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, 2008
 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
  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




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##### 



PagePART I  FINANCIAL INFORMATIONItem 1. Financial StatementsCondensed Schedules of Investments as of June 30, 2008 (Unaudited)
and December 31, 2007
    
    
    3-6Statements of Financial Condition as of June 30, 2008 (Unaudited)
and December 31, 2007
    
    
    7Statements of Operations for the Three and Six Months Ended
June 30, 2008 and 2007 (Unaudited)
    
    
    8Statements of Cash Flows for the Six Months Ended
June 30, 2008 and 2007 (Unaudited)
    
    
    9Statements of Changes in Partners Capital (Net Asset Value)
for the Six Months Ended June 30, 2008 and 2007 (Unaudited)
    
    
    10Financial Highlights for the Three and Six Months Ended
June 30, 2008 and 2007 (Unaudited)
    
    
    11Notes to Financial Statements (Unaudited)
    
    
    12-17Item 2. Managements Discussion and Analysis of Financial Condition and
Results of Operations
    
    
    18-23Item 3. Quantitative and Qualitative Disclosure About Market Risk
    
    
    23-29Item 4T. Controls and Procedures
    
    
    29PART II  OTHER INFORMATION
    
    
    30Item 6. Exhibits and Reports on Form 8-K
    
    
    30SIGNATURESCERTIFICATIONS




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##### 



% of NetValues ($)
    
    
    Asset ValueUNITED STATES GOVERNMENT SECURITIES*Maturity
    
    MaturityFace Value
    
    Date
    
    Description$
    1,225,000,000
    
    
    
    07/24/2008
    
    
    U.S. Treasury Bills
    
    $
    1,223,920,038
    
    
    
    40.48
    %$
    750,000,000
    
    
    
    07/03/2008
    
    
    U.S. Treasury Bills
    
    $
    749,933,000
    
    
    
    24.80
    %$
    750,000,000
    
    
    
    07/10/2008
    
    
    U.S. Treasury Bills
    
    $
    749,651,250
    
    
    
    24.79
    %Total United States government securities(cost,
including accrued interest, - $2,723,504,288)
    
    $
    2,723,504,288
    
    
    
    90.07
    %
 LONG FUTURES CONTRACTSDescriptionEnergy
    
    
    
    
    
    
    
    
    
    $
    9,760,415
    
    
    
    0.32
    %Metals
    
    
    
    
    
    
    
    
    
    $
    439,592
    
    
    
    0.01
    %Stock indices
    
    
    
    
    
    
    
    
    
    $
    (3,954,542
    )
    
    
    (0.13
    )%Short-term interest rates
    
    
    
    
    
    
    
    
    
    $
    (653,749
    )
    
    
    (0.02
    )%Long-term interest rates
    
    
    
    
    
    
    
    
    
    $
    10,288,879
    
    
    
    0.34
    %Total long futures contracts
    
    
    
    
    
    
    
    
    
    $
    15,880,595
    
    
    
    0.52
    %SHORT FUTURES CONTRACTSDescriptionEnergy
    
    
    
    
    
    
    
    
    
    $
    (435,427
    )
    
    
    (0.01
    )%Metals
    
    
    
    
    
    
    
    
    
    $
    (3,349,832
    )
    
    
    (0.11
    )%Stock indices
    
    
    
    
    
    
    
    
    
    $
    84,727,449
    
    
    
    2.80
    %Short-term interest rates
    
    
    
    
    
    
    
    
    
    $
    14,991,488
    
    
    
    0.50
    %Long-term interest rates
    
    
    
    
    
    
    
    
    
    $
    (4,352,048
    )
    
    
    (0.14
    )%Total short futures contracts
    
    
    
    
    
    
    
    
    
    $
    91,581,630
    
    
    
    3.04
    %Total futures contracts
    
    
    
    
    
    
    
    
    
    $
    107,462,225
    
    
    
    3.56
    %
 See Accompanying Notes to Financial Statements.
 - 3 -




---



##### 



% of NetValues ($)
    
    
    Asset ValueFORWARD CURRENCY CONTRACTSDescriptionVarious long forward currency contracts
    
    $
    36,710,090
    
    
    
    1.21
    %Various short forward currency contracts
    
    $
    (22,076,497
    )
    
    
    (0.73
    )%Total forward currency contracts
    
    $
    14,633,593
    
    
    
    0.48
    %PURCHASED OPTIONS ON FORWARD CURRENCY CONTRACTSDescriptionPurchased options on forward currency
contracts (premiums paid - $1,011,409)
    
    $
    1,125,793
    
    
    
    0.04
    %WRITTEN OPTIONS ON FORWARD CURRENCY CONTRACTSDescriptionWritten options on forward currency
contracts (premiums received - $601,578)
    
    $
    (620,471
    )
    
    
    (0.02
    )%
 
 *
    
    Pledged as collateral for the trading of futures, forward and option positions. See Accompanying Notes to Financial Statements.
 - 4 -




---



##### 



% of NetValues ($)
    
    
    Asset ValueUNITED STATES GOVERNMENT SECURITIES*Maturity
    
    MaturityFace Value
    
    Date
    
    Description$
    1,000,000,000
    
    
    
    03/13/2008
    
    
    U.S. Treasury Bills
    
    $
    994,400,000
    
    
    
    26.15
    %$
    950,000,000
    
    
    
    01/31/2008
    
    
    U.S. Treasury Bills
    
    $
    946,956,042
    
    
    
    24.90
    %$
    500,000,000
    
    
    
    01/03/2008
    
    
    U.S. Treasury Bills
    
    $
    499,893,889
    
    
    
    13.14
    %$
    500,000,000
    
    
    
    02/14/2008
    
    
    U.S. Treasury Bills
    
    $
    497,952,778
    
    
    
    13.09
    %$
    400,000,000
    
    
    
    01/10/2008
    
    
    U.S. Treasury Bills
    
    $
    399,612,000
    
    
    
    10.51
    %$
    200,000,000
    
    
    
    01/24/2008
    
    
    U.S. Treasury Bills
    
    $
    199,518,278
    
    
    
    5.25
    %Total United States government securities(cost,including
accrued interest, - $3,538,332,987)
    
    $
    3,538,332,987
    
    
    
    93.04
    %
 LONG FUTURES CONTRACTSDescriptionEnergy
    
    $
    9,164,371
    
    
    
    0.24
    %Metals
    
    $
    3,590,807
    
    
    
    0.09
    %Stock indices
    
    $
    12,447,403
    
    
    
    0.33
    %Short-term interest rates
    
    $
    5,705,646
    
    
    
    0.15
    %Long-term interest rates
    
    $
    3,926,133
    
    
    
    0.10
    %Total long futures contracts
    
    $
    34,834,360
    
    
    
    0.91
    %SHORT FUTURES CONTRACTSDescriptionEnergy
    
    $
    (6,965,096
    )
    
    
    (0.18
    )%Metals
    
    $
    977,188
    
    
    
    0.03
    %Stock indices
    
    $
    1,128,791
    
    
    
    0.03
    %Short-term interest rates
    
    $
    (4,858,209
    )
    
    
    (0.13
    )%Long-term interest rates
    
    $
    906,222
    
    
    
    0.02
    %Total short futures contracts
    
    $
    (8,811,104
    )
    
    
    (0.23
    )%Total futures contracts
    
    $
    26,023,256
    
    
    
    0.68
    %
 See Accompanying Notes to Financial Statements.
 - 5 -




---



##### 



% of NetValues ($)
    
    
    Asset ValueFORWARD CURRENCY CONTRACTSDescriptionVarious long forward currency contracts
    
    $
    (63,863,691
    )
    
    
    (1.68
    )%Various short forward currency contracts
    
    $
    (23,676,753
    )
    
    
    (0.62
    )%Total forward currency contracts
    
    $
    (87,540,444
    )
    
    
    (2.30
    )%PURCHASED OPTIONS ON FORWARD CURRENCY CONTRACTSDescriptionPurchased options on forward currency
contracts (premiums paid - $7,987,556)
    
    $
    5,400,578
    
    
    
    0.14
    %WRITTEN OPTIONS ON FORWARD CURRENCY CONTRACTSDescriptionWritten options on forward currency
contracts (premiums received - $4,485,004)
    
    $
    (2,090,429
    )
    
    
    (0.05
    )%
 
 *
    
    Pledged as collateral for the trading of futures, forward and option positions. See Accompanying Notes to Financial Statements.
 - 6 -




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##### 



June 30,
    
    
    December 31,2008
    
    
    2007ASSETSEquity in broker trading accountsCash
    
    $
    202,729,193
    
    
    $
    274,531,263United States government securities
    
    
    1,299,194,444
    
    
    
    1,691,871,056Net unrealized gain (loss) on open futures contracts
    
    
    107,462,225
    
    
    
    26,023,256Total equity in broker trading accounts
    
    
    1,609,385,862
    
    
    
    1,992,425,575Cash and cash equivalents
    
    
    143,865,306
    
    
    
    241,657,307United States government securities
    
    
    1,424,309,844
    
    
    
    1,846,461,931Options purchased, at fair value
(premiums paid - $1,011,409 and $7,987,556, respectively)
    
    
    1,125,793
    
    
    
    5,400,578Net unrealized gain (loss) on open forward currency contracts
    
    
    14,633,593
    
    
    
    (87,540,444
    )Interest receivable
    
    
    841,759
    
    
    
    1,096,076Subscriptions receivable
    
    
    0
    
    
    
    84,113Other assets
    
    
    2,911
    
    
    
    0Total assets
    
    $
    3,194,165,068
    
    
    $
    3,999,585,136LIABILITIESAccounts payable
    
    $
    387,048
    
    
    $
    802,775Brokerage fee
    
    
    18,568,646
    
    
    
    23,262,515Options written, at fair value
(premiums received - $601,578 and $4,485,004, respectively)
    
    
    620,471
    
    
    
    2,090,429Accrued commissions and other trading fees on open contracts
    
    
    219,467
    
    
    
    692,664Offering costs payable
    
    
    377,364
    
    
    
    659,698Redemptions payable
    
    
    150,277,114
    
    
    
    168,685,490Total liabilities
    
    
    170,450,110
    
    
    
    196,193,571PARTNERS CAPITAL (Net Asset Value)General
Partner - 12,987.982 and 19,227.982 units outstanding at
June 30, 2008 and December 31, 2007
    
    
    36,487,268
    
    
    
    51,351,210Limited
Partners - 1,063,331.613 and 1,404,914.962 units outstanding at
June 30, 2008 and December 31, 2007
    
    
    2,987,227,690
    
    
    
    3,752,040,355Total partners capital (Net Asset Value)
    
    
    3,023,714,958
    
    
    
    3,803,391,565Total liabilities and partners capital (Net Asset Value)
    
    $
    3,194,165,068
    
    
    $
    3,999,585,136
 See Accompanying Notes to Financial Statements.
 - 7 -




---



##### 



Three Months Ended
    
    
    Six Months EndedJune 30,
    
    
    June 30,2008
    
    
    2007
    
    
    2008
    
    
    2007TRADING GAINS (LOSSES)Futures trading gains (losses)Realized
    
    $
    (37,752,934
    )
    
    $
    455,105,937
    
    
    $
    80,504,337
    
    
    $
    423,845,393Change in unrealized
    
    
    143,846,033
    
    
    
    75,639,134
    
    
    
    81,438,968
    
    
    
    (46,561,233
    )Brokerage commissions
    
    
    (914,491
    )
    
    
    (2,862,753
    )
    
    
    (2,053,280
    )
    
    
    (4,940,074
    )Net gain (loss) from futures trading
    
    
    105,178,608
    
    
    
    527,882,318
    
    
    
    159,890,025
    
    
    
    372,344,086Forward currency and options on forward
currency trading gains (losses)Realized
    
    
    73,299,853
    
    
    
    11,972,195
    
    
    
    (23,374,811
    )
    
    
    (19,615,379
    )Change in unrealized
    
    
    (4,646,988
    )
    
    
    121,443,537
    
    
    
    102,461,932
    
    
    
    (37,619,461
    )Brokerage commissions
    
    
    (89,377
    )
    
    
    (1,390,538
    )
    
    
    (267,483
    )
    
    
    (2,611,405
    )Net gain (loss) from forward currency
and options on forward currency trading
    
    
    68,563,488
    
    
    
    132,025,194
    
    
    
    78,819,638
    
    
    
    (59,846,245
    )Total net trading gain (loss)
    
    
    173,742,096
    
    
    
    659,907,512
    
    
    
    238,709,663
    
    
    
    312,497,841INTEREST INCOME NET OF EXPENSESIncomeInterest income
    
    
    13,235,144
    
    
    
    65,635,282
    
    
    
    40,277,464
    
    
    
    132,459,560ExpensesBrokerage fee
    
    
    55,687,932
    
    
    
    95,537,191
    
    
    
    119,570,500
    
    
    
    191,794,861Operating expenses
    
    
    419,569
    
    
    
    537,856
    
    
    
    918,669
    
    
    
    1,120,743Total expenses
    
    
    56,107,501
    
    
    
    96,075,047
    
    
    
    120,489,169
    
    
    
    192,915,604Interest income net of expenses
    
    
    (42,872,357
    )
    
    
    (30,439,765
    )
    
    
    (80,211,705
    )
    
    
    (60,456,044
    )NET INCOME (LOSS)
    
    $
    130,869,739
    
    
    $
    629,467,747
    
    
    $
    158,497,958
    
    
    $
    252,041,797NET INCOME (LOSS) PER GENERAL
AND LIMITED PARTNER UNIT(based on weighted average number
of units outstanding during the period)
    
    $
    111.53
    
    
    $
    363.19
    
    
    $
    125.44
    
    
    $
    142.91INCREASE (DECREASE) IN NET ASSET VALUE
PER GENERAL AND LIMITED PARTNER UNIT
    
    $
    119.12
    
    
    $
    363.63
    
    
    $
    138.66
    
    
    $
    150.89
 See Accompanying Notes to Financial Statements.
 - 8 -




---



##### 



Six Months EndedJune 30,2008
    
    
    2007Cash flows from (for) operating activitiesNet income (loss)
    
    $
    158,497,958
    
    
    $
    252,041,797Adjustments to reconcile net income (loss) to net cash from
(for) operating activitiesNet change in unrealized
    
    
    (183,900,900
    )
    
    
    84,180,694(Increase) decrease in restricted cash
    
    
    0
    
    
    
    64,472,902(Increase) decrease in option premiums paid
    
    
    6,976,147
    
    
    
    (4,329,286
    )Increase (decrease) in option premiums received
    
    
    (3,883,426
    )
    
    
    2,434,933(Increase) decrease in interest receivable
    
    
    254,317
    
    
    
    601,433(Increase) decrease in prepaid expenses
    
    
    0
    
    
    
    (7,500
    )(Increase) decrease in other assets
    
    
    (2,911
    )
    
    
    0Increase (decrease) in accounts payable and accrued expenses
    
    
    (5,582,793
    )
    
    
    (753,932
    )Net maturities (purchases) of investments in
United States government securities
    
    
    814,828,699
    
    
    
    (299,567,921
    )Net cash from (for) operating activities
    
    
    787,187,091
    
    
    
    99,073,120Cash flows from (for) financing activitiesAddition of units
    
    
    38,172,639
    
    
    
    44,868,302Increase (decrease) in subscription deposits
    
    
    0
    
    
    
    10,000Redemption of units
    
    
    (991,943,129
    )
    
    
    (455,940,755
    )Offering costs paid
    
    
    (3,010,672
    )
    
    
    (3,337,266
    )Net cash from (for) financing activities
    
    
    (956,781,162
    )
    
    
    (414,399,719
    )Net increase (decrease) in cash and cash equivalents
    
    
    (169,594,071
    )
    
    
    (315,326,599
    )Cash and cash equivalentsBeginning of period
    
    
    516,188,570
    
    
    
    1,707,078,283End of period
    
    $
    346,594,499
    
    
    $
    1,391,751,684End of period cash and cash equivalents consists of:Cash in broker trading accounts
    
    $
    202,729,193
    
    
    $
    1,163,891,021Cash and cash equivalents
    
    
    143,865,306
    
    
    
    227,860,663Total end of period cash and cash equivalents
    
    $
    346,594,499
    
    
    $
    1,391,751,684
 See Accompanying Notes to Financial Statements.
 - 9 -




---



##### 



Partners CapitalGeneral Partner
    
    
    Limited Partners
    
    
    TotalUnits
    
    
    Amount
    
    
    Units
    
    
    Amount
    
    
    Units
    
    
    AmountSix Months Ended June 30, 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 six months ended
June 30, 2008
    
    
    
    
    
    
    1,994,390
    
    
    
    
    
    
    
    156,503,568
    
    
    
    
    
    
    
    158,497,958Additions
    
    
    0.000
    
    
    
    0
    
    
    
    14,098.315
    
    
    
    38,088,526
    
    
    
    14,098.315
    
    
    
    38,088,526Redemptions
    
    
    (6,240.000
    )
    
    
    (16,825,973
    )
    
    
    (355,681.664
    )
    
    
    (956,708,780
    )
    
    
    (361,921.664
    )
    
    
    (973,534,753
    )Offering costs
    
    
    
    
    
    
    (32,359
    )
    
    
    
    
    
    
    (2,695,979
    )
    
    
    
    
    
    
    (2,728,338
    )Balances at June 30, 2008
    
    
    12,987.982
    
    
    $
    36,487,268
    
    
    
    1,063,331.613
    
    
    $
    2,987,227,690
    
    
    
    1,076,319.595
    
    
    $
    3,023,714,958Six 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 (loss) 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
    
    
    $
    5,484,693,021
 Net Asset Value per General and Limited Partner UnitJune 30, 2008
    

December 31, 2007
    
    June 30, 2007
    

December 31, 2006$2,809.31
    
    $2,670.65
    
    $3,279.95
    
    $3,129.06
 See Accompanying Notes to Financial Statements.
 - 10 -




---



##### 



Three Months Ended
    
    
    Six Months EndedJune 30,
    
    
    June 30,2008
    
    
    2007
    
    
    2008
    
    
    2007Per Unit Performance(for a unit outstanding throughout the entire period)Net asset value per unit at beginning of period
    
    $
    2,690.19
    
    
    $
    2,916.32
    
    
    $
    2,670.65
    
    
    $
    3,129.06Income (loss) from operations:Total net
trading gains (losses)
(1)
    
    
    156.67
    
    
    
    382.05
    
    
    
    204.30
    
    
    
    187.05Interest
income net of expenses
(1)
    
    
    (36.54
    )
    
    
    (17.56
    )
    
    
    (63.48
    )
    
    
    (34.28
    )Total net income (loss) from operations
    
    
    120.13
    
    
    
    364.49
    
    
    
    140.82
    
    
    
    152.77Offering
costs (1)
    
    
    (1.01
    )
    
    
    (0.86
    )
    
    
    (2.16
    )
    
    
    (1.88
    )Net asset value per unit at end of period
    
    $
    2,809.31
    
    
    $
    3,279.95
    
    
    $
    2,809.31
    
    
    $
    3,279.95Total
Return(3)
    
    
    4.43
    %
    
    
    12.47
    %
    
    
    5.19
    %
    
    
    4.82
    %Supplemental DataRatios to average net asset value:Expenses
prior to performance fee
(4)
    
    
    7.17
    %
    
    
    7.24
    %
    
    
    7.21
    %
    
    
    7.11
    %Performance
fee (3)
    
    
    0.00
    %
    
    
    0.00
    %
    
    
    0.00
    %
    
    
    0.00
    %Total expenses
    
    
    7.17
    %
    
    
    7.24
    %
    
    
    7.21
    %
    
    
    7.11
    %Interest income net of expenses (2),(4),(5)
    
    
    (5.48
    )%
    
    
    (2.29
    )%
    
    
    (4.80
    )%
    
    
    (2.23
    )%
 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 are shown as a positive percentage when interest income
exceeds expenses excluding the performance fee for the period and a
negative number when expenses exceed interest income for the period. See Accompanying Notes to Financial Statements.
 - 11 -




---



##### 



Note 1.
    
    ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESA.
    
    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, the Fund will no longer offer units 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 -




---



##### 



The Fund adopted the provisions of Statement of Financial Accounting Statement No. 157 -
Fair Value Measurement, or SFAS 157, as of January 1, 2008. SFAS 157 provides guidance for
determining fair value and requires increased disclosure regarding the inputs to valuation
techniques used to measure fair value. SFAS 157 defines fair value as the price that would be
received to sell an asset or paid to transfer a liability in an orderly transaction between
market participants at the measurement date.SFAS No. 157 establishes a fair value hierarchy which prioritizes the inputs to valuation
techniques used to measure fair value into three broad levels. The fair value hierarchy gives
the highest priority to quoted prices (unadjusted) in active markets for identical assets or
liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3).Level 1 inputs are quotes prices (unadjusted) in active markets for identical assets or
liabilities that the Fund has the ability to access at the measurement date. An active market
for the asset or liability is a market in which transactions for the asset or liability occur
with sufficient frequency and volume to provide pricing information on an ongoing basis. The
value of the Funds exchange-traded futures contracts fall in this category.Level 2 inputs are inputs other than quotes prices included in Level 1 that are observable
for the asset or liability, either directly or indirectly. This category includes forward
currency contracts and options on forward currency contracts that Fund values using models or
other valuation methodologies derived from observable market data.Level 3 inputs are unobservable inputs for an asset or liability (including the Funds own
assumptions used in determining the fair value of investments). Unobservable inputs shall be
used to measure fair value to the extent that observable inputs are not available, thereby
allowing for situations in which there is little, if any, market activity for the asset or
liability at the measurement date. As of and for the six-month period ended June 30, 2008,
the Fund did not have any Level 3 assets or liabilities.The following table sets forth by level within the fair value hierarchy the Funds
investments accounted for at fair value on a reoccurring basis as of June 30, 2008.
 Fair Value at June 30, 2008Description
    
    Level 1
    
    
    Level 2
    
    
    Level 3
    
    
    TotalInvestmentsU.S. Treasury Bills
    
    $
    0
    
    
    $
    2,723,504,288
    
    
    $
    0
    
    
    $
    2,723,504,288Other Financial InstrumentsExchange-traded futures contracts
    
    
    107,462,225
    
    
    
    0
    
    
    
    0
    
    
    
    107,462,225Forward currency contracts
    
    
    0
    
    
    
    14,633,593
    
    
    
    0
    
    
    
    14,633,593Options purchased
    
    
    0
    
    
    
    1,125,793
    
    
    
    0
    
    
    
    1,125,793Options written
    
    
    0
    
    
    
    (620,471
    )
    
    
    0
    
    
    
    (620,471
    )Total
    
    $
    107,462,225
    
    
    $
    2,738,643,203
    
    
    $
    0
    
    
    $
    2,846,105,428
 D.
    
    Cash and Cash EquivalentsCash and cash equivalents includes cash and short-term investments in fixed income securities
held at financial institutions.
 - 13 -




---



##### 



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 2004 through 2007 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). The Funds liability
for offering costs is limited to the maximum of total offering costs incurred by Campbell &
Company or 2.5% of the aggregate subscriptions accepted during the initial and continuous
offerings; this maximum is further limited by 30 month pay-out schedules. The Fund is only
liable for payment of offering costs on a monthly basis as calculated based on the
limitations stated above. At June 30, 2008, and December 31, 2007, the Fund reflects a
liability in the statement of financial condition for offering costs payable to Campbell &
Company of $377,364 and $659,698, 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 June 30, 2008 and December 31,
2007, the amount of unreimbursed offering costs incurred by Campbell & Company is $667,253
and $1,164,118, respectively.G.
    
    Foreign Currency TransactionsThe Funds functional currency is the U.S. dollar; however, it transacts business in
currencies other than the U.S. dollar. Assets and liabilities denominated in currencies
other than the U.S. dollar are translated into U.S. dollars at the rates in effect at the
date of the statement of financial condition. Income and expense items denominated in
currencies other than the U.S. dollar are translated into U.S. dollars at the rates in
effect during the period. Gains and losses resulting from the translation to U.S. dollars
are reported in income.H.
    
    Recently Issued Accounting PronouncementsIn March 2008, the Financial Accounting Standards Board (FASB) issued Statement of Financial
Accounting Standards No. 161, Disclosures about Derivative Instruments and Hedging
Activities  an amendment of FASB Statement No. 133 (SFAS 161). SFAS 161 establishes,
amoung other things, the disclosure requirements for derivative instruments and for hedging
activities. SFAS 161 is effective for financial statements issued for fiscal years beginning
after November 15, 2008, and interim periods within those fiscal years. The impact on the
Funds financial statement disclosures, if any, is currently being assessed.
 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.
 - 14 -




---



##### 



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 six months ended June 30, 2008, and 2007.
 Note 5. SUBSCRIPTIONS, DISTRIBUTIONS AND REDEMPTIONS
 Investments in the Fund are made by subscription agreement, subject to acceptance by
Campbell & Company.The Fund is not required to make distributions, but may do so at the sole discretion of
Campbell & Company. A limited partner may request and receive redemption of units owned,
subject to restrictions in the Amended Agreement of Limited Partnership. Redemption fees,
which are paid to Campbell & Company, apply through the first twelve month-ends following
purchase as follows: 4% of Net Asset Value per unit redeemed through the third month-end, 3%
of Net Asset Value per unit redeemed through the sixth month-end, 2% of Net Asset Value per
unit redeemed through the ninth month-end and 1% of Net Asset Value per unit redeemed
through the twelfth month end. After the twelfth month-end following purchase of a unit, no
redemption fees apply. For the six months ended June 30, 2008 and 2007, Campbell & Company
received redemption fees of $92,916 and $67,214 respectively.
 Note 6. TRADING ACTIVITIES AND RELATED RISKS
 The Fund engages in the speculative trading of U.S. and foreign futures contracts, forward
currency contracts and options on forward currency contracts (collectively, derivatives).
The Fund is exposed to both market risk, the risk arising from changes in the market value
of the contracts, and credit risk, the risk of failure by another party to perform according
to the terms of a contract.Purchase and sale of futures contracts requires margin deposits with the broker. Additional
deposits may be necessary for any loss on contract value. The Commodity Exchange Act
requires a broker to segregate all customer transactions and assets from such brokers
proprietary activities. A customers cash and other property (for example, U.S. Treasury
bills) deposited with a broker are considered commingled with all other customer funds
subject to the brokers segregation requirements. In the event of a brokers insolvency,
recovery may be limited to a pro rata share of segregated Funds available. It is possible
that the recovered amount could be less than total cash and other property deposited.
 - 15 -




---



##### 



The amount of required margin and good faith deposits with the broker and interbank market makers
usually range from 10% to 30% of Net Asset Value. The market value of securities held to satisfy
such requirements at June 30, 2008 and December 31, 2007 was $2,723,504,288 and $3,538,332,987,
respectively, which equals 90% and 93% of Net Asset Value, respectively. The cash deposited with
interbank market makers at June 30, 2008 and December 31, 2007 was $134,443,517 and $234,111,805,
respectively, which equals 4% and 6% of Net Asset Value, respectively. These amounts are included
in cash and cash equivalents. There was no restricted cash at June 30, 2008 or December 31,2007.The Fund trades forward currency and options on forward currency contracts in unregulated markets
between principals and assumes the risk of loss from counterparty nonperformance. Accordingly, the
risks associated with forward currency and options on foreign currency contracts are generally
greater than those associated with exchange traded contracts because of the greater risk of
counterparty default. Additionally, the trading of forward currency and options on forward currency
contracts typically involves delayed cash settlement.The Fund has a substantial portion of its assets on deposit with financial institutions. In the
event of a financial institutions insolvency, recovery of Fund assets on deposit may be limited to
account insurance or other protection afforded such deposits.For derivatives, risks arise from changes in the market value of the contracts. Theoretically, the
Fund is exposed to a market risk equal to the notional contract value of futures and forward
currency contracts purchased and unlimited liability on such contracts sold short. As both a buyer
and seller of options, the Fund pays or receives a premium at the outset and then bears the risk of
unfavorable changes in the price of the contract underlying the option. Written options expose the
Fund to potentially unlimited liability, and purchased options expose the Fund to a risk of loss
limited to the premiums paid.The unrealized gain (loss) on open futures, forward currency and options on forward currency
contracts is comprised of the following:
 Forward Currency andOptions on ForwardFutures Contracts
    
    
    Currency Contracts(exchange traded)
    
    
    (non-exchange traded)June 30, 2008
    
    
    December 31, 2007
    
    
    June 30, 2008
    
    

December
31, 2007Gross unrealized gains
    
    $
    131,758,798
    
    
    $
    58,463,410
    
    
    $
    58,830,587
    
    
    $
    76,353,401Gross unrealized losses
    
    
    (24,296,573
    )
    
    
    (32,440,154
    )
    
    
    (44,101,503
    )
    
    
    (164,086,248
    )Net unrealized gain (loss)
    
    $
    107,462,225
    
    
    $
    26,023,256
    
    
    $
    14,729,084
    
    
    $
    (87,732,847
    )
 Open contracts generally mature within three months; as of June 30,2008, the latest maturity date
for open futures contracts is March 2009, the latest maturity date for open forward currency
contracts is September 2008, and the latest expiry date for options on forward currency contracts
is July 2008. However, the Fund intends to close all futures and forward currency contracts prior
to maturity.Campbell & Company has established procedures to actively monitor market risk and minimize credit
risk, although there can be no assurance that it will, in fact, succeed in doing so. Campbell &
Companys basic market risk control procedures consist of continuously monitoring open positions,
diversification of the portfolio and maintenance of a margin-to-equity ratio that rarely exceeds
30%.
 - 16 -




---



##### 



Campbell & Company seeks to minimize credit risk primarily by depositing and maintaining the Funds
assets at financial institutions and brokers which Campbell & Company believes to be creditworthy.
The limited partners bear the risk of loss only to the extent of the market value of their
respective investments and, in certain specific circumstances, distributions and redemptions
received.
 Note 7. INDEMNIFICATIONS
 In the normal course of business, the Fund enters into contracts and agreements that contain
a variety of representations and warranties and which provide general indemnifications. The
Funds maximum exposure under these arrangements is unknown, as this would involve future
claims that may be made against the Fund that have not yet occurred. The Fund expects the
risk of any future obligation under these indemnifications to be remote.
 Note 8. INTERIM FINANCIAL STATEMENTS
 The statement of financial condition, including the condensed schedule of investments, as of
June 30, 2008, the statements of operations and financial highlights for the three months and
six months ended June 30, 2008 and 2007, and the statements of cash flows and changes in
partners capital (Net Asset Value) for the six months ended
June 30, 2008 and 2007 are
unaudited. In the opinion of management, such financial statements reflect all adjustments,
which were of a normal and recurring nature, necessary for a fair presentation of financial
position as of June 30, 2008, and the results of operations and financial highlights for the
three months and six months ended June 30, 2008 and 2007, and cash flows and changes in
partners capital for the six months ended June 30, 2008 and 2007.
 - 17 -




---



##### 



Item 2. Managements Discussion and Analysis of Financial Condition and Results of OperationsIntroductionThe offering of Campbell Strategic Allocation Fund L.P.s (the Fund) Units of Limited
Partnership Interest commenced on January 12, 1994, and the initial offering terminated on
April 15, 1994 with proceeds of $9,692,439. The continuing offering period commenced
immediately after the termination of the initial offering period; additional subscriptions
totaling $6,068,918,915 have been accepted during the continuing offering period which ended
June 13, 2008. Redemptions over the same time period total $3,847,264,153. The Fund
commenced operations on April 18, 1994.Critical Accounting PoliciesThe preparation of financial statements in conformity with accounting principles generally
accepted in the United States requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosures of contingent assets and
liabilities at the date of the financial statements and the reported amounts of income and
expense during the reporting period. Management believes that the estimates utilized in
preparing the financial statements are reasonable and prudent; however, actual results could
differ from those estimates. The Funds significant accounting policies are described in
detail in Note 1 of the Financial Statements.The Fund records all investments at fair value in its financial statements, with changes in
fair value reported as a component of realized and change in unrealized trading gain (loss) in
the Statements of Operations. Generally, fair values are based on market prices; however, in
certain circumstances, estimates are involved in determining fair value in the absence of an
active market closing price (e.g. swap contracts, forward contracts and options on forward
contracts which are traded in the inter-bank market).Capital ResourcesThe Fund no longer offers units for sale or accepts subscriptions after the current prospectus
expired on June 14, 2008. For existing investors in the Fund, business will continue to be
conducted as usual. For example, there will be no change in trading, operations, or monthly
statements, etc. and redemptions will still be offered on a monthly basis. Prior to June 14, 2008, the fund raised
additional capital only through the sale of Units. The Fund does not intend to raise any capital through
borrowing. Due to the nature of the Funds business, it will make no capital expenditures and
will have no capital assets, which are not operating capital or assets.LiquidityMost United States commodity exchanges limit fluctuations in futures contracts prices during a
single day by regulations referred to as daily price fluctuation limits or daily limits.
During a single trading day, no trades may be executed at prices beyond the daily limit. Once
the price of a futures contract has reached the daily limit for that day, positions in that
contract can neither be taken nor liquidated. Futures prices have occasionally moved to the
daily limit for several consecutive days with little or no trading.
 - 18 -




---



##### 



Similar occurrences could
prevent the Fund from promptly liquidating unfavorable positions and subject the Fund to
substantial losses which could exceed the margin initially committed to such trades. In
addition, even if commodity futures prices have not moved the daily limit, the Fund may not be
able to execute futures trades at favorable prices, if little trading in such contracts is
taking place. Other than these limitations on liquidity, which are inherent in the Funds
futures trading operations, the Funds assets are expected to be highly liquid.The entire offering proceeds, without deductions, will be credited to the Funds bank and
brokerage accounts to engage in trading activities and as reserves for that trading. The Fund
meets its margin requirements by depositing U.S. government securities with the futures broker
and the over-the-counter counterparties. In this way, substantially all (i.e., 95% or more) of
the Funds assets, whether used as margin for trading purposes or as reserves for such
trading, can be invested in U.S. government securities and time deposits with U.S. banks.
Investors should note that maintenance of the Funds assets in U.S. government securities and
banks does not reduce the risk of loss from trading futures, forward and swap contracts. The
Fund receives all interest earned on its assets. No other person shall receive any interest
or other economic benefits from the deposit of Fund assets.Approximately 10% to 30% of the Funds assets normally are committed as required margin for
futures contracts and held by the futures broker, although the amount committed may vary
significantly. Such assets are maintained in the form of cash or U.S. Treasury bills in
segregated accounts with the futures broker pursuant to the Commodity Exchange Act and
regulations thereunder. Approximately 10% to 30% of the Funds assets are deposited with
over-the-counter counterparties in order to initiate and maintain forward and options on
forward contracts. Such
assets are not held in segregation or otherwise regulated under the Commodity Exchange Act,
unless such over-the-counter counterparty is registered as a futures commission merchant.
These assets are held either in U.S. government securities or short-term time deposits with
U.S.-regulated bank affiliates of the over-the-counter counterparties. The remaining 40% to
80% of the Funds assets will normally be invested in cash equivalents, such as U.S. Treasury
bills, and held by the futures broker or the over-the-counter counterparties.The Funds assets are not and will not be, directly or indirectly, commingled with the
property of any other person in violation of law or invested with or loaned to Campbell &
Company or any affiliated entities.Results of OperationsThe returns for the six months ending June 30, 2008 and 2007 were 5.19% and 4.82%,
respectively.
 - 19 -




---



##### 



2008Of the 2008 year-to-date increase of 5.19 %, approximately 7.74% was due to trading gains
(before commissions) and approximately 1.21% was due to interest income, offset by
approximately 3.76% due to brokerage fees, operating expenses and offering costs borne by the
Fund. An analysis of the 7.74% trading gains by sector is as follows:
 Sector
    
    % Gain (Loss)Stock Indices
    
    
    4.67
    %Commodities
    
    
    2.94Currencies
    
    
    2.54Interest Rates
    
    
    (2.41
    )7.74
    %
 The 2007 credit crisis proceeded into 2008 with more write-downs, more credit downgrades, and a
growing realization that sub-prime issues will have broader and longer-lasting impacts than
initially suspected. Considerable stress across global equity markets benefited the Funds
trading in January, which significantly offset losses stemming from the currency sector.  Weak
domestic economic data caused the Federal Open Market Committee of the U.S. Federal Reserve to cut
short-term rates by a total of 1.25% during the month, which included an unprecedented 0.75%
emergency cut.  The S&P 500 recorded one of its worst performances for January in the history of
the index. Currency trading in early January proved difficult as market-wide risk reduction was
observed in several key crosses and the dynamics of high yielders were mixed amid changing
short-term interest rates. Trading in fixed income produced slightly negative results as gains
from the short end of the curve were offset by losses on the long end.  Mid-month recession fears,
weak housing data and a gloomy Bernanke testimony caused the curve to steepen substantially. Small
gains were recorded in energy trading, while precious metals trading was positive and base metals
trading was negative. Overall, the Fund finished the month with a slight loss.In February, the U.S. Dollar weakened against all major currencies (except the British Pound) as
U.S. economic data generally disappointed, stagflation concerns grew, and U.S. rate expectations
declined dramatically. The Funds currency trading benefited from the U.S. Dollar decline to new
lows, along with the Euros break to an all-time high and a more than 4% gain by the Australian
Dollar. Additional gains were recorded in the equity indices sector as the S&P 500, Dow and Nasdaq
indices continued the 2008 downslide that started in January. These two sectors were the main
contributors to the Funds overall gain for the month. Consumer confidence fell to a 16-year low
amid an ongoing drop in the value of real estate and a surge in residential foreclosures. The
Funds trading in fixed income was relatively flat as recession fears and credit losses continued
to grow, causing a steepening in the curve. The energy and metals sectors were also flat despite
the continued speculative rally in precious and base metals and crude oil.In March, the Funds trading resulted in a small gain. The U.S. Federal Reserves continued market
intervention was rewarded at the end of March when U.S. stocks recovered from mid-month declines to
finish flat for the month but still significantly negative year to date. The Funds gains were
primarily from short positions in Asian and European equity indices as equity markets continued
their downward direction. Ongoing uncertainty in the banking sector, coupled with negative
sentiment on global growth continues to weigh on investor confidence. Some gains were recorded in
the currency markets from long positions in the Euro as the Dollar continued to weaken during the
month on lower U.S. yields and commodity market extensions. Fixed income had trading losses,
primarily in Europe, as initial mid-month profits from the flight to quality were given back when
market fears subsided at month-end. Marginal losses were also recorded in the commodity markets as
energies came off their highs in the middle of the month to finish flat, while base metals
continued to be fueled by U.S. Dollar price action.
 - 20 -




---



##### 



The Funds trading in the foreign exchange sector produced gains in April, primarily as a result of
the U.S. Dollar rally against key funding currencies, despite a generally weak global economy.
Minimal gains were recorded in the commodities sector as the Funds technical models took advantage
of escalating prices as access to petroleum supply continues to tighten. Losses were recorded in
both the interest rates and equity indices sectors as prior trends reversed their course. U.S.
Treasury prices declined in a technical break as curve flattening continued. Global equity prices
reversed their downward trend amid the optimistic belief that the worst news had passed.The Funds momentum-based models were well positioned in May for gains in the energy sector as the
price of WTI Crude breached new technical levels, touching $135 per barrel mid-month. While
commodity exposure has been relatively light for the Fund in the past, enhanced technical models
are participating more actively in this sector. Foreign exchange models also posted gains this
month as high yielding currencies performed well despite range-bound trading of the U.S. Dollar.
Enhanced style management techniques enabled the models to successfully modulate risk exposure to
carry factors resulting in a profitable outcome. Additional gains came from fixed income as the
risk aversion theme continued to fade and inflation concerns grew. Marginal losses were recorded in
equity indices as global equity indices, particularly in Europe and Asia, moved sideways due to the
ever-changing economic situation in the United States.In June, equity indices trading produced strong gains for the Fund as short positions benefited
from the negative news that roiled markets around the globe. Signs of commodity-based inflation
were constantly in the headlines and consumer confidence fell to a 16-year low. In the U.S., the
Dow finished its worst performance for the month of June in over 75 years, and European and Asian
equities
fell in tandem. Additional gains were recorded in interest rates trading, particularly in Europe,
in response to the European Central Banks increasingly hawkish stance and fears of inflation.
Energy trading also contributed as crude oil hit new highs on the back of escalating tensions
between Israel and Iran, and amongst OPEC members. Foreign exchange trading results were slightly
positive, due to central banks being forced to choose between growth and inflation, driving dollar
weakness, and a higher Euro.2007Of the 2007 year-to-date increase of 4.82%, approximately 6.13% was due to trading gains
(before commissions) and approximately 2.44% due to interest income offset by approximately
3.75% due to brokerage fees and operating and offering costs borne by the Fund. An analysis of
the 6.13% trading gains by sector is as follows:
 Sector
    
    % Gain (Loss)Interest Rates
    
    
    4.75
    %Stock Indices
    
    
    4.06Metals
    
    
    (0.52
    )Currencies
    
    
    (0.92
    )Energy
    
    
    (1.24
    )6.13
    %
 - 21 -




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##### 



The first quarter demonstrated how market perceptions on the global macroeconomic environment can
drastically change during a quarter. Fixed income was initially a driver in performance as a result
of the acceleration of global economic momentum, but ultimately resulted in overall losses for the
quarter. The global growth environment turned into a flight to quality from risky assets,
sponsored by former Federal Reserve Chairman Alan Greenspans comments about a recession by year
end and the whipsaw activity experience in fixed income. Currency trading followed a similar path
of fixed income (initial gains and overall quarterly losses); initial gains from currency crosses
were generated from unexpected rate hikes by the Bank of England in the beginning of the quarter
but were wiped out by the liquidations of Yen-based carry trades in February, followed by whipsaw
activity at the end of quarter. The Funds equity indices initially bucked the trend of fixed
income and currency with gains coming from our fundamental models and strong M&A activity, but
ultimately succumbed to an overall quarterly loss. Energy losses were driven by price declines in
January on inventory build-ups due to warmer than average temperatures, but finished the last two
months of the quarter basically flat. Global economic worries that were sparked at the end of
February continued through the early part of March. All major market sectors experienced increased
volatility accompanied by sharply higher short-term correlation. Whipsaw activity in currencies,
interest rates and equities indices led to negative performance in all of these sectors, acting as
the primary drivers of March losses. Risk levels for the Fund were reduced early in March in
response to market conditions, and were restored to normal levels as conditions warranted.The second quarter charged forward with M&A activity supported by impressive earnings, unfettered
access to liquidity and major U.S. indices reaching all time highs, to only end with inflation
concerns and a flight to quality related to the sub-prime world. Currencies provided gains early
and late in the quarter related to negative U.S. dollar sentiment, but experienced losses
mid-quarter mainly in outright
exposures. Fixed income gains early in the month of April were given back during the last days of
the month, but global fixed income prices breaking out of their trading ranges in May allowed the
Fund to gain on both the long and short end of the yield curve. Early in the quarter commodity
trading was positive as copper prices rallied on Chinas release of high import figures, then
finished slightly negative mid-quarter with energy trading gains mitigating some losses in metals.
Commodities ended the quarter with small losses related to being short crude as it rallied above
$70 per barrel on geo-political risks and inventory changes keeping traders bullish.Off-Balance Sheet RiskThe term off-balance sheet risk refers to an unrecorded potential liability that, even
though it does not appear on the balance sheet, may result in future obligation or loss.
The Fund trades in futures, forward, options and swap contracts and is therefore a party to
financial instruments with elements of off-balance sheet market and credit risk. In entering
into these contracts there exists a risk to the Fund, market risk, that such contracts may be
significantly influenced by market conditions, such as interest rate volatility, resulting in
such contracts being less valuable. If the markets should move against all of the futures
interests positions of the Fund at the same time, and if the Funds trading advisor was unable
to offset futures interests positions of the Fund, the Fund could lose all of its assets and
the Limited Partners would realize a 100% loss. Campbell & Company, Inc., the General Partner
(who also acts as trading advisor), minimizes market risk through real-time monitoring of open
positions, diversification of the portfolio and maintenance of a margin-to-equity ratio that
rarely exceeds 30%.In addition to market risk, in entering into futures, forward, option and swap contracts there
is a credit risk that a counterparty will not be able to meet its obligations to the Fund.
The counterparty for futures contracts traded in the United States and on most foreign
exchanges is the clearinghouse associated with such exchange.
 - 22 -




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##### 



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
    - 23 -




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##### 



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).
     - 24 -




---



##### 



The Funds Trading Value at Risk in Different Market Sectors
  June 30, 2008TradingMarket Sector
    
    Value at Risk*
    
    Gain/(Loss)**Stock Indices
    
    
    0.56
    %
    
    
    4.67
    %Interest Rates
    
    
    0.49
    %
    
    
    (2.41
    )%Currencies
    
    
    0.49
    %
    
    
    2.54
    %Commodities
    
    
    0.33
    %
    
    
    2.94
    %Aggregate/Total
    
    
    0.78
    %
    
    
    7.74
    %
 
 *
    
    -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 June 30, 2008, approximately 7.74% was due to
trading gains (before commissions) and approximately 1.21% was due to interest income, offset
by approximately 3.76% due to brokerage fees, operating expenses and offering costs borne by
the Fund, giving a net return of 5.19%. - 25 -




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##### 



December 31, 2007TradingMarket Sector
    
    Value at Risk*
    
    Gain/(Loss)**Currencies
    
    
    1.48
    %
    
    
    (7.62
    )%Stock Indices
    
    
    0.51
    %
    
    
    (2.61
    )%Interest Rates
    
    
    0.42
    %
    
    
    0.80
    %Commodities
    
    
    0.22
    %
    
    
    (2.46
    )%Aggregate/Total
    
    
    1.72
    %
    
    
    (11.89
    )%
 
 *
    
    -The VaR for a sector represents the one day downside risk for the aggregate exposures
associated with this sector. The aggregate VaR represents the VaR of the Funds open
positions across all market sectors, and is less than the sum of the VaRs for all such market
sectors due to the diversification benefit across asset classes.**
    
    -Of the return for the year ended December 31, 2007, approximately 11.89% was due to
trading losses (before commissions) and approximately 7.46% due to brokerage fees, operating
costs and offering costs borne by the Fund offset by approximately 4.70% due to interest
income giving a net return of (14.65)%. 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
  - 26 -




---



##### 



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
  - 27 -




---



##### 



Energy
  Metals
  Qualitative Disclosures Regarding Non-Trading Risk Exposure
  Foreign Currency Balances
  Treasury Bill Positions
  Qualitative Disclosures Regarding Means of Managing Risk Exposure
   - 28 -




---



##### 



General
  
 Item 4T. Controls and Procedures
  - 29 -




---



##### 



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, 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.
   - 30 -




---



##### 



SIGNATURES
  CAMPBELL STRATEGIC ALLOCATION FUND, L.P.(Registrant)By:
    
    Campbell & Company, Inc.General PartnerBy:
    
    /s/ Theresa D. Becks

Theresa D. BecksChief Executive Officer
 - 31 -




---



##### 



EXHIBIT INDEX
 Exhibit Number
    
    Description of Document
    
    Page Number31.01
    
    Certification by Chief Executive Officer
    
    E 2  E 331.02
    
    Certification by Senior Vice President of Accounting and Finance
    
    E 4  E 532.01
    
    Certification by Chief Executive Officer
    
    E 632.02
    
    Certification by Senior Vice President of Accounting and Finance
    
    E 7
 -E 1-