SECURITIES AND EXCHANGE COMMISSION
 WASHINGTON, D.C. 20549
 FORM 10-K
 (Mark One)
 þ
    
    ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]For the Fiscal Year Ended December 31, 2009Commission File Number 0-22260 and

2-84126ORo
    
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]For
the transition period from

to
 CAMPBELL STRATEGIC ALLOCATION FUND, L.P.
  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
 None
  Units of Limited Partnership Interest
  o þ
  o þ
  þ o
  þ o
 þ
  Large accelerate filer o
    
    Accelerated filer o
    
    Non-accelerated filer þ
    
    Small Reporting Company o(Do not check if a Smaller Reporting Company)
  o þ




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TABLE OF CONTENTS
 PagePART IITEM 1.
    
    BUSINESS
    
    
    1-4ITEM 1A.
    
    RISK FACTORS
    
    
    4-12ITEM 1B.
    
    UNRESOLVED STAFF COMMENTS
    
    
    12ITEM 2.
    
    PROPERTIES
    
    
    12ITEM 3.
    
    LEGAL PROCEEDINGS
    
    
    13ITEM 4.
    
    (REMOVED AND RESERVED)
    
    
    13PART IIITEM 5.
    
    MARKET FOR REGISTRANTS COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER
PURCHASES OF EQUITY SECURITIES
    
    
    13ITEM 6.
    
    SELECTED FINANCIAL DATA
    
    
    13-14ITEM 7.
    
    MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS
    
    
    14-23ITEM 7A.
    
    QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
    
    
    24-29ITEM 8.
    
    FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
    
    
    29ITEM 9.
    
    CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL
DISCLOSURE
    
    
    29ITEM 9A.
    
    CONTROLS AND PROCEDURES
    
    
    29-30ITEM 9A(T).
    
    CONTROLS AND PROCEDURES
    
    
    30ITEM 9B.
    
    OTHER INFORMATION
    
    
    30PART IIIITEM 10.
    
    DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
    
    
    31-34ITEM 11.
    
    EXECUTIVE COMPENSATION
    
    
    34ITEM 12.
    
    SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED
STOCKHOLDER MATTERS
    
    
    34ITEM 13.
    
    CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE
    
    
    34ITEM 14.
    
    PRINCIPAL ACCOUNTING FEES AND SERVICES
    
    
    35PART IVITEM 15.
    
    EXHIBITS, FINANCIAL STATEMENT SCHEDULES
    
    
    35-36SIGNATURESCERTIFICATIONS
 ii




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PART I
 
 Item 1.
    
    Business
 Overview
        1




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Regulation
     Operations
   2




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Charges
  RECIPIENT
    
    NATURE OF PAYMENT
    
    AMOUNT OF PAYMENTCampbell & Company
    
    Brokerage Fee
    
    The Fund will pay
Campbell & Company a
brokerage fee of up
to 8% of the Funds
month-end net asset
value per annum
(prior to accruals
for such brokerage
fee or performance
fees), irrespective
of profitability, of
which up to 1% is
paid to the futures
brokers and
over-the-counter
counterparties and 4%
is paid to the
selling agents.
Campbell & Company
retains the remaining
3%.Campbell & Company
    
    Performance Fee
    
    Campbell & Company
will be paid a
quarterly performance
fee equal to 20% of
aggregate cumulative
appreciation in the
Funds net asset
value per Unit, if
any, excluding
interest income and
as adjusted for
subscriptions and
redemptions.Campbell & Company
    
    Offering Costs
    
    Campbell & Company
pays the Funds
offering costs and is
subsequently
reimbursed by the
Fund. Reimbursement
of the Funds
offering costs are
limited to exceed
2.5% of the aggregate
subscriptions
accepted by Campbell
& Company.Cash Managers and
Custodian Fees
    
    Cash Management and
Custody fees
    
    Cash management and
custodial fees for
the Funds non-margin
assets is estimated
at 0.10% per annum
based on the
percentage of assets
under management by
the cash managers.
 3




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Other Information
 http://www.sec.gov
 
 Item 1A.
    
    Risk Factors
  You Could Possibly Lose Your Total Investment in the Fund
  The Fund is Highly Leveraged
  Changes In Financing Policies or the Imposition of Other Credit Limitations or Restrictions Could
Compel the Fund to Liquidate Positions at Disadvantageous Prices
  4




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Your Investment Could be Illiquid
    Forward and Option Transactions are Over-the-Counter, are Not Regulated and are Subject to Credit
Risk
   5




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Options on Futures and Over-the-Counter Contracts are Speculative and Highly Leveraged
  An Investment in the Fund May Not Diversify an Overall Portfolio
  The Current Markets are Subject to Market Disruptions and Governmental Intervention That May Be a
Detriment to Your Investment
   6




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The Fund is a Party to Financial Instruments With Elements of Off-Balance Sheet Risk, Which Causes
the Fund to Lose All of Its Assets
  Trading Risks
 There are Disadvantages to Making Trading Decisions Based Primarily on Technical Market Data
   Increased Competition from Other Trend-Following Traders Could Reduce Campbell & Companys
Profitability
  Limits Imposed by Futures Exchanges or Other Regulatory Organizations, Such As Speculative Position
Limits and Daily Price Fluctuation Limits, May Alter Trading Decisions for the Fund
  7




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Increase in Assets Under Management May Make Profitable Trading More Difficult
  Investors Will Not be Able to View the Funds Holdings on a Daily Basis, Which May Result in
Unanticipated Losses
  Tax Risks
 Investors are Taxed Based on Their Share of the Funds Profits
  Tax Could be Due from Investors on Their Share of the Funds Ordinary Income Despite Overall Losses
  8




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There Could be a Limit on the Deductibility of Brokerage and Performance Fees
  Other Risks
 Fees and Commissions are Charged Regardless of Profitability and are Subject to Change
  The Funds Service Providers Could Fail, Which May Result in Losses to the Fund
   9




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Investors Must Not Rely on the Past Performance of Either Campbell & Company or the Fund in
Deciding Whether to Buy Units
  Conflicts of Interest Exist in the Structure and Operation of the Fund
     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 Disrupting Your Investment Portfolio Allocation
  10




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The Fund Is Not A Regulated Investment Company and Therefore Is Subject to Different Protections
Than a Regulated Investment Company
  Forwards, Options, Swaps, Hybrids and Other Derivatives are Not Subject to CFTC Regulation;
Therefore, the Fund Will Not Receive the Same Protections on These Transactions
  The Fund is Subject to Foreign Market Credit and Regulatory Risk
  The Fund is Subject to Foreign Exchange Risk
  Transfers Could be Restricted
  11




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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 Limited Partners 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
  
 Item 1B.
    
    Unresolved Staff Comments
  
 Item 2.
    
    Properties
  12




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Item 3.
    
    Legal Proceedings
  
 Item 4.
    
    (Removed and Reserved)
 
 PART II
 
 Item 5.
    
    Market for Registrants Common Equity , Related Stockholder Matters and Issuer Purchases of Equity Securities
    
 Item 6.
    
    Selected Financial Data
 Dollars in thousands, except per Unit amounts
 For the Year Ended December 31,2009
    
    
    2008
    
    
    2007
    
    
    2006
    
    
    2005Total Assets
    
    $
    1,858,856
    
    
    $
    2,541,717
    
    
    $
    3,999,585
    
    
    $
    5,777,987
    
    
    $
    5,233,064Total Partners Capital
    
    
    1,708,492
    
    
    
    2,455,894
    
    
    
    3,803,392
    
    
    
    5,654,540
    
    
    
    5,175,699Total Net Trading Gain (Loss)
(includes brokerage commissions)
    
    
    (56,051
    )
    
    
    139,135
    
    
    
    (620,158
    )
    
    
    348,176
    
    
    
    611,580Net Income (Loss)
    
    
    (199,877
    )
    
    
    (24,940
    )
    
    
    (739,180
    )
    
    
    211,997
    
    
    
    424,794Net Income (Loss) Per General
and Limited Partner Unit *
    
    
    (240.77
    )
    
    
    (21.87
    )
    
    
    (440.33
    )
    
    
    113.86
    
    
    
    272.37Increase (Decrease) in
Net Asset Value per
General and Limited
Partner Unit
    
    
    (235.52
    )
    
    
    (40.75
    )
    
    
    (458.41
    )
    
    
    121.64
    
    
    
    261.69
  1st Qtr.
    
    

2nd Qtr.
    
    

3rd Qtr.
    
    

4th Qtr.2009
    
    
    2009
    
    
    2009
    
    
    2009Total Net Trading
Gain (Loss)
(includes brokerage
commissions)
    
    $
    8,220
    
    
    $
    (137,234
    )
    
    $
    79,151
    
    
    $
    (6,188
    )Net Income (Loss)
    
    
    (34,226
    )
    
    
    (174,076
    )
    
    
    46,059
    
    
    
    (37,634
    )Net Income (Loss)
per General and
Limited Partner
Unit *
    
    
    (37.40
    )
    
    
    (203.11
    )
    
    
    57.43
    
    
    
    (50.42
    )Increase (Decrease)
in Net Asset Value
per General and
Limited Partner Unit
    
    
    (39.68
    )
    
    
    (202.41
    )
    
    
    58.93
    
    
    
    (52.36
    )Net Asset Value per
General and Limited
Partner Unit at the
End of the Period
    
    
    2,590.22
    
    
    
    2,387.81
    
    
    
    2,446.74
    
    
    
    2,394.38
 
 *
    
    - Based on weighted average number of units outstanding during the period. 13




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1 stQtr.
    
    
    2 ndQtr.
    
    
    3 rdQtr.
    
    
    4 thQtr.2008
    
    
    2008
    
    
    2008
    
    
    2008Total Net Trading
Gain (Loss)
(includes brokerage
commissions)
    
    $
    64,968
    
    
    $
    173,742
    
    
    $
    (85,127
    )
    
    $
    (14,448
    )Net Income (Loss)
    
    
    27,628
    
    
    
    130,870
    
    
    
    (124,310
    )
    
    
    (59,128
    )Net Income (Loss)
per General and
Limited Partner
Unit *
    
    
    20.41
    
    
    
    111.53
    
    
    
    (118.24
    )
    
    
    (60.14
    )Increase (Decrease)
in Net Asset Value
per General and
Limited Partner Unit
    
    
    19.54
    
    
    
    119.12
    
    
    
    (119.34
    )
    
    
    (60.07
    )Net Asset Value per
General and Limited
Partner Unit at the
End of the Period
    
    
    2,690.19
    
    
    
    2,809.31
    
    
    
    2,689.97
    
    
    
    2,629.90
 
 *
    
    - Based on weighted average number of units outstanding during the period. 
 Item 7.
    
    Managements Discussion and Analysis of Financial Condition and Results of Operations.
 Introduction
  Critical Accounting Policies
   14




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Capital Resources
    Liquidity
     15




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Off-Balance Sheet Risk
    Disclosures About Certain Trading Activities that Include Non-Exchange Traded Contracts
Accounted for at Fair Value
  16




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Results of Operations
  2009
  Sector
    
    % Gain (Loss)Currencies
    
    
    3.70
    %Commodities
    
    
    (0.24
    )Stock Indices
    
    
    (0.46
    )Interest Rates
    
    
    (4.66
    )(1.66
    )%
    17




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18




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2008
  Sector
    
    % Gain (Loss)Stock Indices
    
    
    8.58
    %Commodities
    
    
    0.81Currencies
    
    
    (0.58
    )Interest Rates
    
    
    (4.62
    )4.19
    %
 19




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20




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2007
  Sector
    
    % Gain (Loss)Interest Rates
    
    
    0.80
    %Metals
    
    
    (0.67
    )Energy
    
    
    (1.79
    )Stock Indices
    
    
    (2.61
    )Currencies
    
    
    (7.62
    )(11.89
    )%
 21




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22




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23




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Item 7A. Quantitative and Qualitative Disclosures About Market Risk
 Introduction
 Past Results Not Necessarily Indicative of Future Performance
    Standard of Materiality
  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).
  24




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The Funds Trading Value at Risk in Different Market Sectors
  December 31, 2009TradingMarket Sector
    
    Value at Risk*
    
    
    Gain/(Loss)**Currencies
    
    
    0.90
    %
    
    
    3.70
    %Interest Rates
    
    
    0.68
    %
    
    
    (4.66
    )%Stock Indices
    
    
    0.45
    %
    
    
    (0.46
    )%Commodities
    
    
    0.41
    %
    
    
    (0.24
    )%Aggregate/Total
    
    
    1.62
    %
    
    
    (1.66
    )%
 
 *
    
    -The VaR for a sector represents the one day downside risk for the aggregate exposures
associated with this sector. 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 return for the year ended December 31, 2009, approximately 1.66% was due to
trading losses (before commissions) and approximately 0.14% due to interest income offset by
approximately 7.44% due to brokerage fees, operating costs and offering costs borne by the
Fund giving a net return of (8.96)%. 25




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December 31, 2008TradingMarket Sector
    
    Value at Risk*
    
    
    Gain/(Loss)**Currencies
    
    
    0.50
    %
    
    
    (0.58
    )%Interest Rates
    
    
    0.30
    %
    
    
    (4.62
    )%Stock Indices
    
    
    0.18
    %
    
    
    8.58
    %Commodities
    
    
    0.05
    %
    
    
    0.81
    %Aggregate/Total
    
    
    0.60
    %
    
    
    4.19
    %
 
 *
    
    -The VaR for a sector represents the one day downside risk for the aggregate exposures
associated with this sector. 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 return for the year ended December 31, 2008, approximately 4.19% was due to
trading gains (before commissions) and approximately 1.76% due to interest income offset by
approximately 7.48% due to brokerage fees, operating costs and offering costs borne by the
Fund giving a net return of (1.53)%. December 31, 2007TradingMarket Sector
    
    Value at Risk*
    
    
    Gain/(Loss)**Currencies
    
    
    1.48
    %
    
    
    (7.62
    )%Stock Indices
    
    
    0.51
    %
    
    
    (2.61
    )%Interest Rates
    
    
    0.42
    %
    
    
    0.80
    %Commodities
    
    
    0.22
    %
    
    
    (2.46
    )%Aggregate/Total
    
    
    1.72
    %
    
    
    (11.89
    )%
 
 *
    
    -The VaR for a sector represents the one day downside risk for the aggregate exposures
associated with this sector. 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 return for the year ended December 31, 2007, approximately 11.89% was due to
trading losses (before commissions) and approximately 7.46% due to brokerage fees, operating
costs and offering costs borne by the Fund offset by approximately 4.70% due to interest
income giving a net return of (14.65)%. Material Limitations of Value at Risk as an Assessment of Market Risk
  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;
 26




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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.
  Non-Trading Risk
  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.
  Currencies
 i.e.,
 Interest Rates
  27




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Stock Indices
  Energy
  Metals
  Agricultural
  Qualitative Disclosures Regarding Non-Trading Risk Exposure
  Foreign Currency Balances
  Fixed Income Securities
  28




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Treasury Bill Positions for Margin Purposes
  Qualitative Disclosures Regarding Means of Managing Risk Exposure
   General
  
 Item 8. Financial Statements and Supplementary Data
  
 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial
Disclosure
  
 Item 9A. Controls and Procedures
  29




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Item 9A(T). Controls and Procedures
 Managements Annual Report on Internal Control over Financial Reporting
   
    
    Pertain to the maintenance of records that, in reasonable detail, accurately and fairly
reflect the transactions and dispositions of the assets of the Partnership;
    
    Provide reasonable assurance that transactions are recorded as necessary to permit
preparation of financial statements in accordance with generally accepted accounting
principles, and that the partnerships transactions are being made only in accordance with
authorizations of Management and;
    
    Provide reasonable assurance regarding prevention or timely detection of unauthorized
acquisition, use or disposition of the Partnerships assets that could have a material
effect on the financial statements.
    
 Item 9B. Other Information
  30




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PART III
 
 Item 10. Directors, Executive Officers and Corporate Governance
      31




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32




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33




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Audit Committee Financial Expert
  Code of Ethics
  
 Item 11. Executive Compensation
  
 Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters
 (a)
    
    Security Ownership of Certain Beneficial Owners. As of December 31, 2009, no Units of
Limited Partnership are owned or held by an officer of Campbell & Company.(b)
    
    Security Ownership of Management. As of December 31, 2009, Campbell & Company
owned 6,637.982 Units of General Partnership Interest having a value of $15,893,851.
Units of General Partnership will always be owned by Campbell & Company in its capacity
as general partner. The amounts are summarized in the table below:
 Name of Beneficial
    
    Amount and Nature ofTitle of Class
    
    Owner
    
    Beneficial Ownership
    
    Percentage of ClassUnits of General
Partnership Interest
    
    Campbell & Company,
Inc.
    
    6,637.982 Units
    
    0.93% of Units outstanding
 
 Item 13. Certain Relationships and Related Transactions, and Director Independence
  34




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Item 14. Principal Accounting Fees and Services
 
 (a)
    
    Audit FeesThe aggregate fees billed for professional services rendered by the principal accountant
for the audit of the Funds annual financial statements, for review of financial
statements included in the Funds Forms 10-Q and other services normally provided in
connection with regulatory filing or engagements for the years ended December 31, 2009
and 2008 were $121,500 and $117,500, respectively.(b)
    
    Audit Related FeesThe aggregate fees billed for professional services rendered by the principal accountant
in connection with Sarbanes Oxley compliance for the years ended December 31, 2009 and
2008 were $16,900 and $0, repectively.(c)
    
    Tax FeesNone(d)
    
    All Other FeesNone(e)
    
    The Board of Directors of Campbell & Company approved all of the services
described above. The Board of Directors has determined that the payments made to its
independent accountants for these services are compatible with maintaining such
auditors independence. The Board of Directors explicitly pre-approves all audit and
non-audit services and all engagement fees and terms.
 
 PART IV
 
 Item 15. Exhibits, Financial Statement Schedules
 (a)
    
    The Following documents are filed as part of this report:
 (1)
    
    See Financial Statements beginning on page 33 hereof.(2)
    
    Schedules:Financial statement schedules have been omitted because they are not included
in the financial statements or notes hereto applicable or because equivalent
information has been included in the financial statements or notes thereto.(3)
    
    Exhibits
 Exhibit Number
    
    Description of Document1.01
    
    Form of Selling Agreement among the Registrant, Campbell &
Company, PaineWebber Incorporated and the Selling Agent. (Incorporated by
reference to the respective exhibit to the Registrants Registration Statement
on Form S-1 (No. 333-43250) filed on August 8, 2000).1.02
    
    Form of Auxiliary Selling Agreement. (Incorporated by reference
to the respective exhibit to the Registrants Registration Statement on Form S-1
(No. 333-80933) filed on June 17, 1999).3.01
    
    Agreement of Limited Partnership of the Registrant dated May 11,
1993. (Incorporated by reference to the respective exhibit to the Registrants
Registration Statement on Form S-1 (No. 33-67164) filed on August 9, 1993).3.02
    
    Certificate of Limited Partnership of the Registrant. (Incorporated by reference
to the respective exhibit to the Registrants Registration Statement on Form S-1 (No.
33-67164) filed on August 9, 1993).3.03
    
    Amended Agreement of Limited Partnership of the Registrant.
(Incorporated by reference to the respective exhibit to the Registrants
Post-Effective Amendment Number 4 to the Registration Statement Form S-1 (No.
333-119259) filed on August 15, 2007).10.01
    
    Form of Advisory Agreement between the Registrant and Campbell &
Company. (Incorporated by reference to the respective exhibit to the
Registrants Registration Statement on Form S-1 (No. 33-67164) filed on August
9, 1993).
 35




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##### 



Exhibit Number
    
    Description of Document10.02
    
    Form of Customer Agreement between the Registrant and
PaineWebber Incorporated. (Incorporated by reference to the respective exhibit
to the Registrants Registration Statement on Form S-1 (No. 33-67164) filed on
August 9, 1993).10.03
    
    Subscription Agreement and Power of Attorney. (Incorporated by
reference to the respective exhibit to the Registrants Post-Effective Amendment
Number 4 to the Registration Statement Form S-1 (No. 333-119259) filed on August
15, 2007).10.04
    
    Escrow Agreement between the Registrant and Mercantile Safe
Deposit & Trust Company. (Incorporated by reference to the respective exhibit
to the Registrants Registration Statement on Form S-1 (No. 33-67164) filed on
August 9, 1993).10.05
    
    International Swap Dealers Association, Inc. Master Agreement
between the Registrant and ABN AMRO Bank, N.V. (Incorporated by reference to the
respective exhibit to the Registrants Registration Statement of Form S-1 (No.
333-61274) filed on May 18, 2001).10.06
    
    International Swap Dealers Association, Inc. Master Agreement between
the Registrant and Deutsche Bank AG. (Incorporated by reference to the
respective exhibit to the Registrants Registration Statement of Form S-1 (No.
333-61274) filed on May 18, 2001).31.01
    
    Certification of Theresa D. Becks, Chief Executive Officer,
pursuant to Rules 13a-14 and 15d-14 of the Securities Exchange Act of 1934.31.02
    
    Certification of Gregory T. Donovan, Chief Financial Officer,
pursuant to Rules 13a-14 and 15d-14 of the Securities Exchange Act of 1934.32.01
    
    Certification of Theresa D. Becks, Chief Executive Officer,
pursuant to 18 U.S.C. Section 1350, as enacted by Section 906 of The
Sarbanes-Oxley Act of 2002.32.02
    
    Certification of Gregory T. Donovan, Chief Financial Officer,
pursuant to 18 U.S.C. Section 1350, as enacted by Section 906 of The
Sarbanes-Oxley Act of 2002.
 (b)

    
    Reports on Form 8-KNone.
 36




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##### 



SIGNATURES
  CAMPBELL STRATEGIC ALLOCATION FUND, L.P.
By: CAMPBELL & COMPANY, INC.
General PartnerBy:
    /s/ Theresa D. BecksTheresa D. BecksChief Executive Office and Director  Signature
    
    Capacity/s/ D. Keith CampbellD. Keith Campbell
    
    Chairman of the Board of Directors/s/ Bruce L. ClelandBruce L. Cleland
    
    Vice Chairman of the Board of Directors/s/ Theresa D. BecksTheresa D. Becks
    
    Chief Executive Officer/s/ Gregory T. DonovanGregory T. Donovan
    
    Chief Financial Officer, Principal Accounting Officer
 37




---



##### 



CAMPBELL STRATEGIC ALLOCATION
FUND, L.P.
 ANNUAL REPORT
  38




---



##### 



CAMPBELL STRATEGIC ALLOCATION FUND, L.P
 INDEX
 PAGESReports of Independent Registered Public Accounting FirmDeloitte & Touche LLP
    
    
    40Financial StatementsCondensed Schedules of Investments December 31, 2009 and 2008
    
    
    41-45
    

Statements of Financial Condition December 31, 2009 and 2008
    
    
    46Statements of Operations For the Years Ended December 31, 2009, 2008 and 2007
    
    
    47Statements of Cash Flows For the Years Ended December 31, 2009, 2008 and 2007
    
    
    48Statements of Changes in Partners Capital (Net Asset Value) For the Years Ended December 31, 2009, 2008 and 2007
    
    
    49Financial
Highlights For the Years Ended December 31, 2009, 2008 and 2007
    
    
    50Notes to Financial Statements
    
    
    51-59
 39




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##### 



40




---



##### 



Campbell Strategic Allocation Fund, L.P.


Condensed Schedule of Investments
December 31, 2009
 FIXED INCOME SECURITIES
 Maturity
    
    
    
    
    
    
    
    
    % of NetFace Value
    
    
    Description
    
    Values ($)
    
    
    Asset ValueBank DepositsUnited StatesFinancials (cost $65,590,000)
    
    $
    65,689,065
    
    
    
    3.84
    %Commercial PaperGermanyMaterials (cost $17,252,376)
    
    $
    17,259,598
    
    
    
    1.01
    %NetherlandsConsumer
Discretionary (cost $23,481,034)
    
    $
    23,481,191
    
    
    
    1.37
    %United StatesConsumer Discretionary
    
    $
    143,576,225
    
    
    
    8.40
    %Consumer Staples
    
    $
    80,742,190
    
    
    
    4.73
    %Energy
    
    $
    72,767,525
    
    
    
    4.26
    %Financials
    
    $
    231,111,026
    
    
    
    13.53
    %Industrials
    
    $
    79,892,248
    
    
    
    4.68
    %Municipal
    
    $
    169,945,539
    
    
    
    9.95
    %Telecommunications
    
    $
    4,409,848
    
    
    
    0.26
    %Utilities
    
    $
    29,998,000
    
    
    
    1.76
    %Total United States(cost $812,299,397)
    
    $
    812,442,601
    
    
    
    47.57
    %Total Commercial Paper
(cost $853,032,807)
    
    $
    853,183,390
    
    
    
    49.95
    %Corporate BondsUnited StatesFinancials (cost $106,198,611)
    
    $
    106,210,199
    
    
    
    6.22
    %Government And Agency ObligationsUnited StatesU.S. Government Agency
    
    $
    311,649,912
    
    
    
    18.24
    %U.S. Treasury Bills$
    30,000,000
    
    
    U.S. Treasury Bills Due 01/14/2010 *
    
    $
    29,999,973
    
    
    
    1.76
    %$
    100,000,000
    
    
    U.S. Treasury Bills Due 01/28/2010 *
    
    $
    99,998,667
    
    
    
    5.85
    %
 See Accompanying Notes to Financial Statements.
 41




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##### 



Campbell Strategic Allocation Fund, L.P.
Condensed Schedule of Investments
December 31, 2009
 Maturity
    
    
    
    
    
    
    
    
    % of NetFace Value
    
    
    Description
    
    Values ($)
    
    
    Asset Value$
    37,000,000
    
    
    U.S. Treasury Bills Due 03/25/2010 *
    
    $
    36,994,882
    
    
    
    2.17
    %$
    100,000,000
    
    
    U.S. Treasury Bills Due 04/01/2010 *
    
    $
    99,988,750
    
    
    
    5.85
    %Total United States(cost $579,049,811)
    
    $
    578,632,184
    
    
    
    33.87
    %Short Term Investment FundsUnited StatesShort Term
Investment Funds (cost $2,531,880)
    
    $
    2,531,880
    
    
    
    0.15
    %Total Fixed Income Securities
(cost $1,606,403,109)
    
    $
    1,606,246,718
    
    
    
    94.03
    %
 LONG FUTURES CONTRACTS
 % of NetDescription
    
    Values ($)
    
    
    Asset ValueAgricultural
    
    $
    (59,783
    )
    
    
    0.00
    %Energy
    
    $
    798,745
    
    
    
    0.05
    %Metals
    
    $
    4,011,004
    
    
    
    0.23
    %Stock indices
    
    $
    12,654,145
    
    
    
    0.74
    %Short-term interest rates
    
    $
    (5,342,338
    )
    
    
    (0.31
    )%Long-term interest rates
    
    $
    (14,825,155
    )
    
    
    (0.87
    )%Total long futures contracts
    
    $
    (2,763,382
    )
    
    
    (0.16
    )%
 SHORT FUTURES CONTRACTS
 % of NetDescription
    
    Values ($)
    
    
    Asset ValueAgricultural
    
    $
    50,561
    
    
    
    0.00
    %Metals
    
    $
    (2,581,534
    )
    
    
    (0.15
    )%Long-term interest rates
    
    $
    717,238
    
    
    
    0.04
    %Total short futures contracts
    
    $
    (1,813,735
    )
    
    
    (0.11
    )%Total futures contracts
    
    $
    (4,577,117
    )
    
    
    (0.27
    )%
 FORWARD CURRENCY CONTRACTS
 % of NetDescription
    
    Values ($)
    
    
    Asset ValueVarious long forward currency contracts
    
    $
    (64,092,290
    )
    
    
    (3.75
    )%Various short forward currency contracts
    
    $
    49,010,012
    
    
    
    2.87
    %Total forward currency contracts
    
    $
    (15,082,278
    )
    
    
    (0.88
    )%
 See Accompanying Notes to Financial Statements.
 42




---



##### 



Campbell Strategic Allocation Fund, L.P.
Condensed Schedule of Investments
December 31, 2009
 PURCHASED OPTIONS ON FORWARD CURRENCY CONTRACTS
 % of NetDescription
    
    Values ($)
    
    
    Asset ValuePurchased options on forward currency contracts
(premiums paid  $4,023,342)
    
    $
    4,062,722
    
    
    
    0.24
    %
 WRITTEN
OPTIONS ON FORWARD CURRENCY CONTRACTS
 % of NetDescription
    
    Values ($)
    
    
    Asset ValueWritten options on forward currency
contracts (premiums received 
$1,254,708)
    
    $
    (1,094,738
    )
    
    
    (0.06
    )%
 
 *
    
    Pledged as collateral for the trading of futures, forward and option positions. See Accompanying Notes to Financial Statements.
 43




---



##### 



Campbell Strategic Allocation Fund, L.P.
Condensed Schedule of Investments
December 31, 2008
 FIXED INCOME SECURITIES
 UNITED STATES GOVERNMENT SECURITIES*
 Maturity
    
    
    Maturity
    
    
    
    
    
    
    
    
    % of NetFace Value
    
    
    Date
    
    
    Description
    
    Values ($)
    
    
    Asset Value$
    800,000,000
    
    
    
    03/19/2009
    
    
    U.S. Treasury Bills
    
    $
    799,948,669
    
    
    
    32.57
    %$
    300,000,000
    
    
    
    03/26/2009
    
    
    U.S. Treasury Bills
    
    $
    299,986,000
    
    
    
    12.21
    %$
    37,000,000
    
    
    
    01/22/2009
    
    
    U.S. Treasury Bills
    
    $
    37,000,000
    
    
    
    1.51
    %Total United States government securities(cost, including accrued interest,  $1,136,934,669)
    
    $
    1,136,934,669
    
    
    
    46.29
    %
 LONG FUTURES CONTRACTS
 % of NetDescription
    
    Values ($)
    
    
    Asset ValueMetals
    
    $
    94,925
    
    
    
    0.00
    %Stock indices
    
    $
    771,700
    
    
    
    0.03
    %Short-term interest rates
    
    $
    3,840,778
    
    
    
    0.16
    %Long-term interest rates
    
    $
    4,905,228
    
    
    
    0.20
    %Total long futures contracts
    
    $
    9,612,631
    
    
    
    0.39
    %
 SHORT FUTURES CONTRACTS
 % of NetDescription
    
    Values ($)
    
    
    Asset ValueEnergy
    
    $
    (801,546
    )
    
    
    (0.03
    )%Metals
    
    $
    (1,664,930
    )
    
    
    (0.07
    )%Stock indices
    
    $
    (3,375,148
    )
    
    
    (0.14
    )%Short-term interest rates
    
    $
    (27,625
    )
    
    
    0.00
    %Long-term interest rates
    
    $
    (3,537,223
    )
    
    
    (0.14
    )%Total short futures contracts
    
    $
    (9,406,472
    )
    
    
    (0.38
    )%Total futures contracts
    
    $
    206,159
    
    
    
    0.01
    %
 See Accompanying Notes to Financial Statements.
 44




---



##### 



Campbell Strategic Allocation Fund, L.P.
Condensed Schedule of Investments
December 31, 2008
 FORWARD CURRENCY CONTRACTS
 % of NetDescription
    
    Values ($)
    
    
    Asset ValueVarious long forward currency contracts
    
    $
    26,680,445
    
    
    
    1.09
    %Various short forward currency contracts
    
    $
    (15,851,597
    )
    
    
    (0.65
    )%Total forward currency contracts
    
    $
    10,828,848
    
    
    
    0.44
    %
 PURCHASED
OPTIONS ON FORWARD CURRENCY CONTRACTS
 % of NetDescription
    
    Values ($)
    
    
    Asset ValuePurchased options on forward currency contracts
(premiums paid  $969,001)
    
    $
    519,315
    
    
    
    0.02
    %
 WRITTEN OPTIONS ON FORWARD CURRENCY CONTRACTS
 % of NetDescription
    
    Values ($)
    
    
    Asset ValueWritten options on forward
currency contracts (premiums
received  $3,537,352)
    
    $
    (3,202,653
    )
    
    
    (0.13
    )%
 
 *
    
    Pledged as collateral for the trading of futures, forward and option positions. See Accompanying Notes to Financial Statements.
 45




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##### 



Campbell
Strategic Allocation Fund, L.P.
 
 Statements
of Financial Conditions
 December
31, 2009 And 2008
 2009
    
    
    2008ASSETSEquity in broker trading accountsCash
    
    $
    224,803,378
    
    
    $
    1,278,536,649Restricted cash
    
    
    0
    
    
    
    41,411,655Fixed income securities
(cost $199,987,417 and $1,099,934,669, respectively)
    
    
    199,987,417
    
    
    
    1,099,934,669Net unrealized gain (loss) on open futures contracts
    
    
    (4,577,117
    )
    
    
    206,159Total equity in broker trading accounts
    
    
    420,213,678
    
    
    
    2,420,089,132Cash and cash equivalents
    
    
    41,337,614
    
    
    
    30,721,976Restricted cash deposits with forwards broker
    
    
    0
    
    
    
    42,515,724Fixed income securities
(cost $1,406,415,692 and $37,000,000, respectively)
    
    
    1,406,259,301
    
    
    
    37,000,000Options purchased, at fair value
(premiums paid  $4,023,342 and $969,001, respectively)
    
    
    4,062,722
    
    
    
    519,315Net unrealized gain (loss) on open forward
currency contracts
    
    
    (15,082,278
    )
    
    
    10,828,848Interest receivable
    
    
    2,064,955
    
    
    
    41,698Total assets
    
    $
    1,858,855,992
    
    
    $
    2,541,716,693LIABILITIESAccounts payable
    
    $
    642,518
    
    
    $
    668,492Brokerage fee
    
    
    10,246,641
    
    
    
    14,801,625Options written, at fair value
(premiums received  $1,254,708 and $3,537,352, respectively)
    
    
    1,094,738
    
    
    
    3,202,653Payable for securities purchased
    
    
    99,998,667
    
    
    
    0Accrued commissions and other trading fees
on open contracts
    
    
    206,347
    
    
    
    114,176Offering costs payable
    
    
    346,751
    
    
    
    309,964Redemptions payable
    
    
    37,828,712
    
    
    
    66,725,891Total liabilities
    
    
    150,364,374
    
    
    
    85,822,801PARTNERS CAPITAL (Net Asset Value)General Partner  6,637.982 and 10,367.982 redeemable units
outstanding at December 31, 2009 and December 31, 2008
    
    
    15,893,851
    
    
    
    27,266,756Limited Partners  706,905.488 and 923,465.791 redeemable units
outstanding at December 31, 2009 and December 31, 2008
    
    
    1,692,597,767
    
    
    
    2,428,627,136Total partners capital (Net Asset Value)
    
    
    1,708,491,618
    
    
    
    2,455,893,892Total liabilities and partners capital (Net Asset Value)
    
    $
    1,858,855,992
    
    
    $
    2,541,716,693
 See Accompanying Notes to Financial Statements.
 46




---



##### 



Campbell
Strategic Allocation Fund, L.P.
 
 Statements of Operations
 For
The Years Ended December 31, 2009, 2008 And 2007
 2009
    
    
    2008
    
    
    2007TRADING GAINS (LOSSES)Futures trading gains (losses)Realized
    
    $
    (112,411,933
    )
    
    $
    179,004,073
    
    
    $
    (90,020,404
    )Change in unrealized
    
    
    (4,783,274
    )
    
    
    (25,817,098
    )
    
    
    (122,751,393
    )Brokerage commissions
    
    
    (2,454,792
    )
    
    
    (3,568,175
    )
    
    
    (7,474,048
    )Net gain (loss) from futures trading
    
    
    (119,649,999
    )
    
    
    149,618,800
    
    
    
    (220,245,845
    )Forward currency and options on forward
currency trading gains (losses)Realized
    
    
    89,537,760
    
    
    
    (108,527,108
    )
    
    
    (116,066,270
    )Change in unrealized
    
    
    (25,596,790
    )
    
    
    98,446,709
    
    
    
    (280,170,992
    )Brokerage commissions
    
    
    (342,095
    )
    
    
    (403,740
    )
    
    
    (3,674,992
    )Net gain (loss) from forward
currency and options on forward
currency trading
    
    
    63,598,875
    
    
    
    (10,484,139
    )
    
    
    (399,912,254
    )Total net trading gain (loss)
    
    
    (56,051,124
    )
    
    
    139,134,661
    
    
    
    (620,158,099
    )NET INVESTMENT INCOME (LOSS)IncomeInvestment income
    
    
    3,038,024
    
    
    
    53,353,643
    
    
    
    231,682,261Realized gain (loss)
on fixed income securities
    
    
    (27,242
    )
    
    
    0
    
    
    
    0Change in unrealized gain (loss) on
fixed income securities
    
    
    (156,391
    )
    
    
    0
    
    
    
    0Total investment income
    
    
    2,854,391
    
    
    
    53,353,643
    
    
    
    231,682,261ExpensesBrokerage fee
    
    
    144,756,816
    
    
    
    215,712,348
    
    
    
    348,527,101Operating expenses
    
    
    1,923,333
    
    
    
    1,715,745
    
    
    
    2,177,186Total expenses
    
    
    146,680,149
    
    
    
    217,428,093
    
    
    
    350,704,287Net investment income (loss)
    
    
    (143,825,758
    )
    
    
    (164,074,450
    )
    
    
    (119,022,026
    )NET INCOME (LOSS)
    
    $
    (199,876,882
    )
    
    $
    (24,939,789
    )
    
    $
    (739,180,125
    )NET INCOME (LOSS) PER
GENERAL AND LIMITED PARTNER UNIT

(based on weighted average number of
units outstanding during the year)
    
    $
    (240.77
    )
    
    $
    (21.87
    )
    
    $
    (440.33
    )INCREASE (DECREASE) IN NET ASSET
VALUE PER GENERAL AND LIMITED PARTNER
UNIT
    
    $
    (235.52
    )
    
    $
    (40.75
    )
    
    $
    (458.41
    )
 See Accompanying Notes to Financial Statements.
 47




---



##### 



Campbell
Strategic Allocation Fund, L.P.
 
 Statements of Cash Flows
 For
The Years Ended December 31, 2009, 2008 And 2007
 2009
    
    
    2008
    
    
    2007Cash flows from (for) operating activitiesNet income (loss)
    
    $
    (199,876,882
    )
    
    $
    (24,939,789
    )
    
    $
    (739,180,125
    )Adjustments to reconcile net income (loss) to
net cash from (for) operating activitiesNet change in unrealized
    
    
    30,536,455
    
    
    
    (72,629,611
    )
    
    
    402,922,385(Increase) decrease in restricted cash
    
    
    83,927,379
    
    
    
    (83,927,379
    )
    
    
    64,472,902(Increase) decrease in option premiums paid
    
    
    (3,054,341
    )
    
    
    7,018,555
    
    
    
    (3,996,452
    )Increase (decrease) in option premiums received
    
    
    (2,282,644
    )
    
    
    (947,652
    )
    
    
    2,165,305Increase (decrease) in payable for securities
purchased
    
    
    99,998,667
    
    
    
    0
    
    
    
    0(Increase) decrease in interest receivable
    
    
    (2,023,257
    )
    
    
    1,054,378
    
    
    
    5,249,167Increase (decrease) in accounts payable and
accrued expenses
    
    
    (4,488,787
    )
    
    
    (9,173,661
    )
    
    
    (11,714,926
    )Net maturities (purchases) of investments in
fixed income securities
    
    
    (469,468,439
    )
    
    
    2,401,398,318
    
    
    
    116,703,926Net cash from (for) operating activities
    
    
    (466,731,849
    )
    
    
    2,217,853,159
    
    
    
    (163,377,818
    )Cash flows from (for) financing activitiesAddition of units
    
    
    0
    
    
    
    38,172,639
    
    
    
    86,659,011Redemption of units
    
    
    (573,627,818
    )
    
    
    (1,457,812,994
    )
    
    
    (1,108,096,252
    )Offering costs paid
    
    
    (2,757,966
    )
    
    
    (5,142,749
    )
    
    
    (6,074,654
    )Net cash from (for) financing activities
    
    
    (576,385,784
    )
    
    
    (1,424,783,104
    )
    
    
    (1,027,511,895
    )Net increase (decrease) in cash and cash equivalents
    
    
    (1,043,117,633
    )
    
    
    793,070,055
    
    
    
    (1,190,889,713
    )Cash and cash equivalentsBeginning of year
    
    
    1,309,258,625
    
    
    
    516,188,570
    
    
    
    1,707,078,283End of year
    
    $
    266,140,992
    
    
    $
    1,309,258,625
    
    
    $
    516,188,570End of year cash and cash equivalents consists of:Cash in broker trading accounts
    
    $
    224,803,378
    
    
    $
    1,278,536,649
    
    
    $
    274,531,263Cash and cash equivalents
    
    
    41,337,614
    
    
    
    30,721,976
    
    
    
    241,657,307Total end of year cash and cash equivalents
    
    $
    266,140,992
    
    
    $
    1,309,258,625
    
    
    $
    516,188,570
 See Accompanying Notes to Financial Statements.
 48




---



##### 



Campbell Strategic Allocation Fund, L.P.

Statements of Changes in Partners Capital (Net Asset Value)

For The Years Ended December And
 Partners CapitalGeneral Partner
    
    
    Limited Partners
    
    
    TotalUnits
    
    
    Amount
    
    
    Units
    
    
    Amount
    
    
    Units
    
    
    AmountBalances at
December 31, 2006
    
    
    19,222.982
    
    
    $
    60,149,864
    
    
    
    1,787,882.705
    
    
    $
    5,594,390,302
    
    
    
    1,807,105.687
    
    
    $
    5,654,540,166Net income (loss)
for the year ended
December 31,
2007
    
    
    
    
    
    
    (8,740,910
    )
    
    
    
    
    
    
    (730,439,215
    )
    
    
    
    
    
    
    (739,180,125
    )Additions
    
    
    5.000
    
    
    
    13,617
    
    
    
    29,737.090
    
    
    
    86,729,507
    
    
    
    29,742.090
    
    
    
    86,743,124Redemptions
    
    
    0.000
    
    
    
    0
    
    
    
    (412,704.833
    )
    
    
    (1,192,493,381
    )
    
    
    (412,704.833
    )
    
    
    (1,192,493,381
    )Offering costs
    
    
    
    
    
    
    (71,361
    )
    
    
    
    
    
    
    (6,146,858
    )
    
    
    
    
    
    
    (6,218,219
    )Balances at
December 31,
2007
    
    
    19,227.982
    
    
    
    51,351,210
    
    
    
    1,404,914.962
    
    
    
    3,752,040,355
    
    
    
    1,424,142.944
    
    
    
    3,803,391,565Net income (loss)
for the year ended
December 31,
2008
    
    
    
    
    
    
    (239,626
    )
    
    
    
    
    
    
    (24,700,163
    )
    
    
    
    
    
    
    (24,939,789
    )Additions
    
    
    0.000
    
    
    
    0
    
    
    
    14,098.315
    
    
    
    38,088,526
    
    
    
    14,098.315
    
    
    
    38,088,526Redemptions
    
    
    (8,860.000
    )
    
    
    (23,787,863
    )
    
    
    (495,547.486
    )
    
    
    (1,332,065,532
    )
    
    
    (504,407.486
    )
    
    
    (1,355,853,395
    )Offering costs
    
    
    
    
    
    
    (56,965
    )
    
    
    
    
    
    
    (4,736,050
    )
    
    
    
    
    
    
    (4,793,015
    )Balances at
December 31,
2008
    
    
    10,367.982
    
    
    
    27,266,756
    
    
    
    923,465.791
    
    
    
    2,428,627,136
    
    
    
    933,833.773
    
    
    
    2,455,893,892Net income (loss)
for the year ended
December 31,
2009
    
    
    
    
    
    
    (2,437,542
    )
    
    
    
    
    
    
    (197,439,340
    )
    
    
    
    
    
    
    (199,876,882
    )Redemptions
    
    
    (3,730.000
    )
    
    
    (8,906,531
    )
    
    
    (216,560.303
    )
    
    
    (535,824,108
    )
    
    
    (220,290.303
    )
    
    
    (544,730,639
    )Offering costs
    
    
    
    
    
    
    (28,832
    )
    
    
    
    
    
    
    (2,765,921
    )
    
    
    
    
    
    
    (2,794,753
    )Balances at
December 31,
2009
    
    
    6,637.982
    
    
    $
    15,893,851
    
    
    
    706,905.488
    
    
    $
    1,692,597,767
    
    
    
    713,543.470
    
    
    $
    1,708,491,618
 Net Asset Value per General and Limited Partner UnitDecember 31, 2009
    
    December 31, 2008
    
    
    December 31, 2007$2,394.38
    

    $2,629.90
    
    
   $2,670.65
 See
Accompanying Notes to Financial Statements.
 49




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##### 



Campbell Strategic Allocation Fund, L.P.

Financial Highlights
For The Years Ended December And
  2009
    
    
    2008
    
    
    2007Per Unit Performance
(for a unit outstanding throughout the entire year)Net asset value per unit at beginning of year
    
    $
    2,629.90
    
    
    $
    2,670.65
    
    
    $
    3,129.06Income (loss) from operations:Total net trading
gains (losses)
(1)
    
    
    (58.90
    )
    
    
    107.33
    
    
    
    (383.81
    )Net investment income (loss)
(1)
    
    
    (173.25
    )
    
    
    (143.88
    )
    
    
    (70.90
    )Total net income (loss) from operations
    
    
    (232.15
    )
    
    
    (36.55
    )
    
    
    (454.71
    )Offering
costs
(1)
    
    
    (3.37
    )
    
    
    (4.20
    )
    
    
    (3.70
    )Net asset value per unit at end of year
    
    $
    2,394.38
    
    
    $
    2,629.90
    
    
    $
    2,670.65Total Return
    
    
    (8.96
    )%
    
    
    (1.53
    )%
    
    
    (14.65
    )%Supplemental DataRatios to average net asset value:Expenses prior to performance fee
    
    
    7.16
    %
    
    
    7.19
    %
    
    
    7.11
    %Performance fee
    
    
    0.00
    %
    
    
    0.00
    %
    
    
    0.00
    %Total expenses
    
    
    7.16
    %
    
    
    7.19
    %
    
    
    7.11
    %Net
investment income (loss)
(2)
    
    
    (7.02
    )%
    
    
    (5.43
    )%
    
    
    (2.41
    )%
 Total returns are calculated based on the change in value of a unit during the year. An
individual partners total returns and ratios may vary from the above total returns and ratios
based on the timing of additions 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 year. 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. See
Accompanying Notes to Financial Statements.
 50




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##### 



Campbell Strategic Allocation Fund, L.P.
Notes to Financial Statements
December
 Note 1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 A.
    
    General Description of the FundCampbell 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 options on forward currency contracts.Effective June 14, 2008, units in the Fund were no longer offered for sale. For existing
investors in the Fund, business is 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.
    
    RegulationAs a registrant with the Securities and Exchange Commission, the Fund is subject to the
regulatory requirements under the Securities Act of 1933 and the Securities Exchange Act of
1934. As a commodity investment pool, the Fund is subject to the regulations of the
Commodity Futures Trading Commission, an agency of the United States (U.S.) government
which regulates most aspects of the commodity futures industry; rules of the National
Futures Association, an industry self-regulatory organization; and the requirements of the
various commodity exchanges where the Fund executes transactions. Additionally, the Fund is
subject to the requirements of futures commission merchants (brokers) and interbank market
makers through which the Fund trades.C.
    
    Method of ReportingThe 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.
Investment transactions are accounted for on the trade date. Gains or losses are realized
when contracts are liquidated. Unrealized gains and losses on open contracts (the
difference between contract trade price and market price) are reported in the statement of
financial condition as a net gain or loss, as there exists a right of offset of unrealized
gains or losses in accordance with Financial Accounting Standards Board (FASB) Accounting
Standards Codification (ASC) 210-20, Offsetting  Balance Sheet, (formerly FAS No.39  Offsetting of Amounts Related to Certain Contracts). The market 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 on the last business day of
the reporting period. The market 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 or based on the market value of its
exchange-traded equivalent.The market value of option (non-exchange traded) contracts is calculated by applying an
industry-standard adaptation of the Black-Scholes options valuation model to foreign
currency options, using as input, the spot prices, interest rates and option implied
volatilities quoted as of 3:00 P.M. (E.T.) on the last business day of the reporting
period. Any change in net unrealized gain or loss from the preceding period is reported in
the statement of operations.When the Fund writes an option, an amount equal to the premium received by the Fund is
reflected as an asset and an equivalent liability. The amount of the liability is
subsequently marked-to-market to reflect the current market value of option written.
Brokerage commissions include other trading fees and are charged to expense when contracts are opened.The fixed income investments, other than U.S. Treasury bills held at the brokers or
interbank market makers, are marked-to-market on the last business day of the reporting
period by a custodian who utilizes 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. U.S. Treasury bills not held by the custodian are stated at cost plus accrued
interest, which approximates fair value. Premiums and discounts on debt securities are
amortized for financial reporting purposes.
 51




---



##### 



Campbell Strategic Allocation Fund, L.P.
Notes to Financial Statements
December
 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.The Fund adopted the provisions of ASC 820, Fair Value Measurements and Disclosures (formerly FASB
No.157, Fair Value Measurements), as of January 1, 2008. 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 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 and options on forward currency contracts that the Fund values using models or other
valuation methodologies derived from observable market data. This category also includes fixed
income investments.Level 3 inputs are unobservable inputs for an asset or liability (including the Funds own
assumptions used in determining the fair value of investments). Unobservable inputs shall be used
to measure fair value to the extent that observable inputs are not available, thereby allowing for
situations in which there is little, if any, market activity for the asset or liability at the
measurement date. As of and for the year ended December 31, 2009, 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 December 31, 2009 and December 31, 2008.
 Fair Value at December 31, 2009Description
    
    Level 1
    
    
    Level 2
    
    
    Level 3
    
    
    TotalInvestmentsFixed income securities
    
    $
    0
    
    
    $
    1,606,246,718
    
    
    $
    0
    
    
    $
    1,606,246,718Other Financial InstrumentsExchange-traded futures
contracts
    
    
    (4,577,117
    )
    
    
    0
    
    
    
    0
    
    
    
    (4,577,117
    )Forward currency contracts
    
    
    0
    
    
    
    (15,082,278
    )
    
    
    0
    
    
    
    (15,082,278
    )Options purchased
    
    
    0
    
    
    
    4,062,722
    
    
    
    0
    
    
    
    4,062,722Options written
    
    
    0
    
    
    
    (1,094,738
    )
    
    
    0
    
    
    
    (1,094,738
    )Total
    
    $
    (4,577,117
    )
    
    $
    1,594,132,424
    
    
    $
    0
    
    
    $
    1,589,555,307
 52




---



##### 



Campbell Strategic Allocation Fund, L.P.
Notes to Financial Statements
December
 Fair Value at December 31, 2008Description
    
    Level 1
    
    
    Level 2
    
    
    Level 3
    
    
    TotalInvestmentsFixed income securities
    
    $
    0
    
    
    $
    1,136,934,669
    
    
    $
    0
    
    
    $
    1,136,934,669Other Financial InstrumentsExchange-traded futures contracts
    
    
    206,159
    
    
    
    0
    
    
    
    0
    
    
    
    206,159Forward currency contracts
    
    
    0
    
    
    
    10,828,848
    
    
    
    0
    
    
    
    10,828,848Options purchased
    
    
    0
    
    
    
    519,315
    
    
    
    0
    
    
    
    519,315Options written
    
    
    0
    
    
    
    (3,202,653
    )
    
    
    0
    
    
    
    (3,202,653
    )Total
    
    $
    206,159
    
    
    $
    1,145,080,179
    
    
    $
    0
    
    
    $
    1,145,286,338
 D.
    
    Cash and Cash EquivalentsCash and cash equivalents includes cash and overnight money market investments at financial
institutions.E.
    
    Income TaxesThe Fund prepares calendar year U.S. federal and applicable state information 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 (formerly FASB
No.48, Accounting for Uncertainty in 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 2006 through 2009 tax years generally remain subject to
examination by the U.S. federal and most state tax authorities.F.
    
    Offering CostsCampbell & Company, Inc. (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 or 2.5% of the aggregate subscriptions accepted during the
initial and continuous offerings. The Fund is only liable for payment of offering costs on a
monthly basis as calculated based on the limitations stated above. At December 31, 2009, and
December 31, 2008, the Fund reflects a liability in the statement of financial condition for
offering costs payable to Campbell & Company of $346,751 and $309,964, respectively. The
amount of monthly reimbursement due to Campbell & Company is charged directly to partners
capital.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. At December 31, 2009 and December 31,
2008, the amount of unreimbursed offering costs incurred by Campbell & Company is $529,166
and $926,519, respectively.
 53




---



##### 



Campbell Strategic Allocation Fund, L.P.  Notes to Financial Statements  December 31, 2009
 G.
    
    Foreign Currency TransactionsThe 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 statement 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.H.
    
    Recently Issued Accounting PronouncementsIn January 2010, the Financial Accounting Standards Board issued Accounting Standards
update No. 2010-06 (ASU 2010-06) for improving disclosure about fair value measurements.
ASU 2010-06 adds new disclosure requirements about transfers into and out of Levels 1 and 2
and separate disclosures about purchases, sales, issuances and settlements in the
reconciliation for fair value measurements using significant unobservable inputs (Level 3).
It also clarifies existing disclosure requirements relating to the levels of disaggregation
for fair value measurement and inputs and valuation techniques used to measure fair value.
The amended guidance is effective for financial statements for fiscal years and interim
periods beginning after December 15, 2009 except for disclosures about purchases, sales,
issuances and settlements in the rollforward of activity in Level 3 fair value
measurements, which are effective for fiscal years beginning after December 15, 2010 and
for interim periods within those fiscal years. The impact of this guidance on the Funds
financial statements and disclosures, if any, is currently being assessed.
 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 broker 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 broker and interbank
market makers for execution and clearing costs is limited to 1/12 of 1% (1% annualized) of
month-end net assets.Campbell & Company is also paid a quarterly performance fee of 20% of the Funds aggregate
cumulative appreciation in the Net Asset Value per unit, exclusive of appreciation
attributable to interest income. More specifically, the performance fee is paid on the
cumulative increase, if any, in the Net Asset Value per Unit over the highest previous
cumulative Net Asset Value per Unit (commonly referred to as a High Water Mark) adjusting
for investment income. In determining the brokerage and performance fees (the fees),
adjustments shall be made for capital additions and withdrawals and Net Assets shall not be
reduced by the fees being calculated for such current period. The performance fee is not
subject to any clawback provisions. The fees are typically paid in the month following the
month in which they are earned. The fees are paid from the available cash at the Funds
bank, broker or cash management accounts.
 54




---



##### 



Campbell Strategic Allocation Fund, L.P.  Notes to Financial Statements  December 31, 2009
 Note 3.
    
    CASH MANAGER AND CUSTODIAN
 In July 2009 the Fund appointed Wilmington Trust Investment Management LLC, a wholly owned
subsidiary of Wilmington Trust Corporation, and Horizon Cash Management LLC as cash
managers under the Non-Custody Investment Advisory Agreements to manage and control the
liquid assets of the Fund. Each cash manager is registered as an investment adviser with
the Securities and Exchange Commission of the United States under the Investment Advisers
Act of
1940.The Fund opened custodial accounts at The Northern Trust Company (the custodian) and has
granted the cash managers 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 managers on behalf of the Fund will
be held in the Funds custody accounts at the custodian. The cash managers will have no
beneficial or other interest in the securities and cash in such custody accounts. The cash
managers began trading on behalf of the Fund in August 2009.
 Note 4.
    
    DEPOSITS WITH BROKERS
 The Fund deposits assets with brokers subject to Commodity Futures Trading Commission
regulations and various exchange and broker requirements. Margin requirements are satisfied
by the deposit of U.S. Treasury bills and cash with such brokers. The Fund typically earns
interest
income on its assets deposited with the brokers.
 Note 5.
    
    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
years ended December 31, 2009, 2008 and 2007.
 Note 6.
    
    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.Redemption fees, which are paid to Campbell & Company, apply through the first twelve
month-ends following purchase as follows: 4% of Net Asset Value per unit redeemed through
the third month-end, 3% of Net Asset Value per unit redeemed through the sixth month-end,
2% of Net Asset Value per unit redeemed through the ninth month-end and 1% of Net Asset
Value per unit redeemed through the twelfth month end. After the twelfth month-end
following purchase of a unit, no redemption fees apply. For the years ended December 31,
2009 and 2008, Campbell & Company received redemption fees of $11,966 and $192,892
respectively.
 Note 7.
    
    TRADING ACTIVITIES AND RELATED RISKS
 The Fund engages in the speculative trading of U.S. and foreign futures contracts, forward
currency contracts and options on forward currency contracts (collectively, derivatives).
Specifically, the Fund trades a portfolio primarily focused on financial futures, which are
instruments designed to hedge or speculate on changes in interest rates, currency exchange
rates or stock index values. A secondary emphasis is on metals, energy and agriculture
values. The Fund is exposed to both market risk, the risk arising from changes in the
market value of the contracts, and credit risk, the risk of failure by another party to
perform according to the terms of a contract. The market sensitive instruments held by the
Fund 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
 55




---



##### 



Campbell Strategic Allocation Fund, L.P.  Notes to Financial Statements  December 31, 2009
 operating company, the
risk of market sensitive instruments is integral, not incidental, to the Funds
main line of business.
 Purchase and sale of futures contracts requires margin deposits with the brokers. Additional
deposits may be necessary for any loss on contract value. The
Commodity Exchange Act requires a broker to segregate all customer transactions and assets from such brokers proprietary
activities. A customers cash and other property (for example, U.S. Treasury bills) deposited with a broker are
considered commingled with all other customer funds subject to the brokers segregation
requirements. In the event of a 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 amount of required margin and good faith deposits with the broker and interbank market makers
usually range from 10% to 30% of Net Asset Value. The market value of securities held to satisfy
such requirements at December 31, 2009 and December 31, 2008 was $266,982,272 and $1,136,934,669,
respectively, which equals 16% and 46% of Net Asset Value, respectively. The cash deposited with
interbank market makers at December 31, 2009 and December 31, 2008 was $41,140,268 and $73,104,593,
respectively, which equals 2% and 3% of Net Asset Value, respectively. These amounts are included
in cash. Included in cash deposits with the broker and interbank market maker at December 31, 2009
and December 31, 2008 was restricted cash for margin requirements of $0 and $83,927,379
respectively, which equals 0% and 3% of Net Asset
Value respectively.The Fund trades forward currency and options on forward currency contracts in unregulated markets
between principals and assumes the risk of loss from counterparty nonperformance. Accordingly, the
risks associated with forward currency and options on foreign 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 and options on forward
currency contracts typically involves delayed cash settlement.The Fund has a substantial portion of its assets on deposit with financial institutions. In the
event of a financial institutions insolvency, recovery of Fund assets on deposit may be limited to
account insurance or other protection afforded such deposits.For derivatives, risks arise from changes in the market value of the contracts. Market movements
result in frequent changes in the fair market 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. 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. As both a buyer and
seller of options, the Fund pays or receives a premium at the outset and then bears the risk of
unfavorable changes in the price of the contract underlying the option. Written options expose the
Fund to potentially unlimited liability, and purchased options expose the Fund to a risk of loss
limited to the premiums paid. See Note 1. C. for an explanation of how the Fund determines its
valuation for
derivatives as well as the netting of derivatives.The unrealized gain (loss) on open futures, forward currency and options on forward currency
contracts is comprised of the following:
 Forward Currency andOptions on ForwardFutures Contracts
    
    
    Currency Contracts(exchange traded)
    
    
    (non-exchange traded)December 31, 2009
    
    
    December 31, 2008
    
    
    December 31, 2009
    
    
    December 31, 2008Gross unrealized gains
    
    $
    25,016,239
    
    
    $
    14,648,019
    
    
    $
    68,424,483
    
    
    $
    64,296,837Gross unrealized losses
    
    
    (29,593,356
    )
    
    
    (14,441,860
    )
    
    
    (83,307,411
    )
    
    
    (53,582,976
    )Net unrealized gain
(loss)
    
    $
    (4,577,117
    )
    
    $
    206,159
    
    
    $
    (14,882,928
    )
    
    $
    10,713,861
 56




---



##### 



Campbell Strategic Allocation Fund, L.P.  Notes to Financial Statements  December 31, 2009
 In March 2008, the FASB issued ASC 815, Derivatives and Hedging (formerly SFAS No.161, Disclosures about Dervative instruments and Hedging Activities). 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. ASC 815 is effective for financial statements
issued for the Funds first fiscal year beginning after November 15, 2008. The Fund adopted ASC 815
effective January 1, 2009.The following tables summarize quantitative information required by ASC 815.The fair value of the Funds derivatives by instrument type, as well as the location of those
instruments on the Statement of Financial Condition, as of December 31, 2009 is as follows:
 Asset
    
    
    LiabilityDerivatives at
    
    
    Derivatives atStatement of Financial
    
    December 31, 2009
    
    
    December 31, 2009Type of Instrument *
    
    Condition Location
    
    Fair Value
    
    
    Fair Value
    
    
    NetAgricultural Contracts
    
    Equity in broker trading accounts
    
    $
    616,716
    
    
    $
    (625,938
    )
    
    $
    (9,222
    )Energy Contracts
    
    Equity in broker trading accounts
    
    
    999,217
    
    
    
    (200,472
    )
    
    
    798,745Metal Contracts
    
    Equity in broker trading accounts
    
    
    7,483,987
    
    
    
    (6,054,517
    )
    
    
    1,429,470Stock Indices Contracts
    
    Equity in broker trading accounts
    
    
    13,693,321
    
    
    
    (1,039,176
    )
    
    
    12,654,145Short-Term Interest Rate Contracts
    
    Equity in broker trading accounts
    
    
    276,225
    
    
    
    (5,618,563
    )
    
    
    (5,342,338
    )Long Term Interest Rate Contracts
    
    Equity in broker trading accounts
    
    
    1,946,773
    
    
    
    (16,054,690
    )
    
    
    (14,107,917
    )Forward Currency Contracts
    
    Net unrealized gain (loss) on forward currency contracts
    
    
    66,727,508
    
    
    
    (81,809,786
    )
    
    
    (15,082,278
    )Purchased Options on Forward Currency Contracts
    
    Options purchased, at fair value
    
    
    4,062,722
    
    
    
    0
    
    
    
    4,062,722Written Options on Forward Currency Contracts
    
    Options written, at fair value
    
    
    0
    
    
    
    (1,094,738
    )
    
    
    (1,094,738
    )Totals
    
    
    
    $
    95,806,469
    
    
    $
    (112,497,880
    )
    
    $
    (16,691,411
    )
 
 *
    
    Derivatives not designated as hedging instruments under ASC 815 57




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Campbell Strategic Allocation Fund, L.P.  Notes to Financial Statements  December 31, 2009
 The trading revenue of the Funds derivatives by instrument type, as well as the location of
those gains and losses on the Statement of Operations, for the year ended December 31, 2009 is as
follows:
 Trading Revenue forthe Year EndedType of Instrument
    
    December 31, 2009Agricultural Contracts
    
    $
    (6,276,313
    )Energy Contracts
    
    
    (25,247,449
    )Metal Contracts
    
    
    23,508,827Stock Indices Contracts
    
    
    (18,689,689
    )Short-Term Interest Rate Contracts
    
    
    (12,593,188
    )Long Term Interest Rate Contracts
    
    
    (78,495,735
    )Forward Currency Contracts
    
    
    36,462,662Purchased Options on Forward Currency Contracts
    
    
    (41,245,310
    )Written Options on Forward Currency Contracts
    
    
    68,723,618Total
    
    $
    (53,852,577
    )
 Trading Revenue forthe Year EndedLine Item in the Statement of Operations
    
    December 31, 2009Futures trading gains (losses):Realized
    
    $
    (113,010,273
    )Change in unrealized
    
    
    (4,783,274
    )Forward currency and options on forward currency
trading gains (losses):Realized
    
    
    89,537,760Change in unrealized
    
    
    (25,596,790
    )Total
    
    $
    (53,852,577
    )
 For the year ended December 31, 2009, the monthly average of futures contracts bought and sold
was approximately 85,200, and the monthly average of notional value of forward currency and options
on forward currency contracts was $10,284,500,000.Open contracts generally mature within three months; as of December 31, 2009, the latest maturity
date for open futures contracts is March 2011, the latest maturity date for open forward currency
contracts is March 2010, and the latest expiry date for options on forward currency contracts is
January 2010. However, the Fund intends to close all futures and foreign currency contracts prior
to maturity.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
precalculating stop-loss points at which systems will signal to close open positions. 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 bears 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.
 58




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Campbell Strategic Allocation Fund, L.P.  Notes to Financial Statements  December 31, 2009
 Note 8.
    
    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 9.
    
    SUBSEQUENT EVENTS
 Management of the Fund has evaluated subsequent events through the date the financial
statements were issued. Other than the following, there are no subsequent events to
disclose or record. On December 18, 2009, a registration statement was filed with the
Securities and Exchange Commission to reopen the Fund to existing investors. As of March
26, 2010, the
registration is not yet effective.
 59




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##### 



EXHIBIT INDEX
 Exhibit Number
    
    Description of Document
    
    Page Number31.01
    
    Certification by Chief Executive Officer
    
    E 231.02
    
    Certification by Chief Financial Officer
    
    E 332.01
    
    Certification by Chief Executive Officer
    
    E 432.02
    
    Certification by Chief Financial Officer
    
    E 5
 E- 1