Campbell Strategic Allocation Fund Earnings 2020-09-30

Balance Sheet	Income Statement	Cash Flow

10-Q 1 csaf10q_sep2020.htm FORM 10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

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

For the quarterly period ended September 30, 2020

☐	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 September 30, 2020, there were 67,365.223 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 September 30, 2020 and December 31, 2019 (Unaudited)	1-4

		Statements of Financial Condition as of September 30, 2020 and December 31, 2019 (Unaudited)	5

		Statements of Operations for the Three Months and Nine Months Ended September 30, 2020 and 2019 (Unaudited)	6

		Statements of Cash Flows for the Nine Months Ended September 30, 2020 and 2019 (Unaudited)	7

		Statements of Changes in Partners’ Capital (Net Asset Value) for the Nine Months Ended September 30, 2020 and 2019 (Unaudited)	8

		Financial Highlights for the Three Months and Nine Months Ended September 30, 2020 and 2019 (Unaudited)	9

		Notes to Financial Statements (Unaudited)	10-24

	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations.	25-33

	Item 3.	Quantitative and Qualitative Disclosure About Market Risk.	34-37

	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

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CAMPBELL STRATEGIC ALLOCATION FUND, L.P.

CONDENSED SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2020 (Unaudited)

FIXED INCOME SECURITIES

Maturity Face Value	Description	Fair Value ($)		% of Net Asset Value
	Asset Backed Securities
	United States
	Auto Loans	$	6,875,842		5.12	%
	Credit Cards		551,548		0.41	%
	Equipment Loans		441,692		0.33	%
	Utility Rate Reduction Bonds		11,634		0.01	%
	Total Asset Backed Securities (cost $7,826,310)		7,880,716		5.87	%

	Bank Deposits
	United States
	Financials		1,125,184		0.84	%
	Total Bank Deposits (cost $1,125,171)		1,125,184		0.84	%

	Commercial Paper
	Australia
	Financials (cost $249,803)		249,971		0.19	%
	Switzerland
	Financials (cost $1,057,971)		1,064,294		0.79	%
	United Kingdom
	Financials (cost $3,753,846)		3,753,828		2.80	%
	United States
	Communications		1,828,928		1.36	%
	Energy		2,598,677		1.94	%
	Financials		15,510,601		11.56	%
	Industrials		3,388,481		2.53	%
	Utilities		5,246,530		3.91	%
	Total United States (cost $28,555,449)		28,573,217		21.30	%
	Total Commercial Paper (cost $33,617,069)		33,641,310		25.08	%

	Corporate Bonds
	Australia
	Financials (cost $1,910,000)		1,917,378		1.43	%
	Canada
	Financials (cost $3,752,367)		3,761,020		2.80	%
	Germany
	Consumer Discretionary (cost $2,144,593)		2,157,326		1.61	%
	Switzerland
	Financials (cost $1,304,712)		1,323,610		0.99	%
	United Kingdom
	Financials (cost $1,880,000)		1,885,444		1.40	%
	United States
	Communications		545,907		0.41	%
	Consumer Discretionary		6,027,244		4.49	%
	Energy		2,556,538		1.90	%
	Financials		10,176,765		7.59	%
	Health Care		911,879		0.68	%
	Industrials		2,758,181		2.06	%
	Materials		476,967		0.35	%
	Technology		3,050,684		2.27	%
	Total United States (cost $26,338,188)		26,504,165		19.75	%
	Total Corporate Bonds (cost $37,329,860)	$	37,548,943		27.98	%

See Accompanying Notes to Financial Statements.

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CAMPBELL STRATEGIC ALLOCATION FUND, L.P.

CONDENSED SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2020 (Unaudited)

FIXED INCOME SECURITIES

Maturity Face Value	Description	Fair Value ($)		% of Net Asset Value
	Government and Agency Obligations
	United States
	U.S. Treasury Bills
$135,000	U.S. Treasury Bills * Due 10/15/2020	$	134,996		0.10	%
$7,675,000	U.S. Treasury Bills * Due 11/12/2020		7,674,187		5.72	%
$12,085,000	U.S. Treasury Bills * Due 12/17/2020		12,082,607		9.01	%
	Total Government and Agency Obligations (cost $19,891,687)		19,891,790		14.83	%
	Total Fixed Income Securities ** (cost $99,790,097)	$	100,087,943		74.60	%

LONG FUTURES CONTRACTS

Description	Fair Value ($)			% of Net Asset Value
Agriculture	$	687,002			0.51	%
Energy		(4,416	)		0.00	%
Metals		261,091			0.19	%
Stock indices		(262,329	)		(0.19	)%
Short-term interest rates		36,224			0.03	%
Long-term interest rates		579,572			0.43	%
Net unrealized gain (loss) on long futures contracts		1,297,144			0.97	%

SHORT FUTURES CONTRACTS

Description	Fair Value ($)			% of Net Asset Value
Agriculture		(75,410	)		(0.06	)%
Energy		846,075			0.63	%
Metals		287,564			0.22	%
Stock indices		(76,974	)		(0.06	)%
Short-term interest rates		34,602			0.03	%
Long-term interest rates		(51,231	)		(0.04	)%
Net unrealized gain (loss) on short futures contracts		964,626			0.72	%
Net unrealized gain (loss) on open futures contracts	$	2,261,770			1.69	%

FORWARD CURRENCY CONTRACTS

Description	Fair Value ($)			% of Net Asset Value
Various long forward currency contracts	$	(4,858,162	)		(3.62	)%
Various short forward currency contracts		4,152,526			3.09	%
Net unrealized gain (loss) on open forward currency contracts	$	(705,636	)		(0.53	)%

CREDIT DEFAULT SWAPS

Description	Fair Value ($)		% of Net Asset Value
Centrally cleared credit default index swaps - Sell protection (net cost $491,806)	$	412,214		0.31	%
Total credit default swaps (net cost $491,806)	$	412,214		0.31	%

INTEREST RATE SWAPS

Description	Fair Value ($)			% of Net Asset Value
Centrally cleared interest rate swaps - Receive fixed (net cost $279,320)	$	453,384			0.34	%
Centrally cleared interest rate swaps - Pay fixed (net cost $1,957)		(2,185	)		0.00	%
Total interest rate swaps (net cost $281,277)	$	451,199			0.34	%

*	Pledged as collateral for the trading of futures positions.

**	Included in fixed income securities are U.S. Treasury Bills with a fair value of $19,891,790 deposited with the futures broker.

See Accompanying Notes to Financial Statements.

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CAMPBELL STRATEGIC ALLOCATION FUND, L.P.

CONDENSED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2019 (Unaudited)

FIXED INCOME SECURITIES

Maturity Face Value	Description	Fair Value ($)		% of Net Asset Value
	Asset Backed Securities
	United States
	Auto Loans	$	8,083,815		4.93	%
	Credit Cards		1,495,173		0.91	%
	Equipment Loans		563,774		0.35	%
	Utility Rate Reduction Bond		366,602		0.22	%
	Total Asset Backed Securities (cost $10,469,597)		10,509,364		6.41	%

	Bank Deposits
	Singapore
	Financials		1,145,043		0.70	%
	Total Bank Deposits (cost $1,145,035)		1,145,043		0.70	%

	Commercial Paper
	Australia
	Financials (cost $1,392,419)		1,392,117		0.85	%
	Canada
	Financials (cost $599,779)		599,772		0.37	%
	Spain
	Financials (cost $806,584)		806,563		0.49	%
	Sweden
	Financials (cost $1,679,537)		1,679,728		1.02	%
	Switzerland
	Financials (cost $2,223,438)		2,223,543		1.36	%
	United States
	Communications		1,547,565		0.94	%
	Consumer Discretionary		9,757,433		5.95	%
	Consumer Staples		1,099,493		0.67	%
	Financials		16,563,388		10.11	%
	Industrials		1,098,672		0.67	%
	Utilities		16,262,810		9.93	%
	Total United States (cost $46,329,947)		46,329,361		28.27	%
	Total Commercial Paper (cost $53,031,704)		53,031,084		32.36	%

	Corporate Bonds
	Australia
	Financials (cost $364,988)		366,759		0.23	%
	Canada
	Financials		2,864,957		1.75	%
	Industrials		915,229		0.56	%
	Total Canada (cost $3,774,685)		3,780,186		2.31	%
	Germany
	Consumer Discretionary (cost $2,893,453)		2,904,359		1.77	%
	Japan
	Financials (cost $980,000)		980,181		0.60	%
	United Kingdom
	Energy		250,061		0.15	%
	Financials		1,886,738		1.15	%
	Total United Kingdom (cost $2,129,873)		2,136,799		1.30	%
	United States
	Communications		1,434,626		0.87	%
	Consumer Discretionary		7,073,288		4.32	%
	Consumer Staples		2,124,263		1.30	%
	Energy		3,177,393		1.94	%
	Financials		12,781,953		7.80	%
	Industrials		2,931,869		1.79	%
	Materials		481,657		0.29	%
	Technology		2,568,233		1.57	%
	Utilities		1,327,017		0.81	%
	Total United States (cost $33,819,239)		33,900,299		20.69	%
	Total Corporate Bonds (cost $43,962,238)	$	44,068,583		26.90	%

See Accompanying Notes to Financial Statements.

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CAMPBELL STRATEGIC ALLOCATION FUND, L.P.

CONDENSED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2019 (Unaudited)

FIXED INCOME SECURITIES

Maturity Face Value	Description	Fair Value ($)		% of Net Asset Value
	Government and Agency Obligations
	United States
	U.S. Treasury Bills
$6,875,000	U.S. Treasury Bills * Due 01/02/2020	$	6,875,000		4.20	%
$1,850,000	U.S. Treasury Bills * Due 01/16/2020		1,848,998		1.13	%
$17,805,000	U.S. Treasury Bills * Due 02/13/2020		17,774,205		10.85	%
$12,250,000	U.S. Treasury Bills * Due 03/12/2020		12,214,330		7.45	%
	Total Government And Agency Obligations (cost $38,708,611)		38,712,533		23.63	%
	Total Fixed Income Securities ** (cost $147,317,185)	$	147,466,607		90.00	%

SHORT TERM INVESTMENTS

Description	Fair Value ($)		% of Net Asset Value
Money Market Funds
United States
Money Market Funds (cost $3,076)	$	3,076		0.00	%
Total Short Term Investments (cost $3,076)	$	3,076		0.00	%

LONG FUTURES CONTRACTS

Description	Fair Value ($)			% of Net Asset Value
Agriculture	$	61,364			0.04	%
Energy		529,188			0.32	%
Metals		1,141,530			0.70	%
Stock indices		128,401			0.08	%
Short-term interest rates		(409,618	)		(0.25	)%
Long-term interest rates		(2,644,733	)		(1.62	)%
Net unrealized gain (loss) on long futures contracts		(1,193,868	)		(0.73	)%

SHORT FUTURES CONTRACTS

Description	Fair Value ($)			% of Net Asset Value
Agriculture		(1,529,207	)		(0.93	)%
Energy		311,400			0.19	%
Metals		(2,366,834	)		(1.44	)%
Stock indices		42,062			0.03	%
Short-term interest rates		(207	)		0.00	%
Long-term interest rates		567,801			0.35	%
Net unrealized gain (loss) on short futures contracts		(2,974,985	)		(1.80	)%
Net unrealized gain (loss) on open futures contracts	$	(4,168,853	)		(2.53	)%

FORWARD CURRENCY CONTRACTS

Description	Fair Value ($)			% of Net Asset Value
Various long forward currency contracts	$	11,794,066			7.20	%
Various short forward currency contracts		(13,216,424	)		(8.07	)%
Net unrealized gain (loss) on open forward currency contracts	$	(1,422,358	)		(0.87	)%

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

**	Included in fixed income securities are U.S. Treasury Bills with a fair value of $28,785,653 deposited with the futures brokers and $9,926,880 deposited with the interbank market makers.

See Accompanying Notes to Financial Statements.

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CAMPBELL STRATEGIC ALLOCATION FUND, L.P.

STATEMENTS OF FINANCIAL CONDITION

SEPTEMBER 30, 2020 AND DECEMBER 31, 2019 (Unaudited)

	September 30, 2020		December 31, 2019
ASSETS
Equity in futures brokers trading accounts
Cash	$	9,306,489	$	8,760,955
Restricted cash		544,944		2,311,537
Fixed income securities (cost $19,891,687 and $28,782,516, respectively)		19,891,790		28,785,653
Net unrealized gain (loss) on open futures contracts		2,261,770		(4,168,853	)
Total equity in futures brokers trading accounts		32,004,993		35,689,292

Cash and cash equivalents		576,627		693,006
Cash at interbank market maker		7,066,228		5,141,739
Restricted cash at interbank market maker		11,670,816		7,963,188
Cash at swaps broker		1,697,625		0
Restricted cash at swaps broker		4,650,309		0
Short term investments (cost $0 and $3,076, respectively)		0		3,076
Fixed income securities (cost $79,898,410 and $118,534,669, respectively)		80,196,153		118,680,954
Credit default index swaps (cost $491,806 and $0, respectively)		412,214		0
Interest rate swaps (cost $281,277 and $0, respectively)		451,199		0
Due from swaps broker		17,877		0
Interest receivable		141,678		284,924
Total assets	$	138,885,719	$	168,456,179

LIABILITIES
Accounts payable	$	160,115	$	245,160
Brokerage fee payable		804,636		972,132
Net unrealized loss on forward currency contracts		705,636		1,422,358
Accrued commissions and other trading fees on open contracts		31,367		67,189
Offering costs payable		51,076		70,313
Redemptions payable		2,975,662		1,825,504
Total liabilities		4,728,492		4,602,656
PARTNERS’ CAPITAL (Net Asset Value)
General Partner - 0.000 and 0.000 redeemable units outstanding at September 30, 2020 and December 31, 2019		0		0
Limited Partners - 67,365.223 and 74,725.829 redeemable units outstanding at September 30, 2020 and December 31, 2019		134,157,227		163,853,523
Total partners’ capital (Net Asset Value)		134,157,227		163,853,523
Total liabilities and partners’ capital (Net Asset Value)	$	138,885,719	$	168,456,179

See Accompanying Notes to Financial Statements.

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CAMPBELL STRATEGIC ALLOCATION FUND, L.P.

STATEMENTS OF OPERATIONS

FOR THE THREE MONTHS AND NINE MONTHS ENDED SEPTEMBER 30, 2020 AND 2019 (Unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2020			2019			2020			2019
TRADING GAINS (LOSSES)
Futures trading gains (losses)
Realized	$	(7,166,326	)	$	16,955,842		$	(15,897,993	)	$	38,453,492
Change in unrealized		1,486,490			(5,678,297	)		6,430,623			(3,342,066	)
Brokerage commissions		(315,278	)		(255,366	)		(855,258	)		(814,815	)
Net gain (loss) from futures trading		(5,995,114	)		11,022,179			(10,322,628	)		34,296,611

Forward currency trading gains (losses)
Realized		(3,501,984	)		(301,828	)		3,205,835			2,165,363
Change in unrealized		1,191,188			3,034,226			716,722			(3,130,164	)
Brokerage commissions		(33,974	)		(27,151	)		(82,124	)		(104,341	)
Net gain (loss) from forward currency trading		(2,344,770	)		2,705,247			3,840,433			(1,069,142	)

Swap trading gains (losses)
Realized		266,524			0			266,524			0
Change in unrealized		90,330			0			90,330			0
Net gain (loss) from swap trading		356,854			0			356,854			0
Total net trading gain (loss)		(7,983,030	)		13,727,426			(6,125,341	)		33,227,469

NET INVESTMENT INCOME (LOSS)
Investment income
Interest income		234,886			1,100,127			1,456,025			3,408,722
Realized gain (loss) on fixed income securities		20,887			7,956			40,613			10,100
Change in unrealized gain (loss) on fixed income securities		(49,274	)		14,438			148,424			384,407
Total investment income		206,499			1,122,521			1,645,062			3,803,229

Expenses
Brokerage fee		2,517,276			3,419,317			8,344,240			9,903,830
Operating expenses		167,555			211,580			499,566			592,987
Total expenses		2,684,831			3,630,897			8,843,806			10,496,817
Net investment income (loss)		(2,478,332	)		(2,508,376	)		(7,198,744	)		(6,693,588	)
NET INCOME (LOSS)	$	(10,461,362	)	$	11,219,050		$	(13,324,085	)	$	26,533,881

NET INCOME (LOSS) PER GENERAL AND LIMITED PARTNER UNIT
(based on weighted average number of units outstanding during the period)	$	(149.55	)	$	140.31		$	(184.96	)	$	318.29

INCREASE (DECREASE) IN NET ASSET VALUE PER GENERAL AND LIMITED PARTNER UNIT	$	(151.64	)	$	135.93		$	(201.24	)	$	314.81

WEIGHTED AVERAGE NUMBER OF UNITS OUTSTANDING DURING THE PERIOD		69,953.500			79,960.188			72,038.345			83,364.848

See Accompanying Notes to Financial Statements.

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CAMPBELL STRATEGIC ALLOCATION FUND, L.P.

STATEMENTS OF CASH FLOWS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2020 AND 2019 (Unaudited)

	Nine Months Ended September 30,
	2020			2019
Cash flows from (for) operating activities
Net income (loss)	$	(13,324,085	)	$	26,533,881
Adjustments to reconcile net income (loss) to net cash from (for) operating activities
Net change in unrealized on futures, forwards, swaps and investments		(7,386,099	)		6,087,823
(Increase) decrease in interest receivable		143,246			124,643
(Increase) decrease in due from swaps broker		(17,877	)		0
Increase (decrease) in accounts payable and accrued expenses		(288,363	)		10,074
Payments for swap contracts		(5,579,255	)		0
Proceeds from swap contracts		4,806,172			0
Purchases of investments		(977,668,498	)		(1,471,874,920	)
Sales/maturities of investments		1,025,198,662			1,472,340,209
Net cash from (for) operating activities		25,883,903			33,221,710

Cash flows from (for) financing activities
Redemption of units		(14,690,939	)		(26,096,557	)
Offering costs paid		(550,351	)		(635,974	)
Net cash from (for) financing activities		(15,241,290	)		(26,732,531	)

Net increase (decrease) in cash, cash equivalents and restricted cash		10,642,613			6,489,179

Cash, cash equivalents and restricted cash at beginning of period		24,870,425			28,167,754
Cash, cash equivalents and restricted cash at end of period	$	35,513,038		$	34,656,933

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.

	September 30, 2020		December 31, 2019
Cash, cash equivalents and restricted cash at end of period consists of:
Equity in futures brokers trading accounts:
Cash	$	9,306,489	$	8,760,955
Restricted cash		544,944		2,311,537
Cash and cash equivalents		576,627		693,006
Cash at interbank market maker		7,066,228		5,141,739
Restricted cash at interbank market maker		11,670,816		7,963,188
Cash at swaps broker		1,697,625		0
Restricted cash at swaps broker		4,650,309		0
Total cash, cash equivalents and restricted cash at end of period	$	35,513,038	$	24,870,425

See Accompanying Notes to Financial Statements.

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CAMPBELL STRATEGIC ALLOCATION FUND, L.P.

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

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2020 AND 2019 (Unaudited)

	Partners’ Capital
	General Partner				Limited Partners						Total
	Units		Amount		Units			Amount			Units			Amount
Nine Months Ended September 30, 2020

Balances at December 31, 2019		0.000	$	0		74,725.829		$	163,853,523			74,725.829		$	163,853,523
Net income (loss) for the three months ended March 31, 2020				0					7,678,859						7,678,859
Redemptions		0.000		0		(2,063.891	)		(4,780,012	)		(2,063.891	)		(4,780,012	)
Offering costs				0					(206,947	)					(206,947	)
Balances at March 31, 2020		0.000	$	0		72,661.938		$	166,545,423			72,661.938		$	166,545,423

Net income (loss) for the three months ended June 30, 2020				0					(10,541,582	)					(10,541,582	)
Redemptions		0.000		0		(1,786.399	)		(3,943,483	)		(1,786.399	)		(3,943,483	)
Offering costs				0					(164,543	)					(164,543	)
Balances at June 30, 2020		0.000	$	0		70,875.539		$	151,895,815			70,875.539		$	151,895,815

Net income (loss) for the three months ended September 30, 2020				0					(10,461,362	)					(10,461,362	)
Redemptions		0.000		0		(3,510.316	)		(7,117,602	)		(3,510.316	)		(7,117,602	)
Offering costs				0					(159,624	)					(159,624	)
Balances at September 30, 2020		0.000	$	0		67,365.223		$	134,157,227			67,365.223		$	134,157,227

Nine Months Ended September 30, 2019

Balances at December 31, 2018		0.000	$	0		89,103.635		$	187,246,042			89,103.635		$	187,246,042
Net income (loss) for the three months ended March 31, 2019				0					6,210,990						6,210,990
Redemptions		0.000		0		(5,132.100	)		(10,837,698	)		(5,132.100	)		(10,837,698	)
Offering costs				0					(222,791	)					(222,791	)
Balances at March 31, 2019		0.000	$	0		83,971.535		$	182,396,543			83,971.535		$	182,396,543

Net income (loss) for the three months ended June 30, 2019				0					9,103,841						9,103,841
Redemptions		0.000		0		(3,239.772	)		(7,190,366	)		(3,239.772	)		(7,190,366	)
Offering costs				0					(215,876	)					(215,876	)
Balances at June 30, 2019		0.000	$	0		80,731.763		$	184,094,142			80,731.763		$	184,094,142

Net income (loss) for the three months ended September 30, 2019				0					11,219,050						11,219,050
Redemptions		0.000		0		(2,870.395	)		(6,976,935	)		(2,870.395	)		(6,976,935	)
Offering costs				0					(203,781	)					(203,781	)
Balances at September 30, 2019		0.000	$	0		77,861.368		$	188,132,476			77,861.368		$	188,132,476

Net Asset Value per General and Limited Partner Unit

September 30, 2020		June 30, 2020		March 31, 2020		December 31, 2019
$	1,991.49	$	2,143.13	$	2,292.06	$	2,192.73

September 30, 2019				June 30, 2019				March 31, 2019				December 31, 2018
$	2,416.25			$	2,280.32			$	2,172.12			$	2,101.44

See Accompanying Notes to Financial Statements.

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CAMPBELL STRATEGIC ALLOCATION FUND, L.P.

FINANCIAL HIGHLIGHTS

FOR THE THREE MONTHS AND NINE MONTHS ENDED SEPTEMBER 30, 2020 AND 2019 (Unaudited)

The following information presents per unit operating performance data and other supplemental financial data for the three months and nine months ended September 30, 2020 and 2019. This information has been derived from information presented in the financial statements.

	Three Months Ended September 30,						Nine Months Ended September 30,
	2020			2019			2020			2019
Per Unit Performance
(for a unit outstanding throughout the entire period)
Net asset value per unit at beginning of period	$	2,143.13		$	2,280.32		$	2,192.73		$	2,101.44

Income (loss) from operations:
Total net trading gains (losses) ₍₁₎		(113.93	)		169.85			(93.94	)		402.81
Net investment income (loss) ₍₁₎		(35.43	)		(31.37	)		(99.93	)		(80.29	)
Total net income (loss) from operations		(149.36	)		138.48			(193.87	)		322.52
Offering costs ₍₁₎		(2.28	)		(2.55	)		(7.37	)		(7.71	)
Net asset value per unit at end of period	$	1,991.49		$	2,416.25		$	1,991.49		$	2,416.25
Total Return ₍₄₎		(7.08	)%		5.96	%		(9.18	)%		14.98	%

Supplemental Data
Ratios to average net asset value:
Expenses prior to performance fee₍₃₎		7.45	%		7.61	%		7.50	%		7.55	%
Performance fee ₍₄₎		0.00	%		0.00	%		0.00	%		0.00	%
Total expenses		7.45	%		7.61	%		7.50	%		7.55	%
Net investment income (loss) _(2),(3)		(6.88	)%		(5.26	)%		(6.10	)%		(4.82	)%

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.

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CAMPBELL STRATEGIC ALLOCATION FUND, L.P.
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2020 (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.

These financial statements should be read in conjunction with the financial statements and notes thereto included in the Fund’s Annual Report on Form 10-K filed with the SEC for the year ended December 31, 2019. All adjustments of a normal recurring nature considered necessary for a fair presentation have been included herein.

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

Investment transactions are accounted for on the trade date. Gains or losses are realized when contracts are liquidated. 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 CCCH centrally cleared 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 interest rate swaps and futures as a direct reduction to the carrying value of the interest rate swap and future derivative asset or liability, respectively. The carrying amount of centrally cleared interest rate swaps and futures reflected in the Fund’s consolidated balance sheets is equal to the unsettled fair value of such instruments.

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CAMPBELL STRATEGIC ALLOCATION FUND, L.P.
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2020 (Unaudited)

Centrally cleared credit default 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 September 30, 2020 and December 31, 2019, and for the periods ended September 30, 2020 and 2019, the Fund did not have any Level 3 assets or liabilities.

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CAMPBELL STRATEGIC ALLOCATION FUND, L.P.
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2020 (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 September 30, 2020 and December 31, 2019.

	Fair Value at September 30, 2020
Description	Level 1		Level 2			Level 3		Total
Investments
Fixed income securities	$	0	$	100,087,943		$	0	$	100,087,943

Other Financial Instruments
Exchange-traded futures contracts		2,261,770		0			0		2,261,770
Forward currency contracts		0		(705,636	)		0		(705,636	)
Credit default index swap contracts		0		412,214			0		412,214
Interest rate swap contracts		0		451,199			0		451,199
Total	$	2,261,770	$	100,245,720		$	0	$	102,507,490

	Fair Value at December 31, 2019
Description	Level 1			Level 2			Level 3		Total
Investments
Short term investments	$	3,076		$	0		$	0	$	3,076
Fixed income securities		0			147,466,607			0		147,466,607

Other Financial Instruments
Exchange-traded futures contracts		(4,168,853	)		0			0		(4,168,853	)
Forward currency contracts		0			(1,422,358	)		0		(1,422,358	)
Total	$	(4,165,777	)	$	146,044,249		$	0	$	141,878,472

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 2016 through 2019 tax years generally remain subject to examination by the U.S. federal and most state tax authorities.

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CAMPBELL STRATEGIC ALLOCATION FUND, L.P.
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2020 (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 September 30, 2020 and December 31, 2019, the Fund has the potential remaining reimbursement amount of approximately $34.2 million and $34.7 million, respectively. If the Fund terminates prior to completion of payment of the calculated amounts to Campbell & Company, Campbell & Company will not be entitled to any additional payments, and the Fund will have no further obligation to Campbell & Company.

The Fund is only liable for payment of offering costs on a monthly basis as calculated based on the limitations stated above. At September 30, 2020 and December 31, 2019, 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 $51,076 and $70,313, 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 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) by the end of 2021. If IBORs cease to exist, the Company may need to renegotiate outstanding swaps which extend beyond 2021 to replace affected rates with the new standard that is established. There is currently no definitive information regarding the future utilization of IBORs or of any particular replacement rate. As such, the potential effect of any such event on our cost of capital and net investment income cannot yet be determined.

In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement. The primary focus of ASU 2018-13 is to improve the effectiveness of the disclosure requirements for fair value measurements. The changes affect all companies that are required to include fair value measurement disclosures. In general, the amendments in ASU 2018-13 are effective for all entities for fiscal years and interim periods within those fiscal years, beginning after December 15, 2019. An affected entity is permitted to adopt the removed or modified disclosures upon the issuance of ASU 2018-13 and may delay adoption of the additional disclosures, which are required for public companies only, until their effective date. Campbell & Company has adopted the new guidance, and management has determined its adoption has no material impact on the Fund’s financial statement disclosures.

J. Reclassifications

Certain 2019 amounts on the Statements of Financial Condition, Statements of Cash Flows, and in the Notes to the Financial Statements were reclassified to conform with the 2020 presentation. Specifically, a portion of cash and cash equivalents was reclassified in order to disclose the amount of cash at the interbank market makers on the Statements of Financial Condition and Statements of Cash Flows. In addition, trading gains and losses in Note 11 were reclassified to include and disclose the amounts of gains and losses on foreign currency cash balances at the futures brokers.

Table of Contents

CAMPBELL STRATEGIC ALLOCATION FUND, L.P.
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2020 (Unaudited)

Note 2. GENERAL PARTNER AND COMMODITY TRADING ADVISOR

The general partner of the Fund is Campbell & Company, which conducts and manages the business of the Fund. Campbell & Company is also the commodity trading advisor of the Fund. The Amended Agreement of Limited Partnership provides that Campbell & Company may make withdrawals of its units, provided that such withdrawals do not reduce Campbell & Company’s aggregate percentage interest in the Fund to less than 1% of the net aggregate contributions.

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

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

Effective January 1, 2020, NAV Consulting, Inc. became 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. Prior to January 1, 2020, Northern Trust Hedge Fund Services LLC served as the Administrator of the Fund.

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.

Table of Contents

CAMPBELL STRATEGIC ALLOCATION FUND, L.P.
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2020 (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 September 30, 2020. 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 nine months ended September 30, 2020 and 2019.

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.

Table of Contents

CAMPBELL STRATEGIC ALLOCATION FUND, L.P.
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2020 (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 September 30, 2020 and December 31, 2019. Notional amounts are disclosed as they represent the maximum potential payout. At September 30, 2020 and December 31, 2019, the fair value of such credit derivative contracts sold was $412,214 and $0, respectively.

September 30, 2020

December 31,

Price	-0.00	EPS	341
Shares	0	P/E	-0
MCap	-0	P/FCF	-0
Net Debt	-35	EBIT	27
TEV	-35	TEV/EBIT	-1
TTM 2019-09-30, in MM, except price, ratios

10-Q	2020-09-30	Filed 2020-11-16
10-Q	2020-06-30	Filed 2020-08-14
10-Q	2020-03-31	Filed 2020-05-15
10-K	2019-12-31	Filed 2020-03-27
10-Q	2019-09-30	Filed 2019-11-14
10-Q	2019-06-30	Filed 2019-08-14
10-Q	2019-03-31	Filed 2019-05-15
10-K	2018-12-31	Filed 2019-03-29
10-Q	2018-09-30	Filed 2018-11-14
10-Q	2018-06-30	Filed 2018-08-14
10-Q	2018-03-31	Filed 2018-05-15
10-K	2017-12-31	Filed 2018-03-29
10-Q	2017-09-30	Filed 2017-11-14
10-Q	2017-06-30	Filed 2017-08-14
10-Q	2017-03-31	Filed 2017-05-12
10-K	2016-12-31	Filed 2017-03-29
10-Q	2016-09-30	Filed 2016-11-14
10-Q	2016-06-30	Filed 2016-08-15
10-Q	2016-03-31	Filed 2016-05-13
10-K	2015-12-31	Filed 2016-03-29
10-Q	2015-09-30	Filed 2015-11-16
10-Q	2015-06-30	Filed 2015-08-14
10-Q	2015-03-31	Filed 2015-05-15
10-K	2014-12-31	Filed 2015-03-30
10-Q	2014-09-30	Filed 2014-11-14
10-Q	2014-06-30	Filed 2014-08-14
10-Q	2014-03-31	Filed 2014-05-15
10-K	2013-12-31	Filed 2014-03-26
10-Q	2013-09-30	Filed 2013-11-14
10-Q	2013-06-30	Filed 2013-08-14
10-Q	2013-03-31	Filed 2013-05-15
10-K	2012-12-31	Filed 2013-04-01
10-Q	2012-09-30	Filed 2012-11-14
10-Q	2012-06-30	Filed 2012-08-14
10-Q	2012-03-31	Filed 2012-05-15
10-K	2011-12-31	Filed 2012-03-30
10-Q	2011-09-30	Filed 2011-11-14
10-Q	2011-06-30	Filed 2011-08-15
10-Q	2011-03-31	Filed 2011-05-16
10-K	2010-12-31	Filed 2011-03-31
10-Q	2010-09-30	Filed 2010-11-15
10-Q	2010-06-30	Filed 2010-08-16
10-Q	2010-03-31	Filed 2010-05-17
10-K	2009-12-31	Filed 2010-03-31

8-K	2020-03-31
8-K	2020-01-31
8-K	2019-11-30
8-K	2018-12-19
8-K	2018-08-07
8-K	2018-07-31

EX-31.1	csafexhibit31_01.htm
EX-31.2	csafexhibit31_02.htm
EX-32.1	csafexhibit32_01.htm
EX-32.2	csafexhibit32_02.htm

CSAF 10Q Quarterly Report

Campbell Strategic Allocation Fund Earnings 2020-09-30