UNITED STATES
 SECURITIES AND EXCHANGE COMMISSION
 WASHINGTON, D.C. 20549
 FORM 10-Q
 þ
    
    Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 For the quarterly period ended March 31, 2009
 or
 o
    
    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.
  Delaware
    
    52-1823554(State of Organization)
    
    (IRS Employer Identification Number)
 (Address of principal executive offices, including zip code)
 (Registrants telephone number, including area code)
 þ o
 o o
  Large accelerated filer o
    
    Accelerated filer o
    
    Non-accelerated filer þ
    
    Smaller reporting company o(Do not check if a smaller reporting company)
 o þ
   34




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##### 



PagePART I  FINANCIAL INFORMATIONItem 1. Financial StatementsCondensed Schedules of Investments as of March 31, 2009 (Unaudited)
and December 31, 2008
    
    
    3-6Statements of Financial Condition as of March 31, 2009 (Unaudited)
and December 31, 2008
    
    
    7Statements of Operations for the Three Months Ended
March 31, 2009 and 2008 (Unaudited)
    
    
    8Statements of Cash Flows for the Three Months Ended
March 31, 2009 and 2008 (Unaudited)
    
    
    9Statements of Changes in Partners Capital (Net Asset Value)
for the Three Months Ended March 31, 2009 and 2008 (Unaudited)
    
    
    10Financial Highlights for the Three Months Ended
March 31, 2009 and 2008 (Unaudited)
    
    
    11Notes to Financial Statements (Unaudited)
    
    
    12-20Item 2. Managements Discussion and Analysis of Financial Condition and
Results of Operations
    
    
    21-25Item 3. Quantitative and Qualitative Disclosure About Market Risk
    
    
    26-31Item 4T. Controls and Procedures
    
    
    32PART II  OTHER INFORMATIONItem 6. Exhibits and Reports on Form 8-K
    
    
    33SIGNATURES
    
    
    34CERTIFICATIONS




---



##### 



UNITED STATES GOVERNMENT SECURITIES*
 Maturity
    
    Maturity
    
    
    
    
    
    
    
    % of NetFace Value
    
    Date
    
    Description
    
    Values ($)
    
    
    Asset Value$1,887,000,000
    
    04/16/2009
    
    U.S. Treasury Bills
    
    $
    1,886,954,128
    
    
    
    83.36
    %$   300,000,000
    
    05/07/2009
    
    U.S. Treasury Bills
    
    $
    299,994,001
    
    
    
    13.25
    %$     40,000,000
    
    04/09/2009
    
    U.S. Treasury Bills
    
    $
    39,999,289
    
    
    
    1.77
    %Total United States government securities(cost, including accrued interest,  $2,226,947,418)
    
    $
    2,226,947,418
    
    
    
    98.38
    %LONG FUTURES CONTRACTSDescriptionEnergy
    
    
    
    
    
    $
    (606,900
    )
    
    
    (0.03
    )%Metals
    
    
    
    
    
    $
    332,395
    
    
    
    0.01
    %Stock indices
    
    
    
    
    
    $
    (72,288
    )
    
    
    0.00
    %Short-term interest rates
    
    
    
    
    
    $
    6,454,515
    
    
    
    0.29
    %Long-term interest rates
    
    
    
    
    
    $
    9,956,527
    
    
    
    0.44
    %Total long futures contracts
    
    
    
    
    
    $
    16,064,249
    
    
    
    0.71
    %SHORT FUTURES CONTRACTSDescriptionEnergy
    
    
    
    
    
    $
    3,478,663
    
    
    
    0.15
    %Metals
    
    
    
    
    
    $
    (5,665,408
    )
    
    
    (0.25
    )%Stock indices
    
    
    
    
    
    $
    (22,809,367
    )
    
    
    (1.01
    )%Short-term interest rates
    
    
    
    
    
    $
    (18,275
    )
    
    
    0.00
    %Long-term interest rates
    
    
    
    
    
    $
    608,029
    
    
    
    0.03
    %Total short futures contracts
    
    
    
    
    
    $
    (24,406,358
    )
    
    
    (1.08
    )%Total futures contracts
    
    
    
    
    
    $
    (8,342,109
    )
    
    
    (0.37
    )%
 See Accompanying Notes to Financial Statements.
 - 3 -




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##### 



% of NetValues ($)
    
    
    Asset ValueFORWARD CURRENCY CONTRACTSDescriptionVarious long forward currency contracts
    
    $
    32,817,809
    
    
    
    1.45
    %Various short forward currency contracts
    
    $
    (35,484,202
    )
    
    
    (1.57
    )%Total forward currency contracts
    
    $
    (2,666,393
    )
    
    
    (0.12
    )%PURCHASED OPTIONS ON FORWARD CURRENCY CONTRACTSDescriptionPurchased options on forward currency contracts
(premiums paid  $913,466)
    
    $
    690,086
    
    
    
    0.03
    %WRITTEN OPTIONS ON FORWARD CURRENCY CONTRACTSDescriptionWritten options on forward currency contracts
(premiums received  $3,245,692)
    
    $
    (4,007,009
    )
    
    
    (0.18
    )%
 
 *
    
    Pledged as collateral for the trading of futures, forward and option positions. See Accompanying Notes to Financial Statements.
 - 4 -




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##### 



UNITED STATES GOVERNMENT SECURITIES*
 Maturity
    
    Maturity
    
    
    
    
    
    
    
    % of NetFace Value
    
    Date
    
    Description
    
    Values ($)
    
    
    Asset Value$800,000,000
    
    03/19/2009
    
    U.S. Treasury Bills
    
    $
    799,948,669
    
    
    
    32.57
    %$300,000,000
    
    03/26/2009
    
    U.S. Treasury Bills
    
    $
    299,986,000
    
    
    
    12.21
    %$  37,000,000
    
    01/22/2009
    
    U.S. Treasury Bills
    
    $
    37,000,000
    
    
    
    1.51
    %Total United States government securities(cost, including accrued interest,  $1,136,934,669)
    
    $
    1,136,934,669
    
    
    
    46.29
    %LONG FUTURES CONTRACTSDescriptionMetals
    
    
    
    
    
    $
    94,925
    
    
    
    0.00
    %Stock indices
    
    
    
    
    
    $
    771,700
    
    
    
    0.03
    %Short-term interest rates
    
    
    
    
    
    $
    3,840,778
    
    
    
    0.16
    %Long-term interest rates
    
    
    
    
    
    $
    4,905,228
    
    
    
    0.20
    %Total long futures contracts
    
    
    
    
    
    $
    9,612,631
    
    
    
    0.39
    %SHORT FUTURES CONTRACTSDescriptionEnergy
    
    
    
    
    
    $
    (801,546
    )
    
    
    (0.03
    )%Metals
    
    
    
    
    
    $
    (1,664,930
    )
    
    
    (0.07
    )%Stock indices
    
    
    
    
    
    $
    (3,375,148
    )
    
    
    (0.14
    )%Short-term interest rates
    
    
    
    
    
    $
    (27,625
    )
    
    
    0.00
    %Long-term interest rates
    
    
    
    
    
    $
    (3,537,223
    )
    
    
    (0.14
    )%Total short futures contracts
    
    
    
    
    
    $
    (9,406,472
    )
    
    
    (0.38
    )%Total futures contracts
    
    
    
    
    
    $
    206,159
    
    
    
    0.01
    %
 See Accompanying Notes to Financial Statements.
 - 5 -




---



##### 



Values ($)
    
    
    % of Net 
Asset ValueFORWARD CURRENCY CONTRACTSDescriptionVarious long forward currency contracts
    
    $
    26,680,445
    
    
    
    1.09
    %Various short forward currency contracts
    
    $
    (15,851,597
    )
    
    
    (0.65
    )%Total forward currency contracts
    
    $
    10,828,848
    
    
    
    0.44
    %PURCHASED OPTIONS ON FORWARD CURRENCY CONTRACTSDescriptionPurchased options on forward currency
contracts (premiums paid  $969,001)
    
    $
    519,315
    
    
    
    0.02
    %WRITTEN OPTIONS ON FORWARD CURRENCY CONTRACTSDescriptionWritten options on forward currency
contracts (premiums received  $3,537,352)
    
    $
    (3,202,653
    )
    
    
    (0.13
    )%
 
 *
    
    Pledged as collateral for the trading of futures, forward and option positions. See Accompanying Notes to Financial Statements.
 - 6 -




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##### 



March 31,
    
    
    December 31,2009
    
    
    2008ASSETSEquity in broker trading accountsCash
    
    $
    105,827,508
    
    
    $
    1,278,536,649Restricted cash
    
    
    0
    
    
    
    41,411,655United States government securities
    
    
    2,149,949,209
    
    
    
    1,099,934,669Net unrealized gain (loss) on open futures contracts
    
    
    (8,342,109
    )
    
    
    206,159Total equity in broker trading accounts
    
    
    2,247,434,608
    
    
    
    2,420,089,132Cash and cash equivalents
    
    
    19,206,765
    
    
    
    30,721,976Restricted cash deposits with forwards broker
    
    
    0
    
    
    
    42,515,724United States government securities
    
    
    76,998,209
    
    
    
    37,000,000Options purchased, at fair value (premiums paid  $913,466
and $969,001, respectively)
    
    
    690,086
    
    
    
    519,315Net unrealized gain (loss) on open forward currency
contracts
    
    
    (2,666,393
    )
    
    
    10,828,848Interest receivable
    
    
    14,558
    
    
    
    41,698Total assets
    
    $
    2,341,677,833
    
    
    $
    2,541,716,693LIABILITIESAccounts payable
    
    $
    848,218
    
    
    $
    668,492Brokerage fee
    
    
    13,629,128
    
    
    
    14,801,625Options written, at fair value (premiums received 
$3,245,692 and $3,537,352, respectively)
    
    
    4,007,009
    
    
    
    3,202,653Accrued commissions and other trading fees on open contracts
    
    
    182,723
    
    
    
    114,176Offering costs payable
    
    
    218,001
    
    
    
    309,964Redemptions payable
    
    
    59,065,230
    
    
    
    66,725,891Total liabilities
    
    
    77,950,309
    
    
    
    85,822,801PARTNERS CAPITAL (Net Asset Value)General Partner  10,367.982 units outstanding at March 31,
2009 and December 31, 2008
    
    
    26,855,354
    
    
    
    27,266,756Limited Partners  863,582.363 and 923,465.791 units
outstanding at March 31, 2009 and December 31, 2008
    
    
    2,236,872,170
    
    
    
    2,428,627,136Total partners capital (Net Asset Value)
    
    
    2,263,727,524
    
    
    
    2,455,893,892Total liabilities and partners capital (Net Asset Value)
    
    $
    2,341,677,833
    
    
    $
    2,541,716,693
 See Accompanying Notes to Financial Statements.
 - 7 -




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##### 



Three Months EndedMarch 31,2009
    
    
    2008TRADING GAINS (LOSSES)Futures trading gains (losses)Realized
    
    $
    5,683,817
    
    
    $
    118,257,271Change in unrealized
    
    
    (8,548,267
    )
    
    
    (62,407,065
    )Brokerage commissions
    
    
    (642,221
    )
    
    
    (1,138,789
    )Net gain (loss) from futures trading
    
    
    (3,506,671
    )
    
    
    54,711,417Forward currency and options on forward
currency trading gains (losses)Realized
    
    
    26,143,921
    
    
    
    (96,674,664
    )Change in unrealized
    
    
    (14,364,951
    )
    
    
    107,108,920Brokerage commissions
    
    
    (52,491
    )
    
    
    (178,106
    )Net gain (loss) from forward currency
and options on forward currency
trading
    
    
    11,726,479
    
    
    
    10,256,150Total net trading gain
(loss)
    
    
    8,219,808
    
    
    
    64,967,567INTEREST INCOME NET OF EXPENSESIncomeInterest income
    
    
    216,212
    
    
    
    27,042,320ExpensesBrokerage fee
    
    
    42,252,108
    
    
    
    63,882,568Operating expenses
    
    
    409,516
    
    
    
    499,100Total expenses
    
    
    42,661,624
    
    
    
    64,381,668Interest income net of expenses
    
    
    (42,445,412
    )
    
    
    (37,339,348
    )NET INCOME (LOSS)
    
    $
    (34,225,604
    )
    
    $
    27,628,219NET INCOME (LOSS) PER GENERAL AND LIMITED
PARTNER UNIT (based on weighted average number
of units outstanding during the period)
    
    $
    (37.40
    )
    
    $
    20.41INCREASE (DECREASE) IN NET ASSET VALUE PER
GENERAL AND LIMITED PARTNER UNIT
    
    $
    (39.68
    )
    
    $
    19.54
 See Accompanying Notes to Financial Statements.
 - 8 -




---



##### 



Three Months EndedMarch 31,2009
    
    
    2008Cash flows from (for) operating activitiesNet income (loss)
    
    $
    (34,225,604
    )
    
    $
    27,628,219Adjustments to reconcile net income (loss) to net cash from
(for) operating activitiesNet change in unrealized
    
    
    22,913,219
    
    
    
    (44,701,855
    )(Increase) decrease in restricted cash
    
    
    83,927,379
    
    
    
    0(Increase) decrease in option premiums paid
    
    
    55,535
    
    
    
    6,683,160Increase (decrease) in option premiums received
    
    
    (291,660
    )
    
    
    (3,620,647
    )(Increase) decrease in interest receivable
    
    
    27,140
    
    
    
    648,324(Increase) decrease in other assets
    
    
    0
    
    
    
    (2,911
    )Increase (decrease) in accounts payable and accrued expenses
    
    
    (924,224
    )
    
    
    (3,882,090
    )Net maturities (purchases) of investments inUnited States government securities
    
    
    (1,090,012,749
    )
    
    
    343,916,126Net cash from (for) operating activities
    
    
    (1,018,530,964
    )
    
    
    326,668,326Cash flows from (for) financing activitiesAddition of units
    
    
    0
    
    
    
    19,225,851Redemption of units
    
    
    (164,558,005
    )
    
    
    (564,395,156
    )Offering costs paid
    
    
    (1,135,383
    )
    
    
    (1,640,791
    )Net cash from (for) financing activities
    
    
    (165,693,388
    )
    
    
    (546,810,096
    )Net increase (decrease) in cash and cash equivalents
    
    
    (1,184,224,352
    )
    
    
    (220,141,770
    )Cash and cash equivalentsBeginning of period
    
    
    1,309,258,625
    
    
    
    516,188,570End of period
    
    $
    125,034,273
    
    
    $
    296,046,800End of period cash and cash equivalents consists of:Cash in broker trading accounts
    
    $
    105,827,508
    
    
    $
    199,822,579Cash and cash equivalents
    
    
    19,206,765
    
    
    
    96,224,221Total end of period cash and cash equivalents
    
    $
    125,034,273
    
    
    $
    296,046,800
 See Accompanying Notes to Financial Statements.
 - 9 -




---



##### 



Partners CapitalGeneral Partner
    
    
    Limited Partners
    
    
    TotalUnits
    
    
    Amount
    
    
    Units
    
    
    Amount
    
    
    Units
    
    
    AmountThree Months Ended March 31, 2009Balances at December 31, 2008
    
    
    10,367.982
    
    
    $
    27,266,756
    
    
    
    923,465.791
    
    
    $
    2,428,627,136
    
    
    
    933,833.773
    
    
    $
    2,455,893,892Net income (loss) for the
three months ended March 31, 2009
    
    
    
    
    
    
    (399,680
    )
    
    
    
    
    
    
    (33,825,924
    )
    
    
    
    
    
    
    (34,225,604
    )Redemptions
    
    
    0.000
    
    
    
    0
    
    
    
    (59,883.428
    )
    
    
    (156,897,344
    )
    
    
    (59,883.428
    )
    
    
    (156,897,344
    )Offering costs
    
    
    
    
    
    
    (11,722
    )
    
    
    
    
    
    
    (1,031,698
    )
    
    
    
    
    
    
    (1,043,420
    )Balances at March 31, 2009
    
    
    10,367.982
    
    
    $
    26,855,354
    
    
    
    863,582.363
    
    
    $
    2,236,872,170
    
    
    
    873,950.345
    
    
    $
    2,263,727,524Three Months Ended March 31, 2008Balances at December 31, 2007
    
    
    19,227.982
    
    
    $
    51,351,210
    
    
    
    1,404,914.962
    
    
    $
    3,752,040,355
    
    
    
    1,424,142.944
    
    
    $
    3,803,391,565Net income (loss) for the
three months ended March
31, 2008
    
    
    
    
    
    
    434,093
    
    
    
    
    
    
    
    27,194,126
    
    
    
    
    
    
    
    27,628,219Additions
    
    
    0.000
    
    
    
    0
    
    
    
    7,291.545
    
    
    
    19,534,805
    
    
    
    7,291.545
    
    
    
    19,534,805Redemptions
    
    
    (6,240.000
    )
    
    
    (16,825,973
    )
    
    
    (203,985.529
    )
    
    
    (546,903,032
    )
    
    
    (210,225.529
    )
    
    
    (563,729,005
    )Offering costs
    
    
    
    
    
    
    (19,191
    )
    
    
    
    
    
    
    (1,519,342
    )
    
    
    
    
    
    
    (1,538,533
    )Balances at March 31, 2008
    
    
    12,987.982
    
    
    $
    34,940,139
    
    
    
    1,208,220.978
    
    
    $
    3,250,346,912
    
    
    
    1,221,208.960
    
    
    $
    3,285,287,051
 Net Asset Value per General and Limited Partner UnitMarch 31, 2009
    
    December 31, 2008
    
    March 31, 2008
    
    December 31, 2007$2,590.22
    
    $2,629.90
    
    $2,690.19
    
    $2,670.65
 See Accompanying Notes to Financial Statements.
 - 10 -




---



##### 



Three Months EndedMarch 31,2009
    
    
    2008Per Unit Performance(for a unit outstanding throughout the entire period)Net asset value per unit at beginning of period
    
    $
    2,629.90
    
    
    $
    2,670.65Income (loss) from operations:Total net trading gains (losses) (1)
    
    
    7.84
    
    
    
    48.27Interest income net of expenses (1)
    
    
    (46.38
    )
    
    
    (27.59
    )Total net income (loss) from operations
    
    
    (38.54
    )
    
    
    20.68Offering costs (1)
    
    
    (1.14
    )
    
    
    (1.14
    )Net asset value per unit at end of period
    
    $
    2,590.22
    
    
    $
    2,690.19Total Return(3)
    
    
    (1.51
    )%
    
    
    0.73
    %Supplemental DataRatios to average net asset value:Expenses prior to performance fee (4)
    
    
    7.14
    %
    
    
    7.20
    %Performance fee (3)
    
    
    0.00
    %
    
    
    0.00
    %Total expenses
    
    
    7.14
    %
    
    
    7.20
    %Interest income net of expenses (2),(4),(5)
    
    
    (7.10
    )%
    
    
    (4.18
    )%
 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)
    
    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 period. 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)
    
    Not annualized(4)
    
    Annualized(5)
    
    Interest income net of expenses is shown as a positive amount when interest income
exceeds expenses excluding the performance fee for the period and is shown
as a negative amount when expenses excluding performance fee exceed interest income
for the period. See Accompanying Notes to Financial Statements.
 - 11 -




---



##### 



Note 1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 A.
    
    General Description of the FundCampbell Strategic Allocation Fund, L.P. (the Fund) is a Delaware limited partnership which
operates as a commodity investment pool. The Fund engages in the speculative trading of
futures contracts, forward currency contracts and options on forward currency contracts.Effective June 14, 2008, units in the Fund were no longer offered for sale. For existing
investors in the Fund, business will continue to be conducted as usual. There will be no
change in trading, operations or monthly statements, etc. and redemptions will continue to
be offered on a monthly basis.B.
    
    RegulationAs a registrant with the Securities and Exchange Commission, the Fund is subject to the
regulatory requirements under the Securities Act of 1933 and the Securities Exchange Act of
1934. As a commodity investment pool, the Fund is subject to the regulations of the
Commodity Futures Trading Commission, an agency of the United States (U.S.) government which
regulates most aspects of the commodity futures industry; rules of the National Futures
Association, an industry self-regulatory organization; and the requirements of the various
commodity exchanges where the Fund executes transactions. Additionally, the Fund is subject
to the requirements of futures commission merchants (brokers) and interbank market makers
through which the Fund trades.C.
    
    Method of ReportingThe Funds financial statements are presented in accordance with accounting principles
generally accepted in the United States of America, which may require the use of certain
estimates made by the Funds management. Actual results may differ from these estimates.
Investment transactions are accounted for on the trade date. Gains or losses are realized
when contracts are liquidated. Unrealized gains and losses on open contracts (the difference
between contract trade price and market price) are reported in the statement of financial
condition as a net gain or loss, as there exists a right of offset of unrealized gains or
losses in accordance with Financial Accounting Standards Board Interpretation No. 39 -
Offsetting of Amounts Related to Certain Contracts. The market value of futures
(exchange-traded) contracts is determined by the various futures exchanges, and reflects the
settlement price for each contract as of the close of the last business day of the reporting
period. The market value of forward currency (non-exchange traded) contracts was
extrapolated on a forward basis from the spot prices quoted as of 3:00 P.M. (E.T.) of the
last business day of the reporting period or based on the market value of its
exchange-traded equivalent.The market value of option (non-exchange traded) contracts is calculated by applying an
industry-standard adaptation of the Black-Scholes options valuation model to foreign
currency options, using as input, the spot prices, interest rates and option implied
volatilities quoted as of 3:00 P.M. (E.T.) on the last business day of the reporting period.
Any change in net unrealized gain or loss from the preceding period is reported in the
statement of operations.When the Fund writes an option, an amount equal to the premium received by the Fund is
reflected as an asset and an equivalent liability. The amount of the liability is
subsequently marked-to-market to reflect the current market value of option written.
Brokerage commissions include other trading fees and are charged to expense when contracts
are opened. United States government securities are stated at cost plus accrued interest,
which approximates market value.For purposes of both financial reporting and calculation of redemption value, Net Asset
Value per unit is calculated by dividing Net Asset Value by the number of outstanding
units.
 - 12 -




---



##### 



Fair Value at March 31, 2009Description
    
    Level 1
    
    
    Level 2
    
    
    Level 3
    
    
    TotalInvestmentsU.S. Treasury Bills
    
    $
    0
    
    
    $
    2,226,947,418
    
    
    $
    0
    
    
    $
    2,226,947,418Other Financial InstrumentsExchange-traded futures contracts
    
    
    (8,342,109
    )
    
    
    0
    
    
    
    0
    
    
    
    (8,342,109
    )Forward currency contracts
    
    
    0
    
    
    
    (2,666,393
    )
    
    
    0
    
    
    
    (2,666,393
    )Options purchased
    
    
    0
    
    
    
    690,086
    
    
    
    0
    
    
    
    690,086Options written
    
    
    0
    
    
    
    (4,007,009
    )
    
    
    0
    
    
    
    (4,007,009
    )Total
    
    $
    (8,342,109
    )
    
    $
    2,220,964,102
    
    
    $
    0
    
    
    $
    2,212,621,993
 - 13 -




---



##### 



Fair Value at December 31, 2008Description
    
    Level 1
    
    
    Level 2
    
    
    Level 3
    
    
    TotalInvestmentsU.S. Treasury Bills
    
    $
    0
    
    
    $
    1,136,934,669
    
    
    $
    0
    
    
    $
    1,136,934,669Other Financial InstrumentsExchange-traded futures contracts
    
    
    206,159
    
    
    
    0
    
    
    
    0
    
    
    
    206,159Forward currency contracts
    
    
    0
    
    
    
    10,828,848
    
    
    
    0
    
    
    
    10,828,848Options purchased
    
    
    0
    
    
    
    519,315
    
    
    
    0
    
    
    
    519,315Options written
    
    
    0
    
    
    
    (3,202,653
    )
    
    
    0
    
    
    
    (3,202,653
    )Total
    
    $
    206,159
    
    
    $
    1,145,080,179
    
    
    $
    0
    
    
    $
    1,145,286,338
 D.
    
    Cash and Cash EquivalentsCash and cash equivalents includes cash and short-term investments in fixed income
securities held at financial institutions.E.
    
    Income TaxesThe Fund prepares calendar year U.S. and applicable state information tax returns and
reports to the partners their allocable shares of the Funds income, expenses and
trading gains or losses. No provision for income taxes has been made in the accompanying
financial statements as each partner is individually responsible for reporting income or
loss based on such partners respective share of the Funds income and expenses as
reported for income tax purposes.Management has continued to evaluate the application of Financial Accounting Standards
Board (FASB) Interpretation No. 48, Accounting for Uncertainty in Income Taxes  an
interpretation of FASB Statement No. 109(FIN 48), to the Fund, and has determined that
FIN 48 does not have a material impact on the Funds financial statements. The Fund
files federal and state tax returns. The 2005 through 2008 tax years generally remain
subject to examination by the U.S. federal and most state tax authorities.F.
    
    Offering CostsCampbell & Company, Inc. (Campbell & Company) has incurred all costs in connection with
the initial and continuous offering of units of the Fund (offering costs). In addition,
Campbell & Company continues to compensate wholesalers for services rendered to Limited
Partners. The Funds liability for offering costs is limited to the maximum of total
offering costs incurred by Campbell & Company or 2.5% of the aggregate subscriptions
accepted during the initial and continuous offerings. The Fund is only liable for
payment of offering costs on a monthly basis as calculated based on the limitations
stated above. At March 31, 2009, and December 31, 2008, the Fund reflects a liability in
the statement of financial condition for offering costs payable to Campbell & Company of
$218,001 and $309,964, respectively. The amount of monthly reimbursement due to Campbell
& Company is charged directly to partners capital.If the Fund terminates prior to completion of payment of the calculated amounts to
Campbell & Company, Campbell & Company will not be entitled to any additional payments,
and the Fund will have no further obligation to Campbell & Company. At March 31, 2009
and December 31, 2008, the amount of unreimbursed offering costs incurred by Campbell &
Company is $310,722 and $926,519, respectively.
 - 14 -




---



##### 



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.
 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 three months ended March 31, 2009, and 2008.
 Note 5. SUBSCRIPTIONS, DISTRIBUTIONS AND REDEMPTIONS
 Investments in the Fund were made by subscription agreement, subject to acceptance by
Campbell & Company.
 The Fund is not required to make distributions, but may do so at the sole discretion of
Campbell & Company. A limited partner may request and receive redemption of units owned,
subject to restrictions in the Amended Agreement of Limited Partnership. 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 three months ended March 31, 2009 and 2008, Campbell & Company received redemption fees of $6,576 and $70,442 respectively.
 - 15 -




---



##### 



Note 6. TRADING ACTIVITIES AND RELATED RISKS
       - 16 -




---



##### 



Forward Currency andOptions on ForwardFutures Contracts
    
    
    Currency Contracts(exchange traded)
    
    
    (non-exchange traded)March 31, 2009
    
    
    December 31, 2008
    
    
    March 31, 2009
    
    
    December 31, 2008Gross unrealized gains
    
    $
    29,893,667
    
    
    $
    14,648,019
    
    
    $
    89,128,461
    
    
    $
    64,296,837Gross unrealized losses
    
    
    (38,235,776
    )
    
    
    (14,441,860
    )
    
    
    (92,779,551
    )
    
    
    (53,582,976
    )Net unrealized gain (loss)
    
    $
    (8,342,109
    )
    
    $
    206,159
    
    
    $
    (3,651,090
    )
    
    $
    10,713,861
    Asset
    
    
    LiabilityDerivatives at
    
    
    Derivatives atStatement of Financial
    
    March 31, 2009
    
    
    March 31, 2009Type of Instrument *
    
    Condition Location
    
    Fair Value
    
    
    Fair Value
    
    
    NetEnergy Contracts
    
    Equity in broker trading accounts
    
    $
    5,587,094
    
    
    $
    (2,715,331
    )
    
    $
    2,871,763Metal Contracts
    
    Equity in broker trading accounts
    
    
    478,929
    
    
    
    (5,811,942
    )
    
    
    (5,333,013
    )Stock Indices Contracts
    
    Equity in broker trading accounts
    
    
    1,646,230
    
    
    
    (24,527,885
    )
    
    
    (22,881,655
    )Short-Term Interest Rate
Contracts
    
    Equity in broker trading accounts
    
    
    6,595,745
    
    
    
    (159,505
    )
    
    
    6,436,240Long Term Interest Rate
Contracts
    
    Equity in broker trading accounts
    
    
    15,585,669
    
    
    
    (5,021,113
    )
    
    
    10,564,556Forward Currency Contracts
    
    Net unrealized gain (loss) on  forward currency contracts
    
    
    88,129,249
    
    
    
    (90,795,642
    )
    
    
    (2,666,393
    )Purchased Options on
Forward Currency
Contracts
    
    Options purchased, at fair value
    
    
    690,086
    
    
    
    0
    
    
    
    690,086Written Options on
Forward Currency
Contracts
    
    Options written, at fair value
    
    
    0
    
    
    
    (4,007,009
    )
    
    
    (4,007,009
    )Totals
    
    
    
    $
    118,713,002
    
    
    $
    (133,038,427
    )
    
    $
    (14,325,425
    )
 
 *
    
    Derivatives not designated as hedging instruments under Statement 133 -17-




---



##### 



Trading Revenue forthe Three Months EndedType of Instrument
    
    March 31, 2009Energy Contracts
    
    $
    (592,805
    )Metal Contracts
    
    
    (12,290,423
    )Stock Indices Contracts
    
    
    (17,292,126
    )Short-Term Interest Rate Contracts
    
    
    17,059,096Long Term Interest Rate Contracts
    
    
    10,449,273Forward Currency Contracts
    
    
    (2,678,658
    )Purchased Options on Forward Currency Contracts
    
    
    (4,903,179
    )Written Options on Forward Currency Contracts
    
    
    19,360,807Total
    
    $
    9,111,985
 Trading Revenue forthe Three Months EndedLine Item in the Statement of Operations
    
    March 31, 2009Futures trading gains (losses):Realized
    
    $
    5,881,282Change in unrealized
    
    $
    (8,548,267
    )Forward currency and options on forward currency trading
gains (losses):Realized
    
    $
    26,143,921Change in unrealized
    
    
    (14,364,951
    )Total
    
    $
    9,111,985
    - 18 -




---



##### 



Note 7. INDEMNIFICATIONS
  - 19 -




---



##### 



Note 8. INTERIM FINANCIAL STATEMENTS
  - 20 -




---



##### 



Item 2. Managements Discussion and Analysis of Financial Condition and
Results of Operations
           - 21 -




---



##### 



i.e.
     2009
  - 22 -




---



##### 



Sector
    
    % Gain (Loss)Interest Rates
    
    
    1.17
    %Currencies
    
    
    0.50Commodities
    
    
    (0.54
    )Stock Indices
    
    
    (0.79
    )0.34
    %
    - 23 -




---



##### 



2008
  Sector
    
    % Gain (Loss)Stock Indices
    
    
    2.68
    %Currencies
    
    
    0.38Commodities
    
    
    (0.10
    )Interest Rates
    
    
    (1.11
    )1.85
    %
    - 24 -




---



##### 



Disclosures About Certain Trading Activities that Include Non-Exchange Traded Contracts
Accounted for at Fair Value
  - 25 -




---



##### 



Item 3. 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).
  - 26 -




---



##### 



The Funds Trading Value at Risk in Different Market Sectors
  - 27 -




---



##### 



March 31, 2009TradingMarket Sector
    
    Value at Risk*
    
    
    Gain/(Loss)**Stock Indices
    
    
    0.64
    %
    
    
    (0.79
    )%Currencies
    
    
    0.56
    %
    
    
    0.50
    %Interest Rates
    
    
    0.38
    %
    
    
    1.17
    %Commodities
    
    
    0.20
    %
    
    
    (0.54
    )%Aggregate/Total
    
    
    1.23
    %
    
    
    0.34
    %
 
 *
    
    -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 three months ended March 31, 2009, approximately 0.34% was due to
trading gains (before commissions) and approximately 0.01% was due to interest income, offset
by approximately 1.86% due to brokerage fees, operating expenses and offering costs borne by
the Fund, giving a net return of (1.51)%. December 31, 2008TradingMarket Sector
    
    Value at Risk*
    
    
    Gain/(Loss)**Currencies
    
    
    0.50
    %
    
    
    (0.58
    )%Interest Rates
    
    
    0.30
    %
    
    
    (4.62
    )%Stock Indices
    
    
    0.18
    %
    
    
    8.58
    %Commodities
    
    
    0.05
    %
    
    
    0.81
    %Aggregate/Total
    
    
    0.60
    %
    
    
    4.19
    %
 
 *
    
    -The VaR for a sector represents the one day downside risk for the aggregate exposures
associated with this sector. The aggregate VaR represents the VaR of the Funds open
positions across all market sectors, and is less than the sum of the VaRs for all such market
sectors due to the diversification benefit across asset classes.**
    
    -Of the return for the year ended December 31, 2008, approximately 4.19% was due to
trading gains (before commissions) and approximately 1.76% due to interest income offset by
approximately 7.48% due to brokerage fees, operating costs and offering costs borne by the
Fund giving a net return of (1.53)%. - 28 -




---



##### 



Material Limitations of Value at Risk as an Assessment of Market Risk
  1)
    
    Past changes in market risk factors will not always result in accurate predictions of
the distributions and correlations of future market movements;2)
    
    Changes in portfolio value caused by market movements may differ from those of the VaR
model;3)
    
    VaR results reflect past trading positions while future risk depends on future
positions;4)
    
    VaR using a one day time horizon does not fully capture the market risk of positions
that cannot be liquidated or hedged within one day; and5)
    
    The historical market risk factor data for VaR estimation may provide only limited
insight into losses that could be incurred under certain unusual market movements.
  Non-Trading Risk
  Qualitative Disclosures Regarding Primary Trading Risk Exposures
 The following qualitative disclosures regarding the Funds market risk exposures 
except for (i) those disclosures that are statements of historical fact and (ii) the
descriptions of how the Fund manages its primary market risk exposures  constitute
forward-looking statements within the meaning of Section 27A of the Securities Act and Section
21E of the Securities Exchange Act. The Funds primary market risk exposures as well as the
strategies used and to be used by Campbell & Company for managing such exposures are subject
to numerous uncertainties, contingencies and risks, any one of which could cause the actual
results of the Funds risk controls to differ materially from the objectives of such
strategies. Government interventions, defaults and expropriations, illiquid markets, the
emergence of dominant fundamental factors, political upheavals, changes in historical price
relationships, an influx of new market participants, increased regulation and many other
factors could result in material losses as well as in material changes to the risk exposures
and the risk management strategies of the Fund. There can be no assurance that the Funds
current market exposure and/or risk management strategies will not change materially or that
any such strategies will be effective in either the short- or long-term. Investors must be
prepared to lose all or substantially all of their investment in the Fund.
  Currencies
  - 29 -




---



##### 



i.e.,
 Interest Rates
  Stock Indices
  Energy
  Metals
  Qualitative Disclosures Regarding Non-Trading Risk Exposure
  Foreign Currency Balances
  - 30 -




---



##### 



Treasury Bill Positions
  Qualitative Disclosures Regarding Means of Managing Risk Exposure
   General
  - 31 -




---



##### 



Item 4T. Controls and Procedures
  - 32 -




---



##### 



PART II-OTHER INFORMATION
 Item 1. Legal Proceedings.
  Item 2. Changes in Securities and Use of Proceeds
  Item 3. Defaults Upon Senior Securities
  Item 4. Submissions of Matters to a vote of Security Holders.
  Item 5. Other Information
  
 Item 6. Exhibits and Reports on Form 8-K.
  ExhibitNumber
    
    Description of Document31.01
    
    Certification of Theresa D. Becks, Chief Executive Officer,
pursuant to Rules 13a-14 and 15d-14 of the Securities Exchange Act of 1934.31.02
    
    Certification of Gregory T. Donovan, Chief Financial Officer,
pursuant to Rules 13a-14 and 15d-14 of the Securities Exchange Act of 1934.32.01
    
    Certification of Theresa D. Becks, Chief Executive Officer,
pursuant to 18 U.S.C. Section 1350, as enacted by Section 906 of The
Sarbanes-Oxley Act of 2002.32.02
    
    Certification of Gregory T. Donovan, Chief Financial Officer,
pursuant to 18 U.S.C. Section 1350, as enacted by Section 906 of The
Sarbanes-Oxley Act of 2002.
   - 33 -




---



##### 



SIGNATURES
  CAMPBELL STRATEGIC ALLOCATION FUND, L.P.(Registrant)By:
    
    Campbell & Company, Inc.General PartnerBy:
    
    /s/ Theresa D. BecksTheresa D. BecksChief Executive Officer
 - 34 -




---



##### 



EXHIBIT INDEX
 Exhibit Number
    
    Description of Document
    
    Page Number31.01
    
    Certification by Chief Executive Officer
    
    E 2  E 331.02
    
    Certification by Chief Financial Officer
    
    E 4  E 532.01
    
    Certification by Chief Executive Officer
    
    E 632.02
    
    Certification by Chief Financial Officer
    
    E 7
 -E 1-