##### 



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, 2007
  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 þ
 þ o
 31




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##### 



PagePART I  FINANCIAL INFORMATIONItem 1.
    
    Financial StatementsStatements of Financial Condition as of March 31, 2007 (Unaudited)
and December 31, 2006
    
    
    3Condensed Schedules of Investments as of March 31, 2007 (Unaudited)
and December 31, 2006
    
    
    4-5Statements of Operations for the Three Months Ended
March 31, 2007 and 2006 (Unaudited)
    
    
    6Statements of Cash Flows for the Three Months Ended
March 31, 2007 and 2006 (Unaudited)
    
    
    7Statements of Changes in Partners Capital (Net Asset Value)
for the Three Months Ended March 31, 2007 and 2006 (Unaudited)
    
    
    8Notes to Financial Statements (Unaudited)
    
    
    9-15Item 2.
    
    Managements Discussion and Analysis of Financial Condition and
Results of Operations
    
    
    16-20Item 3.
    
    Quantitative and Qualitative Disclosure About Market Risk
    
    
    20-26Item 4.
    
    Controls and Procedures
    
    
    26PART II  OTHER INFORMATION
    
    
    27Item 6.
    
    Exhibits and Reports on Form 8-K
    
    
    27SIGNATURESCERTIFICATIONS




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##### 



CAMPBELL STRATEGIC ALLOCATION FUND, L.P.
 STATEMENTS OF FINANCIAL CONDITION
  
 March 31,
    
    
    December 31,2007
    
    
    2006ASSETSEquity in broker trading accountsCash
    
    $
    1,029,669,581
    
    
    $
    1,230,053,812Restricted cash
    
    
    0
    
    
    
    64,472,902United States government securities
    
    
    2,108,418,264
    
    
    
    2,009,334,413Net unrealized gain on open futures contracts
    
    
    26,574,283
    
    
    
    148,774,650Total equity in broker trading account
    
    
    3,164,662,128
    
    
    
    3,452,635,777Cash and cash equivalents
    
    
    188,641,137
    
    
    
    477,024,471United States government securities
    
    
    1,844,927,500
    
    
    
    1,645,702,500Options purchased, at fair value
(premiums paid $4,860,635 and $3,991,104)
    
    
    4,557,042
    
    
    
    4,759,458Net unrealized gain on open forward currency contracts
    
    
    33,097,440
    
    
    
    191,519,359Interest receivable
    
    
    5,152,086
    
    
    
    6,345,242Total assets
    
    $
    5,241,037,333
    
    
    $
    5,777,986,807LIABILITIESAccounts payable
    
    $
    418,358
    
    
    $
    850,854Brokerage fee
    
    
    30,487,502
    
    
    
    33,622,892Options written, at fair value
(premiums received $2,789,201 and $2,319,699)
    
    
    2,207,902
    
    
    
    2,169,268Accrued commissions and other trading fees
on open contracts
    
    
    1,320,960
    
    
    
    1,999,134Offering costs payable
    
    
    525,761
    
    
    
    516,133Redemptions payable
    
    
    61,200,299
    
    
    
    84,288,360Total liabilities
    
    
    96,160,782
    
    
    
    123,446,641PARTNERS CAPITAL (Net Asset Value)General Partner  19,222.982 units outstanding
at March 31, 2007 and December 31, 2006
    
    
    56,060,367
    
    
    
    60,149,864Limited Partners  1,744,945.897
and 1,787,882.705 units
outstanding at March 31, 2007 and December 31, 2006
    
    
    5,088,816,184
    
    
    
    5,594,390,302Total partners capital (Net Asset Value)
    
    
    5,144,876,551
    
    
    
    5,654,540,166Total liabilities and partners capital (Net Asset Value)
    
    $
    5,241,037,333
    
    
    $
    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
    
    
    06/14/2007
    
    U.S. Treasury Bills
    
    $
    1,138,416,944
    
    
    
    22.13
    %$
    1,125,000,000
    
    
    05/03/2007
    
    U.S. Treasury Bills
    
    
    1,120,033,111
    
    
    
    21.77
    %$
    500,000,000
    
    
    04/05/2007
    
    U.S. Treasury Bills
    
    
    499,726,944
    
    
    
    9.71
    %$
    500,000,000
    
    
    05/17/2007
    
    U.S. Treasury Bills
    
    
    496,811,945
    
    
    
    9.66
    %$
    400,000,000
    
    
    04/12/2007
    
    U.S. Treasury Bills
    
    
    399,397,445
    
    
    
    7.76
    %$
    300,000,000
    
    
    04/26/2007
    
    U.S. Treasury Bills
    
    
    298,959,375
    
    
    
    5.81
    %Total United States government securities
(cost, including accrued interest, 
$3,953,345,764)
    
    $
    3,953,345,764
    
    
    
    76.84
    %
 LONG FUTURES CONTRACTS
 % of NetDescription
    
    Value
    
    
    Asset ValueEnergy
    
    $
    1,650,150
    
    
    
    0.03
    %Metals
    
    
    3,087,790
    
    
    
    0.06
    %Stock indices
    
    
    30,315,431
    
    
    
    0.59
    %Short-term interest rates
    
    
    (2,669,823
    )
    
    
    (0.05
    )%Long-term interest rates
    
    
    (10,925,152
    )
    
    
    (0.21
    )%Total long futures contracts
    
    $
    21,458,396
    
    
    
    0.42
    %
 SHORT FUTURES CONTRACTS
 % of NetDescription
    
    Value
    
    
    Asset ValueEnergy
    
    $
    (6,668,764
    )
    
    
    (0.13
    )%Metals
    
    
    (3,118,383
    )
    
    
    (0.06
    )%Stock indices
    
    
    (317,865
    )
    
    
    (0.01
    )%Short-term interest rates
    
    
    4,395,634
    
    
    
    0.09
    %Long-term interest rates
    
    
    10,825,265
    
    
    
    0.21
    %Total short futures contracts
    
    $
    5,115,887
    
    
    
    0.10
    %Total futures contracts
    
    $
    26,574,283
    
    
    
    0.52
    %
 FORWARD CURRENCY CONTRACTS
 % of NetDescription
    
    Value
    
    
    Asset ValueVarious long forward currency contracts
    
    $
    136,418,144
    
    
    
    2.65
    %Various short forward currency contracts
    
    
    (103,320,704
    )
    
    
    (2.01
    )%Total forward currency contracts
    
    $
    33,097,440
    
    
    
    0.64
    %
 PURCHASED OPTIONS ON FORWARD CURRENCY CONTRACTS
 % of NetDescription
    
    Value
    
    
    Asset ValuePurchased options on forward currency contracts
(premiums paid  $4,860,635)
    
    $
    4,557,042
    
    
    
    0.09
    %
 WRITTEN OPTIONS ON FORWARD CURRENCY CONTRACTS
 % of NetDescription
    
    Value
    
    
    Asset ValueWritten options on forward currency contracts
(premiums received  $2,789,201)
    
    $
    (2,207,902
    )
    
    
    (0.04
    )%
 
 *
    
    - Pledged as collateral for the trading of futures and forward positions.  - 4 -




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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
    
    
    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 and forward positions.  - 5 -




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##### 



CAMPBELL STRATEGIC ALLOCATION FUND, L.P.
 STATEMENTS OF OPERATIONS
   
 Three Months EndedMarch 31,2007
    
    
    2006TRADING GAINS (LOSSES)Futures trading gains (losses)Realized
    
    $
    (31,260,544
    )
    
    $
    89,770,576Change in unrealized
    
    
    (122,200,367
    )
    
    
    159,900,436Brokerage commissions
    
    
    (2,077,321
    )
    
    
    (2,819,593
    )Net gain (loss) from futures trading
    
    
    (155,538,232
    )
    
    
    246,851,419Forward currency and options on forward
currency trading gains (losses)Realized
    
    
    (31,587,574
    )
    
    
    (179,873,451
    )Change in unrealized
    
    
    (159,062,998
    )
    
    
    229,196,741Brokerage commissions
    
    
    (1,220,867
    )
    
    
    (469,965
    )Net gain (loss) from forward currency
and options on forward currency trading
    
    
    (191,871,439
    )
    
    
    48,853,325Total net trading gains (losses)
    
    
    (347,409,671
    )
    
    
    295,704,744EXPENSES NET OF INTEREST INCOMEIncomeInterest income
    
    
    66,824,278
    
    
    
    56,580,283ExpensesBrokerage fee
    
    
    96,257,670
    
    
    
    96,118,639Performance fee
    
    
    0
    
    
    
    4,818,187Operating expenses
    
    
    582,887
    
    
    
    522,742Total expenses
    
    
    96,840,557
    
    
    
    101,459,568Expenses net of interest income
    
    
    (30,016,279
    )
    
    
    (44,879,285
    )NET INCOME (LOSS)
    
    $
    (377,425,950
    )
    
    $
    250,825,459NET INCOME (LOSS) PER GENERAL AND
LIMITED PARTNER UNIT(based on weighted average number of
units outstanding during the period)
    
    $
    (210.38
    )
    
    $
    141.24INCREASE (DECREASE) IN NET ASSET VALUE
PER GENERAL AND LIMITED PARTNER UNIT
    
    $
    (212.74
    )
    
    $
    135.08
  - 6 -




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##### 



CAMPBELL STRATEGIC ALLOCATION FUND, L.P.
 STATEMENTS OF CASH FLOWS
   
 Three Months EndedMarch 31,2007
    
    
    2006Cash flows from (for) operating activitiesNet income (loss)
    
    $
    (377,425,950
    )
    
    $
    250,825,459Adjustments to reconcile net income (loss) to net
cash (for) operating activitiesNet change in unrealized
    
    
    281,263,365
    
    
    
    (389,097,177
    )Decrease in restricted cash
    
    
    64,472,902
    
    
    
    0Increase in option premiums paid
    
    
    (869,531
    )
    
    
    0Increase in option premiums received
    
    
    469,502
    
    
    
    940,196Decrease in interest receivable
    
    
    1,193,156
    
    
    
    0Increase (decrease) in accounts payable and
accrued expenses
    
    
    (4,246,060
    )
    
    
    8,650,820Net (purchases) of investments in United States
government securities
    
    
    (298,308,851
    )
    
    
    (954,697,430
    )Net cash (for) operating activities
    
    
    (334,451,467
    )
    
    
    (1,083,378,132
    )Cash flows from (for) financing activitiesAddition of units
    
    
    29,082,638
    
    
    
    675,902,125Increase in subscription deposits
    
    
    0
    
    
    
    371,140Redemption of units
    
    
    (182,581,102
    )
    
    
    (76,298,347
    )Offering costs paid
    
    
    (1,817,634
    )
    
    
    (5,693,016
    )Net cash from (for) financing activities
    
    
    (155,316,098
    )
    
    
    594,281,902Net decrease in cash and cash equivalents
    
    
    (488,767,565
    )
    
    
    (489,096,230
    )Cash and cash equivalentsBeginning of period
    
    
    1,707,078,283
    
    
    
    1,409,140,687End of period
    
    $
    1,218,310,718
    
    
    $
    920,044,457End of period cash and cash equivalents consists of:Cash in broker trading accounts
    
    $
    1,029,669,581
    
    
    $
    461,046,992Cash and cash equivalents
    
    
    188,641,137
    
    
    
    458,997,465Total end of period cash and cash equivalents
    
    $
    1,218,310,718
    
    
    $
    920,044,457
  - 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
    
    
    AmountThree Months Ended March 31, 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 (loss) for the three months
ended March 31, 2007
    
    
    
    
    
    
    (4,069,927
    )
    
    
    
    
    
    
    (373,356,023
    )
    
    
    
    
    
    
    (377,425,950
    )Additions
    
    
    0.000
    
    
    
    
    
    
    
    9,656.144
    
    
    
    29,082,638
    
    
    
    9,656.144
    
    
    
    29,082,638Redemptions
    
    
    0.000
    
    
    
    
    
    
    
    (52,592.952
    )
    
    
    (159,493,041
    )
    
    
    (52,592.952
    )
    
    
    (159,493,041
    )Offering costs
    
    
    
    
    
    
    (19,570
    )
    
    
    
    
    
    
    (1,807,692
    )
    
    
    
    
    
    
    (1,827,262
    )Balances at
March 31, 2007
    
    
    19,222.982
    
    
    $
    56,060,367
    
    
    
    1,744,945.897
    
    
    $
    5,088,816,184
    
    
    
    1,764,168.879
    
    
    $
    5,144,876,551Three Months Ended March 31, 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 income for the three months ended March 31, 2006
    
    
    
    
    
    
    2,511,976
    
    
    
    
    
    
    
    248,313,483
    
    
    
    
    
    
    
    250,825,459Additions
    
    
    1,915.272
    
    
    
    5,900,000
    
    
    
    217,556.081
    
    
    
    670,002,125
    
    
    
    219,471.353
    
    
    
    675,902,125Redemptions
    
    
    0.000
    
    
    
    0
    
    
    
    (30,423.019
    )
    
    
    (93,750,396
    )
    
    
    (30,423.019
    )
    
    
    (93,750,396
    )Offering costs
    
    
    
    
    
    
    (64,432
    )
    
    
    
    
    
    
    (6,368,265
    )
    
    
    
    
    
    
    (6,432,697
    )Balances at
March 31, 2006
    
    
    19,155.443
    
    
    $
    60,195,979
    
    
    
    1,890,866.980
    
    
    $
    5,942,047,171
    
    
    
    1,910,022.423
    
    
    $
    6,002,243,150
 Net Asset Value per General and Limited UnitMarch 31,
    
    
    December 31,
    
    
    March 31,
    
    
    December 31,2007
    
    
    2006
    
    
    2006
    
    
    2005$
    2,916.32
    
    
    $
    3,129.06
    
    
    $
    3,142.50
    
    
    $
    3,007.42
  - 8 -




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##### 



CAMPBELL STRATEGIC ALLOCATION FUND, L.P.
NOTES TO FINANCIAL STATEMENTS
 
 ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 A.
    
    General Description of the FundCampbell Strategic Allocation Fund, L.P. (the Fund) is a Delaware limited partnership
which operates as a commodity investment pool. The Fund engages in the speculative
trading of futures contracts, forward currency contracts and options on forward
currency contracts.B.
    
    RegulationAs a registrant with the Securities and Exchange Commission, the Fund is subject
to the regulatory requirements under the Securities Act of 1933 and the Securities
Exchange Act of 1934. As a commodity investment pool, the Fund is subject to the
regulations of the Commodity Futures Trading Commission, an agency of the United
States (U.S.) government which regulates most aspects of the commodity futures
industry; rules of the National Futures Association, an industry self-regulatory
organization; and the requirements of the various commodity exchanges where the Fund
executes transactions. Additionally, the Fund is subject to the requirements of
futures commission merchants (brokers) and interbank and other market makers through
which the Fund trades.C.
    
    Method of ReportingThe Funds financial statements are presented in accordance with accounting
principles generally accepted in the United States of America, which may require the
use of certain estimates made by the Funds management. Actual results may differ
from these estimates. Investment transactions are accounted for on the trade date.
Gains or losses are realized when contracts are liquidated. Unrealized gains and
losses on open contracts (the difference between contract trade price and market
price) are reported in the statement of financial condition as a net gain or loss, as
there exists a right of offset of unrealized gains or losses in accordance with
Financial Accounting Standards Board Interpretation No. 39  Offsetting of Amounts
Related to Certain Contracts. The market value of futures (exchange-traded)
contracts is determined by the various futures exchanges, and reflects the settlement
price for each contract as of the close of the last business day of the reporting
period. Beginning July 1, 2006, the market value of forward currency (non-exchange
traded) contracts is extrapolated on a forward basis from the spot prices quoted as
of 3:00 P.M. (E.T.) of the last business day of the reporting period or based on the
market value of its exchange-traded equivalent. Prior to July 1, 2006, the market
value of forward currency (non-exchange traded) contracts was extrapolated on a
forward basis from the spot prices quoted as of 5:00 P.M. (E.T.) of the last business
day of the reporting period or based on the market value of its exchange-traded
equivalent. The market value of option (non-exchange traded) contracts is calculated
by applying an industry-standard adaptation of the Black-Scholes options valuation
model to foreign currency options, using as input, the spot prices, interest rates
and option implied volatilities quoted as of 3:00 P.M. (E.T.) on the last business
day of the reporting period. 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. Any change in net unrealized gain or loss from the
preceding period is reported in the statement of operations.
 - 9 -




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##### 



CAMPBELL STRATEGIC ALLOCATION FUND, L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
 
 ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
 C.
    
    Method of Reporting (Continued)Brokerage commissions include other trading fees and are charged to expense when
contracts are opened. United States government securities are stated at cost plus
accrued interest, which approximates market value.For purposes of both financial reporting and calculation of redemption value, Net
Asset Value per unit is calculated by dividing Net Asset Value by the number of
outstanding units.D.
    
    Cash and Cash EquivalentsCash and cash equivalents includes cash and short-term time deposits 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.F.
    
    Offering CostsCampbell & Company, Inc. (Campbell & Company) has incurred all costs in
connection with the initial and continuous offering of units of the Fund (offering
costs). The Funds liability for offering costs is limited to the maximum of total
offering costs incurred by Campbell & Company or 2.5% of the aggregate subscriptions
accepted during the initial and continuous offerings; this maximum is further limited
by 30 month pay-out schedules. The Fund is only liable for payment of offering costs
on a monthly basis as calculated based on the limitations stated above. At March 31,
2007, and December 31, 2006, the Fund reflects a liability in the statement of
financial condition for offering costs payable to Campbell & Company of $525,761 and
$516,133, respectively. The amount of monthly reimbursement due to Campbell &
Company is charged directly to partners capital.If the Fund terminates prior to completion of payment of the calculated amounts to
Campbell & Company, Campbell & Company will not be entitled to any additional
payments, and the Fund will have no further obligation to Campbell & Company. At
March 31, 2007 and December 31, 2007, the amount of unreimbursed offering costs
incurred by Campbell & Company is $964,234 and $1,110,061, respectively.
 - 10 -




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##### 



CAMPBELL STRATEGIC ALLOCATION FUND, L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
 
 ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
 G.
    
    Foreign Currency TransactionsThe Funds functional currency is the U.S. dollar; however, it transacts business in
currencies other than the U.S. dollar. Assets and liabilities denominated in
currencies other than the U.S. dollar are translated into U.S. dollars at the rates
in effect at the date of the statement of financial condition. Income and expense
items denominated in currencies other than the U.S. dollar are translated into U.S.
dollars at the rates in effect during the period. Gains and losses resulting from
the translation to U.S. dollars are reported in income.H.
    
    Recently Issued Accounting Pronouncements
In July 2006, the Financial Accounting Standards Board (FASB)
issued Interpretation No. 48 (FIN 48) entitled Accounting For
Uncertainty in Income Taxes  an interpretation of FASB Statement
No. 109. FIN 48 prescribes the minimum recognition threshold a
tax position must meet in connection with accounting for
uncertainties in income tax positions taken or expected to be
taken by an entity before being measured and recognized in the
financial statements. Adoption of FIN 48 is required for fiscal
years beginning after December 15, 2006. The implementation of
FIN 48 had no impact on the Funds
financial statements.In September 2006, the FASB issued Statement of Financial
Accounting Standards No. 157, Fair Value Measurements
(FAS 157). FAS 157 defines fair value, establishes a framework for
measuring fair value in accounting principles generally accepted in
the United States of America, and expands disclosures about fair value
measurements. While FAS 157 does not require any new fair value
measurements, for some entities, the application of FAS 157 may change current practice. FAS 157 is
effective for financial statements issued for fiscal years beginning
after November 15, 2007, and interim periods within those fiscal
years. The implementation of FAS 157 is not expected to have a
material impact on the Funds financial statements.
 GENERAL PARTNER AND COMMODITY TRADING ADVISOR
     - 11 -




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##### 



CAMPBELL STRATEGIC ALLOCATION FUND, L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
 
 DEPOSITS WITH BROKER
  OPERATING EXPENSES
  SUBSCRIPTIONS, DISTRIBUTIONS AND REDEMPTIONS
  TRADING ACTIVITIES AND RELATED RISKS
   - 12 -




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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)March 31,
    
    
    December 31,
    
    
    March 31,
    
    
    December 31,2007
    
    
    2006
    
    
    2007
    
    
    2006Gross unrealized gains
    
    $
    52,974,138
    
    
    $
    225,720,639
    
    
    $
    187,546,131
    
    
    $
    363,846,416Gross unrealized losses
    
    
    (26,399,855
    )
    
    
    (76,945,989
    )
    
    
    (154,170,985
    )
    
    
    (171,408,272
    )Net unrealized gain (loss)
    
    $
    26,574,283
    
    
    $
    148,774,650
    
    
    $
    33,375,146
    
    
    $
    192,438,144
 - 13 -




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##### 



CAMPBELL STRATEGIC ALLOCATION FUND, L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
 
 TRADING ACTIVITIES AND RELATED RISKS (CONTINUED)
   INDEMNIFICATIONS
  INTERIM FINANCIAL STATEMENTS
  - 14 -




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##### 



CAMPBELL STRATEGIC ALLOCATION FUND, L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
 
 FINANCIAL HIGHLIGHTS
  Three months endedMarch 31,2007
    
    
    2006(Unaudited)
    
    
    (Unaudited)Per Unit Performance(for a unit outstanding throughout the entire period)Net asset value per unit at beginning of period
    
    $
    3,129.06
    
    
    $
    3,007.42Income (loss) from operations:Total trading gains (losses) (1)
    
    
    (194.99
    )
    
    
    163.97Expenses net of interest income (1)
    
    
    (16.73
    )
    
    
    (25.27
    )Total net income (loss) from operations
    
    
    (211.72
    )
    
    
    138.70Offering costs (1)
    
    
    (1.02
    )
    
    
    (3.62
    )Net asset value per unit at end of period
    
    $
    2,916.32
    
    
    $
    3,142.50Total Return(3)
    
    
    (6.80
    )%
    
    
    4.49
    %Supplemental DataRatios to average net asset value:Expenses prior to performance fee (4)
    
    
    7.05
    %
    
    
    7.06
    %Performance fee (3)
    
    
    0.00
    %
    
    
    0.09
    %Total expenses
    
    
    7.05
    %
    
    
    7.15
    %Expenses net of interest income (2), (4), (5)
    
    
    2.18
    %
    
    
    2.93
    %
 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 -




---



##### 



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




---



##### 



i.e.
     2007
  Sector
    
    % Gain (Loss)Stock Indices
    
    
    0.56Metals
    
    (
    0.23
    )Energy
    
    (
    1.06
    )Interest Rates
    
    (
    2.10
    )Currencies
    
    (
    3.33
    )(
    6.16
    )
 - 17 -




---



##### 



2006
  Sector
    
    % Gain (Loss)Stock Indices
    
    
    2.77
    %Metals
    
    
    0.97Interest Rates
    
    
    0.78Currencies
    
    
    0.75Energy
    
    
    0.225.49
    %
 - 18 -




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##### 



- 19 -




---



##### 



Disclosures About Certain Trading Activities that Include Non-Exchange Traded Contracts
Accounted for at Fair Value
  Item 3. Quantitative and Qualitative Disclosures About Market Risk
 Introduction
 Past Results Not Necessarily Indicative of Future Performance
   - 20 -




---



##### 



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.
    - 21 -




---



##### 



The Funds Trading Value at Risk in Different Market Sectors
  March 31, 2007TradingMarket Sector
    
    Value at Risk*
    
    
    Gain/(Loss)**Currencies
    
    
    1.03
    %
    
    
    (3.33
    )%Interest Rates
    
    
    0.87
    %
    
    
    (2.10
    )%Stock Indices
    
    
    0.66
    %
    
    
    0.56
    %Energy
    
    
    0.21
    %
    
    
    (1.06
    )%Metals
    
    
    0.11
    %
    
    
    (0.23
    )%Aggregate/Total
    
    
    1.92
    %
    
    
    (6.16
    )%
 
 *-
    
    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, 2007,
approximately 6.16% was due to
trading losses (before commissions) and approximately 1.86% was due to brokerage fees,
performance fees and operating and offering costs borne by the Fund, offset by approximately
1.22% due to interest income giving a net return of (6.80)%. - 22 -




---



##### 



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; 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
  - 23 -




---



##### 



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
  Stock Indices
  - 24 -




---



##### 



Energy
  Metals
  Qualitative Disclosures Regarding Non-Trading Risk Exposure
  Foreign Currency Balances
  Treasury Bill Positions
  Qualitative Disclosures Regarding Means of Managing Risk Exposure
   - 25 -




---



##### 



General
  Item 4. Controls and Procedures
  - 26 -




---



##### 



PART II-OTHER INFORMATION
 Item 1.
    
    Legal Proceedings.NoneItem 2.
    
    Changes in Securities and Use of ProceedsNoneItem 3.
    
    Defaults Upon Senior SecuritiesNot applicable.Item 4.
    
    Submissions of Matters to a vote of Security Holders.NoneItem 5.
    
    Other InformationNoneItem 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 Securites 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 Securites Exchange Act of 1934.32.01
    
    Certification of Theresa D. Becks, Chief Executive Officer,
pursuant to 18 U.S.C. Section 1350, as enacted by Section 906 of The
Sarbanes-Oxley Act of 2002.32.02
    
    Certification of Gregory T.
Donovan, Senior Vice
President of Accounting and Finance, pursuant to 18 U.S.C. Section 1350, as enacted by Section 906 of The
Sarbanes-Oxley Act of 2002.
 (b)
    
    Reports of Form 8-K
  - 27 -




---



##### 



SIGNATURES
 th
 CAMPBELL STRATEGIC ALLOCATION FUND, L.P.(Registrant)By:
    
    Campbell & Company, Inc.General PartnerBy:
    
    /s/ Theresa D. BecksTheresa D. BecksChief Executive Officer
 - 28 -




---



##### 



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 -