CAMPBELL STRATEGIC ALLOCATION FUND, L.P.

NOTES TO FINANCIAL STATEMENTS

JUNE 30, 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 June 30, 2016
Type of Instrument	Counterparty	Gross Amount of Recognized Assets		Gross Amounts Offset in the Statements of Financial Condition			Net Amount of Unrealized Gain Presented in the Statements of Financial Condition
Futures contracts	UBS Securities LLC	$	11,833,639	$	(4,703,100	)	$	7,130,539
Futures contracts	Goldman Sachs		11,853,791		(4,745,641	)		7,108,150
Total futures contracts			23,687,430		(9,448,741	)		14,238,689
Forward currency contracts	UBS AG		12,074,029		(10,547,062	)		1,526,967
Forward currency contracts	Royal Bank of Scotland		12,074,326		(10,547,095	)		1,527,231
Total forward currency contracts			24,148,355		(21,094,157	)		3,054,198
Total derivatives		$	47,835,785	$	(30,542,898	)	$	17,292,887

Derivatives Assets and Collateral Received by Counterparty
As of June 30, 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		$	7,130,539		$	0		$	0		$	7,130,539
Goldman Sachs			7,108,150			0			0			7,108,150
UBS AG			1,526,967			0			0			1,526,967
Royal Bank of Scotland			1,527,231			0			0			1,527,231
Total		$	17,292,887		$	0		$	0		$	17,292,887

Offsetting of Derivative Liabilities
As of June 30, 2016
Type of Instrument	Counterparty	Gross Amount of Recognized Liabilities		Gross Amounts Offset in the Statements of Financial Condition			Net Amount of Unrealized Loss Presented in the Statements of Financial Condition
Futures contracts	UBS Securities LLC	$	4,703,100	$	(4,703,100	)	$	0
Futures contracts	Goldman Sachs		4,745,641		(4,745,641	)		0
Total futures contracts			9,448,741		(9,448,741	)		0
Forward currency contracts	UBS AG		10,547,062		(10,547,062	)		0
Forward currency contracts	Royal Bank of Scotland		10,547,095		(10,547,095	)		0
Total forward currency contracts			21,094,157		(21,094,157	)		0
Total derivatives		$	30,542,898	$	(30,542,898	)	$	0

Derivatives Liabilities and Collateral Pledged by Counterparty
As of June 30, 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

CAMPBELL STRATEGIC ALLOCATION FUND, L.P.

NOTES TO FINANCIAL STATEMENTS

JUNE 30, 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

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 STRATEGIC ALLOCATION FUND, L.P.

NOTES TO FINANCIAL STATEMENTS

JUNE 30, 2016 (Unaudited)

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 June 30, 2016 and December 31, 2015, the statements of operations and financial highlights for the three months and six months ended June 30, 2016 and 2015, and the statements of cash flows and changes in partners' capital (Net Asset Value) for the six months ended June 30, 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 June 30, 2016 and December 31, 2015, the results of operations and financial highlights for the three months and six months ended June 30, 2016 and 2015, and cash flows and changes in partners' capital (Net Asset Value) for the six months ended June 30, 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.

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 has been 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.

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.

Results of Operations

The returns for the six months ending June 30, 2016 and 2015 were (5.34)% and (8.34)%, respectively. During the six months ending June 30, 2016 and 2015, the Fund accrued brokerage fees in the amount of $18,196,680 and $24,017,428, respectively, and paid brokerage fees in the amount of $18,550,578 and $24,528,100, respectively. No performance fees were accrued or paid during these periods.

2016 (For the Six Months Ended June 30)

Of the (5.34)% year to date return, approximately (1.71)% was due to trading losses (before commissions) and approximately (4.06)% due to brokerage fees, operating expenses and offering costs, offset by approximately 0.43% due to investment income earned by the Fund. An analysis of the (1.71)% trading loss by sector is as follows:

Sector	% Gain (Loss)
Commodities		(4.80)%
Currencies		(0.82)%
Interest Rates		6.60 %
Stock Indices		(2.69)%
		(1.71)%

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.

The Fund showed a steep decline in April. Losses came from interest rate, commodity, stock index, and foreign exchange holdings. Interest rate holdings had the largest negative impact on the monthly P&L with both trend following and non-trend systems suffering. Fixed income prices saw a sharp reversal lower during the month which hurt long positioning within the Fund. Increasing inflation expectations amid a sharp bounce in crude oil prices, which have rallied over 60% from the decade-plus low seen in February, pushed interest rate yields higher and prices lower. Tentative signs that Chinese economic activity was beginning to stabilize only added to the downward pressure as money rotated to riskier assets, such as stocks and commodities. Commodity positions from both the trend and non-trend systems also provided losses to the Fund during April. Short positioning on the energies, industrial metals, soft commodities, and grain markets all contributed to the losses. Many markets in each of these sub-sectors saw sharp intra-month reversals to the upside fueled by short covering amid a revived "risk-on" environment. A weaker US dollar also contributed upward momentum to many of the dollar-denominated commodity markets. Some offsetting gains came from long positioning on silver which benefitted from the weaker US dollar and low inventory levels and short holdings on the cattle complex as those markets retreated on the back of slow seasonal demand and oversupply concerns. Stock index holdings showed a negative monthly P&L impact, especially from the trend models. Global equity indexes generally moved higher during April as commodity prices bounced and global central banks continued to provide an accommodative backdrop for stocks. Foreign exchange positions added additional losses. Short positioning on the British pound versus the US dollar showed losses when the pound strengthened as fears began to subside that the United Kingdom might vote to exit the European Union at a planned referendum in June (BREXIT).

Losses in commodities and foreign exchange leave the Fund with a decline in May. Commodity positions from both the trend and non-trend models provided losses to the Fund. Long holdings on gold and silver both suffered as the US dollar strengthened during the month. Short positioning within the energy complex generated losses as the price of crude rallied on back of the supply and demand equilibrium showing tentative signs of rebalancing. In the meats, short cattle positions suffered as those markets rose amid signs of increased demand. Small offsetting profits were found within the grains sub-sector as a long soybean position profited due to strong US export sales and South American crop concerns. Foreign exchange positions from both the trend and non-trend systems also showed losses during May. After weakening for several months in a row, the US dollar steadily strengthened throughout most of the month hurting the Fund's short dollar positions against a variety of currencies. Front-end US yields repriced higher as the Fed reminded markets through multiple channels that all FOMC meetings going forward are "live" with respect to potential policy change, fueling US dollar strength. Interest rate holdings had one of the largest positive impacts on the monthly P&L with both trend following and non-trend systems showing gains. Long positioning on long-dated markets in Europe, Australia, and the UK produced some of the best gains. A mix of weaker economic data, dovish central bank actions, and concern over the late June UK referendum to leave the Euro-zone (BREXIT) all helped to push prices higher in those regions during May. Stock index holdings showed a positive monthly P&L impact, especially from the non-trend models. The faster-reacting non-trend systems were able to successfully navigate the choppy price action seen in many of the global stock indexes. A short position on the S&P 500 volatility index benefitted from the general risk-on environment in the second half of the month which pushed that index sharply lower.

The Fund showed a profit in June. Gains came from interest rate and commodity markets, while stock index and foreign exchange holdings produced some losses. Interest rate holdings had the largest positive impact on the monthly P&L with both trend following and non-trend systems showing gains. Long positions across global interest rate markets showed strong profits, especially within Europe. United Kingdom voters surprised and shocked markets worldwide with their decision to leave the European Union. The BREXIT sparked a risk-off reaction globally, with government bond futures among the largest beneficiaries, as investors accepted record low bond yields in multiple markets in exchange for the safety of government paper. Commodity positions from the trend models provided some additional gains. Long positioning on the precious metals was one of the best performing sub-sectors. The flight to safety triggered by the UK BREXIT vote along with dampened expectations of additional US FOMC interest rate hikes this year pushed gold and silver prices sharply higher. The grains sub-sector contributed additional profits led by a long soybean holding which rose amid a bullish June crop report. Short positioning on natural gas produced some offsetting losses as lower average inventories, as calculated by the US EIA, helped contribute to a short squeeze in that market. Stock index holdings produced some of the largest monthly losses with both the trend following and non-trend systems contributing. Long global stock index exposure suffered from risk-off selling caused by the uncertainty that the UK BREXIT vote created. In addition, a short position on the CBOE volatility index future produced losses amid the sharp spike in volatility due to the UK referendum. Foreign exchange positions showed some small losses during June. Mixed FX positioning against the US dollar led to mostly offsetting gains and losses. Profits were seen on a long Japanese yen position which strengthened in a flight-to safety trade. Losses were produced by positioning on the Euro which saw choppy price action leading up to and after the surprising BREXIT decision.

2015 (For the Six Months Ended June 30)

Of the (8.34)% year to date return, approximately (4.45)% was due to trading losses (before commissions) and approximately (4.09)% due to brokerage fees, operating expenses and offering costs, offset by approximately 0.20% due to investment income earned by the Fund. An analysis of the (4.45)% trading loss by sector is as follows:

Sector	% Gain (Loss)
Commodities		(6.33)%
Currencies		1.49 %
Interest Rates		(0.79)%
Stock Indices		1.18 %
		(4.45)%

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.

The Fund showed a decline in April. Losses from foreign exchange, interest rate, and commodity holdings all contributed to the decline while stock index positions produced some offsetting gains during the month. Some of the largest losses for April were produced by foreign exchange positions from both trend following and non-trend following strategies. Short euro positioning versus the U.S. dollar was one of the worst performing holdings. The euro moved higher as weaker U.S. economic data suggested that the U.S. Fed will hold off on an interest rate hike longer than expected. A calming of concern around the solvency of Greece also helped to boost the euro. Faster reacting non-trend models showed some offsetting gains in the British pound as that currency reversed higher during the month on hawkish U.K. central bank comments and an improvement in sentiment around their upcoming elections. Interest rates were another source of losses during the month. Long positioning across long-dated fixed income instruments provided most of the declines as global interest rate products sold-off. Losses in Australia stemmed from hawkish central bank comments and some surprisingly strong economic data. Concern over ultra-low interest rate yields in Germany linked with bearish comments from several prominent asset managers caused those bond prices to fall. Additional declines came from commodity positions. Short positioning across the energy complex was hurt by rising prices as supply concerns eased and the weaker U.S. dollar was supportive to prices. Trading in soft commodities, namely sugar and coffee, also produced losses. Non-trend strategies produced some offsetting gains within the industrial metals sub-sector. Long metals positions benefitted from a weaker U.S. dollar and new Chinese stimulus measures which helped to push those markets higher. Global stock indices showed gains from the trend strategies. Long positioning on the Hang Seng index in Hong Kong was one of the best performing holdings during the month as the index rose almost 13%. Hong Kong shares rose sharply when Chinese regulators allowed mutual funds to buy shares in companies included in the index.

The Fund showed a decline in May. Losses from interest rate and commodity holdings were only partially offset by gains from foreign exchange and stock index positions, leaving the portfolio lower on the month. Some of the largest losses were produced by interest rate positions from both trend following and non-trend strategies. Long positioning across long-dated interest rate products suffered when well established trends sharply reversed during the month. Some of the largest losses were seen in Germany and Australia. The German sell-off, which spilled over into other global interest rate markets, was primarily driven by technical factors, including liquidity and positioning. Australia saw some stronger than expected economic data, which put pressure on their interest rate markets. Additional declines came from commodity positions within trend following as non-trend strategies showed some smaller offsetting gains in the sector. One of the worst performing sub-sectors was industrial metals. Long positioning on copper and zinc suffered from a strengthening U.S. dollar and additional signs of an economic slowdown in China. Long positioning on precious metals also suffered from the stronger dollar. Some offsetting gains came from the grain sub-sector. Shorts on both corn and soybeans profited from a drop in prices due to steady planting progress. Some of the best gains during May were within foreign exchange holdings where both trend following and non-trend strategies showed profits. Short positioning on the Japanese yen versus the U.S. dollar was one of the biggest gains. The yen weakened to a 12-year low versus the dollar. After a soft first quarter, data suggested that the U.S. economy was starting to accelerate leading to speculation that the U.S. Federal Reserve could raise interest rates later this year for the first time since 2006. Global stock indices also showed gains with both the trend and non-trend strategies contributing. Long positioning on the Japanese Nikkei 225 index produced some of the largest sector gains. Japanese stocks rose steadily throughout the month as the falling yen provided a strong tailwind for stocks.

The Fund showed a sharp decline in June. Losses from commodity, stock index, foreign exchange, and interest rate holdings left the Fund lower on the month. Some of the largest losses were produced by commodity positions from both trend following and non-trend strategies. Short positioning on various grain markets proved unprofitable. Corn, wheat, and soybean futures rose sharply due to crop concerns amid heavy rainfall in the Midwest. These moves were exacerbated by significant short covering in the marketplace. Energy markets also contributed to losses. A short natural gas holding was hurt by signs of slowing production growth, stronger power burns, and a slowing pace of storage builds which sent the market higher. Soft commodities showed losses as short positioning on coffee suffered from higher prices amid improved demand prospects and a lowered Brazilian output forecast. Additional declines came from stock index positions within both trend following and non-trend following systems. The Fund was generally positioned long global stocks during the month, with an emphasis on the U.S. and Japan. A lack of positive progress on the Greek financial crisis near month-end caused a bout of "risk-off" selling which sent all global stock markets sharply lower leading to losses. Foreign exchange positioning also detracted from performance as both trend and non-trend strategies saw declines. A short New Zealand dollar position proved to be a profitable trade given the continued downtrend, but most of the other currencies in the Fund saw negative performance due to choppy, directionless trading. In interest rate markets non-trend strategies provided some partially offsetting gains to the losses encountered by the trend systems. Global bond markets experienced some very choppy price action that was difficult for the trend systems to navigate. For example, in the U.S. interest rate markets were under pressure early in the month after some better than expected economic data. These markets then sharply reversed to the upside later in June driven by safe haven buying amid the worsening Greek financial crisis and the uncertainty that it fueled.

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.

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 June 30, 2016 and December 31, 2015 and the trading gains/losses by market category for the six months ended June 30, 2016 and the year ended December 31, 2015.

	June 30, 2016
Market Sector	Value at Risk*		Trading Gain/(Loss)**
Commodities		0.63%		(4.80)%
Currencies		0.40%		(0.82)%
Interest Rates		1.01%		6.60 %
Stock Indices		0.67%		(2.69)%
Aggregate/Total		1.52%		(1.71)%

*	-	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 (5.34)% year to date return, approximately (1.71)% was due to trading losses (before commissions) and approximately (4.06)% due to brokerage fees, operating expenses and offering costs, offset by approximately 0.43% due to investment income earned 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.

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.

The following were the primary trading risk exposures of the Fund as of June 30, 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.

Qualitative Disclosures Regarding Non-Trading Risk Exposure

The following were the non-trading risk exposures of the Fund as of June 30, 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.

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 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.

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 June 30, 2016 and December 31, 2015, (ii) Statements of Financial Condition June 30, 2016 and December 31, 2015, (iii) Statements of Operations For the Three Months and Six Months Ended Ended June 30, 2016 and 2015, (iv) Statements of Cash Flows For the Six Months Ended June 30, 2016 and 2015, (v) Statements of Changes in Partners' Capital (Net Asset Value) For the Six Months Ended June 30, 2016 and 2015, (vi) Financial Highlights For the Three Months and Six Months Ended June 30, 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.

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: August 15, 2016	By:	/s/ G. William Andrews
		G. William Andrews
		Chief Executive Officer

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 June 30, 2016 and December 31, 2015, (ii) Statements of Financial Condition June 30, 2016 and December 31, 2015, (iii) Statements of Operations For the Three Months and Six Months Ended Ended June 30, 2016 and 2015, (iv) Statements of Cash Flows For the Six Months Ended June 30, 2016 and 2015, (v) Statements of Changes in Partners' Capital (Net Asset Value) For the Six Months Ended June 30, 2016 and 2015, (vi) Financial Highlights For the Three Months and Six Months Ended June 30, 2016 and 2015, (vii) Notes to Financial Statements.

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)

Large accelerated filer ☐	Accelerated filer ☐	Non-accelerated filer ☑	Smaller reporting company ☐
		(Do not check if a smaller reporting company)

FIXED INCOME SECURITIES

Maturity Face Value		Description	Fair Value ($)		% of Net Asset Value
		Asset Backed Securities
		United States
		Auto Loans	$	17,238,293		3.58	%
		Credit Cards		10,877,088		2.26	%
		Equipment Loans		2,995,749		0.62	%
		Utility Rate Reduction Bonds		456,236		0.09	%
		Total Asset Backed Securities (cost $31,522,457)		31,567,366		6.55	%

		Bank Deposits
		United States
		Financials		9,840,145		2.04	%
		Total Bank Deposits (cost $9,834,747)		9,840,145		2.04	%

		Commercial Paper
		United States
		Communications		20,293,300		4.21	%
		Consumer Discretionary		22,342,483		4.63	%
		Consumer Staples		25,642,280		5.32	%
		Energy		13,126,626		2.72	%
		Financials		25,992,019		5.39	%
		Health Care		7,079,715		1.47	%
		Industrials		10,996,552		2.28	%
		Technology		8,667,929		1.80	%
		Utilities		16,020,676		3.32	%
		Total Commercial Paper (cost $150,157,053)		150,161,580		31.14	%

		Corporate Bonds
		United States
		Communications		16,678,550		3.46	%
		Consumer Discretionary		38,626,972		8.01	%
		Consumer Staples		4,320,341		0.90	%
		Financials		75,416,226		15.64	%
		Health Care		6,535,594		1.35	%
		Technology		5,213,307		1.08	%
		Total Corporate Bonds (cost $146,669,260)		146,790,990		30.44	%

		Government And Agency Obligations
		United States
		U.S. Treasury Bills
	$4,200,000	U.S. Treasury Bills Due 07/14/2016*		4,199,824		0.87	%
	$3,225,000	U.S. Treasury Bills Due 07/21/2016*		3,224,687		0.67	%
	$14,072,500	U.S. Treasury Bills Due 07/28/2016*		14,070,656		2.92	%
	$4,750,000	U.S. Treasury Bills Due 08/04/2016*		4,749,069		0.99	%
	$27,200,000	U.S. Treasury Bills Due 08/25/2016*		27,191,106		5.64	%
	$26,072,500	U.S. Treasury Bills Due 09/22/2016*		26,058,264		5.40	%
	$3,000,000	U.S. Treasury Bills Due 09/29/2016*		2,998,077		0.62	%
		Total Government And Agency Obligations (cost $82,485,134)		82,491,683		17.11	%

		Total Fixed Income Securities ** (cost $420,668,651)	$	420,851,764		87.28	%

SHORT TERM INVESTMENTS

Maturity Face Value		Description	Fair Value ($)		% of Net Asset Value
		Money Market Funds
		United States
		Money Market Funds (cost $12,823,485)	$	12,823,485		2.66	%

		Total Short Term Investments (cost $12,823,485)	$	12,823,485		2.66	%

LONG FUTURES CONTRACTS
Description	Fair Value ($)			% of Net Asset Value
Agriculture	$	1,625,836			0.34	%
Energy		(140,796	)		(0.03	)%
Metals		6,045,251			1.25	%
Stock indices		2,363,112			0.49	%
Short-term interest rates		291,009			0.06	%
Long-term interest rates		7,785,446			1.62	%
Net unrealized gain (loss) on long futures contracts		17,969,858			3.73	%

SHORT FUTURES CONTRACTS
Description	Fair Value ($)			% of Net Asset Value
Agriculture		3,446,203			0.71	%
Energy		(1,374,677	)		(0.29	)%
Metals		(4,132,192	)		(0.86	)%
Stock indices		(450,087	)		(0.09	)%
Short-term interest rates		(840,982	)		(0.17	)%
Long-term interest rates		(379,434	)		(0.08	)%
Net unrealized gain (loss) on short futures contracts		(3,731,169	)		(0.78	)%

Net unrealized gain (loss) on open futures contracts	$	14,238,689			2.95	%

FORWARD CURRENCY CONTRACTS
Description	Fair Value ($)			% of Net Asset Value
Various long forward currency contracts	$	(7,994,761	)		(1.66	)%
Various short forward currency contracts		11,048,959			2.29	%
Net unrealized gain (loss) on open forward currency contracts	$	3,054,198			0.63	%

			Page
PART I — FINANCIAL INFORMATION

	Item 1.	Financial Statements.

		Condensed Schedules of Investments as of June 30, 2016 and December 31, 2015 (Unaudited)	1-4

		Statements of Financial Condition as of June 30, 2016 and December 31, 2015 (Unaudited)	5

		Statements of Operations for the Three Months and Six Months Ended June 30, 2016 and 2015 (Unaudited)	6

		Statements of Cash Flows for the Six Months Ended June 30, 2016 and 2015 (Unaudited)	7

		Statements of Changes in Partners' Capital (Net Asset Value) for the Six Months Ended June 30, 2016 and 2015 (Unaudited)	8

		Financial Highlights for the Three Months and Six Months Ended June 30, 2016 and 2015 (Unaudited)	9

		Notes to Financial Statements (Unaudited)	10-19

	Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations.	20-25

	Item 3.	Quantitative and Qualitative Disclosure About Market Risk.	26-30

	Item 4.	Controls and Procedures.	31

PART II — OTHER INFORMATION

	Item 1.	Legal Proceedings.	32

	Item 1A.	Risk Factors.	32

	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds.	32

	Item 3.	Defaults Upon Senior Securities.	32

	Item 4.	Mine Safety Disclosures.	32

	Item 5.	Other Information.	32

	Item 6.	Exhibits.	32

SIGNATURES			33

	June 30, 2016		December 31, 2015
ASSETS
Equity in futures broker trading accounts
Cash	$	41,115,087	$	51,239,065
Restricted cash		0		5,107,473
Fixed income securities (cost $63,941,167 and $89,998,647, respectively)		63,947,660		89,991,900
Net unrealized gain (loss) on open futures contracts		14,238,689		(8,091,705	)
Total equity in futures broker trading accounts		119,301,436		138,246,733

Cash and cash equivalents		730,811		644,164
Short term investments (cost $12,823,485 and $1,939, respectively)		12,823,485		1,939
Fixed income securities (cost $356,727,484 and $413,188,400, respectively)		356,904,104		412,835,257
Net unrealized gain (loss) on open forward currency contracts		3,054,198		1,430,552
Interest receivable		529,480		716,514
Total assets	$	493,343,514	$	553,875,159

LIABILITIES
Accounts payable	$	293,937	$	401,392
Brokerage fee payable		2,873,380		3,227,278
Accrued commissions and other trading fees on open contracts		57,887		95,209
Offering costs payable		138,346		130,828
Redemptions payable		7,806,993		4,557,645
Total liabilities		11,170,543		8,412,352

PARTNERS' CAPITAL (Net Asset Value)
General Partner - 235.103 redeemable units outstanding at June 30, 2016 and December 31, 2015		623,093		658,220
Limited Partners - 181,696.549 and 194,593.327 redeemable units outstanding at June 30, 2016 and December 31, 2015		481,549,878		544,804,587
Total partners' capital (Net Asset Value)		482,172,971		545,462,807

Total liabilities and partners' capital (Net Asset Value)	$	493,343,514	$	553,875,159

	Three Months Ended June 30,						Six Months Ended June 30,
	2016			2015			2016			2015
TRADING GAINS (LOSSES)
Futures trading gains (losses)
Realized	$	(10,514,810	)	$	(67,793,101	)	$	(28,374,717	)	$	(10,151,738	)
Change in unrealized		6,806,835			(16,744,532	)		22,330,394			(27,242,323	)
Brokerage commissions		(777,370	)		(988,687	)		(1,399,453	)		(1,786,645	)
Net gain (loss) from futures trading		(4,485,345	)		(85,526,320	)		(7,443,776	)		(39,180,706	)

Forward currency trading gains (losses)
Realized		(13,411,922	)		12,605,360			(4,964,998	)		30,774,012
Change in unrealized		3,002,888			(23,757,517	)		1,623,646			(20,303,166	)
Brokerage commissions		(46,362	)		(61,229	)		(87,925	)		(124,378	)
Net gain (loss) from forward currency trading		(10,455,396	)		(11,213,386	)		(3,429,277	)		10,346,468

Total net trading gain (loss)		(14,940,741	)		(96,739,706	)		(10,873,053	)		(28,834,238	)

NET INVESTMENT INCOME (LOSS)
Investment income
Interest income		856,931			630,677			1,659,433			1,267,929
Realized gain (loss) on fixed income securities		2,490			(2,053	)		2,490			2,547
Change in unrealized gain (loss) on fixed income securities		167,665			(107,872	)		543,003			105,160
Total investment income		1,027,086			520,752			2,204,926			1,375,636

Expenses
Brokerage fee		8,565,363			11,440,499			18,196,680			24,017,428
Operating expenses		330,178			420,094			621,780			779,473

Total expenses		8,895,541			11,860,593			18,818,460			24,796,901

Net investment income (loss)		(7,868,455	)		(11,339,841	)		(16,613,534	)		(23,421,265	)

NET INCOME (LOSS)	$	(22,809,196	)	$	(108,079,547	)	$	(27,486,587	)	$	(52,255,503	)

NET INCOME (LOSS) PER GENERAL AND LIMITED PARTNER UNIT (based on weighted average units outstanding during the period)	$	(122.10	)	$	(497.31	)	$	(144.91	)	$	(237.77	)

INCREASE (DECREASE) IN NET ASSET VALUE PER GENERAL AND LIMITED PARTNER UNIT	$	(121.36	)	$	(499.97	)	$	(149.41	)	$	(252.18	)

WEIGHTED AVERAGE NUMBER OF UNITS OUTSTANDING DURING THE PERIOD		186,809.626			217,330.299			189,682.968			219,770.877

	Partners' Capital
	General Partner					Limited Partners						Total
	Units		Amount			Units			Amount			Units			Amount
Six Months Ended June 30, 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 six months ended June 30, 2016				(34,244	)					(27,452,343	)					(27,486,587	)
Redemptions		0.000		0			(12,896.778	)		(35,092,246	)		(12,896.778	)		(35,092,246	)
Offering costs				(883	)					(710,120	)					(711,003	)
Balances at June 30, 2016		235.103	$	623,093			181,696.549		$	481,549,878			181,931.652		$	482,172,971

Six Months Ended June 30, 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 six months ended June 30, 2015				(146,063	)					(52,109,440	)					(52,255,503	)
Redemptions		0.000		0			(9,676.100	)		(29,995,685	)		(9,676.100	)		(29,995,685	)
Offering costs				(2,670	)					(995,392	)					(998,062	)
Balances at June 30, 2015		589.787	$	1,633,816			213,560.052		$	591,599,396			214,149.839		$	593,233,212

Net Asset Value per General and Limited Partner Unit

	June 30, 2016	December 31, 2015	June 30, 2015	December 31, 2014

	$2,650.30	$2,799.71	$2,770.18	$3,022.36

	Fair Value at June 30, 2016
Description	Level 1		Level 2		Level 3		Total
Investments
Short term investments	$	12,823,485	$	0	$	0	$	12,823,485
Fixed income securities		0		420,851,764		0		420,851,764
Other Financial Instruments
Exchange-traded futures contracts		14,238,689		0		0		14,238,689
Forward currency contracts		0		3,054,198		0		3,054,198
Total	$	27,062,174	$	423,905,962	$	0	$	450,968,136

	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

Type of Instrument *	Statements of Financial Condition Location	Asset Derivatives at June 30, 2016 Fair Value		Liability Derivatives at June 30, 2016 Fair Value			Net
Agriculture Contracts	Net unrealized gain (loss) on open futures contracts	$	6,086,385	$	(1,014,346	)	$	5,072,039
Energy Contracts	Net unrealized gain (loss) on open futures contracts		210,728		(1,726,201	)		(1,515,473	)
Metal Contracts	Net unrealized gain (loss) on open futures contracts		6,116,788		(4,203,729	)		1,913,059
Stock Indices Contracts	Net unrealized gain (loss) on open futures contracts		3,009,451		(1,096,426	)		1,913,025
Short-Term Interest Rate Contracts	Net unrealized gain (loss) on open futures contracts		307,563		(857,536	)		(549,973	)
Long-Term Interest Rate Contracts	Net unrealized gain (loss) on open futures contracts		7,956,515		(550,503	)		7,406,012
Forward Currency Contracts	Net unrealized gain (loss) on open forward currency contracts		24,148,355		(21,094,157	)		3,054,198
Totals		$	47,835,785	$	(30,542,898	)	$	17,292,887

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	)

Type of Instrument	Trading Gains / (Losses) for the Three Months Ended June 30, 2016			Trading Gains / (Losses) for the Three Months Ended June 30, 2015
Agriculture Contracts	$	678,892		$	(16,838,487	)
Energy Contracts		(15,439,479	)		(18,184,504	)
Metal Contracts		2,038,926			(9,183,534	)
Stock Indices Contracts		(8,388,918	)		(10,075,641	)
Short-Term Interest Rate Contracts		(2,567,379	)		(554,250	)
Long Term Interest Rate Contracts		20,045,663			(29,895,260	)
Forward Currency Contracts		(10,409,034	)		(11,152,157	)
Total	$	(14,041,329	)	$	(95,883,833	)

Type of Instrument	Trading Gains / (Losses) for the Six Months Ended June 30, 2016			Trading Gains / (Losses) for the Six Months Ended June 30, 2015
Agriculture Contracts	$	(7,057,471	)	$	(12,094,529	)
Energy Contracts		(12,346,029	)		(17,647,076	)
Metal Contracts		(5,634,793	)		(11,771,873	)
Stock Indices Contracts		(13,441,329	)		10,300,925
Short-Term Interest Rate Contracts		(1,983,572	)		(2,369,096	)
Long Term Interest Rate Contracts		34,400,029			(3,752,576	)
Forward Currency Contracts		(3,341,352	)		10,470,846
Total	$	(9,404,517	)	$	(26,863,379	)

Line Item in the Statements of Operations	Trading Gains / (Losses) for the Three Months Ended June 30, 2016			Trading Gains / (Losses) for the Three Months Ended June 30, 2015
Futures trading gains (losses):
Realized **	$	(10,439,130	)	$	(67,987,144	)
Change in unrealized		6,806,835			(16,744,532	)
Forward currency trading gains (losses):
Realized		(13,411,922	)		12,605,360
Change in unrealized		3,002,888			(23,757,517	)
Total	$	(14,041,329	)	$	(95,883,833	)