##### 



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 June 30, 2007
 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)
 Baltimore, Maryland 21204
 (410) 296-3301
  þ o
  o o þ
  o þ




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##### 



PagePART I  FINANCIAL INFORMATIONItem 1. Financial StatementsStatements of Financial Condition as of June 30, 2007 (Unaudited)
and December 31, 2006
    
    
    3Condensed Schedules of Investments as of June 30, 2007 (Unaudited)
and December 31, 2006
    
    
    4-5Statements of Operations for the Three Months and Six Months Ended
June 30, 2007 and 2006 (Unaudited)
    
    
    6Statements of Cash Flows for the Six Months Ended
June 30, 2007 and 2006 (Unaudited)
    
    
    7Statements of Changes in Partners Capital (Net Asset Value)
for the Six Months Ended June 30, 2007 and 2006 (Unaudited)
    
    
    8Notes to Financial Statements (Unaudited)
    
    
    9-15Item 2. Managements Discussion and Analysis of Financial Condition and
Results of Operations
    
    
    16-22Item 3. Quantitative and Qualitative Disclosure About Market Risk
    
    
    22-27Item 4. Controls and Procedures
    
    
    27PART II  OTHER INFORMATION
    
    
    28Item 6. Exhibits and Reports on Form 8-K
    
    
    28SIGNATURESCERTIFICATIONS




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##### 



CAMPBELL STRATEGIC ALLOCATION FUND, L.P.
STATEMENTS OF FINANCIAL CONDITION
 June 30,
    
    
    December 31,2007
    
    
    2006ASSETSEquity in broker trading accountsCash
    
    $
    1,163,891,021
    
    
    $
    1,230,053,812Restricted cash
    
    
    0
    
    
    
    64,472,902United States government securities
    
    
    2,109,476,445
    
    
    
    2,009,334,413Net unrealized gain on open futures contracts
    
    
    102,213,417
    
    
    
    148,774,650Total equity in broker trading account
    
    
    3,375,580,883
    
    
    
    3,452,635,777Cash and cash equivalents
    
    
    227,860,663
    
    
    
    477,024,471United States government securities
    
    
    1,845,128,389
    
    
    
    1,645,702,500Options purchased, at fair value
(premiums paid $8,320,390 and $3,991,104)
    
    
    9,124,309
    
    
    
    4,759,458Net unrealized gain on open forward currency contracts
    
    
    154,164,878
    
    
    
    191,519,359Interest receivable
    
    
    5,743,809
    
    
    
    6,345,242Prepaid expenses
    
    
    7,500
    
    
    
    0Total assets
    
    $
    5,617,610,431
    
    
    $
    5,777,986,807LIABILITIESAccounts payable
    
    $
    465,568
    
    
    $
    850,854Brokerage fee
    
    
    32,698,607
    
    
    
    33,622,892Options written, at fair value
(premiums received $4,754,632 and $2,319,699)
    
    
    4,904,746
    
    
    
    2,169,268Accrued commissions and other trading fees
on open contracts
    
    
    2,554,773
    
    
    
    1,999,134Offering costs payable
    
    
    502,929
    
    
    
    516,133Subscription deposits
    
    
    10,000
    
    
    
    0Redemptions payable
    
    
    91,780,787
    
    
    
    84,288,360Total liabilities
    
    
    132,917,410
    
    
    
    123,446,641PARTNERS CAPITAL (Net Asset Value)General Partner  19,222.982 units outstanding
at June 30, 2007 and December 31, 2006
    
    
    63,050,420
    
    
    
    60,149,864Limited Partners  1,652,964.390
and 1,787,882.705 units
outstanding at June 30, 2007 and December 31, 2006
    
    
    5,421,642,601
    
    
    
    5,594,390,302Total partners capital (Net Asset Value)
    
    
    5,484,693,021
    
    
    
    5,654,540,166Total liabilities and partners capital (Net Asset Value)
    
    $
    5,617,610,431
    
    
    $
    5,777,986,807
  -3-




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##### 



CAMPBELL STRATEGIC ALLOCATION FUND, L.P.
CONDENSED SCHEDULE OF INVESTMENTS
 UNITED STATES GOVERNMENT SECURITIES*
 % of NetFace Value
    
    
    Maturity Date
    
    
    Description
    
    Value
    
    
    Asset Value$
    1,150,000,000
    
    
    
    09/13/2007
    
    
    U.S. Treasury Bills
    
    $
    1,139,173,389
    
    
    
    20.77
    %$
    1,125,000,000
    
    
    
    08/02/2007
    
    
    U.S. Treasury Bills
    
    
    1,120,256,333
    
    
    
    20.43
    %$
    500,000,000
    
    
    
    07/05/2007
    
    
    U.S. Treasury Bills
    
    
    499,727,778
    
    
    
    9.11
    %$
    500,000,000
    
    
    
    08/16/2007
    
    
    U.S. Treasury Bills
    
    
    497,041,945
    
    
    
    9.06
    %$
    400,000,000
    
    
    
    07/12/2007
    
    
    U.S. Treasury Bills
    
    
    399,405,389
    
    
    
    7.28
    %$
    300,000,000
    
    
    
    07/26/2007
    
    
    U.S. Treasury Bills
    
    
    299,000,000
    
    
    
    5.45
    %Total United States government securities
(cost, including accrued interest,  $3,954,604,834)
    
    $
    3,954,604,834
    
    
    
    72.10
    %
 LONG FUTURES CONTRACTS
 % of NetDescription
    
    Value
    
    
    Asset ValueMetals
    
    $
    (1,407,415
    )
    
    
    (0.03
    )%Stock indices
    
    
    22,768,128
    
    
    
    0.42
    %Short-term interest rates
    
    
    (70,218
    )
    
    
    0.00
    %Long-term interest rates
    
    
    (1,670,784
    )
    
    
    (0.03
    )%Total long futures contracts
    
    $
    19,619,711
    
    
    
    0.36
    %
 SHORT FUTURES CONTRACTS
 % of NetDescription
    
    Value
    
    
    Asset ValueEnergy
    
    $
    (4,207,200
    )
    
    
    (0.08
    )%Metals
    
    
    1,099,505
    
    
    
    0.02
    %Stock indices
    
    
    131,384
    
    
    
    0.01
    %Short-term interest rates
    
    
    2,260,513
    
    
    
    0.04
    %Long-term interest rates
    
    
    83,309,504
    
    
    
    1.52
    %Total short futures contracts
    
    $
    82,593,706
    
    
    
    1.51
    %Total futures contracts
    
    $
    102,213,417
    
    
    
    1.87
    %
 FORWARD CURRENCY CONTRACTS
 % of NetDescription
    
    Value
    
    
    Asset ValueVarious long forward currency contracts
    
    $
    232,819,177
    
    
    
    4.24
    %Various short forward currency contracts
    
    
    (78,654,299
    )
    
    
    (1.43
    )%Total forward currency contracts
    
    $
    154,164,878
    
    
    
    2.81
    %
 PURCHASED OPTIONS ON FORWARD CURRENCY CONTRACTS
 % of NetDescription
    
    Value
    
    
    Asset ValuePurchased options on forward currency contracts
(premiums paid  $8,320,390)
    
    $
    9,124,309
    
    
    
    0.17
    %
 WRITTEN OPTIONS ON FORWARD CURRENCY CONTRACTS
 % of NetDescription
    
    Value
    
    
    Asset ValueWritten options on forward currency contracts
(premiums received  $4,754,632)
    
    $
    (4,904,746
    )
    
    
    (0.09
    )%
 
 *
    
     Pledged as collateral for the trading of futures, forward and option positions.  -4-




---



##### 



CAMPBELL STRATEGIC ALLOCATION FUND, L.P.
CONDENSED SCHEDULE OF INVESTMENTS
 
 UNITED STATES GOVERNMENT SECURITIES*
 % of NetFace Value
    
    
    Maturity Date
    
    
    Description
    
    Value
    
    
    Asset Value$
    1,150,000,000
    
    
    
    03/15/2007
    
    
    U.S. Treasury Bills
    
    $
    1,138,818,327
    
    
    
    20.14
    %$
    1,025,000,000
    
    
    
    02/01/2007
    
    
    U.S. Treasury Bills
    
    
    1,020,658,170
    
    
    
    18.05
    %$
    500,000,000
    
    
    
    02/15/2007
    
    
    U.S. Treasury Bills
    
    
    496,918,750
    
    
    
    8.79
    %$
    400,000,000
    
    
    
    01/04/2007
    
    
    U.S. Treasury Bills
    
    
    399,840,333
    
    
    
    7.07
    %$
    400,000,000
    
    
    
    01/11/2007
    
    
    U.S. Treasury Bills
    
    
    399,463,333
    
    
    
    7.06
    %$
    200,000,000
    
    
    
    01/25/2007
    
    
    U.S. Treasury Bills
    
    
    199,338,000
    
    
    
    3.53
    %Total United States government securities
(cost, including accrued interest,  $3,655,036,913)
    
    $
    3,655,036,913
    
    
    
    64.64
    %
 LONG FUTURES CONTRACTS
 % of NetDescription
    
    Value
    
    
    Asset ValueEnergy
    
    $
    (53,549,310
    )
    
    
    (0.95
    )%Metals
    
    
    (8,996,304
    )
    
    
    (0.16
    )%Stock indices
    
    
    67,620,532
    
    
    
    1.20
    %Long-term interest rates
    
    
    (6,296,155
    )
    
    
    (0.11
    )%Total long futures contracts
    
    $
    (1,221,237
    )
    
    
    (0.02
    )%
 SHORT FUTURES CONTRACTS
 % of NetDescription
    
    Value
    
    
    Asset ValueEnergy
    
    $
    1,062,310
    
    
    
    0.02
    %Metals
    
    
    4,289,929
    
    
    
    0.08
    %Short-term interest rates
    
    
    43,845,952
    
    
    
    0.77
    %Long-term interest rates
    
    
    100,797,696
    
    
    
    1.78
    %Total short futures contracts
    
    $
    149,995,887
    
    
    
    2.65
    %Total futures contracts
    
    $
    148,774,650
    
    
    
    2.63
    %
 FORWARD CURRENCY CONTRACTS
 % of NetDescription
    
    Value
    
    
    Asset ValueVarious long forward currency contracts
    
    $
    (104,725,010
    )
    
    
    (1.85
    )%Various short forward currency contracts
    
    
    296,244,369
    
    
    
    5.24
    %Total forward currency contracts
    
    $
    191,519,359
    
    
    
    3.39
    %
 PURCHASED OPTIONS ON FORWARD CURRENCY CONTRACTS
 % of NetDescription
    
    Value
    
    
    Asset ValuePurchased options on forward currency contracts
(premiums paid  $3,991,104)
    
    $
    4,759,458
    
    
    
    0.08
    %
 WRITTEN OPTIONS ON FORWARD CURRENCY CONTRACTS
 % of NetDescription
    
    Value
    
    
    Asset ValueWritten options on forward currency contracts
(premiums received  $2,319,699)
    
    $
    (2,169,268
    )
    
    
    (0.04
    )%
 
 *
    
     Pledged as collateral for the trading of futures, forward and option positions.  -5-




---



##### 



CAMPBELL STRATEGIC ALLOCATION FUND, L.P.
STATEMENTS OF OPERATIONS
 
 Three Months Ended
    
    
    Six Months EndedJune 30,
    
    
    June 30,2007
    
    
    2006
    
    
    2007
    
    
    2006TRADING GAINS (LOSSES)Futures trading gains (losses)Realized
    
    $
    455,105,937
    
    
    $
    215,653,741
    
    
    $
    423,845,393
    
    
    $
    305,424,317Change in unrealized
    
    
    75,639,134
    
    
    
    (100,824,402
    )
    
    
    (46,561,233
    )
    
    
    59,076,034Brokerage commissions
    
    
    (2,862,753
    
    
    
    (2,183,792
    )
    
    
    (4,940,074
    )
    
    
    (5,003,383
    )Net gain from futures trading
    
    
    527,882,318
    
    
    
    112,645,547
    
    
    
    372,344,086
    
    
    
    359,496,968Forward currency and options on forward
currency trading gains (losses)Realized
    
    
    11,972,195
    
    
    
    (343,619,547
    )
    
    
    (19,615,379
    )
    
    
    (523,492,998
    )Change in unrealized
    
    
    121,443,537
    
    
    
    (109,943,625
    )
    
    
    (37,619,461
    )
    
    
    119,253,116Brokerage commissions
    
    
    (1,390,538
    )
    
    
    (818,243
    )
    
    
    (2,611,405
    )
    
    
    (1,288,208
    )Net gain (loss) from forward
currency and options on forward
currency trading
    
    
    132,025,194
    
    
    
    (454,381,415
    )
    
    
    (59,846,245
    )
    
    
    (405,528,090
    )Total net trading gains (losses)
    
    
    659,907,512
    
    
    
    (341,735,868
    )
    
    
    312,497,841
    
    
    
    (46,031,122
    )EXPENSES NET OF INTEREST
INCOMEIncomeInterest income
    
    
    65,635,282
    
    
    
    68,209,234
    
    
    
    132,459,560
    
    
    
    124,789,517ExpensesBrokerage fee
    
    
    95,537,191
    
    
    
    100,575,184
    
    
    
    191,794,861
    
    
    
    196,693,823Performance fee
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    4,818,187Operating expenses
    
    
    537,856
    
    
    
    592,644
    
    
    
    1,120,743
    
    
    
    1,115,386Total expenses
    
    
    96,075,047
    
    
    
    101,167,828
    
    
    
    192,915,604
    
    
    
    202,627,396Expenses net of interest income
    
    
    (30,439,765
    )
    
    
    (32,958,594
    )
    
    
    (60,456,044
    )
    
    
    (77,837,879
    )NET INCOME (LOSS)
    
    $
    629,467,747
    
    
    $
    (374,694,462
    )
    
    $
    252,041,797
    
    
    $
    (123,869,001
    )NET INCOME (LOSS) PER GENERAL
AND LIMITED PARTNER UNIT
(based on weighted average number of
units outstanding during the period)
    
    $
    363.19
    
    
    $
    (195.77
    )
    
    $
    142.91
    
    
    $
    (67.14
    )INCREASE (DECREASE) IN NET
ASSET VALUE PER GENERAL
AND LIMITED PARTNER UNIT
    
    $
    363.63
    
    
    $
    (197.56
    )
    
    $
    150.89
    
    
    $
    (62.48
    )
  -6-




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##### 



CAMPBELL STRATEGIC ALLOCATION FUND, L.P.
STATEMENTS OF CASH FLOWS
 
 Six Months EndedJune 30,2007
    
    
    2006Cash flows from (for) operating activitiesNet income (loss)
    
    $
    252,041,797
    
    
    $
    (123,869,001
    )Adjustments to reconcile net income (loss) to net
cash from (for) operating activitiesNet change in unrealized
    
    
    84,180,694
    
    
    
    (178,329,150
    )Decrease in restricted cash
    
    
    64,472,902
    
    
    
    0Increase in option premiums paid
    
    
    (4,329,286
    )
    
    
    0Increase in option premiums received
    
    
    2,434,933
    
    
    
    1,552,006(Increase) decrease in interest receivable
    
    
    601,433
    
    
    
    (1,523,670
    )(Increase) in prepaid expenses
    
    
    (7,500
    )
    
    
    0Increase (decrease) in accounts payable and
accrued expenses
    
    
    (753,932
    )
    
    
    3,346,779Net (purchases) of investments in United States
government securities
    
    
    (299,567,921
    )
    
    
    (740,166,534
    )Net cash from (for) operating activities
    
    
    99,073,120
    
    
    
    (1,038,989,570
    )Cash flows from (for) financing activitiesAddition of units
    
    
    44,868,302
    
    
    
    789,392,357Increase (decrease) in subscription deposits
    
    
    10,000
    
    
    
    (150,000
    )Redemption of units
    
    
    (455,940,755
    )
    
    
    (180,034,510
    )Offering costs paid
    
    
    (3,337,266
    )
    
    
    (10,857,531
    )Net cash from (for) financing activities
    
    
    (414,399,719
    )
    
    
    598,350,316Net decrease in cash and cash equivalents
    
    
    (315,326,599
    )
    
    
    (440,639,254
    )Cash and cash equivalentsBeginning of period
    
    
    1,707,078,283
    
    
    
    1,407,840,769End of period
    
    $
    1,391,751,684
    
    
    $
    967,201,515End of period cash and cash equivalents consists of:Cash in broker trading accounts
    
    $
    1,163,891,021
    
    
    $
    759,099,961Cash and cash equivalents
    
    
    227,860,663
    
    
    
    208,101,554Total end of period cash and cash equivalents
    
    $
    1,391,751,684
    
    
    $
    967,201,515
  -7-




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##### 



CAMPBELL STRATEGIC ALLOCATION FUND, L.P.
STATEMENTS OF CHANGES IN PARTNERS CAPITAL (NET ASSET VALUE)
 
 Partners CapitalGeneral
    
    
    Limited
    
    
    TotalUnits
    
    
    Amount
    
    
    Units
    
    
    Amount
    
    
    Units
    
    
    AmountSix Months Ended June 30, 2007Balances at
December 31, 2006
    
    
    19,222.982
    
    
    $
    60,149,864
    
    
    
    1,787,882.705
    
    
    $
    5,594,390,302
    
    
    
    1,807,105.687
    
    
    
    5,654,540,166Net income for the six months
ended June 30, 2007
    
    
    
    
    
    
    2,936,729
    
    
    
    
    
    
    
    249,105,068
    
    
    
    
    
    
    
    252,041,797Additions
    
    
    0.000
    
    
    
    0
    
    
    
    14,743.336
    
    
    
    44,868,302
    
    
    
    14,743.336
    
    
    
    44,868,302Redemptions
    
    
    0.000
    
    
    
    0
    
    
    
    (149,661.651
    )
    
    
    (463,433,182
    )
    
    
    (149,661.651
    )
    
    
    (463,433,182
    )Offering costs
    
    
    
    
    
    
    (36,173
    )
    
    
    
    
    
    
    (3,287,889
    )
    
    
    
    
    
    
    (3,324,062
    )Balances at
June 30, 2007
    
    
    19,222.982
    
    
    $
    63,050,420
    
    
    
    1,652,964.390
    
    
    $
    5,421,642,601
    
    
    
    1,672,187.372
    
    
    $
    5,484,693,021Six Months Ended June 30, 2006Balances at
December 31, 2005
    
    
    17,240.171
    
    
    $
    51,848,435
    
    
    
    1,703,733.918
    
    
    $
    5,123,850,224
    
    
    
    1,720,974.089
    
    
    $
    5,175,698,659Net (loss) for the six months
ended June 30, 2006
    
    
    
    
    
    
    (1,243,115
    )
    
    
    
    
    
    
    (122,625,886
    )
    
    
    
    
    
    
    (123,869,001
    )Additions
    
    
    1,982.811
    
    
    
    6,100,000
    
    
    
    255,478.547
    
    
    
    783,292,357
    
    
    
    257,461.358
    
    
    
    789,392,357Redemptions
    
    
    0.000
    
    
    
    0
    
    
    
    (64,760.551
    )
    
    
    (196,104,174
    )
    
    
    (64,760.551
    )
    
    
    (196,104,174
    )Offering costs
    
    
    
    
    
    
    (94,791
    )
    
    
    
    
    
    
    (9,365,347
    )
    
    
    
    
    
    
    (9,460,138
    )Balances at
June 30, 2006
    
    
    19,222.982
    
    
    $
    56,610,529
    
    
    
    1,894,451.914
    
    
    $
    5,579,047,174
    
    
    
    1,913,674.896
    
    
    $
    5,635,657,703
 Net Asset Value per General and Limited UnitJune 30,
    
    December 31,
    
    June 30,
    
    December 31,2007
    
    2006
    
    2006
    
    2005$3,279.95
    
    $3,129.06
    
    $2,944.94
    
    $3,007.42
  -8-




---



##### 



CAMPBELL STRATEGIC ALLOCATION FUND, L.P.
NOTES TO FINANCIAL STATEMENTS
 ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 A.
    
    General Description of the Fund
  B.
    
    Regulation
  C.
    
    Method of Reporting
  -9-




---



##### 



CAMPBELL STRATEGIC ALLOCATION FUND, L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
 ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
 C.
    
    Method of Reporting (Continued)
  D.
    
    Cash and Cash Equivalents
  E.
    
    Income Taxes
  F.
    
    Offering Costs
   -10-




---



##### 



CAMPBELL STRATEGIC ALLOCATION FUND, L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
 ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
 G.
    
    Foreign Currency Transactions
  H.
    
    Recently Issued Accounting Pronouncements
   I.
    
    Reclassification
  GENERAL PARTNER AND COMMODITY TRADING ADVISOR
   -11-




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##### 



CAMPBELL STRATEGIC ALLOCATION FUND, L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
 
 GENERAL PARTNER AND COMMODITY TRADING ADVISOR (CONTINUED)
   DEPOSITS WITH BROKER
  OPERATING EXPENSES
  SUBSCRIPTIONS, DISTRIBUTIONS AND REDEMPTIONS
   -12-




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##### 



CAMPBELL STRATEGIC ALLOCATION FUND, L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
 
 TRADING ACTIVITIES AND RELATED RISKS
       -13-




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##### 



CAMPBELL STRATEGIC ALLOCATION FUND, L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
 
 TRADING ACTIVITIES AND RELATED RISKS (CONTINUED)
  Forward Currency andOptions on ForwardFutures Contracts
    
    
    Currency Contracts(exchange traded)
    
    
    (non-exchange traded)June 30,
    
    
    December 31,
    
    
    June 30,
    
    
    December 31,2007
    
    
    2006
    
    
    2007
    
    
    2006Gross unrealized gains
    
    $
    151,428,814
    
    
    $
    225,720,639
    
    
    $
    324,748,356
    
    
    $
    363,846,416Gross unrealized losses
    
    
    (49,215,397
    )
    
    
    (76,945,989
    )
    
    
    (169,929,673
    )
    
    
    (171,408,272
    )Net unrealized gain
    
    $
    102,213,417
    
    
    $
    148,774,650
    
    
    $
    154,818,683
    
    
    $
    192,438,144
   INDEMNIFICATIONS
  INTERIM FINANCIAL STATEMENTS
  -14-




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##### 



CAMPBELL STRATEGIC ALLOCATION FUND, L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
 
 FINANCIAL HIGHLIGHTS
  Three months ended
    
    
    Six months endedJune 30,
    
    
    June 30,2007
    
    
    2006
    
    
    2007
    
    
    2006(Unaudited)
    
    
    (Unaudited)
    
    
    (Unaudited)
    
    
    (Unaudited)Per Unit Performance(for a unit outstanding throughout the entire period)Net asset value per unit at beginning of period
    
    $
    2,916.32
    
    
    $
    3,142.50
    
    
    $
    3,129.06
    
    
    $
    3,007.42Income (loss) from operations:Total net trading gains (losses) (1)
    
    
    382.05
    
    
    
    (178.76
    )
    
    
    187.05
    
    
    
    (15.16
    )Expenses net of interest income (1)
    
    
    (17.56
    )
    
    
    (17.22
    )
    
    
    (34.28
    )
    
    
    (42.19
    )Total net income (loss) from operations
    
    
    364.49
    
    
    
    (195.98
    )
    
    
    152.77
    
    
    
    (57.35
    )Offering costs (1)
    
    
    (0.86
    )
    
    
    (1.58
    )
    
    
    (1.88
    )
    
    
    (5.13
    )Net asset value per unit at end of period
    
    $
    3,279.95
    
    
    $
    2,944.94
    
    
    $
    3,279.95
    
    
    $
    2,944.94Total Return(3)
    
    
    12.47
    %
    
    
    (6.29
    )%
    
    
    4.82
    %
    
    
    (2.08
    )%Supplemental DataRatios to average net asset value:Expenses prior to performance fee (4)
    
    
    7.24
    %
    
    
    6.99
    %
    
    
    7.11
    %
    
    
    7.05
    %Performance fee (3)
    
    
    0.00
    %
    
    
    0.00
    %
    
    
    0.00
    %
    
    
    0.09
    %Total expenses
    
    
    7.24
    %
    
    
    6.99
    %
    
    
    7.11
    %
    
    
    7.14
    %Expenses net of interest income (2), (4), (5)
    
    
    2.29
    %
    
    
    2.28
    %
    
    
    2.23
    %
    
    
    2.60
    %
 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)
    
    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. Total 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)
    
    Expenses net of interest income is shown as a positive percentage when expenses
exceed interest income for the period. -15-




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##### 



Item 2.
    
    Managements Discussion and Analysis of Financial Condition and Results of Operations
          i.e.
 -16-




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##### 



2007
  Sector
    
    % Gain (Loss)Interest Rates
    
    
    4.75
    %Stock Indices
    
    
    4.06Metals
    
    
    (0.52
    )Currencies
    
    
    (0.92
    )Energy
    
    
    (1.24
    )6.13
    %
 -17-




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##### 



-18-




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##### 



2006
  Sector
    
    % Gain (Loss)Interest Rates
    
    
    2.60
    %Metals
    
    
    2.15Energy
    
    
    0.91Stock Indices
    
    
    0.75Currencies
    
    
    (6.82
    )(0.41
    )%
   -19-




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##### 



-20-




---



##### 



Disclosures About Certain Trading Activities that Include Non-Exchange Traded Contracts
Accounted for at Fair Value
  -21-




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##### 



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.
  -22-




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##### 



The Funds Trading Value at Risk in Different Market Sectors
  -23-




---



##### 



June 30, 2007TradingMarket Sector
    
    Value at Risk*
    
    Gain/(Loss)**Interest Rates
    
    
    1.06
    %
    
    
    4.75
    %Currencies
    
    
    0.70
    %
    
    
    (0.92
    )%Stock Indices
    
    
    0.58
    %
    
    
    4.06
    %Metals
    
    
    0.25
    %
    
    
    (0.52
    )%Energy
    
    
    0.09
    %
    
    
    (1.24
    )%Aggregate/Total
    
    
    1.55
    %
    
    
    6.13
    %
 
 *
    
    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 six months ended June 30, 2007, approximately 6.13% was due to
trading gains (before commissions) and approximately 2.44% due to interest income offset by
approximately 3.75% was due to brokerage fees, performance fees and operating and offering
costs borne by the Fund, giving a net return of 4.82%. December 31, 2006TradingMarket Sector
    
    Value at Risk*
    
    Gain/(Loss)**Stock Indices
    
    
    0.75
    %
    
    
    6.67
    %Currencies
    
    
    0.70
    %
    
    
    1.91
    %Interest Rates
    
    
    0.59
    %
    
    
    3.05
    %Energy
    
    
    0.39
    %
    
    
    (6.71
    )%Metals
    
    
    0.17
    %
    
    
    2.01
    %Aggregate/Total
    
    
    1.42
    %
    
    
    6.93
    %
 
 *
    
    The VaR for a sector represents the one day downside risk for the aggregate exposures
associated with this sector. The aggregate VaR represents the VaR of the Funds open
positions across all market sectors, and is less than the sum of the VaRs for all such market
sectors due to the diversification benefit across asset classes.**
    
    Of the return for the year ended December 31, 2006, approximately 6.93% was due to
trading gains (before commissions) and approximately 4.72% due to interest income, offset by
approximately 7.61% due to brokerage fees, performance fees and operating and offering costs
borne by the Fund giving a net return of 4.04%. Material Limitations of Value at Risk as an Assessment of Market Risk
  1)
    
    Past changes in market risk factors will not always result in accurate predictions of
the distributions and correlations of future market movements;
 2)
    
    Changes in portfolio value caused by market movements may differ from those of the VaR
model;
 3)
    
    VaR results reflect past trading positions while future risk depends on future
positions;
 4)
    
    VaR using a one day time horizon does not fully capture the market risk of positions
that cannot be liquidated or hedged within one day; and
 -24-




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##### 



5)
    
    The historical market risk factor data for VaR estimation may provide only limited
insight into losses that could be incurred under certain unusual market movements.
  Non-Trading Risk
  Qualitative Disclosures Regarding Primary Trading Risk Exposures
 The following qualitative disclosures regarding the Funds market risk exposures 
except for (i) those disclosures that are statements of historical fact and (ii) the
descriptions of how the Fund manages its primary market risk exposures  constitute
forward-looking statements within the meaning of Section 27A of the Securities Act and Section
21E of the Securities Exchange Act. The Funds primary market risk exposures as well as the
strategies used and to be used by Campbell & Company for managing such exposures are subject
to numerous uncertainties, contingencies and risks, any one of which could cause the actual
results of the Funds risk controls to differ materially from the objectives of such
strategies. Government interventions, defaults and expropriations, illiquid markets, the
emergence of dominant fundamental factors, political upheavals, changes in historical price
relationships, an influx of new market participants, increased regulation and many other
factors could result in material losses as well as in material changes to the risk exposures
and the risk management strategies of the Fund. There can be no assurance that the Funds
current market exposure and/or risk management strategies will not change materially or that
any such strategies will be effective in either the short- or long-term. Investors must be
prepared to lose all or substantially all of their investment in the Fund.
  Currencies
 i.e.,
 Interest Rates
  -25-




---



##### 



Stock Indices
  Energy
  Metals
  Qualitative Disclosures Regarding Non-Trading Risk Exposure
  Foreign Currency Balances
  Treasury Bill Positions
  -26-




---



##### 



Qualitative Disclosures Regarding Means of Managing Risk Exposure
   General
  Item 4. Controls and Procedures
  -27-




---



##### 



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.
 (a)
    
    Exhibits
 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, Senior Vice President of
Accounting and Finance, 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, Senior Vice President of
Accounting and Finance, pursuant to 18 U.S.C. Section 1350, as enacted by
Section 906 of The Sarbanes-Oxley Act of 2002.
 (b)
    
    Reports of Form 8-K
  -28-




---



##### 



SIGNATURES
  CAMPBELL STRATEGIC ALLOCATION FUND, L.P.
(Registrant)By:
    Campbell & Company, Inc.General PartnerBy:
    /s/  Theresa D. BecksTheresa D. BecksChief Executive Officer -29-




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##### 



EXHIBIT INDEX
 Exhibit Number
    
    Description of Document
    
    Page Number31.01
    
    Certification by Chief Executive Officer
    
    E 231.02
    
    Certification by Senior Vice President of Accounting and Finance
    
    E 332.01
    
    Certification by Chief Executive Officer
    
    E 432.02
    
    Certification by Senior Vice President of Accounting and Finance
    
    E 5
 -E 1-