<PAGE>

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    FORM 10-Q

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
    ACT OF 1934

For the quarterly period ended June 30, 2003

                                       or

[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
    ACT OF 1934

For the transition period from ____________________to________________________

Commission File number: 0-22260

                    CAMPBELL STRATEGIC ALLOCATION FUND, L.P.
                    ----------------------------------------
               (Exact name of registrant as specified in charter)

           Delaware                                    52-1823554
    ----------------------                ----------------------------------
    (State of Organization)              (IRS Employer Identification Number)

                              Court Towers Building
                          210 West Pennsylvania Avenue,
                            Baltimore, Maryland 21204
                            -------------------------
          (Address of principal executive offices, including zip code)

                                 (410) 296-3301
                                 --------------
              (Registrant's telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months, and (2) has been subject to such filing requirements
for the past 90 days.

Yes [X] No [ ]

Indicate by check mark whether the registrant is an accelerated filer (as
defined in Exchange Act Rule 12b-2)

Yes [X] No [ ]

                            Total number of Pages: 24

<PAGE>

<TABLE>
<CAPTION>
                                                                                                  PAGE
                                                                                                  ----
<S>                                                                                               <C>
PART I - FINANCIAL INFORMATION

             Item 1.    Financial Statements

                        Statements of Financial Condition as of June 30, 2003 (Unaudited)
                        and December 31, 2002 (Audited)                                             3

                        Condensed Schedule of Investments as of June 30, 2003 (Unaudited)           4

                        Statements of Operations for the Three Months and Six Months Ended
                        June 30, 2003 and 2002 (Unaudited)                                          5

                        Statements of Cash Flows for the Six Months Ended
                        June 30, 2003 and 2002 (Unaudited)                                          6

                        Statements of Changes in Partners' Capital (Net Asset Value)
                        for the Six Months Ended June 30, 2003 and 2002 (Unaudited)                 7

                        Notes to Financial Statements (Unaudited)                                   8

             Item 2.    Management's Discussion and Analysis of Financial Condition and
                        Results of Operations                                                      14

             Item 3.    Quantitative and Qualitative Disclosure About Market Risk                  17

             Item 4.    Controls and Procedures                                                    22

PART II - OTHER INFORMATION                                                                        23

SIGNATURES                                                                                         24

EXHIBIT INDEX                                                                                     E-1

EXHIBIT 31.01 Certification by Chief Executive Officer                                            E-2

EXHIBIT 31.02 Certification of Chief Financial Officer                                            E-4

EXHIBIT 32.01 Certification by Chief Executive Officer                                            E-6

EXHIBIT 32.02 Certification of Chief Financial Officer                                            E-7
</TABLE>

                                      -2-
<PAGE>

                    CAMPBELL STRATEGIC ALLOCATION FUND, L.P.
                        STATEMENTS OF FINANCIAL CONDITION
            June 30, 2003 (Unaudited) and December 31, 2002 (Audited)

<TABLE>
<CAPTION>
                                                              June 30,         December 31,
                                                                2003              2002
                                                                ----              ----
<S>                                                       <C>                <C>
ASSETS
    Equity in broker trading accounts
       Cash                                               $   142,674,593    $    41,776,698
       United States government securities                    964,475,444        734,598,883
       Unrealized gain (loss) on open futures contracts       (30,523,846)        16,807,266
                                                          ---------------    ---------------

              Deposits with broker                          1,076,626,191        793,182,847

    Cash and cash equivalents                                 546,361,770        314,337,785
    United States government securities                       711,242,763        518,161,351
    Unrealized gain (loss) on open swap contracts              (7,063,800)         5,108,650
    Unrealized gain on open forward contracts                  29,835,584         23,639,509
                                                          ---------------    ---------------

              Total assets                                $ 2,357,002,508    $ 1,654,430,142
                                                          ===============    ===============

LIABILITIES
    Accounts payable                                      $       411,207    $       604,807
    Brokerage fee                                              13,827,802          9,036,828
    Performance fee                                            17,159,247                  0
    Offering costs payable                                      1,087,220            666,954
    Redemptions payable                                         9,208,203          8,965,508
    Subscription deposits                                               0         17,206,853
                                                          ---------------    ---------------

              Total liabilities                                41,693,679         36,480,950
                                                          ---------------    ---------------

PARTNERS' CAPITAL (NET ASSET VALUE)
    General Partner - 9,105.833 and 7,262.904 units
       outstanding at June 30, 2003 and
       December 31, 2002                                       23,286,620         16,240,216
    Limited Partners - 896,256.494 and 716,313.085
       units outstanding at June 30, 2003 and
       December 31, 2002                                    2,292,022,209      1,601,708,976
                                                          ---------------    ---------------

              Total partners' capital
                 (Net Asset Value)                          2,315,308,829      1,617,949,192
                                                          ---------------    ---------------

                                                          $ 2,357,002,508    $ 1,654,430,142
                                                          ===============    ===============
</TABLE>

                             See accompanying notes.

                                      -3-
<PAGE>

                    CAMPBELL STRATEGIC ALLOCATION FUND, L.P.
                        CONDENSED SCHEDULE OF INVESTMENTS
                                  June 30, 2003
                                   (Unaudited)

UNITED STATES GOVERNMENT SECURITIES

<TABLE>
<CAPTION>
                                                                                           % of Net
 Face Value             Description                                         Value         Asset Value
 ----------             -----------                                         -----         -----------
<S>            <C>                                                      <C>               <C>
$445,000,000   U.S. Treasury Bills, 7/10/03                             $  444,877,206       19.22%
$400,000,000   U.S. Treasury Bills, 7/03/03                                399,976,099       17.28%
$300,000,000   U.S. Treasury Bills, 9/18/03                                299,450,292       12.93%
$150,000,000   U.S. Treasury Bills, 7/31/03                                149,868,125        6.47%
$150,000,000   U.S. Treasury Bills, 8/07/03                                149,836,583        6.47%
               Various other U.S. Treasury Bills                           231,709,902       10.01%
                                                                        --------------    --------
               TOTAL UNITED STATES GOVERNMENT SECURITIES
                  (COST, INCLUDING ACCRUED INTEREST, - $1,675,718,207)  $1,675,718,207       72.38%
                                                                        ==============    ========
</TABLE>

LONG FUTURES CONTRACTS

<TABLE>
<CAPTION>
                                                                                           % of Net
               Description                                                    Value       Asset Value
               -----------                                                    -----       -----------
               <S>                                                      <C>               <C>
               Energy                                                   $    2,767,998        0.12 %
               Metals                                                       (1,362,379)      (0.06)%
               Stock index                                                  (9,651,945)      (0.42)%
               Short-term interest rate                                     (7,136,363)      (0.31)%
               Long-term interest rate                                     (14,990,654)      (0.64)%
                                                                        --------------    --------
               TOTAL LONG FUTURES CONTRACTS                             $  (30,373,343)      (1.31)%
                                                                        --------------    --------
</TABLE>

SHORT FUTURES CONTRACTS

<TABLE>
<CAPTION>
                                                                                           % of Net
               Description                                                   Value        Asset Value
               -----------                                                   -----        -----------
               <S>                                                      <C>               <C>
               Energy                                                   $     (236,031)      (0.01)%
               Metals                                                           85,528        0.00 %
                                                                        --------------    --------
               TOTAL SHORT FUTURES CONTRACTS                            $     (150,503)      (0.01)%
                                                                        --------------    --------
               TOTAL FUTURES CONTRACTS                                  $  (30,523,846)      (1.32)%
                                                                        ==============    ========
</TABLE>

FORWARD CURRENCY CONTRACTS

<TABLE>
<CAPTION>
                                                                                           % of Net
               Description                                                   Value        Asset Value
               -----------                                                   -----        -----------
               <S>                                                      <C>               <C>
               Various long forward currency contracts                  $  (67,523,723)       (2.92)%
               Various short forward currency contracts                     97,359,307         4.21 %
                                                                        --------------     --------
               TOTAL FORWARD CURRENCY CONTRACTS                         $   29,835,584         1.29 %
                                                                        ==============     ========
</TABLE>

SWAP CONTRACTS

<TABLE>
<CAPTION>
                                                                                           % of Net
               Description                                                   Value        Asset Value
               -----------                                                   -----        -----------
               <S>                                                      <C>               <C>
               Long metal swap contracts                                $   (7,118,900)      (0.31)%
               Short metal swap contracts                                       55,100        0.00 %
                                                                        --------------     --------
               TOTAL SWAP CONTRACTS                                     $   (7,063,800)      (0.31)%
                                                                        ==============     ========
</TABLE>

                             See accompanying notes.

                                      -4-
<PAGE>

                    CAMPBELL STRATEGIC ALLOCATION FUND, L.P.
                            STATEMENTS OF OPERATIONS
        For the Three Months and Six Months Ended June 30, 2003 and 2002
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                               Three Months                        Six Months
                                                                   Ended                              Ended
                                                                 June 30,                           June 30,
                                                          2003             2002              2003             2002
                                                          ----             ----              ----             ----
<S>                                                 <C>                <C>              <C>               <C>
INCOME
    Futures trading gains (losses)
       Realized                                     $   47,401,467     $ (12,948,125)   $ 174,197,740     $ (39,073,774)
       Change in unrealized                            (35,240,005)          401,704      (47,331,112)       34,449,464
                                                    --------------     -------------    -------------     -------------

              Gain (loss) from futures trading          12,161,462       (12,546,421)     126,866,628        (4,624,310)
                                                    --------------     -------------    -------------     -------------

    Forward and swap trading gains (losses)
       Realized                                         82,049,608        76,904,182      235,015,238        70,433,808
       Change in unrealized                             31,256,211        22,870,256       (5,976,375)      (11,336,296)
                                                    --------------     -------------    -------------     -------------

              Gain from forward
                  and swap trading                     113,305,819        99,774,438      229,038,863        59,097,512
                                                    --------------     -------------    -------------     -------------

    Interest income                                      5,954,577         4,069,135       11,276,768         7,985,801
                                                    --------------     -------------    -------------     -------------

              Total income                             131,421,858        91,297,152      367,182,259        62,459,003
                                                    --------------     -------------    -------------     -------------

EXPENSES
    Brokerage fee                                       39,699,376        19,521,951       74,355,189        37,313,342
    Performance fee                                     17,396,255                 0       45,436,354                 0
    Operating expenses                                     570,288           362,456        1,198,969           691,686
                                                    --------------     -------------    -------------     -------------

              Total expenses                            57,665,919        19,884,407      120,990,512        38,005,028
                                                    --------------     -------------    -------------     -------------

              NET INCOME                            $   73,755,939     $  71,412,745    $ 246,191,747     $  24,453,975
                                                    ==============     =============    =============     =============

NET INCOME PER GENERAL
AND LIMITED PARTNER UNIT
    (based on weighted average number of
    units outstanding during the period)            $        87.04     $      135.30    $      307.00     $       48.06
                                                    ==============     =============    =============     =============

INCREASE IN NET ASSET
    VALUE PER GENERAL
    AND LIMITED PARTNER UNIT                        $        85.71     $      127.92    $      321.28     $       29.43
                                                    ==============     =============    =============     =============
</TABLE>

                             See accompanying notes.

                                      -5-

<PAGE>

                    CAMPBELL STRATEGIC ALLOCATION FUND, L.P.
                            STATEMENTS OF CASH FLOWS
                 For the Six Months Ended June 30, 2003 and 2002
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                                        2003             2002
                                                                        ----             ----
<S>                                                                 <C>              <C>
CASH FLOWS FROM (FOR) OPERATING ACTIVITIES
    Net income                                                      $ 246,191,747    $  24,453,975
       Adjustments to reconcile net income to net cash
          (for) operating activities
              Net change in unrealized                                 53,307,487      (23,113,168)
              Increase in accounts payable and accrued expenses        21,756,621        1,173,788
              Net (purchases) of investments in United States
                 government securities                               (422,957,973)     (76,330,685)
                                                                    -------------    -------------

                    Net cash (for) operating activities              (101,702,118)     (73,816,090)
                                                                    -------------    -------------

CASH FLOWS FROM (FOR) FINANCING ACTIVITIES
    Addition of units                                                 531,096,507      168,624,934
    Decrease in subscription deposits                                 (17,206,853)        (257,731)
    Redemption of units                                               (73,998,247)     (42,988,750)
    Increase in redemptions payable                                       242,695        4,367,652
    Offering costs charged                                             (5,930,370)      (3,078,924)
    Increase in offering costs payable                                    420,266          121,851
                                                                    -------------    -------------

                    Net cash from financing activities                434,623,998      126,789,032
                                                                    -------------    -------------

Net increase in cash and cash equivalents                             332,921,880       52,972,942

CASH AND CASH EQUIVALENTS
    Beginning of period                                               356,114,483      195,988,685
                                                                    -------------    -------------

    End of period                                                   $ 689,036,363    $ 248,961,627
                                                                    =============    =============

End of period cash and cash equivalents consists of:
    Cash in broker trading accounts                                 $ 142,674,593    $  66,337,332
    Cash and cash equivalents                                         546,361,770      182,624,295
                                                                    -------------    -------------

                    Total end of period cash and cash equivalents   $ 689,036,363    $ 248,961,627
                                                                    =============    =============
</TABLE>

                             See accompanying notes.

                                      -6-

<PAGE>

                    CAMPBELL STRATEGIC ALLOCATION FUND, L.P.
          STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (NET ASSET VALUE)
                 For the Six Months Ended June 30, 2003 and 2002
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                                       Partners' Capital
                                     -------------------------------------------------------------------------------------
                                             General                    Limited                          Total
                                     -----------------------    ---------------------------    ---------------------------
                                       Units       Amount          Units         Amount           Units         Amount
                                       -----       ------          -----         ------           -----         ------
<S>                                  <C>        <C>             <C>          <C>               <C>          <C>
SIX MONTHS ENDED JUNE 30, 2003

Balances at
    December 31, 2002                7,262.904  $ 16,240,216    716,313.085  $1,601,708,976    723,575.989  $1,617,949,192

Net income for the six months
    ended June 30, 2003                            2,472,482                    243,719,265                    246,191,747

Additions                            1,842.929     4,633,500    209,237.301     526,463,007    211,080.230     531,096,507

Redemptions                              0.000             0    (29,293.892)    (73,998,247)   (29,293.892)    (73,998,247)

Offering costs                                       (59,578)                    (5,870,792)                    (5,930,370)
                                     ---------  ------------    -----------  --------------    -----------  --------------
Balances at
    June 30, 2003                    9,105.833  $ 23,286,620    896,256.494  $2,292,022,209    905,362.327  $2,315,308,829
                                     =========  ============    ===========  ==============    ===========  ==============

SIX MONTHS ENDED JUNE 30, 2002

Balances at
    December 31, 2001                4,881.720  $  9,649,832    472,279.945  $  933,569,040    477,161.665  $  943,218,872

Net income for the six months
    ended June 30, 2002                              244,287                     24,209,688                     24,453,975

Additions                              631.962     1,198,660     88,318.734     167,426,274     88,950.696     168,624,934

Redemptions                              0.000             0    (22,671.970)    (42,988,750)   (22,671.970)    (42,988,750)

Offering costs                                       (31,451)                    (3,047,473)                    (3,078,924)
                                     ---------  ------------    -----------  --------------    -----------  --------------

Balances at
    June 30, 2002                    5,513.682  $ 11,061,328    537,926.709  $1,079,168,779    543,440.391  $1,090,230,107
                                     =========  ============    ===========  ==============    ===========  ==============
</TABLE>

              Net Asset Value Per General and Limited Partner Unit
<TABLE>
<CAPTION>
                                    June 30,  December 31,      June 30,    December 31,
                                      2003        2002           2002          2001
                                      ----        ----           ----          ----
                                   <S>        <C>             <C>          <C>
                                   $2,557.33  $   2,236.05    $  2,006.16  $  1,976.73
                                   =========  ============    ===========  ===========
</TABLE>

                             See accompanying notes.

                                      -7-

<PAGE>

                    CAMPBELL STRATEGIC ALLOCATION FUND, L.P.
                          NOTES TO FINANCIAL STATEMENTS
                                   (Unaudited)

Note 1.  ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

         A.       General Description of the Fund

                  Campbell 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 contracts and swap contracts.

         B.       Regulation

                  As 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 and other market makers through which the Fund
                  trades.

         C.       Method of Reporting

                  The Fund's financial statements are presented in accordance
                  with accounting principles generally accepted in the United
                  States of America, which require the use of certain estimates
                  made by the Fund's management. 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." Any change in net unrealized
                  gain or loss from the preceding period is reported in the
                  statement of operations. Brokerage commissions and other
                  trading fees paid directly to the broker are included in
                  "brokerage fee" 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 Equivalents

                  Cash and cash equivalents includes cash and short-term time
                  deposits held at financial institutions.

         E.       Income Taxes

                  The 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.

                                      -8-

<PAGE>

                    CAMPBELL STRATEGIC ALLOCATION FUND, L.P.
                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)
                                   (Unaudited)

Note 1.  ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

         F.       Offering Costs

                  Campbell & 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 June 30, 2003, the Fund reflects
                  a liability in the statement of financial condition for
                  offering costs payable to Campbell & Company of $1,087,220.
                  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 June
                  30, 2003, the amount of unreimbursed offering costs incurred
                  by Campbell & Company is $10,584,552.

         G.       Foreign Currency Transactions

                  The 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
                  currently.

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.

                                      -9-

<PAGE>

                    CAMPBELL STRATEGIC ALLOCATION FUND, L.P.
                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)
                                   (Unaudited)

Note 2.  GENERAL PARTNER AND COMMODITY TRADING ADVISOR (CONTINUED)

         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, the total of which is reported as brokerage fee in the
         statement of operations. 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. During the six months ended June
         30, 2003 and 2002, the amounts paid directly to the broker and
         interbank market makers amounted to $2,189,674 and $3,256,706,
         respectively. During the three months ended June 30, 2003 and 2002, the
         amounts paid directly to the broker and interbank market makers
         amounted to $1,243,170 and $1,979,233, respectively.

         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 BROKER

         The Fund deposits assets with a broker 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 broker. The Fund earns interest
         income on its assets deposited with the broker.

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 three months
         and six months ended June 30, 2003 and 2002.

Note 5.  SUBSCRIPTIONS, DISTRIBUTIONS AND REDEMPTIONS

         Investments in the Fund are made by subscription agreement, subject to
         acceptance by Campbell & Company. In December 2002, the Fund received
         deposits from prospective limited partners totaling $17,206,853. These
         deposits were returned to the prospective investors in January 2003.

         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 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.

                                      -10-

<PAGE>

                    CAMPBELL STRATEGIC ALLOCATION FUND, L.P.
                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)
                                   (Unaudited)

Note 6.  TRADING ACTIVITIES AND RELATED RISKS

         The Fund engages in the speculative trading of U.S. and foreign futures
         contracts, forward contracts and swap 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 and other market makers usually range from 10% to 30% of
         Net Asset Value. The market value of securities held to satisfy such
         requirements at June 30, 2003 and December 31, 2002 was $1,675,718,207
         and $1,252,760,234, respectively, which equals 72% and 77% of Net Asset
         Value, respectively. The cash deposited with interbank and other market
         makers at June 30, 2003 and December 31, 2002 was $451,294,113 and
         $176,597,790, respectively, and is included in cash and cash
         equivalents.

         The Fund trades forward and swap contracts in unregulated markets
         between principals and assumes the risk of loss from counterparty
         nonperformance. Accordingly, the risks associated with forward and swap
         contracts are generally greater than those associated with exchange
         traded contracts because of the greater risk of counterparty default.
         Additionally, the trading of forward and swap 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, forward and swap contracts
         purchased and unlimited liability on such contracts sold short.

         The unrealized gain (loss) on open futures, forward and swap contracts
         is comprised of the following:

         <TABLE>
         <CAPTION>
                                              Futures Contracts               Forward and Swap Contracts
                                              (exchange traded)                  (non-exchange traded)
                                         June 30,         December 31,        June 30,         December 31,
                                           2003               2002              2003               2002
                                           ----               ----              ----               ----
         <S>                         <C>                 <C>                <C>               <C>
         Gross unrealized gains      $    7,589,029      $ 28,128,413       $ 206,902,495     $ 141,686,377
         Gross unrealized losses        (38,112,875)      (11,321,147)       (184,130,711)     (112,938,218)
                                     --------------      ------------       -------------     -------------

         Net unrealized gain         $  (30,523,846)     $ 16,807,266       $  22,771,784     $  28,748,159
                                     ==============      ============       =============     =============
         </TABLE>

                                      -11-

<PAGE>

                    CAMPBELL STRATEGIC ALLOCATION FUND, L.P.
                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)
                                   (Unaudited)

Note 6.  TRADING ACTIVITIES AND RELATED RISKS (CONTINUED)

         Open contracts generally mature within three months; as of June 30,
         2003, the latest maturity date for open futures contracts is March
         2004, and the latest maturity date for open forward and swap contracts
         is September 2003. However, the Fund intends to close all 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 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.  INTERIM FINANCIAL STATEMENTS

         The statement of financial condition as of June 30, 2003, including the
         June 30, 2003 condensed schedule of investments, the statements of
         operations for the three months and six months ended June 30, 2003 and
         2002, and the statements of cash flows and changes in partners' capital
         (Net Asset Value) for the six months ended June 30, 2003 and 2002 are
         unaudited. In the opinion of management, such financial statements
         reflect all adjustments, which were of a normal and recurring nature,
         necessary for a fair presentation of financial position as of June 30,
         2003, and the results of operations for the three months and six months
         ended June 30, 2003 and 2002, and cash flows for the six months ended
         June 30, 2003 and 2002.

                                      -12-

<PAGE>

                    CAMPBELL STRATEGIC ALLOCATION FUND, L.P.
                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)
                                   (Unaudited)

Note 8.  FINANCIAL HIGHLIGHTS

         The following information presents per unit operating performance data
         and other supplemental financial data for the three months and six
         months ended June 30, 2003 and 2002. This information has been derived
         from information presented in the financial statements.

<TABLE>
<CAPTION>
                                                           Three months ended            Six months ended
                                                                June 30,                      June 30,
                                                           2003           2002         2003            2002
                                                       (Unaudited)    (Unaudited)   (Unaudited)     (Unaudited)
                                                       ------------   -----------   ------------    ----------
<S>                                                    <C>            <C>           <C>             <C>
PER UNIT PERFORMANCE
(for a unit outstanding throughout the entire period)

Net asset value per unit at beginning of period        $   2,471.62   $  1,878.24   $   2,236.05    $ 1,976.73
                                                       ------------   -----------   ------------    ----------
Income (loss) from operations:
       Net realized and change in unrealized gain
           from trading (2),(3)                              149.12        157.18         462.76         88.08
       Expenses net of interest income (1),(3)               (59.56)       (26.21)       (134.08)       (52.60)
                                                       ------------   -----------   ------------    ----------

              Total income from operations                    89.56        130.97         328.68         35.48
                                                       ------------   -----------   ------------    ----------

Offering costs (3)                                            (3.85)        (3.05)         (7.40)        (6.05)
                                                       ------------   -----------   ------------    ----------

Net asset value per unit at end of period              $   2,557.33   $  2,006.16   $   2,557.33    $ 2,006.16
                                                       ============   ===========   ============    ==========

TOTAL RETURN (4)                                               3.47%         6.81%         14.37%         1.49%
                                                       ============   ===========   ============    ==========
SUPPLEMENTAL DATA

Ratios to average net asset value:
       Expenses prior to performance fee (1),(5)              (7.21)%       (7.16)%        (7.26)%       (7.09)%
       Performance fee (5)                                    (3.21)%        0.00%         (4.50)%        0.00%
                                                       ------------   -----------   ------------    ----------

              Total expenses (1),(5)                         (10.42)%       (7.16)%       (11.76)%       (7.09)%
                                                       ============   ===========   ============    ==========

       Expenses net of interest income (1),(5),(6)            (6.11)%       (5.54)%        (6.14)%       (5.46)%
                                                       ============   ===========   ============    ==========
</TABLE>

         Total returns are calculated based on the change in value of a unit
         during the period. 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)      Excludes brokerage commissions and other trading fees paid directly to
         the broker.

(2)      Includes brokerage commissions and other trading fees paid directly to
         the broker.

(3)      Expenses net of interest income per unit and offering costs per unit
         are calculated by dividing the expenses net of interest income and
         offering costs by the average number of units outstanding during the
         period. The net realized and change in unrealized gain from trading is
         a balancing amount necessary to reconcile the change in net asset value
         per unit with the other per unit information.

(4)      Not annualized

(5)      Annualized

(6)      Excludes performance fee

                                      -13-

<PAGE>

ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
         RESULTS OF OPERATIONS

INTRODUCTION

The offering of Campbell Strategic Allocation Fund L.P.'s (the "Fund") Units of
Limited Partnership Interest commenced on January 12, 1994, and the initial
offering terminated on April 15, 1994 with proceeds of $9,692,439. The
continuing offering period commenced immediately after the termination of the
initial offering period; additional subscriptions totaling $2,131,425,028 have
been accepted during the continuing offering period as of June 30, 2003.
Redemptions over the same time period total $400,460,559. The Fund commenced
operations on April 18, 1994.

CAPITAL RESOURCES

The Fund will raise additional capital only through the sale of Units offered
pursuant to the continuing offering, and does not intend to raise any capital
through borrowing. Due to the nature of the Fund's business, it will make no
capital expenditures and will have no capital assets, which are not operating
capital or assets.

LIQUIDITY

Most United States commodity exchanges limit fluctuations in commodity futures
contracts prices during a single day by regulations referred to as "daily price
fluctuation limits" or "daily limits". During a single trading day, no trades
may be executed at prices beyond the daily limit. Once the price of a futures
contract has reached the daily limit for that day, positions in that contract
can neither be taken nor liquidated. Commodity futures prices have occasionally
moved to the daily limit for several consecutive days with little or no trading.
Similar occurrences could prevent the Fund from promptly liquidating unfavorable
positions and subject the Fund to substantial losses which could exceed the
margin initially committed to such trades. In addition, even if commodity
futures prices have not moved the daily limit, the Fund may not be able to
execute futures trades at favorable prices, if little trading in such contracts
is taking place. Other than these limitations on liquidity, which are inherent
in the Fund's commodity futures trading operations, the Fund's assets are
expected to be highly liquid.

RESULTS OF OPERATIONS

The returns for the six months ending June 30, 2003 and 2002 were 14.37% and
1.49%, respectively. Of the 14.37% increase, approximately 20.09% was due to
trading gains (before commissions) and approximately 0.56% was due to interest
income, offset by approximately 6.28% due to brokerage fees, performance fees,
operating cost and offering costs borne by the Fund. An analysis of the 20.09%
trading gains by sector is as follows:

                                      -14-

<PAGE>

<TABLE>
<CAPTION>
SECTOR                   % GAIN (LOSS)
------                   -------------
<S>                      <C>
Currencies                 13.22 %

Energy                      4.30

Interest Rates              3.80

Metals                     (0.54)

Stock Indices              (0.69)
                          ------

                           20.09 %
                          ======
</TABLE>

The long-term trends that created so much opportunity for the Fund in 2002
continued in January 2003. Profits were earned in every sector other than stock
indices. However, the environment was one where a single event, the prospect of
war with Iraq, was driving the Fund's whole portfolio. While the Fund's
systematic and disciplined trading strategies continued to keep it engaged,
leverage was subsequently decreased to protect against significant losses which
could result from potential sharp and extended reversals in core positions.

The Fund was positive again in February with metals being the only negative
sector. Strong momentum in energy, fixed income, currencies and stock indices
continued, largely as a result of the troubled global geopolitical outlook. In
order to mitigate the risk of potential sharp reversals in trends, the Fund
maintained a lower-than-normal level of leverage during the month.

The long awaited market reversal occurred in March. Initially energy, precious
metals and fixed income markets all sold off sharply, while equities and the
U.S. Dollar rallied. Several days into this correction, these markets all sold
off suddenly, as hopes of a quick victory in Iraq subsided. With significantly
reduced leverage, the losses the Fund sustained were relatively modest, giving
the Fund a positive first quarter.

In April, the Fund's leverage was returned to a more normal level, but the
portfolio was not fully engaged in many markets due to the lack of strong
trends. Many markets had calmed significantly at this time, but uncertainty was
still prevalent in global markets due to the many unresolved geopolitical
issues. A strong performance in the currencies sector was partially offset by
negative performances in the metals and stock index sectors.

In May, the uncertainty that remained in April dominated the markets the Fund
trades and led to another positive month. While corporate earnings looked
stronger, unemployment, overcapacity and the ongoing threat of terrorism still
loomed large over the global financial markets. The US dollar weakened further
against the other major currencies despite the concern expressed by the United
States' trade partners over the impact this would have on global trade. Interest
rates were the best performing sector for the Fund particularly at the long end
of the yield curve, where higher prices reflected lower rates. Currency cross
rates were also positive, while losses in the energy, stock index and currency
sectors offset some of those gains.

With a small negative result for June, the Fund finished the first half of 2003
with a solid double-digit return. Profits for the month were earned in the
currency sector while long-term interest rates lost

                                      -15-

<PAGE>

value as yield curves steepened, particularly the Japanese government bond.
Short-term interest rates and stock index sectors contributed modest gains for
the month, while the energy, metals and currency cross-rates contributed small
losses. While the global economy was looking better than it had for several
years, many substantive uncertainties remained.

2002


The return for the six months ending June 30, 2002 was 1.49%. Of the 1.49%
increase, approximately 4.87% was due to trading gains (before commissions) and
approximately .81% was due to interest income, offset by approximately 4.19% due
to brokerage fees, performance fees, operating cost and offering costs borne by
the Fund. An analysis of the 4.87% trading gains by sector is as follows:



<TABLE>
<CAPTION>
SECTOR                                              % GAIN (LOSS)
------                                              -------------
<S>                                                 <C>
Currencies                                               5.90%

Interest Rates                                           0.81

Metals                                                  (0.04)

Energy                                                  (0.38)

Stock Indices                                           (1.42)
                                                        ------

                                                         4.87%
                                                        ======
</TABLE>


During January, the Enron and Global Crossing bankruptcies took a toll on the
U.S. equities markets that were already under pressure and resulted in a
stumbling start to the New Year, as layoffs, earnings restatements and revenue
declines continued to dominate the business news. Internationally, the Japanese
economy continued to deteriorate, while the full extent of any Argentinean
contagion is yet to be acknowledged in Brazil or other parts of South America.
On the positive side, U.S. consumer spending continued to be robust. The Fund
posted a small loss for January, largely as a result of volatility in the global
currency markets. Energy and short stock index positions contributed small
gains.

The high market volatility in January continued into February. Further Enron
revelations radiated concern about the accounting practices of other large
companies and caused the equity markets to decline early in the month. Sentiment
reversed abruptly on positive economic news on home sales, manufacturing and
consumer spending. The Fund's performance was negative in February with losses
in energy, stock indices and long-term interest rates partially offset by gains
in short-term interest rates.

March was a mixed month in which positive performance in the energy and interest
rate sectors were more than offset by losses in stock indices and currencies,
which make up a substantial part of the Fund's portfolio. The Japanese Yen
produced the largest loss when it rallied in reaction to Bank of Japan
intervention in preparation for their March 31st fiscal year-end as the Fund was
maintaining a short position. Energy was the strongest performing sector
profiting from long positions in crude oil and unleaded gas. The loss in the
stock indices sector came from short positions in the Nikkei and Hang Seng
indices as Asian equities rallied. The overall loss for the month occurred
independently of the equity and bond markets demonstrating the volatility
reducing effect of blending assets whose returns are largely uncorrelated.

April was one of the most difficult trading months since the Fund began trading.
The Fund ended the month down over 4.5%. The fixed income sector was whip-lashed
as hopes of imminent economic recovery sputtered causing the majority of the
trading losses for the month. Broad-based selling of the three leading US equity
indices put them at their lowest levels since October 2001 and contributed to
the Fund's losses for the month. The energy sector was battered by reports of
unfolding events in both Venezuela and the Middle East. Many areas of concern
remain including continued instability in the Middle East, weak corporate
earnings, continued revelations of corporate accounting issues, fear of a
collapse in the residential real estate market, high energy costs and a growing
federal budget deficit due to lower tax receipts.

The month of May finally provided some trending opportunities that the Fund was
able to profit from. The currencies and interest rates sectors provided the
gains for the month, but these were offset by losses in the energy and stock
indices sectors. While the equities markets remained nervous, many alternative
investment strategies, including managed futures, were able to provide positive
returns.

Strong performance in the month of June contributed to a positive second quarter
and more than made up for losses during the beginning of the year. All major US
equity indices made new cycle lows as domestic and international investor
confidence was battered by reports of scandalous corporate leadership conduct.
The long awaited US economic recovery looked sluggish at best. In this troubled
environment, the US dollar lost ground against most major trading partners,
while interest rate futures rose and stock indices declined. These three sectors
contributed significantly to the profits in June, while small losses were
recorded in the metals and energy sectors.


OFF-BALANCE SHEET RISK

The term "off-balance sheet risk" refers to an unrecorded potential liability
that, even though it does not appear on the balance sheet, may result in future
obligation or loss. The Fund trades in futures, forward and swap contracts and
is therefore a party to financial instruments with elements of off-balance sheet
market and credit risk. In entering into these contracts there exists a risk to
the Fund, market risk, that such contracts may be significantly influenced by
market conditions, such as interest rate volatility, resulting in such contracts
being less valuable. If the markets should move against all of the futures
interests positions of the Fund at the same time, and if the Fund's trading
advisor was unable to offset futures interests positions of the Fund, the Fund
could lose all of its assets and the Limited Partners would realize a 100% loss.
Campbell & Company, Inc., the General Partner (who also acts as trading
advisor), minimizes market risk through real-time monitoring of open positions,
diversification of the portfolio and maintenance of a margin-to-equity ratio
that rarely exceeds 30%.

In addition to market risk, in entering into futures, forward and swap contracts
there is a credit risk that a counterparty will not be able to meet its
obligations to the Fund. The counterparty for futures contracts traded in the
United States and on most foreign exchanges is the clearinghouse associated with
such exchange. In general, clearinghouses are backed by the corporate members of
the clearinghouse who are required to share any financial burden resulting from
the non-performance by one of their members and, as such, should significantly
reduce this credit risk. In cases where the clearinghouse is not backed by the
clearing members, like some foreign exchanges, it is normally backed by a
consortium of banks or other financial institutions.

In the case of forward and swap contracts, which are traded on the interbank
market rather than on exchanges, the counterparty is generally a single bank or
other financial institution, rather than a group of financial institutions; thus
there may be a greater counterparty credit risk. Campbell & Company trades for
the Fund only with those counterparties which it believes to be creditworthy.
All positions of the Fund are valued each day on a mark-to-market basis. There
can be no assurance that any clearing member, clearinghouse or other
counterparty will be able to meet its obligations to the Fund.

DISCLOSURES ABOUT CERTAIN TRADING ACTIVITIES THAT INCLUDE NON-EXCHANGE TRADED
CONTRACTS ACCOUNTED FOR AT FAIR VALUE

The Fund invests in futures and forward currency contracts. The market value of
futures (exchange-traded) contracts is determined by the various futures
exchanged, 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

                                      -16-

<PAGE>

forward (non-exchange traded) contracts is 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.

ITEM 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

INTRODUCTION

Past Results Not Necessarily Indicative of Future Performance

         The Fund is a speculative commodity pool. The market sensitive
instruments held by it are acquired for speculative trading purposes, and all or
a substantial amount of the Fund's assets are subject to the risk of trading
loss. Unlike an operating company, the risk of market sensitive instruments is
integral, not incidental, to the Fund's main line of business.

         Market movements result in frequent changes in the fair market value of
the Fund's open positions and, consequently, in its earnings and cash flow. The
Fund's market risk is influenced by a wide variety of factors, including the
level and volatility of exchange rates, interest rates, equity price levels, the
market value of financial instruments and contracts, the diversification effects
among the Fund's open positions and the liquidity of the markets in which it
trades.

         The Fund rapidly acquires and liquidates both long and short positions
in a wide range of different markets. Consequently, it is not possible to
predict how a particular future market scenario will affect performance, and the
Fund's past performance is not necessarily indicative of its future results.

         Value at Risk is a measure of the maximum amount which the Fund could
reasonably be expected to lose in a given market sector. However, the inherent
uncertainty of the Fund's speculative trading and the recurrence in the markets
traded by the Fund of market movements far exceeding expectations could result
in actual trading or non-trading losses far beyond the indicated Value at Risk
or the Fund's experience to date (i.e., "risk of ruin"). Risk of ruin is defined
to be no more than a 5% chance of losing 20% or more on a monthly basis. In
light of the foregoing as well as the risks and uncertainties intrinsic to all
future projections, the inclusion of the quantification included in this section
should not be considered to constitute any assurance or representation that the
Fund's losses in any market sector will be limited to Value at Risk or by the
Fund's attempts to manage its market risk.

Standard of Materiality

         Materiality as used in this section, "Qualitative and Quantitative
Disclosures About Market Risk," is based on an assessment of reasonably possible
market movements and the potential losses caused by such movements, taking into
account the leverage, and multiplier features of the Fund's market sensitive
instruments.

QUANTIFYING THE FUND'S TRADING VALUE AT RISK

Quantitative Forward-Looking Statements

                                      -17-

<PAGE>

         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).

         The Fund's risk exposure in the various market sectors traded by
Campbell & Company is quantified below in terms of Value at Risk. Due to the
Fund's mark-to-market accounting, any loss in the fair value of the Fund's open
positions is directly reflected in the Fund's earnings (realized or unrealized).

         Exchange maintenance margin requirements have been used by the Fund as
the measure of its Value at Risk. Maintenance margin requirements are set by
exchanges to equal or exceed the maximum losses reasonably expected to be
incurred in the fair value of any given contract in 95%-99% of any one-day
intervals. The maintenance margin levels are established by dealers and
exchanges using historical price studies as well as an assessment of current
market volatility and economic fundamentals to provide a probabilistic estimate
of the maximum expected near-term one-day price fluctuation. Maintenance margin
has been used rather than the more generally available initial margin, because
initial margin includes a credit risk component which is not relevant to Value
at Risk.

         In the case of market sensitive instruments which are not
exchange-traded (which includes currencies and some energy products and metals
in the case of the Fund), the margin requirements for the equivalent futures
positions have been used as Value at Risk. In those cases in which a
futures-equivalent margin is not available, dealers' margins have been used.

         In the case of contracts denominated in foreign currencies, the Value
at Risk figures include foreign margin amounts converted into U.S. Dollars with
an incremental adjustment to reflect the exchange rate risk inherent to the
Dollar-based Fund in expressing Value at Risk in a functional currency other
than Dollars.

         In quantifying the Fund's Value at Risk, 100% positive correlation in
the different positions held in each market risk category has been assumed.
Consequently, the margin requirements applicable to the open contracts have
simply been aggregated to determine each trading category's aggregate Value at
Risk. The diversification effects resulting from the fact that the Fund's
positions are rarely, if ever, 100% positively correlated have not been
reflected.

THE FUND'S TRADING VALUE AT RISK IN DIFFERENT MARKET SECTORS

         The following tables indicate the trading Value at Risk associated with
the Fund's open positions by market category as of June 30, 2003 and December
31, 2002 and the trading gains/losses by market category for the six months
ended June 30, 2003 and the year then ended December 31,

                                      -18-

<PAGE>

2002. All open position trading risk exposures of the Fund have been included in
calculating the figures set forth below. As of June 30, 2003 and December 31,
2002, the Fund's total capitalization was approximately $2,315 million and
$1,618 million, respectively.

                                  JUNE 30, 2003

<TABLE>
<CAPTION>
                                       %OF TOTAL        TRADING
MARKET SECTOR    VALUE AT RISK      CAPITALIZATION    GAIN/(LOSS)*
-------------   ----------------   ----------------   ------------
<S>             <C>                <C>                <C>
Currencies      $ 76.28 million          3.30%           13.22 %
Stock Indices   $ 56.26 million          2.43%           (0.69)%
Interest Rates  $ 49.65 million          2.14%            3.80 %
Energy          $ 10.15 million          0.44%            4.30 %
Metals          $  3.55 million          0.15%           (0.54)%
                ---------------          ----            -----

   Total        $195.89 million          8.46%           20.09 %
                ===============          ====            =====
</TABLE>

* - Of the 14.37% return for the six months ended June 30, 2003, approximately
20.09% was due to trading gains (before commissions) and approximately 0.56% due
to interest income, offset by approximately 6.28% due to brokerage fees,
performance fees and operating and offering costs borne by the Fund.

                                DECEMBER 31, 2002

<TABLE>
<CAPTION>
                                       %OF TOTAL        TRADING
MARKET SECTOR    VALUE AT RISK      CAPITALIZATION    GAIN/(LOSS)*
-------------   ----------------   ----------------   ------------
<S>             <C>                <C>                <C>
Currencies      $ 52.32 million          3.23%            6.20 %
Energy          $ 39.05 million          2.41%           (1.96)%
Interest Rates  $ 23.75 million          1.47%           14.98 %
Stock Indices   $ 13.28 million          0.82%            3.42 %
Metals          $  3.00 million          0.19%           (0.34)%
                ---------------          ----            -----

   Total        $131.40 million          8.12%           22.30 %
                ===============          ====            =====
</TABLE>

* - Of the 13.12% return for the year ended December 31, 2002, approximately
22.30% was due to trading gains (before commissions) and approximately 1.62% was
due to interest income, offset by approximately 10.80% due to brokerage fees,
performance fees and operating and offering costs borne by the Fund.

                                      -19-

<PAGE>

MATERIAL LIMITATIONS ON VALUE AT RISK AS AN ASSESSMENT OF MARKET RISK

         The face value of the market sector instruments held by the Fund is
typically many times the applicable maintenance margin requirement (maintenance
margin requirements generally ranging between approximately 1% and 10% of
contract face value) as well as many times the capitalization of the Fund. The
magnitude of the Fund's open positions creates a "risk of ruin" not typically
found in most other investment vehicles. Because of the size of its positions,
certain market conditions -- unusual, but historically recurring from time to
time -- could cause the Fund to incur severe losses over a short period of time.
The foregoing Value at Risk tables -- as well as the past performance of the
Fund -- give no indication of this "risk of ruin."

NON-TRADING RISK

         The Fund has non-trading market risk on its foreign cash balances not
needed for margin. However, these balances (as well as the market risk they
represent) are immaterial. The Fund also has non-trading market risk as a result
of investing a substantial portion of its available assets in U.S. Treasury
Bills. The market risk represented by these investments is immaterial.

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.

         The following were the primary trading risk exposures of the Fund as of
June 30, 2003, by market sector.

Currencies

         Exchange rate risk is the principal market exposure of the Fund. The
Fund's currency exposure is to exchange rate fluctuations, primarily
fluctuations which disrupt the historical pricing relationships between
different currencies and currency pairs. These fluctuations are influenced by
interest rate changes as well as political and general economic conditions. The
Fund trades in a large number of currencies, including cross-rates -- i.e.,
positions between two currencies other

                                      -20-

<PAGE>

than the U.S. Dollar. Campbell & Company does not anticipate that the risk
profile of the Fund's currency sector will change significantly in the future.

Interest Rates

         Interest rate risk is a significant market exposure of the Fund.
Interest rate movements directly affect the price of the sovereign bond
positions held by the Fund and indirectly the value of its stock index and
currency positions. Interest rate movements in one country as well as relative
interest rate movements between countries materially impact the Fund's
profitability. The Fund's primary interest rate exposure is to interest rate
fluctuations in the United States and the other G-7 countries. Additionally, the
Fund takes positions in the government debt of Switzerland. Campbell & Company
anticipates that G-7 interest rates will remain the primary market exposure of
the Fund for the foreseeable future. The changes in interest rates which have
the most effect on the Fund are changes in long-term, as opposed to short-term
rates. Most of the speculative positions held by the Fund are in medium- to
long-term instruments. Consequently, even a material change in short-term rates
would have little effect on the Fund were the medium- to long-term rates to
remain steady.

Stock Indices

         The Fund's primary equity exposure is to equity price risk in the G-7
countries and several other countries (Hong Kong, Spain and Taiwan). The stock
index futures traded by the Fund are by law limited to futures on broadly based
indices. As of June 30, 2003, the Fund's primary exposures were in the FTSE
(U.K.), DAX (Germany), NASDAQ (USA), IBEX (Spain), Euro STOXX 50, Hang Seng
(Hong Kong), Nikkei (Japan), and S&P 500 (USA) stock indices. The Fund is
primarily exposed to the risk of adverse price trends or static markets in the
major U.S., European and Japanese indices. (Static markets would not cause major
market changes but would make it difficult for the Fund to avoid being
"whipsawed" into numerous small losses.)

Energy

         The Fund's primary energy market exposure is to gas and oil price
movements, often resulting from political developments and ongoing conflicts in
the Middle East. As of June 30, 2003, crude oil, heating oil and natural gas are
the dominant energy market exposures of the Fund. Oil and gas prices can be
volatile and substantial profits and losses have been and are expected to
continue to be experienced in this market.

Metals

         The Fund's metals market exposure is to fluctuations in the price of
aluminum, copper, gold, nickel and zinc. The risk allocation to the metal sector
has not exceeded 3% of the Fund's portfolio during the six months ended June 30,
2003.

QUALITATIVE DISCLOSURES REGARDING NON-TRADING RISK EXPOSURE

         The following were the only non-trading risk exposures of the Fund as
of June 30, 2003.

                                      -21-

<PAGE>

Foreign Currency Balances

         The Fund's primary foreign currency balances are in Japanese Yen,
British Pounds and Euros. The Fund controls the non-trading risk of these
balances by regularly converting these balances back into dollars (no less
frequently than twice a month, and more frequently if a particular foreign
currency balance becomes unusually large).

Treasury Bill Positions

         The Fund's only market exposure in instruments held other than for
trading is in its Treasury Bill portfolio. The Fund holds Treasury Bills
(interest bearing and credit risk-free) with durations no longer than six
months. Violent fluctuations in prevailing interest rates could cause immaterial
mark-to-market losses on the Fund's Treasury Bills, although substantially all
of these short-term investments are held to maturity.

QUALITATIVE DISCLOSURES REGARDING MEANS OF MANAGING RISK EXPOSURE

         The means by which Campbell & Company attempts to manage the risk of
the Fund's open positions is essentially the same in all market categories
traded. Campbell & Company applies risk management policies to its trading which
generally limit the total exposure that may be taken per "risk unit" of assets
under management. In addition, Campbell & Company follows diversification
guidelines (often formulated in terms of the balanced volatility between markets
and correlated groups), as well as imposing "stop-loss" points at which open
positions must be closed out.

         Campbell & Company controls the risk of the Fund's non-trading
instruments (Treasury Bills held for cash management purposes) by limiting the
duration of such instruments to no more than six months.

GENERAL

         The Fund is unaware of any (i) anticipated known demands, commitments
or capital expenditures; (ii) material trends, favorable or unfavorable, in its
capital resources; or (iii) trends or uncertainties that will have a material
effect on operations. From time to time, certain regulatory agencies have
proposed increased margin requirements on futures contracts. Because the Fund
generally will use a small percentage of assets as margin, the Fund does not
believe that any increase in margin requirements, as proposed, will have a
material effect on the Fund's operations.

ITEM 4.  CONTROLS AND PROCEDURES

         Campbell & Company, Inc., the general partner of the Fund, with the
participation of the general partner's Chief Executive Officer and Chief
Financial Officer, has evaluated the effectiveness of the design and operation
of its disclosure controls and procedures with respect to the Fund within 90
days of the filing date of this quarterly report, and, based on their
evaluation, have concluded that these disclosure controls and procedures are
effective. There were no significant changes in the general partner's internal
controls with respect to the Fund or in other factors applicable to the Fund
that could significantly affect these controls subsequent to the date of their
evaluation.

                                      -22-

<PAGE>

                            PART II-OTHER INFORMATION

Item 1.  Legal Proceedings.

         None

Item 2.  Changes in Securities and Use of Proceeds

         None

Item 3.  Defaults Upon Senior Securities

         Not applicable.

Item 4.  Submissions of Matters to a vote of Security Holders.

         None

Item 5.  Other Information

         None

Item 6.  Exhibits and Reports on Form 8-K.

         (a)     Exhibits

         Exhibit Number         Description of Document
         --------------         -----------------------

             31.01              Certification of Bruce L. Cleland, Chief
                                Executive Officer, pursuant to Rules 13a-14 and
                                15d-14 of the Securites Exchange Act of 1934.

             31.02              Certification of Theresa D. Becks, Chief
                                Financial Officer, pursuant to Rules 13a-14 and
                                15d-14 of the Securites Exchange Act of 1934.

             32.01              Certification of Bruce L. Cleland, 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 Theresa D. Becks, Chief
                                Financial Officer, pursuant to 18 U.S.C. Section
                                1350, as enacted by Section 906 of The
                                Sarbanes-Oxley Act of 2002.

         (c)      Reports of Form 8-K

                  None

                                      -23-

<PAGE>

                                   SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized, on the 5th day of August 2003.

                          CAMPBELL STRATEGIC ALLOCATION FUND, L.P.
                          (Registrant)

                                  By: Campbell & Company, Inc.
                                      General Partner

                                  By: /s/ Theresa D. Becks
                                      ------------------------------------------
                                      Theresa D. Becks
                                      Chief Financial Officer/Treasurer/Director

                                      -24-

<PAGE>

                                  EXHIBIT INDEX

<TABLE>
<CAPTION>
Exhibit Number                Description of Document           Page Number
--------------                -----------------------           -----------
<S>                 <C>                                         <C>
31.01               Certification by Chief Executive Officer       E 2
31.02               Certification by Chief Financial Officer       E 4
32.01               Certification by Chief Executive Officer       E 6
32.02               Certification by Chief Financial Officer       E 7
</TABLE>

                                      -E 1-