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, 2008
 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
  Large accelerated filer o
    
    Accelerated filer o
    
    Non-accelerated filer   þ
(Do not check if a smaller reporting company)
    
    Smaller reporting company o
  o þ
  5.




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TABLE OF CONTENTS
 PagePART IITEM 1. BUSINESS
    
    
    1-2ITEM 1A. RISK FACTORS
    
    
    3-10ITEM 1B. UNRESOLVED STAFF COMMENTS
    
    
    10ITEM 2. PROPERTIES
    
    
    10ITEM 3. LEGAL PROCEEDINGS
    
    
    10ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
    
    
    11PART IIITEM 5. MARKET FOR REGISTRANTS COMMON EQUITY, RELATED
STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
    
    
    11ITEM 6. SELECTED FINANCIAL DATA
    
    
    11-12ITEM 7. MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
    
    
    12-19ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
    
    
    19-24ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
    
    
    24ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
    
    
    24ITEM 9A. CONTROLS AND PROCEDURES
    
    
    24-25ITEM 9A(T). CONTROLS AND PROCEDURES
    
    
    25ITEM 9B. OTHER INFORMATION
    
    
    25PART IIIITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
    
    
    26-28ITEM 11. EXECUTIVE COMPENSATION
    
    
    29ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS
    
    
    29ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE
    
    
    29ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES
    
    
    30PART IVITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES
    
    
    30-31SIGNATURESCERTIFICATIONS




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PART I
 
 Item 1. Business
       Regulation
  1




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Operations
     http://www.sec.gov
 2




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Item 1A. Risk Factors
  You Could Possibly Lose Your Total Investment in the Fund
  The Fund is Highly Leveraged
  Your Investment Could be Illiquid
     3




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Forward and Option Transactions are Over-the-Counter, are Not Regulated and are Subject to Credit
Risk
   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; Governmental Intervention
  4




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Trading Risks
 Campbell & Company Analyzes Primarily Technical Market Data
   Increased Competition from Other Trend-Following Traders Could Reduce Campbell & Companys
Profitability
  Speculative Position Limits May Alter Trading Decisions for the Fund
  5




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Increase in Assets Under Management May Make Profitable Trading More Difficult
  Investors Will Not be Able to Review the Funds Holdings on a Daily Basis
  Tax Risks
 Investors are Taxed Based on Their Share of Fund 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
  6




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Other Risks
 Fees and Commissions are Charged Regardless of Profitability and are Subject to Change
  The Futures Broker Could Fail and Has Been Subject to Disciplinary Action
 pro rata
  Investors Must Not Rely on the Past Performance of Either Campbell & Company or the Fund in
Deciding Whether to Buy Units
  Parties to the Fund Have Conflicts of Interest
   7




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There are No Independent Experts Representing Investors
  The Fund Places Significant Reliance on Campbell & Company
  The Fund Could Terminate Before Expiration of its Stated Term
  The Fund is Not a Regulated Investment Company
  Proposed Regulatory Change is Impossible to Predict
  8




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Forwards, Options, Swaps, Hybrids and Other Derivatives are Not Subject to CFTC Regulation
  The Fund is Subject to Foreign Market Credit and Regulatory Risk
  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
  9




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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
  Potential Disruption or Inability to Trade Due to a Failure to Receive Timely and Accurate Market
Data from Third Party Vendors
  
 Item 1B. Unresolved Staff Comments
  
 Item 2. Properties
  
 Item 3. Legal Proceedings
  10




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Item 4. Submission of Matters to a Vote of Security Holders
  
 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 31,2008
    
    2007
    
    2006
    
    2005
    
    2004Total Assets
    
    $
    2,541,717
    
    
    $
    3,999,585
    
    
    $
    5,777,987
    
    
    $
    5,233,064
    
    
    $
    4,099,736Total Partners Capital
    
    
    2,455,894
    
    
    
    3,803,392
    
    
    
    5,654,540
    
    
    
    5,175,699
    
    
    
    4,048,146Total Net Trading Gain (Loss)

(includes brokerage commissions)
    
    
    139,135
    
    
    
    (620,158
    )
    
    
    348,176
    
    
    
    611,580
    
    
    
    443,116Net Income (Loss)
    
    
    (24,940
    )
    
    
    (739,180
    )
    
    
    211,997
    
    
    
    424,794
    
    
    
    130,292Net Income (Loss) Per General
and Limited Partner Unit *
    
    
    (21.87
    )
    
    
    (440.33
    )
    
    
    113.86
    
    
    
    272.37
    
    
    
    100.20Increase (Decrease) in
Net Asset Value per
General and Limited
Partner Unit
    
    
    (40.75
    )
    
    
    (458.41
    )
    
    
    121.64
    
    
    
    261.69
    
    
    
    114.36
  1st  Qtr.
    
    2nd Qtr.
    
    3rd Qtr.
    
    4th Qtr.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. 11




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1st Qtr.
    
    2nd Qtr.
    
    3rd Qtr.
    
    4th Qtr.2007
    
    2007
    
    2007
    
    2007Total Trading Gain (Loss)

(includes brokerage
commissions)
    
    $
    (347,410
    )
    
    $
    659,908
    
    
    $
    (825,832
    )
    
    $
    (106,824
    )Net Income (Loss)
    
    
    (377,426
    )
    
    
    629,468
    
    
    
    (850,163
    )
    
    
    (141,059
    )Net Income (Loss)
per General and
Limited Partner
Unit *
    
    
    (210.38
    )
    
    
    363.19
    
    
    
    (514.62
    )
    
    
    (91.86
    )Increase (Decrease)
in Net Asset Value
per General and
Limited Partner Unit
    
    
    (212.74
    )
    
    
    363.63
    
    
    
    (509.13
    )
    
    
    (100.17
    )Net Asset Value per
General and Limited
Partner Unit at the
End of the Period
    
    
    2,916.32
    
    
    
    3,279.95
    
    
    
    2,770.82
    
    
    
    2,670.65
 
 *
    
    - 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
   12




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Capital Resources
   Liquidity
  i.e.
   Results of Operations
  13




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2008
  Sector
    
    % Gain (Loss)Stock Indices
    
    
    8.58
    %Commodities
    
    
    0.81Currencies
    
    
    (0.58
    )Interest Rates
    
    
    (4.62
    )4.19
    %
       14




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15




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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
    )%
    16




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2006
  Sector
    
    % Gain (Loss)Stock Indices
    
    
    6.67
    %Interest Rates
    
    
    3.05Metals
    
    
    2.01Currencies
    
    
    1.91Energy
    
    
    (6.71
    )6.93
    %
  17




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Off-Balance Sheet Risk
   18




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Disclosures About Certain Trading Activities that Include Non-Exchange Traded Contracts
Accounted for at Fair Value
  
 Item 7A. Quantitative and Qualitative Disclosures About Market Risk
 Introduction
 Past Results Not Necessarily Indicative of Future Performance
    Standard of Materiality
  19




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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).
 
      20




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The Funds Trading Value at Risk in Different Market Sectors
  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)%. 21




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December 31, 2006TradingMarket Sector
    
    Value at Risk*
    
    Gain/(Loss)**Stock Indices
    
    
    0.75
    %
    
    
    6.67
    %Currencies
    
    
    0.70
    %
    
    
    1.91
    %Energy
    
    
    0.39
    %
    
    
    (6.71
    )%Long Interest Rates
    
    
    0.35
    %
    
    
    (0.24
    )%Short Interest Rates
    
    
    0.26
    %
    
    
    3.29
    %Metals
    
    
    0.17
    %
    
    
    2.01
    %Aggregate/Total
    
    
    1.42
    %
    
    
    6.93
    %
 
 *
    
    -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, 2006, approximately 6.93% was due to
trading gains (before commissions) and approximately 4.72% due to interest income, offset by
approximately 7.61% due to brokerage fees, performance fees and operating and offering costs
borne by the Fund giving a net return of 4.04%. 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; and5)
    
    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.
 22




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Currencies
 i.e.,
 Interest Rates
  Stock Indices
  Energy
  Metals
  Qualitative Disclosures Regarding Non-Trading Risk Exposure
  23




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Foreign Currency Balances
  Treasury Bill Positions
  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
 24




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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
  25




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PART III
 
 Item 10. Directors, Executive Officers and Corporate Governance
      26




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27




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28




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The Handbook of Financial Futures
   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, 2008, no Units of
Limited Partnership are owned or held by an officer of Campbell & Company.(b)
    
    Security Ownership of Management. As of December 31, 2008, Campbell & Company
owned 10,367.982 Units of General Partnership Interest having a value of $27,266,756.
Units of General Partnership will always be owned by Campbell & Company in its capacity
as general partner.
 
 Item 13. Certain Relationships and Related Transactions, and Director Independence
  29




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Item 14. Principal Accounting Fees and Services
  (a)
    
    Audit Fees
The 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, 2008
and 2007 were $117,500 and $120,000, respectively.(b)
    
    Audit Related Fees
None(c)
    
    Tax Fees
None(d)
    
    All Other Fees
None(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).
 30




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Exhibit Number
    
    Description of Document3.02
    
    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).10.02
    
    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-K
  31




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SIGNATURES
  CAMPBELL STRATEGIC ALLOCATION FUND, L.P.By:
    
    CAMPBELL & COMPANY, INC.General PartnerBy:
    
    /s/ Theresa D. BecksTheresa D. BecksChief Executive Officer, Secretary, Treasurer 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
 32




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CAMPBELL STRATEGIC ALLOCATION
FUND, L.P.
 ANNUAL REPORT
  33




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CAMPBELL STRATEGIC ALLOCATION FUND, L.P
 INDEX
 PAGESReports of Independent Registered Public Accounting FirmDeloitte & Touche LLP
    
    35Financial StatementsCondensed Schedules of Investments December 31, 2008 and 2007
    
    36-39Statements of Financial Condition December 31, 2008 and 2007
    
    40Statements of Operations For the Years Ended December 31, 2008, 2007 and 2006
    
    41Statements of Cash Flows For the Years Ended December 31, 2008, 2007 and 2006
    
    42Statements of Changes in Partners Capital (Net Asset Value) For the Years Ended December 31, 2008, 2007 and 2006
    
    43Financial Highlights For the Years Ended December 31, 2008, 2007 and 2006
    
    44Notes to Financial Statements
    
    45-49
  34




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##### 



Deloitte & Touche LLP
 
 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
 
    (DELOITTE TOUCHE TOHMATSU LLP)March 23, 2009
    
    Member ofDeloitte Touche Tohmatsu
 35




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Campbell Strategic Allocation Fund, L.P.
 Condensed Schedule of Investments
 December 31, 2008
 % of NetValues ($)
    
    
    Asset ValueUNITED STATES GOVERNMENT SECURITIES*Maturity
    
    
    MaturityFace Value
    
    
    Date
    
    
    Description$
    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 CONTRACTSDescriptionMetals
    
    $
    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 CONTRACTSDescriptionEnergy
    
    $
    (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.
 36




---



##### 



Campbell Strategic Allocation Fund, L.P.
 Condensed Schedule of Investments
 December 31, 2008
 % of NetValues ($)
    
    
    Asset ValueFORWARD CURRENCY CONTRACTSDescriptionVarious 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 CONTRACTSDescriptionPurchased options on forward currency contracts
(premiums paid   $969,001)
    
    $
    519,315
    
    
    
    0.02
    %WRITTEN OPTIONS ON FORWARD CURRENCY CONTRACTSDescriptionWritten 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.
 37




---



##### 



ampbell trategic llocation und  ondensed chedule of nvestments  ecember
 % of NetValues ($)
    
    
    Asset ValueUNITED STATES GOVERNMENT SECURITIES*Maturity
    
    
    MaturityFace Value
    
    
    Date
    
    
    Description$
    1,000,000,000
    
    
    
    03/13/2008
    
    
    U.S. Treasury Bills
    
    $
    994,400,000
    
    
    
    26.15
    %$
    950,000,000
    
    
    
    01/31/2008
    
    
    U.S. Treasury Bills
    
    $
    946,956,042
    
    
    
    24.90
    %$
    500,000,000
    
    
    
    01/03/2008
    
    
    U.S. Treasury Bills
    
    $
    499,893,889
    
    
    
    13.14
    %$
    500,000,000
    
    
    
    02/14/2008
    
    
    U.S. Treasury Bills
    
    $
    497,952,778
    
    
    
    13.09
    %$
    400,000,000
    
    
    
    01/10/2008
    
    
    U.S. Treasury Bills
    
    $
    399,612,000
    
    
    
    10.51
    %$
    200,000,000
    
    
    
    01/24/2008
    
    
    U.S. Treasury Bills
    
    $
    199,518,278
    
    
    
    5.25
    %Total United States government securities
(cost, including accrued interest,  $3,538,332,987)
    
    $
    3,538,332,987
    
    
    
    93.04
    %
 LONG FUTURES CONTRACTSDescriptionEnergy
    
    $
    9,164,371
    
    
    
    0.24
    %Metals
    
    $
    3,590,807
    
    
    
    0.09
    %Stock indices
    
    $
    12,447,403
    
    
    
    0.33
    %Short-term interest rates
    
    $
    5,705,646
    
    
    
    0.15
    %Long-term interest rates
    
    $
    3,926,133
    
    
    
    0.10
    %Total long futures contracts
    
    $
    34,834,360
    
    
    
    0.91
    %SHORT FUTURES CONTRACTSDescriptionEnergy
    
    $
    (6,965,096
    )
    
    
    (0.18
    )%Metals
    
    $
    977,188
    
    
    
    0.03
    %Stock indices
    
    $
    1,128,791
    
    
    
    0.03
    %Short-term interest rates
    
    $
    (4,858,209
    )
    
    
    (0.13
    )%Long-term interest rates
    
    $
    906,222
    
    
    
    0.02
    %Total short futures contracts
    
    $
    (8,811,104
    )
    
    
    (0.23
    )%Total futures contracts
    
    $
    26,023,256
    
    
    
    0.68
    %
 See Accompanying Notes to Financial Statements.
 38




---



##### 



ampbell trategic llocation und  ondensed chedule of nvestments  ecember
 % of NetValues ($)
    
    
    Asset ValueFORWARD CURRENCY CONTRACTSDescriptionVarious long forward currency contracts
    
    $
    (63,863,691
    )
    
    
    (1.68
    )%Various short forward currency contracts
    
    $
    (23,676,753
    )
    
    
    (0.62
    )%Total forward currency contracts
    
    $
    (87,540,444
    )
    
    
    (2.30
    )%PURCHASED OPTIONS ON FORWARD CURRENCY CONTRACTSDescriptionPurchased options on forward currency
contracts (premiums paid  $7,987,556)
    
    $
    5,400,578
    
    
    
    0.14
    %WRITTEN OPTIONS ON FORWARD CURRENCY CONTRACTSDescriptionWritten options on forward currency
contracts (premiums received 
$4,485,004)
    
    $
    (2,090,429
    )
    
    
    (0.05
    )%
 
 *
    
    Pledged as collateral for the trading of futures, forward and option positions. See Accompanying Notes to Financial Statements.
 39




---



##### 



ampbell trategic llocation und
 
 tatements of inancial ondition
 ecember
 2008
    
    
    2007ASSETSEquity in broker trading accountsCash
    
    $
    1,278,536,649
    
    
    $
    274,531,263Restricted cash
    
    
    41,411,655
    
    
    
    0United States government securities
    
    
    1,099,934,669
    
    
    
    1,691,871,056Net unrealized gain (loss) on open futures contracts
    
    
    206,159
    
    
    
    26,023,256Total equity in broker trading accounts
    
    
    2,420,089,132
    
    
    
    1,992,425,575Cash and cash equivalents
    
    
    30,721,976
    
    
    
    241,657,307Restricted cash deposits with forwards broker
    
    
    42,515,724
    
    
    
    0United States government securities
    
    
    37,000,000
    
    
    
    1,846,461,931Options purchased, at fair value
(premiums paid  $969,001 and $7,987,556, respectively)
    
    
    519,315
    
    
    
    5,400,578Net unrealized gain (loss) on open forward
currency contracts
    
    
    10,828,848
    
    
    
    (87,540,444
    )Interest receivable
    
    
    41,698
    
    
    
    1,096,076Subscriptions receivable
    
    
    0
    
    
    
    84,113Total assets
    
    $
    2,541,716,693
    
    
    $
    3,999,585,136LIABILITIESAccounts payable
    
    $
    668,492
    
    
    $
    802,775Brokerage fee
    
    
    14,801,625
    
    
    
    23,262,515Options written, at fair value

(premiums received  $3,537,352 and $4,485,004, respectively)
    
    
    3,202,653
    
    
    
    2,090,429Accrued commissions and other trading fees
on open contracts
    
    
    114,176
    
    
    
    692,664Offering costs payable
    
    
    309,964
    
    
    
    659,698Redemptions payable
    
    
    66,725,891
    
    
    
    168,685,490Total liabilities
    
    
    85,822,801
    
    
    
    196,193,571PARTNERS CAPITAL (Net Asset Value)General Partner - 10,367.982 and 19,227.982 units outstanding at
December 31, 2008 and December 31, 2007
    
    
    27,266,756
    
    
    
    51,351,210Limited Partners - 923,465.791 and 1,404,914.962 units outstanding at
December 31, 2008 and December 31, 2007
    
    
    2,428,627,136
    
    
    
    3,752,040,355Total partners capital (Net Asset Value)
    
    
    2,455,893,892
    
    
    
    3,803,391,565Total liabilities and partners capital (Net Asset Value)
    
    $
    2,541,716,693
    
    
    $
    3,999,585,136
 See Accompanying Notes to Financial Statements.
 40




---



##### 



ampbell trategic llocation und
 
 tatements of perations
 or the ears nded ecember
 2008
    
    
    2007
    
    
    2006TRADING GAINS (LOSSES)Futures trading gains (losses)Realized
    
    $
    179,004,073
    
    
    $
    (90,020,404
    )
    
    $
    131,759,999Change in unrealized
    
    
    (25,817,098
    )
    
    
    (122,751,393
    )
    
    
    147,687,919Brokerage commissions
    
    
    (3,568,175
    )
    
    
    (7,474,048
    )
    
    
    (8,756,027
    )Net gain (loss) from futures trading
    
    
    149,618,800
    
    
    
    (220,245,845
    )
    
    
    270,691,891Forward currency and options on
forward currency trading gains
(losses)Realized
    
    
    (108,527,108
    )
    
    
    (116,066,270
    )
    
    
    (280,907,717
    )Change in unrealized
    
    
    98,446,709
    
    
    
    (280,170,992
    )
    
    
    361,269,635Brokerage commissions
    
    
    (403,740
    )
    
    
    (3,674,992
    )
    
    
    (2,878,200
    )Net gain
(loss) from forward currency and
options on forward currency trading
    
    
    (10,484,139
    )
    
    
    (399,912,254
    )
    
    
    77,483,718Total net trading gain (loss)
    
    
    139,134,661
    
    
    
    (620,158,099
    )
    
    
    348,175,609INTEREST INCOME NET OF EXPENSESIncomeInterest income
    
    
    53,353,643
    
    
    
    231,682,261
    
    
    
    261,724,377ExpensesBrokerage fee
    
    
    215,712,348
    
    
    
    348,527,101
    
    
    
    390,856,239Performance fee
    
    
    0
    
    
    
    0
    
    
    
    4,818,187Operating expenses
    
    
    1,715,745
    
    
    
    2,177,186
    
    
    
    2,228,483Total expenses
    
    
    217,428,093
    
    
    
    350,704,287
    
    
    
    397,902,909Interest income net of expenses
    
    
    (164,074,450
    )
    
    
    (119,022,026
    )
    
    
    (136,178,532
    )NET INCOME (LOSS)
    
    $
    (24,939,789
    )
    
    $
    (739,180,125
    )
    
    $
    211,997,077NET INCOME (LOSS) PER GENERAL AND
LIMITED PARTNER UNIT
(based on weighted average number
of units outstanding during the
year)
    
    $
    (21.87
    )
    
    $
    (440.33
    )
    
    $
    113.86INCREASE (DECREASE) IN NET ASSET
VALUE PER GENERAL AND LIMITED
PARTNER UNIT
    
    $
    (40.75
    )
    
    $
    (458.41
    )
    
    $
    121.64
 See Accompanying Notes to Financial Statements.
 41




---



##### 



ampbell trategic llocation und
 
 tatements of ash lows
 or the ears nded ecember
 2008
    
    
    2007
    
    
    2006Cash flows from (for) operating activitiesNet income (loss)
    
    $
    (24,939,789
    )
    
    $
    (739,180,125
    )
    
    $
    211,997,077Adjustments to reconcile net income (loss) to net cash from
(for) operating activitiesNet change in unrealized
    
    
    (72,629,611
    )
    
    
    402,922,385
    
    
    
    (508,957,554
    )(Increase) decrease in restricted cash
    
    
    (83,927,379
    )
    
    
    64,472,902
    
    
    
    (64,472,902
    )(Increase) decrease in option premiums paid
    
    
    7,018,555
    
    
    
    (3,996,452
    )
    
    
    (3,991,104
    )Increase (decrease) in option premiums received
    
    
    (947,652
    )
    
    
    2,165,305
    
    
    
    2,319,699(Increase) decrease in interest receivable
    
    
    1,054,378
    
    
    
    5,249,167
    
    
    
    (5,045,324
    )Increase (decrease) in accounts payable and accrued expenses
    
    
    (9,173,661
    )
    
    
    (11,714,926
    )
    
    
    5,192,027Net maturities (purchases) of investments in United States
government securities
    
    
    2,401,398,318
    
    
    
    116,703,926
    
    
    
    336,630,893Net cash from (for) operating activities
    
    
    2,217,853,159
    
    
    
    (163,377,818
    )
    
    
    (26,327,188
    )Cash flows from (for)
financing activitiesAddition of units
    
    
    38,172,639
    
    
    
    86,659,011
    
    
    
    849,723,054Increase (decrease) in subscription deposits
    
    
    0
    
    
    
    0
    
    
    
    (150,000
    )Redemption of units
    
    
    (1,457,812,994
    )
    
    
    (1,108,096,252
    )
    
    
    (510,552,792
    )Offering costs paid
    
    
    (5,142,749
    )
    
    
    (6,074,654
    )
    
    
    (13,455,560
    )Net cash from (for) financing activities
    
    
    (1,424,783,104
    )
    
    
    (1,027,511,895
    )
    
    
    325,564,702Net increase (decrease) in cash and cash equivalents
    
    
    793,070,055
    
    
    
    (1,190,889,713
    )
    
    
    299,237,514Cash and cash equivalentsBeginning of year
    
    
    516,188,570
    
    
    
    1,707,078,283
    
    
    
    1,407,840,769End of year
    
    $
    1,309,258,625
    
    
    $
    516,188,570
    
    
    $
    1,707,078,283End of year cash and cash equivalents consists of:Cash in broker trading accounts
    
    $
    1,278,536,649
    
    
    $
    274,531,263
    
    
    $
    1,230,053,812Cash and cash equivalents
    
    
    30,721,976
    
    
    
    241,657,307
    
    
    
    477,024,471Total end of year cash and cash
equivalents
    
    $
    1,309,258,625
    
    
    $
    516,188,570
    
    
    $
    1,707,078,283
 See Accompanying Notes to Financial Statements.
 42




---



##### 



Campbell Strategic Allocation Fund
 
 Statements of Changes in Partners Capital (net Asset Value
 For the Years Ended December
 Partners CapitalGeneral Partner
    
    
    Limited Partners
    
    
    TotalUnits
    
    
    Amount
    
    
    Units
    
    
    Amount
    
    
    Units
    
    
    AmountBalances at
December 31,
2005
    
    
    17,240.171
    
    
    $
    51,848,435
    
    
    
    1,703,733.918
    
    
    $
    5,123,850,224
    
    
    
    1,720,974.089
    
    
    $
    5,175,698,659Net income (loss)
for the year
ended
December 31,
2006
    
    
    
    
    
    
    2,327,389
    
    
    
    
    
    
    
    209,669,688
    
    
    
    
    
    
    
    211,997,077Additions
    
    
    1,982.811
    
    
    
    6,100,000
    
    
    
    276,043.383
    
    
    
    843,623,054
    
    
    
    278,026.194
    
    
    
    849,723,054Redemptions
    
    
    0.000
    
    
    
    0
    
    
    
    (191,894.596
    )
    
    
    (570,371,209
    )
    
    
    (191,894.596
    )
    
    
    (570,371,209
    )Offering costs
    
    
    
    
    
    
    (125,960
    )
    
    
    
    
    
    
    (12,381,455
    )
    
    
    
    
    
    
    (12,507,415
    )Balances 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
    
    
    $
    2,455,893,892
 Net Asset Value per General and Limited Partner Unit
December 31,
 2008
    
    2007
    
    2006$2,629.90
    
    $2,670.65
    
    $3,129.06
 See Accompanying Notes to Financial Statements.
 43




---



##### 



ampbell trategic llocation und
 
 inancial ighlights
 or the ears nded ecember
  2008
    
    
    2007
    
    
    2006Per Unit Performance
(for a unit outstanding throughout the entire year)Net asset value per unit at beginning of year
    
    $
    2,670.65
    
    
    $
    3,129.06
    
    
    $
    3,007.42Income (loss) from operations:Total net trading gains (losses) (1)
    
    
    107.33
    
    
    
    (383.81
    )
    
    
    201.50Interest income net of expenses (1)
    
    
    (143.88
    )
    
    
    (70.90
    )
    
    
    (73.14
    )Total net income (loss) from operations
    
    
    (36.55
    )
    
    
    (454.71
    )
    
    
    128.36Offering costs (1)
    
    
    (4.20
    )
    
    
    (3.70
    )
    
    
    (6.72
    )Net asset value per
unit at end of year
    
    $
    2,629.90
    
    
    $
    2,670.65
    
    
    $
    3,129.06Total Return
    
    
    (1.53
    )%
    
    
    (14.65
    )%
    
    
    4.04
    %Supplemental DataRatios to average net asset value:Expenses prior to performance fee
    
    
    7.19
    %
    
    
    7.11
    %
    
    
    7.08
    %Performance fee
    
    
    0.00
    %
    
    
    0.00
    %
    
    
    0.09
    %Total expenses
    
    
    7.19
    %
    
    
    7.11
    %
    
    
    7.17
    %Interest income net
of expenses (2,3)
    
    
    (5.43
    )%
    
    
    (2.41
    )%
    
    
    (2.37
    )%
 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)
    
    Interest income net of expenses per unit and offering costs per unit are calculated by
dividing the interest income net of expenses 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.(3)
    
    Interest income net of expenses is shown as a positive amount when the interest income
exceeds expenses for the year and a negative number when expenses exceed
interest income for the year. See Accompanying Notes to Financial Statements.
 44




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Campbell Strategic Allocation Fund, l.p.
 
 Notes to Financial Statements
 December
 Note 1.
    
    ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESA.
    
    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 will continue to be conducted as usual. There will be no change in trading, operations or monthly
statements, etc. and redemptions will continue to be offered on a monthly basis.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
Interpretation 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 of 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.) of 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. United States government securities are stated at cost plus accrued interest, which approximates market
value.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 Statement of Financial Accounting Statement No. 157  Fair Value
Measurement, or SFAS 157, as of January 1, 2008. SFAS 157 provides guidance for determining fair value and
requires increased disclosure regarding the inputs to valuation techniques used to measure fair value. SFAS 157
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.SFAS No. 157 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,
 45




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Campbell Strategic Allocation Fund, l.p.  Notes to Financial Statements  December
 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.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, 2008, the Fund did not have any Level 3 assets or
liabilities.The following table sets forth by level within the fair value hierarchy
the Funds investments accounted for at fair value on a reoccurring
basis as of December 31, 2008.
 Fair Value at December 31, 2008Description
    
    Level 1
    
    
    Level 2
    
    
    Level 3
    
    
    TotalInvestmentsU.S. Treasury Bills
    
    $
    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 short-term investments in fixed income securities held at financial
institutions.E.
    
    Income TaxesThe Fund prepares calendar year U.S. 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 Financial Accounting Standards Board (FASB)
Interpretation No. 48, Accounting for Uncertainty in Income Taxes  an interpretation of FASB Statement No.
109(FIN 48), to the Fund, and has determined that FIN 48 does not have a material impact on the Funds financial
statements. The Fund files federal and state tax returns. The 2005 through 2008 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, 2008, and December 31, 2007,
the Fund reflects a liability in the statement of financial condition for offering costs payable to Campbell &
Company of $309,964 and $659,698, 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, 2008 and December 31, 2007, the amount of unreimbursed offering costs
incurred by Campbell & Company is $926,519 and $1,164,118, respectively.
 46




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Campbell Strategic Allocation Fund, l.p.  Notes to Financial Statements  December
 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 March 2008, the Financial Accounting Standards Board (FASB) issued Statement of Financial Accounting
Standards No. 161, Disclosures about Derivative Instruments and Hedging Activities  an amendment of FASB
Statement No. 133 (SFAS 161). SFAS 161 establishes, amoung other things, the disclosure requirements for
derivative instruments and for hedging activities. SFAS 161 is effective for financial statements issued for fiscal
years beginning after November 15, 2008, and interim periods within those fiscal years. The impact on the Funds
financial statement disclosures, if any, is currently being assessed.Note 2.
    
    GENERAL PARTNER AND COMMODITY TRADING ADVISORThe 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 $6 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.Note 3.
    
    DEPOSITS WITH BROKERSThe 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 earns interest income on its assets deposited
with the brokers.Note 4.
    
    OPERATING EXPENSESOperating 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, 2008,
2007 and 2006.Note 5.
    
    SUBSCRIPTIONS, DISTRIBUTIONS AND REDEMPTIONSInvestments 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. 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, 2008 and 2007, Campbell & Company received redemption fees of $192,892 and $170,797 respectively.
 47




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Campbell Strategic Allocation Fund, l.p.  Notes to Financial Statements  December
 Note 6.
    
    TRADING ACTIVITIES AND RELATED RISKSThe Fund engages in the speculative trading of U.S. and foreign futures contracts, forward currency contracts and
options on forward currency contracts (collectively, derivatives). 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.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, 2008 and December 31, 2007 was $1,136,934,669 and $3,538,332,987, respectively, which equals 46% and
93% of Net Asset Value, respectively. The cash balance with interbank market makers at December 31, 2008 and
December 31, 2007 was $73,104,593 and $234,111,805, respectively, which equals 3% and 6% of Net Asset
Value, respectively. These amounts are included in cash and cash equivalents. Included in cash deposits with the
broker and interbank market maker at December 31, 2008 and December 31, 2007 was restricted cash for margin
requirements of $83,927,379 and $0 respectively, which equals 3% and 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.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, 2008
    
    
    December 31, 2007
    
    
    December 31, 2008
    
    
    December 31, 2007Gross unrealized gains
    
    $
    14,648,019
    
    
    $
    58,463,410
    
    
    $
    64,296,837
    
    
    $
    76,353,401Gross unrealized losses
    
    
    (14,441,860
    )
    
    
    (32,440,154
    )
    
    
    (53,582,976
    )
    
    
    (164,086,248
    )Net unrealized gain (loss)
    
    $
    206,159
    
    
    $
    26,023,256
    
    
    $
    10,713,861
    
    
    $
    (87,732,847
    )
 Open contracts generally mature within three months; as of December 31,
2008, the latest maturity date for open futures contracts is September
2009, the latest maturity date for open forward currency contracts is
March 2009, and the latest expiry date for options on forward currency
contracts is January 2009. However, the Fund intends to close all futures
and forward 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 seeks to minimize credit
risk primarily by depositing and maintaining the Funds assets at
financial institutions and brokers which Campbell & Company
 48




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##### 



Campbell Strategic Allocation Fund, l.p.  Notes to Financial Statements  December
 believes to be creditworthy. The limited partners bear the risk of loss
only to the extent of the market value of their respective investments
and, in certain specific circumstances, distributions and redemptions
received.Note 7.
    
    INDEMNIFICATIONSIn 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.
 49




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Privacy Policy
      50




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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