Campbell Strategic Allocation Fund

Cash burn rate (est.)	Burn method: Change in cash		Burn method: Operating income		Burn method: FCF (opex + capex)
	Last Q	Avg 4Q	Last Q	Avg 4Q	Last Q	Avg 4Q
Cash on hand (at last report)	34.45M	34.45M	34.45M	34.45M	34.45M	34.45M
Cash burn (monthly)	1.14M	55.14K	1.77M	1.73M	8.38K	(no burn)
Cash used (since last report)	3.28M	158.25K	5.07M	4.97M	24.04K	n/a
Cash remaining	31.16M	34.29M	29.38M	29.48M	34.42M	n/a
Runway (months of cash)	27.2	621.8	16.6	17.0	4108.4	n/a

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Financial data from company earnings reports.

Financial report summary

Risks

Potential Loss of Investment
Short Sales May Lead to Potentially Unlimited Losses
Investing Globally Subjects the Fund to International Risks
Changes in Financing Policies or the Imposition of Other Credit Limitations or Restrictions Could Compel the Fund to Liquidate Positions at Disadvantageous Prices
The Fund’s Investments Could be Illiquid
Your Investment in the Fund Could Be Illiquid; Suspension of Trading
Reduced Market Exposure in Times of High Volatility May Limit Profit Potential
An Investment in the Fund May Not Diversify an Overall Portfolio
The Current Markets are Subject to Market Disruptions That May be Detrimental to Your Investment
Risk of Natural Disasters, Epidemics, Terrorist Attacks and War
Fixed-Income Investments Risks
There are Disadvantages to Making Trading Decisions Based Primarily on Technical Market Data
Increased Competition in Alternative Asset Investments
Increase in Assets Under Management May Make Profitable Trading More Difficult
Investors Will Not be Able to Review the Fund’s Holdings on a Daily Basis
Inadequate Models Could Negatively Affect the Fund’s Investment Portfolio
Reliance on the Campbell & Company’s Discretion and Trading Models
Market Factors May Adversely Influence the Models
Availability of Investment Opportunities
Holding Period of Investment Positions
Futures, Forwards and Swaps Trading Can be Highly Volatile
Futures, Forwards and Swaps Trading is Highly Speculative and Volatile
Futures, Forwards and Swaps Trading Involves Substantial Leverage
Futures, Forwards and Swaps Trading May Be Illiquid
Forwards Trading and its Counterparty, Regulatory and Related Risks
The Fund is a Party to Financial Instruments with Elements of Off-Balance Sheet Risk, Which May Cause the Fund to Lose All of Its Assets
Foreign Exchange/Cross Rates Trading
Speculative Position Limits
Over-the-Counter Derivatives Markets
Regulatory Changes or Additional Government or Market Regulation or Actions May Alter the Operations and Profitability of the Fund
The Fund, in particular, is dependent upon the use of leverage in implementing its investment strategy across the markets and instruments described herein. Any regulatory limitations may have a materially adverse impact on the Fund
Daily Price Fluctuation Limits Imposed by Futures Exchanges May Alter Trading Decisions for the Fund
The Fund is Subject to Foreign Market Credit and Regulatory Risk
Membership in a Swap Execution Facility
The Fund is Not a Regulated Investment Company and is Therefore Subject to Different Protections Than a Regulated Investment Company
Investors are Taxed Based on Their Share of Fund Income and Gain
Tax Could be Due from Investors on Their Share of the Fund’s Ordinary Income Despite Overall Losses
Deductibility of Management and Performance Fees
Fees and Commissions are Charged Regardless of Profitability and are Subject to Change
The Fund’s Service Providers Could Fail
Risks due to Redemption or Credit Restriction
There are No Independent Experts Representing Investors
The Fund Places Significant Reliance on Campbell & Company and the Incapacity of its Principals Could Adversely Affect the Fund
The Fund Could Terminate Before You Achieve Your Investment Objective Causing Potential Loss of Your Investment or Disruption of Your Investment Portfolio
Transfers Could Be Restricted
Restrictions on Investment by ERISA Plans, Employee Retirement Income Security Act of 1974
A Single-Advisor Fund May be More Volatile Than a Multi-Advisor Fund
The Performance Fee Could Be an Incentive to Make Riskier Investments
The Fund May Distribute Profits to Investors at Inopportune Times
Potential Inability to Trade or Report Due to Systems Failure Could Adversely Affect the Fund
Failure to Receive Timely and Accurate Market Data from Third Party Vendors Could Cause Disruptions or the Inability to Trade
Conflicts of Interest Exist in the Structure and Operation of the Fund
The Value Of The Units Will Be Adversely Affected If The Fund is Required To Make Indemnification Payments
Reliance on Corporate Management and Financial Reporting
The Fund’s Fees and Expenses
Compulsory Redemption of Units

Management Discussion

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

Content analysis

Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability	8th grade Avg

New words: alongside, approach, attack, BRL, coincided, conflict, countered, decidedly, detracted, DXY, earlier, Eastern, gilt, half, hike, hit, hotter, Hungarian, invasion, jumped, leaned, leap, LME, modest, navigate, nominal, Omicron, persistent, Polish, reading, Russian, sizable, squeezed, stemming, strongest, tight, Ukraine, unwind, upcoming, UST, war

Removed: accelerated, adding, aggressively, Arabia, beef, bid, blunting, Brexit, buying, China, clarity, curtailed, deal, decision, depth, disruption, dovish, effort, ensued, epidemic, escalated, expanding, expansion, extreme, favor, fear, flight, greatest, growth, home, intensified, Italy, Korea, krone, length, meat, milder, North, Norwegian, OPEC, outbreak, pare, pressure, prompting, quick, quickly, ramp, ratification, raw, realizing, relinquished, renewed, safety, Saudi, scramble, sending, slowdown, soaring, soften, sought, spread, stay, steep, technical, tumbling, unprofitable, upheaval, weaker, weighed, widely, widening, worsening, wrought, Wuhan

From filing 10-Q 2022 Q1

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