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 September 30, 2017

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, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):

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

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

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 September 30, 2017 and December 31, 2016 (Unaudited)	1-4
		Statements of Financial Condition as of September 30, 2017 and December 31, 2016 (Unaudited)	5
		Statements of Operations for the Three Months and Nine Months Ended September 30, 2017 and 2016 (Unaudited)	6
		Statements of Cash Flows for the Nine Months Ended September 30, 2017 and 2016 (Unaudited)	7
		Statements of Changes in Partners' Capital (Net Asset Value) for the Nine Months Ended September 30, 2017 and 2016 (Unaudited)	8
		Financial Highlights for the Three Months and Nine Months Ended September 30, 2017 and 2016 (Unaudited)	9
		Notes to Financial Statements (Unaudited)	10-21
	Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations.	22-31
	Item 3.	Quantitative and Qualitative Disclosure About Market Risk.	31-36
	Item 4.	Controls and Procedures.	36
PART II — OTHER INFORMATION
	Item 1.	Legal Proceedings.	37
	Item 1A.	Risk Factors.	37
	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds.	37
	Item 3.	Defaults Upon Senior Securities.	37
	Item 4.	Mine Safety Disclosures.	37
	Item 5.	Other Information.	37
	Item 6.	Exhibits.	37
	SIGNATURES		39

CAMPBELL STRATEGIC ALLOCATION FUND, L.P.

CONDENSED SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2017 (Unaudited)

FIXED INCOME SECURITIES

Maturity Face Value		Description	Fair Value ($)		% of Net Asset Value
		Asset Backed Securities
		United States
		Auto Loans	$	6,802,044		2.49	%
		Credit Cards		5,528,726		2.02	%
		Equipment Loans		499,566		0.18	%
		Total Asset Backed Securities (cost $12,833,215)		12,830,336		4.69	%
		Bank Deposits
		United States
		Financials		3,385,251		1.24	%
		Total Bank Deposits (cost $3,385,178)		3,385,251		1.24	%
		Commercial Paper
		United States
		Communications		3,149,647		1.15	%
		Consumer Discretionary		16,010,612		5.85	%
		Consumer Staples		12,906,252		4.72	%
		Energy		7,303,057		2.67	%
		Financials		11,325,979		4.14	%
		Industrials		3,597,482		1.32	%
		Materials		6,146,004		2.25	%
		Utilities		9,846,712		3.60	%
		Total Commercial Paper (cost $70,290,052)		70,285,745		25.70	%
		Corporate Bonds
		Canada
		Financials (cost $1,184,365)		1,181,802		0.43	%
		United Kingdom
		Energy		2,263,876		0.83	%
		Financials		1,254,925		0.46	%
		Total United Kingdom (cost $3,514,725)		3,518,801		1.29	%
		United States
		Communications		18,167,948		6.64	%
		Consumer Discretionary		12,499,806		4.57	%
		Consumer Staples		1,611,361		0.59	%
		Energy		1,324,198		0.48	%
		Financials		39,661,621		14.50	%
		Industrials		4,199,479		1.54	%
		Technology		2,581,828		0.94	%
		Total United States (cost $79,948,124)		80,046,241		29.26	%
		Total Corporate Bonds (cost $84,647,214)		84,746,844		30.98	%
		Government and Agency Obligations
		United States
		U.S. Treasury Bills
$	24,800,000	U.S. Treasury Bills * Due 11/30/2017		24,760,201		9.05	%
$	24,892,500	U.S. Treasury Bills * Due 02/22/2018		24,783,653		9.06	%
$	28,482,500	U.S. Treasury Bills * Due 03/29/2018		28,317,729		10.36	%
		Total Government And Agency Obligations (cost $77,878,381)		77,861,583		28.47	%
		Total Fixed Income Securities ** (cost $249,034,040)	$	249,109,759		91.08	%

SHORT TERM INVESTMENTS

Face Value	Description	Fair Value ($)		% of Net Asset Value
	Money Market Funds
	United States
	Money Market Funds (cost $846,770)	$	846,770		0.31	%
	Total Short Term Investments (cost $846,770)	$	846,770		0.31	%

See Accompanying Notes to Financial Statements.

1

CAMPBELL STRATEGIC ALLOCATION FUND, L.P.

CONDENSED SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2017 (Unaudited)

LONG FUTURES CONTRACTS
Description	Fair Value ($)			% of Net Asset Value
Agriculture	$	(121,146	)		(0.04	)%
Energy		513,682			0.19	%
Metals		(1,819,546	)		(0.66	)%
Stock indices		6,274,069			2.29	%
Short-term interest rates		2,793			0.00	%
Long-term interest rates		(2,202,972	)		(0.81	)%
Net unrealized gain (loss) on long futures contracts		2,646,880			0.97	%

SHORT FUTURES CONTRACTS
Description	Fair Value ($)		% of Net Asset Value
Agriculture		532,715		0.19	%
Energy		88,960		0.03	%
Metals		990,888		0.36	%
Stock indices		71,550		0.03	%
Short-term interest rates		158,641		0.06	%
Long-term interest rates		1,250,949		0.46	%
Net unrealized gain (loss) on short futures contracts		3,093,703		1.13	%
Net unrealized gain (loss) on open futures contracts	$	5,740,583		2.10	%

FORWARD CURRENCY CONTRACTS
Description	Fair Value ($)			% of Net Asset Value
Various long forward currency contracts	$	(7,409,856	)		(2.71	)%
Various short forward currency contracts		3,645,257			1.33	%
Net unrealized gain (loss) on open forward currency contracts	$	(3,764,599	)		(1.38	)%

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

** Included in fixed income securities are U.S. Treasury Bills with a fair value of $43,137,413 deposited with the futures brokers and $34,724,170 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, 2016 (Unaudited)

FIXED INCOME SECURITIES

Maturity Face Value		Description	Fair Value ($)		% of Net Asset Value
		Asset Backed Securities
		United States
		Auto Loans	$	10,427,066		2.77	%
		Credit Cards		14,170,357		3.76	%
		Equipment Loans		2,433,096		0.65	%
		Utility Rate Reduction Bonds		219,728		0.06	%
		Total Asset Backed Securities (cost $27,280,879)		27,250,247		7.24	%
		Bank Deposits
		United States
		Financials		10,908,573		2.90	%
		Total Bank Deposits (cost $10,902,138)		10,908,573		2.90	%
		Commercial Paper
		United States
		Communications		12,379,777		3.29	%
		Consumer Discretionary		26,198,780		6.96	%
		Consumer Staples		2,919,692		0.77	%
		Energy		8,232,187		2.19	%
		Financials		28,265,886		7.50	%
		Health Care		9,700,928		2.58	%
		Technology		12,508,718		3.32	%
		Utilities		26,182,763		6.95	%
		Total Commercial Paper (cost $126,374,599)		126,388,731		33.56	%
		Corporate Bonds
		United States
		Communications		12,835,604		3.41	%
		Consumer Discretionary		24,982,372		6.63	%
		Consumer Staples		1,611,401		0.43	%
		Energy		3,440,000		0.91	%
		Financials		68,213,206		18.11	%
		Industrials		4,069,108		1.08	%
		Technology		5,203,538		1.38	%
		Total Corporate Bonds (cost $120,357,792)		120,355,229		31.95	%
		Government And Agency Obligations
		United States
		U.S. Treasury Bills
$	7,825,000	U.S. Treasury Bills Due 01/19/2017*		7,823,584		2.08	%
$	7,922,500	U.S. Treasury Bills Due 01/26/2017*		7,920,416		2.10	%
$	7,700,000	U.S. Treasury Bills Due 02/02/2017*		7,697,328		2.04	%
$	21,500,000	U.S. Treasury Bills Due 02/23/2017*		21,485,810		5.70	%
$	6,100,000	U.S. Treasury Bills Due 03/09/2017*		6,094,809		1.62	%
$	9,470,000	U.S. Treasury Bills Due 03/16/2017*		9,460,625		2.51	%
$	23,472,500	U.S. Treasury Bills Due 03/23/2017*		23,447,079		6.23	%
		Total Government And Agency Obligations (cost $83,928,449)		83,929,651		22.28	%
		Total Fixed Income Securities ** (cost $368,843,857)	$	368,832,431		97.93	%

SHORT TERM INVESTMENTS

Maturity Face Value	Description	Fair Value ($)		% of Net Asset Value
	Money Market Funds
	United States
	Money Market Funds (cost $2,301)	$	2,301		0.00	%
	Total Short Term Investments (cost $2,301)	$	2,301		0.00	%

See Accompanying Notes to Financial Statements.

3

  CAMPBELL STRATEGIC ALLOCATION FUND, L.P.

CONDENSED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2016 (Unaudited)

LONG FUTURES CONTRACTS

Description	Fair Value ($)			% of Net Asset Value
Agriculture	$	(220,625	)		(0.06	)%
Energy		1,226,623			0.32	%
Metals		(3,700,055	)		(0.98	)%
Stock indices		2,256,474			0.60	%
Short-term interest rates		31,277			0.01	%
Long-term interest rates		1,673,572			0.44	%
Net unrealized gain (loss) on long futures contracts		1,267,266			0.33	%

SHORT FUTURES CONTRACTS
Description	Fair Value ($)			% of Net Asset Value
Agriculture		1,172,631			0.31	%
Metals		525,656			0.14	%
Stock indices		(248,060	)		(0.07	)%
Short-term interest rates		(279,188	)		(0.07	)%
Long-term interest rates		(540,866	)		(0.14	)%
Net unrealized gain (loss) on short futures contracts		630,173			0.17	%
Net unrealized gain (loss) on open futures contracts	$	1,897,439			0.50	%

FORWARD CURRENCY CONTRACTS
Description	Fair Value ($)			% of Net Asset Value
Various long forward currency contracts	$	(3,320,320	)		(0.88	)%
Various short forward currency contracts		6,351,986			1.68	%
Net unrealized gain (loss) on open forward currency contracts	$	3,031,666			0.80	%

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

** Included in fixed income securities are U.S. Treasury Bills with a fair value of $56,077,722 deposited with the futures brokers and $27,851,929 deposited with the interbank market makers.

See Accompanying Notes to Financial Statements

4

CAMPBELL STRATEGIC ALLOCATION FUND, L.P.

STATEMENTS OF FINANCIAL CONDITION

SEPTEMBER 30, 2017 AND DECEMBER 31, 2016 (Unaudited)

	September 30, 2017			December 31, 2016
ASSETS
Equity in futures broker trading accounts
Cash	$	22,094,538		$	22,788,659
Fixed income securities (cost $43,145,345 and $56,075,557, respectively)		43,137,413			56,077,722
Net unrealized gain (loss) on open futures contracts		5,740,583			1,897,439
Total equity in futures broker trading accounts		70,972,534			80,763,820
Cash and cash equivalents		10,799,021			627,303
Short term investments (cost $846,770 and $2,301, respectively)		846,770			2,301
Fixed income securities (cost $205,888,695 and $312,768,300, respectively)		205,972,346			312,754,709
Net unrealized gain (loss) on open forward currency contracts		(3,764,599	)		3,031,666
Interest receivable		328,315			572,148
Total assets	$	285,154,387		$	397,751,947
LIABILITIES
Accounts payable	$	277,690		$	311,891
Brokerage fee payable		1,643,378			2,317,641
Payable for securities purchased		3,044,400			0
Accrued commissions and other trading fees on open contracts		38,482			42,406
Offering costs payable		71,852			87,768
Redemptions payable		6,564,418			18,345,797
Total liabilities		11,640,220			21,105,503
PARTNERS' CAPITAL (Net Asset Value)
General Partner - 234.340 redeemable units outstanding at September 30, 2017 and December 31, 2016		525,878			559,798
Limited Partners - 121,648.353 and 157,435.256 redeemable units outstanding at September 30, 2017 and December 31, 2016		272,988,289			376,086,646
Total partners' capital (Net Asset Value)		273,514,167			376,646,444
Total liabilities and partners' capital (Net Asset Value)	$	285,154,387		$	397,751,947

See Accompanying Notes to Financial Statements

5

CAMPBELL STRATEGIC ALLOCATION FUND, L.P.

STATEMENTS OF OPERATIONS

For the Three Months and Nine Months Ended September 30, 2017 and 2016 (Unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
TRADING GAINS (LOSSES)	2017			2016			2017			2016
Futures trading gains (losses)
Realized	$	(17,556,792	)	$	(29,004	)	$	6,265,250		$	(28,403,721	)
Change in unrealized		20,045,798			(6,473,031	)		3,843,144			15,857,363
Brokerage commissions		(289,361	)		(543,755	)		(1,121,570	)		(1,943,208	)
Net gain (loss) from futures trading		2,199,645			(7,045,790	)		8,986,824			(14,489,566	)
Forward currency trading gains (losses)
Realized		7,160,865			(3,560,070	)		(6,286,358	)		(8,525,068	)
Change in unrealized		(2,898,452	)		(4,485,443	)		(6,796,265	)		(2,861,797	)
Brokerage commissions		(14,803	)		(43,271	)		(47,610	)		(131,196	)
Net gain (loss) from forward currency trading		4,247,610			(8,088,784	)		(13,130,233	)		(11,518,061	)
Total net trading gain (loss)		6,447,255			(15,134,574	)		(4,143,409	)		(26,007,627	)
NET INVESTMENT INCOME (LOSS)
Investment income
Interest income		906,020			896,412			2,670,339			2,555,845
Realized gain (loss) on fixed income securities		15,825			9,293			25,691			11,783
Change in unrealized gain (loss) on fixed income securities		(10,290	)		(63,304	)		87,145			479,699
Total investment income		911,555			842,401			2,783,175			3,047,327
Expenses
Brokerage fee		5,132,981			8,264,625			17,104,244			26,461,305
Operating expenses		208,238			289,824			687,468			911,604
Total expenses		5,341,219			8,554,449			17,791,712			27,372,909
Net investment income (loss)		(4,429,664	)		(7,712,048	)		(15,008,537	)		(24,325,582	)
NET INCOME (LOSS)	$	2,017,591		$	(22,846,622	)	$	(19,151,946	)	$	(50,333,209	)
NET INCOME (LOSS) PER GENERAL AND LIMITED PARTNER UNIT (based on weighted average number of units outstanding during the period)	$	15.69		$	(127.71	)	$	(137.20	)	$	(270.48	)
INCREASE (DECREASE) IN NET ASSET VALUE PER GENERAL AND LIMITED PARTNER UNIT	$	11.63		$	(132.65	)	$	(144.75	)	$	(282.06	)
WEIGHTED AVERAGE NUMBER OF UNITS OUTSTANDING DURING THE PERIOD		128,596.893			178,894.175			139,596.361			186,086.704

See Accompanying Notes to Financial Statements

6

CAMPBELL STRATEGIC ALLOCATION FUND, L.P.

 STATEMENTS OF CASH FLOWS

For the Nine Months Ended September 30, 2017 and 2016 (Unaudited)

	Nine Months Ended September 30,
	2017			2016
Cash flows from (for) operating activities
Net income (loss)	$	(19,151,946	)	$	(50,333,209	)
Adjustments to reconcile net income (loss) to net cash from (for) operating activities
Net change in unrealized on futures, forwards and investments		2,865,976			(13,475,265	)
(Increase) decrease in restricted cash		0			5,107,473
Increase (decrease) in payable for securities purchased		3,044,400			2,322,204
(Increase) decrease in interest receivable		243,833			352,516
Increase (decrease) in accounts payable and accrued expenses		(712,388	)		(761,861	)
Purchases of investments		(2,662,067,711	)		(4,215,727,719	)
Sales/maturities of investments		2,781,033,059			4,297,633,385
Net cash from (for) operating activities		105,255,223			25,117,524
Cash flows from (for) financing activities
Redemption of units		(95,034,769	)		(54,851,181	)
Offering costs paid		(742,857	)		(1,052,617	)
Net cash from (for) financing activities		(95,777,626	)		(55,903,798	)
Net increase (decrease) in cash and cash equivalents		9,477,597			(30,786,274	)
Unrestricted cash
Beginning of period		23,415,962			51,883,229
End of period	$	32,893,559		$	21,096,955
End of period cash and cash equivalents consists of:
Cash in futures broker trading accounts	$	22,094,538		$	20,387,388
Cash and cash equivalents		10,799,021			709,567
Total end of period cash and cash equivalents	$	32,893,559		$	21,096,955

See Accompanying Notes to Financial Statements

7

CAMPBELL STRATEGIC ALLOCATION FUND, L.P.

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

For the Nine Months Ended September 30, 2017 and 2016 (Unaudited)

	Partners' Capital
	General Partner					Limited Partners						Total
	Units		Amount			Units			Amount			Units			Amount
Nine Months Ended September 30, 2017
Balances at December 31, 2016		234.340	$	559,798			157,435.256		$	376,086,646			157,669.596		$	376,646,444
Net income (loss) for the nine months ended September 30, 2017				(32,694	)					(19,119,252	)					(19,151,946	)
Redemptions		0.000		0			(35,786.903	)		(83,253,390	)		(35,786.903	)		(83,253,390	)
Offering costs				(1,226	)					(725,715	)					(726,941	)
Balances at September 30, 2017		234.340	$	525,878			121,648.353		$	272,988,289			121,882.693		$	273,514,167
Nine Months Ended September 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 nine months ended September 30, 2016				(65,029	)					(50,268,180	)					(50,333,209	)
Redemptions		0.000		0			(20,594.908	)		(55,455,095	)		(20,594.908	)		(55,455,095	)
Offering costs				(1,284	)					(1,014,687	)					(1,015,971	)
Balances at September 30, 2016		235.103	$	591,907			173,998.419		$	438,066,625			174,233.522		$	438,658,532

Net Asset Value per General and Limited Partner Unit
September 30, 2017		December 31, 2016		September 30, 2016		December 31, 2015
$	2,244.08	$	2,388.83	$	2,517.65	$	2,799.71

See Accompanying Notes to Financial Statements

8

CAMPBELL STRATEGIC ALLOCATION FUND, L.P.

FINANCIAL HIGHLIGHTS

For the Three Months and Nine Months Ended September 30, 2017 and 2016 (Unaudited)

The following information presents per unit operating performance data and other supplemental financial data for the three months and nine months ended September 30, 2017 and 2016. This information has been derived from information presented in the financial statements.

	Three Months Ended September 30,						Nine Months Ended September 30,
Per Unit Performance	2017			2016			2017			2016
(for a unit outstanding throughout the entire period)
Net asset value per unit at beginning of period	$	2,232.45		$	2,650.30		$	2,388.83		$	2,799.71
Income (loss) from operations:
Total net trading gains (losses) (1)		47.83			(87.84	)		(32.03	)		(145.88	)
Net investment income (loss) (1)		(34.45	)		(43.11	)		(107.51	)		(130.72	)
Total net income (loss) from operations		13.38			(130.95	)		(139.54	)		(276.60	)
Offering costs (1)		(1.75	)		(1.70	)		(5.21	)		(5.46	)
Net asset value per unit at end of period	$	2,244.08		$	2,517.65		$	2,244.08		$	2,517.65
Total Return (3)		0.52	%		(5.01	)%		(6.06	)%		(10.07	)%
Supplemental Data
Ratios to average net asset value:
Expenses prior to performance fee (4)		7.41	%		7.30	%		7.38	%		7.29	%
Performance fee (3)		0.00	%		0.00	%		0.00	%		0.00	%
Total expenses		7.41	%		7.30	%		7.38	%		7.29	%
Net investment income (loss) (2),(4)		(6.15	)%		(6.58	)%		(6.22	)%		(6.48	)%

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 transfers 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

SEPTEMBER 30, 2017 (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, 2016. 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.

10

CAMPBELL STRATEGIC ALLOCATION FUND, L.P.

NOTES TO FINANCIAL STATEMENTS

SEPTEMBER 30, 2017 (Unaudited)

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 September 30, 2017 and December 31, 2016, and for the periods ended September 30, 2017 and 2016, 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 September 30, 2017 and December 31, 2016.

	Fair Value at September 30, 2017
Description	Level 1		Level 2			Level 3		Total
Investments
Short term investments	$	846,770	$	0		$	0	$	846,770
Fixed income securities		0		249,109,759			0		249,109,759
Other Financial Instruments
Exchange-traded futures contracts		5,740,583		0			0		5,740,583
Forward currency contracts		0		(3,764,599	)		0		(3,764,599	)
Total	$	6,587,353	$	245,345,160		$	0	$	251,932,513

	Fair Value at December 31, 2016
Description	Level 1		Level 2		Level 3		Total
Investments
Short term investments	$	2,301	$	0	$	0	$	2,301
Fixed income securities		0		368,832,431		0		368,832,431
Other Financial Instruments
Exchange-traded futures contracts		1,897,439		0		0		1,897,439
Forward currency contracts		0		3,031,666		0		3,031,666
Total	$	1,899,740	$	371,864,097	$	0	$	373,763,837

There were no transfers to or from Level 1 to Level 2 for the period ended September 30, 2017 or the year ended December 31, 2016.

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.

11

CAMPBELL STRATEGIC ALLOCATION FUND, L.P.

NOTES TO FINANCIAL STATEMENTS

SEPTEMBER 30, 2017 (Unaudited)

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 2013 through 2016 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 September 30, 2017 and December 31, 2016, the Fund has the potential remaining reimbursement amount of approximately $36.6 million and $37.4 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 September 30, 2017 and December 31, 2016, the amount of unreimbursed offering costs incurred by Campbell & Company is $71,852 and $88,660, respectively. At September 30, 2017, and December 31, 2016, the Fund reflects a liability in the Statements of Financial Condition for offering costs payable to Campbell & Company of $71,852 and $87,768, 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.

I. Recently Issued Accounting Pronouncements

In November 2016, the FASB issued Accounting Standards Update ("ASU") 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash, which aims to reduce diversity in the presentation of restricted cash and restricted cash equivalents in the statement. The amendment is effective for the interim and annual reporting periods beginning after December 15, 2017. Management has evaluated the amendment and does not anticipate a material impact on the Fund's financial statement disclosures.

In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities, which aims to improve the financial reporting of hedging relationships to better portray the economic results of risk management activity in the statement. The amendment is effective for the interim and annual reporting periods beginning after December 15, 2018. Management has evaluated the amendment and does not anticipate a material impact on the Fund’s financial statement disclosures.

Note 2. GENERAL PARTNER AND COMMODITY TRADING ADVISOR

The general partner of the Fund is Campbell & Company, which conducts and manages the business of the Fund. Campbell & Company is also the commodity trading advisor of the Fund. 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.

12

CAMPBELL STRATEGIC ALLOCATION FUND, L.P.

NOTES TO FINANCIAL STATEMENTS

SEPTEMBER 30, 2017 (Unaudited)

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.

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 investment advisers 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 September 30, 2017. 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 nine months ended September 30, 2017 and 2016.

13

CAMPBELL STRATEGIC ALLOCATION FUND, L.P.

NOTES TO FINANCIAL STATEMENTS

SEPTEMBER 30, 2017 (Unaudited)

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.

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 futures and forward contracts, 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 September 30, 2017 and December 31, 2016 is as follows:

Type of Instrument *	Statements of Financial Condition Location	Asset Derivatives at September 30, 2017 Fair Value		Liability Derivatives at September 30, 2017 Fair Value			Net
Agriculture Contracts	Net unrealized gain (loss) on open futures contracts	$	910,876	$	(499,307	)	$	411,569
Energy Contracts	Net unrealized gain (loss) on open futures contracts		691,939		(89,297	)		602,642
Metal Contracts	Net unrealized gain (loss) on open futures contracts		1,437,027		(2,265,685	)		(828,658	)
Stock Indices Contracts	Net unrealized gain (loss) on open futures contracts		6,688,187		(342,568	)		6,345,619
Short-Term Interest Rate Contracts	Net unrealized gain (loss) on open futures contracts		280,128		(118,694	)		161,434
Long-Term Interest Rate Contracts	Net unrealized gain (loss) on open futures contracts		1,322,528		(2,274,551	)		(952,023	)
Forward Currency Contracts	Net  unrealized  gain  (loss)  on  open  forward currency contracts		5,468,793		(9,233,392	)		(3,764,599	)
Totals		$	16,799,478	$	(14,823,494	)	$	1,975,984

*  Derivatives not designated as hedging instruments under ASC 815

14

CAMPBELL STRATEGIC ALLOCATION FUND, L.P.

NOTES TO FINANCIAL STATEMENTS

SEPTEMBER 30, 2017 (Unaudited)

Type of Instrument *	Statements of Financial Condition Location	Asset Derivatives at December 31, 2016 Fair Value		Liability Derivatives at December 31, 2016 Fair Value			Net
Agriculture Contracts	Net unrealized gain (loss) on open futures contracts	$	2,621,318	$	(1,669,312	)	$	952,006
Energy Contracts	Net unrealized gain (loss) on open futures contracts		1,294,666		(68,043	)		1,226,623
Metal Contracts	Net unrealized gain (loss) on open futures contracts		589,912		(3,764,311	)		(3,174,399	)
Stock Indices Contracts	Net unrealized gain (loss) on open futures contracts		3,886,396		(1,877,982	)		2,008,414
Short-Term Interest Rate Contracts	Net unrealized gain (loss) on open futures contracts		115,803		(363,714	)		(247,911	)
Long-Term Interest Rate Contracts	Net unrealized gain (loss) on open futures contracts		1,843,389		(710,683	)		1,132,706
Forward Currency Contracts	Net  unrealized  gain  (loss)  on  open  forward currency contracts		8,412,229		(5,380,563	)		3,031,666
Totals		$	18,763,713	$	(13,834,608	)	$	4,929,105

*  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 and nine months ended September 30, 2017 and 2016 is as follows:

Type of Instrument	Trading Gains/(Losses) for the Three Months Ended September 30, 2017			Trading Gains/(Losses) for the Three Months Ended September 30, 2016
Agriculture Contracts	$	(6,720,312	)	$	4,243,235
Energy Contracts		16,234			(6,280,100	)
Metal Contracts		(2,244,300	)		(2,826,842	)
Stock Indices Contracts		11,181,962			6,506,151
Short-Term Interest Rate Contracts		(562,516	)		(955,658	)
Long-Term Interest Rate Contracts		896,667			(7,115,387	)
Forward Currency Contracts		4,262,413			(8,045,513	)
Total	$	6,830,148		$	(14,474,114	)

Type of Instrument	Trading Gains/(Losses) for the Nine Months Ended September 30, 2017			Trading Gains/(Losses) for the Nine Months Ended September 30, 2016
Agriculture Contracts	$	(12,459,572	)	$	(2,814,236	)
Energy Contracts		(12,132,786	)		(18,626,129	)
Metal Contracts		(756,629	)		(8,461,635	)
Stock Indices Contracts		49,481,874			(6,935,178	)
Short-Term Interest Rate Contracts		(2,521,985	)		(2,939,230	)
Long-Term Interest Rate Contracts		(11,507,883	)		27,284,642
Forward Currency Contracts		(13,082,623	)		(11,386,865	)
Total	$	(2,979,604	)	$	(23,878,631	)

15

CAMPBELL STRATEGIC ALLOCATION FUND, L.P.

NOTES TO FINANCIAL STATEMENTS

SEPTEMBER 30, 2017 (Unaudited)

Line Item in the Statements of Operations	Trading Gains/(Losses) for the Three Months Ended September 30, 2017			Trading Gains/(Losses) for the Three Months Ended September 30, 2016
Futures trading gains (losses):
Realized **	$	(17,478,063	)	$	44,430
Change in unrealized		20,045,798			(6,473,031	)
Forward currency trading gains (losses):
Realized		7,160,865			(3,560,070	)
Change in unrealized		(2,898,452	)		(4,485,443	)
Total	$	6,830,148		$	(14,474,114	)

Line Item in the Statements of Operations	Trading Gains/(Losses) for the Nine Months Ended September 30, 2017			Trading Gains/(Losses) for the Nine Months Ended September 30, 2016
Futures trading gains (losses):
Realized **	$	6,259,875		$	(28,349,129	)
Change in unrealized		3,843,144			15,857,363
Forward currency trading gains (losses):
Realized		(6,286,358	)		(8,525,068	)
Change in unrealized		(6,796,265	)		(2,861,797	)
Total	$	(2,979,604	)	$	(23,878,631	)

**  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 brokers.

For the three months ended September 30, 2017 and 2016, the monthly average of futures contracts bought and sold was approximately 25,000 and 48,100, respectively, and the monthly average of notional value of forward currency contracts was $1,152,000,000 and $2,877,000,000, respectively.

For the nine months ended September 30, 2017 and 2016, the monthly average of futures contracts bought and sold was approximately 31,400 and 56,600, respectively, and the monthly average of notional value of forward currency contracts was $1,292,000,000 and $2,969,400,000, respectively.

Open contracts generally mature within twelve months; as of September 30, 2017, the latest maturity date for open futures contracts is December 2018 and the latest maturity date for open forward currency contracts is December 2017. However, the Fund intends to close all futures and offset all forward currency contracts prior to maturity.

Credit Risk

The Fund trades futures contracts on exchanges that require margin deposits with the futures brokers. 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.

16

CAMPBELL STRATEGIC ALLOCATION FUND, L.P.

NOTES TO FINANCIAL STATEMENTS

SEPTEMBER 30, 2017 (Unaudited)

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 September 30, 2017 and December 31, 2016 was $77,861,583 and $83,929,651, respectively, which equals approximately 28% and 22% of Net Asset Value, respectively. The cash deposited with the interbank market makers at September 30, 2017 and December 31, 2016 was $181,935 and $138,161, respectively, which equals approximately 0% and 0% of Net Asset Value, respectively. These amounts are included in cash and cash equivalents. There was no restricted cash as of September 30, 2017 and December 31, 2016.

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 September 30, 2017

Type of Instrument	Counterparty	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statements of Financial Condition			Net Amounts of Unrealized Gain Presented in the Statements of Financial Condition
Futures contracts	UBS Securities LLC	$	5,668,233	$	(2,788,749	)	$	2,879,484
Futures contracts	Goldman Sachs		5,662,452		(2,801,353	)		2,861,099
Total futures contracts			11,330,685		(5,590,102	)		5,740,583
Forward currency contracts	UBS AG		2,734,364		(2,734,364	)		0
Forward currency contracts	Royal Bank of Scotland		2,734,429		(2,734,429	)		0
Total forward currency contracts			5,468,793		(5,468,793	)		0
Total derivatives		$	16,799,478	$	(11,058,895	)	$	5,740,583

17

CAMPBELL STRATEGIC ALLOCATION FUND, L.P.

NOTES TO FINANCIAL STATEMENTS

SEPTEMBER 30, 2017 (Unaudited)

Derivatives Assets and Collateral Received by Counterparty

As of September 30, 2017

			Gross Amounts Not Offset in the Statements of Financial Condition
Counterparty	Net Amounts of Unrealized Gain in the Statements of Financial Condition		Financial Instruments		Cash Collateral Received		Net Amount
UBS Securities LLC	$	2,879,484	$	0	$	0	$	2,879,484
Goldman Sachs		2,861,099		0		0		2,861,099
UBS AG		0		0		0		0
Royal Bank of Scotland		0		0		0		0
Total	$	5,740,583	$	0	$	0	$	5,740,583

Offsetting of Derivative Liabilities

As of September 30, 2017

Type of Instrument	Counterparty	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statements of Financial Condition			Net Amounts of Unrealized Loss Presented in the Statements of Financial Condition
Futures contracts	UBS Securities LLC	$	2,788,749	$	(2,788,749	)	$	0
Futures contracts	Goldman Sachs		2,801,353		(2,801,353	)		0
Total futures contracts			5,590,102		(5,590,102	)		0
Forward currency contracts	UBS AG		4,617,454		(2,734,364	)		1,883,090
Forward currency contracts	Royal Bank of Scotland		4,615,938		(2,734,429	)		1,881,509
Total  forward  currency contracts			9,233,392		(5,468,793	)		3,764,599
Total derivatives		$	14,823,494	$	(11,058,895	)	$	3,764,599

18

CAMPBELL STRATEGIC ALLOCATION FUND, L.P.

NOTES TO FINANCIAL STATEMENTS

SEPTEMBER 30, 2017 (Unaudited)

Derivatives Liabilities and Collateral Pledged by Counterparty

As of September 30, 2017

			Gross Amounts Not Offset in the Statements of Financial Condition
Counterparty	Net Amounts 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		1,883,090		(1,883,090	)*		0		0
Royal Bank of Scotland		1,881,509		(1,881,509	)*		0		0
Total	$	3,764,599	$	(3,764,599	)	$	0	$	0

* Represents a portion of the $34,724,170 fair value in the U.S. Treasury Bills held at the interbank market makers.

Offsetting of Derivative Assets

As of December 31, 2016

Type of Instrument	Counterparty	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statements of Financial Condition			Net Amounts of Unrealized Gain Presented in the Statements of Financial Condition
Futures contracts	UBS Securities LLC	$	5,189,897	$	(4,226,165	)	$	963,732
Futures contracts	Goldman Sachs		5,161,587		(4,227,880	)		933,707
Total futures contracts			10,351,484		(8,454,045	)		1,897,439
Forward currency contracts	UBS AG		4,206,734		(2,690,255	)		1,516,479
Forward currency contracts	Royal Bank of Scotland		4,205,495		(2,690,308	)		1,515,187
Total  forward  currency contracts			8,412,229		(5,380,563	)		3,031,666
Total derivatives		$	18,763,713	$	(13,834,608	)	$	4,929,105

Derivatives Assets and Collateral Received by Counterparty

As of December 31, 2016

			Gross Amounts Not Offset in the Statements of Financial Condition
Counterparty	Net Amounts of Unrealized Gain in the Statements of Financial Condition		Financial Instruments		Cash Collateral Received		Net Amount
UBS Securities LLC	$	963,732	$	0	$	0	$	963,732
Goldman Sachs		933,707		0		0		933,707
UBS AG		1,516,479		0		0		1,516,479
Royal Bank of Scotland		1,515,187		0		0		1,515,187
Total	$	4,929,105	$	0	$	0	$	4,929,105

19

CAMPBELL STRATEGIC ALLOCATION FUND, L.P.

NOTES TO FINANCIAL STATEMENTS

SEPTEMBER 30, 2017 (Unaudited)

Offsetting of Derivative Liabilities

As of December 31, 2016

Type of Instrument	Counterparty	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statements of Financial Condition			Net Amounts of Unrealized Loss Presented in the Statements of Financial Condition
Futures contracts	UBS Securities LLC	$	4,226,165	$	(4,226,165	)	$	0
Futures contracts	Goldman Sachs		4,227,880		(4,227,880	)		0
Total futures contracts			8,454,045		(8,454,045	)		0
Forward currency contracts	UBS AG		2,690,255		(2,690,255	)		0
Forward currency contracts	Royal Bank of Scotland		2,690,308		(2,690,308	)		0
Total  forward  currency contracts			5,380,563		(5,380,563	)		0
Total derivatives		$	13,834,608	$	(13,834,608	)	$	0

Derivatives Liabilities and Collateral Pledged by Counterparty

As of December 31, 2016

			Gross Amounts Not Offset in the Statements of Financial Condition
Counterparty	Net Amounts 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 & 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.

20

CAMPBELL STRATEGIC ALLOCATION FUND, L.P.

NOTES TO FINANCIAL STATEMENTS

SEPTEMBER 30, 2017 (Unaudited)

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 September 30, 2017 and December 31, 2016, the Statements of Operations and Financial Highlights for the three months and nine months ended September 30, 2017 and 2016, and the Statements of Cash Flows and Changes in Partners’ Capital (Net Asset Value) for the nine months ended September 30, 2017 and 2016 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 September 30, 2017 and December 31, 2016, the results of operations and financial highlights for the three months and nine months ended September 30, 2017 and 2016, and cash flows and changes in partners’ capital (Net Asset Value) for the nine months ended September 30, 2017 and 2016.

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.

21

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.

22

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, agency, or municipal securities; (ii) banker acceptances or certificates of deposits; (iii) commercial paper or money market securities; (iv) short-term, investment-grade corporate debt securities; or (v) investment- grade, 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.

23

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 nine months ended September 30, 2017 and 2016 were (6.06)% and (10.07)%, respectively. During the nine months ended September 30, 2017 and 2016, the Fund accrued brokerage fees in the amount of $17,104,244 and $26,461,305, respectively, and paid brokerage fees in the amount of $17,778,507 and $27,084,441, respectively. No performance fees were accrued or paid during these periods.

2017 (For the Nine Months Ended September 30)

Of the (6.06)% year to date return, approximately (0.81)% was due to trading losses (before commissions) and approximately (6.12)% due to brokerage fees, operating expenses and offering costs borne by the Fund, offset by approximately 0.87% due to investment income. An analysis of the (0.81)% trading losses by sector is as follows:

Sector	% Gain (Loss)
Commodities		(7.87	)%
Currencies		(3.55	)%
Interest Rates		(4.20	)%
Stock Indices		14.81	%
		(0.81)	%

FX and commodity losses offset gains in stock indexes led to a down January as losses came from foreign exchange, commodity, and interest rate positions while stock index holdings produced some partially offsetting gains. Foreign exchange (FX) produced some of the largest losses during the month. Positioning within FX was broadly long the US dollar versus most other major currencies. Following the election of Donald Trump, the US dollar strengthened and our trading systems generally aligned positioning with that momentum. However, January saw a reversal of this trend as investors pared back their bullish bets on the greenback amid worries that President Trump was focusing more on protectionism than on pro-growth economic policies. Our FX holdings suffered as a result of this broad reversal in the US dollar. Commodity holdings added to the January losses. Within the energy sub-sector, long positioning on gasoline produced losses amid bearish inventory data. Short soybean holdings, part of the grains sub- sector, experienced losses due to a weakening US dollar and flood conditions in Argentina. In the softs sub-sector, a short on coffee saw losses due to a stronger Brazilian real and a downgrade to Brazil’s output forecast. Some partially offsetting gains came from the industrial metals sub-sector. Long positioning on zinc, copper, and aluminum all saw gains amid a combination of bullish fundamentals, especially from China, and some supply disruptions. Interest rate holdings also produced losses. Long holdings on the German 10-year note saw declines as bond prices fell amid rising inflation in the Eurozone. Inflation reached a 4-year high and approached the ECB’s stated 2% target. Stock index holdings contributed some offsetting gains. Long holdings across our universe of global stock indexes benefited from a continuation of the rally that started with the election of Trump and his expected reflationary policies. Concerns over President Trump’s Executive Order limiting some immigration into the US capped gains late in the month as some investors became unnerved by the action.

24

Gains in stock indexes, FX, and interest rates led to a profitable February as profits came from stock indexes, foreign exchange, and interest rate positions while commodity holdings produced some partially offsetting losses for the Fund. Stock index holdings contributed some of the strongest gains to the Fund. Long holdings across the Fund’s universe of global stock  indexes benefited from generally  better than expected economic data. The Bloomberg US indicator of economic surprises reached its strongest level since 2012. Solid fourth quarter 2016 corporate earnings reports also helped to fuel the rally, along with a steadily improving US labor market. Stock markets continued to look past the new Trump administration’s lack of policy implementation details and focused more on the potential benefits that tax reform, deregulation, and infrastructure spending might provide to global economies. Foreign exchange (FX) produced some additional gains as the Fund's models took advantage of the mixed performance among the developed and emerging FX markets. Long positioning on higher-yielding currencies, such as the South African rand which rallied over 3% in February, proved profitable. A short position on the euro also showed a gain when it weakened on the back of French election concerns in the EU. Interest rate holdings also produced profits. Long positioning on longer-dated instruments within Germany provided some of the best gains. German 5-year and 10-year notes both rallied on a flight to quality move as investors grew more concerned about the spring French Presidential election. Marine Le Pen, the head of the far-right French Front National Party who has threatened to try to pull France out of the EU if elected, rose in the polls during the month. Commodity holdings modestly detracted from the February gains for the Fund. Profits from precious metals (mostly from silver) and industrial metals (mostly from aluminum) were more than offset by losses in the other sub-sectors. Grains were one of the worst performing sub-sectors as a short position on wheat suffered as the market rose to a 7- month high amid tight global ending stock projections.

Mixed performance across the asset classes traded led to a down March as losses came from interest rate, foreign exchange, and commodity positions while stock index holdings produced some partially offsetting gains. Interest rate holdings produced some of the largest losses during the month. Long positioning on instruments within Germany sold off on higher EU inflation readings and as investors grew more comfortable that anti-EU political populism in France and the Netherlands was stalling. Short positioning within the US was hurt when fixed income instruments reversed the recent downtrend mid-month amid a less hawkish FOMC message communicated after their decision to hike interest rates on March 15th. Foreign exchange produced some additional losses as our models failed to successfully navigate a choppy month of price action for the US dollar. For example, long positioning on the New Zealand dollar (kiwi) suffered early in the month as that currency weakened against the US dollar leading up to the mid-month FOMC meeting which was widely expected to be hawkish. Our models then flipped to short the kiwi only to see the currency begin to strengthen when the US dollar sold off on the more dovish than expected message delivered by the Federal Reserve. Commodity holdings modestly detracted from the Fund during March. Some of the largest monthly losses came from the energy, precious metal, industrial metal, and meat sub-sectors. Partially offsetting gains were found in the soft commodity and grain sub-sectors, with some of the best profits coming from sugar and wheat. Stock index holdings contributed the strongest profits to the Fund during the month. Some of the best gains were found via long positions on European stock indexes which benefited from the ongoing global reflation trade and dampening concerns around anti-EU political populism in the region. Our models also saw success in Asia as long positioning within Australia, Hong Kong, and Taiwan proved profitable as ongoing improvements in the Chinese economy, linked with enduring hopes for US tax reform and infrastructure spending, supported shares around the globe.

25

April gains came from stock index, foreign exchange, and interest rate holdings while commodities produced some partially offsetting losses for the Fund. Stock index holdings contributed the strongest profits to the Fund during the month. Global stock markets generally shook off new tensions with North Korea and a US cruise-missile strike on targets in Syria. A market-friendly French election outcome, above-trend US earnings growth, and movement on a number of policies by the White House all provided a positive offset to the worrisome news. Long positioning on global stock indexes benefitted from the gains shown by equities during the month with some of the best profits coming from the United States and Hong Kong. Foreign exchange holdings added to the Fund gains during April. A short position on the Canadian dollar (versus the US dollar) benefitted as the loonie fell in value after President Trump announced a planned tariff on softwood lumber imports from Canada and also threatened to withdraw from the North American Free Trade Agreement (NAFTA). Some partially offsetting losses were seen from a short on the euro (versus the US dollar) when currency markets cheered the French election outcome and sent the euro sharply higher late in the month. Interest rate positions produced some additional profits. Long positioning on 10- year notes in Canada and Japan saw some of the best monthly gains within the sector as yields fell in those countries which sent bond prices higher. Commodity holdings produced losses during the month. Long positioning on crude suffered when that market saw a price drop as record US crude stockpiles began to raise doubts about OPEC’s ability to curtail a global supply glut. Long holdings on the industrial metals showed losses when an unwind of the global reflation trade pushed commodity prices lower. Some gains were found in long positioning on live cattle which saw sharp price gains amid supply concerns following declines in slaughter estimates and a drop in cold storage inventories.

May shows losses caused by foreign exchange and commodity positions, while stock index and interest rate holdings produced partially offsetting gains for the Fund. Foreign exchange holdings produced some of the largest losses during May. Long positioning on the US dollar against most developed currencies drove the decline. An ongoing unwind of the Trump-induced reflation-trade, linked with some mixed US economic data and generally stronger European data, conspired to send the greenback lower during the month. The political turmoil that gripped Washington DC added to the US dollar angst while a soothing of political tensions in Europe, due to the election of Emmanuel Macron in France, helped support European currencies. Commodity holdings also produced losses during the month. Long positioning on natural gas suffered when that market saw a price drop as mild weather in the US reduced demand and as a new trade agreement with China is expected to encourage US drillers to produce more of the commodity. A short cocoa position suffered amid flood conditions and unrest in the Ivory Coast which sent prices higher. The grains produced some partially offsetting gains as a short soybean position profited from a sell-off in that market due to continued concerns surrounding increased South American planting expectations and steady US planting progress. Long holdings on global stock indexes contributed some of the strongest profits to the Fund. Some of the best gains were seen in Hong Kong and the US as technology stocks performed particularly well. Improving global growth, linked with still-accommodative central banks and ongoing hope the Trump administration will ultimately get tax reform and infrastructure spending passed, kept the buy-the-dip mentality firmly in place. Interest rate positions produced additional profits. Long positioning on 10-year notes in Canada, Australia, and Germany produced gains as central banks in those regions indicated they planned to remain patient with their accommodative policies.

The Fund showed a loss in June led by down interest rate holdings as losses came from interest rate, commodities and foreign exchange positions, while stock index holdings had little impact on the Fund’s profit & loss (P&L) during the month. Interest rate positions produced the largest losses for the Fund during June. Long positioning on European, Australian, United Kingdom, and Canadian interest rate notes were some of the worst performing markets within the sector for the Fund. Late in the month, Mario Draghi, President of the European Central Bank (ECB), gave a speech at the opening of the ECB's Forum on Central Banking which heightened expectations for monetary policy tapering in Europe. In subsequent days, several other major central banks, such as the Bank of England (BOE) and the Bank of Canada (BOC), also delivered more hawkish messages. The US has already embarked on a series of interest rate hikes and the Federal Open Market Committee (FOMC) has indicated that more hikes are likely to come. The specter of an end to ultra-loose monetary policy on both sides of the Atlantic triggered a widespread sell-off in global fixed income markets which sent global yields higher and had a detrimental impact on the Fund. Commodity holdings produced additional losses during June. Some of the worst losses came from short positioning on wheat which rose amid declines in crop conditions, strong export sales, and a weaker US dollar. Partially-offsetting gains were found in short energy positions as the crude complex saw a broad-based sell-off. Short soft commodity holdings benefitted from a decline fueled by ample supply expectations. Foreign exchange markets also contributed to losses this month. Long holdings on the US dollar against the Canadian dollar was one of the worst performing FX positions. The loonie appreciated about 4% versus the US dollar as the BOC kick- started the theme of policy normalization which led to losses. Long holdings on global stock indexes ended the month showing little impact on the Fund. Early month gains were given back late in June as investors were unnerved by the global rise in rates which pushed many markets down from recent highs.

26

The Fund showed a gain in July led by foreign exchange and stock index positions, while commodity and interest rate holdings produced partially offsetting losses during the month. Foreign exchange positions produced some of the strongest monthly gains for the Fund. Broad-based US dollar weakness during July was the result of expectations that the US Federal Reserve would have to pause their recent path of higher interest rates due to weaker inflation readings for the US economy. In addition, the unpredictability of the Trump administration and the general inability of the US Congress to make progress on any substantive policy priorities weighed on the US currency. Some of the best gains were found in long positioning on the Australian dollar, euro, Canadian dollar, and Norwegian krone (all versus short US dollars). Long holdings on global stock indexes also contributed to profits. Some of the best returns were found in Hong Kong, the United States, India, and the Netherlands. Second quarter earnings reports were generally stronger than expected and a less hawkish US Federal Reserve both provided a tailwind for stocks. Equities saw a period of unusually low volatility with the S&P VIX index touching an all-time low during July. Commodity holdings produced some of the largest losses during July. A short soybean holding drove losses in the grains sub-sector as the market rallied amid lowered crop conditions. A short position on silver was hurt amid higher demand and a weaker US dollar which conspired to send the price of the precious metal higher. In the softs sub-sector, a coffee short suffered as that market advanced to a 3-month high amid the weaker dollar and falling expectations for the Brazilian crop. Small offsetting gains were found in the energy sub-sector where a long on gasoline benefited from higher prices as crude inventories showed a contraction during the month. Interest rate positions produced some smaller losses for the Fund. Choppy price action was difficult for the trading systems to navigate as rate markets grappled with changing central bank messaging and a consolidation of the sharp sell-off seen in June.

The Fund showed a gain in August led by interest rate and commodity holdings, while foreign exchange and stock index positions produced some partially offsetting losses during the month. Interest rate positions produced the best gains for the Fund. Long positioning on German and Japanese long-term interest rate notes contributed some of the best sector gains. Early in the month, a spike in demand for safe-haven assets drove bond prices higher amid new threats by North Korea to launch missiles at the US territory of Guam. Later in the month, bonds benefitted again when North Korea launched a missile that flew over Japan, triggering a new round of safety-seeking trades. Commodity holdings produced some additional profits during August. Long positioning on copper and zinc experienced gains on the back of strengthening Chinese demand and improving macro conditions. Short wheat positions also produced profits as those markets sold-off amid steady harvest progress and improved crop ratings. The Fund experienced some partially offsetting losses in the energies, precious metals, and meats sub-sectors. Foreign exchange positions produced losses for the Fund, as long positioning on the New Zealand dollar (versus the US dollar) suffered when that country’s central bank took a more dovish tone in the monetary policy statement they issued early in August. The head of their central bank, Graeme Wheeler, then continued to jaw-bone down the currency in speeches later in the month. Long positioning on the British pound (versus the US dollar) also caused losses when that currency fell in value as UK economic data lagged Europe and prospects for higher UK interest rates diminished. Global stock indexes also contributed to losses during the month. Short positioning on the S&P 500 Volatility Index (also known as the VIX) produced losses for the Fund as that index shot up more than 30% amid the North Korean missile threats early in August. Some partially offsetting gains were found in a long holding on the Hang Seng Index in Hong Kong which continued its strong year-to-date uptrend.

September losses came from foreign exchange, commodity, and interest rate holdings, while stock index positions produced some partially offsetting gains during the month. Foreign exchange positions produced losses for the Fund. Short US dollar positioning against a variety of developed market and emerging market currencies drove the Fund declines. The US dollar began to strengthen post the September 20th Federal Open Market Committee (FOMC) interest rate meeting. On balance, the FOMC communication was more hawkish than expected. Later in the month, several FOMC members reinforced the hawkish rhetoric which cemented expectations for one more interest rate   hike in 2017 which fueled the US dollar higher, hurting the Fund. Commodity holdings produced additional losses during September. The biggest sub-sector losses were found within the industrial metals complex. Long   positioning on copper and nickel suffered due to the stronger US dollar and amid several bearish developments in China. Long positioning on gasoline also led to losses when that market sold-off as the impact from Hurricane Harvey on the Gulf Coast refinery infrastructure was less severe than originally expected. Interest rate positions created further losses for the Fund. Long positioning on German government notes produced some of the largest losses within the sector. German notes fell in tandem with US notes as a reflation trade fueled by President Trump’s tax overhaul plan generally pushed global yields higher. Global stock indexes contributed some partially offsetting gains for the Fund. Long positioning in Japan, the United States, and continental Europe produced some of the best gains. A weaker yen helped boost shares in Japan. In the US, shares traded higher as prospects for tax reform trumped two major hurricanes and threats from North Korea. A still accommodative European central bank and the reelection of Chancellor Angela Merkel in Germany kept a strong tailwind behind stocks in that region.

27

2016 (For the Nine Months Ended September 30)

Of the (10.07)% year to date return, approximately (4.59)% was due to trading losses (before commissions) and approximately (6.09)% due to brokerage fees, operating expenses and offering costs, offset by approximately 0.61% due to investment income earned by the Fund. An analysis of the (4.59)% trading loss by sector is as follows:

Sector	% Gain (Loss)
Commodities		(5.72	)%
Currencies		(2.46	)%
Interest Rates		4.93	%
Stock Indices		(1.34	)%
		(4.59	)%

The Fund showed a gain during January as 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.

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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 Organization of the Petroleum Exporting Countries (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).

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Losses in commodities and foreign exchange left 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 as 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.

The Fund showed a profit in July as gains came from stock index, commodity, and interest rate markets, while foreign exchange holdings produced some small losses. Stock index holdings produced some of the largest monthly gains with both the trend following and non-trend systems contributing. Global equity markets shook off the fear and uncertainty created by the UK's decision to leave the European Union and produced strong gains during July. Long positioning within the Fund across global stock indexes benefitted from the higher prices with holdings in Australia, the UK, Canada, Germany, and Taiwan producing some of the best performance. Generally better than expected Q2 earnings results, attractive dividend yields, and the expectation that global central banks will keep rates lower for longer all offset terror attacks, a coup attempt in Turkey, and uncertainty over the US presidential election. Commodity positions from both the trend and non-trend models provided some additional gains to the Fund.  Short positioning across the energy complex was profitable with both gasoline and WTI crude producing some of the best returns. Inventory reports during the month showed that supply was plentiful leading to lower prices. Precious metals added to gains within the sector as long positioning benefitted from a slightly weaker US dollar and ongoing accommodation from the US Federal Reserve. Some offsetting losses were produced within the grain sub-sector. A long position on soybeans suffered from weaker demand amid robust crop expectations. Interest rate holdings had a positive impact on the monthly P&L with trend following systems showing gains. Long positioning on long-dated interest rate markets produced some of the best profits. Holdings in Australia benefitted from an accommodative central bank that is grappling with persistently low inflation readings and uncertainty around the newly elected Prime Minister's effectiveness given his very narrow victory. Foreign exchange positioning produced small losses driven by non-trend following strategies. Choppy price action and a mix of long and short positioning versus the US dollar led to the muted P&L within the FX sector overall.

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Losses primarily came from commodity, foreign exchange, and interest rate positions, while stock index positions closed flat for the month of August. Commodity holdings from the trend models provided some of the largest losses to the Fund. Positioning within the energy and precious metal sub-sectors caused a bulk of the damage. Short positioning within the energy complex suffered from concerns that OPEC might try to rein in production at an informal meeting scheduled for September which helped fuel a short squeeze. Long holdings on precious metals also caused losses as growing expectations for higher interest rates in the US led to a sell-off in both gold and silver. The Fund did receive some offsetting gains from a short position on wheat which saw its price decline to a 10-year low on abundant supply. Foreign exchange positions from both trend following and non-trend following strategies also showed losses during August. Some of the largest monthly losses were seen in the euro, Mexican peso, and Australian dollar (all versus the US dollar). Choppy price action in the euro and peso created a difficult environment for our systems to trade profitably. A multi-month uptrend in the Aussie dollar produced losses when that currency experienced a price reversal beginning in the middle of the month. Interest rate holdings had a negative impact on the monthly P&L with trend following and non-trend systems both showing losses. Long positioning, especially within the US, suffered from a better than expected July US employment report released early in the month. A growing stream of comments from US Federal Reserve members signaling their willingness to potentially raise interest rates at one of three remaining 2016 FOMC meetings also pressured interest rate markets lower, sending yields higher. Stock index P&L was relatively flat as a long position within Australia was hurt by a sell-off in the financial, mining, and telecommunication sectors. Some offsetting gains were found in a long position within Hong Kong which rose in value on better than expected earnings and amid the news that the long-planned stock-trading link between Hong Kong and China was officially approved.

September losses came from interest rate, commodity, stock index, and foreign exchange positions. Interest rate holdings had a negative impact on the monthly P&L with trend following and non-trend systems both showing losses. Uncertainty and nervousness over central bank interest rate decisions drove global fixed income prices lower in the first half of September as the US Federal Reserve, the Bank of Japan, and the European Central Bank all made intra-month policy announcements. On balance, all three major central banks leaned more hawkish than expected, with the US FOMC indicating that one interest rate hike was likely before year-end. The Fund was hurt by long positioning on long-dated markets, especially within Australia, the US, and the UK. Commodity holdings from both non-trend and trend models provided additional losses. A surprise announcement from OPEC that the cartel had agreed to some production cuts sent the crude complex sharply higher, hurting short positioning. Oversold price bounces in corn and wheat hurt short positioning within the grains. Some offsetting gains were seen in the softs and meats. A continued trend higher in the price of sugar benefitted long positioning, while a drop in both hog and cattle prices was profitable for short holdings, as prices fell about 23% and 7%, respectively. Stock index holdings added to the monthly losses as the non-trend systems struggled to successfully trade choppy global equity index markets. Global stocks sold off in the first half of the month following bond prices lower as yields rose. Stocks then bounced once markets digested major central bank announcements, only to see prices fall on financial health concerns surrounding Deutsche Bank (DB). Prices then rebounded when headlines turned more positive on the outlook for DB near month-end.  Foreign exchange positions from the non-trend following strategies showed small losses.  The non-trend systems failed to successfully navigate a very choppy environment for many major currencies. Among the biggest P&L contributors, the Mexican peso produced gains, while the Canadian dollar and euro produced losses.

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.

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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.

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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 September 30, 2017 and December 31, 2016 and the trading gains/losses by market category for the nine months ended September 30, 2017 and the year ended December 31, 2016.

	September 30, 2017
Market Sector	Value at Risk*			Trading Gain/(Loss)**
Commodities		0.52	%		(7.87	)%
Currencies		0.82	%		(3.55	)%
Interest Rates		0.46	%		(4.20	)%
Stock Indices		1.01	%		14.81	%
Aggregate/Total		1.38	%		(0.81	)%

* - 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 (6.06)% year to date return, approximately (0.81)% was due to trading losses (before commissions) and approximately (6.12)% due to brokerage fees, operating expenses and offering costs borne by the Fund, offset by approximately 0.87% due to investment income.

	December 31, 2016
Market Sector	Value at Risk*			Trading Gain/(Loss)**
Commodities		0.60	%		(11.29	)%
Currencies		0.58	%		(0.73	)%
Interest Rates		0.22	%		3.61	%
Stock Indices		0.81	%		1.02	%
Aggregate/Total		1.43	%		(7.39	)%

* - 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 (14.68)% return for the year, approximately (7.39)% was due to trading losses (before commissions) and approximately (8.09)% due to brokerage fees, operating expenses and offering costs borne by the Fund, offset by approximately 0.80% due to investment income.

33

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 September 30, 2017, by market sector.

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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.

Agricultural

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 September 30, 2017.

Foreign Currency Balances

The Fund's primary foreign currency balances are in Australian Dollar, British Pound, Canadian Dollar, Euros, Hong Kong Dollar, Japanese Yen, 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).

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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. There were no 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.

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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) (2)
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
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 as of September 30, 2017 and December 31, 2016, (ii) Statements of Financial Condition as of September 30, 2017 and December 31, 2016, (iii) Statements of Operations For the Three Months and Nine Months Ended September 30, 2017 and 2016, (iv) Statements of Cash Flows For the Nine Months Ended September 30, 2017 and 2016, (v) Statements of Changes in Partners' Capital (Net Asset Value) For the Nine Months Ended September 30, 2017 and 2016, (vi) Financial Highlights For the Three Months and Nine Months Ended September 30, 2017 and 2016, (vii) Notes to Financial Statements.

(1)   Previously filed as an exhibit to Registration Statement on Form S-1 on April 27, 2010 and incorporated herein by reference.

(2)   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.

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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 as of September 30, 2017 and December 31, 2016, (ii) Statements of Financial Condition as of September 30, 2017 and December 31, 2016, (iii) Statements of Operations For the Three Months and Nine Months Ended September 30, 2017 and 2016, (iv) Statements of Cash Flows For the Nine Months Ended September 30, 2017 and 2016, (v) Statements of Changes in Partners' Capital (Net Asset Value) For the Nine Months Ended September 30, 2017 and 2016, (vi) Financial Highlights For the Three Months and Nine Months Ended September 30, 2017 and 2016, (vii) Notes to Financial Statements.

38

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: November 14, 2017	By:	/s/ G. William Andrews
		G. William Andrews
		Chief Executive Officer

39

EX-10.1

EXHIBIT 10.01

(Amended)

CAMPBELL STRATEGIC ALLOCATION FUND, L.P.

ADVISORY AGREEMENT

This Agreement made as of the 12th day of January, 1994 among Campbell Strategic Allocation Fund, L.P., a Delaware limited partnership (the "Fund"), and Campbell & Company, Inc. (the "General Partner").

W I T N E S S E T H:

THAT, WHEREAS, the General Partner has caused the Fund to be formed as a limited partnership under the Delaware Revised Uniform Limited Partnership Act (the "Act") for the purposes of speculative buying, selling, trading, and generally dealing in futures contracts, forward contracts, and related options (collectively referred to as "commodity interests"); and

WHEREAS, the Fund and the General Partner are fully cognizant of the high risks involved in trading commodity interests; and

WHEREAS, the Fund and the General Partner are, pursuant to the Amended Agreement of Limited Partnership establishing the Fund (the "Partnership Agreement"), authorized to utilize the services of one or more professional commodity trading advisors in connection with the commodity trading activities of the Fund; and

WHEREAS, the Fund and the General Partner have determined to utilize the General Partner to render commodity trading services to the Fund and wish to enter into this Agreement in order to set forth the terms and conditions upon which the General Partner will render and implement commodity management services in connection with the conduct by the Fund of its commodity trading activities during the term of this Agreement;

NOW, THEREFORE, the parties agree as follows:

1.                    ADVISORY DUTIES.  As of the commencement of trading operations of the Fund and until termination of this Agree-ment, the General Partner shall have sole authority and responsibility for directing the investment and reinvestment in commodity interests of the Fund's assets.  The General Partner will determine the trades in com-modity interests on behalf of the Fund in accordance with the Fund's Prospectus, included in the Fund's registration statement as declared effective by the Securities and Exchange Commission (the "Prospectus").  All purchases and sales of commodity interests shall be for the account and at the risk of the Fund.  All brokerage and floor commissions and fees, option premiums, and other transaction costs and expenses incurred in con-nection with transactions by and for the Fund shall be charged to the Fund.  The General Partner shall receive a Commodity Trading Autho-rization appointing it the Fund's agent and attorney-in-fact for such purpose.  The General Partner has selected PaineWebber Incorporated as the clearing broker (the "Commodity Broker").

2.                    INDEPENDENCE OF THE GENERAL PARTNER.  When acting as the Fund's trading advisor, the General Partner is an inde-pendent contractor and, unless otherwise expressly provided herein or authorized in writing, shall have no authority to act for or represent the Fund in any way, and shall not otherwise be deemed an agent of the Fund.

3.                    COMPENSATION.  The Fund will pay the General Partner a monthly management fee and a quarterly incentive fee as follows:

(a)                    Brokerage Fees.  The General Partner will receive Brokerage Fees equal to 8% of the Fund's month-end Net Assets per year.  The General Partner will remit 1% to the Commodity Broker and 4% to the Selling Agents and retain the remainder.

(b)          Performance Fee.  The General Partner will receive a performance fee equal to 20% of the aggregate quarterly cumulative appreciation in the Net Asset Value of the Units.  The performance fee will be paid only on profits from commodity trading attributable to Units outstanding, and no fee will be paid with respect to interest income.  Units which are redeemed other than at the end of the quarter will pay a performance fee, if any would otherwise be due, as of the end of the month in which the redemption occurs.  If any payment is made by the Fund in respect of a performance fee, and the Fund thereafter incurs a net loss, the General Partner will retain the amount previously paid.

If Unit value during a quarter declines, no performance fees shall be payable until the Unit value rises at least to the Unit level when the preceding performance fee was paid.  To the extent any Units are redeemed at a loss, any loss attributed to the redeemed Units shall not be carried forward to reduce future appreciation in Unit value.

If this Agreement shall be terminated other than at the end of a period when a fee is otherwise payable, performance fees shall be calculated as if such termination date were the end of the quarter and the management fee shall be prorated based on the number of trading days for which services were rendered divided by the total number of trading days in such month.  Fees shall be paid within 10 days after the date on which they are earned.

Neither the General Partner nor its principals or employees shall receive any per-transaction compensation, remuneration or payments whatsoever from any broker with whom the Fund carries an account for any transactions executed in the Fund's account.

4.                    RIGHT TO ADVISE OTHERS.  The advisory services provided hereunder are not to be  deemed exclusive.  The Fund acknowledges that the General Partner will render advisory, consulting and management services to other clients, which may be charged different fees from those charged the Fund.  The General Partner shall be free to advise others and manage other commodity accounts as well as trade for proprietary accounts during the term of this Agreement and to use the same or different infor-ma-tion and trading methods and strategies which the General Partner obtains, produces or utilizes in the performance of services for the Fund, and the General Partner shall be free to compete for the same commodity interests as the Fund or to take positions in commodity interests which are the same as or opposite to the Fund's positions on behalf of the General Partner and/or any other account advised, managed, or traded by the General Partner.

However, the General Partner warrants that the rendering of such consulting, advisory and management services to other commodity futures trading accounts and entities will not materi-ally impair the discharge of the General Partner's responsibilities under this Agree-ment and that the General Partner will not knowingly and deliberately favor other client accounts over the Fund.  The Fund agrees that the General Partner shall not be deemed to be favoring another account over the Fund's account for purposes of this Agreement where the General Partner acts as described in the preceding paragraph and in the Prospectus.  If the General Partner's trading recommendations for the Fund are altered because of the application of speculative limits to the Fund's positions as a result of the trading activities of the General Partner, it will not modify the trading instructions to the Fund in such manner as to materially affect the Fund disproportionately compared with other client accounts.

5.                    TERM.  This Agreement shall continue in effect for twelve-month terms beginning as of the date hereof, or until its earlier termination as provided herein or upon (i) withdrawal of the General Partner either as trading advisor or general partner of the Fund or (ii) the termi-nation of the Fund as provided in the Partnership Agreement.  The Fund may terminate this Agreement as of the end of each twelve-month term on 60 days' prior written notice or upon written notice if (i) the General Partner's registration as a commodity trading advisor or membership in NFA is terminated or suspended; or (ii) the General Partner materially breaches this Agreement.

-2-

6.                    STANDARD OF LIABILITY AND INDEMNITIES.

(a)                    In acting as trading advisor, the General Partner shall not be liable to the Fund, or any of its or their successors or assigns, except that the General Partner shall be liable in such capacity to the Fund for losses, damages, costs, and expenses sustained by the Fund, or any of its successors or assigns as a result of (i) acts or omissions of the General Partner with respect to the Fund which constitute negli-gence or misconduct; (ii) a material breach by the General Partner of this Agree-ment; and (iii) a misleading or untrue statement of a material fact or omission to state a material fact relating to or concerning the General Partner in its capacity as trading advisor contained in the Prospectus.

(b)                    The General Partner shall indemnify, defend, and hold harmless the Fund from and against any and all losses, claims, damages, liabilities, costs, and expenses sus-tained by the Fund (including in connection with the defense or settlement of claims and in connection with any administrative proceedings), to the extent and only to the extent that the General Partner is liable to the Fund pursuant to the standard in Section 6(a) above.  The General Partner shall also reimburse any legal and other expenses rea-son-ably incurred by the Fund in connection with investigating or defending any loss, claim, damage, liability, cost, or expense covered by this indemnity.

7.                    REPRESENTATIONS AND WARRANTIES.  The General Partner represents and warrants that:

(a)          it has full capacity and authority to enter into this Agreement, and to provide the services required here-under;

(b)          it will not, by acting as trading advisor to the Fund, breach any undertaking, agreement, contract, statute, rule or regulation to which it is a party or by which it is bound which would limit or materially affect the performance of its duties under this Agreement;

(c)          it is duly registered as a commodity trading advisor and commodity pool operator under the CEA and is a member of NFA in such capacities and it will maintain and renew such registration and membership during the term of this Agreement;

(d)          all of the information in the Prospectus concerning the General Partner, including but not limited to the General Partner's composite performance records and notes thereto, is complete, true and accu-rate in all material respects and complies in all material respects with the CEA and the rules thereunder and the rules of the NFA provided the statement or omission was in conformity with infor-mation furnished by the General Partner for use therein;

(e)          it will promptly provide to the Fund the most current version of its CTA Dis-closure Document and any amendments thereto upon request; and

(f)          the within representations and war-ranties shall be continuing during the term of this Agreement and, if, at any time, any event has occurred which would make any of the foregoing not materially true, the General Partner will promptly notify the Fund.

8.                    NO GUARANTEE OF PERFORMANCE.  The General Partner makes no promises, representations, warranties or guarantees that any of its trading services to be rendered to the Fund will result in a profit or will not result in a loss to the Fund.

9.                    COMPLETE AGREEMENT.  This Agreement constitutes the entire agreement between the parties, and no other agreement as to the matters referred to herein, verbal or otherwise, shall be binding upon the parties hereto.

10.                    ASSIGNMENT.  This Agreement may not be assigned by any party without the prior written consent of the other parties.

-3-

11.                    AMENDMENT.  This Agreement may not be amended except by the written consent of the parties.

12.                    SUCCESSORS.  This Agreement shall be binding upon and inure to the benefit of the parties hereto, their permitted successors and assigns.

13.                    SURVIVAL OF CERTAIN TERMS.  The Fund's obligation to pay fees to the General Partner for services rendered prior to any termina-tion of this Agreement pursuant to Section 3 and the indemnities set forth in Section 6 shall survive any termination of this Agreement.

14.                    NOTICES.  All notices required or desired to be delivered under this Agreement shall be delivered personally, by telex, telecopier or other means of electronic communication, or by registered or certified mail, postage prepaid, return receipt requested, as follows:

If to the Fund: Campbell Strategic Allocation Fund, L.P. c/o Campbell & Company, Inc. Court Towers Building 210 West Pennsylvania Avenue Baltimore, Maryland  21204

If to the General

Partners: Campbell & Company, Inc. Court Towers Building 210 West Pennsylvania Avenue Baltimore, Maryland  21204

Copies to: David M. Matteson, Esq. Kirkland & Ellis 200 East Randolph Drive Suite 5900 Chicago, Illinois  60601

All notices required or desired to be delivered under this Agreement shall be deemed delivered and received by the party to whom a notice is addressed upon such party's actual receipt of such notice.

15.                    GOVERNING LAW.  This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware.

IN WITNESS WHEREOF, this Agreement has been executed for and on behalf of the undersigned as of the day and year first above written.

CAMPBELL STRATEGIC ALLOCATION FUND, L.P.
By:	Campbell & Company, Inc.
	the General Partner
By:	Campbell & Company, Inc.
	CAMPBELL & COMPANY, INC.
By:	Campbell & Company, Inc.

-4-

January 12, 1993

Campbell & Company, Inc.

Court Towers Building

210 West Pennsylvania Avenue

Baltimore, Maryland  21204

Re: Commodity Trading Authorization

Gentlemen:

Campbell Strategic Allocation Fund, L.P., a Delaware limited partnership, does hereby make, constitute and appoint you as its Attorney-in-Fact to purchase and sell com-mod-ity interests, including commodity futures contracts, through PaineWebber Incorporated, as commodity broker, in accordance with the Advisory Agreement between us dated as of the above date.

Very truly yours,

CAMPBELL STRATEGIC ALLOCATION FUND, L.P.
By:	Campbell & Company, Inc.
	the General Partner
By:	Campbell & Company, Inc.

-5-

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: November 14, 2017
	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: November 14, 2017
	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 September 30, 2017 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 September 30, 2017 fairly presents, in all material respects, the financial condition and results of operations of Campbell Strategic Allocation Fund, L.P.

Date: November 14, 2017	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 September 30, 2017 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 September 30, 2017 fairly presents, in all material respects, the financial condition and results of operations of Campbell Strategic Allocation Fund, L.P.

Date: November 14, 2017	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	9 Months Ended
	Sep. 30, 2017 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	121,882.693
Document Fiscal Year Focus	2017
Document Fiscal Period Focus	Q3
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2017

XML

CONDENSED SCHEDULE OF INVESTMENTS (Unaudited) - USD ($)		Sep. 30, 2017		Dec. 31, 2016
Investment Owned
Short term investments		$ 846,770		$ 2,301
Net unrealized gain (loss) on open futures contracts		5,740,583		1,897,439
Net unrealized gain (loss) on open forward currency contracts		(3,764,599)		3,031,666
Fixed Income Securities [Member]
Investment Owned
Fair value		$ 249,109,759	[1]	$ 368,832,431	[2]
% of Net Asset Value		91.08%		97.93%
Fixed Income Securities [Member] | Asset Backed Securities [Member]
Investment Owned
Fair value		$ 12,830,336		$ 27,250,247
% of Net Asset Value		4.69%		7.24%
Fixed Income Securities [Member] | Asset Backed Securities [Member] | United States [Member] | Auto Loans [Member]
Investment Owned
Fair value		$ 6,802,044		$ 10,427,066
% of Net Asset Value		2.49%		2.77%
Fixed Income Securities [Member] | Asset Backed Securities [Member] | United States [Member] | Credit Cards [Member]
Investment Owned
Fair value		$ 5,528,726		$ 14,170,357
% of Net Asset Value		2.02%		3.76%
Fixed Income Securities [Member] | Asset Backed Securities [Member] | United States [Member] | Equipment Loans [Member]
Investment Owned
Fair value		$ 499,566		$ 2,433,096
% of Net Asset Value		0.18%		0.65%
Fixed Income Securities [Member] | Asset Backed Securities [Member] | United States [Member] | Utility Rate Reduction Bonds [Member]
Investment Owned
Fair value				$ 219,728
% of Net Asset Value				0.06%
Fixed Income Securities [Member] | Bank Deposits [Member]
Investment Owned
Fair value		$ 3,385,251		$ 10,908,573
% of Net Asset Value		1.24%		2.90%
Fixed Income Securities [Member] | Bank Deposits [Member] | United States [Member] | Financials [Member]
Investment Owned
Fair value		$ 3,385,251		$ 10,908,573
% of Net Asset Value		1.24%		2.90%
Fixed Income Securities [Member] | Commercial Paper [Member]
Investment Owned
Fair value		$ 70,285,745		$ 126,388,731
% of Net Asset Value		25.70%		33.56%
Fixed Income Securities [Member] | Commercial Paper [Member] | United States [Member] | Communications [Member]
Investment Owned
Fair value		$ 3,149,647		$ 12,379,777
% of Net Asset Value		1.15%		3.29%
Fixed Income Securities [Member] | Commercial Paper [Member] | United States [Member] | Consumer Discretionary [Member]
Investment Owned
Fair value		$ 16,010,612		$ 26,198,780
% of Net Asset Value		5.85%		6.96%
Fixed Income Securities [Member] | Commercial Paper [Member] | United States [Member] | Consumer Staples [Member]
Investment Owned
Fair value		$ 12,906,252		$ 2,919,692
% of Net Asset Value		4.72%		0.77%
Fixed Income Securities [Member] | Commercial Paper [Member] | United States [Member] | Energy [Member]
Investment Owned
Fair value		$ 7,303,057		$ 8,232,187
% of Net Asset Value		2.67%		2.19%
Fixed Income Securities [Member] | Commercial Paper [Member] | United States [Member] | Financials [Member]
Investment Owned
Fair value		$ 11,325,979		$ 28,265,886
% of Net Asset Value		4.14%		7.50%
Fixed Income Securities [Member] | Commercial Paper [Member] | United States [Member] | Health Care [Member]
Investment Owned
Fair value				$ 9,700,928
% of Net Asset Value				2.58%
Fixed Income Securities [Member] | Commercial Paper [Member] | United States [Member] | Industrials [Member]
Investment Owned
Fair value		$ 3,597,482
% of Net Asset Value		1.32%
Fixed Income Securities [Member] | Commercial Paper [Member] | United States [Member] | Materials [Member]
Investment Owned
Fair value		$ 6,146,004
% of Net Asset Value		2.25%
Fixed Income Securities [Member] | Commercial Paper [Member] | United States [Member] | Technology [Member]
Investment Owned
Fair value				$ 12,508,718
% of Net Asset Value				3.32%
Fixed Income Securities [Member] | Commercial Paper [Member] | United States [Member] | Utilities [Member]
Investment Owned
Fair value		$ 9,846,712		$ 26,182,763
% of Net Asset Value		3.60%		6.95%
Fixed Income Securities [Member] | Corporate Bonds [Member]
Investment Owned
Fair value		$ 84,746,844		$ 120,355,229
% of Net Asset Value		30.98%		31.95%
Fixed Income Securities [Member] | Corporate Bonds [Member] | Canada [Member] | Financials [Member]
Investment Owned
Fair value		$ 1,181,802
% of Net Asset Value		0.43%
Fixed Income Securities [Member] | Corporate Bonds [Member] | United Kingdom [Member]
Investment Owned
Fair value		$ 3,518,801
% of Net Asset Value		1.29%
Fixed Income Securities [Member] | Corporate Bonds [Member] | United Kingdom [Member] | Energy [Member]
Investment Owned
Fair value		$ 2,263,876
% of Net Asset Value		0.83%
Fixed Income Securities [Member] | Corporate Bonds [Member] | United Kingdom [Member] | Financials [Member]
Investment Owned
Fair value		$ 1,254,925
% of Net Asset Value		0.46%
Fixed Income Securities [Member] | Corporate Bonds [Member] | United States [Member]
Investment Owned
Fair value		$ 80,046,241
% of Net Asset Value		29.26%
Fixed Income Securities [Member] | Corporate Bonds [Member] | United States [Member] | Communications [Member]
Investment Owned
Fair value		$ 18,167,948		$ 12,835,604
% of Net Asset Value		6.64%		3.41%
Fixed Income Securities [Member] | Corporate Bonds [Member] | United States [Member] | Consumer Discretionary [Member]
Investment Owned
Fair value		$ 12,499,806		$ 24,982,372
% of Net Asset Value		4.57%		6.63%
Fixed Income Securities [Member] | Corporate Bonds [Member] | United States [Member] | Consumer Staples [Member]
Investment Owned
Fair value		$ 1,611,361		$ 1,611,401
% of Net Asset Value		0.59%		0.43%
Fixed Income Securities [Member] | Corporate Bonds [Member] | United States [Member] | Energy [Member]
Investment Owned
Fair value		$ 1,324,198		$ 3,440,000
% of Net Asset Value		0.48%		0.91%
Fixed Income Securities [Member] | Corporate Bonds [Member] | United States [Member] | Financials [Member]
Investment Owned
Fair value		$ 39,661,621		$ 68,213,206
% of Net Asset Value		14.50%		18.11%
Fixed Income Securities [Member] | Corporate Bonds [Member] | United States [Member] | Industrials [Member]
Investment Owned
Fair value		$ 4,199,479		$ 4,069,108
% of Net Asset Value		1.54%		1.08%
Fixed Income Securities [Member] | Corporate Bonds [Member] | United States [Member] | Technology [Member]
Investment Owned
Fair value		$ 2,581,828		$ 5,203,538
% of Net Asset Value		0.94%		1.38%
Fixed Income Securities [Member] | Government and Agency Obligations [Member]
Investment Owned
Fair value		$ 77,861,583		$ 83,929,651
% of Net Asset Value		28.47%		22.28%
Fixed Income Securities [Member] | Government and Agency Obligations [Member] | United States [Member] | U.S. Treasury Bills [Member] | U.S. Treasury Bills Due 11/30/2017 [Member]
Investment Owned
Fair value	[3]	$ 24,760,201
% of Net Asset Value		9.05%
Fixed Income Securities [Member] | Government and Agency Obligations [Member] | United States [Member] | U.S. Treasury Bills [Member] | U.S. Treasury Bills Due 02/22/2018 [Member]
Investment Owned
Fair value	[3]	$ 24,783,653
% of Net Asset Value		9.06%
Fixed Income Securities [Member] | Government and Agency Obligations [Member] | United States [Member] | U.S. Treasury Bills [Member] | U.S. Treasury Bills Due 03/29/2018 [Member]
Investment Owned
Fair value	[3]	$ 28,317,729
% of Net Asset Value		10.36%
Fixed Income Securities [Member] | Government and Agency Obligations [Member] | United States [Member] | U.S. Treasury Bills [Member] | U.S. Treasury Bills Due 01/19/2017 [Member]
Investment Owned
Fair value	[3]			$ 7,823,584
% of Net Asset Value				2.08%
Fixed Income Securities [Member] | Government and Agency Obligations [Member] | United States [Member] | U.S. Treasury Bills [Member] | U.S. Treasury Bills Due 01/26/2017 [Member]
Investment Owned
Fair value	[3]			$ 7,920,416
% of Net Asset Value				2.10%
Fixed Income Securities [Member] | Government and Agency Obligations [Member] | United States [Member] | U.S. Treasury Bills [Member] | U.S. Treasury Bills Due 02/02/2017 [Member]
Investment Owned
Fair value	[3]			$ 7,697,328
% of Net Asset Value				2.04%
Fixed Income Securities [Member] | Government and Agency Obligations [Member] | United States [Member] | U.S. Treasury Bills [Member] | U.S. Treasury Bills Due 02/23/2017 [Member]
Investment Owned
Fair value	[3]			$ 21,485,810
% of Net Asset Value				5.70%
Fixed Income Securities [Member] | Government and Agency Obligations [Member] | United States [Member] | U.S. Treasury Bills [Member] | U.S. Treasury Bills Due 03/09/2017 [Member]
Investment Owned
Fair value	[3]			$ 6,094,809
% of Net Asset Value				1.62%
Fixed Income Securities [Member] | Government and Agency Obligations [Member] | United States [Member] | U.S. Treasury Bills [Member] | U.S. Treasury Bills Due 03/16/2017 [Member]
Investment Owned
Fair value	[3]			$ 9,460,625
% of Net Asset Value				2.51%
Fixed Income Securities [Member] | Government and Agency Obligations [Member] | United States [Member] | U.S. Treasury Bills [Member] | U.S. Treasury Bills Due 03/23/2017 [Member]
Investment Owned
Fair value	[3]			$ 23,447,079
% of Net Asset Value				6.23%
Short Term Investments [Member]
Investment Owned
Short term investments		$ 846,770		$ 2,301
% of Net Asset Value		0.31%		0.00%
Short Term Investments [Member] | Money Market Funds [Member] | United States [Member]
Investment Owned
Short term investments		$ 846,770		$ 2,301
% of Net Asset Value		0.31%		0.00%
Futures Contracts [Member]
Investment Owned
Net unrealized gain (loss) on open futures contracts		$ 5,740,583		$ 1,897,439
% of Net Asset Value		2.10%		0.50%
Futures Contracts [Member] | Long [Member]
Investment Owned
Net unrealized gain (loss) on open futures contracts		$ 2,646,880		$ 1,267,266
% of Net Asset Value		0.97%		0.33%
Futures Contracts [Member] | Long [Member] | Agriculture [Member]
Investment Owned
Net unrealized gain (loss) on open futures contracts		$ (121,146)		$ (220,625)
% of Net Asset Value		(0.04%)		(0.06%)
Futures Contracts [Member] | Long [Member] | Energy [Member]
Investment Owned
Net unrealized gain (loss) on open futures contracts		$ 513,682		$ 1,226,623
% of Net Asset Value		0.19%		0.32%
Futures Contracts [Member] | Long [Member] | Metals [Member]
Investment Owned
Net unrealized gain (loss) on open futures contracts		$ (1,819,546)		$ (3,700,055)
% of Net Asset Value		(0.66%)		(0.98%)
Futures Contracts [Member] | Long [Member] | Stock Indices [Member]
Investment Owned
Net unrealized gain (loss) on open futures contracts		$ 6,274,069		$ 2,256,474
% of Net Asset Value		2.29%		0.60%
Futures Contracts [Member] | Long [Member] | Short-Term Interest Rates [Member]
Investment Owned
Net unrealized gain (loss) on open futures contracts		$ 2,793		$ 31,277
% of Net Asset Value		0.00%		0.01%
Futures Contracts [Member] | Long [Member] | Long-Term Interest Rates [Member]
Investment Owned
Net unrealized gain (loss) on open futures contracts		$ (2,202,972)		$ 1,673,572
% of Net Asset Value		(0.81%)		0.44%
Futures Contracts [Member] | Short [Member]
Investment Owned
Net unrealized gain (loss) on open futures contracts		$ 3,093,703		$ 630,173
% of Net Asset Value		1.13%		0.17%
Futures Contracts [Member] | Short [Member] | Agriculture [Member]
Investment Owned
Net unrealized gain (loss) on open futures contracts		$ 532,715		$ 1,172,631
% of Net Asset Value		0.19%		0.31%
Futures Contracts [Member] | Short [Member] | Energy [Member]
Investment Owned
Net unrealized gain (loss) on open futures contracts		$ 88,960
% of Net Asset Value		0.03%
Futures Contracts [Member] | Short [Member] | Metals [Member]
Investment Owned
Net unrealized gain (loss) on open futures contracts		$ 990,888		$ 525,656
% of Net Asset Value		0.36%		0.14%
Futures Contracts [Member] | Short [Member] | Stock Indices [Member]
Investment Owned
Net unrealized gain (loss) on open futures contracts		$ 71,550		$ (248,060)
% of Net Asset Value		0.03%		(0.07%)
Futures Contracts [Member] | Short [Member] | Short-Term Interest Rates [Member]
Investment Owned
Net unrealized gain (loss) on open futures contracts		$ 158,641		$ (279,188)
% of Net Asset Value		0.06%		(0.07%)
Futures Contracts [Member] | Short [Member] | Long-Term Interest Rates [Member]
Investment Owned
Net unrealized gain (loss) on open futures contracts		$ 1,250,949		$ (540,866)
% of Net Asset Value		0.46%		(0.14%)
Forward Currency Contracts [Member]
Investment Owned
Net unrealized gain (loss) on open forward currency contracts		$ (3,764,599)		$ 3,031,666
% of Net Asset Value		(1.38%)		0.80%
Forward Currency Contracts [Member] | Long [Member]
Investment Owned
Net unrealized gain (loss) on open forward currency contracts		$ (7,409,856)		$ (3,320,320)
% of Net Asset Value		(2.71%)		(0.88%)
Forward Currency Contracts [Member] | Short [Member]
Investment Owned
Net unrealized gain (loss) on open forward currency contracts		$ 3,645,257		$ 6,351,986
% of Net Asset Value		1.33%		1.68%

[1] Included in fixed income securities are U.S. Treasury Bills with a fair value of $43,137,413 deposited with the futures brokers and $34,724,170 deposited with the interbank market makers.

[2] Included in fixed income securities are U.S. Treasury Bills with a fair value of $56,077,722 deposited with the futures brokers and $27,851,929 deposited with the interbank market makers.

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

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CONDENSED SCHEDULE OF INVESTMENTS (Unaudited) (Parenthetical) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
Investment Owned
Fixed income securities deposited with futures brokers	$ 43,137,413	$ 56,077,722
Fixed income securities deposited with interbank market makers	205,972,346	312,754,709
U.S. Treasury Bills [Member]
Investment Owned
Fixed income securities deposited with interbank market makers	34,724,170
Fixed Income Securities [Member]
Investment Owned
Cost	249,034,040	368,843,857
Fixed Income Securities [Member] | Asset Backed Securities [Member]
Investment Owned
Cost	12,833,215	27,280,879
Fixed Income Securities [Member] | Bank Deposits [Member]
Investment Owned
Cost	3,385,178	10,902,138
Fixed Income Securities [Member] | Commercial Paper [Member]
Investment Owned
Cost	70,290,052	126,374,599
Fixed Income Securities [Member] | Corporate Bonds [Member]
Investment Owned
Cost	84,647,214	120,357,792
Fixed Income Securities [Member] | Corporate Bonds [Member] | Canada [Member] | Financials [Member]
Investment Owned
Cost	1,184,365
Fixed Income Securities [Member] | Corporate Bonds [Member] | United Kingdom [Member]
Investment Owned
Cost	3,514,725
Fixed Income Securities [Member] | Corporate Bonds [Member] | United States [Member]
Investment Owned
Cost	79,948,124
Fixed Income Securities [Member] | Government and Agency Obligations [Member]
Investment Owned
Cost	77,878,381	83,928,449
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	43,137,413	56,077,722
Fixed income securities deposited with interbank market makers	34,724,170	27,851,929
Fixed Income Securities [Member] | Government and Agency Obligations [Member] | United States [Member] | U.S. Treasury Bills [Member] | U.S. Treasury Bills Due 11/30/2017 [Member]
Investment Owned
Maturity face value	$ 24,800,000
Due date	Nov. 30, 2016
Fixed Income Securities [Member] | Government and Agency Obligations [Member] | United States [Member] | U.S. Treasury Bills [Member] | U.S. Treasury Bills Due 02/22/2018 [Member]
Investment Owned
Maturity face value	$ 24,892,500
Due date	Feb. 22, 2018
Fixed Income Securities [Member] | Government and Agency Obligations [Member] | United States [Member] | U.S. Treasury Bills [Member] | U.S. Treasury Bills Due 03/29/2018 [Member]
Investment Owned
Maturity face value	$ 28,482,500
Due date	Mar. 29, 2018
Fixed Income Securities [Member] | Government and Agency Obligations [Member] | United States [Member] | U.S. Treasury Bills [Member] | U.S. Treasury Bills Due 01/19/2017 [Member]
Investment Owned
Maturity face value		$ 7,825,000
Due date		Jan. 19, 2017
Fixed Income Securities [Member] | Government and Agency Obligations [Member] | United States [Member] | U.S. Treasury Bills [Member] | U.S. Treasury Bills Due 01/26/2017 [Member]
Investment Owned
Maturity face value		$ 7,922,500
Due date		Jan. 26, 2017
Fixed Income Securities [Member] | Government and Agency Obligations [Member] | United States [Member] | U.S. Treasury Bills [Member] | U.S. Treasury Bills Due 02/02/2017 [Member]
Investment Owned
Maturity face value		$ 7,700,000
Due date		Feb. 02, 2017
Fixed Income Securities [Member] | Government and Agency Obligations [Member] | United States [Member] | U.S. Treasury Bills [Member] | U.S. Treasury Bills Due 02/23/2017 [Member]
Investment Owned
Maturity face value		$ 21,500,000
Due date		Feb. 23, 2017
Fixed Income Securities [Member] | Government and Agency Obligations [Member] | United States [Member] | U.S. Treasury Bills [Member] | U.S. Treasury Bills Due 03/09/2017 [Member]
Investment Owned
Maturity face value		$ 6,100,000
Due date		Mar. 09, 2017
Fixed Income Securities [Member] | Government and Agency Obligations [Member] | United States [Member] | U.S. Treasury Bills [Member] | U.S. Treasury Bills Due 03/16/2017 [Member]
Investment Owned
Maturity face value		$ 9,470,000
Due date		Mar. 16, 2017
Fixed Income Securities [Member] | Government and Agency Obligations [Member] | United States [Member] | U.S. Treasury Bills [Member] | U.S. Treasury Bills Due 03/23/2017 [Member]
Investment Owned
Maturity face value		$ 23,472,500
Due date		Mar. 23, 2017
Short Term Investments [Member]
Investment Owned
Cost	$ 846,770	$ 2,301
Short Term Investments [Member] | Money Market Funds [Member] | United States [Member]
Investment Owned
Cost	$ 846,770	$ 2,301

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STATEMENTS OF FINANCIAL CONDITION (Unaudited) - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Equity in futures broker trading accounts
Cash	$ 22,094,538	$ 22,788,659
Fixed income securities (cost $43,145,345 and $56,075,557, respectively)	43,137,413	56,077,722
Net unrealized gain (loss) on open futures contracts	5,740,583	1,897,439
Total equity in futures broker trading accounts	70,972,534	80,763,820
Cash and cash equivalents	10,799,021	627,303
Short term investments (cost $846,770 and $2,301, respectively)	846,770	2,301
Fixed income securities (cost $205,888,695 and $312,768,300, respectively)	205,972,346	312,754,709
Net unrealized gain (loss) on open forward currency contracts	(3,764,599)	3,031,666
Interest receivable	328,315	572,148
Total assets	285,154,387	397,751,947
LIABILITIES
Accounts payable	277,690	311,891
Brokerage fee payable	1,643,378	2,317,641
Payable for securities purchased	3,044,400	0
Accrued commissions and other trading fees on open contracts	38,482	42,406
Offering costs payable	71,852	87,768
Redemptions payable	6,564,418	18,345,797
Total liabilities	11,640,220	21,105,503
PARTNERS' CAPITAL (Net Asset Value)
General Partner - 234.340 redeemable units outstanding at September 30, 2017 and December 31, 2016	525,878	559,798
Limited Partners - 121,648.353 and 157,435.256 redeemable units outstanding at September 30, 2017 and December 31, 2016	272,988,289	376,086,646
Total partners' capital (Net Asset Value)	273,514,167	376,646,444
Total liabilities and partners' capital (Net Asset Value)	$ 285,154,387	$ 397,751,947

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STATEMENTS OF FINANCIAL CONDITION (Unaudited) (Parenthetical) - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Equity in futures broker trading accounts
Fixed income securities, cost	$ 43,145,345	$ 56,075,557
Short term investments, cost	846,770	2,301
Fixed income securities, cost	$ 205,888,695	$ 312,768,300
PARTNERS' CAPITAL (Net Asset Value)
General Partner, redeemable units outstanding (in units)	234.340	234.340
Limited Partners, redeemable units outstanding (in units)	121,648.353	157,435.256

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STATEMENTS OF OPERATIONS (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Futures trading gains (losses)
Realized	$ (17,556,792)	$ (29,004)	$ 6,265,250	$ (28,403,721)
Change in unrealized	20,045,798	(6,473,031)	3,843,144	15,857,363
Brokerage commissions	(289,361)	(543,755)	(1,121,570)	(1,943,208)
Net gain (loss) from futures trading	2,199,645	(7,045,790)	8,986,824	(14,489,566)
Forward currency trading gains (losses)
Realized	7,160,865	(3,560,070)	(6,286,358)	(8,525,068)
Change in unrealized	(2,898,452)	(4,485,443)	(6,796,265)	(2,861,797)
Brokerage commissions	(14,803)	(43,271)	(47,610)	(131,196)
Net gain (loss) from forward currency trading	4,247,610	(8,088,784)	(13,130,233)	(11,518,061)
Total net trading gain (loss)	6,447,255	(15,134,574)	(4,143,409)	(26,007,627)
Investment income
Interest income	906,020	896,412	2,670,339	2,555,845
Realized gain (loss) on fixed income securities	15,825	9,293	25,691	11,783
Change in unrealized gain (loss) on fixed income securities	(10,290)	(63,304)	87,145	479,699
Total investment income	911,555	842,401	2,783,175	3,047,327
Expenses
Brokerage fee	5,132,981	8,264,625	17,104,244	26,461,305
Operating expenses	208,238	289,824	687,468	911,604
Total expenses	5,341,219	8,554,449	17,791,712	27,372,909
Net investment income (loss)	(4,429,664)	(7,712,048)	(15,008,537)	(24,325,582)
NET INCOME (LOSS)	$ 2,017,591	$ (22,846,622)	$ (19,151,946)	$ (50,333,209)
NET INCOME (LOSS) PER GENERAL AND LIMITED PARTNER UNIT (based on weighted average number of units outstanding during the period) (in dollars per unit)	$ 15.69	$ (127.71)	$ (137.20)	$ (270.48)
INCREASE (DECREASE) IN NET ASSET VALUE PER GENERAL AND LIMITED PARTNER UNIT (in dollars per unit)	$ 11.63	$ (132.65)	$ (144.75)	$ (282.06)
WEIGHTED AVERAGE NUMBER OF UNITS OUTSTANDING DURING THE PERIOD (in units)	128,596.893	178,894.175	139,596.361	186,086.704

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STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Cash flows from (for) operating activities
Net income (loss)	$ 2,017,591	$ (22,846,622)	$ (19,151,946)	$ (50,333,209)
Adjustments to reconcile net income (loss) to net cash from (for) operating activities
Net change in unrealized on futures, forwards and investments			2,865,976	(13,475,265)
(Increase) decrease in restricted cash			0	5,107,473
Increase (decrease) in payable for securities purchased			3,044,400	2,322,204
(Increase) decrease in interest receivable			243,833	352,516
Increase (decrease) in accounts payable and accrued expenses			(712,388)	(761,861)
Purchases of investments			(2,662,067,711)	(4,215,727,719)
Sales/maturities of investments			2,781,033,059	4,297,633,385
Net cash from (for) operating activities			105,255,223	25,117,524
Cash flows from (for) financing activities
Redemption of units			(95,034,769)	(54,851,181)
Offering costs paid			(742,857)	(1,052,617)
Net cash from (for) financing activities			(95,777,626)	(55,903,798)
Net increase (decrease) in cash and cash equivalents			9,477,597	(30,786,274)
Unrestricted cash
Beginning of period			23,415,962	51,883,229
Total end of period cash and cash equivalents	32,893,559	21,096,955	32,893,559	21,096,955
End of period cash and cash equivalents consists of:
Cash in futures broker trading accounts	22,094,538	20,387,388	22,094,538	20,387,388
Cash and cash equivalents	10,799,021	709,567	10,799,021	709,567
Total end of period cash and cash equivalents	$ 32,893,559	$ 21,096,955	$ 32,893,559	$ 21,096,955

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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, 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)	$ (65,029)	$ (50,268,180)	$ (50,333,209)
Redemptions	$ 0	$ (55,455,095)	$ (55,455,095)
Redemptions (in units)	0	(20,594.908)	(20,594.908)
Offering costs	$ (1,284)	$ (1,014,687)	$ (1,015,971)
Balances at Sep. 30, 2016	$ 591,907	$ 438,066,625	$ 438,658,532
Balances (in units) at Sep. 30, 2016	235.103	173,998.419	174,233.522
Balances at Dec. 31, 2016	$ 559,798	$ 376,086,646	$ 376,646,444
Balances (in units) at Dec. 31, 2016	234.340	157,435.256	157,669.596
Net income (loss)	$ (32,694)	$ (19,119,252)	$ (19,151,946)
Redemptions	$ 0	$ (83,253,390)	$ (83,253,390)
Redemptions (in units)	0	(35,786.903)	(35,786.903)
Offering costs	$ (1,226)	$ (725,715)	$ (726,941)
Balances at Sep. 30, 2017	$ 525,878	$ 272,988,289	$ 273,514,167
Balances (in units) at Sep. 30, 2017	234.340	121,648.353	121,882.693

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STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (NET ASSET VALUE) (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2017	Jun. 30, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Dec. 31, 2015
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (NET ASSET VALUE) (Unaudited) [Abstract]
Net Asset Value per General and Limited Partner Unit (in dollars per unit)	2,244.08	2,232.45	2,388.83	2,517.65	2,650.30	2,799.71

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FINANCIAL HIGHLIGHTS (Unaudited) - $ / shares		3 Months Ended		9 Months Ended
		Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Per Unit Performance (for a unit outstanding throughout the entire period)
Net asset value per unit at beginning of period (in dollars per unit)		2,232.45	2,650.30	2,388.83	2,799.71
Income (loss) from operations:
Total net trading gains (losses) (in dollars per unit)	[1]	47.83	(87.84)	(32.03)	(145.88)
Net investment income (loss) (in dollars per unit)	[1]	(34.45)	(43.11)	(107.51)	(130.72)
Total net income (loss) from operations (in dollars per unit)		13.38	(130.95)	(139.54)	(276.60)
Offering costs (in dollars per unit)	[1]	(1.75)	(1.70)	(5.21)	(5.46)
Net asset value per unit at end of period (in dollars per unit)		2,244.08	2,517.65	2,244.08	2,517.65
Total Return	[2]	0.52%	(5.01%)	(6.06%)	(10.07%)
Ratios to average net asset value:
Expenses prior to performance fee	[3]	7.41%	7.30%	7.38%	7.29%
Performance fee	[2]	0.00%	0.00%	0.00%	0.00%
Total expenses		7.41%	7.30%	7.38%	7.29%
Net investment income (loss)	[3],[4]	(6.15%)	(6.58%)	(6.22%)	(6.48%)

[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

9 Months Ended

Sep. 30, 2017

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, 2016. 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 September 30, 2017 and December 31, 2016, and for the periods ended September 30, 2017 and 2016, 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 September 30, 2017 and December 31, 2016.

	Fair Value at September 30, 2017
Description	Level 1		Level 2			Level 3		Total
Investments
Short term investments	$	846,770	$	0		$	0	$	846,770
Fixed income securities		0		249,109,759			0		249,109,759
Other Financial Instruments
Exchange-traded futures contracts		5,740,583		0			0		5,740,583
Forward currency contracts		0		(3,764,599	)		0		(3,764,599	)
Total	$	6,587,353	$	245,345,160		$	0	$	251,932,513

	Fair Value at December 31, 2016
Description	Level 1		Level 2		Level 3		Total
Investments
Short term investments	$	2,301	$	0	$	0	$	2,301
Fixed income securities		0		368,832,431		0		368,832,431
Other Financial Instruments
Exchange-traded futures contracts		1,897,439		0		0		1,897,439
Forward currency contracts		0		3,031,666		0		3,031,666
Total	$	1,899,740	$	371,864,097	$	0	$	373,763,837

There were no transfers to or from Level 1 to Level 2 for the period ended September 30, 2017 or the year ended December 31, 2016.

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 2013 through 2016 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 September 30, 2017 and December 31, 2016, the Fund has the potential remaining reimbursement amount of approximately $36.6 million and $37.4 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 September 30, 2017 and December 31, 2016, the amount of unreimbursed offering costs incurred by Campbell & Company is $71,852 and $88,660, respectively. At September 30, 2017, and December 31, 2016, the Fund reflects a liability in the Statements of Financial Condition for offering costs payable to Campbell & Company of $71,852 and $87,768, 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.

I. Recently Issued Accounting Pronouncements

In November 2016, the FASB issued Accounting Standards Update ("ASU") 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash, which aims to reduce diversity in the presentation of restricted cash and restricted cash equivalents in the statement. The amendment is effective for the interim and annual reporting periods beginning after December 15, 2017. Management has evaluated the amendment and does not anticipate a material impact on the Fund's financial statement disclosures.

In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities, which aims to improve the financial reporting of hedging relationships to better portray the economic results of risk management activity in the statement. The amendment is effective for the interim and annual reporting periods beginning after December 15, 2018. Management has evaluated the amendment and does not anticipate a material impact on the Fund’s financial statement disclosures.

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GENERAL PARTNER AND COMMODITY TRADING ADVISOR

9 Months Ended

Sep. 30, 2017

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, which conducts and manages the business of the Fund. Campbell & Company is also the commodity trading advisor of the Fund. 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

9 Months Ended

Sep. 30, 2017

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

9 Months Ended

Sep. 30, 2017

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 investment advisers 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

9 Months Ended

Sep. 30, 2017

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

9 Months Ended

Sep. 30, 2017

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 September 30, 2017. 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

9 Months Ended

Sep. 30, 2017

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 nine months ended September 30, 2017 and 2016.

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SUBSCRIPTIONS, DISTRIBUTIONS AND REDEMPTIONS

9 Months Ended

Sep. 30, 2017

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

9 Months Ended

Sep. 30, 2017

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 futures and forward contracts, 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 September 30, 2017 and December 31, 2016 is as follows:

Type of Instrument *	Statements of Financial Condition Location	Asset Derivatives at September 30, 2017 Fair Value		Liability Derivatives at September 30, 2017 Fair Value			Net
Agriculture Contracts	Net unrealized gain (loss) on open futures contracts	$	910,876	$	(499,307	)	$	411,569
Energy Contracts	Net unrealized gain (loss) on open futures contracts		691,939		(89,297	)		602,642
Metal Contracts	Net unrealized gain (loss) on open futures contracts		1,437,027		(2,265,685	)		(828,658	)
Stock Indices Contracts	Net unrealized gain (loss) on open futures contracts		6,688,187		(342,568	)		6,345,619
Short-Term Interest Rate Contracts	Net unrealized gain (loss) on open futures contracts		280,128		(118,694	)		161,434
Long-Term Interest Rate Contracts	Net unrealized gain (loss) on open futures contracts		1,322,528		(2,274,551	)		(952,023	)
Forward Currency Contracts	Net  unrealized  gain  (loss)  on  open  forward currency contracts		5,468,793		(9,233,392	)		(3,764,599	)
Totals		$	16,799,478	$	(14,823,494	)	$	1,975,984

*  Derivatives not designated as hedging instruments under ASC 815

Type of Instrument *	Statements of Financial Condition Location	Asset Derivatives at December 31, 2016 Fair Value		Liability Derivatives at December 31, 2016 Fair Value			Net
Agriculture Contracts	Net unrealized gain (loss) on open futures contracts	$	2,621,318	$	(1,669,312	)	$	952,006
Energy Contracts	Net unrealized gain (loss) on open futures contracts		1,294,666		(68,043	)		1,226,623
Metal Contracts	Net unrealized gain (loss) on open futures contracts		589,912		(3,764,311	)		(3,174,399	)
Stock Indices Contracts	Net unrealized gain (loss) on open futures contracts		3,886,396		(1,877,982	)		2,008,414
Short-Term Interest Rate Contracts	Net unrealized gain (loss) on open futures contracts		115,803		(363,714	)		(247,911	)
Long-Term Interest Rate Contracts	Net unrealized gain (loss) on open futures contracts		1,843,389		(710,683	)		1,132,706
Forward Currency Contracts	Net  unrealized  gain  (loss)  on  open  forward currency contracts		8,412,229		(5,380,563	)		3,031,666
Totals		$	18,763,713	$	(13,834,608	)	$	4,929,105

*  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 and nine months ended September 30, 2017 and 2016 is as follows:

Type of Instrument	Trading Gains/(Losses) for the Three Months Ended September 30, 2017			Trading Gains/(Losses) for the Three Months Ended September 30, 2016
Agriculture Contracts	$	(6,720,312	)	$	4,243,235
Energy Contracts		16,234			(6,280,100	)
Metal Contracts		(2,244,300	)		(2,826,842	)
Stock Indices Contracts		11,181,962			6,506,151
Short-Term Interest Rate Contracts		(562,516	)		(955,658	)
Long-Term Interest Rate Contracts		896,667			(7,115,387	)
Forward Currency Contracts		4,262,413			(8,045,513	)
Total	$	6,830,148		$	(14,474,114	)

Type of Instrument	Trading Gains/(Losses) for the Nine Months Ended September 30, 2017			Trading Gains/(Losses) for the Nine Months Ended September 30, 2016
Agriculture Contracts	$	(12,459,572	)	$	(2,814,236	)
Energy Contracts		(12,132,786	)		(18,626,129	)
Metal Contracts		(756,629	)		(8,461,635	)
Stock Indices Contracts		49,481,874			(6,935,178	)
Short-Term Interest Rate Contracts		(2,521,985	)		(2,939,230	)
Long-Term Interest Rate Contracts		(11,507,883	)		27,284,642
Forward Currency Contracts		(13,082,623	)		(11,386,865	)
Total	$	(2,979,604	)	$	(23,878,631	)

Line Item in the Statements of Operations	Trading Gains/(Losses) for the Three Months Ended September 30, 2017			Trading Gains/(Losses) for the Three Months Ended September 30, 2016
Futures trading gains (losses):
Realized **	$	(17,478,063	)	$	44,430
Change in unrealized		20,045,798			(6,473,031	)
Forward currency trading gains (losses):
Realized		7,160,865			(3,560,070	)
Change in unrealized		(2,898,452	)		(4,485,443	)
Total	$	6,830,148		$	(14,474,114	)

Line Item in the Statements of Operations	Trading Gains/(Losses) for the Nine Months Ended September 30, 2017			Trading Gains/(Losses) for the Nine Months Ended September 30, 2016
Futures trading gains (losses):
Realized **	$	6,259,875		$	(28,349,129	)
Change in unrealized		3,843,144			15,857,363
Forward currency trading gains (losses):
Realized		(6,286,358	)		(8,525,068	)
Change in unrealized		(6,796,265	)		(2,861,797	)
Total	$	(2,979,604	)	$	(23,878,631	)

**  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 brokers.

For the three months ended September 30, 2017 and 2016, the monthly average of futures contracts bought and sold was approximately 25,000 and 48,100, respectively, and the monthly average of notional value of forward currency contracts was $1,152,000,000 and $2,877,000,000, respectively.

For the nine months ended September 30, 2017 and 2016, the monthly average of futures contracts bought and sold was approximately 31,400 and 56,600, respectively, and the monthly average of notional value of forward currency contracts was $1,292,000,000 and $2,969,400,000, respectively.

Open contracts generally mature within twelve months; as of September 30, 2017, the latest maturity date for open futures contracts is December 2018 and the latest maturity date for open forward currency contracts is December 2017. However, the Fund intends to close all futures and offset all forward currency contracts prior to maturity.

Credit Risk

The Fund trades futures contracts on exchanges that require margin deposits with the futures brokers. 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 September 30, 2017 and December 31, 2016 was $77,861,583 and $83,929,651, respectively, which equals approximately 28% and 22% of Net Asset Value, respectively. The cash deposited with the interbank market makers at September 30, 2017 and December 31, 2016 was $181,935 and $138,161, respectively, which equals approximately 0% and 0% of Net Asset Value, respectively. These amounts are included in cash and cash equivalents. There was no restricted cash as of September 30, 2017 and December 31, 2016.

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 September 30, 2017

Type of Instrument	Counterparty	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statements of Financial Condition			Net Amounts of Unrealized Gain Presented in the Statements of Financial Condition
Futures contracts	UBS Securities LLC	$	5,668,233	$	(2,788,749	)	$	2,879,484
Futures contracts	Goldman Sachs		5,662,452		(2,801,353	)		2,861,099
Total futures contracts			11,330,685		(5,590,102	)		5,740,583
Forward currency contracts	UBS AG		2,734,364		(2,734,364	)		0
Forward currency contracts	Royal Bank of Scotland		2,734,429		(2,734,429	)		0
Total forward currency contracts			5,468,793		(5,468,793	)		0
Total derivatives		$	16,799,478	$	(11,058,895	)	$	5,740,583

Derivatives Assets and Collateral Received by Counterparty

As of September 30, 2017

			Gross Amounts Not Offset in the Statements of Financial Condition
Counterparty	Net Amounts of Unrealized Gain in the Statements of Financial Condition		Financial Instruments		Cash Collateral Received		Net Amount
UBS Securities LLC	$	2,879,484	$	0	$	0	$	2,879,484
Goldman Sachs		2,861,099		0		0		2,861,099
UBS AG		0		0		0		0
Royal Bank of Scotland		0		0		0		0
Total	$	5,740,583	$	0	$	0	$	5,740,583

Offsetting of Derivative Liabilities

As of September 30, 2017

Type of Instrument	Counterparty	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statements of Financial Condition			Net Amounts of Unrealized Loss Presented in the Statements of Financial Condition
Futures contracts	UBS Securities LLC	$	2,788,749	$	(2,788,749	)	$	0
Futures contracts	Goldman Sachs		2,801,353		(2,801,353	)		0
Total futures contracts			5,590,102		(5,590,102	)		0
Forward currency contracts	UBS AG		4,617,454		(2,734,364	)		1,883,090
Forward currency contracts	Royal Bank of Scotland		4,615,938		(2,734,429	)		1,881,509
Total  forward  currency contracts			9,233,392		(5,468,793	)		3,764,599
Total derivatives		$	14,823,494	$	(11,058,895	)	$	3,764,599

Derivatives Liabilities and Collateral Pledged by Counterparty

As of September 30, 2017

			Gross Amounts Not Offset in the Statements of Financial Condition
Counterparty	Net Amounts 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		1,883,090		(1,883,090	)*		0		0
Royal Bank of Scotland		1,881,509		(1,881,509	)*		0		0
Total	$	3,764,599	$	(3,764,599	)	$	0	$	0

* Represents a portion of the $34,724,170 fair value in the U.S. Treasury Bills held at the interbank market makers.

Offsetting of Derivative Assets

As of December 31, 2016

Type of Instrument	Counterparty	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statements of Financial Condition			Net Amounts of Unrealized Gain Presented in the Statements of Financial Condition
Futures contracts	UBS Securities LLC	$	5,189,897	$	(4,226,165	)	$	963,732
Futures contracts	Goldman Sachs		5,161,587		(4,227,880	)		933,707
Total futures contracts			10,351,484		(8,454,045	)		1,897,439
Forward currency contracts	UBS AG		4,206,734		(2,690,255	)		1,516,479
Forward currency contracts	Royal Bank of Scotland		4,205,495		(2,690,308	)		1,515,187
Total  forward  currency contracts			8,412,229		(5,380,563	)		3,031,666
Total derivatives		$	18,763,713	$	(13,834,608	)	$	4,929,105

Derivatives Assets and Collateral Received by Counterparty

As of December 31, 2016

			Gross Amounts Not Offset in the Statements of Financial Condition
Counterparty	Net Amounts of Unrealized Gain in the Statements of Financial Condition		Financial Instruments		Cash Collateral Received		Net Amount
UBS Securities LLC	$	963,732	$	0	$	0	$	963,732
Goldman Sachs		933,707		0		0		933,707
UBS AG		1,516,479		0		0		1,516,479
Royal Bank of Scotland		1,515,187		0		0		1,515,187
Total	$	4,929,105	$	0	$	0	$	4,929,105

Offsetting of Derivative Liabilities

As of December 31, 2016

Type of Instrument	Counterparty	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statements of Financial Condition			Net Amounts of Unrealized Loss Presented in the Statements of Financial Condition
Futures contracts	UBS Securities LLC	$	4,226,165	$	(4,226,165	)	$	0
Futures contracts	Goldman Sachs		4,227,880		(4,227,880	)		0
Total futures contracts			8,454,045		(8,454,045	)		0
Forward currency contracts	UBS AG		2,690,255		(2,690,255	)		0
Forward currency contracts	Royal Bank of Scotland		2,690,308		(2,690,308	)		0
Total  forward  currency contracts			5,380,563		(5,380,563	)		0
Total derivatives		$	13,834,608	$	(13,834,608	)	$	0

Derivatives Liabilities and Collateral Pledged by Counterparty

As of December 31, 2016

			Gross Amounts Not Offset in the Statements of Financial Condition
Counterparty	Net Amounts 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 & 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

9 Months Ended

Sep. 30, 2017

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

9 Months Ended

Sep. 30, 2017

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 September 30, 2017 and December 31, 2016, the Statements of Operations and Financial Highlights for the three months and nine months ended September 30, 2017 and 2016, and the Statements of Cash Flows and Changes in Partners’ Capital (Net Asset Value) for the nine months ended September 30, 2017 and 2016 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 September 30, 2017 and December 31, 2016, the results of operations and financial highlights for the three months and nine months ended September 30, 2017 and 2016, and cash flows and changes in partners’ capital (Net Asset Value) for the nine months ended September 30, 2017 and 2016.

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SUBSEQUENT EVENTS

9 Months Ended

Sep. 30, 2017

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)

9 Months Ended

Sep. 30, 2017

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

Basis of Accounting

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

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 September 30, 2017 and December 31, 2016, and for the periods ended September 30, 2017 and 2016, 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 September 30, 2017 and December 31, 2016.

	Fair Value at September 30, 2017
Description	Level 1		Level 2			Level 3		Total
Investments
Short term investments	$	846,770	$	0		$	0	$	846,770
Fixed income securities		0		249,109,759			0		249,109,759
Other Financial Instruments
Exchange-traded futures contracts		5,740,583		0			0		5,740,583
Forward currency contracts		0		(3,764,599	)		0		(3,764,599	)
Total	$	6,587,353	$	245,345,160		$	0	$	251,932,513

	Fair Value at December 31, 2016
Description	Level 1		Level 2		Level 3		Total
Investments
Short term investments	$	2,301	$	0	$	0	$	2,301
Fixed income securities		0		368,832,431		0		368,832,431
Other Financial Instruments
Exchange-traded futures contracts		1,897,439		0		0		1,897,439
Forward currency contracts		0		3,031,666		0		3,031,666
Total	$	1,899,740	$	371,864,097	$	0	$	373,763,837

There were no transfers to or from Level 1 to Level 2 for the period ended September 30, 2017 or the year ended December 31, 2016.

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 2013 through 2016 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 September 30, 2017 and December 31, 2016, the Fund has the potential remaining reimbursement amount of approximately $36.6 million and $37.4 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 September 30, 2017 and December 31, 2016, the amount of unreimbursed offering costs incurred by Campbell & Company is $71,852 and $88,660, respectively. At September 30, 2017, and December 31, 2016, the Fund reflects a liability in the Statements of Financial Condition for offering costs payable to Campbell & Company of $71,852 and $87,768, 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.

Recently Issued Accounting Pronouncements

I. Recently Issued Accounting Pronouncements

In November 2016, the FASB issued Accounting Standards Update ("ASU") 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash, which aims to reduce diversity in the presentation of restricted cash and restricted cash equivalents in the statement. The amendment is effective for the interim and annual reporting periods beginning after December 15, 2017. Management has evaluated the amendment and does not anticipate a material impact on the Fund's financial statement disclosures.

In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities, which aims to improve the financial reporting of hedging relationships to better portray the economic results of risk management activity in the statement. The amendment is effective for the interim and annual reporting periods beginning after December 15, 2018. Management has evaluated the amendment and does not anticipate a material impact on the Fund’s financial statement disclosures.

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ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

9 Months Ended

Sep. 30, 2017

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 September 30, 2017 and December 31, 2016.

	Fair Value at September 30, 2017
Description	Level 1		Level 2			Level 3		Total
Investments
Short term investments	$	846,770	$	0		$	0	$	846,770
Fixed income securities		0		249,109,759			0		249,109,759
Other Financial Instruments
Exchange-traded futures contracts		5,740,583		0			0		5,740,583
Forward currency contracts		0		(3,764,599	)		0		(3,764,599	)
Total	$	6,587,353	$	245,345,160		$	0	$	251,932,513

	Fair Value at December 31, 2016
Description	Level 1		Level 2		Level 3		Total
Investments
Short term investments	$	2,301	$	0	$	0	$	2,301
Fixed income securities		0		368,832,431		0		368,832,431
Other Financial Instruments
Exchange-traded futures contracts		1,897,439		0		0		1,897,439
Forward currency contracts		0		3,031,666		0		3,031,666
Total	$	1,899,740	$	371,864,097	$	0	$	373,763,837

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TRADING ACTIVITIES AND RELATED RISKS (Tables)

9 Months Ended

Sep. 30, 2017

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 September 30, 2017 and December 31, 2016 is as follows:

Type of Instrument *	Statements of Financial Condition Location	Asset Derivatives at September 30, 2017 Fair Value		Liability Derivatives at September 30, 2017 Fair Value			Net
Agriculture Contracts	Net unrealized gain (loss) on open futures contracts	$	910,876	$	(499,307	)	$	411,569
Energy Contracts	Net unrealized gain (loss) on open futures contracts		691,939		(89,297	)		602,642
Metal Contracts	Net unrealized gain (loss) on open futures contracts		1,437,027		(2,265,685	)		(828,658	)
Stock Indices Contracts	Net unrealized gain (loss) on open futures contracts		6,688,187		(342,568	)		6,345,619
Short-Term Interest Rate Contracts	Net unrealized gain (loss) on open futures contracts		280,128		(118,694	)		161,434
Long-Term Interest Rate Contracts	Net unrealized gain (loss) on open futures contracts		1,322,528		(2,274,551	)		(952,023	)
Forward Currency Contracts	Net  unrealized  gain  (loss)  on  open  forward currency contracts		5,468,793		(9,233,392	)		(3,764,599	)
Totals		$	16,799,478	$	(14,823,494	)	$	1,975,984

*  Derivatives not designated as hedging instruments under ASC 815

Type of Instrument *	Statements of Financial Condition Location	Asset Derivatives at December 31, 2016 Fair Value		Liability Derivatives at December 31, 2016 Fair Value			Net
Agriculture Contracts	Net unrealized gain (loss) on open futures contracts	$	2,621,318	$	(1,669,312	)	$	952,006
Energy Contracts	Net unrealized gain (loss) on open futures contracts		1,294,666		(68,043	)		1,226,623
Metal Contracts	Net unrealized gain (loss) on open futures contracts		589,912		(3,764,311	)		(3,174,399	)
Stock Indices Contracts	Net unrealized gain (loss) on open futures contracts		3,886,396		(1,877,982	)		2,008,414
Short-Term Interest Rate Contracts	Net unrealized gain (loss) on open futures contracts		115,803		(363,714	)		(247,911	)
Long-Term Interest Rate Contracts	Net unrealized gain (loss) on open futures contracts		1,843,389		(710,683	)		1,132,706
Forward Currency Contracts	Net  unrealized  gain  (loss)  on  open  forward currency contracts		8,412,229		(5,380,563	)		3,031,666
Totals		$	18,763,713	$	(13,834,608	)	$	4,929,105

*  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 and nine months ended September 30, 2017 and 2016 is as follows:

Type of Instrument	Trading Gains/(Losses) for the Three Months Ended September 30, 2017			Trading Gains/(Losses) for the Three Months Ended September 30, 2016
Agriculture Contracts	$	(6,720,312	)	$	4,243,235
Energy Contracts		16,234			(6,280,100	)
Metal Contracts		(2,244,300	)		(2,826,842	)
Stock Indices Contracts		11,181,962			6,506,151
Short-Term Interest Rate Contracts		(562,516	)		(955,658	)
Long-Term Interest Rate Contracts		896,667			(7,115,387	)
Forward Currency Contracts		4,262,413			(8,045,513	)
Total	$	6,830,148		$	(14,474,114	)

Type of Instrument	Trading Gains/(Losses) for the Nine Months Ended September 30, 2017			Trading Gains/(Losses) for the Nine Months Ended September 30, 2016
Agriculture Contracts	$	(12,459,572	)	$	(2,814,236	)
Energy Contracts		(12,132,786	)		(18,626,129	)
Metal Contracts		(756,629	)		(8,461,635	)
Stock Indices Contracts		49,481,874			(6,935,178	)
Short-Term Interest Rate Contracts		(2,521,985	)		(2,939,230	)
Long-Term Interest Rate Contracts		(11,507,883	)		27,284,642
Forward Currency Contracts		(13,082,623	)		(11,386,865	)
Total	$	(2,979,604	)	$	(23,878,631	)

Line Item in the Statements of Operations	Trading Gains/(Losses) for the Three Months Ended September 30, 2017			Trading Gains/(Losses) for the Three Months Ended September 30, 2016
Futures trading gains (losses):
Realized **	$	(17,478,063	)	$	44,430
Change in unrealized		20,045,798			(6,473,031	)
Forward currency trading gains (losses):
Realized		7,160,865			(3,560,070	)
Change in unrealized		(2,898,452	)		(4,485,443	)
Total	$	6,830,148		$	(14,474,114	)

Line Item in the Statements of Operations	Trading Gains/(Losses) for the Nine Months Ended September 30, 2017			Trading Gains/(Losses) for the Nine Months Ended September 30, 2016
Futures trading gains (losses):
Realized **	$	6,259,875		$	(28,349,129	)
Change in unrealized		3,843,144			15,857,363
Forward currency trading gains (losses):
Realized		(6,286,358	)		(8,525,068	)
Change in unrealized		(6,796,265	)		(2,861,797	)
Total	$	(2,979,604	)	$	(23,878,631	)

**  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 brokers.

Offsetting of Derivative Assets and Collateral Received by Counterparty

Offsetting of Derivative Assets

As of September 30, 2017

Type of Instrument	Counterparty	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statements of Financial Condition			Net Amounts of Unrealized Gain Presented in the Statements of Financial Condition
Futures contracts	UBS Securities LLC	$	5,668,233	$	(2,788,749	)	$	2,879,484
Futures contracts	Goldman Sachs		5,662,452		(2,801,353	)		2,861,099
Total futures contracts			11,330,685		(5,590,102	)		5,740,583
Forward currency contracts	UBS AG		2,734,364		(2,734,364	)		0
Forward currency contracts	Royal Bank of Scotland		2,734,429		(2,734,429	)		0
Total forward currency contracts			5,468,793		(5,468,793	)		0
Total derivatives		$	16,799,478	$	(11,058,895	)	$	5,740,583

Derivatives Assets and Collateral Received by Counterparty

As of September 30, 2017

			Gross Amounts Not Offset in the Statements of Financial Condition
Counterparty	Net Amounts of Unrealized Gain in the Statements of Financial Condition		Financial Instruments		Cash Collateral Received		Net Amount
UBS Securities LLC	$	2,879,484	$	0	$	0	$	2,879,484
Goldman Sachs		2,861,099		0		0		2,861,099
UBS AG		0		0		0		0
Royal Bank of Scotland		0		0		0		0
Total	$	5,740,583	$	0	$	0	$	5,740,583

Offsetting of Derivative Assets

As of December 31, 2016

Type of Instrument	Counterparty	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statements of Financial Condition			Net Amounts of Unrealized Gain Presented in the Statements of Financial Condition
Futures contracts	UBS Securities LLC	$	5,189,897	$	(4,226,165	)	$	963,732
Futures contracts	Goldman Sachs		5,161,587		(4,227,880	)		933,707
Total futures contracts			10,351,484		(8,454,045	)		1,897,439
Forward currency contracts	UBS AG		4,206,734		(2,690,255	)		1,516,479
Forward currency contracts	Royal Bank of Scotland		4,205,495		(2,690,308	)		1,515,187
Total  forward  currency contracts			8,412,229		(5,380,563	)		3,031,666
Total derivatives		$	18,763,713	$	(13,834,608	)	$	4,929,105

Derivatives Assets and Collateral Received by Counterparty

As of December 31, 2016

			Gross Amounts Not Offset in the Statements of Financial Condition
Counterparty	Net Amounts of Unrealized Gain in the Statements of Financial Condition		Financial Instruments		Cash Collateral Received		Net Amount
UBS Securities LLC	$	963,732	$	0	$	0	$	963,732
Goldman Sachs		933,707		0		0		933,707
UBS AG		1,516,479		0		0		1,516,479
Royal Bank of Scotland		1,515,187		0		0		1,515,187
Total	$	4,929,105	$	0	$	0	$	4,929,105

Offsetting of Derivative Liabilities and Collateral Pledged by Counterparty

Offsetting of Derivative Liabilities

As of September 30, 2017

Type of Instrument	Counterparty	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statements of Financial Condition			Net Amounts of Unrealized Loss Presented in the Statements of Financial Condition
Futures contracts	UBS Securities LLC	$	2,788,749	$	(2,788,749	)	$	0
Futures contracts	Goldman Sachs		2,801,353		(2,801,353	)		0
Total futures contracts			5,590,102		(5,590,102	)		0
Forward currency contracts	UBS AG		4,617,454		(2,734,364	)		1,883,090
Forward currency contracts	Royal Bank of Scotland		4,615,938		(2,734,429	)		1,881,509
Total  forward  currency contracts			9,233,392		(5,468,793	)		3,764,599
Total derivatives		$	14,823,494	$	(11,058,895	)	$	3,764,599

Derivatives Liabilities and Collateral Pledged by Counterparty

As of September 30, 2017

			Gross Amounts Not Offset in the Statements of Financial Condition
Counterparty	Net Amounts 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		1,883,090		(1,883,090	)*		0		0
Royal Bank of Scotland		1,881,509		(1,881,509	)*		0		0
Total	$	3,764,599	$	(3,764,599	)	$	0	$	0

* Represents a portion of the $34,724,170 fair value in the U.S. Treasury Bills held at the interbank market makers.

Offsetting of Derivative Liabilities

As of December 31, 2016

Type of Instrument	Counterparty	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statements of Financial Condition			Net Amounts of Unrealized Loss Presented in the Statements of Financial Condition
Futures contracts	UBS Securities LLC	$	4,226,165	$	(4,226,165	)	$	0
Futures contracts	Goldman Sachs		4,227,880		(4,227,880	)		0
Total futures contracts			8,454,045		(8,454,045	)		0
Forward currency contracts	UBS AG		2,690,255		(2,690,255	)		0
Forward currency contracts	Royal Bank of Scotland		2,690,308		(2,690,308	)		0
Total  forward  currency contracts			5,380,563		(5,380,563	)		0
Total derivatives		$	13,834,608	$	(13,834,608	)	$	0

Derivatives Liabilities and Collateral Pledged by Counterparty

As of December 31, 2016

			Gross Amounts Not Offset in the Statements of Financial Condition
Counterparty	Net Amounts 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

XML

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)	9 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
Investments [Abstract]
Transfers from Level 1 to Level 2	$ 0	$ 0
Transfers from Level 2 to Level 1	0	0
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	$ 36,600,000	37,400,000
Unreimbursed offering costs	71,852	88,660
Offering costs payable	71,852	87,768
Recurring [Member]
Investments [Abstract]
Short term investments	846,770	2,301
Fixed income securities	249,109,759	368,832,431
Total	251,932,513	373,763,837
Recurring [Member] | Exchange-Traded Futures Contracts [Member]
Investments [Abstract]
Other financial instruments	5,740,583	1,897,439
Recurring [Member] | Forward Currency Contracts [Member]
Investments [Abstract]
Other financial instruments	(3,764,599)	3,031,666
Recurring [Member] | Level 1 [Member]
Investments [Abstract]
Short term investments	846,770	2,301
Fixed income securities	0	0
Total	6,587,353	1,899,740
Recurring [Member] | Level 1 [Member] | Exchange-Traded Futures Contracts [Member]
Investments [Abstract]
Other financial instruments	5,740,583	1,897,439
Recurring [Member] | Level 1 [Member] | Forward Currency Contracts [Member]
Investments [Abstract]
Other financial instruments	0	0
Recurring [Member] | Level 2 [Member]
Investments [Abstract]
Short term investments	0	0
Fixed income securities	249,109,759	368,832,431
Total	245,345,160	371,864,097
Recurring [Member] | Level 2 [Member] | Exchange-Traded Futures Contracts [Member]
Investments [Abstract]
Other financial instruments	0	0
Recurring [Member] | Level 2 [Member] | Forward Currency Contracts [Member]
Investments [Abstract]
Other financial instruments	(3,764,599)	3,031,666
Recurring [Member] | Level 3 [Member]
Investments [Abstract]
Short term investments	0	0
Fixed income securities	0	0
Total	0	0
Recurring [Member] | Level 3 [Member] | Exchange-Traded Futures Contracts [Member]
Investments [Abstract]
Other financial instruments	0	0
Recurring [Member] | Level 3 [Member] | Forward Currency Contracts [Member]
Investments [Abstract]
Other financial instruments	$ 0	$ 0
Federal Tax Authority [Member] | Minimum [Member]
Income Taxes [Abstract]
Open tax year	2013
Federal Tax Authority [Member] | Maximum [Member]
Income Taxes [Abstract]
Open tax year	2016
State Tax Authorities [Member] | Minimum [Member]
Income Taxes [Abstract]
Open tax year	2013
State Tax Authorities [Member] | Maximum [Member]
Income Taxes [Abstract]
Open tax year	2016

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GENERAL PARTNER AND COMMODITY TRADING ADVISOR (Details)	9 Months Ended
	Sep. 30, 2017 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)	Sep. 30, 2017 Counterparty
Deposits with Interbank Market Makers [Abstract]
Number of major rating agencies reporting credit ratings	3
UBS AG [Member]
Deposits with Interbank Market Makers [Abstract]
Number of major rating agencies reporting credit ratings considered investment grade for interbank market maker	3
Royal Bank of Scotland [Member]
Deposits with Interbank Market Makers [Abstract]
Number of major rating agencies reporting credit ratings considered investment grade for interbank market maker	3

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OPERATING EXPENSES (Details)		9 Months Ended
		Sep. 30, 2017	Sep. 30, 2016
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)	9 Months Ended
	Sep. 30, 2017
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 ($)	Sep. 30, 2017	Dec. 31, 2016
Derivatives at Fair Value, Net [Abstract]
Asset derivatives at fair value	$ 5,740,583	$ 4,929,105
Liability derivatives at fair value	(3,764,599)	0
Not Designated as Hedging Instruments [Member]
Derivatives at Fair Value, Net [Abstract]
Asset derivatives at fair value	16,799,478	18,763,713
Liability derivatives at fair value	(14,823,494)	(13,834,608)
Net	1,975,984	4,929,105
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	910,876	2,621,318
Liability derivatives at fair value	(499,307)	(1,669,312)
Net	411,569	952,006
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	691,939	1,294,666
Liability derivatives at fair value	(89,297)	(68,043)
Net	602,642	1,226,623
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	1,437,027	589,912
Liability derivatives at fair value	(2,265,685)	(3,764,311)
Net	(828,658)	(3,174,399)
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	6,688,187	3,886,396
Liability derivatives at fair value	(342,568)	(1,877,982)
Net	6,345,619	2,008,414
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	280,128	115,803
Liability derivatives at fair value	(118,694)	(363,714)
Net	161,434	(247,911)
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	1,322,528	1,843,389
Liability derivatives at fair value	(2,274,551)	(710,683)
Net	(952,023)	1,132,706
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	5,468,793	8,412,229
Liability derivatives at fair value	(9,233,392)	(5,380,563)
Net	$ (3,764,599)	$ 3,031,666

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TRADING ACTIVITIES AND RELATED RISKS, Derivatives by Instrument Type (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Gains (Losses) Recognized in Income, Net [Abstract]
Trading gains (losses)	$ 6,830,148	$ (14,474,114)	$ (2,979,604)	$ (23,878,631)
Agriculture Contracts [Member]
Gains (Losses) Recognized in Income, Net [Abstract]
Trading gains (losses)	(6,720,312)	4,243,235	(12,459,572)	(2,814,236)
Energy Contracts [Member]
Gains (Losses) Recognized in Income, Net [Abstract]
Trading gains (losses)	16,234	(6,280,100)	(12,132,786)	(18,626,129)
Metal Contracts [Member]
Gains (Losses) Recognized in Income, Net [Abstract]
Trading gains (losses)	(2,244,300)	(2,826,842)	(756,629)	(8,461,635)
Stock Indices Contracts [Member]
Gains (Losses) Recognized in Income, Net [Abstract]
Trading gains (losses)	11,181,962	6,506,151	49,481,874	(6,935,178)
Short-Term Interest Rate Contracts [Member]
Gains (Losses) Recognized in Income, Net [Abstract]
Trading gains (losses)	(562,516)	(955,658)	(2,521,985)	(2,939,230)
Long-Term Interest Rate Contracts [Member]
Gains (Losses) Recognized in Income, Net [Abstract]
Trading gains (losses)	896,667	(7,115,387)	(11,507,883)	27,284,642
Forward Currency Contracts [Member]
Gains (Losses) Recognized in Income, Net [Abstract]
Trading gains (losses)	$ 4,262,413	$ (8,045,513)	$ (13,082,623)	$ (11,386,865)

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TRADING ACTIVITIES AND RELATED RISKS, Location of Gains and Losses on the Statements of Operations (Details)		3 Months Ended		9 Months Ended
		Sep. 30, 2017 USD ($) Contract	Sep. 30, 2016 USD ($) Contract	Sep. 30, 2017 USD ($) Contract	Sep. 30, 2016 USD ($) Contract
Gains (Losses) Recognized in Income, Net [Abstract]
Trading gains (losses)		$ 6,830,148	$ (14,474,114)	$ (2,979,604)	$ (23,878,631)
Derivatives [Abstract]
Average number of months until maturity for open contracts				12 months
Futures Contracts [Member]
Derivatives [Abstract]
Monthly average of contracts bought and sold | Contract		25,000	48,100	31,400	56,600
Futures Contracts [Member] | Maximum [Member]
Derivatives [Abstract]
Latest maturity date for open contracts				Dec. 31, 2018
Forward Currency Contracts [Member]
Derivatives [Abstract]
Monthly average notional value		$ 1,152,000,000	$ 2,877,000,000	$ 1,292,000,000	$ 2,969,400,000
Forward Currency Contracts [Member] | Maximum [Member]
Derivatives [Abstract]
Latest maturity date for open contracts				Dec. 31, 2017
Futures Trading Gains (Losses) - Realized [Member]
Gains (Losses) Recognized in Income, Net [Abstract]
Trading gains (losses)	[1]	(17,478,063)	44,430	$ 6,259,875	(28,349,129)
Futures Trading Gains (Losses) - Change in Unrealized [Member]
Gains (Losses) Recognized in Income, Net [Abstract]
Trading gains (losses)		20,045,798	(6,473,031)	3,843,144	15,857,363
Forward Currency Trading Gains (Losses) - Realized [Member]
Gains (Losses) Recognized in Income, Net [Abstract]
Trading gains (losses)		7,160,865	(3,560,070)	(6,286,358)	(8,525,068)
Forward Currency Trading Gains (Losses) - Change in Unrealized [Member]
Gains (Losses) Recognized in Income, Net [Abstract]
Trading gains (losses)		$ (2,898,452)	$ (4,485,443)	$ (6,796,265)	$ (2,861,797)

[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 brokers.

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TRADING ACTIVITIES AND RELATED RISKS, Credit Risk (Details) - USD ($)	9 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
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	$ 77,861,583	$ 83,929,651
Actual margin and good faith deposits as a percentage of Net Asset Value	28.00%	22.00%
Cash deposited with interbank market makers	$ 181,935	$ 138,161
Actual cash deposited with interbank market makers as a percentage of Net Asset Value	0.00%	0.00%
Restricted cash for margin requirements	$ 0	$ 0
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 ($)	Sep. 30, 2017	Dec. 31, 2016
Offsetting of Derivative Assets [Abstract]
Gross amounts of recognized assets	$ 16,799,478	$ 18,763,713
Gross amounts offset in the Statements of Financial Condition	(11,058,895)	(13,834,608)
Net amounts of unrealized gain presented in the Statements of Financial Condition	5,740,583	4,929,105
Derivative Assets and Collateral Received by Counterparty [Abstract]
Net amounts of unrealized gain in the Statements of Financial Condition	5,740,583	4,929,105
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	5,740,583	4,929,105
Futures Contracts [Member] | Exchange-Traded [Member]
Offsetting of Derivative Assets [Abstract]
Gross amounts of recognized assets	11,330,685	10,351,484
Gross amounts offset in the Statements of Financial Condition	(5,590,102)	(8,454,045)
Net amounts of unrealized gain presented in the Statements of Financial Condition	5,740,583	1,897,439
Derivative Assets and Collateral Received by Counterparty [Abstract]
Net amounts of unrealized gain in the Statements of Financial Condition	5,740,583	1,897,439
Futures Contracts [Member] | UBS Securities LLC [Member] | Exchange-Traded [Member]
Offsetting of Derivative Assets [Abstract]
Gross amounts of recognized assets	5,668,233	5,189,897
Gross amounts offset in the Statements of Financial Condition	(2,788,749)	(4,226,165)
Net amounts of unrealized gain presented in the Statements of Financial Condition	2,879,484	963,732
Derivative Assets and Collateral Received by Counterparty [Abstract]
Net amounts of unrealized gain in the Statements of Financial Condition	2,879,484	963,732
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	2,879,484	963,732
Futures Contracts [Member] | Goldman Sachs [Member] | Exchange-Traded [Member]
Offsetting of Derivative Assets [Abstract]
Gross amounts of recognized assets	5,662,452	5,161,587
Gross amounts offset in the Statements of Financial Condition	(2,801,353)	(4,227,880)
Net amounts of unrealized gain presented in the Statements of Financial Condition	2,861,099	933,707
Derivative Assets and Collateral Received by Counterparty [Abstract]
Net amounts of unrealized gain in the Statements of Financial Condition	2,861,099	933,707
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	2,861,099	933,707
Forward Currency Contracts [Member] | Over-the-Counter [Member]
Offsetting of Derivative Assets [Abstract]
Gross amounts of recognized assets	5,468,793	8,412,229
Gross amounts offset in the Statements of Financial Condition	(5,468,793)	(5,380,563)
Net amounts of unrealized gain presented in the Statements of Financial Condition	0	3,031,666
Derivative Assets and Collateral Received by Counterparty [Abstract]
Net amounts of unrealized gain in the Statements of Financial Condition	0	3,031,666
Forward Currency Contracts [Member] | UBS AG [Member] | Over-the-Counter [Member]
Offsetting of Derivative Assets [Abstract]
Gross amounts of recognized assets	2,734,364	4,206,734
Gross amounts offset in the Statements of Financial Condition	(2,734,364)	(2,690,255)
Net amounts of unrealized gain presented in the Statements of Financial Condition	0	1,516,479
Derivative Assets and Collateral Received by Counterparty [Abstract]
Net amounts of unrealized gain in the Statements of Financial Condition	0	1,516,479
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	0	1,516,479
Forward Currency Contracts [Member] | Royal Bank of Scotland [Member] | Over-the-Counter [Member]
Offsetting of Derivative Assets [Abstract]
Gross amounts of recognized assets	2,734,429	4,205,495
Gross amounts offset in the Statements of Financial Condition	(2,734,429)	(2,690,308)
Net amounts of unrealized gain presented in the Statements of Financial Condition	0	1,515,187
Derivative Assets and Collateral Received by Counterparty [Abstract]
Net amounts of unrealized gain in the Statements of Financial Condition	0	1,515,187
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	$ 0	$ 1,515,187

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TRADING ACTIVITIES AND RELATED RISKS, Offsetting of Derivative Liabilities and Collateral Pledged by Counterparty (Details) - USD ($)	Sep. 30, 2017		Dec. 31, 2016
Offsetting of Derivative Liabilities [Abstract]
Gross amounts of recognized liabilities	$ 14,823,494		$ 13,834,608
Gross amounts offset in the Statements of Financial Condition	(11,058,895)		(13,834,608)
Net amounts of unrealized loss presented in the Statements of Financial Condition	3,764,599		0
Derivative Liabilities and Collateral Pledged by Counterparty [Abstract]
Net amounts of unrealized loss in the Statements of Financial Condition	3,764,599		0
Gross amounts not offset in the Statements of Financial Condition - Financial instruments	(3,764,599)		0
Gross amounts not offset in the Statements of Financial Condition - Cash collateral pledged	0		0
Net amount	0		0
Fixed income securities deposited with interbank market makers	205,972,346		312,754,709
U.S. Treasury Bills [Member]
Derivative Liabilities and Collateral Pledged by Counterparty [Abstract]
Fixed income securities deposited with interbank market makers	34,724,170
Futures Contracts [Member] | Exchange-Traded [Member]
Offsetting of Derivative Liabilities [Abstract]
Gross amounts of recognized liabilities	5,590,102		8,454,045
Gross amounts offset in the Statements of Financial Condition	(5,590,102)		(8,454,045)
Net amounts of unrealized loss presented in the Statements of Financial Condition	0		0
Derivative Liabilities and Collateral Pledged by Counterparty [Abstract]
Net amounts of unrealized loss in the Statements of Financial Condition	0		0
Futures Contracts [Member] | UBS Securities LLC [Member] | Exchange-Traded [Member]
Offsetting of Derivative Liabilities [Abstract]
Gross amounts of recognized liabilities	2,788,749		4,226,165
Gross amounts offset in the Statements of Financial Condition	(2,788,749)		(4,226,165)
Net amounts of unrealized loss presented in the Statements of Financial Condition	0		0
Derivative Liabilities and Collateral Pledged by Counterparty [Abstract]
Net amounts of unrealized loss 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
Futures Contracts [Member] | Goldman Sachs [Member] | Exchange-Traded [Member]
Offsetting of Derivative Liabilities [Abstract]
Gross amounts of recognized liabilities	2,801,353		4,227,880
Gross amounts offset in the Statements of Financial Condition	(2,801,353)		(4,227,880)
Net amounts of unrealized loss presented in the Statements of Financial Condition	0		0
Derivative Liabilities and Collateral Pledged by Counterparty [Abstract]
Net amounts of unrealized loss 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] | Over-the-Counter [Member]
Offsetting of Derivative Liabilities [Abstract]
Gross amounts of recognized liabilities	9,233,392		5,380,563
Gross amounts offset in the Statements of Financial Condition	(5,468,793)		(5,380,563)
Net amounts of unrealized loss presented in the Statements of Financial Condition	3,764,599		0
Derivative Liabilities and Collateral Pledged by Counterparty [Abstract]
Net amounts of unrealized loss in the Statements of Financial Condition	3,764,599		0
Forward Currency Contracts [Member] | UBS AG [Member] | Over-the-Counter [Member]
Offsetting of Derivative Liabilities [Abstract]
Gross amounts of recognized liabilities	4,617,454		2,690,255
Gross amounts offset in the Statements of Financial Condition	(2,734,364)		(2,690,255)
Net amounts of unrealized loss presented in the Statements of Financial Condition	1,883,090		0
Derivative Liabilities and Collateral Pledged by Counterparty [Abstract]
Net amounts of unrealized loss in the Statements of Financial Condition	1,883,090		0
Gross amounts not offset in the Statements of Financial Condition - Financial instruments	(1,883,090)	[1]	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 amounts of recognized liabilities	4,615,938		2,690,308
Gross amounts offset in the Statements of Financial Condition	(2,734,429)		(2,690,308)
Net amounts of unrealized loss presented in the Statements of Financial Condition	1,881,509		0
Derivative Liabilities and Collateral Pledged by Counterparty [Abstract]
Net amounts of unrealized loss in the Statements of Financial Condition	1,881,509		0
Gross amounts not offset in the Statements of Financial Condition - Financial instruments	(1,881,509)	[1]	0
Gross amounts not offset in the Statements of Financial Condition - Cash collateral pledged	0		0
Net amount	$ 0		$ 0

[1] Represents a portion of the $34,724,170 fair value in the U.S. Treasury Bills held at the interbank market makers.