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 June 30, 2022

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)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Not applicable.	Not applicable.	Not applicable.

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 such files).  Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a 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.

 Large accelerated filer ☐ Accelerated filer ☐ Non-accelerated filer ☑ 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 13(a) 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 ☑

The Registrant has no voting stock. As of June 30, 2022, there were 52,890.885 Units of General and Limited Partnership Interest issued and outstanding.

TABLE OF CONTENTS

			Page
PART I — FINANCIAL INFORMATION
	Item 1.	Financial Statements.
		Condensed Schedules of Investments as of June 30, 2022 and December 31, 2021 (Unaudited)	1-6
		Statements of Financial Condition as of June 30, 2022 and December 31, 2021 (Unaudited)	7
		Statements of Operations for the Three Months and Six Months Ended June 30, 2022 and 2021 (Unaudited)	8
		Statements of Cash Flows for the Six Months Ended June 30, 2022 and 2021 (Unaudited)	9
		Statements of Changes in Partners’ Capital (Net Asset Value) for the Three Months and Six Months Ended June 30, 2022 and 2021 (Unaudited)	10
		Financial Highlights for the Three Months and Six Months Ended June 30, 2022 and 2021 (Unaudited)	11
		Notes to Financial Statements (Unaudited)	12-26
	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations.	27-33
	Item 3.	Quantitative and Qualitative Disclosure About Market Risk.	34-38
	Item 4.	Controls and Procedures.	38
PART II — OTHER INFORMATION
	Item 1.	Legal Proceedings.	39
	Item 1A.	Risk Factors.	39
	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds.	39
	Item 3.	Defaults Upon Senior Securities.	39
	Item 4.	Mine Safety Disclosures.	39
	Item 5.	Other Information.	39
	Item 6.	Exhibits.	40-41
SIGNATURES			42

CAMPBELL STRATEGIC ALLOCATION FUND, L.P.

CONDENSED SCHEDULE OF INVESTMENTS
JUNE 30, 2022 (Unaudited)

FIXED INCOME SECURITIES

Maturity Face Value	Description	Fair Value ($)		% of Net Asset Value
	Asset Backed Securities
	United States
	Auto Loans	$	8,832,592		5.25	%
	Equipment Loans		1,095,304		0.65	%
	Total Asset Backed Securities (cost $10,014,228)		9,927,896		5.90	%
	Bank Deposits
	United States
	Financials (cost $1,050,000)		1,049,412		0.62	%
	Commercial Paper
	Switzerland
	Financials (cost $1,123,869)		1,124,012		0.67	%
	United Kingdom
	Financials (cost $3,239,981)		3,237,138		1.92	%
	United States
	Communications		1,588,507		0.94	%
	Consumer Discretionary		4,452,251		2.64	%
	Consumer Staples		649,189		0.39	%
	Financials		14,423,079		8.57	%
	Industrials		3,094,133		1.84	%
	Materials		844,425		0.50	%
	Real estate		9,728,610		5.78	%
	Health care		1,858,408		1.10	%
	Technology		999,396		0.59	%
	Utilities		16,169,966		9.60	%
	Total United States (cost $53,821,028)		53,807,964		31.95	%
	Total Commercial Paper (cost $58,184,878)		58,169,114		34.54	%

See Accompanying Notes to Financial Statements.

1

CAMPBELL STRATEGIC ALLOCATION FUND, L.P.
CONDENSED SCHEDULE OF INVESTMENTS
JUNE 30, 2022 (Unaudited)

FIXED INCOME SECURITIES

Maturity Face Value		Description	Fair Value ($)		% of Net Asset Value
		Corporate Bonds
		Australia
		Financials (cost $1,910,000)		1,907,643		1.13	%
		Canada
		Financials		6,353,325		3.77	%
		Energy		787,138		0.47	%
		Total Canada (cost $7,243,594)		7,140,463		4.24	%
		Germany
		Consumer Discretionary		500,754		0.30	%
		Industrials		772,665		0.46	%
		Total Germany (cost $1,280,250)		1,273,419		0.76	%
		Japan
		Financials (cost $500,208)		500,025		0.30	%
		Spain
		Financials (cost $1,000,000)		996,465		0.59	%
		Switzerland
		Financials (cost $1,624,904)		1,604,452		0.95	%
		United Kingdom
		Financials (cost $838,852)		815,012		0.48	%
		United States
		Consumer Discretionary		2,907,038		1.73	%
		Consumer Staples		845,291		0.50	%
		Energy		4,005,131		2.38	%
		Financials		8,126,276		4.83	%
		Health care		2,090,008		1.24	%
		Industrials		3,712,847		2.21	%
		Technology		1,600,582		0.95	%
		Materials		481,084		0.29	%
		Real estate		1,187,201		0.71	%
		Utilities		2,499,371		1.48	%
		Total United States (cost $27,785,448)		27,454,829		16.32	%
		Total Corporate Bonds (cost $42,183,256)		41,692,308		24.77	%
		Government and Agency Obligations
		United States
		U.S. Treasury Bills
$	2,135,000	U.S. Treasury Bills Due 07/21/2022 (1)		2,133,819		1.27	%
$	6,300,000	U.S. Treasury Bills Due 08/11/2022 (1)		6,290,411		3.73	%
$	7,400,000	U.S. Treasury Bills Due 09/15/2022 (1)		7,375,203		4.38	%
		Total Government and Agency Obligations (cost $15,801,803)		15,799,433		9.38	%
		Total Fixed Income Securities (2) (cost $127,234,165)	$	126,638,163		75.21	%

(1) Pledged as collateral for the trading of futures positions.

(2) Included in fixed income securities are U.S. Treasury Bills with a fair value of $15,799,433 deposited with the futures brokers.

See Accompanying Notes to Financial Statements.

2

CAMPBELL STRATEGIC ALLOCATION FUND, L.P.
CONDENSED SCHEDULE OF INVESTMENTS
JUNE 30, 2022 (Unaudited)

SHORT TERM INVESTMENTS

	Fair			% of Net
Description	Value ($)			Asset Value
Money Market Funds
United States
Money Market Funds (cost $3,877,443)		$	3,877,443		2.30	%
Total Short Term Investments (cost $3,877,443)		$	3,877,443		2.30	%

LONG FUTURES CONTRACTS

	Fair			% of Net
Description	Value ($)			Asset Value
Agriculture	$	(776,705	)		(0.46	)%
Energy		(1,235,665	)		(0.73	)%
Metals		(3,728,753	)		(2.21	)%
Stock indices		(59,866	)		(0.04	)%
Short-term interest rates		184,669			0.11	%
Long-term interest rates		465,297			0.28	%
Net unrealized gain (loss) on long futures contracts		(5,151,023	)		(3.05	)%

SHORT FUTURES CONTRACTS

	Fair			% of Net
Description	Value ($)			Asset Value
Agriculture		1,725,209			1.02	%
Energy		231,060			0.14	%
Metals		3,803,872			2.26	%
Stock indices		903,181			0.54	%
Short-term interest rates		(276,721	)		(0.16	)%
Long-term interest rates		(1,080,270	)		(0.64	)%
Net unrealized gain (loss) on short futures contracts		5,306,331			3.16	%
Net unrealized gain (loss) on open futures contracts	$	155,308			0.11	%

FORWARD CURRENCY CONTRACTS

	Fair			% of Net
Description	Value ($)			Asset Value
Various long forward currency contracts	$	(9,345,616	)		(5.55	)%
Various short forward currency contracts		13,941,218			8.28	%
Net unrealized gain (loss) on open forward currency contracts	$	4,595,602			2.73	%

CREDIT DEFAULT INDEX SWAPS

	Fair		% of Net
Description	Value ($)		Asset Value
Centrally cleared credit default index swaps - Sell protection (net cost $40,421) (3)	$	46,812		0.03	%

INTEREST RATE SWAPS

	Fair			% of Net
Description	Value ($)			Asset Value
Centrally cleared interest rate swaps - Pay fixed (net proceeds $221,230) (4)	$	(11,423	)		(0.01	)%

(3) Includes $45,718 of cumulative appreciation/(depreciation) of swaps contracts that is considered variation margin receivable. Variation margin amount is included within cash at swaps broker in the statement of financial condition.

(4) Includes $13,507 of cumulative appreciation/(depreciation) of swaps contracts that is considered variation margin receivable. Variation margin amount is included within cash at swaps broker in the statement of financial condition.

See Accompanying Notes to Financial Statements.

3

CAMPBELL STRATEGIC ALLOCATION FUND, L.P.

CONDENSED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2021 (Unaudited)

FIXED INCOME SECURITIES

Maturity Face Value	Description	Fair Value ($)		% of Net Asset Value
	Asset Backed Securities
	United States
	Auto Loans	$	6,309,574		4.83	%
	Equipment Loans		700,893		0.54	%
	Total Asset Backed Securities (cost $7,025,355)		7,010,467		5.37	%
	Bank Deposits
	United States
	Financials (cost $870,000)		869,530		0.67	%
	Total Bank Deposits (cost $870,000)		869,530		0.67	%
	Commercial Paper
	United States
	Communications		584,926		0.45	%
	Consumer Discretionary		2,619,659		2.00	%
	Financials		7,620,623		5.83	%
	Industrials		4,894,819		3.74	%
	Materials		2,894,711		2.21	%
	Real estate		5,311,670		4.06	%
	Technology		964,975		0.73	%
	Utilities		10,368,925		7.93	%
	Total United States (cost $35,265,102)		35,260,308		26.95	%
	Total Commercial Paper (cost $35,265,102)	$	35,260,308		26.95	%

See Accompanying Notes to Financial Statements.

4

CAMPBELL STRATEGIC ALLOCATION FUND, L.P.

CONDENSED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2021 (Unaudited)

FIXED INCOME SECURITIES

Maturity Face Value		Description	Fair Value ($)		% of Net Asset Value
		Corporate Bonds
		Australia
		Financials (cost $1,910,000)	$	1,916,961		1.47	%
		Canada
		Energy		701,726		0.54	%
		Financials		5,127,444		3.92	%
		Total Canada (cost $5,836,218)		5,829,170		4.46	%
		Germany
		Consumer Discretionary (cost $1,550,000)		1,552,240		1.19	%
		Japan
		Financials (cost $1,177,638)		1,177,652		0.90	%
		Switzerland
		Financials (cost $2,019,793)		2,021,376		1.55	%
		United Kingdom
		Financials (cost $300,000)		299,958		0.23	%
		Health care (cost $656,356)		655,377		0.50	%
		Total United Kingdom (cost $956,356)		955,335		0.73	%
		United States
		Consumer Discretionary		2,389,928		1.83	%
		Consumer Staples		1,367,745		1.05	%
		Energy		2,649,366		2.02	%
		Financials		4,870,526		3.72	%
		Health care		1,987,364		1.52	%
		Industrials		2,360,179		1.81	%
		Technology		1,815,102		1.39	%
		Materials		496,422		0.38	%
		Real estate		794,270		0.61	%
		Utilities		1,276,319		0.98	%
		Total United States (cost $20,022,816)		20,007,221		15.31	%
		Total Corporate Bonds (cost $33,472,821)		33,459,955		25.61	%
		Government and Agency Obligations
		United States
		U.S. Treasury Bills
$	2,135,000	U.S. Treasury Bills Due 01/20/2022 (1)		2,134,987		1.63	%
$	5,000,000	U.S. Treasury Bills Due 03/17/2022 (1)		4,999,440		3.82	%
$	6,300,000	U.S. Treasury Bills Due 05/12/2022 (1)		6,297,965		4.82	%
		Total Government and Agency Obligations (cost $13,433,291)		13,432,392		10.27	%
		Total Fixed Income Securities (cost $90,066,569) (2)	$	90,032,652		68.87	%

(1) Pledged as collateral for the trading of futures positions.

(2) Included in fixed income securities are U.S. Treasury Bills with a fair value of $13,432,392 deposited with the futures brokers.

See Accompanying Notes to Financial Statements.

5

CAMPBELL STRATEGIC ALLOCATION FUND, L.P.

CONDENSED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2021 (Unaudited)

SHORT TERM INVESTMENTS

Description	Fair Value ($)			% of Net Asset Value
Money Market Funds
United States
Money Market Funds (cost $5,214,406)		$	5,214,406		3.99	%
Total Short Term Investments (cost $5,214,406)		$	5,214,406		3.99	%

LONG FUTURES CONTRACTS

Description	Fair Value ($)			% of Net Asset Value
Agriculture	$	(50,364	)		(0.04	)%
Energy		251,020			0.19	%
Metals		2,598,920			2.00	%
Stock indices		732,644			0.56	%
Short-term interest rates		(176,978	)		(0.14	)%
Long-term interest rates		(1,033,100	)		(0.79	)%
Net unrealized gain (loss) on long futures contracts		2,322,142			1.78	%

SHORT FUTURES CONTRACTS

Description	Fair Value ($)			% of Net Asset Value
Agriculture		382,119			0.29	%
Energy		(228,728	)		(0.17	)%
Metals		(2,987,719	)		(2.29	)%
Stock indices		(25,447	)		(0.02	)%
Short-term interest rates		162,008			0.12	%
Long-term interest rates		569,626			0.44	%
Net unrealized gain (loss) on short futures contracts		(2,128,141	)		(1.63	)%
Net unrealized gain (loss) on open futures contracts	$	194,001			0.15	%

FORWARD CURRENCY CONTRACTS

Description	Fair Value ($)			% of Net Asset Value
Various long forward currency contracts	$	3,836,008			2.93	%
Various short forward currency contracts		(4,630,557	)		(3.54	)%
Net unrealized gain (loss) on open forward currency contracts	$	(794,549	)		(0.61	)%

CREDIT DEFAULT INDEX SWAPS

Description	Fair Value ($)		% of Net Asset Value
Centrally cleared credit default index swaps - Sell protection (net cost $1,419,925) (3)	$	1,432,745		1.10	%

(3) Includes $1,423,996 of cumulative appreciation/(depreciation) of swaps contracts that is considered variation margin receivable. Variation margin amount is included within cash at swaps broker in the statement of financial condition.

See Accompanying Notes to Financial Statements.

6

CAMPBELL STRATEGIC ALLOCATION FUND, L.P.

STATEMENTS OF FINANCIAL CONDITION

JUNE 30, 2022 AND DECEMBER 31, 2021 (Unaudited)

	June 30, 2022		December 31, 2021
ASSETS
Equity in futures brokers trading accounts
Cash	$	18,083,673	$	14,702,234
Restricted cash		0		542,373
Fixed income securities (cost $15,801,803 and $13,433,291, respectively)		15,799,433		13,432,392
Net unrealized gain (loss) on open futures contracts		155,308		194,001
Total equity in futures brokers trading accounts		34,038,414		28,871,000
Cash and cash equivalents		2,458,821		477,204
Cash at interbank market maker		2,585,405		5,720,106
Restricted cash at interbank market makers		6,474,313		11,728,326
Short term investments (cost $3,877,443 and $5,214,406, respectively)		3,877,443		5,214,406
Cash at swaps broker		4,709,769		4,268,767
Restricted cash at swaps broker		897,907		440,326
Fixed income securities (cost $111,432,362 and $76,633,278, respectively)		110,838,730		76,600,260
Credit default index swaps		1,094		8,749
Interest rate swaps		2,084		0
Due from swaps broker		10,149		28,825
Net unrealized gain on open forward currency contracts		4,595,602		0
Interest receivable		175,349		79,494
Total assets	$	170,665,080	$	133,437,463
LIABILITIES
Accounts payable	$	111,757	$	117,350
Brokerage fee payable		994,595		772,725
Net unrealized loss on open forward currency contracts		0		794,549
Accrued commissions and other trading fees on open contracts		13,643		16,851
Offering costs payable		37,714		41,532
Redemptions payable		1,131,217		975,086
Total liabilities		2,288,926		2,718,093
PARTNERS’ CAPITAL (Net Asset Value)
General Partner - 0.000 and 0.000 redeemable units outstanding at June 30, 2022 and December 31, 2021		0		0
Limited Partners - 52,890.885 and 55,906.286 redeemable units outstanding at June 30, 2022 and December 31, 2021		168,376,154		130,719,370
Total partners’ capital (Net Asset Value)		168,376,154		130,719,370
Total liabilities and partners’ capital (Net Asset Value)	$	170,665,080	$	133,437,463

See Accompanying Notes to Financial Statements.

7

CAMPBELL STRATEGIC ALLOCATION FUND, L.P.

STATEMENTS OF OPERATIONS
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2022 AND 2021 (Unaudited)

	Three Months Ended June 30,						Six Months Ended June 30,
	2022			2021			2022			2021
TRADING GAINS (LOSSES)
Futures trading gains (losses)
Realized	$	13,769,611		$	11,949,966		$	31,804,485		$	20,889,416
Change in unrealized		(2,684,327	)		(641,912	)		(38,693	)		(4,352,839	)
Brokerage commissions		(138,257	)		(288,003	)		(283,212	)		(568,269	)
Net gain (loss) from futures trading		10,947,027			11,020,051			31,482,580			15,968,308
Forward currency trading gains (losses)
Realized		11,382,796			6,694,081			14,594,799			9,572,951
Change in unrealized		1,092,538			(6,986,943	)		5,390,151			(2,552,316	)
Brokerage commissions		(20,931	)		(43,354	)		(48,321	)		(71,696	)
Net gain (loss) from forward currency trading		12,454,403			(336,216	)		19,936,629			6,948,939
Swap trading gains (losses)
Realized		964,901			29,899			685,855			(1,745,470	)
Change in unrealized		(268,471	)		169,571			203,378			(508,198	)
Net gain (loss) from swap trading		696,430			199,470			889,233			(2,253,668	)
Total net trading gain (loss)		24,097,860			10,883,305			52,308,442			20,663,579
NET INVESTMENT INCOME (LOSS)
Investment income
Interest income		368,002			102,856			468,760			230,821
Realized gain (loss) on fixed income securities		(5,468	)		(13,034	)		(13,460	)		(16,788	)
Change in unrealized gain (loss) on fixed income securities		(309,510	)		(32,450	)		(562,085	)		(111,368	)
Total investment income (loss)		53,024			57,372			(106,785	)		102,665
Expenses
Brokerage fee		2,914,955			2,527,891			5,441,976			4,879,296
Operating expenses		144,202			128,970			265,671			256,582
Total expenses		3,059,157			2,656,861			5,707,647			5,135,878
Net investment income (loss)		(3,006,133	)		(2,599,489	)		(5,814,432	)		(5,033,213	)
NET INCOME (LOSS)	$	21,091,727		$	8,283,816		$	46,494,010		$	15,630,366
NET INCOME (LOSS) PER GENERAL AND LIMITED PARTNER UNIT
(based on weighted average number of units outstanding during the period)	$	391.86		$	137.19		$	850.41		$	254.86
INCREASE (DECREASE) IN NET ASSET VALUE PER GENERAL AND LIMITED PARTNER UNIT	$	388.76		$	134.09		$	845.27		$	252.49
WEIGHTED AVERAGE NUMBER OF UNITS OUTSTANDING DURING THE PERIOD		53,825.024			60,381.403			54,672.270			61,329.242

See Accompanying Notes to Financial Statements.

8

CAMPBELL STRATEGIC ALLOCATION FUND, L.P.

STATEMENTS OF CASH FLOWS

FOR THE SIX MONTHS ENDED JUNE 30, 2022 AND 2021 (Unaudited)

	Six Months Ended June 30,
	2022			2021
Cash flows from (for) operating activities
Net income (loss)	$	46,494,010		$	15,630,366
Adjustments to reconcile net income (loss) to net cash from (for) operating activities
Net change in unrealized on futures, forwards, swaps and investments		(4,992,751	)		7,524,721
(Increase) decrease in interest receivable		(95,855	)		6,921
(Increase) decrease in due from swaps broker		18,676			(3,498	)
Increase (decrease) in accounts payable and accrued expenses		213,069			(2,887	)
Net purchases from swap broker		208,949			(670,517	)
Purchases of investments		(786,900,963	)		(706,654,831	)
Sales/maturities of investments		751,070,330			708,776,972
Net cash from (for) operating activities		6,015,465			24,607,247
Cash flows from (for) financing activities
Redemption of units		(8,386,096	)		(9,668,602	)
Offering costs paid		(298,817	)		(303,268	)
Net cash from (for) financing activities		(8,684,913	)		(9,971,870	)
Net increase (decrease) in cash, cash equivalents and restricted cash		(2,669,448	)		14,635,377
Cash, cash equivalents and restricted cash at beginning of period		37,879,336			31,258,386
Cash, cash equivalents and restricted cash at end of period	$	35,209,888		$	45,893,763

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Statements of Financial Condition that sum to the total of the same such amounts shown in the Statements of Cash Flows.

	June 30, 2022		December 31, 2021
Cash, cash equivalents and restricted cash at end of period consists of:
Equity in futures brokers trading accounts:
Cash	$	18,083,673	$	14,702,234
Restricted cash		0		542,373
Cash and cash equivalents		2,458,821		477,204
Cash at interbank market maker		2,585,405		5,720,106
Restricted cash at interbank market makers		6,474,313		11,728,326
Cash at swaps broker		4,709,769		4,268,767
Restricted cash at swaps broker		897,907		440,326
Total cash, cash equivalents and restricted cash at end of period	$	35,209,888	$	37,879,336

See Accompanying Notes to Financial Statements.

9

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (NET ASSETS VALUE)
FOR THE THREE MONTHS AND SIX MONTHS ENDED JUNE 30, 2022 AND 2021 (Unaudited)

	Partners’ Capital
	General Partner				Limited Partners						Total
	Units		Amount		Units			Amount			Units			Amount
Six Months Ended June 30, 2022
Balances at December 31, 2021		0.000	$	0		55,906.286		$	130,719,370			55,906.286		$	130,719,370
Net income (loss) for the three months ended March 31, 2022				0					25,402,283						25,402,283
Redemptions		0.000		0		(1,498.696	)		(3,898,869	)		(1,498.696	)		(3,898,869	)
Offering costs				0					(170,076	)					(170,076	)
Balances at March 31, 2022		0.000	$	0		54,407.590		$	152,052,708			54,407.590		$	152,052,708
Net income (loss) for the three months ended June 30, 2022				0					21,091,727						21,091,727
Redemptions		0.000		0		(1,517.000	)		(4,643,358	)		(1,517.000	)		(4,643,358	)
Offering costs				0					(124,923	)					(124,923	)
Balances at June 30, 2022		0.000	$	0		52,890.885		$	168,376,154			52,890.885		$	168,376,154
Six Months Ended June 30, 2021
Balances at December 31, 2020		0.000	$	0		63,149.651		$	135,144,973			63,149.651		$	135,144,973
Net income (loss) for the three months ended March 31, 2021				0					7,346,550					$	7,346,550
Redemptions		0.000		0		(2,389.505	)		(5,110,068	)		(2,389.505	)		(5,110,068	)
Offering costs				0					(156,766	)					(156,766	)
Balances at March 31, 2021		0.000	$	0		60,760.146		$	137,224,689			60,760.146		$	137,224,689
Net income (loss) for the three months ended June 30, 2021				0					8,283,816						8,283,816
Redemptions		0.000		0		(1,175.663	)		(2,798,099	)		(1,175.663	)		(2,798,099	)
Offering costs				0					(150,734	)					(150,734	)
Balances at June 30, 2021		0.000	$	0		59,584.483		$	142,559,672			59,584.483		$	142,559,672

Net Asset Value per General and Limited Partner Unit

June 30, 2022		March 31, 2022		December 31, 2021		June 30, 2021		March 31, 2021		December 31, 2020
$	3,183.46	$	2,794.70	$	2,338.19	$	2,392.56	$	2,258.47	$	2,140.07

See Accompanying Notes to Financial Statements.

10

CAMPBELL STRATEGIC ALLOCATION FUND, L.P.

FINANCIAL HIGHLIGHTS
FOR THE THREE MONTHS AND SIX MONTHS ENDED JUNE 30, 2022 AND 2021 (Unaudited)

The following information presents per unit operating performance data and other supplemental financial data for the three months and six months ended June 30, 2022 and 2021. This information has been derived from information presented in the financial statements

	Three Months Ended June 30,						Six Months Ended June 30,
	2022			2021			2022			2021
Per Unit Performance
(for a unit outstanding throughout the entire period)
Net asset value per unit at beginning of period	$	2,794.70		$	2,258.47		$	2,338.19		$	2,140.07
Income (loss) from operations:
Total net trading gains (losses) (1)		446.93			179.64			957.02			339.57
Net investment income (loss) (1)		(55.85	)		(43.05	)		(106.35	)		(82.07	)
Total net income (loss) from operations		391.08			136.59			850.67			257.50
Offering costs (1)		(2.32	)		(2.50	)		(5.40	)		(5.01	)
Net asset value per unit at end of period	$	3,183.46		$	2,392.56		$	3,183.46		$	2,392.56
Total Return (4)		13.91	%		5.94	%		36.15	%		11.80	%
Supplemental Data
Ratios to average net asset value:
Expenses prior to performance fee (3)		7.60	%		7.51	%		7.60	%		7.49	%
Performance fee (4)		0.00	%		0.00	%		0.00	%		0.00	%
Total expenses		7.60	%		7.51	%		7.60	%		7.49	%
Net investment income (loss) (2) (3)		(7.44	)%		(7.35	)%		(7.74	)%		(7.34	)%

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) Annualized

(4) Not Annualized

See Accompanying Notes to Financial Statements.

11

CAMPBELL STRATEGIC ALLOCATION FUND, L.P.
NOTES TO FINANCIAL STATEMENTS

JUNE 30, 2022 (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, forward currency contracts, and centrally cleared swap 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 the futures commission merchants (“futures brokers”), interbank market makers, and centrally cleared swaps broker 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.

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, including futures, forwards and fixed income securities are accounted for on the trade date. Gains or losses are realized when contracts are liquidated. Realized gains or losses on spot trades associated with forward currency contract trading are included in realized gains or losses from forward currency trading. 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 daily exchange of variation margin associated with a Central Counterparty Clearing House derivative instrument is legally characterized as the daily settlement of the derivative instrument itself. Accordingly, the Fund accounts for the daily receipt or payment of variation margin associated with its centrally cleared swaps and futures as a direct reduction to the carrying value of the centrally cleared swaps and futures derivative asset or liability, respectively. The carrying amount of centrally cleared swaps and futures reflected in the Fund’s Statements of Financial Condition is equal to the unsettled fair value of such instruments, which generally represents the change in fair value that occurred on the last day of the reporting period.

12

CAMPBELL STRATEGIC ALLOCATION FUND, L.P.
NOTES TO FINANCIAL STATEMENTS

JUNE 30, 2022 (Unaudited)

Centrally cleared credit default index swaps and interest rate swap transactions are recorded on the trade date. Realized gains or losses are determined using the identified cost method. The fair value of centrally cleared swap contracts is determined by using current market quotations provided by an independent external pricing source. Valuation using an external pricing source involves the use of observable inputs in accordance with the fair value hierarchy. Any change in net unrealized gain or loss from the prior period is reported in Swap trading gains (losses) - Change in unrealized in the Statements of Operations. Period payments received or paid on swap contracts, commissions and fees associated with trading the swap contracts and cash payments received or made due to the underlying obligation in the event of a credit event are recorded as part of “Swap trading gains (losses) – Realized” in the Statements of Operations.

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. For centrally cleared swap contracts, the Fund uses current market quotations provided by an independent external pricing source to determine fair value. 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 June 30, 2022 and December 31, 2021, and for the periods ended June 30, 2022 and 2021, the Fund did not have any Level 3 assets or liabilities.

13

CAMPBELL STRATEGIC ALLOCATION FUND, L.P.
NOTES TO FINANCIAL STATEMENTS

JUNE 30, 2022 (Unaudited)

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 June 30, 2022 and December 31, 2021.

	Fair Value at June 30, 2022
Description	Level 1		Level 2			Level 3		Total
Investments
Short term investments	$	3,877,443	$	0		$	0	$	3,877,443
Fixed income securities		0		126,638,163			0		126,638,163
Other Financial Instruments
Exchange-traded futures contracts		155,308		0			0		155,308
Forward currency contracts		0		4,595,602			0		4,595,602
Credit default index swap contracts		0		46,812			0		46,812
Interest rate swap contracts		0		(11,423	)		0		(11,423	)
Total	$	4,032,751	$	131,269,154		$	0	$	135,301,905

	Fair Value at December 31, 2021
Description	Level 1		Level 2			Level 3		Total
Investments
Short term investments	$	5,214,406	$	0		$	0	$	5,214,406
Fixed income securities		0		90,032,652			0		90,032,652
Other Financial Instruments
Exchange-traded futures contracts		194,001		0			0		194,001
Forward currency contracts		0		(794,549	)		0		(794,549	)
Credit default index swap contracts		0		1,432,745			0		1,432,745
Total	$	5,408,407	$	90,670,848		$	0	$	96,079,255

The gross presentation of the fair value of the Fund’s derivatives by instrument type is shown in Note 11. 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 2018 through 2021 tax years generally remain subject to examination by the U.S. federal and most state tax authorities.

14

CAMPBELL STRATEGIC ALLOCATION FUND, L.P.
NOTES TO FINANCIAL STATEMENTS

JUNE 30, 2022 (Unaudited)

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 June 30, 2022 and December 31, 2021, the Fund has the potential remaining reimbursement amount of approximately $33.2 million and $33.5 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 June 30, 2022 and December 31, 2021, the amount of unreimbursed offering costs incurred by Campbell & Company and reflected as a liability in the Statements of Financial Condition for offering costs payable to Campbell & Company is $37,714 and $41,532, 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 April 2020, the FASB issued ASU-2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting to provide optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. In July 2017, the head of the United Kingdom Financial Conduct Authority announced the desire to phase out the use of the London Interbank Offered Rate (“LIBOR”) and other Interbank offered rates (IBORs). In November 2020, United States and United Kingdom regulators made announcements planning to cease publication of overnight, one-month, three-month, six-month and one-year LIBOR and IBOR tenors after June 2023. If LIBOR and IBORs prematurely cease to exist, the Fund may need to renegotiate outstanding swaps to replace affected rates with the identified replacement rates. There is currently no definitive information regarding the future discontinuance of LIBORs or IBORs prior to 2023. As such, the potential effect of any such event on our cost of capital and net investment income cannot yet be determined.

15

CAMPBELL STRATEGIC ALLOCATION FUND, L.P.
NOTES TO FINANCIAL STATEMENTS

JUNE 30, 2022 (Unaudited)

Note 2.  GENERAL PARTNER AND COMMODITY TRADING ADVISOR

The general partner of the Fund is Campbell & Company, LP (“Campbell & Company”), which conducts and manages the business of the Fund. Campbell & Company is also the commodity trading advisor of the Fund. The general partner does not currently have an investment in the Fund.

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, interbank market makers and swaps broker 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 AND TRANSFER AGENT

NAV Consulting, Inc. serves as the Administrator of the Fund. 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.

NAV Consulting, Inc. serves as the Transfer Agent of the Fund. The Transfer Agent receives fees at rates agreed upon between the Fund and the Transfer Agent and is entitled to reimbursement of certain actual out-of-pocket expenses incurred while performing its duties.

Note 4.  CASH MANAGER AND CUSTODIAN

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

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

16

CAMPBELL STRATEGIC ALLOCATION FUND, L.P.
NOTES TO FINANCIAL STATEMENTS

JUNE 30, 2022 (Unaudited)

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 NatWest Markets Plc (“NatWest”) and UBS AG (“UBS”). The Fund has entered into an International Swap and Derivatives Association, Inc. agreement (“ISDA Agreement”) with NatWest and UBS which governs these transactions. The credit ratings reported by the three major rating agencies for NatWest and UBS were considered investment grade as of June 30, 2022 and December 31, 2021. Margin requirements are satisfied by the deposit of U.S. Treasury Bills and cash with NatWest and UBS. The Fund typically earns interest income on its assets deposited with NatWest and UBS.

Note 7.  DEPOSITS WITH SWAPS BROKER

The Fund deposits cash with Goldman, Sachs & Co. to act as swaps broker for its centrally cleared swap contracts, subject to Commodity Futures Trading Commission regulations and central counterparty and broker requirements. Margin requirements are satisfied by the deposit of cash with such swaps broker. Accordingly, assets used to meet margin and other broker or regulatory requirements are partially restricted. The Fund typically earns interest on its credit balances and pays interest on debit balances with the swaps broker.

The Fund pays commissions to the swaps broker on a transaction basis at rates agreed upon between the Fund and the swaps broker.

Note 8.  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 six months ended June 30, 2022 and 2021.

Note 9.  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.

17

CAMPBELL STRATEGIC ALLOCATION FUND, L.P.
NOTES TO FINANCIAL STATEMENTS

JUNE 30, 2022 (Unaudited)

Note 10.  CREDIT DERIVATIVES AND CREDIT-RELATED CONTINGENCY FEATURES

Credit derivatives generally require the seller to make a payment to the buyer in the event the underlying referenced security or index to the contract defaults or another triggering event, as defined in the applicable derivative contract, occurs. The Fund sells credit derivative contracts for speculative investment purposes. The following table summarizes the notional amounts of credit derivative contracts sold by the Fund by their maturity for contracts which are outstanding at June 30, 2022 and December 31, 2021. Notional amounts are disclosed as they represent the maximum potential payout. At June 30, 2022 and December 31, 2021, the carrying value of such credit derivative contracts sold was $46,812 and $1,432,745, respectively.

	June 30, 2022				December 31, 2021
Credit Default Index Swaps	Maturity Date: June 2027				Maturity Date: December 2026
Investment grade		$	(934,777	)		$	19,078,137
Non-investment grade			(355,505	)			16,769,930
Total		$	(1,290,282	)		$	35,848,067

The Fund does not monitor its exposure to credit derivatives based on the notional amounts because that measure does not take into consideration the probability of a credit default event, the legal right to offset assets and liabilities by a counterparty, or collateral posted. However, the notional value of these credit derivative contracts has been included to provide information about the magnitude of involvement with these types of contracts.

Note 11.  TRADING ACTIVITIES AND RELATED RISKS

The Fund engages in the speculative trading of U.S. and foreign futures contracts, forward currency contracts and centrally cleared swap contracts (collectively, “derivatives”). Specifically, the Fund trades a portfolio focused on futures, forward, credit default index swap and interest rate swap contracts, which are instruments designed to hedge changes in interest rates, currency exchange rates, stock index values, metals, energy, agriculture values, and credit risks. 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.

In February 2020, the Fund transferred all futures contracts held with UBS Securities LLC to Goldman, Sachs & Co., and all forward currency contracts held with UBS to NatWest. Goldman, Sachs & Co. and NatWest serve as the sole futures broker and interbank market maker, respectively, for the Fund’s ongoing trading.

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. The value of an interest rate swap will change as market interest rates rise and fall in conjunction with whether the contract is to receive or pay a fixed interest rate. As a purchaser of credit default index swaps, the Fund’s risk of loss is limited to any cash payments required under the swap contracts. Written credit default contracts (i.e., sell protection) expose the Fund to a market risk equal to the notional value of such swap contracts and any cash payments required under the swap contracts. See Note 1.C. for an explanation of how the Fund determines its valuation for derivatives as well as the netting of derivatives.

18

CAMPBELL STRATEGIC ALLOCATION FUND, L.P.
NOTES TO FINANCIAL STATEMENTS

JUNE 30, 2022 (Unaudited)

The following tables summarize quantitative information required by 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 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 June 30, 2022 and December 31, 2021 is as follows:

Type of Instrument *	Statements of Financial Condition Location	Asset Derivatives at June 30, 2022 Fair Value		Liability Derivatives at June 30, 2022 Fair Value			Net
Agriculture Contracts	Net unrealized gain (loss) on open futures contracts	$	1,846,947	$	(898,443	)	$	948,504
Energy Contracts	Net unrealized gain (loss) on open futures contracts		245,928		(1,250,533	)		(1,004,605	)
Metal Contracts	Net unrealized gain (loss) on open futures contracts		3,806,293		(3,731,174	)		75,119
Stock Indices Contracts	Net unrealized gain (loss) on open futures contracts		1,027,396		(184,081	)		843,315
Short-Term Interest Rate Contracts	Net unrealized gain (loss) on open futures contracts		314,201		(406,253	)		(92,052	)
Long-Term Interest Rate Contracts	Net unrealized gain (loss) on open futures contracts		838,400		(1,453,373	)		(614,973	)
Forward Currency Contracts	Net unrealized gain (loss) on open forward currency contracts		15,684,346		(11,088,744	)		4,595,602
Credit Default Index Swap Contracts**	Credit default index swaps		49,019		(2,207	)		46,812
Interest Rate Swap Contracts**	Interest rate swaps		110,801		(122,224	)		(11,423	)
Total		$	23,923,331	$	(19,137,032	)	$	4,786,299

* Derivatives not designated as hedging instruments under ASC 815

** Amount of centrally cleared swap contracts is not reconciled with the statements of financial condition due to variation margin amount included within cash at swaps broker in the statements of financial condition.

Type of Instrument *	Statements of Financial Condition Location	Asset Derivatives at December 31, 2021 Fair Value		Liability Derivatives at December 31, 2021 Fair Value			Net
Agriculture Contracts	Net unrealized gain (loss) on open futures contracts	$	670,890	$	(339,135	)	$	331,755
Energy Contracts	Net unrealized gain (loss) on open futures contracts		374,147		(351,855	)		22,292
Metal Contracts	Net unrealized gain (loss) on open futures contracts		2,649,310		(3,038,109	)		(388,799	)
Stock Indices Contracts	Net unrealized gain (loss) on open futures contracts		875,863		(168,666	)		707,197
Short-Term Interest Rate Contracts	Net unrealized gain (loss) on open futures contracts		175,142		(190,112	)		(14,970	)
Long-Term Interest Rate Contracts	Net unrealized gain (loss) on open futures contracts		887,576		(1,351,050	)		(463,474	)
Forward Currency Contracts	Net unrealized gain (loss) on open forward currency contracts		6,779,979		(7,574,528	)		(794,549	)
Credit Default Index Swap Contracts**	Credit default index swaps		1,649,303		(216,558	)		1,432,745
Total		$	14,062,210	$	(13,230,013	)	$	832,197

* Derivatives not designated as hedging instruments under ASC 815

** Amount of centrally cleared swap contracts is not reconciled with the statements of financial condition due to variation margin amount included within cash at swaps broker in the statements of financial condition.

19

CAMPBELL STRATEGIC ALLOCATION FUND, L.P.
NOTES TO FINANCIAL STATEMENTS

JUNE 30, 2022 (Unaudited)

The trading gains and losses of the Fund’s derivatives by instrument type, as well as the location of those gains and losses on the Statements of Operations, for the three months and six months ended June 30, 2022 and 2021 is as follows:

Type of Instrument	Trading Gains (Losses) for the Three Months Ended June 30, 2022			Trading Gains (Losses) for the Three Months Ended June 30, 2021
Agriculture Contracts	$	1,279,268		$	4,311,266
Energy Contracts		1,595,927			4,376,545
Metal Contracts		(500,534	)		1,407,195
Stock Indices Contracts		1,242,029			3,907,952
Short-Term Interest Rate Contracts		(178,968	)		(398,843	)
Long-Term Interest Rate Contracts		7,647,562			(2,296,061	)
Forward Currency Contracts		12,475,334			(292,862	)
Credit Default Index Swap Contracts		(1,124,494	)		471,639
Interest Rate Swap Contracts		1,820,924			(272,169	)
Total	$	24,257,048		$	11,214,662

Type of Instrument	Trading Gains (Losses) for the Six Months Ended June 30, 2022			Trading Gains (Losses) for the Six Months Ended June 30, 2021
Agriculture Contracts	$	3,544,568		$	6,880,173
Energy Contracts		9,945,129			6,830,221
Metal Contracts		2,387,642			1,093,785
Stock Indices Contracts		1,670,993			9,220,087
Short-Term Interest Rate Contracts		1,900,049			(1,735,000	)
Long-Term Interest Rate Contracts		12,317,411			(5,752,689	)
Forward Currency Contracts		19,984,950			7,020,635
Credit Default Index Swap Contracts		(1,736,167	)		475,604
Interest Rate Swap Contracts		2,625,400			(2,729,272	)
Total	$	52,639,975		$	21,303,544

20

CAMPBELL STRATEGIC ALLOCATION FUND, L.P.
NOTES TO FINANCIAL STATEMENTS

JUNE 30, 2022 (Unaudited)

Line Item in the Statements of Operations	Trading Gains (Losses) for the Three Months Ended June 30, 2022			Trading Gains (Losses) for the Three Months Ended June 30, 2021
Futures trading gains (losses):
Realized**	$	13,769,611		$	11,949,966
Change in unrealized		(2,684,327	)		(641,912	)
Forward currency trading gains (losses):
Realized**		11,382,796			6,694,081
Change in unrealized		1,092,538			(6,986,943	)
Swap trading gains (losses):
Realized		964,901			29,899
Change in unrealized		(268,471	)		169,571
Total	$	24,257,048		$	11,214,662

Line Item in the Statements of Operations	Trading Gains (Losses) for the Six Months Ended June 30, 2022			Trading Gains (Losses) for the Six Months Ended June 30, 2021
Futures trading gains (losses):
Realized***	$	31,804,485		$	20,889,416
Change in unrealized		(38,693	)		(4,352,839	)
Forward currency trading gains (losses):
Realized***		14,594,799			9,572,951
Change in unrealized		5,390,151			(2,552,316	)
Swap trading gains (losses):
Realized		685,855			(1,745,470	)
Change in unrealized		203,378			(508,198	)
Total	$	52,639,975		$	21,303,544

** For the three months ended June 30, 2022 and 2021, the amounts above include gains/(losses) on foreign currency cash balances at the futures brokers of $63,257 and $(23,285), respectively, and gains/(losses) on spot trades in connection with forward currency trading at the interbank market makers of $596,209 and $200,081, respectively.

*** For the six months ended June 30, 2022 and 2021, the amounts above include gains/(losses) on foreign currency cash balances at the futures brokers of $77,218 and $8,504, respectively, and gains/(losses) on spot trades in connection with forward currency trading at the interbank market makers of $1,064,136 and $(136,125), respectively.

21

CAMPBELL STRATEGIC ALLOCATION FUND, L.P.
NOTES TO FINANCIAL STATEMENTS

JUNE 30, 2022 (Unaudited)

For the three months ended June 30, 2022 and 2021, the monthly average of futures contracts bought and sold was approximately 12,900 and 26,800, respectively, the monthly average of notional value of centrally cleared swap contracts was approximately $695,600,000 and $3,435,500,000, respectively, and the monthly average of notional value of forward currency contracts was $1,182,300,000 and $1,623,700,000, respectively.

For the six months ended June 30, 2022 and 2021, the monthly average of futures contracts bought and sold was approximately 12,900 and 27,300, respectively, the monthly average of notional value of centrally cleared swap contracts was approximately $636,900,000 and $2,540,400,000, respectively, and the monthly average of notional value of forward currency contracts was $1,284,800,000 and $1,418,500,000, respectively.

Open contracts generally mature within three months; as of June 30, 2022, the latest maturity date for open futures contracts is September 2023 and the latest maturity date for open forward currency contracts is September 2022. However, the Fund intends to close all futures and offset all forward currency contracts prior to maturity. The latest termination date for centrally cleared swap contracts is June 2027.

Credit Risk

The Fund trades futures contracts on exchanges that require margin deposits with the futures brokers and centrally cleared swap contracts that require margin deposits with the swaps broker. Additional deposits may be necessary for any loss on contract value. The Commodity Exchange Act requires a futures broker or swaps broker to segregate all customer transactions and assets from such future s broker’s or swaps broker’s proprietary activities. A customer’s cash and other property (for example, U.S. Treasury Bills) deposited with a futures broker or swaps broker are considered commingled with all other customer funds subject to the futures broker’s or swaps broker’s segregation requirements. In the event of a futures broker’s or swaps 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 NatWest. 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 LLC and Goldman, Sachs & Co., upon occurrence of a default by the Fund, as defined in respective account documents, UBS Securities LLC and Goldman, Sachs & Co. 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 June 30, 2022 and December 31, 2021 was $15,799,433 and $13,432,392, respectively, which equals approximately 9% and 10% of Net Asset Value, respectively. Included in cash deposits with the futures brokers, swaps broker and interbank market makers at June 30, 2022 and December 31, 2021 was restricted cash for margin requirements of $7,372,220 and $12,711,025, respectively, which equals approximately 5% and 10% of Net Asset Value, respectively. There were no cash deposits held at UBS Securities LLC or UBS AG, a futures broker and interbank market maker, respectively, at June 30, 2022 and December 31, 2021.

22

CAMPBELL STRATEGIC ALLOCATION FUND, L.P.
NOTES TO FINANCIAL STATEMENTS

JUNE 30, 2022 (Unaudited)

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

Offsetting of Derivative Assets by Counterparty

As of June 30, 2022

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	Goldman, Sachs & Co.	$	8,079,165	$	(7,923,857	)	$	155,308
Forward currency contracts	NatWest Markets Plc		15,684,346		(11,088,744	)		4,595,602
Centrally cleared swap contracts*	Centrally Cleared		159,820		(124,431	)		35,389
Total derivatives		$	23,923,331	$	(19,137,032	)	$	4,786,299

* Amount of centrally cleared swap contracts is not reconciled with the statements of financial condition due to variation margin amount included within cash at swaps broker in the statements of financial condition.

Derivative Assets and Collateral Received by Counterparty

As of June 30, 2022

	Net Amounts of Unrealized Gain Presented in the		Gross Amounts Not Offset in the Statements of Financial Condition
Counterparty	Statements of Financial Condition		Financial Instruments		Cash Collateral Received		Net Amount
Goldman, Sachs & Co.	$	155,308	$	0	$	0	$	155,308
NatWest Markets Plc		4,595,602		0		0		4,595,602
Centrally Cleared		35,389		0		0		35,389
Total	$	4,786,299	$	0	$	0	$	4,786,299

Offsetting of Derivative Liabilities by Counterparty

As of June 30, 2022

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	Goldman, Sachs & Co.	$	7,923,857	$	(7,923,857	)	$	0
Forward currency contracts	NatWest Markets Plc		11,088,744		(11,088,744	)		0
Centrally cleared swap contracts	Centrally Cleared		124,431		(124,431	)		0
Total derivatives		$	19,137,032	$	(19,137,032	)	$	0

23

CAMPBELL STRATEGIC ALLOCATION FUND, L.P.
NOTES TO FINANCIAL STATEMENTS

JUNE 30, 2022 (Unaudited)

Derivative Liabilities and Collateral Pledged by Counterparty

As of June 30, 2022

	Net Amounts of Unrealized Loss Presented in the		Gross Amounts Not Offset in the Statements of Financial Condition
Counterparty	Statements of Financial Condition		Financial Instruments		Cash Collateral Pledged		Net Amount
Goldman, Sachs & Co.	$	0	$	0	$	0	$	0
NatWest Markets Plc		0		0		0		0
Centrally Cleared		0		0		0		0
Total	$	0	$	0	$	0	$	0

Offsetting of Derivative Assets by Counterparty

As of December 31, 2021

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	Goldman, Sachs & Co.	$	5,632,928	$	(5,438,927	)	$	194,001
Forward currency contracts	NatWest Markets Plc		6,779,979		(6,779,979	)		0
Centrally cleared swap contracts*	Centrally Cleared		1,649,303		(216,558	)		1,432,745
Total derivatives		$	14,062,210	$	(12,435,464	)	$	1,626,746

* Amount of centrally cleared swap contracts is not reconciled with the statements of financial condition due to variation margin amount included within cash at swaps broker in the statements of financial condition.

Derivative Assets and Collateral Received by Counterparty

As of December 31, 2021

	Net Amounts of Unrealized Gain Presented in the		Gross Amounts Not Offset in the Statements of Financial Condition
Counterparty	Statements of Financial Condition		Financial Instruments		Cash Collateral Received		Net Amount
Goldman, Sachs & Co.	$	194,001	$	0	$	0	$	194,001
NatWest Markets Plc		0		0		0		0
Centrally Cleared		1,432,745		0		0		1,432,745
Total	$	1,626,746	$	0	$	0	$	1,626,746

24

CAMPBELL STRATEGIC ALLOCATION FUND, L.P.
NOTES TO FINANCIAL STATEMENTS

JUNE 30, 2022 (Unaudited)

Offsetting of Derivative Liabilities by Counterparty

As of December 31, 2021

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	Goldman, Sachs & Co.	$	5,438,927	$	(5,438,927	)	$	0
Forward currency contracts	NatWest Markets Plc		7,574,528		(6,779,979	)		794,549
Centrally cleared swap contracts	Centrally Cleared		216,558		(216,558	)		0
Total derivatives		$	13,230,013	$	(12,435,464	)	$	794,549

Derivative Liabilities and Collateral Pledged by Counterparty

As of December 31, 2021

	Net Amounts of Unrealized Loss Presented in the		Gross Amounts Not Offset in the Statements of Financial Condition
Counterparty	Statements of Financial Condition		Financial Instruments		Cash Collateral Pledged		Net Amount
Goldman, Sachs & Co.	$	0	$	0	$	0	$	0
NatWest Markets Plc		794,549		0		(794,549)		0
Centrally Cleared		0		0		0		0
Total	$	794,549	$	0	$	(794,549)	$	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.

25

CAMPBELL STRATEGIC ALLOCATION FUND, L.P.
NOTES TO FINANCIAL STATEMENTS

JUNE 30, 2022 (Unaudited)

Note 12. 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 13. INTERIM FINANCIAL STATEMENTS

The Statements of Financial Condition, including the Condensed Schedules of Investments, as of June 30, 2022 and December 31, 2021, the Statements of Operations and Financial Highlights for the three months and six months ended June 30, 2022 and 2021, and the Statements of Cash Flows and Changes in Partners’ Capital (Net Asset Value) for the six months ended June 30, 2022 and 2021 are unaudited. In the opinion of management, such financial statements reflect all adjustments, which were of a normal and recurring nature, necessary for a fair presentation of financial position as of June 30, 2022 and December 31, 2021, the results of operations and financial highlights for the three months and six months ended June 30, 2022 and 2021, and cash flows and changes in partners’ capital (Net Asset Value) for the three months and six months ended June 30, 2022 and 2021.

Note 14. 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.

26

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 interbank market).

Capital Resources

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

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

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

Liquidity

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

The entire offering proceeds, without deductions, were credited to the Fund’s bank, custodial and/or cash management accounts. The Fund meets margin requirements for its trading activities by depositing cash or U.S. government securities with the futures brokers and the over-the-counter counterparties. This does not reduce the risk of loss from trading futures, forward and swap 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.

27

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 or centrally cleared in order to initiate and maintain forward or 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 Company 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, forward and swap 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 interest 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, forward and swap 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 and centrally cleared swap contracts traded in the United States and on most foreign exchanges is the clearinghouse associated with such exchange. In general, clearinghouses are backed by the corporate members of the clearinghouse who are required to share any financial burden resulting from the non-performance by one of their members and, as such, should significantly reduce this credit risk. In cases where the clearinghouse is not backed by the clearing members, like some foreign exchanges, it is normally backed by a consortium of banks or other financial institutions.

In the case of forward contracts, which are traded on the interbank market rather than on exchanges, the counterparty is generally a single bank or other financial institution, rather than a group of financial institutions; thus there may be a greater counterparty credit risk. Campbell & Company trades for the Fund only with those counterparties which it believes to be creditworthy. All positions of the Fund are valued each day at fair value. There can be no assurance that any clearing member, clearinghouse or other counterparty will be able to meet its obligations to the Fund.

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

The Fund invests in futures, forward currency, and centrally cleared swap 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. The fair value of centrally cleared swap contracts is determined by using currency market quotations provided by an independent external pricing source.

28

Results of Operations

The returns for the six months ended June 30, 2022 and 2021 were 36.15% and 11.80%, respectively. During the six months ended June 30, 2022 and 2021, the Fund accrued brokerage fees in the amount of $5,441,976 and $4,879,296, respectively, and paid brokerage fees in the amount of $5,220,106 and $4,846,119, respectively. No performance fees were accrued or paid during these periods.

2022 (For the Six Months Ended June 30)

Of the 36.15% year to date return, approximately 40.45% was due to trading gains (before commissions), offset by approximately (0.07)% due to investment loss and approximately (4.23)% due to brokerage fees, operating expenses and offering costs borne by the Fund. An analysis of the 40.45% trading gains by sector is as follows:

Sector	% Gain (Loss)
Credit		0.48	%
Commodities		12.77	%
Foreign Exchange		15.26	%
Interest Rates		10.87	%
Equity Indices		1.07	%
		40.45	%

The Fund showed a gain in January with gains coming from interest rate, commodity, and foreign exchange (FX) positions, while stock index and credit holdings produced some partially offsetting losses.  Interest rate positions produced the largest gains for the Fund during January, with profits most pronounced in long-dated instruments.  Global yields jumped (prices fell) as persistent, rising inflation prompted central banks to increase efforts in tightening monetary policy.  Short UK gilt positioning contributed the most sizable gains after UK inflation hit its highest reading since 1992 on surging demand, higher energy costs, and supply chain disruptions.  Commodity trading provided additional profits for the Fund during the month.  Long positioning on the petroleum complex generated the best sector gains. Energy markets advanced as supply constraints and heightened geopolitical tensions coincided with a recovery in demand amid easing concerns surrounding the severity of the Omicron variant.  Longs on soy products also produced gains as soy markets advanced on tight supply expectations amid persistent South American weather concerns.  Foreign exchange trading produced additional gains for the Fund with long US dollar positions (versus short foreign currency) benefiting.  The greenback rallied during the second half of January with the DXY dollar index reaching a multi-year high on back of the decidedly hawkish approach from the Federal Reserve.  At the January FOMC meeting, the Fed signaled they intend to raise interest rates as early as March and the market subsequently priced in five hikes during 2022.  Largely long positioning on global stock indices produced losses for the Fund in January, with most major benchmarks posting large losses for the month.  Investor worries about inflation, persistent supply chain issues, and the upcoming rate hikes from the Federal Reserve fueled the risk-off trading.  In credit trading, short protection positions generated further offsetting losses as US and European credit spreads widened sharply alongside the unwind of risky assets.

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The Fund showed a modest loss in February with losses came from foreign exchange, credit, fixed income, and stock index positions as commodity holdings produced some partially offsetting gains. Foreign exchange trading produced losses for the Fund. Short positions in developed market currencies (against long USD) were overwhelmed as the recent strength in the greenback was countered by this month’s demand for commodity currencies like the Australian and New Zealand dollars. Short positions in some Eastern European currencies (against long USD) provided partially offsetting gains as Russian contagion fears drove weakness in Polish and Hungarian assets. In credit trading, short protection positions generated further losses as US and European credit spreads widened sharply alongside the unwind of risky assets. Interest rate positions caused additional losses in February. A late month flight-to-safety rally sparked by the intensifying Russia/Ukraine conflict reversed earlier weakness. Losses in German and Australian 10-year bonds overwhelmed gains made in UK Gilts and US Treasuries. Global stock indices also detracted from the Fund amid mixed positioning during the month. February began with most major indexes fluctuating as investors focused on hotter than expected inflation and assessed prospects for rate hikes and quantitative tightening. By mid-month sentiment turned negative as the focus shifted from monetary policy to geopolitical concerns and the unprecedented Russian sanctions. Commodity trading provided positive returns for the Fund during the month. Long positioning on the petroleum complex generated the best sector gains as energy markets advanced amid continued supply constraints and elevated risk premiums stemming from geopolitical tensions between Russia and Ukraine. Some long grain holdings also generated gains as grain markets rallied sharply across the board on supply concerns following Russia’s attack on Ukraine.

The Fund showed a strong gain in March with gains coming from commodity, foreign exchange, fixed income, stock index, and credit positions. Commodity trading provided the strongest returns for the Fund during the month. Long positioning across the energy complex resulted in the best sub-sector gains as global demand continued to recover from the pandemic while the war in Europe further squeezed an already tight market. Base metal holdings also contributed gains as long positioning profited from a sharp rally across the complex as Russia’s invasion of Ukraine coincided with a historic supply shortage. Nickel dominated industrial metal returns following outperformance on the back of a short-squeeze that saw prices leap 85% over two days, a move that ultimately resulted in an unprecedented 6-day trading halt on the LME. Foreign exchange trading produced additional profits for the Fund with both the developed market (DM) and emerging market (EM) currencies contributing. A short position on the Japanese yen drove the largest DM gains as the JPY weakened on the continued ultra-loose monetary policy in Japan relative to rising yields in the US. A long position on the Brazilian real was also profitable as the BRL benefited from price increases in Brazilian exports as well as general demand for higher yielding currencies. Interest rate positions also contributed gains with short positioning on Treasuries leading profits. The Federal Reserve’s policy normalization began in March and leaned more hawkish than expected which proved profitable for short 2-year and 10-year UST positions. Global stock indices further added to profits as momentum and short-term strategies were able to navigate the significant mid-month reversal in equities. Short positions to start the month were profitable as stocks traded lower on geopolitical concerns, an FOMC rate hike, and hawkish Fed commentary. However, risk sentiment turned positive on war de-escalation prospects during the latter half of the month and a shift in model positioning captured additional gains. In credit trading, short protection positions generated nominal gains as US and European credit spreads tightened alongside stock indices and other risky assets.

The Fund produced a gain during April. Profits came from foreign exchange, interest rate, and commodity holdings, while credit positions and stock index trading had little P&L impact. Foreign exchange trading produced the largest Fund returns in April. Long US dollar exposure proved profitable as the greenback saw a sharp rally over the month. The USD gained on the increasingly aggressive US monetary policy and the significant rise in longer dated interest rate yields. The greenback also benefited from global growth concerns as Europe continues to struggle with the fallout from Russia’s invasion of Ukraine, and China enacted lockdowns in a bid to curtail the spread of the latest COVID-19 variant. Interest rate positions produced additional profits during April, with gains concentrated in long-dated instruments. Short positioning on US Treasuries produced the greatest profits for the sector as the Fed prepared the double act of rate hikes with quantitative tightening. The prospect of tighter monetary policy coupled with concerns over surging inflation around the world sent bond prices lower and real yields higher. Commodity positions also generated gains during the month. Long holdings on the energy complex generated the best commodity sub-sector returns as energy markets advanced on continued supply concerns, although gains were capped as China’s extended coronavirus lockdowns curbed demand for energies. Grain holdings provided additional returns for the Fund as the war in Ukraine, drought concerns, and increased biofuel demand lifted prices higher. Credit trading was relatively flat as short protection positions generated additional offsetting losses as US and European credit spreads widened amid the risk-off environment. Mixed positioning in global stock indices had little impact on the Fund in April, with nearly all major benchmarks logging losses for the month. The risk-off trading was fueled by the hawkish shift in global monetary policy, demand destruction from China’s Covid lockdowns, and continued geopolitical uncertainty centered on Ukraine.

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The Fund produced a loss during May. Losses came from foreign exchange, stock index, and commodity positions. Fixed income and credit index trading had little P&L impact on the month. Foreign exchange trading produced the largest losses for the Fund during May. Long US dollar positions (versus short the foreign currency) experienced losses amid the broader weakness in the USD. While the greenback remains stronger on the year, the DXY dollar index experienced a reversal during May. The foreign exchange market is reconsidering whether US policy makers might slow or potentially pause the tightening cycle in the latter half of 2022, which limited the demand for the US currency. Additionally, data over the course of the month showed the potential of a weaker US consumer which also contributed to the weakness in the buck. Stock index positioning generated additional losses over the course of the month. Global equity returns were mixed during May amid volatility across the global indices as markets weighed accelerating inflation concerns in Europe with easing Covid restrictions in China and some investor expectations of a possible slowdown in US monetary tightening. Commodity holdings generated modest losses during the month. Net long positioning on the grain complex incurred losses for the Fund as grain markets plummeted into month-end on the possibility that Russia will allow exports of Ukrainian grain through the Black Sea. Long holdings on energies generated partially offsetting gains as those markets advanced on continued fallout from the war in Ukraine, in addition to easing Covid restrictions in Asia, a busy travel season, and low inventories. Mixed positioning in fixed income had little impact on the Fund in May. Longs on European interest rate instruments produced losses as those markets declined (yields rose) as record inflation prints increased bets the BoE and ECB will have to quicken the pace of rate hikes to quell surging prices. Canadian Government Bonds produced some offsetting gains amid a hawkish approach from the BoC. Finally in credit trading, short protection positions also had little impact on the Fund during the month.

The Fund produced a gain during June. Profits came from foreign exchange (FX), interest rate, and stock index holdings. The commodity sector and credit positions had little P&L impact. Foreign exchange trading generated the largest gains for the Fund during the month. Long USD positions (versus short the foreign currency) benefited from the broad-based rally in the greenback. Dominating the market narrative, inflation remains stubbornly high and the Federal Reserve continues to lead the hawkish charge. Following the hotter US CPI print early in the month, the Fed indicated that slowing inflation is more important than the possibility of slower economic growth as a result of higher rates, which helped drive the wide-reaching appreciation in the dollar. Fixed income positions produced additional returns with gains concentrated in long-dated instruments. Persistent inflation prompted central banks to take more aggressive action in their hiking cycles, leading to several greater-than-expected rate increases. Short positioning on Australia and US 10-year instruments profited as yields rose (prices fell) in reaction to the RBA and Fed both delivering rate hikes that exceeded expectations. A fifth consecutive rate hike from the Bank of England, accompanied by hawkish guidance, pushed UK yields higher (prices lower) to the benefit of short Gilt positioning. Net short stock index positioning provided additional gains during the month. Global stock indices sold-off sharply as investors became increasingly convinced that the pace of rising interest rates will trigger a recession. Comments from global central bank speakers throughout the month remained hawkish and Fed Chair Powell even conceded that a soft landing could be “very challenging.” In credit trading, short protection positions were relative flat as US and European credit spreads widened sharply alongside the selloff in risky assets. The models flipped to long protection at the end of June and recovered some of their earlier losses. Commodity trading had little impact on the Fund during the month as gains made from short wheat holdings were offset by losses generated from energy positions.

2021 (For the Six Months Ended June 30)

Of the 11.80% year to date return, approximately 15.72% was due to trading gains (before commissions) and approximately 0.07% due to investment income, offset by approximately (3.99)% due to brokerage fees, operating expenses and offering costs borne by the Fund. An analysis of the 15.72% trading gains by sector is as follows:

Sector	% Gain (Loss)
Credit		(2.03	)%
Commodities		5.36	%
Foreign Exchange		10.85	%
Interest Rates		(5.32	)%
Equity Indices		6.86	%
		15.72	%

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The Fund showed a decline in January with losses coming from interest rate, foreign exchange (FX), stock index, and credit positions, while commodity holdings produced some partially offsetting gains. Interest rate positions produced the largest losses during the month with declines most pronounced in long-dated instruments.  Long positions on US rate markets suffered as the Democrats took control of the Senate which sent yields higher (prices lower) amid increased expectations for a large scale fiscal stimulus package being passed.  Long positioning on Australian and Canadian rates also generated losses when prices fell (yields rose).  Australian inflation was higher than expected and the Bank of Canada indicated the country would not need as much quantitative easing as initially expected. Foreign exchange trading contributed additional losses during January.  The largest FX losses came from long emerging market positions (against the USD), specifically in the Colombian peso and Brazilian real. The Latin American currencies were the top underperformers during the month, sinking on regional spreading of the COVID-19 virus and slow vaccine rollouts in the region. Global stock index trading also added losses to the Fund during the month.  Long positioning on many global stock indexes saw gains early in the month, however late month risk aversion erased those gains and ultimately generated losses.  Concerns about liquidity induced asset bubbles, retail driven stock volatility in companies with high levels of short interest, and limited vaccine availability and distribution hurdles all contributed to the risk-off sentiment late in the month. In credit trading, short protection positions generated losses as European and US credit spreads widened amid risk-off sentiment, especially within Europe. Commodities generated some partially offsetting gains for the Fund.  Long positions on the grain complex profited as strong Chinese demand linked with supply concerns pushed prices to multi-year highs during the month.  A long holding on gasoline also added to gains as prices rose driven by fiscal stimulus payments to consumers and hopes for economic reopening on the back of mass COVID-19 vaccinations.

In February, the Fund showed a gain with profits coming from commodity, stock index, foreign exchange, and credit positions, while interest rate holdings produced some partially offsetting losses. Commodities trading produced the largest Fund gains during February.  Long holdings on the petroleum complex, specifically on gasoline, Brent, and WTI, generated gains on declining COVID infection trends and a deep freeze in Texas that negatively impacted production.  Long positioning on the grains, softs, and industrial metals also proved profitable amid US dollar weakness and strong expected demand from healing world economies. Global stock indexes generated additional profits during the month.  Long positioning on many global stock indexes profited as most major equity indexes advanced during the month.  Declining COVID infection rates, improving COVID vaccine distribution trends, and expectations for the passage of President Biden’s large US fiscal stimulus package all served as major tailwinds for global stock markets. Foreign exchange trading in the developed markets produced gains for the Fund.  A long British pound holding (against short USD) was among the best performers as the GBP benefited from an efficient vaccine roll-out and optimism about the economic recovery in the United Kingdom.  Mixed positioning in the FX markets proved beneficial as a short holding on the Japanese yen (versus long the greenback) benefited from the strength in the US markets relative to those in Japan. Interest rate positions produced the largest offsetting losses during the month with declines most pronounced in long-dated instruments.  Long positioning on long-dated rate instruments in Australia and Canada led sector losses as note prices in those countries fell sharply (yields rose) during February.  Growing global concerns about mounting inflationary pressures sparked by pent-up demand from COVID lockdowns linked with massive monetary and fiscal stimulus sent most global yields sharply higher, depressing bond prices and generating losses for the Fund.

March saw all the Fund’s asset classes produce gains with profits coming from foreign exchange, stock index, commodity, interest rate, and credit positions. Foreign exchange trading in both the developed and emerging markets produced the largest Fund gains during March. A short Japanese yen holding (against long USD) was the best performing FX position as the JPY sank to its lowest level in a year. The move was primarily driven by the stronger greenback as the COVID-19 vaccine rollout and stimulus efforts in the US caused the dollar to strengthen. Short positioning on the Australian and New Zealand dollars (against long USD) was also profitable after the Reserve Bank of Australia (RBA) continued its bond purchase program and following the New Zealand government’s efforts to curb property speculation. Global stock indexes generated additional profits for the Fund. Long positioning on many global stock indexes profited as most major equity indexes advanced during the month. Positive progress with the COVID-19 vaccine rollout along with fiscal and monetary stimulus support continued to underpin the rally in most global equities. Commodity holdings also produced gains during March. The Fund’s nimble short-term suite of models profitably traded the intra-month volatility within the petroleum complex. A short natural gas position benefited from warmer domestic weather forecasts which led to additional energy sub-sector gains. Long grain positions also produced profits for the Fund as the grain complex advanced sharply into month-end after a USDA report showed planting estimates below market expectations. Interest rate positions contributed small additional profits during the month with gains most notable in long-dated instruments. Long positioning on Australian 3- and 10-year notes produced profits after the RBA doubled down on bond purchases and policymakers expressed concern over the speed of the nation’s economic recovery. Credit trading was also profitable during March as short protection positions generated gains as most US and European credit spreads narrowed amid the risk-on environment.

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In April, the Fund showed a gain with profits coming from commodity, stock index, and credit holdings, while foreign exchange and fixed income positions created some partially offsetting losses. Commodity holdings produced the best Fund gains during April. Long grain holdings provided profits as the complex rallied sharply throughout the month amid crop concerns in key planting regions and strong demand from top importer China. Long positions on the petroleum and industrial metal complexes proved profitable as prices rose during April driven by rising demand expectations as global economies begin to emerge from the COVID-19 pandemic. Global stock indexes generated additional profits for the Fund. Long positioning on many global stock indexes profited as most major equity indexes advanced during the month. Ongoing fiscal and monetary stimulus, especially from the US, along with strong corporate earnings and improving COVID-19 vaccination rates created an ideal environment for equity appreciation. Credit trading was also profitable during April as short protection positions generated gains as most US and European credit spreads narrowed amid the risk-on environment. Foreign exchange trading in both the developed and emerging markets produced losses for the Fund. The US dollar experienced a wide-breadth selloff given the Fed’s dovish assurances and President Biden’s expansionary fiscal policy measures. While a long CAD position (versus short USD) further benefited from the Bank of Canada acting as the first G10 central bank to formally begin a monetary policy normalization process, it was more than offset by losses elsewhere in the FX portfolio. Interest rate positions contributed additional losses during the month. Long positioning on German 5- and 10-year notes suffered while short holdings on US Treasuries produced some partially offsetting gains as most global yields rose (prices fell) due to growing inflation concerns.

The Fund produced a gain in May with profits coming from commodity, foreign exchange, stock index, and credit holdings, while fixed income positions created some partially offsetting losses. Commodity holdings produced the best Fund gains during May. In the precious metals sub-sector, a long position on gold proved profitable amid a drumbeat of dovish commentary from FOMC officials who insisted that any inflationary pressures will be transitory which helped weaken the US dollar and sent gold futures higher by over 7% during the month. Other commodity sub-sectors that contributed to monthly gains included grains, energies, softs, and industrial metals. Foreign exchange trading in both the emerging and developed market currencies was profitable for the Fund. A long South African rand holding (against short USD) was the best performer in the EM space as the ZAR rose to its highest level in almost two years, helped along by strong demand for energies and metals. Long positioning on the Canadian dollar (against short USD) was also profitable on back of the bid in commodities as well as the Bank of Canada’s pivot to a more hawkish stance. The overall weaker greenback benefited other short USD holdings, adding to sector gains. Global stock indexes generated additional profits for the Fund. Long positioning on many global stock indexes profited as most major equity indexes advanced during the month. Economic reopening progress from the pandemic linked with ongoing monetary and fiscal stimulus created a risk-on backdrop for stocks. Credit trading was also profitable during May as short protection positions produced gains as most US and European credit spreads narrowed amid the risk-on environment. Interest rate positions created some partially offsetting losses during the month. Short positioning on some European and US instruments suffered as prices rose (yields fell) as multiple ECB and Federal Reserve officials pushed back against market expectations that both central banks were close to considering reducing quantitative easing measures.

The Fund was down slightly in June with profits coming from commodity, stock index, and credit holdings, while interest rate and foreign exchange positions created some partially offsetting losses for the Fund. Commodity holdings produced the best Fund profits during June. The dominant gains were found in long positioning on the petroleum and natural gas markets. WTI and Brent crude oil rallied amid improving demand dynamics linked with tighter supplies. Natural gas rose sharply on the back of a US heat wave that saw increased gas demand for electric generation for air conditioning. Global stock indexes generated additional gains for the Fund. Long positioning in the United States and Canada generated the best sector profits. Ongoing monetary and fiscal stimulus, accompanied by improving COVID vaccination rates and expanding economic reopening, provided a tailwind for equities. The US NASDAQ and S&P 500 indexes, along with the Canadian S&P/TSX index, printed new all-time highs during the month benefitting our long positioning. Credit trading was also profitable during June as short protection positions generated gains as US and European credit spreads narrowed amid the risk-on environment. Interest rate positions generated the largest partially offsetting losses during the month. Short positioning on the US 10-year note, US 30-year bond, and UK Gilts led sector losses as reassuring commentary from the FOMC and the Bank of England on the transitory nature of higher inflation sent long-term yields lower (prices higher). A long position on the policy-sensitive US 2-year note suffered when the FOMC turned surprisingly hawkish mid-month sending short-term yields higher (prices lower). Foreign exchange trading in the emerging market (EM) currencies was a drag on the Fund as well. Long EM currency positions (versus short the US dollar) suffered after the mid-month FOMC meeting. Chairman Powell surprised markets with an unexpected hawkish shift which sent the greenback sharply higher, hurting our US dollar shorts.

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Item 3. Quantitative and Qualitative Disclosures About Market Risk.

Introduction

Past Results Not Necessarily Indicative of Future Performance

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

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

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

Standard of Materiality

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

Quantifying the Fund’s Trading Value at Risk

Quantitative Forward-Looking Statements

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

The Fund’s risk exposure in the various market sectors traded is estimated in terms of Value at Risk (VaR). The Fund estimates VaR using a model based upon historical simulation (with a confidence level of 97.5%) which involves constructing a distribution of hypothetical daily changes in the value of a trading portfolio. The VaR model takes into account linear exposures to risks, including equity and commodity prices, interest rates, foreign exchange rates, credit, 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, forwards, and swaps, the composition of the Fund’s trading portfolio can change significantly over any given time period, or even within a single trading day, which could positively or negatively materially impact market risk as measured by VaR.

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

The following tables indicate the trading Value at Risk associated with the Fund’s open positions by market category as of June 30, 2022 and December 31, 2021 and the trading gains/losses by market category for the six months ended June 30, 2022 and the year ended December 31, 2021.

	June 30, 2022
Market Sector	Value at Risk*			Trading Gain/(Loss)**
Credit		0.07	%		0.48	%
Commodities		0.62	%		12.77	%
Foreign Exchange		1.06	%		15.26	%
Interest Rates		0.78	%		10.87	%
Equity Indices		0.51	%		1.07	%
Aggregate/Total		1.64	%		40.45	%

* 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 36.15% year to date return, approximately 40.45% was due to trading gains (before commissions) and approximately (0.07)% due to investment loss, offset by approximately (4.23)% due to brokerage fees, operating expenses and offering costs borne by the Fund.

	December 31, 2021
Market Sector	Value at Risk*			Trading Gain/(Loss)**
Credit		0.07	%		(0.61	)%
Commodities		0.91	%		10.99	%
Foreign Exchange		0.90	%		8.09	%
Interest Rates		0.58	%		(10.04	)%
Equity Indices		0.92	%		8.70	%
Aggregate/Total		2.09	%		17.12	%

* 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 9.26% year to date return, approximately 17.12% was due to trading gains (before commissions) and approximately 0.08% due to investment income, offset by approximately (7.94)% due to brokerage fees, operating expenses and offering costs borne by the Fund.

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

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

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

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

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

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

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

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

Non-Trading Risk

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

Qualitative Disclosures Regarding Primary Trading Risk Exposures

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

The following were the primary trading risk exposures of the Fund as of June 30, 2022, by market sector.

Foreign Exchange

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.

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Interest Rates

Interest rate movements directly affect the price of the sovereign bond positions and interest rate swap contracts 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. Campbell & Company does not anticipate that the risk profile of the Fund’s interest rate sector will change significantly in the future.

Equity 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.

Credit

The Fund’s primary credit exposure is through fluctuations in the credit worthiness of a particular reference entity, basket of reference entities, or an index.

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, lead, 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 June 30, 2022.

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).

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.

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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.

The Fund has continued to operate as normal during the COVID-19 pandemic.  The Fund had access to and the ability to trade in approved markets.  There were no disruptions in the Fund’s accounting processes, transfer agent processes or cash processes, including the ability to pay redemptions and meet margin requirements.

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 operating 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 annual report. Based on their evaluation, the chief executive officer and chief operating 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.

38

PART II-OTHER INFORMATION

Item 1.  Legal Proceedings.

None

Item 1A.  Risk Factors.

There are no material changes from the risk factors as previously disclosed in Form 10-K, filed March 25, 2022.

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

39

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 (3)
10.02	Global Institutional Master Custody Agreement (1)
10.03	Investment Management Agreement with PNC Capital Advisors LLC, as cash manager (4)
31.01	Certification of Kevin D. Cole, Chief Executive Officer & Chief Investment Officer, pursuant to Rules 13a-14 and 15d-14 of the Securities Exchange Act of 1934.
31.02	Certification of John R. Radle, Chief Operating Officer, pursuant to Rules 13a-14 and 15d-14 of the Securities Exchange Act of 1934.
32.01	Certification of Kevin D. Cole, Chief Executive Officer & Chief Investment 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 John R. Radle, Chief Operating Officer, pursuant to 18 U.S.C. Section 1350, as enacted by Section 906 of The Sarbanes-Oxley Act of 2002.
101	Interactive data file pursuant to Rule 405 of Regulation S-T: (i) Condensed Schedules of Investments As of June 30, 2022 and December 31, 2021, (ii) Statements of Financial Condition As of June 30, 2022 and December 31, 2021, (iii) Statements of Operations For the Three Months and Six Months Ended June 30, 2022 and 2021, (iv) Statements of Cash Flows For the Six Months Ended June 30, 2022 and 2021, (v) Statements of Changes in Unitholders’ Capital (Net Asset Value) For the Three Months and Six Months Ended June 30, 2022 and 2021, (vi) Financial Highlights For the Three Months and Six Months Ended June 30, 2022 and 2021, (vii) Notes to Financial Statements.
104	Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101).

(1) Incorporated by reference to the respective exhibit to the Registrant’s Registration Statement on Form S-1 on April 27, 2010.

(2) Incorporated by reference to the respective exhibit to Post-Effective Amendment No. 2 to the Registration Statement on Form S-1 on April 7, 2011.

(3) Incorporated by reference to the respective exhibit to the Quarterly Report on Form 10-Q on November 14, 2017.

(4) Incorporated by reference to the respective exhibit to the Quarterly Report on Form 10-Q on May 15, 2014.

40

EXHIBIT INDEX

31.01	Certification of Kevin D. Cole, Chief Executive Officer & Chief Investment Officer, pursuant to Rules 13a-14 and 15d-14 of the Securities Exchange Act of 1934.
31.02	Certification of John R. Radle, Chief Operating Officer, pursuant to Rules 13a-14 and 15d-14 of the Securities Exchange Act of 1934.
32.01	Certification of Kevin D. Cole, Chief Executive Officer & Chief Investment 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 John R. Radle, Chief Operating 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 June 30, 2022 and December 31, 2021, (ii) Statements of Financial Condition As of June 30, 2022 and December 31, 2021, (iii) Statements of Operations For the Three Months and Six Months Ended June 30, 2022 and 2021, (iv) Statements of Cash Flows For the Six Months Ended June 30, 2022 and 2021, (v) Statements of Changes in Unitholders’ Capital (Net Asset Value) For the Three Months and Six Months Ended June 30, 2022 and 2021, (vi) Financial Highlights For the Three Months and Six Months Ended June 30, 2022 and 2021, (vii) Notes to Financial Statements.

41

SIGNATURES

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

	CAMPBELL STRATEGIC ALLOCATION FUND, L.P. (Registrant)
	By:	Campbell & Company, LP
		General Partner
Date: August 12, 2022	By:	/s/ Kevin D. Cole
		Kevin D. Cole
		Chief Executive Officer & Chief Investment Officer

42

EX-31.01

EXHIBIT 31.01

CERTIFICATION

I, Kevin D. Cole, 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: August 12, 2022
	By:	/s/ Kevin D. Cole
		Kevin D. Cole
		Chief Executive Officer & Chief Investment Officer
		Campbell & Company, LP
		General Partner
		Campbell Strategic Allocation Fund, L.P.

EX-31.02

EXHIBIT 31.02

CERTIFICATION

I, John R. Radle, 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: August 12, 2022
	By:	/s/ John R. Radle
		John R. Radle
		Chief Operating Officer
		Campbell & Company, LP
		General Partner
		Campbell Strategic Allocation Fund, L.P.

EX-32.01

EXHIBIT 32.01

CERTIFICATION BY CHIEF EXECUTIVE OFFICER

I, Kevin D. Cole, certify that (i) the Form 10Q for the quarter ended June 30, 2022 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 June 30, 2022 fairly presents, in all material respects, the financial condition and results of operations of Campbell Strategic Allocation Fund, L.P.

Date: August 12, 2022	CAMPBELL STRATEGIC ALLOCATION FUND, L.P.
	By: Campbell & Company, LP, General Partner
	By:	/s/ Kevin D. Cole
		Kevin D. Cole
		Chief Executive Officer & Chief Investment Officer

EX-32.02

EXHIBIT 32.02

CERTIFICATION BY PRINCIPAL FINANCIAL OFFICER

I, John R. Radle, certify that (i) the Form 10Q for the quarter ended June 30, 2022 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 June 30, 2022 fairly presents, in all material respects, the financial condition and results of operations of Campbell Strategic Allocation Fund, L.P.

Date: August 12, 2022	CAMPBELL STRATEGIC ALLOCATION FUND, L.P.
	By:  Campbell & Company, LP, General Partner
	By:	/s/ John R. Radle
		John R. Radle
		Chief Operating Officer

XML

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	Jun. 30, 2022 shares
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Document Transition Report	false
Entity File Number	000-22260
Entity Registrant Name	CAMPBELL STRATEGIC ALLOCATION FUND LP
Entity Central Index Key	0000910467
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	52-1823554
Entity Address, Address Line One	2850 Quarry Lake Drive
Entity Address, City or Town	Baltimore
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	21209
City Area Code	410
Local Phone Number	413-2600
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	52,890.885

XML

CONDENSED SCHEDULE OF INVESTMENTS - USD ($)		Jun. 30, 2022		Dec. 31, 2021
Investment Owned
Short term investments		$ 3,877,443		$ 5,214,406
Net unrealized gain (loss) on open futures contracts		155,308		194,001
Net unrealized gain (loss) on open forward currency contracts		4,595,602		0
Credit default swaps		46,812		1,432,745
Fixed Income Securities [Member]
Investment Owned
Fair value		$ 126,638,163	[1]	$ 90,032,652	[2]
% of Net Asset Value		75.21%		68.87%
Fixed Income Securities [Member] | Asset Backed Securities [Member]
Investment Owned
Fair value		$ 9,927,896		$ 7,010,467
% of Net Asset Value		5.90%		5.37%
Fixed Income Securities [Member] | Asset Backed Securities [Member] | United States [Member] | Auto Loans [Member]
Investment Owned
Fair value		$ 8,832,592		$ 6,309,574
% of Net Asset Value		5.25%		4.83%
Fixed Income Securities [Member] | Asset Backed Securities [Member] | United States [Member] | Equipment Loans [Member]
Investment Owned
Fair value		$ 1,095,304		$ 700,893
% of Net Asset Value		0.65%		0.54%
Fixed Income Securities [Member] | Bank Deposits [Member]
Investment Owned
Fair value				$ 869,530
% of Net Asset Value				0.67%
Fixed Income Securities [Member] | Bank Deposits [Member] | United States [Member] | Financials [Member]
Investment Owned
Fair value		$ 1,049,412		$ 869,530
% of Net Asset Value		0.62%		0.67%
Fixed Income Securities [Member] | Commercial Paper [Member]
Investment Owned
Fair value		$ 58,169,114		$ 35,260,308
% of Net Asset Value		34.54%		26.95%
Fixed Income Securities [Member] | Commercial Paper [Member] | Switzerland [Member] | Financials [Member]
Investment Owned
Fair value		$ 1,124,012
% of Net Asset Value		0.67%
Fixed Income Securities [Member] | Commercial Paper [Member] | United Kingdom [Member] | Financials [Member]
Investment Owned
Fair value		$ 3,237,138
% of Net Asset Value		1.92%
Fixed Income Securities [Member] | Commercial Paper [Member] | United States [Member]
Investment Owned
Fair value		$ 53,807,964		$ 35,260,308
% of Net Asset Value		31.95%		26.95%
Fixed Income Securities [Member] | Commercial Paper [Member] | United States [Member] | Communications [Member]
Investment Owned
Fair value		$ 1,588,507		$ 584,926
% of Net Asset Value		0.94%		0.45%
Fixed Income Securities [Member] | Commercial Paper [Member] | United States [Member] | Consumer Discretionary [Member]
Investment Owned
Fair value		$ 4,452,251		$ 2,619,659
% of Net Asset Value		2.64%		2.00%
Fixed Income Securities [Member] | Commercial Paper [Member] | United States [Member] | Consumer Staples [Member]
Investment Owned
Fair value		$ 649,189
% of Net Asset Value		0.39%
Fixed Income Securities [Member] | Commercial Paper [Member] | United States [Member] | Financials [Member]
Investment Owned
Fair value		$ 14,423,079		$ 7,620,623
% of Net Asset Value		8.57%		5.83%
Fixed Income Securities [Member] | Commercial Paper [Member] | United States [Member] | Health Care [Member]
Investment Owned
Fair value		$ 1,858,408
% of Net Asset Value		1.10%
Fixed Income Securities [Member] | Commercial Paper [Member] | United States [Member] | Industrials [Member]
Investment Owned
Fair value		$ 3,094,133		$ 4,894,819
% of Net Asset Value		1.84%		3.74%
Fixed Income Securities [Member] | Commercial Paper [Member] | United States [Member] | Materials [Member]
Investment Owned
Fair value		$ 844,425		$ 2,894,711
% of Net Asset Value		0.50%		2.21%
Fixed Income Securities [Member] | Commercial Paper [Member] | United States [Member] | Real Estate [Member]
Investment Owned
Fair value		$ 9,728,610		$ 5,311,670
% of Net Asset Value		5.78%		4.06%
Fixed Income Securities [Member] | Commercial Paper [Member] | United States [Member] | Technology [Member]
Investment Owned
Fair value		$ 999,396		$ 964,975
% of Net Asset Value		0.59%		0.73%
Fixed Income Securities [Member] | Commercial Paper [Member] | United States [Member] | Utilities [Member]
Investment Owned
Fair value		$ 16,169,966		$ 10,368,925
% of Net Asset Value		9.60%		7.93%
Fixed Income Securities [Member] | Corporate Bonds [Member]
Investment Owned
Fair value		$ 41,692,308		$ 33,459,955
% of Net Asset Value		24.77%		25.61%
Fixed Income Securities [Member] | Corporate Bonds [Member] | Australia [Member] | Financials [Member]
Investment Owned
Fair value		$ 1,907,643		$ 1,916,961
% of Net Asset Value		1.13%		1.47%
Fixed Income Securities [Member] | Corporate Bonds [Member] | Canada [Member]
Investment Owned
Fair value		$ 7,140,463		$ 5,829,170
% of Net Asset Value		4.24%		4.46%
Fixed Income Securities [Member] | Corporate Bonds [Member] | Canada [Member] | Energy [Member]
Investment Owned
Fair value		$ 787,138		$ 701,726
% of Net Asset Value		0.47%		0.54%
Fixed Income Securities [Member] | Corporate Bonds [Member] | Canada [Member] | Financials [Member]
Investment Owned
Fair value		$ 6,353,325		$ 5,127,444
% of Net Asset Value		3.77%		3.92%
Fixed Income Securities [Member] | Corporate Bonds [Member] | Germany [Member]
Investment Owned
Fair value		$ 1,273,419
% of Net Asset Value		0.76%
Fixed Income Securities [Member] | Corporate Bonds [Member] | Germany [Member] | Consumer Discretionary [Member]
Investment Owned
Fair value		$ 500,754		$ 1,552,240
% of Net Asset Value		0.30%		1.19%
Fixed Income Securities [Member] | Corporate Bonds [Member] | Germany [Member] | Industrials [Member]
Investment Owned
Fair value		$ 772,665
% of Net Asset Value		0.46%
Fixed Income Securities [Member] | Corporate Bonds [Member] | Japan [Member] | Financials [Member]
Investment Owned
Fair value		$ 500,025		$ 1,177,652
% of Net Asset Value		0.30%		0.90%
Fixed Income Securities [Member] | Corporate Bonds [Member] | Spain [Member] | Financials [Member]
Investment Owned
Fair value		$ 996,465
% of Net Asset Value		0.59%
Fixed Income Securities [Member] | Corporate Bonds [Member] | Switzerland [Member] | Financials [Member]
Investment Owned
Fair value		$ 1,604,452		$ 2,021,376
% of Net Asset Value		0.95%		1.55%
Fixed Income Securities [Member] | Corporate Bonds [Member] | United Kingdom [Member]
Investment Owned
Fair value				$ 955,335
% of Net Asset Value				0.73%
Fixed Income Securities [Member] | Corporate Bonds [Member] | United Kingdom [Member] | Financials [Member]
Investment Owned
Fair value		$ 815,012		$ 299,958
% of Net Asset Value		0.48%		0.23%
Fixed Income Securities [Member] | Corporate Bonds [Member] | United Kingdom [Member] | Health Care [Member]
Investment Owned
Fair value				$ 655,377
% of Net Asset Value				0.50%
Fixed Income Securities [Member] | Corporate Bonds [Member] | United States [Member]
Investment Owned
Fair value		$ 27,454,829		$ 20,007,221
% of Net Asset Value		16.32%		15.31%
Fixed Income Securities [Member] | Corporate Bonds [Member] | United States [Member] | Consumer Discretionary [Member]
Investment Owned
Fair value		$ 2,907,038		$ 2,389,928
% of Net Asset Value		1.73%		1.83%
Fixed Income Securities [Member] | Corporate Bonds [Member] | United States [Member] | Consumer Staples [Member]
Investment Owned
Fair value		$ 845,291		$ 1,367,745
% of Net Asset Value		0.50%		1.05%
Fixed Income Securities [Member] | Corporate Bonds [Member] | United States [Member] | Energy [Member]
Investment Owned
Fair value		$ 4,005,131		$ 2,649,366
% of Net Asset Value		2.38%		2.02%
Fixed Income Securities [Member] | Corporate Bonds [Member] | United States [Member] | Financials [Member]
Investment Owned
Fair value		$ 8,126,276		$ 4,870,526
% of Net Asset Value		4.83%		3.72%
Fixed Income Securities [Member] | Corporate Bonds [Member] | United States [Member] | Health Care [Member]
Investment Owned
Fair value		$ 2,090,008		$ 1,987,364
% of Net Asset Value		1.24%		1.52%
Fixed Income Securities [Member] | Corporate Bonds [Member] | United States [Member] | Industrials [Member]
Investment Owned
Fair value		$ 3,712,847		$ 2,360,179
% of Net Asset Value		2.21%		1.81%
Fixed Income Securities [Member] | Corporate Bonds [Member] | United States [Member] | Materials [Member]
Investment Owned
Fair value		$ 481,084		$ 496,422
% of Net Asset Value		0.29%		0.38%
Fixed Income Securities [Member] | Corporate Bonds [Member] | United States [Member] | Real Estate [Member]
Investment Owned
Fair value		$ 1,187,201		$ 794,270
% of Net Asset Value		0.71%		0.61%
Fixed Income Securities [Member] | Corporate Bonds [Member] | United States [Member] | Technology [Member]
Investment Owned
Fair value		$ 1,600,582		$ 1,815,102
% of Net Asset Value		0.95%		1.39%
Fixed Income Securities [Member] | Corporate Bonds [Member] | United States [Member] | Utilities [Member]
Investment Owned
Fair value		$ 2,499,371		$ 1,276,319
% of Net Asset Value		1.48%		0.98%
Fixed Income Securities [Member] | Government and Agency Obligations [Member]
Investment Owned
Fair value		$ 15,799,433		$ 13,432,392
% of Net Asset Value		9.38%		10.27%
Fixed Income Securities [Member] | Government and Agency Obligations [Member] | United States [Member] | U.S. Treasury Bills Due 07/21/2022 [Member]
Investment Owned
Fair value	[3]	$ 2,133,819
% of Net Asset Value		1.27%
Fixed Income Securities [Member] | Government and Agency Obligations [Member] | United States [Member] | U.S. Treasury Bills Due 08/11/2022 [Member]
Investment Owned
Fair value	[3]	$ 6,290,411
% of Net Asset Value		3.73%
Fixed Income Securities [Member] | Government and Agency Obligations [Member] | United States [Member] | U.S. Treasury Bills Due 09/15/2022 [Member]
Investment Owned
Fair value	[3]	$ 7,375,203
% of Net Asset Value		4.38%
Fixed Income Securities [Member] | Government and Agency Obligations [Member] | United States [Member] | U.S. Treasury Bills Due 01/20/2022 [Member]
Investment Owned
Fair value	[3]			$ 2,134,987
% of Net Asset Value				1.63%
Fixed Income Securities [Member] | Government and Agency Obligations [Member] | United States [Member] | U.S. Treasury Bills Due 03/17/2022 [Member]
Investment Owned
Fair value	[3]			$ 4,999,440
% of Net Asset Value				3.82%
Fixed Income Securities [Member] | Government and Agency Obligations [Member] | United States [Member] | U.S. Treasury Bills Due 05/12/2022 [Member]
Investment Owned
Fair value	[3]			$ 6,297,965
% of Net Asset Value				4.82%
Short Term Investments [Member]
Investment Owned
Short term investments		$ 3,877,443		$ 5,214,406
% of Net Asset Value		2.30%		3.99%
Short Term Investments [Member] | Money Market Funds [Member] | United States [Member]
Investment Owned
Short term investments		$ 3,877,443		$ 5,214,406
% of Net Asset Value		2.30%		3.99%
Futures Contracts [Member]
Investment Owned
Net unrealized gain (loss) on open futures contracts		$ 155,308		$ 194,001
% of Net Asset Value		0.11%		0.15%
Futures Contracts [Member] | Long [Member]
Investment Owned
Net unrealized gain (loss) on open futures contracts		$ (5,151,023)		$ 2,322,142
% of Net Asset Value		(3.05%)		1.78%
Futures Contracts [Member] | Long [Member] | Agriculture [Member]
Investment Owned
Net unrealized gain (loss) on open futures contracts		$ (776,705)		$ (50,364)
% of Net Asset Value		(0.46%)		(0.04%)
Futures Contracts [Member] | Long [Member] | Energy [Member]
Investment Owned
Net unrealized gain (loss) on open futures contracts		$ (1,235,665)		$ 251,020
% of Net Asset Value		(0.73%)		0.19%
Futures Contracts [Member] | Long [Member] | Metals [Member]
Investment Owned
Net unrealized gain (loss) on open futures contracts		$ (3,728,753)		$ 2,598,920
% of Net Asset Value		(2.21%)		2.00%
Futures Contracts [Member] | Long [Member] | Stock Indices [Member]
Investment Owned
Net unrealized gain (loss) on open futures contracts		$ (59,866)		$ 732,644
% of Net Asset Value		(0.04%)		0.56%
Futures Contracts [Member] | Long [Member] | Short-Term Interest Rates [Member]
Investment Owned
Net unrealized gain (loss) on open futures contracts		$ 184,669		$ (176,978)
% of Net Asset Value		0.11%		(0.14%)
Futures Contracts [Member] | Long [Member] | Long-Term Interest Rates [Member]
Investment Owned
Net unrealized gain (loss) on open futures contracts		$ 465,297		$ (1,033,100)
% of Net Asset Value		0.28%		(0.79%)
Futures Contracts [Member] | Short [Member]
Investment Owned
Net unrealized gain (loss) on open futures contracts		$ 5,306,331		$ (2,128,141)
% of Net Asset Value		3.16%		(1.63%)
Futures Contracts [Member] | Short [Member] | Agriculture [Member]
Investment Owned
Net unrealized gain (loss) on open futures contracts		$ 1,725,209		$ 382,119
% of Net Asset Value		1.02%		0.29%
Futures Contracts [Member] | Short [Member] | Energy [Member]
Investment Owned
Net unrealized gain (loss) on open futures contracts		$ 231,060		$ (228,728)
% of Net Asset Value		0.14%		(0.17%)
Futures Contracts [Member] | Short [Member] | Metals [Member]
Investment Owned
Net unrealized gain (loss) on open futures contracts		$ 3,803,872		$ (2,987,719)
% of Net Asset Value		2.26%		(2.29%)
Futures Contracts [Member] | Short [Member] | Stock Indices [Member]
Investment Owned
Net unrealized gain (loss) on open futures contracts		$ 903,181		$ (25,447)
% of Net Asset Value		0.54%		(0.02%)
Futures Contracts [Member] | Short [Member] | Short-Term Interest Rates [Member]
Investment Owned
Net unrealized gain (loss) on open futures contracts		$ (276,721)		$ 162,008
% of Net Asset Value		(0.16%)		0.12%
Futures Contracts [Member] | Short [Member] | Long-Term Interest Rates [Member]
Investment Owned
Net unrealized gain (loss) on open futures contracts		$ (1,080,270)		$ 569,626
% of Net Asset Value		(0.64%)		0.44%
Forward Currency Contracts [Member]
Investment Owned
Net unrealized gain (loss) on open forward currency contracts		$ 4,595,602		$ (794,549)
% of Net Asset Value		2.73%		(0.61%)
Forward Currency Contracts [Member] | Long [Member]
Investment Owned
Net unrealized gain (loss) on open forward currency contracts		$ (9,345,616)		$ 3,836,008
% of Net Asset Value		(5.55%)		2.93%
Forward Currency Contracts [Member] | Short [Member]
Investment Owned
Net unrealized gain (loss) on open forward currency contracts		$ 13,941,218		$ (4,630,557)
% of Net Asset Value		8.28%		(3.54%)
Credit Default Index Swaps [Member] | Centrally Cleared - Sell Protection [Member]
Investment Owned
Credit default swaps		$ 46,812	[4]	$ 1,432,745	[5]
% of Net Asset Value		0.03%		1.10%
Interest Rate Swaps [Member] | Centrally Cleared - Pay Fixed [Member]
Investment Owned
Interest rate swaps	[6]	$ (11,423)
% of Net Asset Value		(0.01%)

[1] Included in fixed income securities are U.S. Treasury Bills with a fair value of $15,799,433 deposited with the futures brokers.

[2] Included in fixed income securities are U.S. Treasury Bills with a fair value of $13,432,392 deposited with the futures brokers.

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

[4] Includes $45,718 of cumulative appreciation/(depreciation) of swaps contracts that is considered variation margin receivable. Variation margin amount is included within cash at swaps broker in the statement of financial condition.

[5] Includes $1,423,996 of cumulative appreciation/(depreciation) of swaps contracts that is considered variation margin receivable. Variation margin amount is included within cash at swaps broker in the statement of financial condition.

[6] Includes $13,507 of cumulative appreciation/(depreciation) of swaps contracts that is considered variation margin receivable. Variation margin amount is included within cash at swaps broker in the statement of financial condition.

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CONDENSED SCHEDULE OF INVESTMENTS (Parenthetical) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Fixed Income Securities [Member]
Investment Owned
Cost	$ 127,234,165	$ 90,066,569
Fixed Income Securities [Member] | Asset Backed Securities [Member]
Investment Owned
Cost	10,014,228	7,025,355
Fixed Income Securities [Member] | Bank Deposits [Member]
Investment Owned
Cost		870,000
Fixed Income Securities [Member] | Bank Deposits [Member] | United States [Member] | Financials [Member]
Investment Owned
Cost	1,050,000	870,000
Fixed Income Securities [Member] | Commercial Paper [Member]
Investment Owned
Cost	58,184,878	35,265,102
Fixed Income Securities [Member] | Commercial Paper [Member] | Switzerland [Member] | Financials [Member]
Investment Owned
Cost	1,123,869
Fixed Income Securities [Member] | Commercial Paper [Member] | United Kingdom [Member] | Financials [Member]
Investment Owned
Cost	3,239,981
Fixed Income Securities [Member] | Commercial Paper [Member] | United States [Member]
Investment Owned
Cost	53,821,028	35,265,102
Fixed Income Securities [Member] | Corporate Bonds [Member]
Investment Owned
Cost	42,183,256	33,472,821
Fixed Income Securities [Member] | Corporate Bonds [Member] | Australia [Member] | Financials [Member]
Investment Owned
Cost	1,910,000	1,910,000
Fixed Income Securities [Member] | Corporate Bonds [Member] | Canada [Member]
Investment Owned
Cost	7,243,594	5,836,218
Fixed Income Securities [Member] | Corporate Bonds [Member] | Germany [Member]
Investment Owned
Cost	1,280,250
Fixed Income Securities [Member] | Corporate Bonds [Member] | Germany [Member] | Consumer Discretionary [Member]
Investment Owned
Cost		1,550,000
Fixed Income Securities [Member] | Corporate Bonds [Member] | Japan [Member] | Financials [Member]
Investment Owned
Cost	500,208	1,177,638
Fixed Income Securities [Member] | Corporate Bonds [Member] | Spain [Member] | Financials [Member]
Investment Owned
Cost	1,000,000
Fixed Income Securities [Member] | Corporate Bonds [Member] | Switzerland [Member] | Financials [Member]
Investment Owned
Cost	1,624,904	2,019,793
Fixed Income Securities [Member] | Corporate Bonds [Member] | United Kingdom [Member]
Investment Owned
Cost		956,356
Fixed Income Securities [Member] | Corporate Bonds [Member] | United Kingdom [Member] | Financials [Member]
Investment Owned
Cost	838,852	300,000
Fixed Income Securities [Member] | Corporate Bonds [Member] | United Kingdom [Member] | Health Care [Member]
Investment Owned
Cost		656,356
Fixed Income Securities [Member] | Corporate Bonds [Member] | United States [Member]
Investment Owned
Cost	27,785,448	20,022,816
Fixed Income Securities [Member] | Government and Agency Obligations [Member]
Investment Owned
Cost	15,801,803	13,433,291
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	15,799,433	13,432,392
Fixed Income Securities [Member] | Government and Agency Obligations [Member] | United States [Member] | U.S. Treasury Bills Due 07/21/2022 [Member]
Investment Owned
Maturity face value	$ 2,135,000
Due date	Jul. 21, 2022
Fixed Income Securities [Member] | Government and Agency Obligations [Member] | United States [Member] | U.S. Treasury Bills Due 08/11/2022 [Member]
Investment Owned
Maturity face value	$ 6,300,000
Due date	Aug. 11, 2022
Fixed Income Securities [Member] | Government and Agency Obligations [Member] | United States [Member] | U.S. Treasury Bills Due 09/15/2022 [Member]
Investment Owned
Maturity face value	$ 7,400,000
Due date	Sep. 15, 2022
Fixed Income Securities [Member] | Government and Agency Obligations [Member] | United States [Member] | U.S. Treasury Bills Due 01/20/2022 [Member]
Investment Owned
Maturity face value		$ 2,135,000
Due date		Jan. 20, 2022
Fixed Income Securities [Member] | Government and Agency Obligations [Member] | United States [Member] | U.S. Treasury Bills Due 03/17/2022 [Member]
Investment Owned
Maturity face value		$ 5,000,000
Due date		Mar. 17, 2022
Fixed Income Securities [Member] | Government and Agency Obligations [Member] | United States [Member] | U.S. Treasury Bills Due 05/12/2022 [Member]
Investment Owned
Maturity face value		$ 6,300,000
Due date		May 12, 2022
Short Term Investments [Member]
Investment Owned
Cost	$ 3,877,443	$ 5,214,406
Short Term Investments [Member] | Money Market Funds [Member] | United States [Member]
Investment Owned
Cost	3,877,443	5,214,406
Credit Default Index Swaps [Member] | Centrally Cleared - Sell Protection [Member]
Investment Owned
Cost	40,421	1,419,925
Variation margin receivable	45,718	$ 1,423,996
Interest Rate Swaps [Member] | Centrally Cleared - Pay Fixed [Member]
Investment Owned
Net proceeds	221,230
Variation margin receivable	$ 13,507

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STATEMENTS OF FINANCIAL CONDITION - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Equity in futures brokers trading accounts
Cash	$ 18,083,673	$ 14,702,234
Restricted cash	0	542,373
Fixed income securities (cost $15,801,803 and $13,433,291, respectively)	15,799,433	13,432,392
Net unrealized gain (loss) on open futures contracts	155,308	194,001
Total equity in futures brokers trading accounts	34,038,414	28,871,000
Cash and cash equivalents	2,458,821	477,204
Cash at interbank market maker	2,585,405	5,720,106
Restricted cash at interbank market makers	6,474,313	11,728,326
Short term investments (cost $3,877,443 and $5,214,406, respectively)	3,877,443	5,214,406
Cash at swaps broker	4,709,769	4,268,767
Restricted cash at swaps broker	897,907	440,326
Fixed income securities (cost $111,432,362 and $76,633,278, respectively)	110,838,730	76,600,260
Credit default index swaps	1,094	8,749
Interest rate swaps	2,084	0
Due from swaps broker	10,149	28,825
Net unrealized gain on open forward currency contracts	4,595,602	0
Interest receivable	175,349	79,494
Total assets	170,665,080	133,437,463
LIABILITIES
Accounts payable	111,757	117,350
Brokerage fee payable	994,595	772,725
Net unrealized loss on open forward currency contracts	0	794,549
Accrued commissions and other trading fees on open contracts	13,643	16,851
Offering costs payable	37,714	41,532
Redemptions payable	1,131,217	975,086
Total liabilities	2,288,926	2,718,093
PARTNERS' CAPITAL (Net Asset Value)
General Partner - 0.000 and 0.000 redeemable units outstanding at June 30, 2022 and December 31, 2021	0	0
Limited Partners - 52,890.885 and 55,906.286 redeemable units outstanding at June 30, 2022 and December 31, 2021	168,376,154	130,719,370
Total partners' capital (Net Asset Value)	168,376,154	130,719,370
Total liabilities and partners' capital (Net Asset Value)	$ 170,665,080	$ 133,437,463

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STATEMENTS OF FINANCIAL CONDITION (Parenthetical) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Equity in futures brokers trading accounts
Fixed income securities, cost	$ 15,801,803	$ 13,433,291
Short term investments, cost	3,877,443	5,214,406
Fixed income securities, cost	$ 111,432,362	$ 76,633,278
PARTNERS' CAPITAL (Net Asset Value)
General Partner, redeemable units outstanding (in units)	0.000	0.000
Limited Partners, redeemable units outstanding (in units)	52,890.885	55,906.286

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STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Futures trading gains (losses)
Realized	$ 13,769,611	$ 11,949,966	$ 31,804,485	$ 20,889,416
Change in unrealized	(2,684,327)	(641,912)	(38,693)	(4,352,839)
Brokerage commissions	(138,257)	(288,003)	(283,212)	(568,269)
Net gain (loss) from futures trading	10,947,027	11,020,051	31,482,580	15,968,308
Forward currency trading gains (losses)
Realized	11,382,796	6,694,081	14,594,799	9,572,951
Change in unrealized	1,092,538	(6,986,943)	5,390,151	(2,552,316)
Brokerage commissions	(20,931)	(43,354)	(48,321)	(71,696)
Net gain (loss) from forward currency trading	12,454,403	(336,216)	19,936,629	6,948,939
Swap trading gains (losses)
Realized	964,901	29,899	685,855	(1,745,470)
Change in unrealized	(268,471)	169,571	203,378	(508,198)
Net gain (loss) from swap trading	696,430	199,470	889,233	(2,253,668)
Total net trading gain (loss)	24,097,860	10,883,305	52,308,442	20,663,579
Investment income
Interest income	368,002	102,856	468,760	230,821
Realized gain (loss) on fixed income securities	(5,468)	(13,034)	(13,460)	(16,788)
Change in unrealized gain (loss) on fixed income securities	(309,510)	(32,450)	(562,085)	(111,368)
Total investment income (loss)	53,024	57,372	(106,785)	102,665
Expenses
Brokerage fee	2,914,955	2,527,891	5,441,976	4,879,296
Operating expenses	144,202	128,970	265,671	256,582
Total expenses	3,059,157	2,656,861	5,707,647	5,135,878
Net investment income (loss)	(3,006,133)	(2,599,489)	(5,814,432)	(5,033,213)
NET INCOME (LOSS)	$ 21,091,727	$ 8,283,816	$ 46,494,010	$ 15,630,366
NET INCOME (LOSS) PER GENERAL AND LIMITED PARTNER UNIT (based on weighted average number of units outstanding during the period) (in dollars per unit)	$ 391.86	$ 137.19	$ 850.41	$ 254.86
INCREASE (DECREASE) IN NET ASSET VALUE PER GENERAL AND LIMITED PARTNER UNIT (in dollars per unit)	$ 388.76	$ 134.09	$ 845.27	$ 252.49
WEIGHTED AVERAGE NUMBER OF UNITS OUTSTANDING DURING THE PERIOD (in units)	53,825.024	60,381.403	54,672.270	61,329.242

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STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from (for) operating activities
Net income (loss)	$ 46,494,010	$ 15,630,366
Adjustments to reconcile net income (loss) to net cash from (for) operating activities
Net change in unrealized on futures, forwards, swaps and investments	(4,992,751)	7,524,721
(Increase) decrease in interest receivable	(95,855)	6,921
(Increase) decrease in due from swaps broker	18,676	(3,498)
Increase (decrease) in accounts payable and accrued expenses	213,069	(2,887)
Net purchases from swap broker	208,949	(670,517)
Purchases of investments	(786,900,963)	(706,654,831)
Sales/maturities of investments	751,070,330	708,776,972
Net cash from (for) operating activities	6,015,465	24,607,247
Cash flows from (for) financing activities
Redemption of units	(8,386,096)	(9,668,602)
Offering costs paid	(298,817)	(303,268)
Net cash from (for) financing activities	(8,684,913)	(9,971,870)
Net increase (decrease) in cash, cash equivalents and restricted cash	(2,669,448)	14,635,377
Cash, cash equivalents and restricted cash at beginning of period	37,879,336	31,258,386
Cash, cash equivalents and restricted cash at end of period	$ 35,209,888	$ 45,893,763

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STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($)	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021	Dec. 31, 2020
Equity in futures brokers trading accounts
Cash	$ 18,083,673	$ 14,702,234
Restricted cash	0	542,373
Cash and cash equivalents	2,458,821	477,204
Cash at interbank market maker	2,585,405	5,720,106
Restricted cash at interbank market makers	6,474,313	11,728,326
Cash at swaps broker	4,709,769	4,268,767
Restricted cash at swaps broker	897,907	440,326
Total cash, cash equivalents and restricted cash at end of period	$ 35,209,888	$ 37,879,336	$ 45,893,763	$ 31,258,386

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STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (NET ASSETS VALUE) - USD ($)	General Partner [Member]	Limited Partners [Member]	Total
Balances at Dec. 31, 2020	$ 0	$ 135,144,973	$ 135,144,973
Balances (in units) at Dec. 31, 2020	0.000	63,149.651	63,149.651
Net income (loss)	$ 0	$ 7,346,550	$ 7,346,550
Redemptions	$ 0	$ (5,110,068)	$ (5,110,068)
Redemptions (in units)	0.000	(2,389.505)	(2,389.505)
Offering costs	$ 0	$ (156,766)	$ (156,766)
Balances at Mar. 31, 2021	$ 0	$ 137,224,689	$ 137,224,689
Balances (in units) at Mar. 31, 2021	0.000	60,760.146	60,760.146
Balances at Dec. 31, 2020	$ 0	$ 135,144,973	$ 135,144,973
Balances (in units) at Dec. 31, 2020	0.000	63,149.651	63,149.651
Net income (loss)			$ 15,630,366
Balances at Jun. 30, 2021	$ 0	$ 142,559,672	$ 142,559,672
Balances (in units) at Jun. 30, 2021	0.000	59,584.483	59,584.483
Balances at Mar. 31, 2021	$ 0	$ 137,224,689	$ 137,224,689
Balances (in units) at Mar. 31, 2021	0.000	60,760.146	60,760.146
Net income (loss)	$ 0	$ 8,283,816	$ 8,283,816
Redemptions	$ 0	$ (2,798,099)	$ (2,798,099)
Redemptions (in units)	0.000	(1,175.663)	(1,175.663)
Offering costs	$ 0	$ (150,734)	$ (150,734)
Balances at Jun. 30, 2021	$ 0	$ 142,559,672	$ 142,559,672
Balances (in units) at Jun. 30, 2021	0.000	59,584.483	59,584.483
Balances at Dec. 31, 2021	$ 0	$ 130,719,370	$ 130,719,370
Balances (in units) at Dec. 31, 2021	0.000	55,906.286	55,906.286
Net income (loss)	$ 0	$ 25,402,283	$ 25,402,283
Redemptions	$ 0	$ (3,898,869)	$ (3,898,869)
Redemptions (in units)	0.000	(1,498.696)	(1,498.696)
Offering costs	$ 0	$ (170,076)	$ (170,076)
Balances at Mar. 31, 2022	$ 0	$ 152,052,708	$ 152,052,708
Balances (in units) at Mar. 31, 2022	0.000	54,407.590	54,407.590
Balances at Dec. 31, 2021	$ 0	$ 130,719,370	$ 130,719,370
Balances (in units) at Dec. 31, 2021	0.000	55,906.286	55,906.286
Net income (loss)			$ 46,494,010
Balances at Jun. 30, 2022	$ 0	$ 168,376,154	$ 168,376,154
Balances (in units) at Jun. 30, 2022	0.000	52,890.885	52,890.885
Balances at Mar. 31, 2022	$ 0	$ 152,052,708	$ 152,052,708
Balances (in units) at Mar. 31, 2022	0.000	54,407.590	54,407.590
Net income (loss)	$ 0	$ 21,091,727	$ 21,091,727
Redemptions	$ 0	$ (4,643,358)	$ (4,643,358)
Redemptions (in units)	0.000	(1,517.000)	(1,517.000)
Offering costs	$ 0	$ (124,923)	$ (124,923)
Balances at Jun. 30, 2022	$ 0	$ 168,376,154	$ 168,376,154
Balances (in units) at Jun. 30, 2022	0.000	52,890.885	52,890.885

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STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (NET ASSETS VALUE) (Parenthetical) - $ / shares	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (NET ASSETS VALUE) [Abstract]
Net Asset Value per General and Limited Partner Unit (in dollars per unit)	$ 3,183.46	$ 2,794.70	$ 2,338.19	$ 2,392.56	$ 2,258.47	$ 2,140.07

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FINANCIAL HIGHLIGHTS - $ / shares		3 Months Ended		6 Months Ended
		Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Per Unit Performance (for a unit outstanding throughout the entire period)
Net asset value per unit at beginning of period (in dollars per unit)		$ 2,794.70	$ 2,258.47	$ 2,338.19	$ 2,140.07
Income (loss) from operations:
Total net trading gains (losses) (in dollars per unit)	[1]	446.93	179.64	957.02	339.57
Net investment income (loss) (in dollars per unit)	[1]	(55.85)	(43.05)	(106.35)	(82.07)
Total net income (loss) from operations (in dollars per unit)		391.08	136.59	850.67	257.50
Offering costs (in dollars per unit)	[1]	(2.32)	(2.50)	(5.40)	(5.01)
Net asset value per unit at end of period (in dollars per unit)		$ 3,183.46	$ 2,392.56	$ 3,183.46	$ 2,392.56
Total Return	[2]	13.91%	5.94%	36.15%	11.80%
Ratios to average net asset value:
Expenses prior to performance fee	[3]	7.60%	7.51%	7.60%	7.49%
Performance fee	[2]	0.00%	0.00%	0.00%	0.00%
Total expenses		7.60%	7.51%	7.60%	7.49%
Net investment income (loss)	[3],[4]	(7.44%)	(7.35%)	(7.74%)	(7.34%)

[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

6 Months Ended

Jun. 30, 2022

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, forward currency contracts, and centrally cleared swap 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 the futures commission merchants (“futures brokers”), interbank market makers, and centrally cleared swaps broker 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.

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, including futures, forwards and fixed income securities are accounted for on the trade date. Gains or losses are realized when contracts are liquidated. Realized gains or losses on spot trades associated with forward currency contract trading are included in realized gains or losses from forward currency trading. 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 daily exchange of variation margin associated with a Central Counterparty Clearing House derivative instrument is legally characterized as the daily settlement of the derivative instrument itself. Accordingly, the Fund accounts for the daily receipt or payment of variation margin associated with its centrally cleared swaps and futures as a direct reduction to the carrying value of the centrally cleared swaps and futures derivative asset or liability, respectively. The carrying amount of centrally cleared swaps and futures reflected in the Fund’s Statements of Financial Condition is equal to the unsettled fair value of such instruments, which generally represents the change in fair value that occurred on the last day of the reporting period.

Centrally cleared credit default index swaps and interest rate swap transactions are recorded on the trade date. Realized gains or losses are determined using the identified cost method. The fair value of centrally cleared swap contracts is determined by using current market quotations provided by an independent external pricing source. Valuation using an external pricing source involves the use of observable inputs in accordance with the fair value hierarchy. Any change in net unrealized gain or loss from the prior period is reported in Swap trading gains (losses) - Change in unrealized in the Statements of Operations. Period payments received or paid on swap contracts, commissions and fees associated with trading the swap contracts and cash payments received or made due to the underlying obligation in the event of a credit event are recorded as part of “Swap trading gains (losses) – Realized” in the Statements of Operations.

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. For centrally cleared swap contracts, the Fund uses current market quotations provided by an independent external pricing source to determine fair value. 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 June 30, 2022 and December 31, 2021, and for the periods ended June 30, 2022 and 2021, 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 June 30, 2022 and December 31, 2021.

	Fair Value at June 30, 2022
Description	Level 1		Level 2			Level 3		Total
Investments
Short term investments	$	3,877,443	$	0		$	0	$	3,877,443
Fixed income securities		0		126,638,163			0		126,638,163
Other Financial Instruments
Exchange-traded futures contracts		155,308		0			0		155,308
Forward currency contracts		0		4,595,602			0		4,595,602
Credit default index swap contracts		0		46,812			0		46,812
Interest rate swap contracts		0		(11,423	)		0		(11,423	)
Total	$	4,032,751	$	131,269,154		$	0	$	135,301,905

	Fair Value at December 31, 2021
Description	Level 1		Level 2			Level 3		Total
Investments
Short term investments	$	5,214,406	$	0		$	0	$	5,214,406
Fixed income securities		0		90,032,652			0		90,032,652
Other Financial Instruments
Exchange-traded futures contracts		194,001		0			0		194,001
Forward currency contracts		0		(794,549	)		0		(794,549	)
Credit default index swap contracts		0		1,432,745			0		1,432,745
Total	$	5,408,407	$	90,670,848		$	0	$	96,079,255

The gross presentation of the fair value of the Fund’s derivatives by instrument type is shown in Note 11. 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 2018 through 2021 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 June 30, 2022 and December 31, 2021, the Fund has the potential remaining reimbursement amount of approximately $33.2 million and $33.5 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 June 30, 2022 and December 31, 2021, the amount of unreimbursed offering costs incurred by Campbell & Company and reflected as a liability in the Statements of Financial Condition for offering costs payable to Campbell & Company is $37,714 and $41,532, 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 April 2020, the FASB issued ASU-2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting to provide optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. In July 2017, the head of the United Kingdom Financial Conduct Authority announced the desire to phase out the use of the London Interbank Offered Rate (“LIBOR”) and other Interbank offered rates (IBORs). In November 2020, United States and United Kingdom regulators made announcements planning to cease publication of overnight, one-month, three-month, six-month and one-year LIBOR and IBOR tenors after June 2023. If LIBOR and IBORs prematurely cease to exist, the Fund may need to renegotiate outstanding swaps to replace affected rates with the identified replacement rates. There is currently no definitive information regarding the future discontinuance of LIBORs or IBORs prior to 2023. As such, the potential effect of any such event on our cost of capital and net investment income cannot yet be determined.

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GENERAL PARTNER AND COMMODITY TRADING ADVISOR

6 Months Ended

Jun. 30, 2022

GENERAL PARTNER AND COMMODITY TRADING ADVISOR [Abstract]

GENERAL PARTNER AND COMMODITY TRADING ADVISOR

Note 2.  GENERAL PARTNER AND COMMODITY TRADING ADVISOR

The general partner of the Fund is Campbell & Company, LP (“Campbell & Company”), which conducts and manages the business of the Fund. Campbell & Company is also the commodity trading advisor of the Fund. The general partner does not currently have an investment in the Fund.

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, interbank market makers and swaps broker 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 AND TRANSFER AGENT

6 Months Ended

Jun. 30, 2022

ADMINISTRATOR AND TRANSFER AGENT [Abstract]

ADMINISTRATOR AND TRANSFER AGENT

Note 3.  ADMINISTRATOR AND TRANSFER AGENT

NAV Consulting, Inc. serves as the Administrator of the Fund. 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.

NAV Consulting, Inc. serves as the Transfer Agent of the Fund. The Transfer Agent receives fees at rates agreed upon between the Fund and the Transfer Agent and is entitled to reimbursement of certain actual out-of-pocket expenses incurred while performing its duties.

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CASH MANAGER AND CUSTODIAN

6 Months Ended

Jun. 30, 2022

CASH MANAGER AND CUSTODIAN [Abstract]

CASH MANAGER AND CUSTODIAN

Note 4.  CASH MANAGER AND CUSTODIAN

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

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

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DEPOSITS WITH FUTURES BROKERS

6 Months Ended

Jun. 30, 2022

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

6 Months Ended

Jun. 30, 2022

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 NatWest Markets Plc (“NatWest”) and UBS AG (“UBS”). The Fund has entered into an International Swap and Derivatives Association, Inc. agreement (“ISDA Agreement”) with NatWest and UBS which governs these transactions. The credit ratings reported by the three major rating agencies for NatWest and UBS were considered investment grade as of June 30, 2022 and December 31, 2021. Margin requirements are satisfied by the deposit of U.S. Treasury Bills and cash with NatWest and UBS. The Fund typically earns interest income on its assets deposited with NatWest and UBS.

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DEPOSITS WITH SWAPS BROKER

6 Months Ended

Jun. 30, 2022

DEPOSITS WITH SWAPS BROKER [Abstract]

DEPOSITS WITH SWAPS BROKER

Note 7.  DEPOSITS WITH SWAPS BROKER

The Fund deposits cash with Goldman, Sachs & Co. to act as swaps broker for its centrally cleared swap contracts, subject to Commodity Futures Trading Commission regulations and central counterparty and broker requirements. Margin requirements are satisfied by the deposit of cash with such swaps broker. Accordingly, assets used to meet margin and other broker or regulatory requirements are partially restricted. The Fund typically earns interest on its credit balances and pays interest on debit balances with the swaps broker.

The Fund pays commissions to the swaps broker on a transaction basis at rates agreed upon between the Fund and the swaps broker.

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OPERATING EXPENSES

6 Months Ended

Jun. 30, 2022

OPERATING EXPENSES [Abstract]

OPERATING EXPENSES

Note 8.  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 six months ended June 30, 2022 and 2021.

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SUBSCRIPTIONS, DISTRIBUTIONS AND REDEMPTIONS

6 Months Ended

Jun. 30, 2022

SUBSCRIPTIONS, DISTRIBUTIONS AND REDEMPTIONS [Abstract]

SUBSCRIPTIONS, DISTRIBUTIONS AND REDEMPTIONS

Note 9.  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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CREDIT DERIVATIVES AND CREDIT-RELATED CONTINGENCY FEATURES

6 Months Ended

Jun. 30, 2022

CREDIT DERIVATIVES AND CREDIT-RELATED CONTINGENCY FEATURES [Abstract]

CREDIT DERIVATIVES AND CREDIT-RELATED CONTINGENCY FEATURES

Note 10.  CREDIT DERIVATIVES AND CREDIT-RELATED CONTINGENCY FEATURES

Credit derivatives generally require the seller to make a payment to the buyer in the event the underlying referenced security or index to the contract defaults or another triggering event, as defined in the applicable derivative contract, occurs. The Fund sells credit derivative contracts for speculative investment purposes. The following table summarizes the notional amounts of credit derivative contracts sold by the Fund by their maturity for contracts which are outstanding at June 30, 2022 and December 31, 2021. Notional amounts are disclosed as they represent the maximum potential payout. At June 30, 2022 and December 31, 2021, the carrying value of such credit derivative contracts sold was $46,812 and $1,432,745, respectively.

	June 30, 2022				December 31, 2021
Credit Default Index Swaps	Maturity Date: June 2027				Maturity Date: December 2026
Investment grade		$	(934,777	)		$	19,078,137
Non-investment grade			(355,505	)			16,769,930
Total		$	(1,290,282	)		$	35,848,067

The Fund does not monitor its exposure to credit derivatives based on the notional amounts because that measure does not take into consideration the probability of a credit default event, the legal right to offset assets and liabilities by a counterparty, or collateral posted. However, the notional value of these credit derivative contracts has been included to provide information about the magnitude of involvement with these types of contracts.

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TRADING ACTIVITIES AND RELATED RISKS

6 Months Ended

Jun. 30, 2022

TRADING ACTIVITIES AND RELATED RISKS [Abstract]

TRADING ACTIVITIES AND RELATED RISKS

Note 11.  TRADING ACTIVITIES AND RELATED RISKS

The Fund engages in the speculative trading of U.S. and foreign futures contracts, forward currency contracts and centrally cleared swap contracts (collectively, “derivatives”). Specifically, the Fund trades a portfolio focused on futures, forward, credit default index swap and interest rate swap contracts, which are instruments designed to hedge changes in interest rates, currency exchange rates, stock index values, metals, energy, agriculture values, and credit risks. 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.

In February 2020, the Fund transferred all futures contracts held with UBS Securities LLC to Goldman, Sachs & Co., and all forward currency contracts held with UBS to NatWest. Goldman, Sachs & Co. and NatWest serve as the sole futures broker and interbank market maker, respectively, for the Fund’s ongoing trading.

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. The value of an interest rate swap will change as market interest rates rise and fall in conjunction with whether the contract is to receive or pay a fixed interest rate. As a purchaser of credit default index swaps, the Fund’s risk of loss is limited to any cash payments required under the swap contracts. Written credit default contracts (i.e., sell protection) expose the Fund to a market risk equal to the notional value of such swap contracts and any cash payments required under the swap contracts. See Note 1.C. for an explanation of how the Fund determines its valuation for derivatives as well as the netting of derivatives.

The following tables summarize quantitative information required by 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 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 June 30, 2022 and December 31, 2021 is as follows:

Type of Instrument *	Statements of Financial Condition Location	Asset Derivatives at June 30, 2022 Fair Value		Liability Derivatives at June 30, 2022 Fair Value			Net
Agriculture Contracts	Net unrealized gain (loss) on open futures contracts	$	1,846,947	$	(898,443	)	$	948,504
Energy Contracts	Net unrealized gain (loss) on open futures contracts		245,928		(1,250,533	)		(1,004,605	)
Metal Contracts	Net unrealized gain (loss) on open futures contracts		3,806,293		(3,731,174	)		75,119
Stock Indices Contracts	Net unrealized gain (loss) on open futures contracts		1,027,396		(184,081	)		843,315
Short-Term Interest Rate Contracts	Net unrealized gain (loss) on open futures contracts		314,201		(406,253	)		(92,052	)
Long-Term Interest Rate Contracts	Net unrealized gain (loss) on open futures contracts		838,400		(1,453,373	)		(614,973	)
Forward Currency Contracts	Net unrealized gain (loss) on open forward currency contracts		15,684,346		(11,088,744	)		4,595,602
Credit Default Index Swap Contracts**	Credit default index swaps		49,019		(2,207	)		46,812
Interest Rate Swap Contracts**	Interest rate swaps		110,801		(122,224	)		(11,423	)
Total		$	23,923,331	$	(19,137,032	)	$	4,786,299

* Derivatives not designated as hedging instruments under ASC 815

** Amount of centrally cleared swap contracts is not reconciled with the statements of financial condition due to variation margin amount included within cash at swaps broker in the statements of financial condition.

Type of Instrument *	Statements of Financial Condition Location	Asset Derivatives at December 31, 2021 Fair Value		Liability Derivatives at December 31, 2021 Fair Value			Net
Agriculture Contracts	Net unrealized gain (loss) on open futures contracts	$	670,890	$	(339,135	)	$	331,755
Energy Contracts	Net unrealized gain (loss) on open futures contracts		374,147		(351,855	)		22,292
Metal Contracts	Net unrealized gain (loss) on open futures contracts		2,649,310		(3,038,109	)		(388,799	)
Stock Indices Contracts	Net unrealized gain (loss) on open futures contracts		875,863		(168,666	)		707,197
Short-Term Interest Rate Contracts	Net unrealized gain (loss) on open futures contracts		175,142		(190,112	)		(14,970	)
Long-Term Interest Rate Contracts	Net unrealized gain (loss) on open futures contracts		887,576		(1,351,050	)		(463,474	)
Forward Currency Contracts	Net unrealized gain (loss) on open forward currency contracts		6,779,979		(7,574,528	)		(794,549	)
Credit Default Index Swap Contracts**	Credit default index swaps		1,649,303		(216,558	)		1,432,745
Total		$	14,062,210	$	(13,230,013	)	$	832,197

* Derivatives not designated as hedging instruments under ASC 815

** Amount of centrally cleared swap contracts is not reconciled with the statements of financial condition due to variation margin amount included within cash at swaps broker in the statements of financial condition.

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 six months ended June 30, 2022 and 2021 is as follows:

Type of Instrument	Trading Gains (Losses) for the Three Months Ended June 30, 2022			Trading Gains (Losses) for the Three Months Ended June 30, 2021
Agriculture Contracts	$	1,279,268		$	4,311,266
Energy Contracts		1,595,927			4,376,545
Metal Contracts		(500,534	)		1,407,195
Stock Indices Contracts		1,242,029			3,907,952
Short-Term Interest Rate Contracts		(178,968	)		(398,843	)
Long-Term Interest Rate Contracts		7,647,562			(2,296,061	)
Forward Currency Contracts		12,475,334			(292,862	)
Credit Default Index Swap Contracts		(1,124,494	)		471,639
Interest Rate Swap Contracts		1,820,924			(272,169	)
Total	$	24,257,048		$	11,214,662

Type of Instrument	Trading Gains (Losses) for the Six Months Ended June 30, 2022			Trading Gains (Losses) for the Six Months Ended June 30, 2021
Agriculture Contracts	$	3,544,568		$	6,880,173
Energy Contracts		9,945,129			6,830,221
Metal Contracts		2,387,642			1,093,785
Stock Indices Contracts		1,670,993			9,220,087
Short-Term Interest Rate Contracts		1,900,049			(1,735,000	)
Long-Term Interest Rate Contracts		12,317,411			(5,752,689	)
Forward Currency Contracts		19,984,950			7,020,635
Credit Default Index Swap Contracts		(1,736,167	)		475,604
Interest Rate Swap Contracts		2,625,400			(2,729,272	)
Total	$	52,639,975		$	21,303,544

Line Item in the Statements of Operations	Trading Gains (Losses) for the Three Months Ended June 30, 2022			Trading Gains (Losses) for the Three Months Ended June 30, 2021
Futures trading gains (losses):
Realized**	$	13,769,611		$	11,949,966
Change in unrealized		(2,684,327	)		(641,912	)
Forward currency trading gains (losses):
Realized**		11,382,796			6,694,081
Change in unrealized		1,092,538			(6,986,943	)
Swap trading gains (losses):
Realized		964,901			29,899
Change in unrealized		(268,471	)		169,571
Total	$	24,257,048		$	11,214,662

Line Item in the Statements of Operations	Trading Gains (Losses) for the Six Months Ended June 30, 2022			Trading Gains (Losses) for the Six Months Ended June 30, 2021
Futures trading gains (losses):
Realized***	$	31,804,485		$	20,889,416
Change in unrealized		(38,693	)		(4,352,839	)
Forward currency trading gains (losses):
Realized***		14,594,799			9,572,951
Change in unrealized		5,390,151			(2,552,316	)
Swap trading gains (losses):
Realized		685,855			(1,745,470	)
Change in unrealized		203,378			(508,198	)
Total	$	52,639,975		$	21,303,544

** For the three months ended June 30, 2022 and 2021, the amounts above include gains/(losses) on foreign currency cash balances at the futures brokers of $63,257 and $(23,285), respectively, and gains/(losses) on spot trades in connection with forward currency trading at the interbank market makers of $596,209 and $200,081, respectively.

*** For the six months ended June 30, 2022 and 2021, the amounts above include gains/(losses) on foreign currency cash balances at the futures brokers of $77,218 and $8,504, respectively, and gains/(losses) on spot trades in connection with forward currency trading at the interbank market makers of $1,064,136 and $(136,125), respectively.

For the three months ended June 30, 2022 and 2021, the monthly average of futures contracts bought and sold was approximately 12,900 and 26,800, respectively, the monthly average of notional value of centrally cleared swap contracts was approximately $695,600,000 and $3,435,500,000, respectively, and the monthly average of notional value of forward currency contracts was $1,182,300,000 and $1,623,700,000, respectively.

For the six months ended June 30, 2022 and 2021, the monthly average of futures contracts bought and sold was approximately 12,900 and 27,300, respectively, the monthly average of notional value of centrally cleared swap contracts was approximately $636,900,000 and $2,540,400,000, respectively, and the monthly average of notional value of forward currency contracts was $1,284,800,000 and $1,418,500,000, respectively.

Open contracts generally mature within three months; as of June 30, 2022, the latest maturity date for open futures contracts is September 2023 and the latest maturity date for open forward currency contracts is September 2022. However, the Fund intends to close all futures and offset all forward currency contracts prior to maturity. The latest termination date for centrally cleared swap contracts is June 2027.

Credit Risk

The Fund trades futures contracts on exchanges that require margin deposits with the futures brokers and centrally cleared swap contracts that require margin deposits with the swaps broker. Additional deposits may be necessary for any loss on contract value. The Commodity Exchange Act requires a futures broker or swaps broker to segregate all customer transactions and assets from such future s broker’s or swaps broker’s proprietary activities. A customer’s cash and other property (for example, U.S. Treasury Bills) deposited with a futures broker or swaps broker are considered commingled with all other customer funds subject to the futures broker’s or swaps broker’s segregation requirements. In the event of a futures broker’s or swaps 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 NatWest. 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 LLC and Goldman, Sachs & Co., upon occurrence of a default by the Fund, as defined in respective account documents, UBS Securities LLC and Goldman, Sachs & Co. 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 June 30, 2022 and December 31, 2021 was $15,799,433 and $13,432,392, respectively, which equals approximately 9% and 10% of Net Asset Value, respectively. Included in cash deposits with the futures brokers, swaps broker and interbank market makers at June 30, 2022 and December 31, 2021 was restricted cash for margin requirements of $7,372,220 and $12,711,025, respectively, which equals approximately 5% and 10% of Net Asset Value, respectively. There were no cash deposits held at UBS Securities LLC or UBS AG, a futures broker and interbank market maker, respectively, at June 30, 2022 and December 31, 2021.

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 by Counterparty

As of June 30, 2022

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	Goldman, Sachs & Co.	$	8,079,165	$	(7,923,857	)	$	155,308
Forward currency contracts	NatWest Markets Plc		15,684,346		(11,088,744	)		4,595,602
Centrally cleared swap contracts*	Centrally Cleared		159,820		(124,431	)		35,389
Total derivatives		$	23,923,331	$	(19,137,032	)	$	4,786,299

* Amount of centrally cleared swap contracts is not reconciled with the statements of financial condition due to variation margin amount included within cash at swaps broker in the statements of financial condition.

Derivative Assets and Collateral Received by Counterparty

As of June 30, 2022

	Net Amounts of Unrealized Gain Presented in the		Gross Amounts Not Offset in the Statements of Financial Condition
Counterparty	Statements of Financial Condition		Financial Instruments		Cash Collateral Received		Net Amount
Goldman, Sachs & Co.	$	155,308	$	0	$	0	$	155,308
NatWest Markets Plc		4,595,602		0		0		4,595,602
Centrally Cleared		35,389		0		0		35,389
Total	$	4,786,299	$	0	$	0	$	4,786,299

Offsetting of Derivative Liabilities by Counterparty

As of June 30, 2022

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	Goldman, Sachs & Co.	$	7,923,857	$	(7,923,857	)	$	0
Forward currency contracts	NatWest Markets Plc		11,088,744		(11,088,744	)		0
Centrally cleared swap contracts	Centrally Cleared		124,431		(124,431	)		0
Total derivatives		$	19,137,032	$	(19,137,032	)	$	0

Derivative Liabilities and Collateral Pledged by Counterparty

As of June 30, 2022

	Net Amounts of Unrealized Loss Presented in the		Gross Amounts Not Offset in the Statements of Financial Condition
Counterparty	Statements of Financial Condition		Financial Instruments		Cash Collateral Pledged		Net Amount
Goldman, Sachs & Co.	$	0	$	0	$	0	$	0
NatWest Markets Plc		0		0		0		0
Centrally Cleared		0		0		0		0
Total	$	0	$	0	$	0	$	0

Offsetting of Derivative Assets by Counterparty

As of December 31, 2021

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	Goldman, Sachs & Co.	$	5,632,928	$	(5,438,927	)	$	194,001
Forward currency contracts	NatWest Markets Plc		6,779,979		(6,779,979	)		0
Centrally cleared swap contracts*	Centrally Cleared		1,649,303		(216,558	)		1,432,745
Total derivatives		$	14,062,210	$	(12,435,464	)	$	1,626,746

* Amount of centrally cleared swap contracts is not reconciled with the statements of financial condition due to variation margin amount included within cash at swaps broker in the statements of financial condition.

Derivative Assets and Collateral Received by Counterparty

As of December 31, 2021

	Net Amounts of Unrealized Gain Presented in the		Gross Amounts Not Offset in the Statements of Financial Condition
Counterparty	Statements of Financial Condition		Financial Instruments		Cash Collateral Received		Net Amount
Goldman, Sachs & Co.	$	194,001	$	0	$	0	$	194,001
NatWest Markets Plc		0		0		0		0
Centrally Cleared		1,432,745		0		0		1,432,745
Total	$	1,626,746	$	0	$	0	$	1,626,746

Offsetting of Derivative Liabilities by Counterparty

As of December 31, 2021

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	Goldman, Sachs & Co.	$	5,438,927	$	(5,438,927	)	$	0
Forward currency contracts	NatWest Markets Plc		7,574,528		(6,779,979	)		794,549
Centrally cleared swap contracts	Centrally Cleared		216,558		(216,558	)		0
Total derivatives		$	13,230,013	$	(12,435,464	)	$	794,549

Derivative Liabilities and Collateral Pledged by Counterparty

As of December 31, 2021

	Net Amounts of Unrealized Loss Presented in the		Gross Amounts Not Offset in the Statements of Financial Condition
Counterparty	Statements of Financial Condition		Financial Instruments		Cash Collateral Pledged		Net Amount
Goldman, Sachs & Co.	$	0	$	0	$	0	$	0
NatWest Markets Plc		794,549		0		(794,549)		0
Centrally Cleared		0		0		0		0
Total	$	794,549	$	0	$	(794,549)	$	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

6 Months Ended

Jun. 30, 2022

INDEMNIFICATIONS [Abstract]

INDEMNIFICATIONS

Note 12. 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

6 Months Ended

Jun. 30, 2022

INTERIM FINANCIAL STATEMENTS [Abstract]

INTERIM FINANCIAL STATEMENTS

Note 13. INTERIM FINANCIAL STATEMENTS

The Statements of Financial Condition, including the Condensed Schedules of Investments, as of June 30, 2022 and December 31, 2021, the Statements of Operations and Financial Highlights for the three months and six months ended June 30, 2022 and 2021, and the Statements of Cash Flows and Changes in Partners’ Capital (Net Asset Value) for the six months ended June 30, 2022 and 2021 are unaudited. In the opinion of management, such financial statements reflect all adjustments, which were of a normal and recurring nature, necessary for a fair presentation of financial position as of June 30, 2022 and December 31, 2021, the results of operations and financial highlights for the three months and six months ended June 30, 2022 and 2021, and cash flows and changes in partners’ capital (Net Asset Value) for the three months and six months ended June 30, 2022 and 2021.

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SUBSEQUENT EVENTS

6 Months Ended

Jun. 30, 2022

SUBSEQUENT EVENTS [Abstract]

SUBSEQUENT EVENTS

Note 14. 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)

6 Months Ended

Jun. 30, 2022

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

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, including futures, forwards and fixed income securities are accounted for on the trade date. Gains or losses are realized when contracts are liquidated. Realized gains or losses on spot trades associated with forward currency contract trading are included in realized gains or losses from forward currency trading. 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 daily exchange of variation margin associated with a Central Counterparty Clearing House derivative instrument is legally characterized as the daily settlement of the derivative instrument itself. Accordingly, the Fund accounts for the daily receipt or payment of variation margin associated with its centrally cleared swaps and futures as a direct reduction to the carrying value of the centrally cleared swaps and futures derivative asset or liability, respectively. The carrying amount of centrally cleared swaps and futures reflected in the Fund’s Statements of Financial Condition is equal to the unsettled fair value of such instruments, which generally represents the change in fair value that occurred on the last day of the reporting period.

Centrally cleared credit default index swaps and interest rate swap transactions are recorded on the trade date. Realized gains or losses are determined using the identified cost method. The fair value of centrally cleared swap contracts is determined by using current market quotations provided by an independent external pricing source. Valuation using an external pricing source involves the use of observable inputs in accordance with the fair value hierarchy. Any change in net unrealized gain or loss from the prior period is reported in Swap trading gains (losses) - Change in unrealized in the Statements of Operations. Period payments received or paid on swap contracts, commissions and fees associated with trading the swap contracts and cash payments received or made due to the underlying obligation in the event of a credit event are recorded as part of “Swap trading gains (losses) – Realized” in the Statements of Operations.

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. For centrally cleared swap contracts, the Fund uses current market quotations provided by an independent external pricing source to determine fair value. 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 June 30, 2022 and December 31, 2021, and for the periods ended June 30, 2022 and 2021, 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 June 30, 2022 and December 31, 2021.

	Fair Value at June 30, 2022
Description	Level 1		Level 2			Level 3		Total
Investments
Short term investments	$	3,877,443	$	0		$	0	$	3,877,443
Fixed income securities		0		126,638,163			0		126,638,163
Other Financial Instruments
Exchange-traded futures contracts		155,308		0			0		155,308
Forward currency contracts		0		4,595,602			0		4,595,602
Credit default index swap contracts		0		46,812			0		46,812
Interest rate swap contracts		0		(11,423	)		0		(11,423	)
Total	$	4,032,751	$	131,269,154		$	0	$	135,301,905

	Fair Value at December 31, 2021
Description	Level 1		Level 2			Level 3		Total
Investments
Short term investments	$	5,214,406	$	0		$	0	$	5,214,406
Fixed income securities		0		90,032,652			0		90,032,652
Other Financial Instruments
Exchange-traded futures contracts		194,001		0			0		194,001
Forward currency contracts		0		(794,549	)		0		(794,549	)
Credit default index swap contracts		0		1,432,745			0		1,432,745
Total	$	5,408,407	$	90,670,848		$	0	$	96,079,255

The gross presentation of the fair value of the Fund’s derivatives by instrument type is shown in Note 11. 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 2018 through 2021 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 June 30, 2022 and December 31, 2021, the Fund has the potential remaining reimbursement amount of approximately $33.2 million and $33.5 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 June 30, 2022 and December 31, 2021, the amount of unreimbursed offering costs incurred by Campbell & Company and reflected as a liability in the Statements of Financial Condition for offering costs payable to Campbell & Company is $37,714 and $41,532, 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 April 2020, the FASB issued ASU-2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting to provide optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. In July 2017, the head of the United Kingdom Financial Conduct Authority announced the desire to phase out the use of the London Interbank Offered Rate (“LIBOR”) and other Interbank offered rates (IBORs). In November 2020, United States and United Kingdom regulators made announcements planning to cease publication of overnight, one-month, three-month, six-month and one-year LIBOR and IBOR tenors after June 2023. If LIBOR and IBORs prematurely cease to exist, the Fund may need to renegotiate outstanding swaps to replace affected rates with the identified replacement rates. There is currently no definitive information regarding the future discontinuance of LIBORs or IBORs prior to 2023. As such, the potential effect of any such event on our cost of capital and net investment income cannot yet be determined.

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ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

6 Months Ended

Jun. 30, 2022

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 June 30, 2022 and December 31, 2021.

	Fair Value at June 30, 2022
Description	Level 1		Level 2			Level 3		Total
Investments
Short term investments	$	3,877,443	$	0		$	0	$	3,877,443
Fixed income securities		0		126,638,163			0		126,638,163
Other Financial Instruments
Exchange-traded futures contracts		155,308		0			0		155,308
Forward currency contracts		0		4,595,602			0		4,595,602
Credit default index swap contracts		0		46,812			0		46,812
Interest rate swap contracts		0		(11,423	)		0		(11,423	)
Total	$	4,032,751	$	131,269,154		$	0	$	135,301,905

	Fair Value at December 31, 2021
Description	Level 1		Level 2			Level 3		Total
Investments
Short term investments	$	5,214,406	$	0		$	0	$	5,214,406
Fixed income securities		0		90,032,652			0		90,032,652
Other Financial Instruments
Exchange-traded futures contracts		194,001		0			0		194,001
Forward currency contracts		0		(794,549	)		0		(794,549	)
Credit default index swap contracts		0		1,432,745			0		1,432,745
Total	$	5,408,407	$	90,670,848		$	0	$	96,079,255

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CREDIT DERIVATIVES AND CREDIT-RELATED CONTINGENCY FEATURES (Tables)

6 Months Ended

Jun. 30, 2022

CREDIT DERIVATIVES AND CREDIT-RELATED CONTINGENCY FEATURES [Abstract]

Credit Default Index Swaps

At June 30, 2022 and December 31, 2021, the carrying value of such credit derivative contracts sold was $46,812 and $1,432,745, respectively.

	June 30, 2022				December 31, 2021
Credit Default Index Swaps	Maturity Date: June 2027				Maturity Date: December 2026
Investment grade		$	(934,777	)		$	19,078,137
Non-investment grade			(355,505	)			16,769,930
Total		$	(1,290,282	)		$	35,848,067

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TRADING ACTIVITIES AND RELATED RISKS (Tables)

6 Months Ended

Jun. 30, 2022

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, 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 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 June 30, 2022 and December 31, 2021 is as follows:

Type of Instrument *	Statements of Financial Condition Location	Asset Derivatives at June 30, 2022 Fair Value		Liability Derivatives at June 30, 2022 Fair Value			Net
Agriculture Contracts	Net unrealized gain (loss) on open futures contracts	$	1,846,947	$	(898,443	)	$	948,504
Energy Contracts	Net unrealized gain (loss) on open futures contracts		245,928		(1,250,533	)		(1,004,605	)
Metal Contracts	Net unrealized gain (loss) on open futures contracts		3,806,293		(3,731,174	)		75,119
Stock Indices Contracts	Net unrealized gain (loss) on open futures contracts		1,027,396		(184,081	)		843,315
Short-Term Interest Rate Contracts	Net unrealized gain (loss) on open futures contracts		314,201		(406,253	)		(92,052	)
Long-Term Interest Rate Contracts	Net unrealized gain (loss) on open futures contracts		838,400		(1,453,373	)		(614,973	)
Forward Currency Contracts	Net unrealized gain (loss) on open forward currency contracts		15,684,346		(11,088,744	)		4,595,602
Credit Default Index Swap Contracts**	Credit default index swaps		49,019		(2,207	)		46,812
Interest Rate Swap Contracts**	Interest rate swaps		110,801		(122,224	)		(11,423	)
Total		$	23,923,331	$	(19,137,032	)	$	4,786,299

* Derivatives not designated as hedging instruments under ASC 815

** Amount of centrally cleared swap contracts is not reconciled with the statements of financial condition due to variation margin amount included within cash at swaps broker in the statements of financial condition.

Type of Instrument *	Statements of Financial Condition Location	Asset Derivatives at December 31, 2021 Fair Value		Liability Derivatives at December 31, 2021 Fair Value			Net
Agriculture Contracts	Net unrealized gain (loss) on open futures contracts	$	670,890	$	(339,135	)	$	331,755
Energy Contracts	Net unrealized gain (loss) on open futures contracts		374,147		(351,855	)		22,292
Metal Contracts	Net unrealized gain (loss) on open futures contracts		2,649,310		(3,038,109	)		(388,799	)
Stock Indices Contracts	Net unrealized gain (loss) on open futures contracts		875,863		(168,666	)		707,197
Short-Term Interest Rate Contracts	Net unrealized gain (loss) on open futures contracts		175,142		(190,112	)		(14,970	)
Long-Term Interest Rate Contracts	Net unrealized gain (loss) on open futures contracts		887,576		(1,351,050	)		(463,474	)
Forward Currency Contracts	Net unrealized gain (loss) on open forward currency contracts		6,779,979		(7,574,528	)		(794,549	)
Credit Default Index Swap Contracts**	Credit default index swaps		1,649,303		(216,558	)		1,432,745
Total		$	14,062,210	$	(13,230,013	)	$	832,197

* Derivatives not designated as hedging instruments under ASC 815

** Amount of centrally cleared swap contracts is not reconciled with the statements of financial condition due to variation margin amount included within cash at swaps broker in the statements of financial condition.

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 six months ended June 30, 2022 and 2021 is as follows:

Type of Instrument	Trading Gains (Losses) for the Three Months Ended June 30, 2022			Trading Gains (Losses) for the Three Months Ended June 30, 2021
Agriculture Contracts	$	1,279,268		$	4,311,266
Energy Contracts		1,595,927			4,376,545
Metal Contracts		(500,534	)		1,407,195
Stock Indices Contracts		1,242,029			3,907,952
Short-Term Interest Rate Contracts		(178,968	)		(398,843	)
Long-Term Interest Rate Contracts		7,647,562			(2,296,061	)
Forward Currency Contracts		12,475,334			(292,862	)
Credit Default Index Swap Contracts		(1,124,494	)		471,639
Interest Rate Swap Contracts		1,820,924			(272,169	)
Total	$	24,257,048		$	11,214,662

Type of Instrument	Trading Gains (Losses) for the Six Months Ended June 30, 2022			Trading Gains (Losses) for the Six Months Ended June 30, 2021
Agriculture Contracts	$	3,544,568		$	6,880,173
Energy Contracts		9,945,129			6,830,221
Metal Contracts		2,387,642			1,093,785
Stock Indices Contracts		1,670,993			9,220,087
Short-Term Interest Rate Contracts		1,900,049			(1,735,000	)
Long-Term Interest Rate Contracts		12,317,411			(5,752,689	)
Forward Currency Contracts		19,984,950			7,020,635
Credit Default Index Swap Contracts		(1,736,167	)		475,604
Interest Rate Swap Contracts		2,625,400			(2,729,272	)
Total	$	52,639,975		$	21,303,544

Line Item in the Statements of Operations	Trading Gains (Losses) for the Three Months Ended June 30, 2022			Trading Gains (Losses) for the Three Months Ended June 30, 2021
Futures trading gains (losses):
Realized**	$	13,769,611		$	11,949,966
Change in unrealized		(2,684,327	)		(641,912	)
Forward currency trading gains (losses):
Realized**		11,382,796			6,694,081
Change in unrealized		1,092,538			(6,986,943	)
Swap trading gains (losses):
Realized		964,901			29,899
Change in unrealized		(268,471	)		169,571
Total	$	24,257,048		$	11,214,662

Line Item in the Statements of Operations	Trading Gains (Losses) for the Six Months Ended June 30, 2022			Trading Gains (Losses) for the Six Months Ended June 30, 2021
Futures trading gains (losses):
Realized***	$	31,804,485		$	20,889,416
Change in unrealized		(38,693	)		(4,352,839	)
Forward currency trading gains (losses):
Realized***		14,594,799			9,572,951
Change in unrealized		5,390,151			(2,552,316	)
Swap trading gains (losses):
Realized		685,855			(1,745,470	)
Change in unrealized		203,378			(508,198	)
Total	$	52,639,975		$	21,303,544

** For the three months ended June 30, 2022 and 2021, the amounts above include gains/(losses) on foreign currency cash balances at the futures brokers of $63,257 and $(23,285), respectively, and gains/(losses) on spot trades in connection with forward currency trading at the interbank market makers of $596,209 and $200,081, respectively.

*** For the six months ended June 30, 2022 and 2021, the amounts above include gains/(losses) on foreign currency cash balances at the futures brokers of $77,218 and $8,504, respectively, and gains/(losses) on spot trades in connection with forward currency trading at the interbank market makers of $1,064,136 and $(136,125), respectively.

Offsetting of Derivative Assets and Collateral Received by Counterparty

Offsetting of Derivative Assets by Counterparty

As of June 30, 2022

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	Goldman, Sachs & Co.	$	8,079,165	$	(7,923,857	)	$	155,308
Forward currency contracts	NatWest Markets Plc		15,684,346		(11,088,744	)		4,595,602
Centrally cleared swap contracts*	Centrally Cleared		159,820		(124,431	)		35,389
Total derivatives		$	23,923,331	$	(19,137,032	)	$	4,786,299

* Amount of centrally cleared swap contracts is not reconciled with the statements of financial condition due to variation margin amount included within cash at swaps broker in the statements of financial condition.

Derivative Assets and Collateral Received by Counterparty

As of June 30, 2022

	Net Amounts of Unrealized Gain Presented in the		Gross Amounts Not Offset in the Statements of Financial Condition
Counterparty	Statements of Financial Condition		Financial Instruments		Cash Collateral Received		Net Amount
Goldman, Sachs & Co.	$	155,308	$	0	$	0	$	155,308
NatWest Markets Plc		4,595,602		0		0		4,595,602
Centrally Cleared		35,389		0		0		35,389
Total	$	4,786,299	$	0	$	0	$	4,786,299

Offsetting of Derivative Assets by Counterparty

As of December 31, 2021

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	Goldman, Sachs & Co.	$	5,632,928	$	(5,438,927	)	$	194,001
Forward currency contracts	NatWest Markets Plc		6,779,979		(6,779,979	)		0
Centrally cleared swap contracts*	Centrally Cleared		1,649,303		(216,558	)		1,432,745
Total derivatives		$	14,062,210	$	(12,435,464	)	$	1,626,746

* Amount of centrally cleared swap contracts is not reconciled with the statements of financial condition due to variation margin amount included within cash at swaps broker in the statements of financial condition.

Derivative Assets and Collateral Received by Counterparty

As of December 31, 2021

	Net Amounts of Unrealized Gain Presented in the		Gross Amounts Not Offset in the Statements of Financial Condition
Counterparty	Statements of Financial Condition		Financial Instruments		Cash Collateral Received		Net Amount
Goldman, Sachs & Co.	$	194,001	$	0	$	0	$	194,001
NatWest Markets Plc		0		0		0		0
Centrally Cleared		1,432,745		0		0		1,432,745
Total	$	1,626,746	$	0	$	0	$	1,626,746

Offsetting of Derivative Liabilities and Collateral Pledged by Counterparty

Offsetting of Derivative Liabilities by Counterparty

As of June 30, 2022

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	Goldman, Sachs & Co.	$	7,923,857	$	(7,923,857	)	$	0
Forward currency contracts	NatWest Markets Plc		11,088,744		(11,088,744	)		0
Centrally cleared swap contracts	Centrally Cleared		124,431		(124,431	)		0
Total derivatives		$	19,137,032	$	(19,137,032	)	$	0

Derivative Liabilities and Collateral Pledged by Counterparty

As of June 30, 2022

	Net Amounts of Unrealized Loss Presented in the		Gross Amounts Not Offset in the Statements of Financial Condition
Counterparty	Statements of Financial Condition		Financial Instruments		Cash Collateral Pledged		Net Amount
Goldman, Sachs & Co.	$	0	$	0	$	0	$	0
NatWest Markets Plc		0		0		0		0
Centrally Cleared		0		0		0		0
Total	$	0	$	0	$	0	$	0

Offsetting of Derivative Liabilities by Counterparty

As of December 31, 2021

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	Goldman, Sachs & Co.	$	5,438,927	$	(5,438,927	)	$	0
Forward currency contracts	NatWest Markets Plc		7,574,528		(6,779,979	)		794,549
Centrally cleared swap contracts	Centrally Cleared		216,558		(216,558	)		0
Total derivatives		$	13,230,013	$	(12,435,464	)	$	794,549

Derivative Liabilities and Collateral Pledged by Counterparty

As of December 31, 2021

	Net Amounts of Unrealized Loss Presented in the		Gross Amounts Not Offset in the Statements of Financial Condition
Counterparty	Statements of Financial Condition		Financial Instruments		Cash Collateral Pledged		Net Amount
Goldman, Sachs & Co.	$	0	$	0	$	0	$	0
NatWest Markets Plc		794,549		0		(794,549)		0
Centrally Cleared		0		0		0		0
Total	$	794,549	$	0	$	(794,549)	$	0

XML

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Fair Value (Details) - Recurring [Member] - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Investments [Abstract]
Short term investments	$ 3,877,443	$ 5,214,406
Fixed income securities	126,638,163	90,032,652
Total	135,301,905	96,079,255
Exchange-Traded Futures Contracts [Member]
Investments [Abstract]
Other financial instruments	155,308	194,001
Forward Currency Contracts [Member]
Investments [Abstract]
Other financial instruments	4,595,602	(794,549)
Credit Default Index Swap Contracts [Member]
Investments [Abstract]
Other financial instruments	46,812	1,432,745
Interest Rate Swap Contracts [Member]
Investments [Abstract]
Other financial instruments	(11,423)
Level 1 [Member]
Investments [Abstract]
Short term investments	3,877,443	5,214,406
Fixed income securities	0	0
Total	4,032,751	5,408,407
Level 1 [Member] | Exchange-Traded Futures Contracts [Member]
Investments [Abstract]
Other financial instruments	155,308	194,001
Level 1 [Member] | Forward Currency Contracts [Member]
Investments [Abstract]
Other financial instruments	0	0
Level 1 [Member] | Credit Default Index Swap Contracts [Member]
Investments [Abstract]
Other financial instruments	0	0
Level 1 [Member] | Interest Rate Swap Contracts [Member]
Investments [Abstract]
Other financial instruments	0
Level 2 [Member]
Investments [Abstract]
Short term investments	0	0
Fixed income securities	126,638,163	90,032,652
Total	131,269,154	90,670,848
Level 2 [Member] | Exchange-Traded Futures Contracts [Member]
Investments [Abstract]
Other financial instruments	0	0
Level 2 [Member] | Forward Currency Contracts [Member]
Investments [Abstract]
Other financial instruments	4,595,602	(794,549)
Level 2 [Member] | Credit Default Index Swap Contracts [Member]
Investments [Abstract]
Other financial instruments	46,812	1,432,745
Level 2 [Member] | Interest Rate Swap Contracts [Member]
Investments [Abstract]
Other financial instruments	(11,423)
Level 3 [Member]
Investments [Abstract]
Short term investments	0	0
Fixed income securities	0	0
Total	0	0
Level 3 [Member] | Exchange-Traded Futures Contracts [Member]
Investments [Abstract]
Other financial instruments	0	0
Level 3 [Member] | Forward Currency Contracts [Member]
Investments [Abstract]
Other financial instruments	0	0
Level 3 [Member] | Credit Default Index Swap Contracts [Member]
Investments [Abstract]
Other financial instruments	0	$ 0
Level 3 [Member] | Interest Rate Swap Contracts [Member]
Investments [Abstract]
Other financial instruments	$ 0

XML

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Income Taxes (Details)	6 Months Ended
	Jun. 30, 2022 USD ($)
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
Federal Tax Authority [Member] | Earliest Tax Year [Member]
Income Taxes [Abstract]
Open tax year	2018
Federal Tax Authority [Member] | Latest Tax Year [Member]
Income Taxes [Abstract]
Open tax year	2021
State Tax Authorities [Member] | Earliest Tax Year [Member]
Income Taxes [Abstract]
Open tax year	2018
State Tax Authorities [Member] | Latest Tax Year [Member]
Income Taxes [Abstract]
Open tax year	2021

XML

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Offering Costs (Details) - USD ($)	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Offering Costs [Abstract]
Maximum percentage of aggregate subscriptions accepted during initial and continuous offerings	2.50%
Maximum potential remaining reimbursement for offering costs	$ 33,200,000	$ 33,500,000
Unreimbursed offering costs	37,714	41,532
Offering costs payable	$ 37,714	$ 41,532

XML

GENERAL PARTNER AND COMMODITY TRADING ADVISOR (Details)	6 Months Ended
	Jun. 30, 2022 USD ($) $ / RoundTurn
GENERAL PARTNER AND COMMODITY TRADING ADVISOR [Abstract]
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 | $ / RoundTurn	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 for execution and clearing costs	0.0833%
Annualized maximum percentage of month-end net assets paid for execution and clearing costs	1.00%
Quarterly performance fee percentage	20.00%

XML

DEPOSITS WITH INTERBANK MARKET MAKERS (Details) - Counterparty	Jun. 30, 2022	Dec. 31, 2021
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	3
NatWest Markets Plc [Member]
Deposits with Interbank Market Makers [Abstract]
Number of major rating agencies reporting credit ratings considered investment grade for interbank market maker	3	3

XML

OPERATING EXPENSES (Details)		6 Months Ended
		Jun. 30, 2022	Jun. 30, 2021
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%

XML

SUBSCRIPTIONS, DISTRIBUTIONS AND REDEMPTIONS (Details)	6 Months Ended
	Jun. 30, 2022
SUBSCRIPTIONS, DISTRIBUTIONS AND REDEMPTIONS [Abstract]
Number of business days advance written notice is required for monthly redemptions	10 days

XML

CREDIT DERIVATIVES AND CREDIT-RELATED CONTINGENCY FEATURES (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Summary of Derivative Instruments [Abstract]
Fair value of credit default index swaps	$ 46,812	$ 1,432,745
Credit Default Index Swaps [Member]
Summary of Derivative Instruments [Abstract]
Maturity date	Jun. 30, 2027	Dec. 31, 2026
Notional amount	$ (1,290,282)
Notional amount		$ 35,848,067
Credit Default Index Swaps [Member] | Investment Grade [Member]
Summary of Derivative Instruments [Abstract]
Notional amount	(934,777)
Notional amount		19,078,137
Credit Default Index Swaps [Member] | Non-Investment Grade [Member]
Summary of Derivative Instruments [Abstract]
Notional amount	$ (355,505)
Notional amount		$ 16,769,930

XML

TRADING ACTIVITIES AND RELATED RISKS, Derivatives by Instrument Type and Location of Instruments on the Statements of Financial Condition (Details) - USD ($)		Jun. 30, 2022	Dec. 31, 2021
Derivatives at Fair Value, Net [Abstract]
Asset derivatives at fair value		$ 4,786,299	$ 1,626,746
Liability derivatives at fair value		0	(794,549)
Not Designated as Hedging Instruments [Member]
Derivatives at Fair Value, Net [Abstract]
Asset derivatives at fair value		23,923,331	14,062,210
Liability derivatives at fair value		(19,137,032)	(13,230,013)
Net		4,786,299	832,197
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		1,846,947	670,890
Liability derivatives at fair value		(898,443)	(339,135)
Net		948,504	331,755
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		245,928	374,147
Liability derivatives at fair value		(1,250,533)	(351,855)
Net		(1,004,605)	22,292
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		3,806,293	2,649,310
Liability derivatives at fair value		(3,731,174)	(3,038,109)
Net		75,119	(388,799)
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		1,027,396	875,863
Liability derivatives at fair value		(184,081)	(168,666)
Net		843,315	707,197
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		314,201	175,142
Liability derivatives at fair value		(406,253)	(190,112)
Net		(92,052)	(14,970)
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		838,400	887,576
Liability derivatives at fair value		(1,453,373)	(1,351,050)
Net		(614,973)	(463,474)
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		15,684,346	6,779,979
Liability derivatives at fair value		(11,088,744)	(7,574,528)
Net		4,595,602	(794,549)
Credit Default Index Swap Contracts [Member] | Not Designated as Hedging Instruments [Member] | Credit Default Index Swaps [Member]
Derivatives at Fair Value, Net [Abstract]
Asset derivatives at fair value	[1]	49,019	1,649,303
Liability derivatives at fair value	[1]	(2,207)	(216,558)
Net	[1]	46,812	$ 1,432,745
Interest Rate Swap Contracts [Member] | Not Designated as Hedging Instruments [Member] | Interest Rate Swaps [Member]
Derivatives at Fair Value, Net [Abstract]
Asset derivatives at fair value	[1]	110,801
Liability derivatives at fair value	[1]	(122,224)
Net	[1]	$ (11,423)

[1] Amount of centrally cleared swap contracts is not reconciled with the statements of financial condition due to variation margin amount included within cash at swaps broker in the statements of financial condition.

XML

TRADING ACTIVITIES AND RELATED RISKS, Derivatives by Instrument Type (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Gains (Losses) Recognized in Income, Net [Abstract]
Trading gains (losses)	$ 24,257,048	$ 11,214,662	$ 52,639,975	$ 21,303,544
Agriculture Contracts [Member]
Gains (Losses) Recognized in Income, Net [Abstract]
Trading gains (losses)	1,279,268	4,311,266	3,544,568	6,880,173
Energy Contracts [Member]
Gains (Losses) Recognized in Income, Net [Abstract]
Trading gains (losses)	1,595,927	4,376,545	9,945,129	6,830,221
Metal Contracts [Member]
Gains (Losses) Recognized in Income, Net [Abstract]
Trading gains (losses)	(500,534)	1,407,195	2,387,642	1,093,785
Stock Indices Contracts [Member]
Gains (Losses) Recognized in Income, Net [Abstract]
Trading gains (losses)	1,242,029	3,907,952	1,670,993	9,220,087
Short-Term Interest Rate Contracts [Member]
Gains (Losses) Recognized in Income, Net [Abstract]
Trading gains (losses)	(178,968)	(398,843)	1,900,049	(1,735,000)
Long-Term Interest Rate Contracts [Member]
Gains (Losses) Recognized in Income, Net [Abstract]
Trading gains (losses)	7,647,562	(2,296,061)	12,317,411	(5,752,689)
Forward Currency Contracts [Member]
Gains (Losses) Recognized in Income, Net [Abstract]
Trading gains (losses)	12,475,334	(292,862)	19,984,950	7,020,635
Credit Default Index Swap Contracts [Member]
Gains (Losses) Recognized in Income, Net [Abstract]
Trading gains (losses)	(1,124,494)	471,639	(1,736,167)	475,604
Interest Rate Swap Contracts [Member]
Gains (Losses) Recognized in Income, Net [Abstract]
Trading gains (losses)	$ 1,820,924	$ (272,169)	$ 2,625,400	$ (2,729,272)

XML

TRADING ACTIVITIES AND RELATED RISKS, Location of Gains and Losses on the Statements of Operations (Details)	3 Months Ended				6 Months Ended
	Jun. 30, 2022 USD ($) Contract		Jun. 30, 2021 USD ($) Contract		Jun. 30, 2022 USD ($) Contract		Jun. 30, 2021 USD ($) Contract
Gains (Losses) Recognized in Income, Net [Abstract]
Trading gains (losses)	$ 24,257,048		$ 11,214,662		$ 52,639,975		$ 21,303,544
Derivatives [Abstract]
Average number of months until maturity for open contracts					3 months
Futures Trading Gains (Losses) - Realized [Member]
Gains (Losses) Recognized in Income, Net [Abstract]
Trading gains (losses)	13,769,611	[1]	11,949,966	[1]	$ 31,804,485	[2]	20,889,416	[2]
Gains (losses) on foreign currency cash balances at futures brokers	63,257		(23,285)		77,218		8,504
Futures Trading Gains (Losses) - Change in Unrealized [Member]
Gains (Losses) Recognized in Income, Net [Abstract]
Trading gains (losses)	(2,684,327)		(641,912)		(38,693)		(4,352,839)
Forward Currency Trading Gains (Losses) - Realized [Member]
Gains (Losses) Recognized in Income, Net [Abstract]
Trading gains (losses)	11,382,796	[1]	6,694,081	[1]	14,594,799	[2]	9,572,951	[2]
Gains (losses) on spot trades in connection with forward currency trading at interbank market makers	596,209		200,081		1,064,136		(136,125)
Forward Currency Trading Gains (Losses) - Change in Unrealized [Member]
Gains (Losses) Recognized in Income, Net [Abstract]
Trading gains (losses)	1,092,538		(6,986,943)		5,390,151		(2,552,316)
Swap Trading Gains (Losses) - Realized [Member]
Gains (Losses) Recognized in Income, Net [Abstract]
Trading gains (losses)	964,901		29,899		685,855		(1,745,470)
Swap Trading Gains (Losses) - Change in Unrealized [Member]
Gains (Losses) Recognized in Income, Net [Abstract]
Trading gains (losses)	$ (268,471)		$ 169,571		$ 203,378		$ (508,198)
Futures Contracts [Member]
Derivatives [Abstract]
Monthly average of contracts bought and sold | Contract	12,900		26,800		12,900		27,300
Futures Contracts [Member] | Maximum [Member]
Derivatives [Abstract]
Maturity date for open contracts					Sep. 30, 2023
Forward Currency Contracts [Member]
Derivatives [Abstract]
Monthly average notional value	$ 1,182,300,000		$ 1,623,700,000		$ 1,284,800,000		$ 1,418,500,000
Forward Currency Contracts [Member] | Maximum [Member]
Derivatives [Abstract]
Maturity date for open contracts					Sep. 30, 2022
Centrally Cleared Swap Contracts [Member]
Derivatives [Abstract]
Monthly average notional value	$ 695,600,000		$ 3,435,500,000		$ 636,900,000		$ 2,540,400,000
Centrally Cleared Swap Contracts [Member] | Maximum [Member]
Derivatives [Abstract]
Maturity date for open contracts					Jun. 30, 2027

[1] For the three months ended June 30, 2022 and 2021, the amounts above include gains/(losses) on foreign currency cash balances at the futures brokers of $63,257 and $(23,285), respectively, and gains/(losses) on spot trades in connection with forward currency trading at the interbank market makers of $596,209 and $200,081, respectively.

[2] For the six months ended June 30, 2022 and 2021, the amounts above include gains/(losses) on foreign currency cash balances at the futures brokers of $77,218 and $8,504, respectively, and gains/(losses) on spot trades in connection with forward currency trading at the interbank market makers of $1,064,136 and $(136,125), respectively.

XML

TRADING ACTIVITIES AND RELATED RISKS, Credit Risk (Details) - USD ($)	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
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	$ 15,799,433	$ 13,432,392
Margin and good faith deposits as a percentage of Net Asset Value	9.00%	10.00%
Restricted cash for margin requirements	$ 7,372,220	$ 12,711,025
Restricted cash for margin requirements as a percentage of Net Asset Value	5.00%	10.00%
Cash at futures broker	$ 18,083,673	$ 14,702,234
Cash at interbank market maker	$ 2,585,405	5,720,106
Maximum margin-to-equity ratio	30.00%
UBS Securities LLC [Member]
Credit Risk [Abstract]
Cash at futures broker	$ 0	0
UBS AG [Member]
Credit Risk [Abstract]
Cash at interbank market maker	$ 0	$ 0

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TRADING ACTIVITIES AND RELATED RISKS, Offsetting of Derivative Assets and Collateral Received by Counterparty (Details) - USD ($)		Jun. 30, 2022	Dec. 31, 2021
Offsetting of Derivative Assets by Counterparty [Abstract]
Gross amounts of recognized assets		$ 23,923,331	$ 14,062,210
Gross amounts offset in the Statements of Financial Condition		(19,137,032)	(12,435,464)
Net amounts of unrealized gain presented in the Statements of Financial Condition		4,786,299	1,626,746
Derivative Assets and Collateral Received by Counterparty [Abstract]
Net amounts of unrealized gain presented in the Statements of Financial Condition		4,786,299	1,626,746
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		4,786,299	1,626,746
Futures Contracts [Member] | Goldman, Sachs & Co. [Member] | Exchange-Traded [Member]
Offsetting of Derivative Assets by Counterparty [Abstract]
Gross amounts of recognized assets		8,079,165	5,632,928
Gross amounts offset in the Statements of Financial Condition		(7,923,857)	(5,438,927)
Net amounts of unrealized gain presented in the Statements of Financial Condition		155,308	194,001
Derivative Assets and Collateral Received by Counterparty [Abstract]
Net amounts of unrealized gain presented in the Statements of Financial Condition		155,308	194,001
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		155,308	194,001
Forward Currency Contracts [Member] | NatWest Markets Plc [Member] | Over-the-Counter [Member]
Offsetting of Derivative Assets by Counterparty [Abstract]
Gross amounts of recognized assets		15,684,346	6,779,979
Gross amounts offset in the Statements of Financial Condition		(11,088,744)	(6,779,979)
Net amounts of unrealized gain presented in the Statements of Financial Condition		4,595,602	0
Derivative Assets and Collateral Received by Counterparty [Abstract]
Net amounts of unrealized gain presented in the Statements of Financial Condition		4,595,602	0
Gross amounts not offset in the Statements of Financial Condition - Financial instruments		0	0
Gross amounts not offset in the Statements of Financial Condition - Cash collateral received		0	0
Net amount		4,595,602	0
Centrally Cleared Swap Contracts [Member] | Exchange-Traded [Member]
Offsetting of Derivative Assets by Counterparty [Abstract]
Gross amounts of recognized assets	[1]	159,820	1,649,303
Gross amounts offset in the Statements of Financial Condition	[1]	(124,431)	(216,558)
Net amounts of unrealized gain presented in the Statements of Financial Condition	[1]	35,389	1,432,745
Derivative Assets and Collateral Received by Counterparty [Abstract]
Net amounts of unrealized gain presented in the Statements of Financial Condition	[1]	35,389	1,432,745
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		$ 35,389	$ 1,432,745

[1] Amount of centrally cleared swap contracts is not reconciled with the statements of financial condition due to variation margin amount included within cash at swaps broker in the statements of financial condition.

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TRADING ACTIVITIES AND RELATED RISKS, Offsetting of Derivative Liabilities and Collateral Pledged by Counterparty (Details) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Offsetting of Derivative Liabilities by Counterparty [Abstract]
Gross amounts of recognized liabilities	$ 19,137,032	$ 13,230,013
Gross amounts offset in the Statements of Financial Condition	(19,137,032)	(12,435,464)
Net amounts of unrealized loss presented in the Statements of Financial Condition	0	794,549
Derivative Liabilities and Collateral Pledged by Counterparty [Abstract]
Net amounts of unrealized loss presented in the Statements of Financial Condition	0	794,549
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	(794,549)
Net amount	0	0
Futures Contracts [Member] | Goldman, Sachs & Co. [Member] | Exchange-Traded [Member]
Offsetting of Derivative Liabilities by Counterparty [Abstract]
Gross amounts of recognized liabilities	7,923,857	5,438,927
Gross amounts offset in the Statements of Financial Condition	(7,923,857)	(5,438,927)
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 presented in the Statements of Financial Condition	0	0
Gross amounts not offset in the Statements of Financial Condition - Financial instruments	0	0
Gross amounts not offset in the Statements of Financial Condition - Cash collateral pledged	0	0
Net amount	0	0
Forward Currency Contracts [Member] | NatWest Markets Plc [Member] | Over-the-Counter [Member]
Offsetting of Derivative Liabilities by Counterparty [Abstract]
Gross amounts of recognized liabilities	11,088,744	7,574,528
Gross amounts offset in the Statements of Financial Condition	(11,088,744)	(6,779,979)
Net amounts of unrealized loss presented in the Statements of Financial Condition	0	794,549
Derivative Liabilities and Collateral Pledged by Counterparty [Abstract]
Net amounts of unrealized loss presented in the Statements of Financial Condition	0	794,549
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	(794,549)
Net amount	0	0
Centrally Cleared Swap Contracts [Member] | Exchange-Traded [Member]
Offsetting of Derivative Liabilities by Counterparty [Abstract]
Gross amounts of recognized liabilities	124,431	216,558
Gross amounts offset in the Statements of Financial Condition	(124,431)	(216,558)
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 presented in the Statements of Financial Condition	0	0
Gross amounts not offset in the Statements of Financial Condition - Financial instruments	0	0
Gross amounts not offset in the Statements of Financial Condition - Cash collateral pledged	0	0
Net amount	$ 0	$ 0