10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

 Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended March 31, 2016

or

 Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from ________ to _________

Commission File number: 000-22260

CAMPBELL STRATEGIC ALLOCATION FUND, L.P.

(Exact name of Registrant as specified in charter)

Delaware	52-1823554
(State or other jurisdiction of incorporation or organization)	(IRS Employer Identification Number)

 2850 Quarry Lake Drive

 Baltimore, Maryland 21209

 (Address of principal executive offices, including zip code)

 (410) 413-2600

 (Registrant's telephone number, including area code)

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

Yes  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 (§232.405 of this chapter) 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 smaller reporting company. See the definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer 	Accelerated filer 	Non-accelerated filer 	Smaller reporting company 
		(Do not check if a 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 

TABLE OF CONTENTS

			Page
PART I — FINANCIAL INFORMATION
	Item 1.	Financial Statements.
		Condensed Schedules of Investments as of March 31, 2016 and December 31, 2015 (Unaudited)	1-4
		Statements of Financial Condition as of March 31, 2016 and December 31, 2015 (Unaudited)	5
		Statements of Operations for the Three Months Ended March 31, 2016 and 2015 (Unaudited)	6
		Statements of Cash Flows for the Three Months Ended March 31, 2016 and 2015 (Unaudited)	7
		Statements of Changes in Partners' Capital (Net Asset Value) for the Three Months Ended March 31, 2016 and 2015 (Unaudited)	8
		Financial Highlights for the Three Months Ended March 31, 2016 and 2015 (Unaudited)	9
		Notes to Financial Statements (Unaudited)	10-18
	Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations.	19-22
	Item 3.	Quantitative and Qualitative Disclosure About Market Risk.	23-27
	Item 4.	Controls and Procedures.	28
PARTII — OTHER INFORMATION
	Item 1.	Legal Proceedings.	29
	Item 1A.	Risk Factors.	29
	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds.	29
	Item 3.	Defaults Upon Senior Securities.	29
	Item 4.	Mine Safety Disclosures.	29
	Item 5.	Other Information.	29
	Item 6.	Exhibits.	29
SIGNATURES			30

CAMPBELL STRATEGIC ALLOCATION FUND, L.P.

CONDENSED SCHEDULE OF INVESTMENTS

MARCH 31, 2016 (Unaudited)

FIXED INCOME SECURITIES
Maturity Face Value		Description	Fair Value ($)		% of Net Asset Value
		Asset Backed Securities
		United States
		Auto Loans	$	21,082,345		4.03	%
		Credit Cards		8,698,823		1.66	%
		Equipment Loans		3,841,857		0.74	%
		Utility Rate Reduction Bonds		687,181		0.13	%
		Total Asset Backed Securities (cost $34,314,480)		34,310,206		6.56	%
		Bank Deposits
		Switzerland
		Financials		6,144,829		1.17	%
		Total Bank Deposits (cost $6,140,840)		6,144,829		1.17	%
		Commercial Paper
		Switzerland
		Financials (cost $2,609,601)		2,609,718		0.50	%
		United States
		Communications		749,893		0.14	%
		Consumer Discretionary		37,480,382		7.17	%
		Consumer Staples		12,623,824		2.41	%
		Energy		10,880,978		2.08	%
		Financials		35,322,458		6.75	%
		Health Care		9,994,384		1.91	%
		Industrials		13,408,446		2.56	%
		Materials		3,923,697		0.75	%
		Technology		14,645,779		2.80	%
		Utilities		36,447,012		6.97	%
		Total United States (cost $175,476,517)		175,476,853		33.54	%
		Total Commercial Paper (cost $178,086,118)		178,086,571		34.04	%
		Corporate Bonds
		United States
		Communications		16,649,689		3.18	%
		Consumer Discretionary		37,062,021		7.08	%
		Consumer Staples		4,321,290		0.83	%
		Financials		78,048,220		14.92	%
		Health Care		6,528,112		1.25	%
		Technology		5,208,257		0.99	%
		Total Corporate Bonds (cost $147,818,654)		147,817,589		28.25	%
		Government And Agency Obligations
		United States
		U.S. Treasury Bills
$	8,410,000	U.S. Treasury Bills Due 04/14/2016*		8,409,680		1.61	%
$	15,000,000	U.S. Treasury Bills Due 04/21/2016*		14,999,070		2.87	%
$	42,220,000	U.S. Treasury Bills Due 04/28/2016*		42,214,807		8.07	%
$	12,040,000	U.S. Treasury Bills Due 05/05/2016*		12,039,073		2.30	%
$	28,200,000	U.S. Treasury Bills Due 05/26/2016*		28,192,922		5.39	%
$	15,000,000	U.S. Treasury Bills Due 06/23/2016*		14,992,965		2.86	%
$	6,000,000	U.S. Treasury Bills Due 06/30/2016*		5,995,612		1.15	%
		Total Government And Agency Obligations (cost $126,827,784)		126,844,129		24.25	%
		Total Fixed Income Securities **  (cost $493,187,876)	$	493,203,324		94.27	%
SHORT TERM INVESTMENTS
Maturity Face Value		Description	Fair Value ($)		% of Net Asset Value
		Money Market Funds
		United States
		Money Market Funds (cost $1,758)	$	1,758		0.00	%
		Total Short Term Investments (cost $1,758)	$	1,758		0.00	%

 See Accompanying Notes to Financial Statements.

1

CAMPBELL STRATEGIC ALLOCATION FUND, L.P.

CONDENSED SCHEDULE OF INVESTMENTS

MARCH 31, 2016 (Unaudited)

LONG FUTURES CONTRACTS
Description	Fair Value ($)			% of Net Asset Value
Agriculture	$	(446,420	)		(0.08	)%
Metals		(623,186	)		(0.12	)%
Stock indices		166,480			0.03	%
Short-term interest rates		903,241			0.17	%
Long-term interest rates		4,557,569			0.87	%
Net unrealized gain (loss) on long futures contracts		4,557,684			0.87	%
SHORT FUTURES CONTRACTS
Description	Fair Value ($)			% of Net Asset Value
Agriculture		1,684,151			0.32	%
Energy		820,745			0.16	%
Metals		832,426			0.16	%
Stock indices		340,258			0.07	%
Short-term interest rates		(289,134	)		(0.06	)%
Long-term interest rates		(514,276	)		(0.10	)%
Net unrealized gain (loss) on short futures contracts		2,874,170			0.55	%
Net unrealized gain (loss) on open futures contracts	$	7,431,854			1.42	%
FORWARD CURRENCY CONTRACTS
Description	Fair Value ($)			% of Net Asset Value
Various long forward currency contracts	$	32,803,004			6.27	%
Various short forward currency contracts		(32,751,694	)		(6.26	)%
Net unrealized gain (loss) on open forward currency contracts	$	51,310			0.01	%

* Pledged as collateral for the trading of futures or forward positions.

** Included in fixed income securities are U.S. Treasury Bills with a fair value of $87,203,077 deposited with the futures brokers and $39,641,052 deposited with the interbank market makers.

See Accompanying Notes to Financial Statements.

2

CAMPBELL STRATEGIC ALLOCATION FUND, L.P.

 CONDENSED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2015 (Unaudited)

FIXED INCOME SECURITIES
Maturity Face Value		Description	Fair Value ($)		% of Net Asset Value
		Asset Backed Securities
		United States
		Auto Loans	$	20,040,567		3.67	%
		Credit Cards		8,818,510		1.62	%
		Equipment Loans		3,029,800		0.55	%
		Utility Rate Reduction Bonds		685,878		0.13	%
		Total Asset Backed Securities (cost $32,635,227)		32,574,755		5.97	%
		Commercial Paper
		United States
		Communications		11,030,011		2.02	%
		Consumer Discretionary		23,279,813		4.27	%
		Consumer Staples		16,122,016		2.96	%
		Energy		10,074,868		1.85	%
		Financials		28,619,747		5.25	%
		Health Care		20,178,845		3.70	%
		Industrials		6,574,969		1.20	%
		Technology		14,047,005		2.57	%
		Utilities		23,474,688		4.30	%
		Total Commercial Paper (cost $153,390,527)		153,401,962		28.12	%
		Corporate Bonds
		Japan
		Consumer Discretionary (cost $4,322,342)		4,300,581		0.79	%
		United States
		Communications		15,690,868		2.88	%
		Consumer Discretionary		37,805,699		6.93	%
		Consumer Staples		12,918,157		2.37	%
		Financials		90,334,411		16.56	%
		Health Care		8,890,619		1.63	%
		Technology		3,902,981		0.71	%
		Total United States (cost $169,821,304)		169,542,735		31.08	%
		Total Corporate Bonds (cost $174,143,646)		173,843,316		31.87	%
		Government And Agency Obligations
		United States
		U.S. Treasury Bills
$	45,000,000	U.S. Treasury Bills Due 01/28/2016*		44,996,310		8.25	%
$	21,020,000	U.S. Treasury Bills Due 02/04/2016*		21,018,360		3.85	%
$	77,000,000	U.S. Treasury Bills Due 02/25/2016*		76,992,454		14.12	%
		Total Government And Agency Obligations (cost $143,017,647)		143,007,124		26.22	%
		Total Fixed Income Securities **  (cost $503,187,047)	$	502,827,157		92.18	%
SHORT TERM INVESTMENTS
Maturity Face Value		Description	Fair Value ($)		% of Net Asset Value
		Money Market Funds
		United States
		Money Market Funds  (cost $1,939)	$	1,939		0.00	%
		Total Short Term Investments  (cost $1,939)	$	1,939		0.00	%

See Accompanying Notes to Financial Statements.

3

CAMPBELL STRATEGIC ALLOCATION FUND, L.P.

CONDENSED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2015 (Unaudited)

LONG FUTURES CONTRACTS
Description	Fair Value ($)			% of Net Asset Value
Agriculture	$	18,361			0.00	%
Energy		60,602			0.01	%
Metals		278,027			0.05	%
Stock indices		(470,212	)		(0.09	)%
Short-term interest rates		(394,828	)		(0.07	)%
Long-term interest rates		468,177			0.09	%
Net unrealized gain (loss) on long futures contracts		(39,873	)		(0.01	)%
SHORT FUTURES CONTRACTS
Description	Fair Value ($)			% of Net Asset Value
Agriculture		575,270			0.11	%
Energy		(5,755,777	)		(1.05	)%
Metals		(2,661,677	)		(0.49	)%
Stock indices		(87,595	)		(0.02	)%
Short-term interest rates		(44,997	)		(0.01	)%
Long-term interest rates		(77,056	)		(0.01	)%
Net unrealized gain (loss) on short futures contracts		(8,051,832	)		(1.47	)%
Net unrealized gain (loss) on open futures contracts	$	(8,091,705	)		(1.48	)%
FORWARD CURRENCY CONTRACTS
Description	Fair Value ($)			% of Net Asset Value
Various long forward currency contracts	$	(6,621,688	)		(1.21	)%
Various short forward currency contracts		8,052,240			1.47	%
Net unrealized gain (loss) on open forward currency contracts	$	1,430,552			0.26	%

* Pledged as collateral for the trading of futures or forward positions.

** Included in fixed income securities are U.S. Treasury Bills with a fair value of $89,991,900 deposited with the futures brokers and $53,015,224 deposited with the interbank market makers.

See Accompanying Notes to Financial Statements.

4

CAMPBELL STRATEGIC ALLOCATION FUND, L.P.

STATEMENTS OF FINANCIAL CONDITION

March 31, 2016 and December 31, 2015 (Unaudited)

	March 31, 2016		December 31, 2015
ASSETS
Equity in futures broker trading accounts
Cash	$	30,101,535	$	51,239,065
Restricted cash		0		5,107,473
Fixed income securities (cost $87,191,940 and $89,998,647, respectively)		87,203,077		89,991,900
Net unrealized gain (loss) on open futures contracts		7,431,854		(8,091,705	)
Total equity in futures broker trading accounts		124,736,466		138,246,733
Cash and cash equivalents		260,431		644,164
Short term investments (cost $1,758 and $1,939, respectively)		1,758		1,939
Fixed income securities (cost $405,995,936 and $413,188,400, respectively)		406,000,247		412,835,257
Net unrealized gain (loss) on open forward currency contracts		51,310		1,430,552
Interest receivable		324,655		716,514
Total assets	$	531,374,867	$	553,875,159
LIABILITIES
Accounts payable	$	237,241	$	401,392
Brokerage fee payable		3,097,164		3,227,278
Accrued commissions and other trading fees on open contracts		73,651		95,209
Offering costs payable		121,607		130,828
Redemptions payable		4,679,443		4,557,645
Total liabilities		8,209,106		8,412,352
PARTNERS' CAPITAL (Net Asset Value)
General Partner - 235.103 redeemable units outstanding at March 31, 2016 and December 31, 2015		651,626		658,220
Limited Partners - 188,520.162 and 194,593.327 redeemable units outstanding at March 31, 2016 and December 31, 2015		522,514,135		544,804,587
Total partners' capital (Net Asset Value)		523,165,761		545,462,807
Total liabilities and partners' capital (Net Asset Value)	$	531,374,867	$	553,875,159

See Accompanying Notes to Financial Statements.

5

CAMPBELL STRATEGIC ALLOCATION FUND, L.P.

STATEMENTS OF OPERATIONS

For the Three Months Ended March 31, 2016 and 2015 (Unaudited)

	Three Months Ended March 31,
	2016			2015
TRADING GAINS (LOSSES)
Futures trading gains (losses)
Realized	$	(17,859,907	)	$	57,641,363
Change in unrealized		15,523,559			(10,497,791	)
Brokerage commissions		(622,083	)		(797,958	)
Net gain (loss) from futures trading		(2,958,431	)		46,345,614
Forward currency trading gains (losses)
Realized		8,446,924			18,168,652
Change in unrealized		(1,379,242	)		3,454,351
Brokerage commissions		(41,563	)		(63,149	)
Net gain (loss) from forward currency trading		7,026,119			21,559,854
Total net trading gain (loss)		4,067,688			67,905,468
NET INVESTMENT INCOME (LOSS)
Investment income
Interest income		802,502			805,230
Realized gain (loss) on fixed income securities		0			196,747
Change in unrealized gain (loss) on fixed income securities		375,338			(147,093	)
Total investment income		1,177,840			854,884
Expenses
Brokerage fee		9,631,317			12,576,929
Operating expenses		291,602			359,379
Total expenses		9,922,919			12,936,308
Net investment income (loss)		(8,745,079	)		(12,081,424	)
NET INCOME (LOSS)	$	(4,677,391	)	$	55,824,044
NET INCOME (LOSS) PER GENERAL AND LIMITED PARTNER UNIT (based on weighted average units outstanding during the period)	$	(24.29	)	$	251.22
INCREASE (DECREASE) IN NET ASSET VALUE PER GENERAL AND LIMITED PARTNER UNIT	$	(28.05	)	$	247.79
WEIGHTED AVERAGE NUMBER OF UNITS OUTSTANDING DURING THE PERIOD		192,556.310			222,211.456

See Accompanying Notes to Financial Statements.

6

CAMPBELL STRATEGIC ALLOCATION FUND, L.P.

STATEMENTS OF CASH FLOWS

For the Three Months Ended March 31, 2016 and 2015 (Unaudited)

	Three Months Ended March 31,
	2016			2015
Cash flows from (for) operating activities
Net income (loss)	$	(4,677,391	)	$	55,824,044
Adjustments to reconcile net income (loss) to net cash from (for) operating activities
Net change in unrealized on futures, forwards and investments		(14,519,655	)		7,190,533
(Increase) decrease in restricted cash		5,107,473			0
Increase (decrease) in payable for securities purchased		0			3,095,400
(Increase) decrease in interest receivable		391,859			(49,126	)
Increase (decrease) in accounts payable and accrued expenses		(315,823	)		196,561
Purchases of investments		(1,492,231,536	)		(2,565,468,357	)
Sales/maturities of investments		1,502,230,888			2,532,105,269
Net cash from (for) operating activities		(4,014,185	)		32,894,324
Cash flows from (for) financing activities
Redemption of units		(17,163,328	)		(18,720,525	)
Offering costs paid		(343,750	)		(750,442	)
Net cash from (for) financing activities		(17,507,078	)		(19,470,967	)
Net increase (decrease) in cash and cash equivalents		(21,521,263	)		13,423,357
Unrestricted cash
Beginning of period		51,883,229			77,657,233
End of period	$	30,361,966		$	91,080,590
End of period cash and cash equivalents consists of:
Cash in futures broker trading accounts	$	30,101,535		$	90,705,337
Cash and cash equivalents		260,431			375,253
Total end of period cash and cash equivalents	$	30,361,966		$	91,080,590

See Accompanying Notes to Financial Statements.

7

CAMPBELL STRATEGIC ALLOCATION FUND, L.P.

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

For the Three Months Ended March 31, 2016 and 2015 (Unaudited)

	Partners' Capital
	General Partner					Limited Partners						Total
	Units		Amount			Units			Amount			Units			Amount
Three Months Ended March 31, 2016
Balances at December 31, 2015		235.103	$	658,220			194,593.327		$	544,804,587			194,828.430		$	545,462,807
Net income (loss) for the three months ended March 31, 2016				(6,185	)					(4,671,206	)					(4,677,391	)
Redemptions		0.000		0			(6,073.165	)		(17,285,126	)		(6,073.165	)		(17,285,126	)
Offering costs				(409	)					(334,120	)					(334,529	)
Balances at March 31, 2016		235.103	$	651,626			188,520.162		$	522,514,135			188,755.265		$	523,165,761
Three Months Ended March 31, 2015
Balances at December 31, 2014		589.787	$	1,782,549			223,236.152		$	674,699,913			223,825.939		$	676,482,462
Net income (loss) for the three months ended March 31, 2015				147,708						55,676,336						55,824,044
Redemptions		0.000		0			(5,204.800	)		(16,791,973	)		(5,204.800	)		(16,791,973	)
Offering costs				(1,565	)					(589,425	)					(590,990	)
Balances at March 31, 2015		589.787	$	1,928,692			218,031.352		$	712,994,851			218,621.139		$	714,923,543

Net Asset Value per General and Limited Partner Unit
	March 31, 2016		December 31, 2015		March 31, 2015		December 31, 2014
	$	2,771.66	$	2,799.71	$	3,270.15	$	3,022.36

See Accompanying Notes to Financial Statements.

8

  CAMPBELL STRATEGIC ALLOCATION FUND, L.P.

FINANCIAL HIGHLIGHTS

For the Three Months Ended March 31, 2016 and 2015 (Unaudited)

The following information presents per unit operating performance data and other supplemental financial data for the three months ended March 31, 2016 and 2015. This information has been derived from information presented in the unaudited financial statements.

	Three Months Ended March 31,
	2016			2015
Per Unit Performance (for a unit outstanding throughout the entire period)
Net asset value per unit at beginning of period	$	2,799.71		$	3,022.36
Income (loss) from operations:
Total net trading gains (losses) (1)		19.11			304.82
Net investment income (loss) (1)		(45.42	)		(54.37	)
Total net income (loss) from operations		(26.31	)		250.45
Offering costs (1)		(1.74	)		(2.66	)
Net asset value per unit at end of period	$	2,771.66		$	3,270.15
Total Return (3)		(1.00	)%		8.20	%
Supplemental Data
Ratios to average net asset value:
Expenses prior to performance fee (4)		7.30	%		7.36	%
Performance fee (3)		0.00	%		0.00	%
Total expenses		7.30	%		7.36	%
Net investment income (loss) (2),(4)		(6.44	)%		(6.88	)%

Total returns are calculated based on the change in value of a unit during the period. An individual partner's total returns and ratios may vary from the above total returns and ratios based on the timing of additions and redemptions.

(1) Net investment income (loss) per unit and offering costs per unit are calculated by dividing the net investment income (loss) and offering costs by the average number of units outstanding during the period. Total net trading gains (losses) is a balancing amount necessary to reconcile the change in net asset value per unit with the other per unit information.

(2) Excludes performance fee.

(3) Not annualized

(4) Annualized

See Accompanying Notes to Financial Statements.

9

CAMPBELL STRATEGIC ALLOCATION FUND, L.P.

NOTES TO FINANCIAL STATEMENTS

MARCH 31, 2016 (Unaudited)

Note 1.  ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

A.  General Description of the Fund

Campbell Strategic Allocation Fund, L.P. (the "Fund") is a Delaware limited partnership which operates as a commodity investment pool. The Fund engages in the speculative trading of futures contracts and forward currency contracts.

Effective January 6, 2012, Units in the Fund were no longer offered for sale. For existing investors in the Fund, business has been and will be conducted as usual. There was no change in trading, operations, or monthly statements, etc., and redemptions will continue to be offered on a monthly basis.

B.  Regulation

As a registrant with the Securities and Exchange Commission (the "SEC"), the Fund is subject to the regulatory requirements under the Securities Exchange Act of 1934. Prior to January 6, 2012, the Fund was also subject to the regulatory requirements under the Securities Act of 1933.  As a commodity investment pool, the Fund is subject to the regulations of the Commodity Futures Trading Commission, an agency of the United States (U.S.) government which regulates most aspects of the commodity futures industry; rules of the National Futures Association, an industry self-regulatory organization; and the requirements of the various commodity exchanges where the Fund executes transactions. Additionally, the Fund is subject to the requirements of futures commission merchants (the "futures brokers") and interbank market makers through which the Fund trades.

C.  Method of Reporting

The Fund's financial statements are presented in accordance with accounting principles generally accepted in the United States of America, which may require the use of certain estimates made by the Fund's management. Actual results may differ from these estimates.

These financial statements should be read in conjunction with the financial statements and notes thereto included in the Fund's Annual Report on Form 10-K filed with the SEC for the year ended December 31, 2015. All adjustments of a normal recurring nature considered necessary for a fair presentation have been included.

The Fund meets the definition of an investment company according to the provisions of Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 946-10, Financial Services – Investment Companies.

Investment transactions are accounted for on the trade date. Gains or losses are realized when contracts are liquidated. Unrealized gains and losses on open contracts (the difference between contract trade value and fair value) are reported in the Statements of Financial Condition as a net gain or loss, as there exists a right of offset of unrealized gains or losses in accordance with ASC 210-20, Offsetting - Balance Sheet. The fair value of futures (exchange-traded) contracts is based on various futures exchanges, and reflects the settlement price for each contract as of the close on the last business day of the reporting period. The fair value of forward currency (non-exchange traded) contracts was extrapolated on a forward basis from the spot prices quoted as of 3:00 P.M. (E.T.) on the last business day of the reporting period.

The fixed income investments are marked to market on the last business day of the reporting period using a third party vendor hierarchy of pricing providers who specialize in such markets. The prices furnished by the providers consider the yield or price of bonds of comparable quality, coupon, maturity, and type, as well as prices quoted by dealers who make markets in such securities. Premiums and discounts on fixed income securities are amortized and accreted for financial reporting purposes.

The short term investments represent cash held at the custodian and invested overnight in a money market fund.

For purposes of both financial reporting and calculation of redemption value, Net Asset Value per unit is calculated by dividing Net Asset Value by the number of outstanding units.

10

CAMPBELL STRATEGIC ALLOCATION FUND, L.P.

NOTES TO FINANCIAL STATEMENTS

MARCH 31, 2016 (Unaudited)

D.Fair Value

The Fund follows the provisions of ASC 820, Fair Value Measurements and Disclosures ("ASC 820"). ASC 820 provides guidance for determining fair value and requires increased disclosure regarding the inputs to valuation techniques used to measure fair value. ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

ASC 820 establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3).

Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Fund has the ability to access at the measurement date. An active market for the asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. The value of the Fund's exchange - traded futures contracts and short term investments fall into this category.

Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. This category includes forward currency contracts that the Fund values using models or other valuation methodologies derived from observable market data. This category also includes fixed income investments.

Level 3 inputs are unobservable inputs for an asset or liability (including the Fund's own assumptions used in determining the fair value of investments). Unobservable inputs shall be used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date. As of March 31, 2016 and December 31, 2015, and for the periods ended March 31, 2016 and 2015, the Fund did not have any Level 3 assets or liabilities.

The following tables set forth by level within the fair value hierarchy the Fund's investments accounted for at fair value on a recurring basis as of March 31, 2016 and December 31, 2015.

	Fair Value at March 31, 2016
Description	Level 1		Level 2		Level 3		Total
Investments
Short term investments	$	1,758	$	0	$	0	$	1,758
Fixed income securities		0		493,203,324		0		493,203,324
Other Financial Instruments
Exchange-traded futures contracts		7,431,854		0		0		7,431,854
Forward currency contracts		0		51,310		0		51,310
Total	$	7,433,612	$	493,254,634	$	0	$	500,688,246

	Fair Value at December 31, 2015
Description	Level 1			Level 2		Level 3		Total
Investments
Short term investments	$	1,939		$	0	$	0	$	1,939
Fixed income securities		0			502,827,157		0		502,827,157
Other Financial Instruments
Exchange-traded futures contracts		(8,091,705	)		0		0		(8,091,705	)
Forward currency contracts		0			1,430,552		0		1,430,552
Total	$	(8,089,766	)	$	504,257,709	$	0	$	496,167,943

The Fund recognizes transfers between fair value hierarchy levels at the beginning of the reporting period. There were no transfers to or from Level 1 to Level 2 for the period ended March 31, 2016 or the year ended December 31, 2015.

The gross presentation of the fair value of the Fund's derivatives by instrument type is shown in Note 9. See Condensed Schedules of Investments for additional detail categorization.

11

CAMPBELL STRATEGIC ALLOCATION FUND, L.P.

NOTES TO FINANCIAL STATEMENTS

MARCH 31, 2016 (Unaudited)

E.  Cash and Cash Equivalents

Cash and cash equivalents includes cash and overnight money market investments at financial institutions.

F.  Income Taxes

The Fund prepares calendar year U.S. federal and applicable state tax returns and reports to the partners their allocable shares of the Fund's income, expenses and trading gains or losses. No provision for income taxes has been made in the accompanying financial statements as each partner is individually responsible for reporting income or loss based on such partner's respective share of the Fund's income and expenses as reported for income tax purposes.

Management has continued to evaluate the application of ASC 740, Income Taxes, to the Fund, and has determined that no reserves for uncertain tax positions were required. There are no tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly increase or decrease within twelve months. The Fund files federal and state tax returns. The 2012 through 2015 tax years generally remain subject to examination by the U.S. federal and most state tax authorities.

G.  Offering Costs

Campbell & Company, LP ("Campbell & Company") has incurred all costs in connection with the initial and continuous offering of units of the Fund ("offering costs"). In addition, Campbell & Company continues to compensate wholesalers for services rendered to Limited Partners. The Fund's liability for offering costs is limited to the maximum of total offering costs incurred by Campbell & Company, not to exceed 2.5% of the aggregate subscriptions accepted during the initial and continuous offerings. As of March 31, 2016 and December 31, 2015, the Fund has the potential remaining reimbursement amount of approximately $38.3 million and $38.6 million, respectively. If the Fund terminates prior to completion of payment of the calculated amounts to Campbell & Company, Campbell & Company will not be entitled to any additional payments, and the Fund will have no further obligation to Campbell & Company.

The Fund is only liable for payment of offering costs on a monthly basis as calculated based on the limitations stated above. At March 31, 2016 and December 31, 2015, the amount of unreimbursed offering costs incurred by Campbell & Company is $121,607 and $123,499, respectively. At March 31, 2016, and December 31, 2015, the Fund reflects a liability in the Statements of Financial Condition for offering costs payable to Campbell & Company of $121,607 and $130,828, respectively. The amount of monthly reimbursement due to Campbell & Company is charged directly to partners' capital.

H.  Foreign Currency Transactions

The Fund's functional currency is the U.S. dollar; however, it transacts business in currencies other than the U.S. dollar. Assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars at the rates in effect at the date of the Statements of Financial Condition. Income and expense items denominated in currencies other than the U.S. dollar are translated into U.S. dollars at the rates in effect during the period. Gains and losses resulting from the translation to U.S. dollars are reported in income.

Note 2.  GENERAL PARTNER AND COMMODITY TRADING ADVISOR

The general partner of the Fund is Campbell & Company, LP, which conducts and manages the business of the Fund. Campbell & Company is also the commodity trading advisor of the Fund. Effective December 2, 2014, Campbell & Company, Inc. changed its name and form of entity to Campbell & Company, LP. Campbell & Company refers to either Campbell & Company, Inc. or Campbell & Company, LP depending on the applicable period discussed. The Amended Agreement of Limited Partnership provides that Campbell & Company may make withdrawals of its units, provided that such withdrawals do not reduce Campbell & Company's aggregate percentage interest in the Fund to less than 1% of the net aggregate contributions.

Campbell & Company is required by the Amended Agreement of Limited Partnership to maintain a net worth equal to at least 5% of the capital contributed by all the limited partnerships for which it acts as general partner, including the Fund. The minimum net worth shall in no case be less than $50,000 nor shall net worth in excess of $1,000,000 be required.

The Fund pays a monthly brokerage fee equal to 1/12 of 7% (7% annualized) of month-end net assets to Campbell & Company and approximately $4 per round turn to the futures brokers for execution and clearing costs. From the 7% fee, a portion (4%) is used to compensate selling agents for ongoing services rendered and a portion (3%) is retained by Campbell & Company for trading and management services rendered. The amount paid to the futures brokers and interbank market makers for execution and clearing costs is limited to 1/12 of 1% (1% annualized) of month-end net assets.

12

CAMPBELL STRATEGIC ALLOCATION FUND, L.P.

NOTES TO FINANCIAL STATEMENTS

MARCH 31, 2016 (Unaudited)

Campbell & Company is also paid a quarterly performance fee of 20% of the Fund's aggregate cumulative appreciation in the Net Asset Value per unit, exclusive of appreciation attributable to interest income. More specifically, the performance fee is paid on the cumulative increase, if any, in the Net Asset Value per Unit over the highest previous cumulative Net Asset Value per Unit (commonly referred to as a High Water Mark) adjusting for investment income. In determining the brokerage and performance fees (the "fees"), adjustments shall be made for capital additions and withdrawals and Net Assets shall not be reduced by the fees being calculated for such current period. The performance fee is not subject to any clawback provisions. The fees are typically paid in the month following the month in which they are earned. The fees are paid from the available cash at the Fund's bank, futures brokers or cash management accounts.

Note 3.  ADMINISTRATOR

Northern Trust Hedge Fund Services LLC became the Administrator of the Fund effective January 1, 2015. The Administrator receives fees at rates agreed upon between the Fund and the Administrator and is entitled to reimbursement of certain actual out-of-pocket expenses incurred while performing its duties. The Administrator's primary responsibilities are portfolio accounting and fund accounting services.

Note 4.  CASH MANAGER AND CUSTODIAN

PNC Capital Advisors, LLC serves as the cash manager under the Investment Advisory Agreement to manage and control the liquid assets of the Fund. PNC Capital Advisors, LLC is registered as an investment adviser with the SEC of the United States under the Investment Advisers Act of 1940.

The Fund opened a custodial account at the Northern Trust Company (the "custodian") and has granted the cash manager authority to make certain investments on behalf of the Fund provided such investments are consistent with the investment guidelines created by the general partner. All securities purchased by the cash manager on behalf of the Fund will be held in the Fund's custody account at the custodian. The cash manager will have no beneficial or other interest in the securities and cash in such custody account.

Note 5.  DEPOSITS WITH FUTURES BROKERS

The Fund deposits assets with UBS Securities LLC and Goldman, Sachs & Co. subject to Commodity Futures Trading Commission regulations and various exchange and futures broker requirements. Margin requirements are satisfied by the deposit of U.S. Treasury Bills and cash with such futures brokers. The Fund typically earns interest income on its assets deposited with the futures brokers.

Note 6.  DEPOSITS WITH INTERBANK MARKET MAKERS

The Fund's counterparties with regard to its forward currency transactions are The Royal Bank of Scotland PLC ("RBS") and UBS AG ("UBS"). The Fund has entered into an International Swap and Derivatives Association, Inc. agreement ("ISDA Agreement") with RBS and UBS which governs these transactions. The credit ratings reported by the three major rating agencies for RBS and UBS were considered investment grade as of March 31, 2016. Margin requirements are satisfied by the deposit of U.S. Treasury Bills and cash with RBS and UBS. The Fund typically earns interest income on its assets deposited with RBS and UBS.

Note 7.  OPERATING EXPENSES

Operating expenses of the Fund are limited by the Amended Agreement of Limited Partnership to 0.5% per year of the average month-end Net Asset Value of the Fund. Actual operating expenses were less than 0.5% (annualized) of average month-end Net Asset Value for the three months ended March 31, 2016 and 2015.

Note 8.  SUBSCRIPTIONS, DISTRIBUTIONS AND REDEMPTIONS

Investments in the Fund were made by subscription agreement, subject to acceptance by Campbell & Company.

The Fund is not required to make distributions, but may do so at the sole discretion of Campbell & Company. A limited partner may request and receive redemption of units owned, subject to restrictions in the Amended Agreement of Limited Partnership. Units are transferable, but no market exists for their sale and none is expected to develop. Monthly redemptions are permitted upon ten (10) business days advance written notice to Campbell & Company.

13

CAMPBELL STRATEGIC ALLOCATION FUND, L.P.

NOTES TO FINANCIAL STATEMENTS

MARCH 31, 2016 (Unaudited)

Note 9.  TRADING ACTIVITIES AND RELATED RISKS

The Fund engages in the speculative trading of U.S. and foreign futures contracts and forward currency contracts (collectively, "derivatives"). Specifically, the Fund trades a portfolio focused on financial futures, which are instruments designed to hedge changes in interest rates, currency exchange rates, stock index values, metals, energy and agriculture values. The Fund is exposed to both market risk, the risk arising from changes in the fair value of the contracts, and credit risk, the risk of failure by another party to perform according to the terms of a contract.

Market Risk

For derivatives, risks arise from changes in the fair value of the contracts. Market movements result in frequent changes in the fair value of the Fund's open positions and, consequently, in its earnings and cash flow. The Fund's market risk is influenced by a wide variety of factors, including the level and volatility of exchange rates, interest rates, equity price levels, the fair value of financial instruments and contracts, the diversification effects among the Fund's open positions and the liquidity of the markets in which it trades. Theoretically, the Fund is exposed to a market risk equal to the notional contract value of futures and forward currency contracts purchased and unlimited liability on such contracts sold short. See Note 1.C. for an explanation of how the Fund determines its valuation for derivatives as well as the netting of derivatives.

The Fund adopted the provisions of ASC 815, Derivatives and Hedging, ("ASC 815"). ASC 815 provides enhanced disclosures about how and why an entity uses derivative instruments, how derivative instruments are accounted for, and how derivative instruments affect an entity's financial position, financial performance and cash flows.

The following tables summarize quantitative information required by ASC 815. The fair value of the Fund's derivatives by instrument type, as well as the location of those instruments on the Statements of Financial Condition, as of March 31, 2016 and December 31, 2015 is as follows:

Type of Instrument *	Statements of Financial Condition Location	Asset Derivatives at March 31, 2016 Fair Value		Liability Derivatives at March 31, 2016 Fair Value			Net
Agriculture Contracts	Net unrealized gain (loss) on open futures contracts	$	2,446,676	$	(1,208,945	)	$	1,237,731
Energy Contracts	Net unrealized gain (loss) on open futures contracts		1,345,969		(525,224	)		820,745
Metal Contracts	Net unrealized gain (loss) on open futures contracts		1,635,245		(1,426,005	)		209,240
Stock Indices Contracts	Net unrealized gain (loss) on open futures contracts		2,269,461		(1,762,723	)		506,738
Short-Term Interest Rate Contracts	Net unrealized gain (loss) on open futures contracts		995,022		(380,915	)		614,107
Long-Term Interest Rate Contracts	Net unrealized gain (loss) on open futures contracts		4,955,861		(912,568	)		4,043,293
Forward Currency Contracts	Net unrealized gain (loss) on open forward currency contracts		33,699,218		(33,647,908	)		51,310
Totals		$	47,347,452	$	(39,864,288	)	$	7,483,164

* Derivatives not designated as hedging instruments under ASC 815

Type of Instrument *	Statements of Financial Condition Location	Asset Derivatives at December 31, 2015 Fair Value		Liability Derivatives at December 31, 2015 Fair Value			Net
Agriculture Contracts	Net unrealized gain (loss) on open futures contracts	$	2,502,717	$	(1,909,086	)	$	593,631
Energy Contracts	Net unrealized gain (loss) on open futures contracts		1,249,322		(6,944,497	)		(5,695,175	)
Metal Contracts	Net unrealized gain (loss) on open futures contracts		1,370,476		(3,754,126	)		(2,383,650	)
Stock Indices Contracts	Net unrealized gain (loss) on open futures contracts		560,183		(1,117,990	)		(557,807	)
Short-Term Interest Rate Contracts	Net unrealized gain (loss) on open futures contracts		10,868		(450,693	)		(439,825	)
Long-Term Interest Rate Contracts	Net unrealized gain (loss) on open futures contracts		1,590,634		(1,199,513	)		391,121
Forward Currency Contracts	Net unrealized gain (loss) on open forward currency contracts		31,083,991		(29,653,439	)		1,430,552
Totals		$	38,368,191	$	(45,029,344	)	$	(6,661,153	)

* Derivatives not designated as hedging instruments under ASC 815

14

CAMPBELL STRATEGIC ALLOCATION FUND, L.P.

NOTES TO FINANCIAL STATEMENTS

MARCH 31, 2016 (Unaudited)

The trading gains and losses of the Fund's derivatives by instrument type, as well as the location of those gains and losses on the Statements of Operations, for the three months ended March 31, 2016 and 2015 is as follows:

Type of Instrument	Trading Gains / (Losses) for the Three Months Ended March 31, 2016			Trading Gains / (Losses) for the Three Months Ended March 31, 2015
Agriculture Contracts	$	(7,736,363	)	$	4,743,958
Energy Contracts		3,093,450			537,428
Metal Contracts		(7,673,719	)		(2,588,339	)
Stock Indices Contracts		(5,052,411	)		20,376,566
Short-Term Interest Rate Contracts		583,807			(1,814,846	)
Long Term Interest Rate Contracts		14,354,366			26,142,684
Forward Currency Contracts		7,067,682			21,623,003
Total	$	4,636,812		$	69,020,454

Line Item in the Statements of Operations	Trading Gains / (Losses) for the Three Months Ended March 31, 2016			Trading Gains / (Losses) for the Three Months Ended March 31, 2015
Futures trading gains (losses):
Realized **	$	(17,954,429	)	$	57,895,242
Change in unrealized		15,523,559			(10,497,791	)
Forward currency trading gains (losses):
Realized		8,446,924			18,168,652
Change in unrealized		(1,379,242	)		3,454,351
Total	$	4,636,812		$	69,020,454

** Amounts differ from the amounts on the Statements of Operations as the amounts above do not include gains and losses on foreign currency cash balances at the futures broker.

For the three months ended March 31, 2016 and 2015, the monthly average of futures contracts bought and sold was approximately 53,500 and 70,500, respectively, and the monthly average of notional value of forward currency contracts was $3,048,500,000 and $4,131,000,000 respectively.

Open contracts generally mature within twelve months; as of March 31, 2016, the latest maturity date for open futures contracts is June 2017 and the latest maturity date for open forward currency contracts is June 2016. However, the Fund intends to close all futures and offset all foreign currency contracts prior to maturity.

Credit Risk

The Fund trades futures contracts on exchanges that require margin deposits with the futures broker. Additional deposits may be necessary for any loss on contract value. The Commodity Exchange Act requires a futures broker to segregate all customer transactions and assets from such futures broker's proprietary activities. A customer's cash and other property (for example, U.S. Treasury Bills) deposited with a futures broker are considered commingled with all other customer funds subject to the futures broker's segregation requirements. In the event of a futures 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 total cash and other property deposited.

The Fund trades forward currency contracts in unregulated markets between principals and assumes the risk of loss from counterparty nonperformance. Accordingly, the risks associated with forward currency contracts are generally greater than those associated with exchange traded contracts because of the greater risk of counterparty default. Additionally, the trading of forward currency contracts typically involves delayed cash settlement.

The Fund has a portion of its assets on deposit with PNC Bank. In the event of a financial institution's insolvency, recovery of the Fund's assets on deposit may be limited to account insurance or other protection afforded such deposits.

The Fund has entered into ISDA Agreements with UBS AG and RBS. Under the terms of each ISDA Agreement, upon the designation of an Event of Default, as defined in each ISDA Agreement, the non-defaulting party may set-off any sum or obligation owed by the defaulting party to the non-defaulting party against any sum or obligation owed by the non-defaulting party to the defaulting party. If any sum or obligation is unascertained, the non-defaulting party may in good faith estimate that sum or obligation and set-off in respect to that estimate, accounting to the other party when such sum or obligation is ascertained.

Under the terms of each master netting agreement with UBS Securities and Goldman, upon occurrence of a default by the Fund, as defined in respective account documents, UBS Securities and Goldman have the right to close out any or all open contracts held in the Fund's account; sell any or all of the securities held; and borrow or buy any securities, contracts or other property for the Fund's account. The Fund would be liable for any deficiency in its account resulting from such transactions.

The amount of required margin and good faith deposits with the futures brokers and interbank market makers usually range from 10% to 30% of Net Asset Value. The fair value of securities held to satisfy such requirements at March 31, 2016 and December 31, 2015 was $126,844,129 and $143,007,124, respectively, which equals approximately 24% and 26% of Net Asset Value, respectively. The cash deposited with the interbank market makers at March 31, 2016 and December 31, 2015 was $199,954 and $207,883, respectively, which equals approximately 0% and 0% of Net Asset Value, respectively. These amounts are included in cash and cash equivalents. Included in cash deposits with the futures brokers and interbank market makers at March 31, 2016 and December 31, 2015 was restricted cash for margin requirements of $0 and $5,107,473, respectively, which equals approximately 0% and 1% of Net Asset Value, respectively.

15

CAMPBELL STRATEGIC ALLOCATION FUND, L.P.

NOTES TO FINANCIAL STATEMENTS

MARCH 31, 2016 (Unaudited)

Set forth below are tables which disclose both gross information and net information about instruments and transactions eligible for offset in the Statements of Financial Condition and instruments and transactions that are subject to a master netting agreement as well as amounts related to financial collateral (including U.S. Treasury Bills and cash collateral) held at clearing brokers and counterparties. Margin reflected in the Collateral tables is limited to the net amount of unrealized loss at each counterparty. Actual margin amounts required at each counterparty are based on the notional amounts or the number of contracts outstanding and may exceed the margin presented in the Collateral tables.

Offsetting of Derivative Assets
As of March 31, 2016
Type of Instrument	Counterparty	Gross Amount of Recognized Assets		Gross Amount Offset in the Statements of Financial Condition			Net Amount of Unrealized Gain Presented in the Statements of Financial Condition
Futures contracts	UBS Securities LLC	$	6,913,446	$	(3,068,820	)	$	3,844,626
Futures contracts	Goldman Sachs		6,734,788		(3,147,560	)		3,587,228
Total futures contracts			13,648,234		(6,216,380	)		7,431,854
Forward currency contracts	UBS AG		16,846,471		(16,818,651	)		27,820
Forward currency contracts	Royal Bank of Scotland		16,852,747		(16,829,257	)		23,490
Total forward currency contracts			33,699,218		(33,647,908	)		51,310
Total derivatives		$	47,347,452	$	(39,864,288	)	$	7,483,164

Derivatives Assets and Collateral Received by Counterparty
As of March 31, 2016
				Gross Amounts Not Offset in the Statements of Financial Condition
Counterparty	Net Amount of Unrealized Gain in the Statements of Financial Condition			Financial Instruments			Cash Collateral Received			Net Amount
UBS Securities LLC		$	3,844,626		$	0		$	0		$	3,844,626
Goldman Sachs			3,587,228			0			0			3,587,228
UBS AG			27,820			0			0			27,820
Royal Bank of Scotland			23,490			0			0			23,490
Total		$	7,483,164		$	0		$	0		$	7,483,164

Offsetting of Derivative Liabilities
As of March 31, 2016
Type of Instrument	Counterparty	Gross Amount of Recognized Liabilities		Gross Amount Offset in the Statements of Financial Condition			Net Amount of Unrealized Loss Presented in the Statements of Financial Condition
Futures contracts	UBS Securities LLC	$	3,068,820	$	(3,068,820	)	$	0
Futures contracts	Goldman Sachs		3,147,560		(3,147,560	)		0
Total futures contracts			6,216,380		(6,216,380	)		0
Forward currency contracts	UBS AG		16,818,651		(16,818,651	)		0
Forward currency contracts	Royal Bank of Scotland		16,829,257		(16,829,257	)		0
Total forward currency contracts			33,647,908		(33,647,908	)		0
Total derivatives		$	39,864,288	$	(39,864,288	)	$	0

Derivatives Liabilities and Collateral Pledged by Counterparty
As of March 31, 2016
				Gross Amounts Not Offset in the Statements of Financial Condition
Counterparty	Net Amount of Unrealized Loss in the Statements of Financial Condition			Financial Instruments			Cash Collateral Pledged			Net Amount
UBS Securities LLC		$	0		$	0		$	0		$	0
Goldman Sachs			0			0			0			0
UBS AG			0			0			0			0
Royal Bank of Scotland			0			0			0			0
Total		$	0		$	0		$	0		$	0

16

CAMPBELL STRATEGIC ALLOCATION FUND, L.P.

NOTES TO FINANCIAL STATEMENTS

MARCH 31, 2016 (Unaudited)

Offsetting of Derivative Assets
As of December 31, 2015
Type of Instrument	Counterparty	Gross Amount of Recognized Assets		Gross Amount Offset in the Statements of Financial Condition			Net Amount of Unrealized Gain Presented in the Statements of Financial Condition
Futures contracts	UBS Securities LLC	$	3,688,786	$	(3,688,786	)	$	0
Futures contracts	Goldman Sachs		3,595,414		(3,595,414	)		0
Total futures contracts			7,284,200		(7,284,200	)		0
Forward currency contracts	UBS AG		15,542,073		(14,826,720	)		715,353
Forward currency contracts	Royal Bank of Scotland		15,541,918		(14,826,719	)		715,199
Total forward currency contracts			31,083,991		(29,653,439	)		1,430,552
Total derivatives		$	38,368,191	$	(36,937,639	)	$	1,430,552

Derivatives Assets and Collateral Received by Counterparty
As of December 31, 2015
				Gross Amounts Not Offset in the Statements of Financial Condition
Counterparty	Net Amount of Unrealized Gain in the Statements of Financial Condition			Financial Instruments			Cash Collateral Received			Net Amount
UBS Securities LLC		$	0		$	0		$	0		$	0
Goldman Sachs			0			0			0			0
UBS AG			715,353			0			0			715,353
Royal Bank of Scotland			715,199			0			0			715,199
Total		$	1,430,552		$	0		$	0		$	1,430,552

Offsetting of Derivative Liabilities
As of December 31, 2015
Type of Instrument	Counterparty	Gross Amount of Recognized Liabilities		Gross Amount Offset in the Statements of Financial Condition			Net Amount of Unrealized Loss Presented in the Statements of Financial Condition
Futures contracts	UBS Securities LLC	$	7,516,750	$	(3,688,786	)	$	3,827,964
Futures contracts	Goldman Sachs		7,859,155		(3,595,414	)		4,263,741
Total futures contracts			15,375,905		(7,284,200	)		8,091,705
Forward currency contracts	UBS AG		14,826,720		(14,826,720	)		0
Forward currency contracts	Royal Bank of Scotland		14,826,719		(14,826,719	)		0
Total forward currency contracts			29,653,439		(29,653,439	)		0
Total derivatives		$	45,029,344	$	(36,937,639	)	$	8,091,705

Derivatives Liabilities and Collateral Pledged by Counterparty
As of December 31, 2015
				Gross Amounts Not Offset in the Statements of Financial Condition
Counterparty	Net Amount of Unrealized Loss in the Statements of Financial Condition			Financial Instruments			Cash Collateral Pledged				Net Amount
UBS Securities LLC		$	3,827,964		$	0		$	(3,827,964	)		$	0
Goldman Sachs			4,263,741			0			(4,263,741	)			0
UBS AG			0			0			0				0
Royal Bank of Scotland			0			0			0				0
Total		$	8,091,705		$	0		$	(8,091,705	)		$	0

17

CAMPBELL STRATEGIC ALLOCATION FUND, L.P.

NOTES TO FINANCIAL STATEMENTS

MARCH 31, 2016 (Unaudited)

Campbell & Company 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. Campbell & Company's basic market risk control procedures consist of continuously monitoring open positions, diversification of the portfolio and maintenance of a margin-to-equity ratio that rarely exceeds 30%. Campbell & Company's attempt to manage the risk of the Fund's open positions is essentially the same in all market categories traded. Campbell & Company applies risk management policies to its trading which generally limit the total exposure that may be taken per "risk unit" of assets under management. In addition, Campbell & Company follows diversification guidelines (often formulated in terms of the balanced volatility between markets and correlated groups), as well as reducing position sizes dynamically in response to trading losses. Campbell & Company controls the risk of the Fund's non-trading fixed income instruments by limiting the duration of such instruments and requiring a minimum credit quality of the issuers of those instruments.

Campbell & Company seeks to minimize credit risk primarily by depositing and maintaining the Fund's assets at financial institutions and brokers which Campbell & Company believes to be credit worthy. The limited partners bear the risk of loss only to the extent of the market value of their respective investments and, in certain specific circumstances, distributions and redemptions received.

Note 10.  INDEMNIFICATIONS

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

Note 11.  INTERIM FINANCIAL STATEMENTS

The statements of financial condition, including the condensed schedules of investments, as of March 31, 2016 and December 31, 2015, and the statements of operations, cash flows, changes in partners' capital (Net Asset Value) and financial highlights for the three months ended March 31, 2016 and 2015 are unaudited. In the opinion of management, such financial statements reflect all adjustments, which were of a normal and recurring nature, necessary for a fair presentation of financial position as of March 31, 2016 and December 31, 2015, and the results of operations, cash flows, changes in partners' capital (Net Asset Value) and financial highlights for the three months ended March 31, 2016 and 2015.

Note 12.  SUBSEQUENT EVENTS

Management of the Fund has evaluated subsequent events through the date the financial statements were filed. There are no subsequent events to disclose or record.

18

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

Introduction

The offering of its Units of Limited Partnership Interest commenced on January 12, 1994. The initial offering terminated on April 15, 1994 and the Fund commenced operations on April 18, 1994. The continuing offering period commenced at the termination of the initial offering period and terminated on January 6, 2012.

Critical Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Management believes that the estimates utilized in preparing the financial statements are reasonable and prudent; however, actual results could differ from those estimates. The Fund's significant accounting policies are described in detail in Note 1 of the Financial Statements.

The Fund records all investments at fair value in its financial statements, with changes in fair value reported as a component of realized and change in unrealized trading gains (losses) in the Statements of Operations. Generally, fair values are based on market prices; however, in certain circumstances, estimates are involved in determining fair value in the absence of an active market closing price (i.e., forward contracts which are traded in the inter-bank market).

Capital Resources

Effective January 6, 2012, units in the Fund were no longer offered for sale. For existing investors in the Fund, business has been and will be conducted as usual. There will be no change in trading, operations or monthly statements, etc., and redemptions will continue to be offered on a monthly basis.

The Fund does not intend to raise any capital through borrowing. Due to the nature of the Fund's business, it will make no capital expenditures and will have no capital assets, which are not operating capital or assets.

The Fund generally maintains 60% to 75% of its net asset value in cash, cash equivalents or other liquid positions in its cash management program over and above that needed to post as collateral for trading. These funds are available to meet redemptions each month. After redemptions are taken into account each month, the trade level of the Fund is adjusted and positions in the instruments the Fund trades are liquidated, if necessary, on a pro-rata basis to meet those increases or decreases in trade levels.

Liquidity

Most United States commodity exchanges limit fluctuations in the prices of futures contracts during a single day by regulations referred to as "daily price fluctuation limits" or "daily limits." During a single trading day, no trades may be executed at prices beyond the daily limit. Once the price of a futures contract has reached the daily limit for that day, positions in that contract can neither be taken nor liquidated. Futures prices have occasionally moved to the daily limit for several consecutive days with little or no trading. Similar occurrences could prevent the Fund from promptly liquidating unfavorable positions and subject the Fund to substantial losses which could exceed the margin initially committed to such trades. In addition, even if futures prices have not moved the daily limit, the Fund may not be able to execute futures trades at favorable prices, if little trading in such contracts is taking place. Other than these limitations on liquidity, which are inherent in the Fund's futures trading operations, the Fund's assets are expected to be highly liquid.

The entire offering proceeds, without deductions, were credited to the Fund's bank, custodial and/or cash management accounts. The Fund meets margin requirements for its trading activities by depositing cash or U.S. government securities with the futures brokers and the over-the-counter counterparties. This does not reduce the risk of loss from trading futures and forward contracts. The Fund receives all interest earned on its assets. No other person shall receive any interest or other economic benefits from the deposit of Fund assets.

19

Approximately 10% to 30% of the Fund's assets normally are committed as required margin for futures contracts and held by the futures brokers, although the amount committed may vary significantly. Such assets are maintained in the form of cash or U.S. Treasury bills in segregated accounts with the futures brokers pursuant to the Commodity Exchange Act and regulations thereunder. Approximately 5% to 15% of the Fund's assets are deposited with over-the-counter counterparties in order to initiate and maintain forward contracts. Such assets are not held in segregation or otherwise regulated under the Commodity Exchange Act, unless such over-the-counter counterparty is registered as a futures commission merchant. These assets are held either in U.S. government securities or short-term time deposits with U.S.-regulated bank affiliates of the over-the-counter counterparties.

The general partner deposits the majority of those assets of the Fund that are not required to be deposited as margin with the futures brokers and over-the-counter counterparties in a custodial account with Northern Trust Company. The assets deposited in the custodial account with Northern Trust Company are segregated. Such custodial account constitutes approximately 60% to 75% of the Fund's assets and are invested directly by PNC Capital Advisors, LLC ("PNC"). PNC is registered with the SEC as an investment adviser under the Investment Advisers Act of 1940. PNC does not guarantee any interest or profits will accrue on the Fund's assets in the custodial account. PNC invests the assets according to agreed upon investment guidelines that first preserve capital, second allow for sufficient liquidity, and third provide a yield beyond the risk-free rate. Investments can include, but are not limited to, (i) U.S. Government Securities, Government Agency Securities, Municipal Securities, banker acceptances and certificates of deposits; (ii) commercial paper; (iii) short-term investment grade corporate debt; and (iv) Asset Backed Securities.

The Fund occasionally receives margin calls (requests to post more collateral) from its futures brokers or over-the-counter counterparties, which are met by moving the required portion of the assets held in the custody accounts at Northern Trust to the margin accounts. In the past three years, the Fund has not needed to liquidate any position as a result of a margin call.

The Fund's assets are not and will not be, directly or indirectly, commingled with the property of any other person in violation of law or invested in or loaned to Campbell & Company or any affiliated entities.

 Off-Balance Sheet Risk

The term "off-balance sheet risk" refers to an unrecorded potential liability that, even though it does not appear on the balance sheet, may result in future obligation or loss. The Fund trades in futures and forward contracts and is therefore a party to financial instruments with elements of off-balance sheet market and credit risk. In entering into these contracts there exists a risk to the Fund, market risk, that such contracts may be significantly influenced by market conditions, such as interest rate volatility, resulting in such contracts being less valuable. If the markets should move against all of the futures interests positions of the Fund at the same time, and if the Fund's trading advisor was unable to offset futures interests positions of the Fund, the Fund could lose all of its assets and the Limited Partners would realize a 100% loss. Campbell & Company, the general partner (who also acts as trading advisor), minimizes market risk through real-time monitoring of open positions, diversification of the portfolio and maintenance of a margin-to-equity ratio that rarely exceeds 30% however, these precautions may not be effective in limiting the risk of loss.

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

In the case of forward 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 credit risk. Campbell & Company trades for the Fund only with those counterparties which it believes to be creditworthy. All positions of the Fund are valued each day at fair value. There can be no assurance that any clearing member, clearinghouse or other counterparty will be able to meet its obligations to the Fund.

Disclosures About Certain Trading Activities that Include Non-Exchange Traded Contracts Accounted for at Fair Value

The Fund invests in futures and forward currency contracts. The fair value of futures (exchange-traded) contracts is determined by the various futures exchanges, and reflects the settlement price for each contract as of the close of the last business day of the reporting period. The fair value of forward (non-exchange traded) contracts is extrapolated on a forward basis from the spot prices quoted as of 3:00 P.M. (E.T.) of the last business day of the reporting period.

20

Results of Operations

The returns for the three months ending March 31, 2016 and 2015 were (1.00)% and 8.20%, respectively. During the three months ending March 31, 2016 and 2015, the Fund accrued brokerage fees in the amount of $9,631,317 and $12,576,929, respectively, and paid brokerage fees in the amount of $9,761,431 and $12,362,690, respectively. No performance fees were accrued or paid during these periods.

2016 (For the Three Months Ended March 31)

Of the (1.00)% year to date return, approximately 0.79% due to trading gains (before commissions) and approximately 0.22% due to investment income, offset by approximately (2.01)% was due to brokerage fees, operating expenses and offering costs borne by the Fund. An analysis of the 0.79% trading gain by sector is as follows:

Sector	% Gain (Loss)
Commodities		(2.27) %
Currencies		1.29
Interest Rates		2.71
Stock Indices		(0.94)
		0.79  %

The Fund showed a gain during January.  Profits came from foreign exchange, interest rate, and commodity holdings while stock indexes provided small offsetting losses during the month. Foreign exchange positions from both trend following and non-trend strategies produced some of the best gains.  Long US dollar positioning versus short commodity currencies, such as the Mexican peso, Canadian dollar, and South African rand, showed gains as the commodity sell-off continued, especially within the energy complex.  Short positioning on the British pound versus the US dollar also benefitted as global growth concerns reduced the likelihood of a Bank of England interest rate hike and on heightened speculation of a UK exit from the European Union (the so-called "BREXIT"). Interest rate positions provided additional gains to the Fund during January, particularly from the non-trend systems.  Long positioning on both long-dated and short-dated instruments experienced profits.  The sharp sell-off in global stock indexes fueled safe-haven buying in interest rate products.  In addition, ongoing dovish commentary from global central banks added to the upward price pressure.  In fact, near month-end, the Bank of Japan adopted a new, and unexpected, negative interest rate policy that fueled additional buying of global interest rate markets. Some additional gains during the month came from commodity positions, with both trend and non-trend strategies contributing.  Short positioning within the energy complex, namely on WTI and Brent, produced some of the best gains.  Oil prices touched a 12-year low during the month as Iranian export sanctions were lifted which only added to the persistent oversupply within global markets as world demand continued to wane.  Short positioning on copper returned profits as that metal saw lower prices amid ongoing economic weakness within China.  A short position on gold produced some offsetting losses as risk-off sentiment produced safe-haven buying of the metal. Stock indexes showed losses as long positioning from the trend systems suffered amid the steep sell-off in equities as global growth concerns persisted to start the New Year.

Gains in February came from interest rate, commodity, and stock index holdings while foreign exchange positions provided some offsetting losses during the month. Interest rate positions provided some of the best gains to the Fund during February, particularly from the non-trend systems.  Long positioning on long-dated instruments experienced profits, while short-dated products saw small losses.  The best sector gains were found within Germany and the UK.  Concerns about European bank stocks were a major contributor to the risk-off sentiment during February which provided a tailwind to interest rate markets in the region.  Anxieties over a possible UK exit from the European Union also drove safe-haven buying. Additional gains during the month came from commodity positions, with both trend and non-trend strategies contributing.  Shorts within the energy complex, namely on natural gas, produced some of the best gains.  Natural gas prices fell to a 17-year low amid milder temperatures and abundant production.  Short positioning on the grains, especially corn and wheat, benefitted when prices dropped due to weaker export sales and healthy global supplies.  Short positions on gold and silver produced some offsetting sector losses as the risk-off environment produced safe-haven buying of those metals. Stock index holdings showed a very small gain.  A short position on the Hang Seng index in Hong Kong was one of the best performing trades as that index fell amid ongoing concerns over the health of the Chinese economy. Foreign exchange positions from both trend following and non-trend strategies produced losses for the Fund.  February saw some very choppy price action within the various currency pairs making for a difficult trading environment.  The Fund was short the Japanese yen versus the US dollar and experienced losses when the yen strengthened despite the Bank of Japan's recent negative interest rate policy announcement.  Trend following systems saw some offsetting gains from a short on the British pound as BREXIT concerns drove the currency to new multi-year lows.

March showed losses driven by commodity positioning, while foreign exchange, interest rate and stock index holdings had only a slightly negative impact during the month. Commodity positions from both the trend and non-trend systems provided some of the biggest losses during March.  Short positioning across the petroleum complex suffered when those markets moved higher in response to an OPEC announcement that the organization had scheduled a mid-April meeting to discuss output levels.  Natural gas shorts hurt the Fund as well as that product rallied amid larger than expected inventory draws.  Short holdings on the grain markets also led to losses with soybeans being one of the worst performers.  Strong exports, political tensions in Brazil, and lower inventory projections were all behind the move higher.  Coffee shorts also suffered as the political tensions in Brazil drove prices up. Foreign exchange positions added small additional losses.  Long positioning on the Australian dollar produced profits as a dovish U.S. Federal Reserve and ultra-loose policies in Japan and Europe collectively boosted the appeal of higher yielding currencies.  A short on the British pound produced some offsetting losses as that currency experienced an oversold bounce fueled in part by a more dovish US Fed. Interest rate holdings had a slightly negative impact on the monthly P&L.  Price action during March was very choppy making it difficult for some systems to find and hold profitable trades.  The first half of the month saw fixed income prices chop lower as stock prices moved higher.  The second half of the month saw a sharp reversal higher as the US Fed took a more dovish than expected stance on interest rate policy. Stock index holdings also had only a slightly negative monthly P&L impact.  Global equity indexes generally moved higher during March as commodity prices bounced and global central banks continued to provide an accommodative backdrop for stocks.  The Fund held a mix of long and short holdings leading to offsetting gains and losses that left the sector nearly flat at month-end.

21

2015 (For the Three Months Ended March 31)

Of the 8.20% year to date return, approximately 10.13% was due to trading gains (before commissions) and approximately 0.12% due to investment income, offset by approximately (2.05)% due to brokerage fees, operating expenses and offering costs incurred by the Fund. An analysis of the 10.13% trading gains by sector is as follows:

Sector	% Gain (Loss)
Commodities		0.43 %
Currencies		3.13
Interest Rates		3.68
Stock Indices		2.89
		10.13 %

Gains in interest rate holdings lead to gains during January as profits came from all sectors - interest rates, commodities, foreign exchange, and stock indexes. The largest gains for January came from long global interest rate positions driven by the trend-following strategies as interest rate products rallied during the month. Widespread deflationary concerns and slowing economic growth led to extraordinary central bank actions during the month. The European Central Bank (ECB) exceeded market expectations with their quantitative easing (QE) package and over ten other central banks eased financial conditions as well. Commodity positions were another source of profits during the month. Trend following strategies showed gains while non-trend programs produced some offsetting losses. Short energy exposure was one of the best performing sub-sectors as the sell-off across the energy complex continued unabated. Both WTI and Brent each lost more than 8% during the month. In the industrial metal sub-sector, short copper positioning was also a winner as slowing demand and growing inventories sent the price to a five year low. Precious metals produced the largest offsetting losses as shorts on silver and gold suffered from flight to safety buying during the month. Foreign exchange contributed additional gains, driven by the trend following systems. Long positioning in the U.S. dollar proved profitable, especially versus short the Canadian dollar and the euro. The Canadian central bank unexpectedly cut interest rates pushing their currency sharply lower. The ECB announced a larger than expected QE package that sent the euro down to levels not seen since 2003. Some offsetting losses were experienced in short Swiss franc positioning when the Swiss National Bank shocked global markets by suddenly removing its three-year old peg to the euro which sent the franc sharply higher. Stock index positioning from the trend following systems showed small additional gains during the month. Gains were found from long positioning in Europe and Canada where central bank easing provided a boost to equities in those regions.

Stock index gains were offset by commodities and interest rates leaving the Fund with small losses in February. The largest losses came from short commodity positions driven by both trend-following and non-trend following strategies. Short energy exposure was one of the worst performing sub-sectors as the crude complex experienced a significant bounce during the month after a sharp six-month sell-off. Signs of falling production, refinery disruptions, and cold weather helped to squeeze prices higher. Grain positions added to losses as short positions in corn and wheat were hurt by stronger export sales. Some offsetting gains were found in the soft commodities. A short position in coffee experienced profits as improving weather in Brazil boosted prospects for an abundant harvest which weighed heavily on the product. Interest rate positions were another source of losses during the month. Trend following strategies showed declines while non-trend programs produced some offsetting gains. Long positioning within the United States and the United Kingdom produced some of the largest losses as better economic data, improving inflation trends, and less dovish central bank comments pressured markets lower. Foreign exchange contributed small additional losses. Short positioning on the British pound versus the U.S. dollar suffered from hawkish U.K. central bank comments on the back of stronger than expected economic data. Some offsetting gains came from short euro and short yen positions, both versus the U.S. dollar, as diverging central bank policy paths continue to provide opportunity for our strategies. Stock index positioning from both trend following and non-trend following systems showed strong gains during the month. Global profits were found from long positioning in the U.S., Japan, Australia, Europe, and Canada as a bounce in oil prices alleviated some fears around a global growth slowdown. Pockets of stronger than expected economic data linked with a tentative resolution to the Greek geopolitical crisis fed the risk-on sentiment for stocks.

The Fund had gains in March as profits from foreign exchange, commodity, and interest rate holdings all contributed while stock index positions produced some offsetting losses during the month. The largest profits for March were provided by foreign exchange positions from both trend following and non-trend strategies. Short euro positioning versus the U.S. dollar was one of the best performing holdings. The euro continued to trade lower as the European Central Bank's unprecedented monetary stimulus contrasted sharply with the U.S. Federal Reserve, which many expect to raise interest rates later this year. The euro was also pressured lower as Greece struggles to secure bailout funds and avert a default. Other gains came from short positioning on several commodity currencies as the price of oil resumed its downward trend pulling those markets lower. Commodities were another source of profits during the month. Short positioning across the energy complex proved profitable as the sell-off in those markets began again amid new signs of global oversupply. A potential political agreement with Iran also threatened to dump even more supply on the already saturated market if Western sanctions are scaled back. Soft commodities were another source of gains. Short positioning on sugar and coffee produced profits as favorable growing weather increased expectations for plentiful supplies of those commodities. Small additional gains came from interest rate positions. Long positioning across long-dated global instruments continues to be the theme for positioning within this sector. Losses in Japan and Germany were more than offset by gains experienced in the United States, Australia, the United Kingdom, and Canada. Global stock indexes showed losses from both trend and non-trend strategies. Global stocks were mixed during March as some gains in Europe, helped by the ECB's quantitative easing program, were offset by losses in the U.S., U.K., Canada, and Australia hampered by a stronger U.S. dollar and falling global commodity prices.

22

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

Introduction

Past Results Not Necessarily Indicative of Future Performance

The Fund is a speculative commodity pool. The market sensitive instruments held by it are acquired for speculative trading purposes, and all or a substantial amount of the Fund's assets are subject to the risk of trading loss. Unlike an operating company, the risk of market sensitive instruments is integral, not incidental, to the Fund's main line of business.

Market movements result in frequent changes in the fair value of the Fund's open positions and, consequently, in its earnings and cash flow. The Fund's market risk is influenced by a wide variety of factors, including the level and volatility of exchange rates, interest rates, equity price levels, the market value of financial instruments and contracts, the diversification effects among the Fund's open positions and the liquidity of the markets in which it trades.

The Fund rapidly acquires and liquidates both long and short positions in a wide range of different markets. Consequently, it is not possible to predict how a particular future market scenario will affect performance, and the Fund's past performance is not necessarily indicative of its future results.

 Standard of Materiality

Materiality as used in this section, "Quantitative and Qualitative Disclosures About Market Risk," is based on an assessment of reasonably possible market movements and the potential losses caused by such movements, taking into account the leverage and multiplier features of the Fund's market sensitive instruments.

 Quantifying the Fund's Trading Value at Risk

Quantitative Forward-Looking Statements

The following quantitative disclosures regarding the Fund's market risk exposures contain "forward-looking statements" within the meaning of the safe harbor from civil liability provided for such statements by the Private Securities Litigation Reform Act of 1995 (set forth in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934). All quantitative disclosures in this section are deemed to be forward-looking statements for purposes of the safe harbor, except for statements of historical fact (such as the dollar amount of maintenance margin required for market risk sensitive instruments held at the end of the reporting period).

The Fund's risk exposure in the various market sectors traded is estimated in terms of Value at Risk (VaR). The Fund estimates VaR using a model based upon historical simulation (with a confidence level of 97.5%) which involves constructing a distribution of hypothetical daily changes in the value of a trading portfolio. The VaR model takes into account linear exposures to risks, including equity and commodity prices, interest rates, foreign exchange rates, and correlation among these variables. The hypothetical changes in portfolio value are based on daily percentage changes observed in key market indices or other market factors to which the portfolio is sensitive. The Fund's VaR at a one day 97.5% confidence level corresponds to the negative change in portfolio value that, based on observed market risk factors, would have been exceeded once in 40 trading days or one day in 40. VaR typically does not represent the worst case outcome.

The Fund uses approximately one quarter of daily market data and revalues its portfolio for each of the historical market moves that occurred over this time period. This generates a probability distribution of daily "simulated profit and loss" outcomes. The VaR is the 2.5 percentile of this distribution.

23

The VaR for a sector represents the 2.5 percentile of outcomes for the aggregate exposures associated with that sector alone. The current methodology used to calculate the aggregate VaR represents the VaR of the Fund's open positions across all market sectors, and is less than the sum of the VaRs for all such market sectors due to the diversification benefit across asset classes.

The Fund's VaR computations are based on the risk representation of the underlying benchmark for each instrument or contract and does not distinguish between exchange and non-exchange dealer-based instruments. It is also not based on exchange and/or dealer-based maintenance margin requirements.

VaR models, including the Fund's, are continually evolving as trading portfolios become more diverse and modeling techniques and systems capabilities improve. Please note that the VaR model is used to numerically quantify market risk for historic reporting purposes only and is not utilized by the Fund in its daily risk management activities. Please further note that VaR as described above may not be comparable to similarly titled measures used by other entities.

Because the business of the Fund is the speculative trading of futures and forwards, the composition of the Fund's trading portfolio can change significantly over any given time period, or even within a single trading day, which could positively or negatively materially impact market risk as measured by VaR.

 The Fund's Trading Value at Risk in Different Market Sectors

The following tables indicate the trading Value at Risk associated with the Fund's open positions by market category as of March 31, 2016 and December 31, 2015 and the trading gains/losses by market category for the three months ended March 31, 2016 and the year ended December 31, 2015.

	March 31, 2016
Market Sector	Value at Risk*		Trading Gain/(Loss)**
Commodities		0.77%		(2.27)%
Currencies		0.47%		1.29%
Interest Rates		0.56%		2.71%
Stock Indices		0.25%		(0.94)%
Aggregate/Total		1.40%		0.79%

*	-	The VaR for a sector represents the 2.5 percentile of outcomes for the aggregate exposures associated with that sector alone. The aggregate VaR represents the VaR of the Fund's open positions across all market sectors, and is less than the sum of the VaRs for all such market sectors due to the diversification benefit across asset classes.
**	-	Of the (1.00)% year to date return, approximately 0.79% due to trading gains (before commissions) and approximately 0.22% due to investment income, offset by approximately (2.01)% due to brokerage fees, operating expenses and offering costs borne by the Fund.

	December 31, 2015
Market Sector	Value at Risk*		Trading Gain/(Loss)**
Commodities		0.91%		1.94%
Currencies		0.61%		3.08%
Interest Rates		0.66%		(3.86)%
Stock Indices		0.36%		(0.76)%
Aggregate/Total		1.82%		0.40%

*	-	The VaR for a sector represents the 2.5 percentile of outcomes for the aggregate exposures associated with that sector alone. The aggregate VaR represents the VaR of the Fund's open positions across all market sectors, and is less than the sum of the VaRs for all such market sectors due to the diversification benefit across asset classes.
**	-	Of the (7.37)% return for the year, approximately (8.11)% was due to brokerage fees, operating expenses and offering costs borne by the Fund, offset by approximately 0.40% due to trading gains (before commissions) and approximately 0.34% due to investment income.

24

Material Limitations of Value at Risk as an Assessment of Market Risk

The following limitations of VaR as an assessment of market risk should be noted:

1) Past changes in market risk factors will not always result in accurate predictions of the distributions and correlations of future market movements;

2) Changes in portfolio value caused by market movements may differ from those of the VaR model;

3) VaR results reflect past trading positions while future risk depends on future positions;

4) VaR using a one day time horizon does not fully capture the market risk of positions that cannot be liquidated or hedged within one day; and

5) The historical market risk factor data for VaR estimation may provide only limited insight into losses that could be incurred under certain unusual market movements.

VaR is not necessarily representative of historic risk nor should it be used to predict the Fund's future financial performance or its ability to manage and monitor risk. There can be no assurance that the Fund's actual losses on a particular day will not exceed the VaR amounts indicated or that such losses will not occur more than once in 40 trading days.

Non-Trading Risk

The Fund has non-trading market risk on its foreign cash balances not needed for margin. However, these balances (as well as the market risk they represent) are immaterial. The Fund also has non-trading market risk as a result of investing a portion of its available assets in U.S. Treasury Bills held at the broker and over-the-counter counterparty. The market risk represented by these investments is minimal. Finally, the Fund has non-trading market risk on fixed income securities held as part of its cash management program. The cash manager will use its best endeavors in the management of the assets of the Fund but provide no guarantee that any profit or interest will accrue to the Fund as a result of such management.

Qualitative Disclosures Regarding Primary Trading Risk Exposures

The following qualitative disclosures regarding the Fund's market risk exposures — except for (i) those disclosures that are statements of historical fact and (ii) the descriptions of how the Fund manages its primary market risk exposures — constitute forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act. The Fund's primary market risk exposures as well as the strategies used and to be used by Campbell & Company for managing such exposures are subject to numerous uncertainties, contingencies and risks, any one of which could cause the actual results of the Fund's risk controls to differ materially from the objectives of such strategies. Government interventions, defaults and expropriations, illiquid markets, the emergence of dominant fundamental factors, political upheavals, changes in historical price relationships, an influx of new market participants, increased regulation and many other factors could result in material losses as well as in material changes to the risk exposures and the risk management strategies of the Fund. There can be no assurance that the Fund's current market exposure and/or risk management strategies will not change materially or that any such strategies will be effective in either the short- or long-term. Investors must be prepared to lose all or substantially all of their investment in the Fund.

25

The following were the primary trading risk exposures of the Fund as of March 31, 2016, by market sector.

Currencies

The Fund's currency exposure is to foreign exchange rate fluctuations, primarily fluctuations which disrupt the historical pricing relationships between different currencies and currency pairs. These fluctuations are influenced by interest rate changes as well as political and general economic conditions. The Fund trades in a large number of currencies, including cross-rates — i.e., positions between two currencies other than the U.S. Dollar. Campbell & Company does not anticipate that the risk profile of the Fund's currency sector will change significantly in the future.

Interest Rates

Interest rate movements directly affect the price of the sovereign bond positions held by the Fund and indirectly the value of its stock index and currency positions. Interest rate movements in one country as well as relative interest rate movements between countries materially impact the Fund's profitability. The Fund's primary interest rate exposure is to interest rate fluctuations in the United States and the other G-7 countries. Campbell & Company anticipates that G-7 interest rates will remain the primary rate exposure of the Fund for the foreseeable future. Changes in the interest rate environment will have the most impact on longer dated fixed income positions, at points of time throughout the year the majority of the speculative positions held by the Fund may be held in medium to long-term fixed income positions.

Stock Indices

The Fund's primary equity exposure is to equity price risk in the G-7 countries as well as Australia, Hong Kong, Singapore, Spain, Taiwan, Netherlands, India, South Africa and Sweden. The stock index futures traded by the Fund are by law limited to futures on broadly based indices. The Fund is primarily exposed to the risk of adverse price trends or static markets in the major U.S., European and Japanese indices. Markets that trade in a narrow range could result in the Fund's positions being "whipsawed" into numerous small losses.

Energy

The Fund's primary energy market exposure is to natural gas, crude oil and derivative product price movements, often resulting from international political developments and ongoing conflicts in the Middle East and the perceived outcome. Oil and gas prices can be volatile and substantial profits and losses have been and are expected to continue to be experienced in this market.

Metals

The Fund's metals market exposure is to fluctuations in the price of aluminum, copper, gold, nickel, palladium, platinum, silver and zinc.

Agriculture

The Fund's agricultural exposure is to the fluctuations of the price of cattle, cocoa, coffee, corn, cotton, hogs, soy, sugar, and wheat.

26

Qualitative Disclosures Regarding Non-Trading Risk Exposure

The following were the non-trading risk exposures of the Fund as of March 31, 2016.

Foreign Currency Balances

The Fund's primary foreign currency balances are in Australian Dollar, British Pounds, Canadian Dollar, Euros, Hong Kong Dollar, Japanese Yen, Swedish Krona, Singapore Dollar, South African Rand and Swedish Krona. The Fund controls the non-trading risk of these balances by regularly converting these balances back into dollars (no less frequently than twice a month, and more frequently if a particular foreign currency balance becomes unusually large).

Fixed Income Securities and Short Term Investments

The Fund's primary market exposure in instruments (other than treasury positions described in the subsequent section) held other than for trading is in its fixed income portfolio. The cash manager, PNC, has authority to make certain investments on behalf of the Fund. All securities purchased by the cash manager on behalf of the Fund will be held in the Fund's custody account at the custodian. The cash manager will use its best endeavors in the management of the assets of the Fund but provide no guarantee that any profit or interest will accrue to the Fund as a result of such management.

U.S. Treasury Bill Positions for Margin Purposes

The Fund also has market exposure in its U.S. Treasury Bill portfolio. The Fund holds U.S. Treasury Bills with maturities no longer than six months. Violent fluctuations in prevailing interest rates could cause minimal mark-to-market losses on the Fund's U.S. Treasury Bills, although substantially all of these short-term investments are held to maturity.

Qualitative Disclosures Regarding Means of Managing Risk Exposure

The means by which the Fund and Campbell & Company, severally, attempt to manage the risk of the Fund's open positions is essentially the same in all market categories traded. Campbell & Company applies risk management policies to its trading which generally limit the total exposure that may be taken per "risk unit" of assets under management. In addition, Campbell & Company follows diversification guidelines (often formulated in terms of the balanced volatility between markets and correlated groups), as well as reducing position sizes dynamically in response to trading losses.

General

The Fund is unaware of any (i) anticipated known demands, commitments or capital expenditures; (ii) material trends, favorable or unfavorable, in its capital resources; or (iii) trends or uncertainties that will have a material effect on operations. From time to time, certain regulatory agencies have proposed increased margin requirements on futures contracts. Because the Fund generally will use a small percentage of assets as margin, the Fund does not believe that any increase in margin requirements, as proposed, will have a material effect on the Fund's operations.

27

Item 4. Controls and Procedures.

Campbell & Company, the general partner of the Fund, with the participation of the general partner's chief executive officer and chief financial officer, has evaluated the effectiveness of the design and operation of its disclosure controls and procedures (as defined in the Securities Exchange Act of 1934 Rules 13a-15(e) or 15d-15(e)) with respect to the Fund as of the end of the period covered by this quarterly report. Based on their evaluation, the chief executive officer and chief financial officer have concluded that these disclosure controls and procedures are effective. Effective January 1, 2015, Northern Trust Hedge Fund Services LLC became the Administrator of the Fund. The Administrator's primary responsibilities are portfolio accounting and fund accounting services. The general partner maintains a full shadow set of books which are periodically reconciled to the Administrator. There were no other material changes in the general partner's internal control over financial reporting applicable to the Fund identified in connection with the evaluation required by paragraph (d) of Exchange Act Rules 13a-15 or 15d-15 that occurred during the last fiscal quarter that have materially affected, or is reasonably likely to materially affect, internal control over financial reporting applicable to the Fund.

28

PART II-OTHER INFORMATION

Item 1. Legal Proceedings.

           None

Item 1A. Risk Factors.

          None

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

          None

Item 3. Defaults Upon Senior Securities.

          Not applicable.

Item 4. Mine Safety Disclosures.

          Not applicable.

Item 5. Other Information.

          None

Item 6. Exhibits.

Exhibit Number	Description of Document
3.01	Amended Certificate of Limited Partnership (1)
3.02	Second Amended and Restated Agreement of Limited Partnership (included to the Prospectus as Exhibit A) (1)
4.01	Limited Partner Privacy Notice (as included in the Prospectus) (2)
10.01	Advisory Agreement between Campbell Strategic Allocation Fund, L.P. and Campbell & Company, LP (2)
10.02	Global Institutional Master Custody Agreement (1)
31.01	Certification of G. William Andrews, Chief Executive Officer, pursuant to Rules 13a-14 and 15d-14 of the Securities Exchange Act of 1934.
31.02	Certification of Gregory T. Donovan, Chief Financial Officer, pursuant to Rules 13a-14 and 15d-14 of the Securities Exchange Act of 1934.
32.01	Certification of G. William Andrews, Chief Executive Officer, pursuant to 18 U.S.C. Section 1350, as enacted by Section 906 of The Sarbanes-Oxley Act of 2002.
32.02	Certification of Gregory T. Donovan, Chief Financial Officer, pursuant to 18 U.S.C. Section 1350, as enacted by Section 906 of The Sarbanes-Oxley Act of 2002.
101.01	Interactive data file pursuant to Rule 405 of Regulation S-T: (i) Condensed Schedules of Investments March 31, 2016 and December 31, 2015, (ii) Statements of Financial Condition March 31, 2016 and December 31, 2015, (iii) Statements of Operations For the Three Months Ended Ended March 31, 2016 and 2015, (iv) Statements of Cash Flows For the Three Months Ended March 31, 2016 and 2015, (v) Statements of Changes in Partners' Capital (Net Asset Value) For the Three Months Ended March 31, 2016 and 2015, (vi) Financial Highlights For the Three Months Ended March 31, 2016 and 2015, (vii) Notes to Financial Statements.

(1) Previously filed as an exhibit to Post-Effective Amendment No. 2 to the Registration Statement on Form S-1 on April 7, 2011 and incorporated herein by reference.

(2) Previously filed as an exhibit to the Registration Statement on Form S-1 on August 9, 1993 and incorporated herein by reference.

29

SIGNATURES

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

	CAMPBELL STRATEGIC ALLOCATION FUND, L.P. (Registrant)
	By:	Campbell & Company, LP
		General Partner
Date: May 13, 2016	By:	/s/ G. William Andrews
		G. William Andrews
		Chief Executive Officer

30

EXHIBIT INDEX

31.01	Certification of G. William Andrews, Chief Executive Officer, pursuant to Rules 13a-14 and 15d-14 of the Securities Exchange Act of 1934.
31.02	Certification of Gregory T. Donovan, Chief Financial Officer, pursuant to Rules 13a-14 and 15d-14 of the Securities Exchange Act of 1934.
32.01	Certification of G. William Andrews, Chief Executive Officer, pursuant to 18 U.S.C. Section 1350, as enacted by Section 906 of The Sarbanes-Oxley Act of 2002.
32.02	Certification of Gregory T. Donovan, Chief Financial Officer, pursuant to 18 U.S.C. Section 1350, as enacted by Section 906 of The Sarbanes-Oxley Act of 2002.
101.01	Interactive data file pursuant to Rule 405 of Regulation S-T: (i) Condensed Schedules of Investments March 31, 2016 and December 31, 2015, (ii) Statements of Financial Condition March 31, 2016 and December 31, 2015, (iii) Statements of Operations For the Three Months Ended Ended March 31, 2016 and 2015, (iv) Statements of Cash Flows For the Three Months Ended March 31, 2016 and 2015, (v) Statements of Changes in Partners' Capital (Net Asset Value) For the Three Months Ended March 31, 2016 and 2015, (vi) Financial Highlights For the Three Months Ended March 31, 2016 and 2015, (vii) Notes to Financial Statements.

31

EX-31.1

EXHIBIT 31.01

CERTIFICATION

I, G. William Andrews, certify that:

1. I have reviewed this quarterly report on Form 10-Q of the Fund;

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

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

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

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

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

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

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

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

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

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

Date: May 13, 2016
	By:	/s/ G. William Andrews
		G. William Andrews
		Chief Executive Officer
		Campbell & Company, LP
		General Partner
		Campbell Strategic Allocation Fund, L.P.

EX-31.2

EXHIBIT 31.02

CERTIFICATION

I, Gregory T. Donovan, certify that:

1. I have reviewed this quarterly report on Form 10-Q of the Fund;

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

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

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

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

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

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

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

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

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

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

Date: May 13, 2016
	By:	/s/ Gregory T. Donovan
		Gregory T. Donovan
		Chief Financial Officer
		Campbell & Company, LP
		General Partner
		Campbell Strategic Allocation Fund, L.P.

EX-32.1

EXHIBIT 32.01

CERTIFICATION BY CHIEF EXECUTIVE OFFICER

I, G. William Andrews, certify that (i) the Form 10Q for the quarter ended March 31, 2016 of Campbell Strategic Allocation Fund, L.P. fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and (ii) the information contained in the Form 10Q for the quarter ended March 31, 2016 fairly presents, in all material respects, the financial condition and results of operations of Campbell Strategic Allocation Fund, L.P.

Date: May 13, 2016	CAMPBELL STRATEGIC ALLOCATION FUND, L.P.
	By: Campbell & Company, LP, General Partner
	By:	/s/ G. William Andrews
		G.William Andrews
		Chief Executive Officer

EX-32.2

EXHIBIT 32.02

CERTIFICATION BY CHIEF FINANCIAL OFFICER

I, Gregory T. Donovan, certify that (i) the Form 10Q for the quarter ended March 31, 2016 of Campbell Strategic Allocation Fund, L.P. fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and (ii) the information contained in the Form 10Q for the quarter ended March 31, 2016 fairly presents, in all material respects, the financial condition and results of operations of Campbell Strategic Allocation Fund, L.P.

Date: May 13, 2016	CAMPBELL STRATEGIC ALLOCATION FUND, L.P.
	By:  Campbell & Company, LP, General Partner
	By:	/s/ Gregory T. Donovan
		Gregory T. Donovan
		Chief Financial Officer

XML

Document and Entity Information	3 Months Ended
	Mar. 31, 2016 shares
Document and Entity Information [Abstract]
Entity Registrant Name	CAMPBELL STRATEGIC ALLOCATION FUND LP
Entity Central Index Key	0000910467
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding	188,755.265
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	Q1
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2016

XML

CONDENSED SCHEDULE OF INVESTMENTS (Unaudited) - USD ($)		Mar. 31, 2016		Dec. 31, 2015
Investment Owned
Short term investments		$ 1,758		$ 1,939
Net unrealized gain (loss) on open futures contracts		7,431,854		(8,091,705)
Net unrealized gain (loss) on open forward currency contracts		51,310		1,430,552
Fixed Income Securities [Member]
Investment Owned
Fair value		$ 493,203,324	[1]	$ 502,827,157	[2]
% of Net Asset Value		94.27%		92.18%
Fixed Income Securities [Member] | Asset Backed Securities [Member]
Investment Owned
Fair value		$ 34,310,206		$ 32,574,755
% of Net Asset Value		6.56%		5.97%
Fixed Income Securities [Member] | Asset Backed Securities [Member] | United States [Member] | Auto Loans [Member]
Investment Owned
Fair value		$ 21,082,345		$ 20,040,567
% of Net Asset Value		4.03%		3.67%
Fixed Income Securities [Member] | Asset Backed Securities [Member] | United States [Member] | Credit Cards [Member]
Investment Owned
Fair value		$ 8,698,823		$ 8,818,510
% of Net Asset Value		1.66%		1.62%
Fixed Income Securities [Member] | Asset Backed Securities [Member] | United States [Member] | Equipment Loans [Member]
Investment Owned
Fair value		$ 3,841,857		$ 3,029,800
% of Net Asset Value		0.74%		0.55%
Fixed Income Securities [Member] | Asset Backed Securities [Member] | United States [Member] | Utility Rate Reduction Bonds [Member]
Investment Owned
Fair value		$ 687,181		$ 685,878
% of Net Asset Value		0.13%		0.13%
Fixed Income Securities [Member] | Bank Deposits [Member]
Investment Owned
Fair value		$ 6,144,829
% of Net Asset Value		1.17%
Fixed Income Securities [Member] | Bank Deposits [Member] | Switzerland | Financials [Member]
Investment Owned
Fair value		$ 6,144,829
% of Net Asset Value		1.17%
Fixed Income Securities [Member] | Commercial Paper [Member]
Investment Owned
Fair value		$ 178,086,571		$ 153,401,962
% of Net Asset Value		34.04%		28.12%
Fixed Income Securities [Member] | Commercial Paper [Member] | Switzerland | Financials [Member]
Investment Owned
Fair value		$ 2,609,718
% of Net Asset Value		0.50%
Fixed Income Securities [Member] | Commercial Paper [Member] | United States [Member]
Investment Owned
Fair value		$ 175,476,853
% of Net Asset Value		33.54%
Fixed Income Securities [Member] | Commercial Paper [Member] | United States [Member] | Communications [Member]
Investment Owned
Fair value		$ 749,893		$ 11,030,011
% of Net Asset Value		0.14%		2.02%
Fixed Income Securities [Member] | Commercial Paper [Member] | United States [Member] | Consumer Discretionary [Member]
Investment Owned
Fair value		$ 37,480,382		$ 23,279,813
% of Net Asset Value		7.17%		4.27%
Fixed Income Securities [Member] | Commercial Paper [Member] | United States [Member] | Consumer Staples [Member]
Investment Owned
Fair value		$ 12,623,824		$ 16,122,016
% of Net Asset Value		2.41%		2.96%
Fixed Income Securities [Member] | Commercial Paper [Member] | United States [Member] | Energy [Member]
Investment Owned
Fair value		$ 10,880,978		$ 10,074,868
% of Net Asset Value		2.08%		1.85%
Fixed Income Securities [Member] | Commercial Paper [Member] | United States [Member] | Financials [Member]
Investment Owned
Fair value		$ 35,322,458		$ 28,619,747
% of Net Asset Value		6.75%		5.25%
Fixed Income Securities [Member] | Commercial Paper [Member] | United States [Member] | Health Care [Member]
Investment Owned
Fair value		$ 9,994,384		$ 20,178,845
% of Net Asset Value		1.91%		3.70%
Fixed Income Securities [Member] | Commercial Paper [Member] | United States [Member] | Industrials [Member]
Investment Owned
Fair value		$ 13,408,446		$ 6,574,969
% of Net Asset Value		2.56%		1.20%
Fixed Income Securities [Member] | Commercial Paper [Member] | United States [Member] | Materials [Member]
Investment Owned
Fair value		$ 3,923,697
% of Net Asset Value		0.75%
Fixed Income Securities [Member] | Commercial Paper [Member] | United States [Member] | Technology [Member]
Investment Owned
Fair value		$ 14,645,779		$ 14,047,005
% of Net Asset Value		2.80%		2.57%
Fixed Income Securities [Member] | Commercial Paper [Member] | United States [Member] | Utilities [Member]
Investment Owned
Fair value		$ 36,447,012		$ 23,474,688
% of Net Asset Value		6.97%		4.30%
Fixed Income Securities [Member] | Corporate Bonds [Member]
Investment Owned
Fair value		$ 147,817,589		$ 173,843,316
% of Net Asset Value		28.25%		31.87%
Fixed Income Securities [Member] | Corporate Bonds [Member] | Japan [Member] | Consumer Discretionary [Member]
Investment Owned
Fair value				$ 4,300,581
% of Net Asset Value				0.79%
Fixed Income Securities [Member] | Corporate Bonds [Member] | United States [Member]
Investment Owned
Fair value				$ 169,542,735
% of Net Asset Value				31.08%
Fixed Income Securities [Member] | Corporate Bonds [Member] | United States [Member] | Communications [Member]
Investment Owned
Fair value		$ 16,649,689		$ 15,690,868
% of Net Asset Value		3.18%		2.88%
Fixed Income Securities [Member] | Corporate Bonds [Member] | United States [Member] | Consumer Discretionary [Member]
Investment Owned
Fair value		$ 37,062,021		$ 37,805,699
% of Net Asset Value		7.08%		6.93%
Fixed Income Securities [Member] | Corporate Bonds [Member] | United States [Member] | Consumer Staples [Member]
Investment Owned
Fair value		$ 4,321,290		$ 12,918,157
% of Net Asset Value		0.83%		2.37%
Fixed Income Securities [Member] | Corporate Bonds [Member] | United States [Member] | Financials [Member]
Investment Owned
Fair value		$ 78,048,220		$ 90,334,411
% of Net Asset Value		14.92%		16.56%
Fixed Income Securities [Member] | Corporate Bonds [Member] | United States [Member] | Health Care [Member]
Investment Owned
Fair value		$ 6,528,112		$ 8,890,619
% of Net Asset Value		1.25%		1.63%
Fixed Income Securities [Member] | Corporate Bonds [Member] | United States [Member] | Technology [Member]
Investment Owned
Fair value		$ 5,208,257		$ 3,902,981
% of Net Asset Value		0.99%		0.71%
Fixed Income Securities [Member] | Government and Agency Obligations [Member]
Investment Owned
Fair value		$ 126,844,129		$ 143,007,124
% of Net Asset Value		24.25%		26.22%
Fixed Income Securities [Member] | Government and Agency Obligations [Member] | United States [Member] | U.S. Treasury Bills [Member] | U.S. Treasury Bills Due 04/14/2016 [Member]
Investment Owned
Fair value	[3]	$ 8,409,680
% of Net Asset Value		1.61%
Fixed Income Securities [Member] | Government and Agency Obligations [Member] | United States [Member] | U.S. Treasury Bills [Member] | U.S. Treasury Bills Due 04/21/2016 [Member]
Investment Owned
Fair value	[3]	$ 14,999,070
% of Net Asset Value		2.87%
Fixed Income Securities [Member] | Government and Agency Obligations [Member] | United States [Member] | U.S. Treasury Bills [Member] | U.S. Treasury Bills Due 04/28/2016 [Member]
Investment Owned
Fair value	[3]	$ 42,214,807
% of Net Asset Value		8.07%
Fixed Income Securities [Member] | Government and Agency Obligations [Member] | United States [Member] | U.S. Treasury Bills [Member] | U.S. Treasury Bills Due 05/05/2016 [Member]
Investment Owned
Fair value	[3]	$ 12,039,073
% of Net Asset Value		2.30%
Fixed Income Securities [Member] | Government and Agency Obligations [Member] | United States [Member] | U.S. Treasury Bills [Member] | U.S. Treasury Bills Due 05/26/2016 [Member]
Investment Owned
Fair value	[3]	$ 28,192,922
% of Net Asset Value		5.39%
Fixed Income Securities [Member] | Government and Agency Obligations [Member] | United States [Member] | U.S. Treasury Bills [Member] | U.S. Treasury Bills Due 06/23/2016 [Member]
Investment Owned
Fair value	[3]	$ 14,992,965
% of Net Asset Value		2.86%
Fixed Income Securities [Member] | Government and Agency Obligations [Member] | United States [Member] | U.S. Treasury Bills [Member] | U.S. Treasury Bills Due 06/30/2016 [Member]
Investment Owned
Fair value	[3]	$ 5,995,612
% of Net Asset Value		1.15%
Fixed Income Securities [Member] | Government and Agency Obligations [Member] | United States [Member] | U.S. Treasury Bills [Member] | U.S. Treasury Bills Due 01/28/2016 [Member]
Investment Owned
Fair value	[3]			$ 44,996,310
% of Net Asset Value				8.25%
Fixed Income Securities [Member] | Government and Agency Obligations [Member] | United States [Member] | U.S. Treasury Bills [Member] | U.S. Treasury Bills Due 02/04/2016 [Member]
Investment Owned
Fair value	[3]			$ 21,018,360
% of Net Asset Value				3.85%
Fixed Income Securities [Member] | Government and Agency Obligations [Member] | United States [Member] | U.S. Treasury Bills [Member] | U.S. Treasury Bills Due 02/25/2016 [Member]
Investment Owned
Fair value	[3]			$ 76,992,454
% of Net Asset Value				14.12%
Short Term Investments [Member]
Investment Owned
Short term investments		$ 1,758		$ 1,939
% of Net Asset Value		0.00%		0.00%
Short Term Investments [Member] | Money Market Funds [Member] | United States [Member]
Investment Owned
Short term investments		$ 1,758		$ 1,939
% of Net Asset Value		0.00%		0.00%
Futures Contracts [Member]
Investment Owned
Net unrealized gain (loss) on open futures contracts		$ 7,431,854		$ (8,091,705)
% of Net Asset Value		1.42%		(1.48%)
Futures Contracts [Member] | Long [Member]
Investment Owned
Net unrealized gain (loss) on open futures contracts		$ 4,557,684		$ (39,873)
% of Net Asset Value		0.87%		(0.01%)
Futures Contracts [Member] | Long [Member] | Agriculture [Member]
Investment Owned
Net unrealized gain (loss) on open futures contracts		$ (446,420)		$ 18,361
% of Net Asset Value		(0.08%)		0.00%
Futures Contracts [Member] | Long [Member] | Energy [Member]
Investment Owned
Net unrealized gain (loss) on open futures contracts				$ 60,602
% of Net Asset Value				0.01%
Futures Contracts [Member] | Long [Member] | Metals [Member]
Investment Owned
Net unrealized gain (loss) on open futures contracts		$ (623,186)		$ 278,027
% of Net Asset Value		(0.12%)		0.05%
Futures Contracts [Member] | Long [Member] | Stock Indices [Member]
Investment Owned
Net unrealized gain (loss) on open futures contracts		$ 166,480		$ (470,212)
% of Net Asset Value		0.03%		(0.09%)
Futures Contracts [Member] | Long [Member] | Short-Term Interest Rates [Member]
Investment Owned
Net unrealized gain (loss) on open futures contracts		$ 903,241		$ (394,828)
% of Net Asset Value		0.17%		(0.07%)
Futures Contracts [Member] | Long [Member] | Long-Term Interest Rates [Member]
Investment Owned
Net unrealized gain (loss) on open futures contracts		$ 4,557,569		$ 468,177
% of Net Asset Value		0.87%		0.09%
Futures Contracts [Member] | Short [Member]
Investment Owned
Net unrealized gain (loss) on open futures contracts		$ 2,874,170		$ (8,051,832)
% of Net Asset Value		0.55%		(1.47%)
Futures Contracts [Member] | Short [Member] | Agriculture [Member]
Investment Owned
Net unrealized gain (loss) on open futures contracts		$ 1,684,151		$ 575,270
% of Net Asset Value		0.32%		0.11%
Futures Contracts [Member] | Short [Member] | Energy [Member]
Investment Owned
Net unrealized gain (loss) on open futures contracts		$ 820,745		$ (5,755,777)
% of Net Asset Value		0.16%		(1.05%)
Futures Contracts [Member] | Short [Member] | Metals [Member]
Investment Owned
Net unrealized gain (loss) on open futures contracts		$ 832,426		$ (2,661,677)
% of Net Asset Value		0.16%		(0.49%)
Futures Contracts [Member] | Short [Member] | Stock Indices [Member]
Investment Owned
Net unrealized gain (loss) on open futures contracts		$ 340,258		$ (87,595)
% of Net Asset Value		0.07%		(0.02%)
Futures Contracts [Member] | Short [Member] | Short-Term Interest Rates [Member]
Investment Owned
Net unrealized gain (loss) on open futures contracts		$ (289,134)		$ (44,997)
% of Net Asset Value		(0.06%)		(0.01%)
Futures Contracts [Member] | Short [Member] | Long-Term Interest Rates [Member]
Investment Owned
Net unrealized gain (loss) on open futures contracts		$ (514,276)		$ (77,056)
% of Net Asset Value		0.10%		(0.01%)
Forward Currency Contracts [Member]
Investment Owned
Net unrealized gain (loss) on open forward currency contracts		$ 51,310		$ 1,430,552
% of Net Asset Value		0.01%		0.26%
Forward Currency Contracts [Member] | Long [Member]
Investment Owned
Net unrealized gain (loss) on open forward currency contracts		$ 32,803,004		$ (6,621,688)
% of Net Asset Value		6.27%		(1.21%)
Forward Currency Contracts [Member] | Short [Member]
Investment Owned
Net unrealized gain (loss) on open forward currency contracts		$ (32,751,694)		$ 8,052,240
% of Net Asset Value		(6.26%)		1.47%

[1] Included in fixed income securities are U.S. Treasury Bills with a fair value of $87,203,077 deposited with the futures brokers and $39,641,052 deposited with the interbank market makers.

[2] Included in fixed income securities are U.S. Treasury Bills with a fair value of $89,991,900 deposited with the futures brokers and $53,015,224 deposited with the interbank market makers.

[3] Pledged as collateral for the trading of futures or forward positions.

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CONDENSED SCHEDULE OF INVESTMENTS (Unaudited) (Parenthetical) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Investment Owned
Fixed income securities deposited with futures brokers	$ 87,203,077	$ 89,991,900
Fixed income securities deposited with interbank market makers	406,000,247	412,835,257
Fixed Income Securities [Member]
Investment Owned
Cost	493,187,876	503,187,047
Fixed Income Securities [Member] | Asset Backed Securities [Member]
Investment Owned
Cost	34,314,480	32,635,227
Fixed Income Securities [Member] | Bank Deposits [Member]
Investment Owned
Cost	6,140,840
Fixed Income Securities [Member] | Commercial Paper [Member]
Investment Owned
Cost	178,086,118	153,390,527
Fixed Income Securities [Member] | Commercial Paper [Member] | Switzerland | Financials [Member]
Investment Owned
Cost	2,609,601
Fixed Income Securities [Member] | Commercial Paper [Member] | United States [Member]
Investment Owned
Cost	175,476,517
Fixed Income Securities [Member] | Corporate Bonds [Member]
Investment Owned
Cost	147,818,654	174,143,646
Fixed Income Securities [Member] | Corporate Bonds [Member] | Japan [Member] | Consumer Discretionary [Member]
Investment Owned
Cost		4,322,342
Fixed Income Securities [Member] | Corporate Bonds [Member] | United States [Member]
Investment Owned
Cost		169,821,304
Fixed Income Securities [Member] | Government and Agency Obligations [Member]
Investment Owned
Cost	126,827,784	143,017,647
Fixed Income Securities [Member] | Government and Agency Obligations [Member] | United States [Member] | U.S. Treasury Bills [Member]
Investment Owned
Fixed income securities deposited with futures brokers	87,203,077	89,991,900
Fixed income securities deposited with interbank market makers	39,641,052	53,015,224
Fixed Income Securities [Member] | Government and Agency Obligations [Member] | United States [Member] | U.S. Treasury Bills [Member] | U.S. Treasury Bills Due 04/14/2016 [Member]
Investment Owned
Maturity face value	$ 8,410,000
Due date	Apr. 14, 2016
Fixed Income Securities [Member] | Government and Agency Obligations [Member] | United States [Member] | U.S. Treasury Bills [Member] | U.S. Treasury Bills Due 04/21/2016 [Member]
Investment Owned
Maturity face value	$ 15,000,000
Due date	Apr. 21, 2016
Fixed Income Securities [Member] | Government and Agency Obligations [Member] | United States [Member] | U.S. Treasury Bills [Member] | U.S. Treasury Bills Due 04/28/2016 [Member]
Investment Owned
Maturity face value	$ 42,220,000
Due date	Apr. 28, 2016
Fixed Income Securities [Member] | Government and Agency Obligations [Member] | United States [Member] | U.S. Treasury Bills [Member] | U.S. Treasury Bills Due 05/05/2016 [Member]
Investment Owned
Maturity face value	$ 12,040,000
Due date	May 05, 2016
Fixed Income Securities [Member] | Government and Agency Obligations [Member] | United States [Member] | U.S. Treasury Bills [Member] | U.S. Treasury Bills Due 05/26/2016 [Member]
Investment Owned
Maturity face value	$ 28,200,000
Due date	May 26, 2016
Fixed Income Securities [Member] | Government and Agency Obligations [Member] | United States [Member] | U.S. Treasury Bills [Member] | U.S. Treasury Bills Due 06/23/2016 [Member]
Investment Owned
Maturity face value	$ 15,000,000
Due date	Jun. 23, 2016
Fixed Income Securities [Member] | Government and Agency Obligations [Member] | United States [Member] | U.S. Treasury Bills [Member] | U.S. Treasury Bills Due 06/30/2016 [Member]
Investment Owned
Maturity face value	$ 6,000,000
Due date	Jun. 30, 2016
Fixed Income Securities [Member] | Government and Agency Obligations [Member] | United States [Member] | U.S. Treasury Bills [Member] | U.S. Treasury Bills Due 01/28/2016 [Member]
Investment Owned
Maturity face value		$ 45,000,000
Due date		Jan. 28, 2016
Fixed Income Securities [Member] | Government and Agency Obligations [Member] | United States [Member] | U.S. Treasury Bills [Member] | U.S. Treasury Bills Due 02/04/2016 [Member]
Investment Owned
Maturity face value		$ 21,020,000
Due date		Feb. 04, 2016
Fixed Income Securities [Member] | Government and Agency Obligations [Member] | United States [Member] | U.S. Treasury Bills [Member] | U.S. Treasury Bills Due 02/25/2016 [Member]
Investment Owned
Maturity face value		$ 77,000,000
Due date		Feb. 25, 2016
Short Term Investments [Member]
Investment Owned
Cost	$ 1,758	$ 1,939
Short Term Investments [Member] | Money Market Funds [Member] | United States [Member]
Investment Owned
Cost	$ 1,758	$ 1,939

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STATEMENTS OF FINANCIAL CONDITION (Unaudited) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Equity in futures broker trading accounts
Cash	$ 30,101,535	$ 51,239,065
Restricted cash	0	5,107,473
Fixed income securities (cost $87,191,940 and $89,998,647, respectively)	87,203,077	89,991,900
Net unrealized gain (loss) on open futures contracts	7,431,854	(8,091,705)
Total equity in futures broker trading accounts	124,736,466	138,246,733
Cash and cash equivalents	260,431	644,164
Short term investments (cost $1,758 and $1,939, respectively)	1,758	1,939
Fixed income securities (cost $405,995,936 and $413,188,400, respectively)	406,000,247	412,835,257
Net unrealized gain (loss) on open forward currency contracts	51,310	1,430,552
Interest receivable	324,655	716,514
Total assets	531,374,867	553,875,159
LIABILITIES
Accounts payable	237,241	401,392
Brokerage fee payable	3,097,164	3,227,278
Accrued commissions and other trading fees on open contracts	73,651	95,209
Offering costs payable	121,607	130,828
Redemptions payable	4,679,443	4,557,645
Total liabilities	8,209,106	8,412,352
PARTNERS' CAPITAL (Net Asset Value)
General Partner - 235.103 redeemable units outstanding at March 31, 2016 and December 31, 2015	651,626	658,220
Limited Partners - 188,520.162 and 194,593.327 redeemable units outstanding at March 31, 2016 and December 31, 2015	522,514,135	544,804,587
Total partners' capital (Net Asset Value)	523,165,761	545,462,807
Total liabilities and partners' capital (Net Asset Value)	$ 531,374,867	$ 553,875,159

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STATEMENTS OF FINANCIAL CONDITION (Unaudited) (Parenthetical) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Equity in futures broker trading accounts
Fixed income securities, cost	$ 87,191,940	$ 89,998,647
Short term investments, cost	1,758	1,939
Fixed income securities, cost	$ 405,995,936	$ 413,188,400
PARTNERS' CAPITAL (Net Asset Value)
General Partner, redeemable units outstanding (in units)	235.103	235.103
Limited Partners, redeemable units outstanding (in units)	188,520.162	194,593.327

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STATEMENTS OF OPERATIONS (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Futures trading gains (losses)
Realized	$ (17,859,907)	$ 57,641,363
Change in unrealized	15,523,559	(10,497,791)
Brokerage commissions	(622,083)	(797,958)
Net gain (loss) from futures trading	(2,958,431)	46,345,614
Forward currency trading gains (losses)
Realized	8,446,924	18,168,652
Change in unrealized	(1,379,242)	3,454,351
Brokerage commissions	(41,563)	(63,149)
Net gain (loss) from forward currency trading	7,026,119	21,559,854
Total net trading gain (loss)	4,067,688	67,905,468
Investment income
Interest income	802,502	805,230
Realized gain (loss) on fixed income securities	0	196,747
Change in unrealized gain (loss) on fixed income securities	375,338	(147,093)
Total investment income	1,177,840	854,884
Expenses
Brokerage fee	9,631,317	12,576,929
Operating expenses	291,602	359,379
Total expenses	9,922,919	12,936,308
Net investment income (loss)	(8,745,079)	(12,081,424)
NET INCOME (LOSS)	$ (4,677,391)	$ 55,824,044
NET INCOME (LOSS) PER GENERAL AND LIMITED PARTNER UNIT (based on weighted average units outstanding during the period) (in dollars per unit)	$ (24.29)	$ 251.22
INCREASE (DECREASE) IN NET ASSET VALUE PER GENERAL AND LIMITED PARTNER UNIT (in dollars per unit)	$ (28.05)	$ 247.79
WEIGHTED AVERAGE NUMBER OF UNITS OUTSTANDING DURING THE PERIOD (in units)	192,556.310	222,211.456

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STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash flows from (for) operating activities
Net income (loss)	$ (4,677,391)	$ 55,824,044
Adjustments to reconcile net income (loss) to net cash from (for) operating activities
Net change in unrealized on futures, forwards and investments	(14,519,655)	7,190,533
(Increase) decrease in restricted cash	5,107,473	0
Increase (decrease) in payable for securities purchased	0	3,095,400
(Increase) decrease in interest receivable	391,859	(49,126)
Increase (decrease) in accounts payable and accrued expenses	(315,823)	196,561
Purchases of investments	(1,492,231,536)	(2,565,468,357)
Sales/maturities of investments	1,502,230,888	2,532,105,269
Net cash from (for) operating activities	(4,014,185)	32,894,324
Cash flows from (for) financing activities
Redemption of units	(17,163,328)	(18,720,525)
Offering costs paid	(343,750)	(750,442)
Net cash from (for) financing activities	(17,507,078)	(19,470,967)
Net increase (decrease) in cash and cash equivalents	(21,521,263)	13,423,357
Unrestricted cash
Beginning of period	51,883,229	77,657,233
End of period	30,361,966	91,080,590
End of period cash and cash equivalents consists of:
Cash in futures broker trading accounts	30,101,535	90,705,337
Cash and cash equivalents	260,431	375,253
End of period	$ 30,361,966	$ 91,080,590

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STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (NET ASSET VALUE) (Unaudited) - USD ($)	General Partner [Member]	Limited Partners [Member]	Total
Balances at Dec. 31, 2014	$ 1,782,549	$ 674,699,913	$ 676,482,462
Balances (in units) at Dec. 31, 2014	589.787	223,236.152	223,825.939
Net income (loss)	$ 147,708	$ 55,676,336	$ 55,824,044
Redemptions	$ 0	$ (16,791,973)	$ (16,791,973)
Redemptions (in units)	0	(5,204.800)	(5,204.800)
Offering costs	$ (1,565)	$ (589,425)	$ (590,990)
Balances at Mar. 31, 2015	$ 1,928,692	$ 712,994,851	$ 714,923,543
Balances (in units) at Mar. 31, 2015	589.787	218,031.352	218,621.139
Balances at Dec. 31, 2015	$ 658,220	$ 544,804,587	$ 545,462,807
Balances (in units) at Dec. 31, 2015	235.103	194,593.327	194,828.430
Net income (loss)	$ (6,185)	$ (4,671,206)	$ (4,677,391)
Redemptions	$ 0	$ (17,285,126)	$ (17,285,126)
Redemptions (in units)	0	(6,073.165)	(6,073.165)
Offering costs	$ (409)	$ (334,120)	$ (334,529)
Balances at Mar. 31, 2016	$ 651,626	$ 522,514,135	$ 523,165,761
Balances (in units) at Mar. 31, 2016	235.103	188,520.162	188,755.265

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STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (NET ASSET VALUE) (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015	Dec. 31, 2014
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (NET ASSET VALUE) (Unaudited) [Abstract]
Net Asset Value per General and Limited Partner Unit (in dollars per unit)	2,771.66	2,799.71	3,270.15	3,022.36

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FINANCIAL HIGHLIGHTS - $ / shares		3 Months Ended
		Mar. 31, 2016	Mar. 31, 2015
Per Unit Performance (for a unit outstanding throughout the entire period)
Net asset value per unit at beginning of period (in dollars per unit)		2,799.71	3,022.36
Income (loss) from operations:
Total net trading gains (losses) (in dollars per unit)	[1]	19.11	304.82
Net investment income (loss) (in dollars per unit)	[1]	(45.42)	(54.37)
Total net income (loss) from operations (in dollars per unit)		(26.31)	250.45
Offering costs (in dollars per unit)	[1]	(1.74)	(2.66)
Net asset value per unit at end of period (in dollars per unit)		2,771.66	3,270.15
Total Return	[2]	(1.00%)	8.20%
Ratios to average net asset value:
Expenses prior to performance fee	[3]	7.30%	7.36%
Performance fee	[2]	0.00%	0.00%
Total expenses		7.30%	7.36%
Net investment income (loss)	[3],[4]	(6.44%)	(6.88%)

[1] Net investment income (loss) per unit and offering costs per unit are calculated by dividing the net investment income (loss) and offering costs by the average number of units outstanding during the period. Total net trading gains (losses) is a balancing amount necessary to reconcile the change in net asset value per unit with the other per unit information.

[2] Not annualized.

[3] Annualized.

[4] Excludes performance fee.

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ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

3 Months Ended

Mar. 31, 2016

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Note 1.  ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

A.  General Description of the Fund

Campbell Strategic Allocation Fund, L.P. (the "Fund") is a Delaware limited partnership which operates as a commodity investment pool. The Fund engages in the speculative trading of futures contracts and forward currency contracts.

Effective January 6, 2012, Units in the Fund were no longer offered for sale. For existing investors in the Fund, business has been and will be conducted as usual. There was no change in trading, operations, or monthly statements, etc., and redemptions will continue to be offered on a monthly basis.

B.  Regulation

As a registrant with the Securities and Exchange Commission (the "SEC"), the Fund is subject to the regulatory requirements under the Securities Exchange Act of 1934. Prior to January 6, 2012, the Fund was also subject to the regulatory requirements under the Securities Act of 1933.  As a commodity investment pool, the Fund is subject to the regulations of the Commodity Futures Trading Commission, an agency of the United States (U.S.) government which regulates most aspects of the commodity futures industry; rules of the National Futures Association, an industry self-regulatory organization; and the requirements of the various commodity exchanges where the Fund executes transactions. Additionally, the Fund is subject to the requirements of futures commission merchants (the "futures brokers") and interbank market makers through which the Fund trades.

C.  Method of Reporting

The Fund's financial statements are presented in accordance with accounting principles generally accepted in the United States of America, which may require the use of certain estimates made by the Fund's management. Actual results may differ from these estimates.

These financial statements should be read in conjunction with the financial statements and notes thereto included in the Fund's Annual Report on Form 10-K filed with the SEC for the year ended December 31, 2015. All adjustments of a normal recurring nature considered necessary for a fair presentation have been included.

The Fund meets the definition of an investment company according to the provisions of Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 946-10, Financial Services – Investment Companies.

Investment transactions are accounted for on the trade date. Gains or losses are realized when contracts are liquidated. Unrealized gains and losses on open contracts (the difference between contract trade value and fair value) are reported in the Statements of Financial Condition as a net gain or loss, as there exists a right of offset of unrealized gains or losses in accordance with ASC 210-20, Offsetting - Balance Sheet. The fair value of futures (exchange-traded) contracts is based on various futures exchanges, and reflects the settlement price for each contract as of the close on the last business day of the reporting period. The fair value of forward currency (non-exchange traded) contracts was extrapolated on a forward basis from the spot prices quoted as of 3:00 P.M. (E.T.) on the last business day of the reporting period.

The fixed income investments are marked to market on the last business day of the reporting period using a third party vendor hierarchy of pricing providers who specialize in such markets. The prices furnished by the providers consider the yield or price of bonds of comparable quality, coupon, maturity, and type, as well as prices quoted by dealers who make markets in such securities. Premiums and discounts on fixed income securities are amortized and accreted for financial reporting purposes.

The short term investments represent cash held at the custodian and invested overnight in a money market fund.

For purposes of both financial reporting and calculation of redemption value, Net Asset Value per unit is calculated by dividing Net Asset Value by the number of outstanding units.

D.Fair Value

The Fund follows the provisions of ASC 820, Fair Value Measurements and Disclosures ("ASC 820"). ASC 820 provides guidance for determining fair value and requires increased disclosure regarding the inputs to valuation techniques used to measure fair value. ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

ASC 820 establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3).

Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Fund has the ability to access at the measurement date. An active market for the asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. The value of the Fund's exchange - traded futures contracts and short term investments fall into this category.

Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. This category includes forward currency contracts that the Fund values using models or other valuation methodologies derived from observable market data. This category also includes fixed income investments.

Level 3 inputs are unobservable inputs for an asset or liability (including the Fund's own assumptions used in determining the fair value of investments). Unobservable inputs shall be used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date. As of March 31, 2016 and December 31, 2015, and for the periods ended March 31, 2016 and 2015, the Fund did not have any Level 3 assets or liabilities.

The following tables set forth by level within the fair value hierarchy the Fund's investments accounted for at fair value on a recurring basis as of March 31, 2016 and December 31, 2015.

	Fair Value at March 31, 2016
Description	Level 1		Level 2		Level 3		Total
Investments
Short term investments	$	1,758	$	0	$	0	$	1,758
Fixed income securities		0		493,203,324		0		493,203,324
Other Financial Instruments
Exchange-traded futures contracts		7,431,854		0		0		7,431,854
Forward currency contracts		0		51,310		0		51,310
Total	$	7,433,612	$	493,254,634	$	0	$	500,688,246

	Fair Value at December 31, 2015
Description	Level 1			Level 2		Level 3		Total
Investments
Short term investments	$	1,939		$	0	$	0	$	1,939
Fixed income securities		0			502,827,157		0		502,827,157
Other Financial Instruments
Exchange-traded futures contracts		(8,091,705	)		0		0		(8,091,705	)
Forward currency contracts		0			1,430,552		0		1,430,552
Total	$	(8,089,766	)	$	504,257,709	$	0	$	496,167,943

The Fund recognizes transfers between fair value hierarchy levels at the beginning of the reporting period. There were no transfers to or from Level 1 to Level 2 for the period ended March 31, 2016 or the year ended December 31, 2015.

The gross presentation of the fair value of the Fund's derivatives by instrument type is shown in Note 9. See Condensed Schedules of Investments for additional detail categorization.

E.  Cash and Cash Equivalents

Cash and cash equivalents includes cash and overnight money market investments at financial institutions.

F.  Income Taxes

The Fund prepares calendar year U.S. federal and applicable state tax returns and reports to the partners their allocable shares of the Fund's income, expenses and trading gains or losses. No provision for income taxes has been made in the accompanying financial statements as each partner is individually responsible for reporting income or loss based on such partner's respective share of the Fund's income and expenses as reported for income tax purposes.

Management has continued to evaluate the application of ASC 740, Income Taxes, to the Fund, and has determined that no reserves for uncertain tax positions were required. There are no tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly increase or decrease within twelve months. The Fund files federal and state tax returns. The 2012 through 2015 tax years generally remain subject to examination by the U.S. federal and most state tax authorities.

G.  Offering Costs

Campbell & Company, LP ("Campbell & Company") has incurred all costs in connection with the initial and continuous offering of units of the Fund ("offering costs"). In addition, Campbell & Company continues to compensate wholesalers for services rendered to Limited Partners. The Fund's liability for offering costs is limited to the maximum of total offering costs incurred by Campbell & Company, not to exceed 2.5% of the aggregate subscriptions accepted during the initial and continuous offerings. As of March 31, 2016 and December 31, 2015, the Fund has the potential remaining reimbursement amount of approximately $38.3 million and $38.6 million, respectively. If the Fund terminates prior to completion of payment of the calculated amounts to Campbell & Company, Campbell & Company will not be entitled to any additional payments, and the Fund will have no further obligation to Campbell & Company.

The Fund is only liable for payment of offering costs on a monthly basis as calculated based on the limitations stated above. At March 31, 2016 and December 31, 2015, the amount of unreimbursed offering costs incurred by Campbell & Company is $121,607 and $123,499, respectively. At March 31, 2016, and December 31, 2015, the Fund reflects a liability in the Statements of Financial Condition for offering costs payable to Campbell & Company of $121,607 and $130,828, respectively. The amount of monthly reimbursement due to Campbell & Company is charged directly to partners' capital.

H.  Foreign Currency Transactions

The Fund's functional currency is the U.S. dollar; however, it transacts business in currencies other than the U.S. dollar. Assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars at the rates in effect at the date of the Statements of Financial Condition. Income and expense items denominated in currencies other than the U.S. dollar are translated into U.S. dollars at the rates in effect during the period. Gains and losses resulting from the translation to U.S. dollars are reported in income.

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GENERAL PARTNER AND COMMODITY TRADING ADVISOR

3 Months Ended

Mar. 31, 2016

GENERAL PARTNER AND COMMODITY TRADING ADVISOR [Abstract]

GENERAL PARTNER AND COMMODITY TRADING ADVISOR

Note 2.  GENERAL PARTNER AND COMMODITY TRADING ADVISOR

The general partner of the Fund is Campbell & Company, LP, which conducts and manages the business of the Fund. Campbell & Company is also the commodity trading advisor of the Fund. Effective December 2, 2014, Campbell & Company, Inc. changed its name and form of entity to Campbell & Company, LP. Campbell & Company refers to either Campbell & Company, Inc. or Campbell & Company, LP depending on the applicable period discussed. The Amended Agreement of Limited Partnership provides that Campbell & Company may make withdrawals of its units, provided that such withdrawals do not reduce Campbell & Company's aggregate percentage interest in the Fund to less than 1% of the net aggregate contributions.

Campbell & Company is required by the Amended Agreement of Limited Partnership to maintain a net worth equal to at least 5% of the capital contributed by all the limited partnerships for which it acts as general partner, including the Fund. The minimum net worth shall in no case be less than $50,000 nor shall net worth in excess of $1,000,000 be required.

The Fund pays a monthly brokerage fee equal to 1/12 of 7% (7% annualized) of month-end net assets to Campbell & Company and approximately $4 per round turn to the futures brokers for execution and clearing costs. From the 7% fee, a portion (4%) is used to compensate selling agents for ongoing services rendered and a portion (3%) is retained by Campbell & Company for trading and management services rendered. The amount paid to the futures brokers and interbank market makers for execution and clearing costs is limited to 1/12 of 1% (1% annualized) of month-end net assets.

Campbell & Company is also paid a quarterly performance fee of 20% of the Fund's aggregate cumulative appreciation in the Net Asset Value per unit, exclusive of appreciation attributable to interest income. More specifically, the performance fee is paid on the cumulative increase, if any, in the Net Asset Value per Unit over the highest previous cumulative Net Asset Value per Unit (commonly referred to as a High Water Mark) adjusting for investment income. In determining the brokerage and performance fees (the "fees"), adjustments shall be made for capital additions and withdrawals and Net Assets shall not be reduced by the fees being calculated for such current period. The performance fee is not subject to any clawback provisions. The fees are typically paid in the month following the month in which they are earned. The fees are paid from the available cash at the Fund's bank, futures brokers or cash management accounts.

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ADMINISTRATOR

3 Months Ended

Mar. 31, 2016

ADMINISTRATOR [Abstract]

ADMINISTRATOR

Note 3.  ADMINISTRATOR

Northern Trust Hedge Fund Services LLC became the Administrator of the Fund effective January 1, 2015. The Administrator receives fees at rates agreed upon between the Fund and the Administrator and is entitled to reimbursement of certain actual out-of-pocket expenses incurred while performing its duties. The Administrator's primary responsibilities are portfolio accounting and fund accounting services.

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CASH MANAGER AND CUSTODIAN

3 Months Ended

Mar. 31, 2016

CASH MANAGER AND CUSTODIAN [Abstract]

CASH MANAGER AND CUSTODIAN

Note 4.  CASH MANAGER AND CUSTODIAN

PNC Capital Advisors, LLC serves as the cash manager under the Investment Advisory Agreement to manage and control the liquid assets of the Fund. PNC Capital Advisors, LLC is registered as an investment adviser with the SEC of the United States under the Investment Advisers Act of 1940.

The Fund opened a custodial account at the Northern Trust Company (the "custodian") and has granted the cash manager authority to make certain investments on behalf of the Fund provided such investments are consistent with the investment guidelines created by the general partner. All securities purchased by the cash manager on behalf of the Fund will be held in the Fund's custody account at the custodian. The cash manager will have no beneficial or other interest in the securities and cash in such custody account.

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DEPOSITS WITH FUTURES BROKERS

3 Months Ended

Mar. 31, 2016

DEPOSITS WITH FUTURES BROKERS [Abstract]

DEPOSITS WITH FUTURES BROKERS

Note 5.  DEPOSITS WITH FUTURES BROKERS

The Fund deposits assets with UBS Securities LLC and Goldman, Sachs & Co. subject to Commodity Futures Trading Commission regulations and various exchange and futures broker requirements. Margin requirements are satisfied by the deposit of U.S. Treasury Bills and cash with such futures brokers. The Fund typically earns interest income on its assets deposited with the futures brokers.

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DEPOSITS WITH INTERBANK MARKET MAKERS

3 Months Ended

Mar. 31, 2016

DEPOSITS WITH INTERBANK MARKET MAKERS [Abstract]

DEPOSITS WITH INTERBANK MARKET MAKERS

Note 6.  DEPOSITS WITH INTERBANK MARKET MAKERS

The Fund's counterparties with regard to its forward currency transactions are The Royal Bank of Scotland PLC ("RBS") and UBS AG ("UBS"). The Fund has entered into an International Swap and Derivatives Association, Inc. agreement ("ISDA Agreement") with RBS and UBS which governs these transactions. The credit ratings reported by the three major rating agencies for RBS and UBS were considered investment grade as of March 31, 2016. Margin requirements are satisfied by the deposit of U.S. Treasury Bills and cash with RBS and UBS. The Fund typically earns interest income on its assets deposited with RBS and UBS.

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OPERATING EXPENSES

3 Months Ended

Mar. 31, 2016

OPERATING EXPENSES [Abstract]

OPERATING EXPENSES

Note 7.  OPERATING EXPENSES

Operating expenses of the Fund are limited by the Amended Agreement of Limited Partnership to 0.5% per year of the average month-end Net Asset Value of the Fund. Actual operating expenses were less than 0.5% (annualized) of average month-end Net Asset Value for the three months ended March 31, 2016 and 2015.

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SUBSCRIPTIONS, DISTRIBUTIONS AND REDEMPTIONS

3 Months Ended

Mar. 31, 2016

SUBSCRIPTIONS, DISTRIBUTIONS AND REDEMPTIONS [Abstract]

SUBSCRIPTIONS, DISTRIBUTIONS AND REDEMPTIONS

Note 8.  SUBSCRIPTIONS, DISTRIBUTIONS AND REDEMPTIONS

Investments in the Fund were made by subscription agreement, subject to acceptance by Campbell & Company.

The Fund is not required to make distributions, but may do so at the sole discretion of Campbell & Company. A limited partner may request and receive redemption of units owned, subject to restrictions in the Amended Agreement of Limited Partnership. Units are transferable, but no market exists for their sale and none is expected to develop. Monthly redemptions are permitted upon ten (10) business days advance written notice to Campbell & Company.

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TRADING ACTIVITIES AND RELATED RISKS

3 Months Ended

Mar. 31, 2016

TRADING ACTIVITIES AND RELATED RISKS [Abstract]

TRADING ACTIVITIES AND RELATED RISKS

Note 9.  TRADING ACTIVITIES AND RELATED RISKS

The Fund engages in the speculative trading of U.S. and foreign futures contracts and forward currency contracts (collectively, "derivatives"). Specifically, the Fund trades a portfolio focused on financial futures, which are instruments designed to hedge changes in interest rates, currency exchange rates, stock index values, metals, energy and agriculture values. The Fund is exposed to both market risk, the risk arising from changes in the fair value of the contracts, and credit risk, the risk of failure by another party to perform according to the terms of a contract.

Market Risk

For derivatives, risks arise from changes in the fair value of the contracts. Market movements result in frequent changes in the fair value of the Fund's open positions and, consequently, in its earnings and cash flow. The Fund's market risk is influenced by a wide variety of factors, including the level and volatility of exchange rates, interest rates, equity price levels, the fair value of financial instruments and contracts, the diversification effects among the Fund's open positions and the liquidity of the markets in which it trades. Theoretically, the Fund is exposed to a market risk equal to the notional contract value of futures and forward currency contracts purchased and unlimited liability on such contracts sold short. See Note 1.C. for an explanation of how the Fund determines its valuation for derivatives as well as the netting of derivatives.

The Fund adopted the provisions of ASC 815, Derivatives and Hedging, ("ASC 815"). ASC 815 provides enhanced disclosures about how and why an entity uses derivative instruments, how derivative instruments are accounted for, and how derivative instruments affect an entity's financial position, financial performance and cash flows.

The following tables summarize quantitative information required by ASC 815. The fair value of the Fund's derivatives by instrument type, as well as the location of those instruments on the Statements of Financial Condition, as of March 31, 2016 and December 31, 2015 is as follows:

Type of Instrument *	Statements of Financial Condition Location	Asset Derivatives at March 31, 2016 Fair Value		Liability Derivatives at March 31, 2016 Fair Value			Net
Agriculture Contracts	Net unrealized gain (loss) on open futures contracts	$	2,446,676	$	(1,208,945	)	$	1,237,731
Energy Contracts	Net unrealized gain (loss) on open futures contracts		1,345,969		(525,224	)		820,745
Metal Contracts	Net unrealized gain (loss) on open futures contracts		1,635,245		(1,426,005	)		209,240
Stock Indices Contracts	Net unrealized gain (loss) on open futures contracts		2,269,461		(1,762,723	)		506,738
Short-Term Interest Rate Contracts	Net unrealized gain (loss) on open futures contracts		995,022		(380,915	)		614,107
Long-Term Interest Rate Contracts	Net unrealized gain (loss) on open futures contracts		4,955,861		(912,568	)		4,043,293
Forward Currency Contracts	Net unrealized gain (loss) on open forward currency contracts		33,699,218		(33,647,908	)		51,310
Totals		$	47,347,452	$	(39,864,288	)	$	7,483,164

* Derivatives not designated as hedging instruments under ASC 815

Type of Instrument *	Statements of Financial Condition Location	Asset Derivatives at December 31, 2015 Fair Value		Liability Derivatives at December 31, 2015 Fair Value			Net
Agriculture Contracts	Net unrealized gain (loss) on open futures contracts	$	2,502,717	$	(1,909,086	)	$	593,631
Energy Contracts	Net unrealized gain (loss) on open futures contracts		1,249,322		(6,944,497	)		(5,695,175	)
Metal Contracts	Net unrealized gain (loss) on open futures contracts		1,370,476		(3,754,126	)		(2,383,650	)
Stock Indices Contracts	Net unrealized gain (loss) on open futures contracts		560,183		(1,117,990	)		(557,807	)
Short-Term Interest Rate Contracts	Net unrealized gain (loss) on open futures contracts		10,868		(450,693	)		(439,825	)
Long-Term Interest Rate Contracts	Net unrealized gain (loss) on open futures contracts		1,590,634		(1,199,513	)		391,121
Forward Currency Contracts	Net unrealized gain (loss) on open forward currency contracts		31,083,991		(29,653,439	)		1,430,552
Totals		$	38,368,191	$	(45,029,344	)	$	(6,661,153	)

* Derivatives not designated as hedging instruments under ASC 815

The trading gains and losses of the Fund's derivatives by instrument type, as well as the location of those gains and losses on the Statements of Operations, for the three months ended March 31, 2016 and 2015 is as follows:

Type of Instrument	Trading Gains / (Losses) for the Three Months Ended March 31, 2016			Trading Gains / (Losses) for the Three Months Ended March 31, 2015
Agriculture Contracts	$	(7,736,363	)	$	4,743,958
Energy Contracts		3,093,450			537,428
Metal Contracts		(7,673,719	)		(2,588,339	)
Stock Indices Contracts		(5,052,411	)		20,376,566
Short-Term Interest Rate Contracts		583,807			(1,814,846	)
Long Term Interest Rate Contracts		14,354,366			26,142,684
Forward Currency Contracts		7,067,682			21,623,003
Total	$	4,636,812		$	69,020,454

Line Item in the Statements of Operations	Trading Gains / (Losses) for the Three Months Ended March 31, 2016			Trading Gains / (Losses) for the Three Months Ended March 31, 2015
Futures trading gains (losses):
Realized **	$	(17,954,429	)	$	57,895,242
Change in unrealized		15,523,559			(10,497,791	)
Forward currency trading gains (losses):
Realized		8,446,924			18,168,652
Change in unrealized		(1,379,242	)		3,454,351
Total	$	4,636,812		$	69,020,454

** Amounts differ from the amounts on the Statements of Operations as the amounts above do not include gains and losses on foreign currency cash balances at the futures broker.

For the three months ended March 31, 2016 and 2015, the monthly average of futures contracts bought and sold was approximately 53,500 and 70,500, respectively, and the monthly average of notional value of forward currency contracts was $3,048,500,000 and $4,131,000,000 respectively.

Open contracts generally mature within twelve months; as of March 31, 2016, the latest maturity date for open futures contracts is June 2017 and the latest maturity date for open forward currency contracts is June 2016. However, the Fund intends to close all futures and offset all foreign currency contracts prior to maturity.

Credit Risk

The Fund trades futures contracts on exchanges that require margin deposits with the futures broker. Additional deposits may be necessary for any loss on contract value. The Commodity Exchange Act requires a futures broker to segregate all customer transactions and assets from such futures broker's proprietary activities. A customer's cash and other property (for example, U.S. Treasury Bills) deposited with a futures broker are considered commingled with all other customer funds subject to the futures broker's segregation requirements. In the event of a futures 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 total cash and other property deposited.

The Fund trades forward currency contracts in unregulated markets between principals and assumes the risk of loss from counterparty nonperformance. Accordingly, the risks associated with forward currency contracts are generally greater than those associated with exchange traded contracts because of the greater risk of counterparty default. Additionally, the trading of forward currency contracts typically involves delayed cash settlement.

The Fund has a portion of its assets on deposit with PNC Bank. In the event of a financial institution's insolvency, recovery of the Fund's assets on deposit may be limited to account insurance or other protection afforded such deposits.

The Fund has entered into ISDA Agreements with UBS AG and RBS. Under the terms of each ISDA Agreement, upon the designation of an Event of Default, as defined in each ISDA Agreement, the non-defaulting party may set-off any sum or obligation owed by the defaulting party to the non-defaulting party against any sum or obligation owed by the non-defaulting party to the defaulting party. If any sum or obligation is unascertained, the non-defaulting party may in good faith estimate that sum or obligation and set-off in respect to that estimate, accounting to the other party when such sum or obligation is ascertained.

Under the terms of each master netting agreement with UBS Securities and Goldman, upon occurrence of a default by the Fund, as defined in respective account documents, UBS Securities and Goldman have the right to close out any or all open contracts held in the Fund's account; sell any or all of the securities held; and borrow or buy any securities, contracts or other property for the Fund's account. The Fund would be liable for any deficiency in its account resulting from such transactions.

The amount of required margin and good faith deposits with the futures brokers and interbank market makers usually range from 10% to 30% of Net Asset Value. The fair value of securities held to satisfy such requirements at March 31, 2016 and December 31, 2015 was $126,844,129 and $143,007,124, respectively, which equals approximately 24% and 26% of Net Asset Value, respectively. The cash deposited with the interbank market makers at March 31, 2016 and December 31, 2015 was $199,954 and $207,883, respectively, which equals approximately 0% and 0% of Net Asset Value, respectively. These amounts are included in cash and cash equivalents. Included in cash deposits with the futures brokers and interbank market makers at March 31, 2016 and December 31, 2015 was restricted cash for margin requirements of $0 and $5,107,473, respectively, which equals approximately 0% and 1% of Net Asset Value, respectively.

Set forth below are tables which disclose both gross information and net information about instruments and transactions eligible for offset in the Statements of Financial Condition and instruments and transactions that are subject to a master netting agreement as well as amounts related to financial collateral (including U.S. Treasury Bills and cash collateral) held at clearing brokers and counterparties. Margin reflected in the Collateral tables is limited to the net amount of unrealized loss at each counterparty. Actual margin amounts required at each counterparty are based on the notional amounts or the number of contracts outstanding and may exceed the margin presented in the Collateral tables.

Offsetting of Derivative Assets
As of March 31, 2016
Type of Instrument	Counterparty	Gross Amount of Recognized Assets		Gross Amount Offset in the Statements of Financial Condition			Net Amount of Unrealized Gain Presented in the Statements of Financial Condition
Futures contracts	UBS Securities LLC	$	6,913,446	$	(3,068,820	)	$	3,844,626
Futures contracts	Goldman Sachs		6,734,788		(3,147,560	)		3,587,228
Total futures contracts			13,648,234		(6,216,380	)		7,431,854
Forward currency contracts	UBS AG		16,846,471		(16,818,651	)		27,820
Forward currency contracts	Royal Bank of Scotland		16,852,747		(16,829,257	)		23,490
Total forward currency contracts			33,699,218		(33,647,908	)		51,310
Total derivatives		$	47,347,452	$	(39,864,288	)	$	7,483,164

Derivatives Assets and Collateral Received by Counterparty
As of March 31, 2016
				Gross Amounts Not Offset in the Statements of Financial Condition
Counterparty	Net Amount of Unrealized Gain in the Statements of Financial Condition			Financial Instruments			Cash Collateral Received			Net Amount
UBS Securities LLC		$	3,844,626		$	0		$	0		$	3,844,626
Goldman Sachs			3,587,228			0			0			3,587,228
UBS AG			27,820			0			0			27,820
Royal Bank of Scotland			23,490			0			0			23,490
Total		$	7,483,164		$	0		$	0		$	7,483,164

Offsetting of Derivative Liabilities
As of March 31, 2016
Type of Instrument	Counterparty	Gross Amount of Recognized Liabilities		Gross Amount Offset in the Statements of Financial Condition			Net Amount of Unrealized Loss Presented in the Statements of Financial Condition
Futures contracts	UBS Securities LLC	$	3,068,820	$	(3,068,820	)	$	0
Futures contracts	Goldman Sachs		3,147,560		(3,147,560	)		0
Total futures contracts			6,216,380		(6,216,380	)		0
Forward currency contracts	UBS AG		16,818,651		(16,818,651	)		0
Forward currency contracts	Royal Bank of Scotland		16,829,257		(16,829,257	)		0
Total forward currency contracts			33,647,908		(33,647,908	)		0
Total derivatives		$	39,864,288	$	(39,864,288	)	$	0

Derivatives Liabilities and Collateral Pledged by Counterparty
As of March 31, 2016
				Gross Amounts Not Offset in the Statements of Financial Condition
Counterparty	Net Amount of Unrealized Loss in the Statements of Financial Condition			Financial Instruments			Cash Collateral Pledged			Net Amount
UBS Securities LLC		$	0		$	0		$	0		$	0
Goldman Sachs			0			0			0			0
UBS AG			0			0			0			0
Royal Bank of Scotland			0			0			0			0
Total		$	0		$	0		$	0		$	0

Offsetting of Derivative Assets
As of December 31, 2015
Type of Instrument	Counterparty	Gross Amount of Recognized Assets		Gross Amount Offset in the Statements of Financial Condition			Net Amount of Unrealized Gain Presented in the Statements of Financial Condition
Futures contracts	UBS Securities LLC	$	3,688,786	$	(3,688,786	)	$	0
Futures contracts	Goldman Sachs		3,595,414		(3,595,414	)		0
Total futures contracts			7,284,200		(7,284,200	)		0
Forward currency contracts	UBS AG		15,542,073		(14,826,720	)		715,353
Forward currency contracts	Royal Bank of Scotland		15,541,918		(14,826,719	)		715,199
Total forward currency contracts			31,083,991		(29,653,439	)		1,430,552
Total derivatives		$	38,368,191	$	(36,937,639	)	$	1,430,552

Derivatives Assets and Collateral Received by Counterparty
As of December 31, 2015
				Gross Amounts Not Offset in the Statements of Financial Condition
Counterparty	Net Amount of Unrealized Gain in the Statements of Financial Condition			Financial Instruments			Cash Collateral Received			Net Amount
UBS Securities LLC		$	0		$	0		$	0		$	0
Goldman Sachs			0			0			0			0
UBS AG			715,353			0			0			715,353
Royal Bank of Scotland			715,199			0			0			715,199
Total		$	1,430,552		$	0		$	0		$	1,430,552

Offsetting of Derivative Liabilities
As of December 31, 2015
Type of Instrument	Counterparty	Gross Amount of Recognized Liabilities		Gross Amount Offset in the Statements of Financial Condition			Net Amount of Unrealized Loss Presented in the Statements of Financial Condition
Futures contracts	UBS Securities LLC	$	7,516,750	$	(3,688,786	)	$	3,827,964
Futures contracts	Goldman Sachs		7,859,155		(3,595,414	)		4,263,741
Total futures contracts			15,375,905		(7,284,200	)		8,091,705
Forward currency contracts	UBS AG		14,826,720		(14,826,720	)		0
Forward currency contracts	Royal Bank of Scotland		14,826,719		(14,826,719	)		0
Total forward currency contracts			29,653,439		(29,653,439	)		0
Total derivatives		$	45,029,344	$	(36,937,639	)	$	8,091,705

Derivatives Liabilities and Collateral Pledged by Counterparty
As of December 31, 2015
				Gross Amounts Not Offset in the Statements of Financial Condition
Counterparty	Net Amount of Unrealized Loss in the Statements of Financial Condition			Financial Instruments			Cash Collateral Pledged				Net Amount
UBS Securities LLC		$	3,827,964		$	0		$	(3,827,964	)		$	0
Goldman Sachs			4,263,741			0			(4,263,741	)			0
UBS AG			0			0			0				0
Royal Bank of Scotland			0			0			0				0
Total		$	8,091,705		$	0		$	(8,091,705	)		$	0

Campbell & Company 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. Campbell & Company's basic market risk control procedures consist of continuously monitoring open positions, diversification of the portfolio and maintenance of a margin-to-equity ratio that rarely exceeds 30%. Campbell & Company's attempt to manage the risk of the Fund's open positions is essentially the same in all market categories traded. Campbell & Company applies risk management policies to its trading which generally limit the total exposure that may be taken per "risk unit" of assets under management. In addition, Campbell & Company follows diversification guidelines (often formulated in terms of the balanced volatility between markets and correlated groups), as well as reducing position sizes dynamically in response to trading losses. Campbell & Company controls the risk of the Fund's non-trading fixed income instruments by limiting the duration of such instruments and requiring a minimum credit quality of the issuers of those instruments.

Campbell & Company seeks to minimize credit risk primarily by depositing and maintaining the Fund's assets at financial institutions and brokers which Campbell & Company believes to be credit worthy. The limited partners bear the risk of loss only to the extent of the market value of their respective investments and, in certain specific circumstances, distributions and redemptions received.

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INDEMNIFICATIONS

3 Months Ended

Mar. 31, 2016

INDEMNIFICATIONS [Abstract]

INDEMNIFICATIONS

Note 10.  INDEMNIFICATIONS

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

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INTERIM FINANCIAL STATEMENTS

3 Months Ended

Mar. 31, 2016

INTERIM FINANCIAL STATEMENTS [Abstract]

INTERIM FINANCIAL STATEMENTS

Note 11.  INTERIM FINANCIAL STATEMENTS

The statements of financial condition, including the condensed schedules of investments, as of March 31, 2016 and December 31, 2015, and the statements of operations, cash flows, changes in partners' capital (Net Asset Value) and financial highlights for the three months ended March 31, 2016 and 2015 are unaudited. In the opinion of management, such financial statements reflect all adjustments, which were of a normal and recurring nature, necessary for a fair presentation of financial position as of March 31, 2016 and December 31, 2015, and the results of operations, cash flows, changes in partners' capital (Net Asset Value) and financial highlights for the three months ended March 31, 2016 and 2015.

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SUBSEQUENT EVENTS

3 Months Ended

Mar. 31, 2016

SUBSEQUENT EVENTS [Abstract]

SUBSEQUENT EVENTS

Note 12.  SUBSEQUENT EVENTS

Management of the Fund has evaluated subsequent events through the date the financial statements were filed. There are no subsequent events to disclose or record.

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ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

3 Months Ended

Mar. 31, 2016

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

Use of Estimates

The Fund's financial statements are presented in accordance with accounting principles generally accepted in the United States of America, which may require the use of certain estimates made by the Fund's management. Actual results may differ from these estimates.

Investments

The Fund meets the definition of an investment company according to the provisions of Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 946-10, Financial Services – Investment Companies.

Investment transactions are accounted for on the trade date. Gains or losses are realized when contracts are liquidated. Unrealized gains and losses on open contracts (the difference between contract trade value and fair value) are reported in the Statements of Financial Condition as a net gain or loss, as there exists a right of offset of unrealized gains or losses in accordance with ASC 210-20, Offsetting - Balance Sheet. The fair value of futures (exchange-traded) contracts is based on various futures exchanges, and reflects the settlement price for each contract as of the close on the last business day of the reporting period. The fair value of forward currency (non-exchange traded) contracts was extrapolated on a forward basis from the spot prices quoted as of 3:00 P.M. (E.T.) on the last business day of the reporting period.

The fixed income investments are marked to market on the last business day of the reporting period using a third party vendor hierarchy of pricing providers who specialize in such markets. The prices furnished by the providers consider the yield or price of bonds of comparable quality, coupon, maturity, and type, as well as prices quoted by dealers who make markets in such securities. Premiums and discounts on fixed income securities are amortized and accreted for financial reporting purposes.

The short term investments represent cash held at the custodian and invested overnight in a money market fund.

Net Asset Value per Unit

For purposes of both financial reporting and calculation of redemption value, Net Asset Value per unit is calculated by dividing Net Asset Value by the number of outstanding units.

Fair Value

D.Fair Value

The Fund follows the provisions of ASC 820, Fair Value Measurements and Disclosures ("ASC 820"). ASC 820 provides guidance for determining fair value and requires increased disclosure regarding the inputs to valuation techniques used to measure fair value. ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

ASC 820 establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3).

Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Fund has the ability to access at the measurement date. An active market for the asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. The value of the Fund's exchange - traded futures contracts and short term investments fall into this category.

Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. This category includes forward currency contracts that the Fund values using models or other valuation methodologies derived from observable market data. This category also includes fixed income investments.

Level 3 inputs are unobservable inputs for an asset or liability (including the Fund's own assumptions used in determining the fair value of investments). Unobservable inputs shall be used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date. As of March 31, 2016 and December 31, 2015, and for the periods ended March 31, 2016 and 2015, the Fund did not have any Level 3 assets or liabilities.

The following tables set forth by level within the fair value hierarchy the Fund's investments accounted for at fair value on a recurring basis as of March 31, 2016 and December 31, 2015.

	Fair Value at March 31, 2016
Description	Level 1		Level 2		Level 3		Total
Investments
Short term investments	$	1,758	$	0	$	0	$	1,758
Fixed income securities		0		493,203,324		0		493,203,324
Other Financial Instruments
Exchange-traded futures contracts		7,431,854		0		0		7,431,854
Forward currency contracts		0		51,310		0		51,310
Total	$	7,433,612	$	493,254,634	$	0	$	500,688,246

	Fair Value at December 31, 2015
Description	Level 1			Level 2		Level 3		Total
Investments
Short term investments	$	1,939		$	0	$	0	$	1,939
Fixed income securities		0			502,827,157		0		502,827,157
Other Financial Instruments
Exchange-traded futures contracts		(8,091,705	)		0		0		(8,091,705	)
Forward currency contracts		0			1,430,552		0		1,430,552
Total	$	(8,089,766	)	$	504,257,709	$	0	$	496,167,943

The Fund recognizes transfers between fair value hierarchy levels at the beginning of the reporting period. There were no transfers to or from Level 1 to Level 2 for the period ended March 31, 2016 or the year ended December 31, 2015.

The gross presentation of the fair value of the Fund's derivatives by instrument type is shown in Note 9. See Condensed Schedules of Investments for additional detail categorization.

Cash and Cash Equivalents

E.  Cash and Cash Equivalents

Cash and cash equivalents includes cash and overnight money market investments at financial institutions.

Income Taxes

F.  Income Taxes

The Fund prepares calendar year U.S. federal and applicable state tax returns and reports to the partners their allocable shares of the Fund's income, expenses and trading gains or losses. No provision for income taxes has been made in the accompanying financial statements as each partner is individually responsible for reporting income or loss based on such partner's respective share of the Fund's income and expenses as reported for income tax purposes.

Management has continued to evaluate the application of ASC 740, Income Taxes, to the Fund, and has determined that no reserves for uncertain tax positions were required. There are no tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly increase or decrease within twelve months. The Fund files federal and state tax returns. The 2012 through 2015 tax years generally remain subject to examination by the U.S. federal and most state tax authorities.

Offering Costs

G.  Offering Costs

Campbell & Company, LP ("Campbell & Company") has incurred all costs in connection with the initial and continuous offering of units of the Fund ("offering costs"). In addition, Campbell & Company continues to compensate wholesalers for services rendered to Limited Partners. The Fund's liability for offering costs is limited to the maximum of total offering costs incurred by Campbell & Company, not to exceed 2.5% of the aggregate subscriptions accepted during the initial and continuous offerings. As of March 31, 2016 and December 31, 2015, the Fund has the potential remaining reimbursement amount of approximately $38.3 million and $38.6 million, respectively. If the Fund terminates prior to completion of payment of the calculated amounts to Campbell & Company, Campbell & Company will not be entitled to any additional payments, and the Fund will have no further obligation to Campbell & Company.

The Fund is only liable for payment of offering costs on a monthly basis as calculated based on the limitations stated above. At March 31, 2016 and December 31, 2015, the amount of unreimbursed offering costs incurred by Campbell & Company is $121,607 and $123,499, respectively. At March 31, 2016, and December 31, 2015, the Fund reflects a liability in the Statements of Financial Condition for offering costs payable to Campbell & Company of $121,607 and $130,828, respectively. The amount of monthly reimbursement due to Campbell & Company is charged directly to partners' capital.

Foreign Currency Transactions

H.  Foreign Currency Transactions

The Fund's functional currency is the U.S. dollar; however, it transacts business in currencies other than the U.S. dollar. Assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars at the rates in effect at the date of the Statements of Financial Condition. Income and expense items denominated in currencies other than the U.S. dollar are translated into U.S. dollars at the rates in effect during the period. Gains and losses resulting from the translation to U.S. dollars are reported in income.

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ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

3 Months Ended

Mar. 31, 2016

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

Investments Accounted for at Fair Value on a Recurring Basis

The following tables set forth by level within the fair value hierarchy the Fund's investments accounted for at fair value on a recurring basis as of March 31, 2016 and December 31, 2015.

	Fair Value at March 31, 2016
Description	Level 1		Level 2		Level 3		Total
Investments
Short term investments	$	1,758	$	0	$	0	$	1,758
Fixed income securities		0		493,203,324		0		493,203,324
Other Financial Instruments
Exchange-traded futures contracts		7,431,854		0		0		7,431,854
Forward currency contracts		0		51,310		0		51,310
Total	$	7,433,612	$	493,254,634	$	0	$	500,688,246

	Fair Value at December 31, 2015
Description	Level 1			Level 2		Level 3		Total
Investments
Short term investments	$	1,939		$	0	$	0	$	1,939
Fixed income securities		0			502,827,157		0		502,827,157
Other Financial Instruments
Exchange-traded futures contracts		(8,091,705	)		0		0		(8,091,705	)
Forward currency contracts		0			1,430,552		0		1,430,552
Total	$	(8,089,766	)	$	504,257,709	$	0	$	496,167,943

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TRADING ACTIVITIES AND RELATED RISKS (Tables)

3 Months Ended

Mar. 31, 2016

TRADING ACTIVITIES AND RELATED RISKS [Abstract]

Fair Value of the Fund's Derivatives by Instrument Type and Location of Instruments on the Statements of Financial Condition

The following tables summarize quantitative information required by ASC 815. The fair value of the Fund's derivatives by instrument type, as well as the location of those instruments on the Statements of Financial Condition, as of March 31, 2016 and December 31, 2015 is as follows:

Type of Instrument *	Statements of Financial Condition Location	Asset Derivatives at March 31, 2016 Fair Value		Liability Derivatives at March 31, 2016 Fair Value			Net
Agriculture Contracts	Net unrealized gain (loss) on open futures contracts	$	2,446,676	$	(1,208,945	)	$	1,237,731
Energy Contracts	Net unrealized gain (loss) on open futures contracts		1,345,969		(525,224	)		820,745
Metal Contracts	Net unrealized gain (loss) on open futures contracts		1,635,245		(1,426,005	)		209,240
Stock Indices Contracts	Net unrealized gain (loss) on open futures contracts		2,269,461		(1,762,723	)		506,738
Short-Term Interest Rate Contracts	Net unrealized gain (loss) on open futures contracts		995,022		(380,915	)		614,107
Long-Term Interest Rate Contracts	Net unrealized gain (loss) on open futures contracts		4,955,861		(912,568	)		4,043,293
Forward Currency Contracts	Net unrealized gain (loss) on open forward currency contracts		33,699,218		(33,647,908	)		51,310
Totals		$	47,347,452	$	(39,864,288	)	$	7,483,164

* Derivatives not designated as hedging instruments under ASC 815

Type of Instrument *	Statements of Financial Condition Location	Asset Derivatives at December 31, 2015 Fair Value		Liability Derivatives at December 31, 2015 Fair Value			Net
Agriculture Contracts	Net unrealized gain (loss) on open futures contracts	$	2,502,717	$	(1,909,086	)	$	593,631
Energy Contracts	Net unrealized gain (loss) on open futures contracts		1,249,322		(6,944,497	)		(5,695,175	)
Metal Contracts	Net unrealized gain (loss) on open futures contracts		1,370,476		(3,754,126	)		(2,383,650	)
Stock Indices Contracts	Net unrealized gain (loss) on open futures contracts		560,183		(1,117,990	)		(557,807	)
Short-Term Interest Rate Contracts	Net unrealized gain (loss) on open futures contracts		10,868		(450,693	)		(439,825	)
Long-Term Interest Rate Contracts	Net unrealized gain (loss) on open futures contracts		1,590,634		(1,199,513	)		391,121
Forward Currency Contracts	Net unrealized gain (loss) on open forward currency contracts		31,083,991		(29,653,439	)		1,430,552
Totals		$	38,368,191	$	(45,029,344	)	$	(6,661,153	)

* Derivatives not designated as hedging instruments under ASC 815

Trading Gains and Losses of the Fund's Derivatives by Instrument Type and Location of Gains and Losses on the Statements of Operations

The trading gains and losses of the Fund's derivatives by instrument type, as well as the location of those gains and losses on the Statements of Operations, for the three months ended March 31, 2016 and 2015 is as follows:

Type of Instrument	Trading Gains / (Losses) for the Three Months Ended March 31, 2016			Trading Gains / (Losses) for the Three Months Ended March 31, 2015
Agriculture Contracts	$	(7,736,363	)	$	4,743,958
Energy Contracts		3,093,450			537,428
Metal Contracts		(7,673,719	)		(2,588,339	)
Stock Indices Contracts		(5,052,411	)		20,376,566
Short-Term Interest Rate Contracts		583,807			(1,814,846	)
Long Term Interest Rate Contracts		14,354,366			26,142,684
Forward Currency Contracts		7,067,682			21,623,003
Total	$	4,636,812		$	69,020,454

Line Item in the Statements of Operations	Trading Gains / (Losses) for the Three Months Ended March 31, 2016			Trading Gains / (Losses) for the Three Months Ended March 31, 2015
Futures trading gains (losses):
Realized **	$	(17,954,429	)	$	57,895,242
Change in unrealized		15,523,559			(10,497,791	)
Forward currency trading gains (losses):
Realized		8,446,924			18,168,652
Change in unrealized		(1,379,242	)		3,454,351
Total	$	4,636,812		$	69,020,454

** Amounts differ from the amounts on the Statements of Operations as the amounts above do not include gains and losses on foreign currency cash balances at the futures broker.

Offsetting of Derivative Assets and Collateral Received by Counterparty

Offsetting of Derivative Assets
As of March 31, 2016
Type of Instrument	Counterparty	Gross Amount of Recognized Assets		Gross Amount Offset in the Statements of Financial Condition			Net Amount of Unrealized Gain Presented in the Statements of Financial Condition
Futures contracts	UBS Securities LLC	$	6,913,446	$	(3,068,820	)	$	3,844,626
Futures contracts	Goldman Sachs		6,734,788		(3,147,560	)		3,587,228
Total futures contracts			13,648,234		(6,216,380	)		7,431,854
Forward currency contracts	UBS AG		16,846,471		(16,818,651	)		27,820
Forward currency contracts	Royal Bank of Scotland		16,852,747		(16,829,257	)		23,490
Total forward currency contracts			33,699,218		(33,647,908	)		51,310
Total derivatives		$	47,347,452	$	(39,864,288	)	$	7,483,164

Derivatives Assets and Collateral Received by Counterparty
As of March 31, 2016
				Gross Amounts Not Offset in the Statements of Financial Condition
Counterparty	Net Amount of Unrealized Gain in the Statements of Financial Condition			Financial Instruments			Cash Collateral Received			Net Amount
UBS Securities LLC		$	3,844,626		$	0		$	0		$	3,844,626
Goldman Sachs			3,587,228			0			0			3,587,228
UBS AG			27,820			0			0			27,820
Royal Bank of Scotland			23,490			0			0			23,490
Total		$	7,483,164		$	0		$	0		$	7,483,164

Offsetting of Derivative Assets
As of December 31, 2015
Type of Instrument	Counterparty	Gross Amount of Recognized Assets		Gross Amount Offset in the Statements of Financial Condition			Net Amount of Unrealized Gain Presented in the Statements of Financial Condition
Futures contracts	UBS Securities LLC	$	3,688,786	$	(3,688,786	)	$	0
Futures contracts	Goldman Sachs		3,595,414		(3,595,414	)		0
Total futures contracts			7,284,200		(7,284,200	)		0
Forward currency contracts	UBS AG		15,542,073		(14,826,720	)		715,353
Forward currency contracts	Royal Bank of Scotland		15,541,918		(14,826,719	)		715,199
Total forward currency contracts			31,083,991		(29,653,439	)		1,430,552
Total derivatives		$	38,368,191	$	(36,937,639	)	$	1,430,552

Derivatives Assets and Collateral Received by Counterparty
As of December 31, 2015
				Gross Amounts Not Offset in the Statements of Financial Condition
Counterparty	Net Amount of Unrealized Gain in the Statements of Financial Condition			Financial Instruments			Cash Collateral Received			Net Amount
UBS Securities LLC		$	0		$	0		$	0		$	0
Goldman Sachs			0			0			0			0
UBS AG			715,353			0			0			715,353
Royal Bank of Scotland			715,199			0			0			715,199
Total		$	1,430,552		$	0		$	0		$	1,430,552

Offsetting of Derivative Liabilities and Collateral Pledged by Counterparty

Offsetting of Derivative Liabilities
As of March 31, 2016
Type of Instrument	Counterparty	Gross Amount of Recognized Liabilities		Gross Amount Offset in the Statements of Financial Condition			Net Amount of Unrealized Loss Presented in the Statements of Financial Condition
Futures contracts	UBS Securities LLC	$	3,068,820	$	(3,068,820	)	$	0
Futures contracts	Goldman Sachs		3,147,560		(3,147,560	)		0
Total futures contracts			6,216,380		(6,216,380	)		0
Forward currency contracts	UBS AG		16,818,651		(16,818,651	)		0
Forward currency contracts	Royal Bank of Scotland		16,829,257		(16,829,257	)		0
Total forward currency contracts			33,647,908		(33,647,908	)		0
Total derivatives		$	39,864,288	$	(39,864,288	)	$	0

Derivatives Liabilities and Collateral Pledged by Counterparty
As of March 31, 2016
				Gross Amounts Not Offset in the Statements of Financial Condition
Counterparty	Net Amount of Unrealized Loss in the Statements of Financial Condition			Financial Instruments			Cash Collateral Pledged			Net Amount
UBS Securities LLC		$	0		$	0		$	0		$	0
Goldman Sachs			0			0			0			0
UBS AG			0			0			0			0
Royal Bank of Scotland			0			0			0			0
Total		$	0		$	0		$	0		$	0

Offsetting of Derivative Liabilities
As of December 31, 2015
Type of Instrument	Counterparty	Gross Amount of Recognized Liabilities		Gross Amount Offset in the Statements of Financial Condition			Net Amount of Unrealized Loss Presented in the Statements of Financial Condition
Futures contracts	UBS Securities LLC	$	7,516,750	$	(3,688,786	)	$	3,827,964
Futures contracts	Goldman Sachs		7,859,155		(3,595,414	)		4,263,741
Total futures contracts			15,375,905		(7,284,200	)		8,091,705
Forward currency contracts	UBS AG		14,826,720		(14,826,720	)		0
Forward currency contracts	Royal Bank of Scotland		14,826,719		(14,826,719	)		0
Total forward currency contracts			29,653,439		(29,653,439	)		0
Total derivatives		$	45,029,344	$	(36,937,639	)	$	8,091,705

Derivatives Liabilities and Collateral Pledged by Counterparty
As of December 31, 2015
				Gross Amounts Not Offset in the Statements of Financial Condition
Counterparty	Net Amount of Unrealized Loss in the Statements of Financial Condition			Financial Instruments			Cash Collateral Pledged				Net Amount
UBS Securities LLC		$	3,827,964		$	0		$	(3,827,964	)		$	0
Goldman Sachs			4,263,741			0			(4,263,741	)			0
UBS AG			0			0			0				0
Royal Bank of Scotland			0			0			0				0
Total		$	8,091,705		$	0		$	(8,091,705	)		$	0

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ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Income Taxes [Abstract]
Reserves for uncertain tax positions	$ 0
Increase in unrecognized tax benefits within twelve months	0
Decrease in unrecognized tax benefits within twelve months	$ 0
Offering Costs [Abstract]
Maximum percentage of aggregate subscriptions accepted during initial and continuous offerings	2.50%
Maximum potential remaining reimbursement for offering costs	$ 38,300,000	$ 38,600,000
Unreimbursed offering costs	121,607	123,499
Offering costs payable	121,607	130,828
Recurring [Member]
Investments [Abstract]
Short term investments	1,758	1,939
Fixed income securities	493,203,324	502,827,157
Other Financial Instruments [Abstract]
Exchange-traded futures contracts	7,431,854	(8,091,705)
Forward currency contracts	51,310	1,430,552
Total	500,688,246	496,167,943
Transfers from Level 1 to Level 2	0	0
Transfers from Level 2 to Level 1	0	0
Recurring [Member] | Level 1 [Member]
Investments [Abstract]
Short term investments	1,758	1,939
Fixed income securities	0	0
Other Financial Instruments [Abstract]
Exchange-traded futures contracts	7,431,854	(8,091,705)
Forward currency contracts	0	0
Total	7,433,612	(8,089,766)
Recurring [Member] | Level 2 [Member]
Investments [Abstract]
Short term investments	0	0
Fixed income securities	493,203,324	502,827,157
Other Financial Instruments [Abstract]
Exchange-traded futures contracts	0	0
Forward currency contracts	51,310	1,430,552
Total	493,254,634	504,257,709
Recurring [Member] | Level 3 [Member]
Investments [Abstract]
Short term investments	0	0
Fixed income securities	0	0
Other Financial Instruments [Abstract]
Exchange-traded futures contracts	0	0
Forward currency contracts	0	0
Total	$ 0	$ 0
Federal Tax Authority [Member] | Minimum [Member]
Income Taxes [Abstract]
Open tax year	2012
Federal Tax Authority [Member] | Maximum [Member]
Income Taxes [Abstract]
Open tax year	2015
State Tax Authorities [Member] | Minimum [Member]
Income Taxes [Abstract]
Open tax year	2012
State Tax Authorities [Member] | Maximum [Member]
Income Taxes [Abstract]
Open tax year	2015

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GENERAL PARTNER AND COMMODITY TRADING ADVISOR (Details)	3 Months Ended
	Mar. 31, 2016 USD ($)
GENERAL PARTNER AND COMMODITY TRADING ADVISOR [Abstract]
Minimum percentage of net aggregate contributions	1.00%
Minimum percentage of capital contributed by all limited partnerships	5.00%
Minimum net worth required by Amended Agreement of Limited Partnership	$ 50,000
Maximum net worth required by Amended Agreement of Limited Partnership	$ 1,000,000
Monthly brokerage fee percentage	0.5833%
Annualized brokerage fee percentage	7.00%
Execution and clearing costs fee	$ 4
Annualized fee percentage to compensate selling agents for ongoing services rendered	4.00%
Annualized fee percentage retained for trading and management services rendered	3.00%
Monthly maximum percentage of month-end net assets paid to broker and interbank market makers for execution and clearing costs	0.0833%
Annualized maximum percentage of month-end net assets used to calculate amount paid to broker and interbank market makers for execution and clearing costs	1.00%
Quarterly performance fee percentage	20.00%

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DEPOSITS WITH INTERBANK MARKET MAKERS (Details)	3 Months Ended
	Mar. 31, 2016 Counterparty
DEPOSITS WITH INTERBANK MARKET MAKERS [Abstract]
Number of major rating agencies reporting credit ratings for RBS and UBS as investment grade	3

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OPERATING EXPENSES (Details)		3 Months Ended
		Mar. 31, 2016	Mar. 31, 2015
OPERATING EXPENSES [Abstract]
Maximum annual percentage of average month-end Net Asset Value of Fund used to limit operating expenses		0.50%
Actual operating expenses as a percentage of average month-end Net Asset Value	[1]

[1] Less than 0.5%.

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SUBSCRIPTIONS, DISTRIBUTIONS AND REDEMPTIONS (Details)	3 Months Ended
	Mar. 31, 2016
SUBSCRIPTIONS, DISTRIBUTIONS AND REDEMPTIONS [Abstract]
Number of business days advance written notice is required for monthly redemptions	10 days

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TRADING ACTIVITIES AND RELATED RISKS, Derivatives by Instrument Type and Location of Instruments on the Statements of Financial Condition (Details) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Derivatives at Fair Value, Net [Abstract]
Asset derivatives at fair value	$ 7,483,164	$ 1,430,552
Liability derivatives at fair value	0	(8,091,705)
Not Designated as Hedging Instruments [Member]
Derivatives at Fair Value, Net [Abstract]
Asset derivatives at fair value	47,347,452	38,368,191
Liability derivatives at fair value	(39,864,288)	(45,029,344)
Net	7,483,164	(6,661,153)
Agriculture Contracts [Member] | Not Designated as Hedging Instruments [Member] | Net Unrealized Gain (Loss) on Open Futures Contracts [Member]
Derivatives at Fair Value, Net [Abstract]
Asset derivatives at fair value	2,446,676	2,502,717
Liability derivatives at fair value	(1,208,945)	(1,909,086)
Net	1,237,731	593,631
Energy Contracts [Member] | Not Designated as Hedging Instruments [Member] | Net Unrealized Gain (Loss) on Open Futures Contracts [Member]
Derivatives at Fair Value, Net [Abstract]
Asset derivatives at fair value	1,345,969	1,249,322
Liability derivatives at fair value	(525,224)	(6,944,497)
Net	820,745	(5,695,175)
Metal Contracts [Member] | Not Designated as Hedging Instruments [Member] | Net Unrealized Gain (Loss) on Open Futures Contracts [Member]
Derivatives at Fair Value, Net [Abstract]
Asset derivatives at fair value	1,635,245	1,370,476
Liability derivatives at fair value	(1,426,005)	(3,754,126)
Net	209,240	(2,383,650)
Stock Indices Contracts [Member] | Not Designated as Hedging Instruments [Member] | Net Unrealized Gain (Loss) on Open Futures Contracts [Member]
Derivatives at Fair Value, Net [Abstract]
Asset derivatives at fair value	2,269,461	560,183
Liability derivatives at fair value	(1,762,723)	(1,117,990)
Net	506,738	(557,807)
Short-Term Interest Rate Contracts [Member] | Not Designated as Hedging Instruments [Member] | Net Unrealized Gain (Loss) on Open Futures Contracts [Member]
Derivatives at Fair Value, Net [Abstract]
Asset derivatives at fair value	995,022	10,868
Liability derivatives at fair value	(380,915)	(450,693)
Net	614,107	(439,825)
Long-Term Interest Rate Contracts [Member] | Not Designated as Hedging Instruments [Member] | Net Unrealized Gain (Loss) on Open Futures Contracts [Member]
Derivatives at Fair Value, Net [Abstract]
Asset derivatives at fair value	4,955,861	1,590,634
Liability derivatives at fair value	(912,568)	(1,199,513)
Net	4,043,293	391,121
Forward Currency Contracts [Member] | Not Designated as Hedging Instruments [Member] | Net Unrealized Gain (Loss) on Open Forward Currency Contracts [Member]
Derivatives at Fair Value, Net [Abstract]
Asset derivatives at fair value	33,699,218	31,083,991
Liability derivatives at fair value	(33,647,908)	(29,653,439)
Net	$ 51,310	$ 1,430,552

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TRADING ACTIVITIES AND RELATED RISKS, Derivatives by Instrument Type and Location of Gains and Losses on the Statements of Operations (Details)		3 Months Ended
		Mar. 31, 2016 USD ($) Contract	Mar. 31, 2015 USD ($) Contract
Gains (Losses) Recognized in Income, Net [Abstract]
Trading gains (losses)		$ 4,636,812	$ 69,020,454
Derivatives [Abstract]
Average number of months until maturity for open contracts		12 months
Futures Trading Gains (Losses) - Realized [Member]
Gains (Losses) Recognized in Income, Net [Abstract]
Trading gains (losses)	[1]	$ (17,954,429)	57,895,242
Futures Trading Gains (Losses) - Change in Unrealized [Member]
Gains (Losses) Recognized in Income, Net [Abstract]
Trading gains (losses)		15,523,559	(10,497,791)
Forward Currency Trading Gains (Losses) - Realized [Member]
Gains (Losses) Recognized in Income, Net [Abstract]
Trading gains (losses)		8,446,924	18,168,652
Forward Currency Trading Gains (Losses) - Change in Unrealized [Member]
Gains (Losses) Recognized in Income, Net [Abstract]
Trading gains (losses)		$ (1,379,242)	$ 3,454,351
Futures Contracts [Member]
Derivatives [Abstract]
Monthly average of contracts bought and sold | Contract		53,500	70,500
Futures Contracts [Member] | Maximum [Member]
Derivatives [Abstract]
Latest maturity date for open contracts		Jun. 30, 2017
Forward Currency Contracts [Member]
Derivatives [Abstract]
Monthly average notional value		$ 3,048,500,000	$ 4,131,000,000
Forward Currency Contracts [Member] | Maximum [Member]
Derivatives [Abstract]
Latest maturity date for open contracts		Jun. 30, 2016
Agriculture Contracts [Member]
Gains (Losses) Recognized in Income, Net [Abstract]
Trading gains (losses)		$ (7,736,363)	4,743,958
Energy Contracts [Member]
Gains (Losses) Recognized in Income, Net [Abstract]
Trading gains (losses)		3,093,450	537,428
Metal Contracts [Member]
Gains (Losses) Recognized in Income, Net [Abstract]
Trading gains (losses)		(7,673,719)	(2,588,339)
Stock Indices Contracts [Member]
Gains (Losses) Recognized in Income, Net [Abstract]
Trading gains (losses)		(5,052,411)	20,376,566
Short-Term Interest Rate Contracts [Member]
Gains (Losses) Recognized in Income, Net [Abstract]
Trading gains (losses)		583,807	(1,814,846)
Long-Term Interest Rate Contracts [Member]
Gains (Losses) Recognized in Income, Net [Abstract]
Trading gains (losses)		14,354,366	26,142,684
Forward Currency Contracts [Member]
Gains (Losses) Recognized in Income, Net [Abstract]
Trading gains (losses)		$ 7,067,682	$ 21,623,003

[1] Amounts differ from the amounts on the Statements of Operations as the amounts above do not include gains and losses on foreign currency cash balances at the futures broker.

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TRADING ACTIVITIES AND RELATED RISKS, Credit Risk (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Credit Risk [Abstract]
Percentage of Net Asset Value required for margin and good faith deposits, low end	10.00%
Percentage of Net Asset Value required for margin and good faith deposits, high end	30.00%
Fair value of securities held to satisfy margin and good faith deposits	$ 126,844,129	$ 143,007,124
Actual margin and good faith deposits as a percentage of Net Asset Value	24.00%	26.00%
Cash deposited with interbank market makers	$ 199,954	$ 207,883
Actual cash deposited with interbank market makers as a percentage of Net Asset Value	0.00%	0.00%
Restricted cash for margin requirements	$ 0	$ 5,107,473
Restricted cash for margin requirements as a percentage of Net Asset Value	0.00%	1.00%
Maximum margin-to-equity ratio	30.00%

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TRADING ACTIVITIES AND RELATED RISKS, Offsetting of Derivative Assets and Collateral Received by Counterparty (Details) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Offsetting of Derivative Assets [Abstract]
Gross amount of recognized assets	$ 47,347,452	$ 38,368,191
Gross amount offset in the Statements of Financial Condition	(39,864,288)	(36,937,639)
Net amount of unrealized gain presented in the Statements of Financial Condition	7,483,164	1,430,552
Derivative Assets and Collateral Received by Counterparty [Abstract]
Net amount of unrealized gain presented in the Statements of Financial Condition	7,483,164	1,430,552
Gross amounts not offset in the Statements of Financial Condition - Financial instruments	0	0
Gross amounts not offset in the Statements of Financial Condition - Cash collateral received	0	0
Net amount	7,483,164	1,430,552
Futures Contracts [Member] | Exchange-Traded [Member]
Offsetting of Derivative Assets [Abstract]
Gross amount of recognized assets	13,648,234	7,284,200
Gross amount offset in the Statements of Financial Condition	(6,216,380)	(7,284,200)
Net amount of unrealized gain presented in the Statements of Financial Condition	7,431,854	0
Derivative Assets and Collateral Received by Counterparty [Abstract]
Net amount of unrealized gain presented in the Statements of Financial Condition	7,431,854	0
Futures Contracts [Member] | UBS Securities LLC [Member] | Exchange-Traded [Member]
Offsetting of Derivative Assets [Abstract]
Gross amount of recognized assets	6,913,446	3,688,786
Gross amount offset in the Statements of Financial Condition	(3,068,820)	(3,688,786)
Net amount of unrealized gain presented in the Statements of Financial Condition	3,844,626	0
Derivative Assets and Collateral Received by Counterparty [Abstract]
Net amount of unrealized gain presented in the Statements of Financial Condition	3,844,626	0
Gross amounts not offset in the Statements of Financial Condition - Financial instruments	0	0
Gross amounts not offset in the Statements of Financial Condition - Cash collateral received	0	0
Net amount	3,844,626	0
Futures Contracts [Member] | Goldman Sachs [Member] | Exchange-Traded [Member]
Offsetting of Derivative Assets [Abstract]
Gross amount of recognized assets	6,734,788	3,595,414
Gross amount offset in the Statements of Financial Condition	(3,147,560)	(3,595,414)
Net amount of unrealized gain presented in the Statements of Financial Condition	3,587,228	0
Derivative Assets and Collateral Received by Counterparty [Abstract]
Net amount of unrealized gain presented in the Statements of Financial Condition	3,587,228	0
Gross amounts not offset in the Statements of Financial Condition - Financial instruments	0	0
Gross amounts not offset in the Statements of Financial Condition - Cash collateral received	0	0
Net amount	3,587,228	0
Forward Currency Contracts [Member] | Over-the-Counter [Member]
Offsetting of Derivative Assets [Abstract]
Gross amount of recognized assets	33,699,218	31,083,991
Gross amount offset in the Statements of Financial Condition	(33,647,908)	(29,653,439)
Net amount of unrealized gain presented in the Statements of Financial Condition	51,310	1,430,552
Derivative Assets and Collateral Received by Counterparty [Abstract]
Net amount of unrealized gain presented in the Statements of Financial Condition	51,310	1,430,552
Forward Currency Contracts [Member] | UBS AG [Member] | Over-the-Counter [Member]
Offsetting of Derivative Assets [Abstract]
Gross amount of recognized assets	16,846,471	15,542,073
Gross amount offset in the Statements of Financial Condition	(16,818,651)	(14,826,720)
Net amount of unrealized gain presented in the Statements of Financial Condition	27,820	715,353
Derivative Assets and Collateral Received by Counterparty [Abstract]
Net amount of unrealized gain presented in the Statements of Financial Condition	27,820	715,353
Gross amounts not offset in the Statements of Financial Condition - Financial instruments	0	0
Gross amounts not offset in the Statements of Financial Condition - Cash collateral received	0	0
Net amount	27,820	715,353
Forward Currency Contracts [Member] | Royal Bank of Scotland [Member] | Over-the-Counter [Member]
Offsetting of Derivative Assets [Abstract]
Gross amount of recognized assets	16,852,747	15,541,918
Gross amount offset in the Statements of Financial Condition	(16,829,257)	(14,826,719)
Net amount of unrealized gain presented in the Statements of Financial Condition	23,490	715,199
Derivative Assets and Collateral Received by Counterparty [Abstract]
Net amount of unrealized gain presented in the Statements of Financial Condition	23,490	715,199
Gross amounts not offset in the Statements of Financial Condition - Financial instruments	0	0
Gross amounts not offset in the Statements of Financial Condition - Cash collateral received	0	0
Net amount	$ 23,490	$ 715,199

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TRADING ACTIVITIES AND RELATED RISKS, Offsetting of Derivative Liabilities and Collateral Pledged by Counterparty (Details) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Offsetting of Derivative Liabilities [Abstract]
Gross amount of recognized liabilities	$ 39,864,288	$ 45,029,344
Gross amount offset in the Statements of Financial Condition	(39,864,288)	(36,937,639)
Net amount of unrealized loss presented in the Statements of Financial Condition	0	8,091,705
Derivative Liabilities and Collateral Pledged by Counterparty [Abstract]
Net amount of unrealized loss presented in the Statements of Financial Condition	0	8,091,705
Gross amounts not offset in the Statements of Financial Condition - Financial instruments	0	0
Gross amounts not offset in the Statements of Financial Condition - Cash collateral pledged	0	(8,091,705)
Net amount	0	0
Futures Contracts [Member] | Exchange-Traded [Member]
Offsetting of Derivative Liabilities [Abstract]
Gross amount of recognized liabilities	6,216,380	15,375,905
Gross amount offset in the Statements of Financial Condition	(6,216,380)	(7,284,200)
Net amount of unrealized loss presented in the Statements of Financial Condition	0	8,091,705
Derivative Liabilities and Collateral Pledged by Counterparty [Abstract]
Net amount of unrealized loss presented in the Statements of Financial Condition	0	8,091,705
Futures Contracts [Member] | UBS Securities LLC [Member] | Exchange-Traded [Member]
Offsetting of Derivative Liabilities [Abstract]
Gross amount of recognized liabilities	3,068,820	7,516,750
Gross amount offset in the Statements of Financial Condition	(3,068,820)	(3,688,786)
Net amount of unrealized loss presented in the Statements of Financial Condition	0	3,827,964
Derivative Liabilities and Collateral Pledged by Counterparty [Abstract]
Net amount of unrealized loss presented in the Statements of Financial Condition	0	3,827,964
Gross amounts not offset in the Statements of Financial Condition - Financial instruments	0	0
Gross amounts not offset in the Statements of Financial Condition - Cash collateral pledged	0	(3,827,964)
Net amount	0	0
Futures Contracts [Member] | Goldman Sachs [Member] | Exchange-Traded [Member]
Offsetting of Derivative Liabilities [Abstract]
Gross amount of recognized liabilities	3,147,560	7,859,155
Gross amount offset in the Statements of Financial Condition	(3,147,560)	(3,595,414)
Net amount of unrealized loss presented in the Statements of Financial Condition	0	4,263,741
Derivative Liabilities and Collateral Pledged by Counterparty [Abstract]
Net amount of unrealized loss presented in the Statements of Financial Condition	0	4,263,741
Gross amounts not offset in the Statements of Financial Condition - Financial instruments	0	0
Gross amounts not offset in the Statements of Financial Condition - Cash collateral pledged	0	(4,263,741)
Net amount	0	0
Forward Currency Contracts [Member] | Over-the-Counter [Member]
Offsetting of Derivative Liabilities [Abstract]
Gross amount of recognized liabilities	33,647,908	29,653,439
Gross amount offset in the Statements of Financial Condition	(33,647,908)	(29,653,439)
Net amount of unrealized loss presented in the Statements of Financial Condition	0	0
Derivative Liabilities and Collateral Pledged by Counterparty [Abstract]
Net amount of unrealized loss presented in the Statements of Financial Condition	0	0
Forward Currency Contracts [Member] | UBS AG [Member] | Over-the-Counter [Member]
Offsetting of Derivative Liabilities [Abstract]
Gross amount of recognized liabilities	16,818,651	14,826,720
Gross amount offset in the Statements of Financial Condition	(16,818,651)	(14,826,720)
Net amount of unrealized loss presented in the Statements of Financial Condition	0	0
Derivative Liabilities and Collateral Pledged by Counterparty [Abstract]
Net amount of unrealized loss presented in the Statements of Financial Condition	0	0
Gross amounts not offset in the Statements of Financial Condition - Financial instruments	0	0
Gross amounts not offset in the Statements of Financial Condition - Cash collateral pledged	0	0
Net amount	0	0
Forward Currency Contracts [Member] | Royal Bank of Scotland [Member] | Over-the-Counter [Member]
Offsetting of Derivative Liabilities [Abstract]
Gross amount of recognized liabilities	16,829,257	14,826,719
Gross amount offset in the Statements of Financial Condition	(16,829,257)	(14,826,719)
Net amount of unrealized loss presented in the Statements of Financial Condition	0	0
Derivative Liabilities and Collateral Pledged by Counterparty [Abstract]
Net amount of unrealized loss presented in the Statements of Financial Condition	0	0
Gross amounts not offset in the Statements of Financial Condition - Financial instruments	0	0
Gross amounts not offset in the Statements of Financial Condition - Cash collateral pledged	0	0
Net amount	$ 0	$ 0