##### Table of Contents



SECURITIES AND EXCHANGE COMMISSION
 WASHINGTON, D.C. 20549
  FORM 10-K
 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, 2010 Commission File Number 0-22260 and 2-84126
 OR
 o
    
    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 o
(Do not check if a smaller reporting company)
    
    Small Reporting Company þ
 o þ




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##### 



TABLE OF CONTENTS
 PagePART IITEM 1. BUSINESS
    
    
    1  4ITEM 1A. RISK FACTORS
    
    
    4  13ITEM 1B. UNRESOLVED STAFF COMMENTS
    
    
    13ITEM 2. PROPERTIES
    
    
    13ITEM 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
    
    
    14ITEM 7. MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS
    
    
    15  25ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
    
    
    25  30ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
    
    
    31ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL
DISCLOSURE
    
    
    31ITEM 9A. CONTROLS AND PROCEDURES
    
    
    31ITEM 9B. OTHER INFORMATION
    
    
    31PART IIIITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
    
    
    32  35ITEM 11. EXECUTIVE COMPENSATION
    
    
    35ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED
STOCKHOLDER MATTERS
    
    
    35ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE
    
    
    35ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES
    
    
    35  36PART IVITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES
    
    
    36  37SIGNATURESCERTIFICATIONSEX-31.01EX-31.02EX-32.01EX-32.02
  i




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PART I
 
 Item 1. Business
 Overview
        1




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Regulation
     Operations
   2




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The Fund has terminated the Non-Custody Investment Advisory Agreement appointing Wilmington
Trust Investment management LLC as cash manager, effective December 31, 2010.
 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.
 3




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RECIPIENT
    
    NATURE OF PAYMENT
    
    AMOUNT OF PAYMENTCampbell & 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 Manager and
Custodian Fees
    
    Cash Management and
Custody fees
    
    Cash management and
custodial fees for
the Funds non-margin
assets are estimated
at 0.10% per annum
based on the
percentage of assets
under management by
the cash managers.
 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
  Suspension of Redemptions
   Market Disruptions: Governmental Intervention; The Dodd Frank Wall Street Reform and Consumer
Protection Act (the Reform Act)
   5




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Speculative Position Limits
    6




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Over-the-Counter Transactions are Subject to Little, if Any, Regulation
  Over-the-Counter Transactions May Be Subject to the Risk of Counterparty Default
   Options on Futures and Over-the-Counter Contracts are Speculative and Highly Leveraged
  An Investment in the Fund May Not Diversify an Overall Portfolio
  7




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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
  Increase in Assets Under Management May Make Profitable Trading More Difficult
  8




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Investors Will Not be Able to View the Funds 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
  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
  9




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The Funds Service Providers Could Fail, Which May Result in Losses to the Fund
   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
     10




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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
  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
  11




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The Fund is Subject to Foreign Exchange Risk
  Transfers Could be Restricted
  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
  12




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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
  
 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
    13




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Item 6. Selected Financial Data
 Dollars in thousands, except per Unit amounts
  For the Year Ended December 31,2010
    
    
    2009
    
    
    2008
    
    
    2007
    
    
    2006Total Assets
    
    $
    1,450,843
    
    
    $
    1,858,856
    
    
    $
    2,541,717
    
    
    $
    3,999,585
    
    
    $
    5,777,987Total Partners Capital
    
    
    1,417,846
    
    
    
    1,708,492
    
    
    
    2,455,894
    
    
    
    3,803,392
    
    
    
    5,654,540Total Net Trading Gain (Loss)
(includes brokerage commissions)
    
    
    208,247
    
    
    
    (56,051
    )
    
    
    139,135
    
    
    
    (620,158
    )
    
    
    348,176Net Income (Loss)
    
    
    109,314
    
    
    
    (199,877
    )
    
    
    (24,940
    )
    
    
    (739,180
    )
    
    
    211,997Net Income (Loss) Per General
and Limited Partner Unit *
    
    
    175.36
    
    
    
    (240.77
    )
    
    
    (21.87
    )
    
    
    (440.33
    )
    
    
    113.86Increase (Decrease) in
Net Asset Value per
General and Limited
Partner Unit
    
    
    216.49
    
    
    
    (235.52
    )
    
    
    (40.75
    )
    
    
    (458.41
    )
    
    
    121.64
  1st Qtr.
    
    
    2nd Qtr.
    
    
    3rd Qtr.
    
    
    4th Qtr.2010
    
    
    2010
    
    
    2010
    
    
    2010Total Net Trading
Gain (Loss)
(includes brokerage
commissions)
    
    $
    (45,962
    )
    
    $
    6,616
    
    
    $
    125,562
    
    
    $
    122,031Net Income (Loss)
    
    
    (72,473
    )
    
    
    (18,631
    )
    
    
    102,941
    
    
    
    97,477Net Income (Loss)
per General and
Limited Partner
Unit *
    
    
    (103.56
    )
    
    
    (29.05
    )
    
    
    173.36
    
    
    
    174.55Increase (Decrease)
in Net Asset Value
per General and
Limited Partner Unit
    
    
    (100.17
    )
    
    
    (32.46
    )
    
    
    175.83
    
    
    
    173.29Net Asset Value per
General and Limited
Partner Unit at the
End of the Period
    
    
    2,294.21
    
    
    
    2,261.75
    
    
    
    2,437.58
    
    
    
    2,610.87
 
 *
    
    -Based on weighted average number of units outstanding during the period. 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. 14




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Item 7. Managements Discussion and Analysis of Financial Condition and Results of Operations.
 Introduction
  Critical Accounting Policies
   Capital Resources
    Liquidity
   15




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The Fund has terminated the Non-Custody Investment Advisory Agreement appointing Wilmington
Trust Investment management LLC as cash manager, effective December 31, 2010.
   Off-Balance Sheet Risk
   16




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Disclosures About Certain Trading Activities that Include Non-Exchange Traded Contracts
Accounted for at Fair Value
  Results of Operations
  2010
  Sector
    
    % Gain (Loss)Interest Rates
    
    
    12.22
    %Commodities
    
    
    3.30Currencies
    
    
    3.10Stock Indices
    
    
    (2.31
    )16.31
    %
  17




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18




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19




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20




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2009
  Sector
    
    % Gain (Loss)Currencies
    
    
    3.70
    %Commodities
    
    
    (0.24
    )Stock Indices
    
    
    (0.46
    )Interest Rates
    
    
    (4.66
    )(1.66
    )%
    21




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22




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2008
  Sector
    
    % Gain (Loss)Stock Indices
    
    
    8.58
    %Commodities
    
    
    0.81Currencies
    
    
    (0.58
    )Interest Rates
    
    
    (4.62
    )4.19
    %
  23




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24




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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
  25




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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).
       26




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The Funds Trading Value at Risk in Different Market Sectors
  December 31, 2010TradingMarket Sector
    
    Value at Risk*
    
    
    Gain/(Loss)**Commodities
    
    
    0.83
    %
    
    
    3.30
    %Stock Indices
    
    
    0.48
    %
    
    
    (2.31
    )%Currencies
    
    
    0.46
    %
    
    
    3.10
    %Interest Rates
    
    
    0.45
    %
    
    
    12.22
    %Aggregate/Total
    
    
    1.72
    %
    
    
    16.31
    %
 
 *
    
    -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 9.04% return for the twelve months ended December 31, 2010, approximately 16.31%
was due to trading gains (before commissions) and approximately 0.46% due to investment income
offset by approximately 7.73% due to brokerage fees, operating expenses and offering costs
borne by the Fund. 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)%. 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
    %
 27




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*
    
    -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)%. 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;
 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.
  28




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Currencies
 i.e.,
 Interest Rates
  Stock Indices
  Energy
  Metals
  Agricultural
  Qualitative Disclosures Regarding Non-Trading Risk Exposure
  29




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Foreign Currency Balances
  Fixed Income Securities
  Treasury Bill Positions for Margin Purposes
  Qualitative Disclosures Regarding Means of Managing Risk Exposure
   General
  30




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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
  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
  31




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PART III
 
 Item 10. Directors, Executive Officers and Corporate Governance
     32




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33




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Audit Committee Financial Expert
  Code of Ethics
  34




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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, 2010, no Units of
Limited Partnership are owned or held by an officer of Campbell & Company.(b)
    
    Security Ownership of Management. As of December 31, 2010, Campbell & Company
owned 6,602.933 Units of General Partnership Interest having a value of $17,239,400.
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:
 Amount and NatureName of Beneficial
    
    of BeneficialTitle of Class
    
    Owner
    
    Ownership
    
    Percentage of ClassUnits of General
Partnership
Interest
    
    Campbell & Company,
Inc.
    
    6,602.933 Units
    
    1.22% of Units outstanding
 
 Item 13. Certain Relationships and Related Transactions, and Director Independence
  
 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, 2010
and 2009 were $160,763 and $121,500, 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, 2010 and
2009 were $0 and $16,900, respectively.(c)
    
    Tax FeesNone
 35




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(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 38 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 Document3.01
    
    Second Amended and Restated Agreement of Limited Partnership of
the Registrant dated January 1, 2010. (Incorporated by reference to the
respective exhibit to the Registrants Registration Statement on Form S-1 (No.
333-166320) filed on April 27, 2010).3.02
    
    Amended 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. 333-166320) filed on April 27, 2010).10.01
    
    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).10.02
    
    Subscription Agreement and Power of Attorney. (Incorporated by
reference to the respective exhibit to the Registrants Post-Effective Amendment
Number 1 to the Registration Statement Form S-1 (No. 333-166320) filed on March
18, 2011).10.03
    
    Escrow Agreement between the Registrant and PNC Bank, National
Association (formerly known as 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).10.04
    
    Commodity Customer Agreement between the Registrant and UBS
Securities LLC (Incorporated by reference to the respective exhibit to the
Registrants Post  Effective Amendment No. 4 to the Registration Statement on
Form S-1 (No. 333-119259) filed on August 15, 2007).10.05
    
    Commodity Customer Agreement between the Registrant and Goldman,
Sachs & Co. (Incorporated by reference to the respective exhibit to the
Registrants Post  Effective Amendment No. 4 to the Registration Statement on
Form S-1 (No. 333-119259) filed on August 15, 2007).10.06
    
    Global Institutional Master Custody Agreement between the
Registrant and The Northern Trust Company (Incorporated by reference to the
respective exhibit to Registrants Registration Statement on Form S-1 (No.
333-166320) filed on April 27, 2010).10.07
    
    International Swap Dealers Association, Inc. Master Agreement
between the Registrant and The Royal Bank of Scotland plc (Incorporated by
reference to the respective exhibit to Registrants Registration Statement on
Form S-1 (No. 333-166320) filed on April 27, 2010).10.08
    
    International Swap Dealers Association, Inc. Master Agreement
between the Registrant and UBS AG (Incorporated by reference to the respective
exhibit to Registrants Post-Effective Amendment Number 1 to the Registration
Statement Form S-1 (No. 333-166320) filed on March 18, 2011).
 36




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##### Table of Contents



Exhibit Number
    
    Description of Document10.09
    
    Non-Custody Investment Advisory Agreement between the Registrant
and Horizon Cash Management L.L.C. (Incorporated by reference to the respective
exhibit to Registrants Registration Statement on Form S-1 (No. 333-166320)
filed on April 27, 2010).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.
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##### Table of Contents



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
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##### Table of Contents



CAMPBELL STRATEGIC ALLOCATION
FUND, L.P.
 ANNUAL REPORT
  39




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##### Table of Contents



CAMPBELL STRATEGIC ALLOCATION FUND, L.P
 INDEX
 PAGESReports of Independent Registered Public Accounting FirmDeloitte & Touche LLP
    
    
    41Financial StatementsCondensed Schedules of Investments December 31, 2010 and 2009
    
    
    42-47Statements of Financial Condition December 31, 2010 and 2009
    
    
    48Statements of Operations For the Years Ended December 31, 2010, 2009 and 2008
    
    
    49Statements of Cash Flows For the Years Ended December 31, 2010, 2009 and 2008
    
    
    50Statements of Changes in Partners Capital (Net Asset Value) For the Years Ended December 31, 2010, 2009 and 2008
    
    
    51Financial Highlights For the Years Ended December 31, 2010, 2009 and 2008
    
    
    52Notes to Financial Statements
    
    
    53-61
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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
 
     
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Campbell Strategic Allocation Fund, L.P.
 
 Condensed Schedule of Investments  December
 FIXED INCOME SECURITIES
 Maturity
    
    
    
    
    
    
    
    
    % of NetFace Value
    
    
    Description
    
    Values ($)
    
    
    Asset ValueBank DepositsCanadaFinancials (cost $14,545,000)
    
    $
    14,557,945
    
    
    
    1.03
    %United StatesFinancials (cost $33,000,000)
    
    $
    33,009,535
    
    
    
    2.33
    %Total Bank Deposits 
(cost $47,545,000)
    
    $
    47,567,480
    
    
    
    3.36
    %Commercial PaperAustraliaFinancials (cost $13,810,957)
    
    $
    13,816,616
    
    
    
    0.97
    %NetherlandsIndustrial  (cost $20,508,143)
    
    $
    20,554,351
    
    
    
    1.45
    %PanamaConsumer Discretionary (cost $32,994,474)
    
    $
    32,994,307
    
    
    
    2.33
    %United KingdomConsumer Staples (cost $11,531,551)
    
    $
    11,532,293
    
    
    
    0.81
    %United StatesConsumer Discretionary
    
    $
    115,527,505
    
    
    
    8.15
    %Consumer Staples
    
    $
    6,683,703
    
    
    
    0.47
    %Energy
    
    $
    43,103,277
    
    
    
    3.04
    %Financials
    
    $
    42,144,129
    
    
    
    2.97
    %Health Care
    
    $
    56,326,259
    
    
    
    3.97
    %Industrial
    
    $
    22,132,270
    
    
    
    1.56
    %Municipal
    
    $
    5,277,272
    
    
    
    0.37
    %Services
    
    $
    19,997,604
    
    
    
    1.41
    %Utilities
    
    $
    89,945,673
    
    
    
    6.34
    %Total United States(cost $401,123,948)
    
    $
    401,137,692
    
    
    
    28.28
    %Total Commercial Paper(cost $479,969,073)
    
    $
    480,035,259
    
    
    
    33.84
    %
 See Accompanying Notes to Financial Statements.
 42




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Campbell Strategic Allocation Fund, L.P.  Condensed Schedule of Investments  December
 Corporate BondsUnited StatesFinancials (cost $103,844,282)
    
    $
    104,048,295
    
    
    
    7.34
    %Government And Agency ObligationsUnited StatesU.S. Government Agency$
    19,400,000
    
    
    Federal Home Loan Bank 0.625%
Due 10/18/2012
    
    $
    19,363,140
    
    
    
    1.37
    %$
    30,000,000
    
    
    Federal Home Loan Bank 0.70%
Due 04/18/2011
    
    $
    30,041,550
    
    
    
    2.12
    %$
    25,000,000
    
    
    Federal Home Loan Bank BD 0.40%
Due 12/09/2011
    
    $
    24,988,175
    
    
    
    1.76
    %$
    44,320,000
    
    
    Federal Home Loan Bank BD 1.00%
Due 02/28/2011
    
    $
    44,348,055
    
    
    
    3.13
    %Other
    
    $
    94,000,068
    
    
    
    6.63
    %$
    75,000,000
    
    
    U.S. Treasury Bills *
Due 01/06/2011
    
    $
    74,998,646
    
    
    
    5.29
    %$
    30,000,000
    
    
    U.S. Treasury Bills *
Due 01/06/2011
    
    $
    29,999,528
    
    
    
    2.12
    %$
    75,000,000
    
    
    U.S. Treasury Bills *
Due 01/13/2011
    
    $
    74,997,625
    
    
    
    5.29
    %Total United States(cost $392,776,938)
    
    $
    392,736,787
    
    
    
    27.71
    %Short Term Investment FundsUnited StatesShort Term Investment Funds (cost $841)
    
    $
    841
    
    
    
    0.00
    %Total Fixed Income Securities
(cost $1,024,136,134)
    
    $
    1,024,388,662
    
    
    
    72.25
    %
 LONG FUTURES CONTRACTS
 % of NetDescription
    
    Values ($)
    
    
    Asset ValueAgricultural
    
    $
    9,251,944
    
    
    
    0.65
    %Energy
    
    $
    3,035,710
    
    
    
    0.21
    %Metals
    
    $
    10,794,183
    
    
    
    0.76
    %Stock indices
    
    $
    (306,791
    )
    
    
    (0.02
    )%Short-term interest rates
    
    $
    1,605,624
    
    
    
    0.11
    %Long-term interest rates
    
    $
    192,278
    
    
    
    0.01
    %Total long futures contracts
    
    $
    24,572,948
    
    
    
    1.72
    %
 See Accompanying Notes to Financial Statements.
 43




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##### Table of Contents



Campbell Strategic Allocation Fund, L.P.  Condensed Schedule of Investments  December
 SHORT FUTURES CONTRACTS
 % of NetDescription
    
    Values ($)
    
    
    Asset ValueAgricultural
    
    $
    (72,440
    )
    
    
    (0.01
    )%Energy
    
    $
    (1,087,850
    )
    
    
    (0.08
    )%Metals
    
    $
    (2,444,287
    )
    
    
    (0.17
    )%Stock indices
    
    $
    243,953
    
    
    
    0.02
    %Short-term interest rates
    
    $
    (33,297
    )
    
    
    0.00
    %Long-term interest rates
    
    $
    (2,828,749
    )
    
    
    (0.20
    )%Total short futures contracts
    
    $
    (6,222,670
    )
    
    
    (0.44
    )%Total futures contracts
    
    $
    18,350,278
    
    
    
    1.28
    %
 FORWARD CURRENCY CONTRACTS
 % of NetDescription
    
    Values ($)
    
    
    Asset ValueVarious long forward currency contracts
    
    $
    114,487,860
    
    
    
    8.07
    %Various short forward currency contracts
    
    $
    (92,306,224
    )
    
    
    (6.51
    )%Total forward currency contracts
    
    $
    22,181,636
    
    
    
    1.56
    %
 PURCHASED OPTIONS ON FORWARD CURRENCY CONTRACTS
 % of NetDescription
    
    Values ($)
    
    
    Asset ValuePurchased options on forward
currency contracts (premiums
paid  $4,537,333)
    
    $
    6,243,013
    
    
    
    0.44
    %
 WRITTEN OPTIONS ON FORWARD CURRENCY CONTRACTS
 % of NetDescription
    
    Values ($)
    
    
    Asset ValueWritten options on forward currency contracts
(premiums received  $988,402)
    
    $
    (2,884,114
    )
    
    
    (0.20
    )%
 
 *
    
    Pledged as collateral for the trading of futures, forward and option positions. See Accompanying Notes to Financial Statements.
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Campbell Strategic Allocation Fund, L.P.  Condensed Schedule of Investments  December
 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.
 45




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Campbell Strategic Allocation Fund, L.P.  Condensed Schedule of Investments  December
 $
    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.
 46




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Campbell Strategic Allocation Fund, L.P.  Condensed Schedule of Investments  December
 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.
 47




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##### Table of Contents



Campbell Strategic Allocation Fund, L.P. 
Statements of Financial Condition
December 31, 2010 And 2009
 2010
    
    
    2009ASSETSEquity in broker trading accountsCash
    
    $
    294,040,862
    
    
    $
    224,803,378Fixed income securities
(cost $149,996,271 and $199,987,417, respectively)
    
    
    149,996,271
    
    
    
    199,987,417Net unrealized gain (loss) on open futures contracts
    
    
    18,350,278
    
    
    
    (4,577,117
    )Total equity in broker trading accounts
    
    
    462,387,411
    
    
    
    420,213,678Cash and cash equivalents
    
    
    78,868,811
    
    
    
    41,337,614Restricted cash deposits with forwards broker
    
    
    4,324,051
    
    
    
    0Fixed income securities
(cost $874,139,862 and $1,406,415,692, respectively)
    
    
    874,392,391
    
    
    
    1,406,259,301Options purchased, at fair value
(premiums paid  $4,537,333 and $4,023,342, respectively)
    
    
    6,243,013
    
    
    
    4,062,722Net unrealized gain (loss) on open forward
currency contracts
    
    
    22,181,636
    
    
    
    (15,082,278
    )Interest receivable
    
    
    2,445,265
    
    
    
    2,064,955Total assets
    
    $
    1,450,842,578
    
    
    $
    1,858,855,992LIABILITIESAccounts payable
    
    $
    729,337
    
    
    $
    642,518Brokerage fee
    
    
    8,438,643
    
    
    
    10,246,641Options written, at fair value
(premiums received  $988,402 and $1,254,708, respectively)
    
    
    2,884,114
    
    
    
    1,094,738Payable for securities purchased
    
    
    0
    
    
    
    99,998,667Accrued commissions and other trading fees
on open contracts
    
    
    197,479
    
    
    
    206,347Offering costs payable
    
    
    407,181
    
    
    
    346,751Redemptions payable
    
    
    20,340,196
    
    
    
    37,828,712Total liabilities
    
    
    32,996,950
    
    
    
    150,364,374PARTNERS CAPITAL (Net Asset Value)General Partner - 6,602.933 and 6,637.982 redeemable units
outstanding at December 31, 2010 and December 31, 2009
    
    
    17,239,400
    
    
    
    15,893,851Limited Partners - 536,451.595 and 706,905.488 redeemable units
outstanding at December 31, 2010 and December 31, 2009
    
    
    1,400,606,228
    
    
    
    1,692,597,767Total partners capital (Net Asset Value)
    
    
    1,417,845,628
    
    
    
    1,708,491,618Total liabilities and partners capital (Net Asset Value)
    
    $
    1,450,842,578
    
    
    $
    1,858,855,992
 See Accompanying Notes to Financial Statements.
 48




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##### Table of Contents



Campbell Strategic Allocation Fund, L.P.
Statements of Operations 
For The Years Ended December And
 2010
    
    
    2009
    
    
    2008TRADING GAINS (LOSSES)Futures trading gains (losses)Realized
    
    $
    148,839,263
    
    
    $
    (112,411,933
    )
    
    $
    179,004,073Change in unrealized
    
    
    22,927,395
    
    
    
    (4,783,274
    )
    
    
    (25,817,098
    )Brokerage commissions
    
    
    (3,891,505
    )
    
    
    (2,454,792
    )
    
    
    (3,568,175
    )Net gain (loss) from futures trading
    
    
    167,875,153
    
    
    
    (119,649,999
    )
    
    
    149,618,800Forward currency and options on forward
currency trading gains (losses)Realized
    
    
    3,896,625
    
    
    
    89,537,760
    
    
    
    (108,527,108
    )Change in unrealized
    
    
    36,874,532
    
    
    
    (25,596,790
    )
    
    
    98,446,709Brokerage commissions
    
    
    (399,579
    )
    
    
    (342,095
    )
    
    
    (403,740
    )Net gain (loss) from forward
currency and options on forward
currency trading
    
    
    40,371,578
    
    
    
    63,598,875
    
    
    
    (10,484,139
    )Total net trading gain (loss)
    
    
    208,246,731
    
    
    
    (56,051,124
    )
    
    
    139,134,661NET INVESTMENT INCOME (LOSS)Investment incomeInterest income
    
    
    5,991,912
    
    
    
    3,038,024
    
    
    
    53,353,643Realized gain (loss)
on fixed income securities
    
    
    246,697
    
    
    
    (27,242
    )
    
    
    0Change in unrealized gain (loss) on
fixed income securities
    
    
    408,921
    
    
    
    (156,391
    )
    
    
    0Total investment income
    
    
    6,647,530
    
    
    
    2,854,391
    
    
    
    53,353,643ExpensesBrokerage fee
    
    
    103,070,192
    
    
    
    144,756,816
    
    
    
    215,712,348Operating expenses
    
    
    2,509,570
    
    
    
    1,923,333
    
    
    
    1,715,745Total expenses
    
    
    105,579,762
    
    
    
    146,680,149
    
    
    
    217,428,093Net investment income (loss)
    
    
    (98,932,232
    )
    
    
    (143,825,758
    )
    
    
    (164,074,450
    )NET INCOME (LOSS)
    
    $
    109,314,499
    
    
    $
    (199,876,882
    )
    
    $
    (24,939,789
    )NET INCOME (LOSS) PER
GENERAL AND LIMITED PARTNER UNIT (based on weighted average number of
units outstanding during the year)
    
    $
    175.36
    
    
    $
    (240.77
    )
    
    $
    (21.87
    )INCREASE (DECREASE) IN NET ASSET
VALUE PER GENERAL AND LIMITED PARTNER
UNIT
    
    $
    216.49
    
    
    $
    (235.52
    )
    
    $
    (40.75
    )
 See Accompanying Notes to Financial Statements.
 49




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Campbell Strategic Allocation Fund, L.P.
Statements of Cash Flows
For The Years Ended December And
 2010
    
    
    2009
    
    
    2008Cash flows from (for) operating activitiesNet income (loss)
    
    $
    109,314,499
    
    
    $
    (199,876,882
    )
    
    $
    (24,939,789
    )Adjustments to reconcile net income (loss) to
net cash from (for) operating activitiesNet change in unrealized
    
    
    (60,210,848
    )
    
    
    30,536,455
    
    
    
    (72,629,611
    )(Increase) decrease in restricted cash
    
    
    (4,324,051
    )
    
    
    83,927,379
    
    
    
    (83,927,379
    )(Increase) decrease in option premiums paid
    
    
    (513,991
    )
    
    
    (3,054,341
    )
    
    
    7,018,555Increase (decrease) in option premiums received
    
    
    (266,306
    )
    
    
    (2,282,644
    )
    
    
    (947,652
    )Increase (decrease) in payable for securities
purchased
    
    
    (99,998,667
    )
    
    
    99,998,667
    
    
    
    0(Increase) decrease in interest receivable
    
    
    (380,310
    )
    
    
    (2,023,257
    )
    
    
    1,054,378Increase (decrease) in accounts payable and
accrued expenses
    
    
    (1,730,047
    )
    
    
    (4,488,787
    )
    
    
    (9,173,661
    )Purchases of investments in
fixed income securities
    
    
    (35,667,260,751
    )
    
    
    (40,166,114,624
    )
    
    
    (16,083,601,682
    )Sales/maturities of investments in
fixed income securities
    
    
    36,249,527,728
    
    
    
    39,696,646,185
    
    
    
    18,485,000,000Net cash from (for) operating activities
    
    
    524,157,256
    
    
    
    (466,731,849
    )
    
    
    2,217,853,159Cash flows from (for) financing activitiesAddition of units
    
    
    0
    
    
    
    0
    
    
    
    38,172,639Redemption of units
    
    
    (414,772,914
    )
    
    
    (573,627,818
    )
    
    
    (1,457,812,994
    )Offering costs paid
    
    
    (2,615,661
    )
    
    
    (2,757,966
    )
    
    
    (5,142,749
    )Net cash from (for) financing activities
    
    
    (417,388,575
    )
    
    
    (576,385,784
    )
    
    
    (1,424,783,104
    )Net increase (decrease) in cash and cash equivalents
    
    
    106,768,681
    
    
    
    (1,043,117,633
    )
    
    
    793,070,055Cash and cash equivalentsBeginning of year
    
    
    266,140,992
    
    
    
    1,309,258,625
    
    
    
    516,188,570End of year
    
    $
    372,909,673
    
    
    $
    266,140,992
    
    
    $
    1,309,258,625End of year cash and cash equivalents consists of:Cash in broker trading accounts
    
    $
    294,040,862
    
    
    $
    224,803,378
    
    
    $
    1,278,536,649Cash and cash equivalents
    
    
    78,868,811
    
    
    
    41,337,614
    
    
    
    30,721,976Total end of year cash and cash equivalents
    
    $
    372,909,673
    
    
    $
    266,140,992
    
    
    $
    1,309,258,625
 See Accompanying Notes to Financial Statements.
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Campbell Strategic Allocation Fund, L.P.
Statements of Changes in Partners Capital (Net Asset Value)
For The Years Ended December And
 Partners' CapitalGeneral Partner
    
    
    Limited Partners
    
    
    TotalUnits
    
    
    Amount
    
    
    Units
    
    
    Amount
    
    
    Units
    
    
    AmountBalances 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)
    
    
    
    
    
    
    (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)
    
    
    
    
    
    
    (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
    
    
    
    1,708,491,618Net income (loss)
    
    
    
    
    
    
    1,462,157
    
    
    
    
    
    
    
    107,852,342
    
    
    
    
    
    
    
    109,314,499Redemptions
    
    
    (35.049
    )
    
    
    (87,627
    )
    
    
    (170,453.893
    )
    
    
    (397,196,771
    )
    
    
    (170,488.942
    )
    
    
    (397,284,398
    )Offering costs
    
    
    
    
    
    
    (28,981
    )
    
    
    
    
    
    
    (2,647,110
    )
    
    
    
    
    
    
    (2,676,091
    )Balances at December 31,
20106,602.933
    
    
    $
    17,239,400
    
    
    
    536,451.595
    
    
    $
    1,400,606,228
    
    
    
    543,054.528
    
    
    $
    1,417,845,628
 Net Asset Value per General and Limited Partner Unit
 December 31, 2010
    
    December 31, 2009
    
    December 31, 2008$2,610.87
    
    $2,394.38
    
    $2,629.90
 See Accompanying Notes to Financial Statements.
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Campbell Strategic Allocation Fund, L.P.
 
 Financial Highlights  For The Years Ended December And
  2010
    
    
    2009
    
    
    2008Per
Unit Performance 
(for a unit outstanding throughout the entire
year)Net asset value per unit at beginning of year
    
    $
    2,394.38
    
    
    $
    2,629.90
    
    
    $
    2,670.65Income (loss) from operations:Total net
trading gains
(losses)(1)
    
    
    379.49
    
    
    
    (58.90
    )
    
    
    107.33Net
investment income (loss)(1)
    
    
    (158.71
    )
    
    
    (173.25
    )
    
    
    (143.88
    )Total net income (loss) from operations
    
    
    220.78
    
    
    
    (232.15
    )
    
    
    (36.55
    )Offering
costs (1)
    
    
    (4.29
    )
    
    
    (3.37
    )
    
    
    (4.20
    )Net asset value per unit at end of year
    
    $
    2,610.87
    
    
    $
    2,394.38
    
    
    $
    2,629.90Total Return
    
    
    9.04
    %
    
    
    (8.96
    )%
    
    
    (1.53
    )%Supplemental DataRatios to average net asset value:Expenses prior to performance fee
    
    
    7.26
    %
    
    
    7.16
    %
    
    
    7.19
    %Performance fee
    
    
    0.00
    %
    
    
    0.00
    %
    
    
    0.00
    %Total expenses
    
    
    7.26
    %
    
    
    7.16
    %
    
    
    7.19
    %Net
investment income (loss) (2)
    
    
    (6.81
    )%
    
    
    (7.02
    )%
    
    
    (5.43
    )%
 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.
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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.On July 16, 2010, a registration statement was filed with the Securities and Exchange
Commission to reopen the Fund to existing investors. On August 6, 2010, the registration
statement became effective.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. The fair value of futures
(exchange-traded) contracts is determined by the various futures exchanges, and reflects the
settlement price for each contract as of the close on the last business day of the reporting
period. The fair value of forward currency (non-exchange traded) contracts was extrapolated on
a forward basis from the spot prices quoted as of 3:00 P.M. (E.T.) on the last business day of
the reporting period.The fair 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 inputs 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 fair 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, are held at the custodian and
marked to market on the last business day of the reporting period by the 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 are held at the brokers or interbank market makers and
are stated at cost plus accrued interest, which approximates fair value. Premiums and
discounts on fixed income securities are amortized for financial reporting purposes.
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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 follows the provisions of ASC 820, Fair Value Measurements and Disclosures 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 period ended December 31, 2010, the Fund did not have any Level
3 assets or liabilities.In January 2010, the FASB 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. As of January 1, 2010, the Fund adopted the provisions of ASC 2010-06 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. Management does not expect that the
adoption of the remaining provisions will have a material impact on the Funds financial statement
disclosures.
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Campbell Strategic Allocation Fund, L.P.  Notes to Financial Statements  December
 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, 2010 and 2009.
 Fair Value at December 31, 2010Description
    
    Level 1
    
    
    Level 2
    
    
    Level 3
    
    
    TotalInvestmentsFixed income securities
    
    $
    0
    
    
    $
    1,024,388,662
    
    
    $
    0
    
    
    $
    1,024,388,662Other Financial InstrumentsExchange-traded futures contracts
    
    
    18,350,278
    
    
    
    0
    
    
    
    0
    
    
    
    18,350,278Forward currency contracts
    
    
    0
    
    
    
    22,181,636
    
    
    
    0
    
    
    
    22,181,636Options purchased
    
    
    0
    
    
    
    6,243,013
    
    
    
    0
    
    
    
    6,243,013Options written
    
    
    0
    
    
    
    (2,884,114
    )
    
    
    0
    
    
    
    (2,884,114
    )Total
    
    $
    18,350,278
    
    
    $
    1,049,929,197
    
    
    $
    0
    
    
    $
    1,068,279,475
 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
 The gross presentation of the fair value of the Funds derivatives by instrument type is shown
in Note 7. See Condensed Schedule of Investments for additional detail categorization.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, 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 2007 through 2010 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, 2010, and December 31,
2009, the Fund reflects a liability in the statement of financial condition for offering costs
payable to Campbell & Company of $407,181 and $346,751, respectively. The amount of monthly
reimbursement due to Campbell & Company is charged directly to partners capital.
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Campbell Strategic Allocation Fund, L.P.  Notes to Financial Statements  December
 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, 2010 and December 31, 2009,
the amount of unreimbursed offering costs incurred by Campbell & Company is $414,245 and
$529,166, respectively.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.
    
    ReclassificationCertain 2009 and 2008 amounts in the Statement of Cash Flows were reclassified to conform with
the 2010 presentation. Specifically, purchases and sales/maturities of fixed income securities
are presented on a gross basis as components of cash flow from (for) operating activities.
 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.
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Campbell Strategic Allocation Fund, L.P.  Notes to Financial Statements  December
 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.
 In December 2010, the Fund terminated the Non-Custody Investment Advisory Agreement with
Wilmington Trust Investment Management LLC as cash manager and transferred the funds to Horizon
Cash Management to manage for the Fund.
 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, 2010, 2009 and 2008.
 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, 2010 and 2009, Campbell &
Company received redemption fees of $0 and $11,966 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 focused on financial futures, which are instruments
designed to hedge or speculate on changes in interest rates, currency exchange rates, stock
index values, as well as 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.
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Campbell Strategic Allocation Fund, L.P.  Notes to Financial Statements  December
 Purchase and sale of futures contracts requires margin deposits with the broker. 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, 2010 and 2009 was $179,995,799 and $266,982,272, respectively,
which equals 13% and 16% of Net Asset Value, respectively. The cash deposited with interbank market
makers at December 31, 2010 and December 31, 2009 was $83,046,799 and $41,140,268, respectively,
which equals 6% and 2% of Net Asset Value, respectively. Included in cash deposits with the broker
and interbank market maker at December 31, 2010 and December 31, 2009 was restricted cash for
margin requirements of $4,324,051 and $0 respectively, which equals 0.3% and 0.0% 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. 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 Fund has adopted the provisions of ASC 815, Derivatives and Hedging, (ASC 815). ASC 815
provides enhanced disclosures about how and why an entity uses derivative instruments, how
derivative instruments are accounted for, and how derivative instruments affect an entitys
financial position, financial performance and cash flows.The following tables summarize quantitative information required by ASC 815.The fair value of the Funds derivatives by instrument type, as well as the location of those
instruments on the Statements of Financial Condition, as of December 31, 2010 and 2009 is as
follows:
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Campbell Strategic Allocation Fund, L.P.  Notes to Financial Statements  December
 Asset
    
    
    LiabilityDerivatives at
    
    
    Derivatives atStatement of Financial
    
    December 31, 2010
    
    
    December 31, 2010Type of Instrument *
    
    Condition Location
    
    Fair Value
    
    
    Fair Value
    
    
    NetAgricultural Contracts
    
    Equity in broker trading accounts
    
    $
    9,610,969
    
    
    $
    (431,465
    )
    
    $
    9,179,504Energy Contracts
    
    Equity in broker trading accounts
    
    
    4,023,972
    
    
    
    (2,076,112
    )
    
    
    1,947,860Metal Contracts
    
    Equity in broker trading accounts
    
    
    10,873,440
    
    
    
    (2,523,544
    )
    
    
    8,349,896Stock Indices Contracts
    
    Equity in broker trading accounts
    
    
    3,772,491
    
    
    
    (3,835,329
    )
    
    
    (62,838
    )Short-Term Interest Rate Contracts
    
    Equity in broker trading accounts
    
    
    1,682,213
    
    
    
    (109,886
    )
    
    
    1,572,327Long Term Interest Rate Contracts
    
    Equity in broker trading accounts
    
    
    433,641
    
    
    
    (3,070,112
    )
    
    
    (2,636,471
    )Forward Currency Contracts
    
    Net unrealized gain (loss) on forward currency contracts
    
    
    119,656,649
    
    
    
    (97,475,013
    )
    
    
    22,181,636Purchased
Options on Forward Currency Contracts
    
    Options purchased, at fair value
    
    
    6,243,013
    
    
    
    0
    
    
    
    6,243,013Written Options on Forward Currency Contracts
    
    Options written, at fair value
    
    
    0
    
    
    
    (2,884,114
    )
    
    
    (2,884,114
    )Totals
    
    
    
    $
    156,296,388
    
    
    $
    (112,405,575
    )
    
    $
    43,890,813
 
 *
    
    Derivatives not designated as hedging instruments under ASC 815 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 The trading revenue of the Funds derivatives by instrument type, as well as the location of
those gains and losses on the Statements of Operations, for the years ended December 31, 2010 and
2009 is as follows:
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Campbell Strategic Allocation Fund, L.P.  Notes to Financial Statements  December
 Trading Revenue for
    
    
    Trading Revenue forthe Twelve Months Ended
    
    
    the Twelve Months EndedType of Instrument
    
    December 31, 2010
    
    
    December 31, 2009Agricultural Contracts
    
    $
    65,085,111
    
    
    $
    (6,276,313
    )Energy Contracts
    
    
    (63,568,714
    )
    
    
    (25,247,449
    )Metal Contracts
    
    
    36,273,866
    
    
    
    23,508,827Stock Indices Contracts
    
    
    (40,852,060
    )
    
    
    (18,689,689
    )Short-Term Interest Rate Contracts
    
    
    86,249,585
    
    
    
    (12,593,188
    )Long Term Interest Rate Contracts
    
    
    88,987,922
    
    
    
    (78,495,735
    )Forward Currency Contracts
    
    
    54,102,020
    
    
    
    36,462,662Purchased Options on Forward Currency Contracts
    
    
    (46,723,620
    )
    
    
    (41,245,310
    )Written Options on Forward Currency Contracts
    
    
    33,392,757
    
    
    
    68,723,618Total
    
    $
    212,946,867
    
    
    $
    (53,852,577
    )
 Trading Revenue for
    
    
    Trading Revenue forthe Twelve Months Ended
    
    
    the Twelve Months EndedLine Item in the Statement of Operations
    
    December 31, 2010
    
    
    December 31, 2009Futures trading gains (losses):Realized
    
    $
    149,248,315
    
    
    $
    (113,010,273
    )Change in unrealized
    
    
    22,927,395
    
    
    
    (4,783,274
    )Forward currency and options on forward currency trading gains (losses):Realized
    
    
    3,896,625
    
    
    
    89,537,760Change in unrealized
    
    
    36,874,532
    
    
    
    (25,596,790
    )Total
    
    $
    212,946,867
    
    
    $
    (53,852,577
    )
 For the twelve months ended December 31, 2010 and 2009, the monthly average of futures
contracts bought and sold was approximately 86,000 and 85,200 respectively, and the monthly average
of notional value of forward currency and options on forward currency contracts was $10,238,700,000
and $10,284,500,000 respectively.Open contracts generally mature within three months; as of December 31, 2010, the latest maturity
date for open futures contracts is March 2012, the latest maturity date for open forward currency
contracts is March 2011, and the latest expiry date for options on forward currency contracts is
January 2011. However, the Fund intends to close all futures and foreign currency contracts prior
to maturity.
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##### Table of Contents



Campbell Strategic Allocation Fund, L.P.  Notes to Financial Statements  December
 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 Trust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.
 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 filed. There are no subsequent events to disclose or record.
 61




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##### Table of Contents



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