.~~Risk

~~Item~~The 2term “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. ~~Unregistered~~The ~~Sales~~Fund trades in futures and forward currency contracts and is therefore a party to financial instruments with elements of ~~Equity~~off-balance ~~Securities~~sheet market and ~~Use~~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 ~~Proceeds~~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%.

~~There~~In ~~were~~addition to nosubjecting ~~sales~~the ofFund ~~unregistered~~to ~~securities~~market ofrisk, ~~the~~upon ~~Fund~~entering ~~during~~ into futures and forward currency contracts there is a risk that the ~~three~~counterparty will ~~months~~not ~~ended~~be ~~June~~able ~~30,~~to ~~2015~~meet its obligations to the Fund. ~~Under~~The counterparty for futures contracts traded in the ~~Partnership~~U.S. ~~Agreement,~~and ~~redemptions~~on ~~may~~most beforeign exchanges ~~made~~is bythe aclearinghouse ~~limited~~associated ~~partner~~with assuch ofexchange. In general, clearinghouses are backed by the ~~close~~ corporate members of the ~~business~~clearinghouse ~~day~~who ~~each~~are ~~Tuesday~~required atto share any financial burden resulting from the ~~net~~non-performance ~~asset~~by ~~value~~one of ~~the~~their ~~redeemed~~members ~~Units~~and, as ~~(or~~such, ~~portion~~should ~~thereof)~~significantly onreduce ~~that~~this ~~day~~risk. ~~Redemptions~~In ofcases ~~Units during~~where the ~~three~~clearinghouse ~~months~~is ~~ended~~not ~~June~~backed 30by the clearing members, ~~2015~~like ~~were~~some foreign asexchanges, ~~follows:~~it is normally backed by a consortium of banks or other financial institutions.

	April		May		June		Total
A Units
Units redeemed		1,335.7473		1,115.3597		1,818.6657		4,269.7727
Average net asset value per Unit	$	74.45	$	70.96	$	69.54	$	71.45
B Units
Units redeemed		4,771.7287		1,953.9399		1,091.4743		7,817.1429
Average net asset value per Unit	$	87.47	$	82.26	$	81.98	$	85.40
C Units
Units redeemed		308.5070		619.7966		715.3659		1,643.6695
Average net asset value per Unit	$	99.32	$	94.70	$	94.27	$	95.38
I Units
Units redeemed		169.3853		878.4947		1,157.3026		2,205.1826
Average net asset value per Unit	$	102.97	$	97.20	$	96.84	$	97.45

29The Fund may invest in U.S. Treasury securities, 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.

~~Item~~Significant Accounting ~~3. Defaults Upon Senior Securities~~Estimates

~~Not~~A ~~applicable~~summary of the Fund’s significant accounting policies are included in Note 1 to the Financial Statements.

~~Item~~The 4Fund’s most significant accounting policy is the valuation of its assets invested in U.S. ~~Mine~~and ~~Safety~~foreign ~~Disclosures~~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.

~~Not applicable.~~Contractual Obligations

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

~~None~~Item 3. Quantitative and Qualitative Disclosures about Market Risk

~~Item~~A 6.smaller reporting ~~Exhibits~~company is not required to provide the information under this item.

~~The following exhibits are filed herewith or incorporated by reference.~~30

Exhibit No.	Description of Exhibit
1.1(a)	Form of Selling Agreement
4.1(c)	Fourth Amended and Restated Limited Partnership Agreement
9.1(b)	Delaware Amended and Restated Certificate of Limited Partnership
10.1(c)	Form of Subscription Agreement
10.8(d)	Trading Advisory Agreement with Quantitative Investment Management, LLC
10.9(e)	Trading Advisory Agreement with Winton Capital Management, Ltd.
10.10(f)	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

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, 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.

~~(a)~~There ~~Previously~~has been ~~filed~~no aschange anin ~~exhibit~~internal tocontrol ~~Pre-Effective~~over ~~Amendment~~financial ~~No.~~reporting 3that tooccurred during the ~~Registration~~period ~~Statement~~ended onSeptember ~~Form~~30, ~~S-1~~2015 ~~(SEC~~that ~~File~~has materially ~~No.:~~affected, ~~333-148049)~~or onis ~~May~~reasonably ~~23,~~likely ~~2008~~to materially affect, ~~and~~the ~~incorporated~~Fund’s ~~herein~~internal bycontrol ~~reference~~over financial reporting.

~~(b)~~Part ~~Previously~~II: ~~filed~~Other ~~on May 3, 2011 with Form 8-K (File No. 000-53453), and incorporated herein by reference.~~Information

~~(c)~~Item ~~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.~~Legal ~~333-175052), and incorporated herein by reference~~Proceedings.

~~(d) Previously filed on March 28, 2013 as an exhibit to Form 10-K (File No~~None. ~~000-53453), and incorporated herein by reference.~~

~~(e)~~Item ~~Previously filed on March 28, 2014 as an exhibit to Form 10-K (File No~~1A. ~~000-53453),~~Risk ~~and incorporated herein by reference~~Factors.

~~(f)~~A ~~Previously~~smaller reporting ~~filed~~company onis ~~Registration~~not ~~Statement~~required onto ~~Form~~provide ~~S-1~~the ~~(SEC~~information ~~File~~under ~~No.~~this ~~333-198439) on August 28, 2014, and incorporated herein by reference~~item.

31Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

~~SIGNATURES~~There were no sales of unregistered securities of the Fund during the three months ended September 30, 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 September 30, 2015 were as follows:

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.

	July		August		September		Total
A Units
Units redeemed		345.9374		908.2891		1,733.4011		2,987.6276
Average net asset value per Unit	$	69.26	$	69.80	$	65.41	$	67.19

B Units
Units redeemed		1,789.9314		2,327.1144		8,413.1881		12,530.2339
Average net asset value per Unit	$	81.64	$	79.94	$	77.56	$	78.58

C Units
Units redeemed		637.1762		1,525.8855		2,130.3545		4,293.4162
Average net asset value per Unit	$	92.98	$	92.85	$	88.60	$	90.76

I Units
Units redeemed		568.1635		1,084.5030		411.6817		2,064.3482
Average net asset value per Unit	$	96.44	$	94.44	$	91.65	$	94.43

Dated:	August 14, 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)

Item 3.

Defaults Upon Senior Securities

32Not 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^(c)	Fourth Amended and Restated Limited Partnership Agreement

9.1^(b)	Delaware Amended and Restated Certificate of Limited Partnership

10.1^(c)	Form of Subscription Agreement

10.8^(d)	Trading Advisory Agreement with Quantitative Investment Management, LLC

10.9^(e)	Trading Advisory Agreement with Winton Capital Management, Ltd.

10.10^(f)	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 on May 3, 2011 with Form 8-K (File No. 000-53453), and incorporated herein by reference.

	^(c)	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.

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

	^(e)	Previously filed on March 28, 2014 as an exhibit to Form 10-K (File No. 000-53453), and incorporated herein by reference.

	^(f)	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:	November 13, 2015	SENECA GLOBAL FUND, L.P.

		By:	Steben & Company, Inc.
			General Partner

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

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

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