##### 



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, 2007
 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
    
    52-1825554(State or other jurisdiction of
    
    (IRS Employer Identification Number)incorporation or organization)210 W. Pennsylvania AvenueTowson, Maryland
    
    21204
 (410) 296-3301
 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.
    
    RISKS 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
    
    
    10PART IIITEM 5.
    
    MARKET FOR REGISTRANTS COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER
PURCHASES OF EQUITY SECURITIES
    
    
    10ITEM 6.
    
    SELECTED FINANCIAL DATA
    
    
    11ITEM 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
    
    
    24ITEM 9A(T).
    
    CONTROLS AND PROCEDURES
    
    
    25ITEM 9B.
    
    OTHER INFORMATION
    
    
    25PART IIIITEM 10.
    
    DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
    
    
    25-28ITEM 11.
    
    EXECUTIVE COMPENSATION
    
    
    28ITEM 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
    
    
    29PART IVITEM 15.
    
    EXHIBITS, FINANCIAL STATEMENT SCHEDULES
    
    
    30-31SIGNATURESCERTIFICATIONS
  ii




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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
     Forward and Option Transactions are Over-the-Counter, are Not Regulated and are Subject to Credit
Risk
 3




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##### 



Options on Futures and Over-the-Counter Contracts are Speculative and Highly Leveraged
  An Investment in the Fund May Not Diversify an Overall Portfolio
  Trading Risks
 Campbell & Company Analyzes Primarily Technical Market Data
  4




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##### 



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




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##### 



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
  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
 6




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##### 



Investors Must Not Rely on the Past Performance of Either Campbell & Company or the Fund in
Deciding Whether to Buy Units
  Parties to the Fund Have Conflicts of Interest
     There are No Independent Experts Representing Investors
  The Fund Places Significant Reliance on Campbell & Company
  7




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##### 



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
  Forwards, Options, Swaps, Hybrids and Other Derivatives are Not Subject to CFTC Regulation
  The Fund is Subject to Foreign Market Credit and Regulatory Risk
  8




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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
  9




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##### 



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
  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
    10




---



##### 



Item 6. Selected Financial Data
 Dollars in thousands, except per Unit amounts
 For the Year Ended December 31,2007
    
    2006
    
    2005
    
    2004
    
    2003Total Assets
    
    $
    3,999,585
    
    
    $
    5,777,987
    
    
    $
    5,233,064
    
    
    $
    4,099,736
    
    
    $
    2,877,967Total Partners Capital
    
    
    3,803,392
    
    
    
    5,654,540
    
    
    
    5,175,699
    
    
    
    4,048,146
    
    
    
    2,828,101Total Net Trading Gain (Loss)
(includes brokerage commissions)
    
    
    (620,158
    )
    
    
    348,176
    
    
    
    611,580
    
    
    
    443,116
    
    
    
    543,537Net Income (Loss)
    
    
    (739,180
    )
    
    
    211,997
    
    
    
    424,794
    
    
    
    130,292
    
    
    
    342,701Net Income (Loss) Per General
and Limited Partner Unit *
    
    
    (440.33
    )
    
    
    113.86
    
    
    
    272.37
    
    
    
    100.20
    
    
    
    385.55Increase (Decrease) in
Net Asset Value per
General and Limited
Partner Unit
    
    
    (458.41
    )
    
    
    121.64
    
    
    
    261.69
    
    
    
    114.36
    
    
    
    395.32
  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. 1st Qtr.
    
    2nd Qtr.
    
    3rd Qtr.
    
    4th Qtr.2006
    
    2006
    
    2006
    
    2006Total Trading Gain (Loss)
(includes brokerage
commissions)
    
    $
    295,705
    
    
    $
    (341,736
    )
    
    $
    (172,324
    )
    
    $
    566,531Net Income (Loss)
    
    
    250,825
    
    
    
    (374,694
    )
    
    
    (200,067
    )
    
    
    535,933Net Income (Loss)
per General and
Limited Partner
Unit *
    
    
    141.24
    
    
    
    (195.77
    )
    
    
    (105.06
    )
    
    
    289.18Increase (Decrease)
in Net Asset Value
per General and
Limited Partner Unit
    
    
    135.08
    
    
    
    (197.56
    )
    
    
    (106.37
    )
    
    
    290.49Net Asset Value per
General and Limited
Partner Unit at the
End of the Period
    
    
    3,142.50
    
    
    
    2,944.94
    
    
    
    2,838.57
    
    
    
    3,129.06
 
 *
    
    - Based on weighted average number of units outstanding during the period. 11




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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
  i.e.
 12




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##### 



Results of Operations
  2007
  Sector
    
    % Gain (Loss)Interest Rates
    
    
    0.80
    %Metals
    
    
    (0.67
    )Energy
    
    
    (1.79
    )Stock Indices
    
    
    (2.61
    )Currencies
    
    
    (7.62
    )(11.89
    )%
  13




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##### 



14




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##### 



2006
  Sector
    
    % Gain (Loss)Stock Indices
    
    
    6.67
    %Interest Rates
    
    
    3.05Metals
    
    
    2.01Currencies
    
    
    1.91Energy
    
    
    (6.71
    )6.93
    %
     15




---



##### 



2005
  Sector
    
    % Gain (Loss)Interest Rates
    
    
    6.65
    %Currencies
    
    
    5.98Energy
    
    
    3.34Metals
    
    
    1.16Stock Indices
    
    
    (2.82
    )14.31
    %
    16




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##### 



17




---



##### 



Off-Balance Sheet Risk
    18




---



##### 



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
  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).
 19




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##### 



The Funds Trading Value at Risk in Different Market Sectors
  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
    %Metals
    
    
    0.14
    %
    
    
    (0.67
    )%Energy
    
    
    0.08
    %
    
    
    (1.79
    )%Aggregate/Total
    
    
    1.72
    %
    
    
    (11.89
    )%
 20




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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, 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)%. 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%. December 31, 2005TradingMarket Sector
    
    Value at Risk*
    
    Gain/(Loss)**Currencies
    
    
    1.45
    %
    
    
    5.98
    %Long Interest Rates
    
    
    0.80
    %
    
    
    1.80
    %Energy
    
    
    0.63
    %
    
    
    3.34
    %Short Interest Rates
    
    
    0.62
    %
    
    
    4.85
    %Stock Indices
    
    
    0.38
    %
    
    
    (2.82
    )%Metals
    
    
    0.06
    %
    
    
    1.16
    %Aggregate/Total
    
    
    2.45
    %
    
    
    14.31
    %
 
 * -
    
    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 return for the year ended December 31, 2005, approximately 14.31% was due to
trading gains (before commissions) and approximately 2.92% due to interest income, offset by
approximately 7.70% due to brokerage fees, performance fees and operating and offering costs
borne by the Fund giving a net return of 9.53%. 21




---



##### 



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.
  22




---



##### 



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




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##### 



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
  PART III
 Item 10. Directors, Executive Officers and Corporate Governance
  25




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##### 



G. William Andrews Vice
President: Director of Operations
 Theresa D. Becks President and Chief Executive Officer Chief Financial Officer, Treasurer Secretary Director
 D. Keith Campbell Chairman of the Board of Directors
 Bruce L. Cleland Vice Chairman of the Board of Directors President
 26




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##### 



regory T. Donovan Senior Vice President of Accounting and Finance
 Michael S. Harris Vice President and Director
of Trading
 Michael J. Hebrank Chief Technology Officer
 Kevin M. Heerdt Chief
Investment Officer and Director of Research
 James M. Little Executive Vice President-Business Development Director
 27




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##### 



The Handbook of Financial Futures,
 Thomas P. Lloyd General Counsel Executive Vice President-Legal and Compliance
   Audit Committee Financial Expert
  Code of Ethics
  Item 11. Executive Compensation
  28




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##### 



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, 2007, no Units of
Limited Partnership are owned or held by an officer of Campbell & Company.(b)
    
    Security Ownership of Management. As of December 31, 2007, Campbell & Company
owned 19,227.982 Units of General Partnership Interest having a value of $51,351,210.
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
  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, 2007
and 2006 were $120,000 and $93,196, respectively.(b)
    
    Audit Related FeesThe aggregate fees billed by the principal accountant for the monthly recalculation of
the Funds net asset value for the years ended December 31, 2007 and 2006 were $0 and $0,
respectively.(c)
    
    Tax FeesThe aggregate fees billed by the principal accountant for professional services rendered
for the preparation and filing of the Funds Schedule K-1s and all necessary federal and
state tax returns for the years ended December 31, 2007 and 2006 were $0 and $0,
respectively.(d)
    
    All Other FeesThe aggregate fees and expenses billed by the principal accountant for professional
services, and related cost reimbursement for postage, supplies and fulfillment house
expenses, rendered for the assistance in the preparation and mailing of the Funds
monthly account statements to Partners, utilizing data, narrative and other items
provided by Campbell & Company for the years ended December 31, 2007 and 2006 were $0 and
$0, respectively.(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.
 29




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##### 



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 34 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
 30




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##### 



Exhibit Number
    
    Description of Document1.01
    
    Form of Selling Agreement among the Registrant, Campbell &
Company, PaineWebber Incorporated and the Selling Agent. (Incorporated by
reference to the respective exhibit to the Registrants Registration Statement
on Form S-1 (No. 333-43250) filed on August 8, 2000).1.02
    
    Form of Auxiliary Selling Agreement. (Incorporated by reference
to the respective exhibit to the Registrants Registration Statement on Form S-1
(No. 333-80933) filed on June 17, 1999).3.01
    
    Agreement of Limited Partnership of the Registrant dated May 11,
1993. (Incorporated by reference to the respective exhibit to the Registrants
Registration Statement on Form S-1 (No. 33-67164) filed on August 9, 1993).3.02
    
    Certificate of Limited Partnership of the Registrant.
(Incorporated by reference to the respective exhibit to the Registrants
Registration Statement on Form S-1 (No. 33-67164) filed on August 9, 1993).3.03
    
    Amended Agreement of Limited Partnership of the Registrant.
(Incorporated by reference to the respective exhibit to the Registrants
Post-Effective Amendment Number 4 to the Registration Statement Form S-1 (No.
333-119259) filed on August 15, 2007).10.01
    
    Form of Advisory Agreement between the Registrant and Campbell &
Company. (Incorporated by reference to the respective exhibit to the
Registrants Registration Statement on Form S-1 (No. 33-67164) filed on August
9, 1993).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 Securites Exchange Act of 1934.
 31




---



##### 



Exhibit Number
    
    Description of Document31.02
    
    Certification of Gregory T. Donovan, Senior Vice President of
Accounting and Finance, pursuant to Rules 13a-14 and 15d-14 of the Securites
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, Senior Vice President of
Accounting and Finance, 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.
 32




---



##### 



SIGNATURES
  CAMPBELL STRATEGIC ALLOCATION FUND, L.P.By:
    
    CAMPBELL & COMPANY, INC.General PartnerBy:
    
    /s/ Theresa D. BecksTheresa D. BecksChief Executive Office, Chief Financial 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, President, Chief Financial
Officer, Secretary, Treasurer and Director/s/ James M. LittleJames M. Little
    
    Executive Vice President and Director/s/ Gregory T. DonovanGregory T. Donovan
    
    Senior Vice President of Accounting and Finance
 33




---



##### 



CAMPBELL STRATEGIC ALLOCATION
FUND, L.P.
 ANNUAL REPORT
  34




---



##### 



CAMPBELL STRATEGIC ALLOCATION FUND, L.P
 INDEX
 PAGESReports of Independent Registered Public Accounting FirmDeloitte & Touche LLP
    
    36Financial StatementsCondensed Schedules of InvestmentsDecember 31, 2007 and 2006
    
    37-40Statements of Financial ConditionDecember 31, 2007 and 2006
    
    41Statements of Operations For the YearsEnded December 31, 2007, 2006 and 2005
    
    42Statements of Cash Flows For the YearsEnded December 31, 2007, 2006 and 2005
    
    43Statements of Changes in Partners Capital (Net Asset Value)For the Years Ended December 31, 2007, 2006 and 2005
    
    44Financial HighlightsFor the Years Ended December 31, 2007, 2006, 2005
    
    45Notes to Financial Statements
    
    46-50
 35




---



##### 



REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
 
     
 36




---



##### 



Campbell
Strategic Allocation Fund, L.P.
Condensed Schedule of Investments
December
 Maturity
    
    
    
    
    
    
    
    
    
    
    
    
    % of NetFace Value
    
    Maturity Date
    
    
    Description
    
    
    Values ($)
    
    
    Asset ValueUNITED STATES GOVERNMENT SECURITIES*$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.
 37




---



##### 



Campbell Strategic Allocation Fund, L.P.
Condensed Schedule of Investments
December
 % 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.
 38




---



##### 



Campbell Strategic Allocation Fund,  Condensed Schedule of Investments  December
 Maturity
    
    
    
    
    
    
    
    
    % of Net AssetFace Value
    
    Maturity Date
    
    
    Description
    
    
 Values ($)
    
    
    ValueUNITED STATES GOVERNMENT SECURITIES*$1,150,000,000
    
    
    03/15/2007
    
    
    U.S. Treasury Bills
    
    $
    1,138,818,327
    
    
    
    20.14
    %$1,025,000,000
    
    
    02/01/2007
    
    
    U.S. Treasury Bills
    
    $
    1,020,658,170
    
    
    
    18.05
    %$500,000,000
    
    
    02/15/2007
    
    
    U.S. Treasury Bills
    
    $
    496,918,750
    
    
    
    8.79
    %$400,000,000
    
    
    01/04/2007
    
    
    U.S. Treasury Bills
    
    $
    399,840,333
    
    
    
    7.07
    %$400,000,000
    
    
    01/11/2007
    
    
    U.S. Treasury Bills
    
    $
    399,463,333
    
    
    
    7.06
    %$200,000,000
    
    
    01/25/2007
    
    
    U.S. Treasury Bills
    
    $
    199,338,000
    
    
    
    3.53
    %Total United States government securities
(cost, including accrued interest,$3,655,036,913)
    
    
    
    
    
    $
    3,655,036,913
    
    
    
    64.64
    %LONG FUTURES CONTRACTSDescriptionEnergy
    
    
    
    
    
    
    
    
    
    $
    (53,549,310
    )
    
    
    (0.95
    )%Metals
    
    
    
    
    
    
    
    
    
    $
    (8,996,304
    )
    
    
    (0.16
    )%Stock indices
    
    
    
    
    
    
    
    
    
    $
    67,620,532
    
    
    
    1.20
    %Long-term interest rates
    
    
    
    
    
    
    
    
    
    $
    (6,296,155
    )
    
    
    (0.11
    )%Total long futures contracts
    
    
    
    
    
    
    
    
    
    $
    (1,221,237
    )
    
    
    (0.02
    )%SHORT FUTURES CONTRACTSDescriptionEnergy
    
    
    
    
    
    
    
    
    
    $
    1,062,310
    
    
    
    0.02
    %Metals
    
    
    
    
    
    
    
    
    
    $
    4,289,929
    
    
    
    0.08
    %Short-term interest rates
    
    
    
    
    
    
    
    
    
    $
    43,845,952
    
    
    
    0.77
    %Long-term interest rates
    
    
    
    
    
    
    
    
    
    $
    100,797,696
    
    
    
    1.78
    %Total short futures contracts
    
    
    
    
    
    
    
    
    
    $
    149,995,887
    
    
    
    2.65
    %Total futures contracts
    
    
    
    
    
    
    
    
    
    $
    148,774,650
    
    
    
    2.63
    %
 See
Accompanying Notes to Financial Statements.
 39




---



##### 



Campbell Strategic Allocation Fund,  Condensed Schedule of Investments  December
 % of NetValues ($)
    
    
    Asset ValueFORWARD CURRENCY CONTRACTSDescriptionVarious long forward currency contracts
    
    $
    (104,725,010
    )
    
    
    (1.85
    )%Various short forward currency contracts
    
    $
    296,244,369
    
    
    
    5.24
    %Total forward currency contracts
    
    $
    191,519,359
    
    
    
    3.39
    %PURCHASED OPTIONS ON FORWARD CURRENCY CONTRACTSDescriptionPurchased options on forward currency contracts
(premiums paid  $3,991,104)
    
    $
    4,759,458
    
    
    
    0.08
    %WRITTEN OPTIONS ON FORWARD CURRENCY CONTRACTSDescriptionWritten options on forward currency contracts
(premiums received  $2,319,699)
    
    $
    (2,169,268
    )
    
    
    (0.04
    )%
 
 *

    Pledged as collateral for the trading of futures, forward and option positions. See Accompanying Notes to Financial Statements.
 40




---



##### 



Campbell
Strategic Allocation Fund,  Statements of Financial Condition  December
 2007
    
    
    2006ASSETSEquity in broker trading accountsCash
    
    $
    274,531,263
    
    
    $
    1,230,053,812Restricted cash
    
    
    0
    
    
    
    64,472,902United States government securities
    
    
    1,691,871,056
    
    
    
    2,009,334,413Net unrealized gain on open futures contracts
    
    
    26,023,256
    
    
    
    148,774,650Total equity in broker trading accounts
    
    
    1,992,425,575
    
    
    
    3,452,635,777Cash and cash equivalents
    
    
    241,657,307
    
    
    
    477,024,471United States government securities
    
    
    1,846,461,931
    
    
    
    1,645,702,500Options purchased, at fair value
(premiums paid $7,987,556 and $3,991,104, respectively)
    
    
    5,400,578
    
    
    
    4,759,458Net unrealized gain (loss) on open forward
currency contracts
    
    
    (87,540,444
    )
    
    
    191,519,359Interest receivable
    
    
    1,096,076
    
    
    
    6,345,242Subscriptions receivable
    
    
    84,113
    
    
    
    0Total assets
    
    $
    3,999,585,136
    
    
    $
    5,777,986,807LIABILITIESAccounts payable
    
    $
    802,775
    
    
    $
    850,854Brokerage fee
    
    
    23,262,515
    
    
    
    33,622,892Options written, at fair value
(premiums received $4,485,004 and $2,319,699, respectively)
    
    
    2,090,429
    
    
    
    2,169,268Accrued commissions and other trading fees
on open contracts
    
    
    692,664
    
    
    
    1,999,134Offering costs payable
    
    
    659,698
    
    
    
    516,133Redemptions payable
    
    
    168,685,490
    
    
    
    84,288,360Total liabilities
    
    
    196,193,571
    
    
    
    123,446,641PARTNERS CAPITAL (Net Asset Value)General Partner  19,227.982 and 19,222.982 units outstanding
at December 31, 2007 and December 31, 2006
    
    
    51,351,210
    
    
    
    60,149,864Limited Partners  1,404,914.962 and 1,787,882.705 units
outstanding at December 31, 2007 and December 31, 2006
    
    
    3,752,040,355
    
    
    
    5,594,390,302Total partners capital (Net Asset Value)
    
    
    3,803,391,565
    
    
    
    5,654,540,166Total liabilities and partners capital (Net Asset Value)
    
    $
    3,999,585,136
    
    
    $
    5,777,986,807
 See Accompanying Notes to Financial Statements.
 41




---



##### 



Campbell Strategic Allocation Fund,  Statements of Operations  For the Years Ended December
 2007
    
    
    2006
    
    
    2005TRADING GAINS (LOSSES)Futures trading gains (losses)Realized
    
    $
    (90,020,404
    )
    
    $
    131,759,999
    
    
    $
    420,433,284Change in unrealized
    
    
    (122,751,393
    )
    
    
    147,687,919
    
    
    
    (58,899,977
    )Brokerage commissions
    
    
    (7,474,048
    )
    
    
    (8,756,027
    )
    
    
    (13,246,276
    )Net gain (loss) from futures trading
    
    
    (220,245,845
    )
    
    
    270,691,891
    
    
    
    348,287,031Forward currency and options on forward
currency trading gains (losses)Realized
    
    
    (116,066,270
    )
    
    
    (280,907,717
    )
    
    
    363,426,548Change in unrealized
    
    
    (280,170,992
    )
    
    
    361,269,635
    
    
    
    (98,694,089
    )Brokerage commissions
    
    
    (3,674,992
    )
    
    
    (2,878,200
    )
    
    
    (1,439,002
    )Net gain (loss) from forward
currency and options on forward
currency trading
    
    
    (399,912,254
    )
    
    
    77,483,718
    
    
    
    263,293,457Total net trading gain (loss)
    
    
    (620,158,099
    )
    
    
    348,175,609
    
    
    
    611,580,488INTEREST INCOME NET OF EXPENSESIncomeInterest income
    
    
    231,682,261
    
    
    
    261,724,377
    
    
    
    130,633,883ExpensesBrokerage fee
    
    
    348,527,101
    
    
    
    390,856,239
    
    
    
    314,447,041Performance fee
    
    
    0
    
    
    
    4,818,187
    
    
    
    45,364Operating expenses
    
    
    2,177,186
    
    
    
    2,228,483
    
    
    
    2,927,479Total expenses
    
    
    350,704,287
    
    
    
    397,902,909
    
    
    
    317,419,884Interest income net of expenses
    
    
    (119,022,026
    )
    
    
    (136,178,532
    )
    
    
    (186,786,001
    )NET INCOME (LOSS)
    
    $
    (739,180,125
    )
    
    $
    211,997,077
    
    
    $
    424,794,487NET INCOME (LOSS) PER GENERAL AND LIMITED
PARTNER UNIT
(based on weighted average number of
units outstanding during the year)
    
    $
    (440.33
    )
    
    $
    113.86
    
    
    $
    272.37INCREASE (DECREASE) IN NET ASSET VALUE PER
GENERAL AND LIMITED PARTNER UNIT
    
    $
    (458.41
    )
    
    $
    121.64
    
    
    $
    261.69
 See Accompanying Notes to Financial Statements.
 42




---



##### 



Campbell Strategic Allocation Fund, L.P.
Statements of Cash Flows
For the Years Ended December
 2007
    
    
    2006
    
    
    2005Cash flows from (for) operating activitiesNet income (loss)
    
    $
    (739,180,125
    )
    
    $
    211,997,077
    
    
    $
    424,794,487Adjustments to reconcile net income (loss) to
net cash from (for) operating activitiesNet change in unrealized
    
    
    402,922,385
    
    
    
    (508,957,554
    )
    
    
    157,594,066(Increase) decrease in restricted cash
    
    
    64,472,902
    
    
    
    (64,472,902
    )
    
    
    0(Increase) decrease in option premiums paid
    
    
    (3,996,452
    )
    
    
    (3,991,104
    )
    
    
    0Increase (decrease) in option premiums received
    
    
    2,165,305
    
    
    
    2,319,699
    
    
    
    0(Increase) decrease in interest receivable
    
    
    5,249,167
    
    
    
    (5,045,324
    )
    
    
    (726,399
    )Increase (decrease) in accounts payable and
accrued expenses
    
    
    (11,714,926
    )
    
    
    5,192,027
    
    
    
    6,084,981Net maturities (purchases) of investments in
United States government securities
    
    
    116,703,926
    
    
    
    336,630,893
    
    
    
    (820,930,028
    )Net cash from (for) operating activities
    
    
    (163,377,818
    )
    
    
    (26,327,188
    )
    
    
    (233,182,893
    )Cash flows from (for) financing activitiesAddition of units
    
    
    86,659,011
    
    
    
    849,723,054
    
    
    
    1,123,597,622Increase (decrease) in subscription deposits
    
    
    0
    
    
    
    (150,000
    )
    
    
    150,000Redemption of units
    
    
    (1,108,096,252
    )
    
    
    (510,552,792
    )
    
    
    (408,082,091
    )Offering costs paid
    
    
    (6,074,654
    )
    
    
    (13,455,560
    )
    
    
    (13,217,277
    )Net cash from (for) financing activities
    
    
    (1,027,511,895
    )
    
    
    325,564,702
    
    
    
    702,448,254Net (increase) decrease in cash and cash equivalents
    
    
    (1,190,889,713
    )
    
    
    299,237,514
    
    
    
    469,265,361Cash and cash equivalentsBeginning of year
    
    
    1,707,078,283
    
    
    
    1,407,840,769
    
    
    
    938,575,408End of year
    
    $
    516,188,570
    
    
    $
    1,707,078,283
    
    
    $
    1,407,840,769End of year cash and cash equivalents consists of:Cash in broker trading accounts
    
    $
    274,531,263
    
    
    $
    1,230,053,812
    
    
    $
    381,760,399Cash and cash equivalents
    
    
    241,657,307
    
    
    
    477,024,471
    
    
    
    1,026,080,370Total end of year cash and cash equivalents
    
    $
    516,188,570
    
    
    $
    1,707,078,283
    
    
    $
    1,407,840,769
 See Accompanying Notes to Financial Statements.
 43




---



##### 



Campbell Strategic Allocation fund, L.P.
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,
2004
    
    
    15,051.729
    
    
    $
    41,327,984
    
    
    
    1,459,291.150
    
    
    $
    4,006,818,137
    
    
    
    1,474,342.879
    
    
    $
    4,048,146,121Net income (loss) for
the year ended
December 31,
2005
    
    
    
    
    
    
    4,265,819
    
    
    
    
    
    
    
    420,528,668
    
    
    
    
    
    
    
    424,794,487Additions
    
    
    2,188.442
    
    
    
    6,380,000
    
    
    
    388,029.969
    
    
    
    1,117,217,622
    
    
    
    390,218.411
    
    
    
    1,123,597,622Redemptions
    
    
    0.000
    
    
    
    0
    
    
    
    (143,587.201
    )
    
    
    (408,388,635
    )
    
    
    (143,587.201
    )
    
    
    (408,388,635
    )Offering costs
    
    
    
    
    
    
    (125,368
    )
    
    
    
    
    
    
    (12,325,568
    )
    
    
    
    
    
    
    (12,450,936
    )Balances 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
    
    
    $
    3,803,391,565
 Net Asset Value per General and Limited Partner Unit
December 31,
 2007
    
    2006
    
    
    2005$2,670.65
    
    $
    3,129.06
    
    
    $
    3,007.42
 See Accompanying Notes to Financial Statements.
 44




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##### 



Campbell Strategic Allocation Fund, L.P.
Financial Highlights
For the Years Ended December
  2007
    
    
    2006
    
    
    2005Per Unit Performance(for a unit outstanding throughout the entire year)Net asset value per unit at beginning of year
    
    $
    3,129.06
    
    
    $
    3,007.42
    
    
    $
    2,745.73Income (loss) from operations:Total net trading gains (losses)(1)
    
    
    (383.81
    )
    
    
    201.50
    
    
    
    389.43Interest income net of expenses (1)
    
    
    (70.90
    )
    
    
    (73.14
    )
    
    
    (119.76
    )Total net income (loss) from operations
    
    
    (454.71
    )
    
    
    128.36
    
    
    
    269.67Offering costs (1)
    
    
    (3.70
    )
    
    
    (6.72
    )
    
    
    (7.98
    )Net asset value per unit at end of year
    
    $
    2,670.65
    
    
    $
    3,129.06
    
    
    $
    3,007.42Total Return
    
    
    (14.65
    )%
    
    
    4.04
    %
    
    
    9.53
    %Supplemental DataRatios to average net asset value:Expenses prior to performance fee
    
    
    7.11
    %
    
    
    7.08
    %
    
    
    7.09
    %Performance fee
    
    
    0.00
    %
    
    
    0.09
    %
    
    
    0.00
    %Total expenses
    
    
    7.11
    %
    
    
    7.17
    %
    
    
    7.09
    %Interest income net of expenses(2,3)
    
    
    (2.41
    )%
    
    
    (2.37
    )%
    
    
    (4.17
    )%
 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.
 45




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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.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. Beginning July 1, 2006, the market value of forward currency (non-exchange traded)
contracts is 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. Prior to July 1,2006, the market value of forward currency
(non-exchange traded) contracts was extrapolated on a forward basis from the spot prices
quoted as of 5:00 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.D.
    
    Cash and Cash EquivalentsCash and cash equivalents includes cash and short-term investments in fixed income
securities held at financial institutions.
 46




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##### 



Campbell Strategic Allocation Fund, L.P.
Notes to Financial Statements
December
 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.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). 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; this maximum is further limited by 30 month pay-out schedules. 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, 2007, and December 31, 2006, the Fund reflects
a liability in the statement of financial condition for offering costs payable to Campbell &
Company of $659,698 and $516,133, 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, 2007 and
December 31, 2006, the amount of unreimbursed offering costs incurred by Campbell & Company
is $1,164,118 and $1,110,061, 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.
    
    Recently Issued Accounting PronouncementsEffective January 1, 2007, the Fund implemented Financial Accounting Standards Board
(FASB) Interpretation No. 48, Accounting for Uncertainty in Income Taxes  an
interpretation of FASB Statement No. 109 (FIN 48). FIN 48 prescribes the minimum
recognition threshold a tax position must meet in connection with accounting for
uncertainties in income tax positions taken or expected to be taken by an entity, including
investment companies, before being measured and recognized in the financial statements.
Management has evaluated the application of FIN 48 to the Fund, and has determined that the
adoption of FIN 48 does not have a material impact on the Funds financial statements. The
Fund files federal and state tax returns. The 2004 through 2007 tax years generally remain
subject to examination by U.S. federal and most state tax authorities.In September 2006, the FASB issued Statement of Financial Accounting Standards No. 157,
Fair Value Measurements (FAS 157). FAS 157 defines fair value, establishes a framework for
measuring fair value in accounting principles generally accepted in the United States of
America, and expands disclosures about fair value measurements. FAS 157 is effective for
financial statements issued for fiscal years beginning after November 15, 2007, and interim
periods within those fiscal years. The impact on the Funds financial statement disclosures,
if any, is currently being assessed.
 47




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##### 



Campbell Strategic Allocation Fund, L.P.
Notes to Financial Statements
December
 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 $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 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 earns interest
income on its assets deposited with the brokers.
 Note 4. 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, 2007, 2006 and 2005
 Note 5. SUBSCRIPTIONS, DISTRIBUTIONS AND REDEMPTIONS
 Investments in the Fund are 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, 2007 and 2006, Campbell & Company
received redemption fees of $170,797 and $601,184 respectively.
 Note 6. 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). 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.
 48




---



##### 



Campbell Strategic Allocation Fund, L.P.
Notes to Financial Statements
December 31, 2007
       Forward Currency andOptions on ForwardFutures Contracts
    
    
    Currency Contracts(exchange traded)
    
    
    (non-exchange traded)December 31, 2007
    
    
    December 31, 2006
    
    
    December 31, 2007
    
    
    December 31, 2006Gross unrealized gains
    
    $
    58,463,410
    
    
    $
    225,720,639
    
    
    $
    76,353,401
    
    
    $
    363,846,416Gross unrealized losses
    
    
    (32,440,154
    )
    
    
    (76,945,989
    )
    
    
    (164,086,248
    )
    
    
    (171,408,272
    )Net unrealized gain (loss)
    
    $
    26,023,256
    
    
    $
    148,774,650
    
    
    $
    (87,732,847
    )
    
    $
    192,438,144
  49




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##### 



Campbell Strategic Allocation Fund, L.P.
Notes to Financial Statements
December
  Note7 INDEMNIFICATIONS
  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 Senior Vice President of Accounting and Finance
    
    E 332.01
    
    Certification by Chief Executive Officer
    
    E 432.02
    
    Certification by Senior Vice President of Accounting and Finance
    
    E 5
 E-1