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 September 30, 2009
 or
 o
    
    Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 For the transition period from  to
 Commission File number: 0-22260
 CAMPBELL STRATEGIC ALLOCATION FUND, L.P.
  Delaware
    
    52-1823554(State of Organization)
    
    (IRS Employer Identification Number)
 (Address of principal executive offices, including zip code)
 (Registrants telephone number, including area code)
 þ o
  o o
  Large accelerated filer o
    
    Accelerated filer o
    
    Non-accelerated filer þ
    
    Smaller reporting company o(Do not check if a smaller reporting company)
 o þ




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##### 



PagePART I  FINANCIAL INFORMATIONItem 1. Financial StatementsCondensed Schedules of Investments as of September 30, 2009 (Unaudited) and December 31, 2008
    
    
    3-6Statements of Financial Condition as of September 30, 2009 (Unaudited) and December 31, 2008
    
    
    7Statements of Operations for the Three Months and Nine Months Ended September 30, 2009 and 2008 (Unaudited)
    
    
    8Statements of Cash Flows for the Nine Months Ended September 30, 2009 and 2008 (Unaudited)
    
    
    9Statements of Changes in Partners Capital (Net Asset Value) for the Nine Months Ended September 30, 2009 and 2008 (Unaudited)
    
    
    10Financial Highlights for the Three and Nine Months Ended September 30, 2009 and 2008 (Unaudited)
    
    
    11Notes to Financial Statements (Unaudited)
    
    
    12-17Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations
    
    
    18-26Item 3. Quantitative and Qualitative Disclosure About Market Risk
    
    
    26-32Item 4T. Controls and Procedures
    
    
    33PART II  OTHER INFORMATIONItem 6. Exhibits and Reports on Form 8-K
    
    
    34SIGNATURES
    
    
    35CERTIFICATIONS




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##### 



FIXED INCOME SECURITIES
 Maturity
    
    
    Maturity
    
    
    
    
    
    
    
    
    % of NetFace Value
    
    
    Date
    
    
    Description
    
    Values ($)
    
    
    Asset ValueBank DepositsUnited StatesFinancials 
(cost $64,333,000)
    
    $
    64,355,881
    
    
    
    3.44
    %Commercial PaperGermanyMaterials 
(cost $17,223,643)
    
    $
    17,247,196
    
    
    
    0.92
    %United KingdomFinancials 
(cost $31,069,670)
    
    $
    31,096,733
    
    
    
    1.66
    %United StatesConsumer Discretionary
    
    $
    21,822,784
    
    
    
    1.17
    %Consumer Staples
    
    $
    44,464,321
    
    
    
    2.37
    %Financials
    
    $
    229,137,346
    
    
    
    12.24
    %Healthcare
    
    $
    32,215,282
    
    
    
    1.72
    %Industrials
    
    $
    148,994,656
    
    
    
    7.96
    %Municipal
    
    $
    140,575,158
    
    
    
    7.51
    %Services
    
    $
    64,453,111
    
    
    
    3.44
    %Utilities
    
    $
    84,236,262
    
    
    
    4.50
    %Total United States(cost $765,672,506)
    
    $
    765,898,920
    
    
    
    40.91
    %Total
Commercial Paper(cost $813,965,819)
    
    $
    814,242,849
    
    
    
    43.49
    %Corporate BondsUnited StatesFinancials 
(cost $153,865,322)
    
    $
    153,765,828
    
    
    
    8.21
    %Government And Agency ObligationsUnited StatesMunicipal BondsMunicipal
    
    $
    28,102,842
    
    
    
    1.50
    %US Government Agency
    
    $
    276,507,522
    
    
    
    14.77
    %US Treasury Bill$
    34,000,000
    
    
    
    10/01/2009
    
    
    U.S. Treasury Bills *
    
    $
    34,000,000
    
    
    
    1.82
    %$
    300,000,000
    
    
    
    10/08/2009
    
    
    U.S. Treasury Bills *
    
    $
    299,995,528
    
    
    
    16.02
    %$
    30,000,000
    
    
    
    10/22/2009
    
    
    U.S. Treasury Bills *
    
    $
    29,999,387
    
    
    
    1.60
    %Total United States(cost $668,333,071)
    
    $
    668,605,279
    
    
    
    35.71
    %Short Term Investment FundsUnited StatesShort Term Investment Funds 
(cost $15,952)
    
    $
    15,952
    
    
    
    0.00
    %Total
Fixed Income Securities(cost $1,700,513,164)
    
    $
    1,700,985,789
    
    
    
    90.85
    %
 See Accompanying Notes to Financial Statements.
 - 3 -




---



##### 



LONG FUTURES CONTRACTS
 % of NetDescription
    
    Values ($)
    
    
    Asset ValueAgricultural
    
    $
    (16,645
    )
    
    
    0.00
    %Metals
    
    $
    (581,439
    )
    
    
    (0.03
    )%Stock indices
    
    $
    579,746
    
    
    
    0.03
    %Short-term interest rates
    
    $
    880,436
    
    
    
    0.05
    %Long-term interest rates
    
    $
    5,401,958
    
    
    
    0.29
    %Total long futures contracts
    
    $
    6,264,056
    
    
    
    0.34
    %
 SHORT FUTURES CONTRACTS
 % of NetDescription
    
    Values ($)
    
    
    Asset ValueAgricultural
    
    $
    159,544
    
    
    
    0.01
    %Energy
    
    $
    (3,868,476
    )
    
    
    (0.21
    )%Metals
    
    $
    241,276
    
    
    
    0.01
    %Stock indices
    
    $
    (2,454
    )
    
    
    0.00
    %Short-term interest rates
    
    $
    892,174
    
    
    
    0.05
    %Long-term interest rates
    
    $
    986,453
    
    
    
    0.05
    %Total short futures contracts
    
    $
    (1,591,483
    )
    
    
    (0.09
    )%Total futures contracts
    
    $
    4,672,573
    
    
    
    0.25
    %
 FORWARD CURRENCY CONTRACTS
 % of NetDescription
    
    Values ($)
    
    
    Asset ValueVarious long forward currency contracts
    
    $
    85,051,317
    
    
    
    4.54
    %Various short forward currency contracts
    
    $
    (16,511,935
    )
    
    
    (0.88
    )%Total forward currency contracts
    
    $
    68,539,382
    
    
    
    3.66
    %
 PURCHASED OPTIONS ON FORWARD CURRENCY CONTRACTS
 % of NetDescription
    
    Values ($)
    
    
    Asset ValuePurchased options on forward currency contracts 
(premiums paid  $2,333,466)
    
    $
    1,652,374
    
    
    
    0.09
    %
 WRITTEN OPTIONS ON FORWARD CURRENCY CONTRACTS
 % of NetDescription
    
    Values ($)
    
    
    Asset ValueWritten options on forward currency contracts 
(premiums received  $1,465,854)
    
    $
    (1,285,080
    )
    
    
    (0.07
    )%
 
 *
    
    Pledged as collateral for the trading of futures, forward and option positions. See Accompanying Notes to Financial Statements.
 - 4 -




---



##### 



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




---



##### 



FORWARD CURRENCY CONTRACTS
 % of NetDescription
    
    Values ($)
    
    
    Asset ValueVarious long forward currency contracts
    
    $
    26,680,445
    
    
    
    1.09
    %Various short forward currency contracts
    
    $
    (15,851,597
    )
    
    
    (0.65
    )%Total forward currency contracts
    
    $
    10,828,848
    
    
    
    0.44
    %
 PURCHASED OPTIONS ON FORWARD CURRENCY CONTRACTS
 % of NetDescription
    
    Values ($)
    
    
    Asset ValuePurchased options on forward currency contracts 
(premiums paid  $969,001)
    
    $
    519,315
    
    
    
    0.02
    %
 WRITTEN OPTIONS ON FORWARD CURRENCY CONTRACTS
 % of NetDescription
    
    Values ($)
    
    
    Asset ValueWritten
options on forward
currency contracts

(premiums received
- $3,537,352)
    
    $
    (3,202,653
    )
    
    
    (0.13
    )%
 
 *
    
    Pledged as collateral for the trading of futures, forward and option positions. See Accompanying Notes to Financial Statements.
 - 6 -




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##### 



September 30,
    
    
    December 31,2009
    
    
    2008ASSETSEquity in broker trading accountsCash
    
    $
    138,228,442
    
    
    $
    1,278,536,649Restricted cash
    
    
    0
    
    
    
    41,411,655Fixed income securities (cost $299,995,528 and $1,099,934,669, respectively)
    
    
    299,995,528
    
    
    
    1,099,934,669Net unrealized gain (loss) on open futures contracts
    
    
    4,672,573
    
    
    
    206,159Total equity in broker trading accounts
    
    
    442,896,543
    
    
    
    2,420,089,132Cash and cash equivalents
    
    
    14,099,063
    
    
    
    30,721,976Restricted cash deposits with forwards broker
    
    
    0
    
    
    
    42,515,724Fixed income securities (cost $1,400,517,636 and $37,000,000, respectively)
    
    
    1,400,990,261
    
    
    
    37,000,000Options purchased, at fair value 
(premiums paid  $2,333,466 and $969,001, respectively)
    
    
    1,652,374
    
    
    
    519,315Net unrealized gain (loss) on open forward currency contracts
    
    
    68,539,382
    
    
    
    10,828,848Interest receivable
    
    
    750,215
    
    
    
    41,698Other assets
    
    
    20,688
    
    
    
    0Total assets
    
    $
    1,928,948,526
    
    
    $
    2,541,716,693LIABILITIESAccounts payable
    
    $
    615,300
    
    
    $
    668,492Brokerage fee
    
    
    11,238,756
    
    
    
    14,801,625Options written, at fair value 
(premiums received  $1,465,854 and $3,537,352, respectively)
    
    
    1,285,080
    
    
    
    3,202,653Accrued commissions and other trading fees on open contracts
    
    
    225,924
    
    
    
    114,176Offering costs payable
    
    
    178,346
    
    
    
    309,964Redemptions payable
    
    
    43,133,312
    
    
    
    66,725,891Total liabilities
    
    
    56,676,718
    
    
    
    85,822,801PARTNERS CAPITAL (Net Asset Value)General Partner  6,637.982 and 10,367.982 redeemable units outstanding at 
September 30,
2009 and December 31, 2008
    
    
    16,241,416
    
    
    
    27,266,756Limited Partners  758,574.125 and 923,465.791 redeemable units outstanding at 
September
30, 2009 and December 31, 2008
    
    
    1,856,030,392
    
    
    
    2,428,627,136Total partners capital (Net Asset Value)
    
    
    1,872,271,808
    
    
    
    2,455,893,892Total liabilities and partners capital (Net Asset Value)
    
    $
    1,928,948,526
    
    
    $
    2,541,716,693
 See Accompanying Notes to Financial Statements.
 - 7 -




---



##### 



Three Months Ended
    
    
    Nine Months EndedSeptember 30,
    
    
    September 30,2009
    
    
    2008
    
    
    2009
    
    
    2008TRADING GAINS (LOSSES)Futures trading gains (losses)Realized
    
    $
    10,450,421
    
    
    $
    119,992,807
    
    
    $
    (98,941,018
    )
    
    $
    200,497,144Change in unrealized
    
    
    7,628,026
    
    
    
    (113,558,756
    )
    
    
    4,466,414
    
    
    
    (32,119,788
    )Brokerage commissions
    
    
    (631,027
    )
    
    
    (1,063,015
    )
    
    
    (1,893,725
    )
    
    
    (3,116,295
    )Net gain (loss) from futures trading
    
    
    17,447,420
    
    
    
    5,371,036
    
    
    
    (96,368,329
    )
    
    
    165,261,061Forward currency and options on forward currency trading gains (losses)Realized
    
    
    (4,788,900
    )
    
    
    (12,495,201
    )
    
    
    (10,585,535
    )
    
    
    (35,870,012
    )Change in unrealized
    
    
    66,584,403
    
    
    
    (77,910,424
    )
    
    
    57,325,202
    
    
    
    24,551,508Brokerage commissions
    
    
    (90,967
    )
    
    
    (92,603
    )
    
    
    (233,887
    )
    
    
    (360,086
    )Net gain (loss) from forward currency and options on forward
currency trading
    
    
    61,704,536
    
    
    
    (90,498,228
    )
    
    
    46,505,780
    
    
    
    (11,678,590
    )Total net trading gain (loss)
    
    
    79,151,956
    
    
    
    (85,127,192
    )
    
    
    (49,862,549
    )
    
    
    153,582,471NET INVESTMENT INCOME (LOSS)Investment incomeInterest income
    
    
    862,133
    
    
    
    11,759,779
    
    
    
    1,301,843
    
    
    
    52,037,243Change in unrealized gain (loss) on fixed income securities
    
    
    472,625
    
    
    
    0
    
    
    
    472,625
    
    
    
    0Total investment income
    
    
    1,334,758
    
    
    
    11,759,779
    
    
    
    1,774,468
    
    
    
    52,037,243ExpensesBrokerage fee
    
    
    33,841,330
    
    
    
    50,532,819
    
    
    
    112,819,855
    
    
    
    170,103,319Operating expenses
    
    
    586,057
    
    
    
    409,370
    
    
    
    1,333,933
    
    
    
    1,328,039Total expenses
    
    
    34,427,387
    
    
    
    50,942,189
    
    
    
    114,153,788
    
    
    
    171,431,358Net investment income (loss)
    
    
    (33,092,629
    )
    
    
    (39,182,410
    )
    
    
    (112,379,320
    )
    
    
    (119,394,115
    )NET INCOME (LOSS)
    
    $
    46,059,327
    
    
    $
    (124,309,602
    )
    
    $
    (162,241,869
    )
    
    $
    34,188,356NET INCOME (LOSS) PER GENERAL AND LIMITED PARTNER UNIT (based on
weighted average number of units outstanding during the period)
    
    $
    57.43
    
    
    $
    (118.24
    )
    
    $
    (189.08
    )
    
    $
    28.66INCREASE (DECREASE) IN NET ASSET VALUE PER GENERAL AND LIMITED PARTNER
UNIT
    
    $
    58.93
    
    
    $
    (119.34
    )
    
    $
    (183.16
    )
    
    $
    19.32
 See Accompanying Notes to Financial Statements.
 - 8 -




---



##### 



Nine Months EndedSeptember 30,2009
    
    
    2008Cash flows from (for) operating activitiesNet income (loss)
    
    $
    (162,241,869
    )
    
    $
    34,188,356Adjustments to reconcile net income (loss) to net cash from (for) operating activitiesNet change in unrealized
    
    
    (62,264,241
    )
    
    
    7,568,280(Increase) decrease in restricted cash
    
    
    83,927,379
    
    
    
    0(Increase) decrease in option premiums paid
    
    
    (1,364,465
    )
    
    
    7,408,972Increase (decrease) in option premiums received
    
    
    (2,071,498
    )
    
    
    (4,122,315
    )(Increase) decrease in interest receivable
    
    
    (708,517
    )
    
    
    249,957(Increase) decrease in other assets
    
    
    (20,688
    )
    
    
    (2,911
    )Increase (decrease) in accounts payable and accrued expenses
    
    
    (3,504,313
    )
    
    
    (7,757,565
    )Net maturities (purchases) of investments inFixed income securities
    
    
    (563,578,496
    )
    
    
    1,548,629,029Net cash from (for) operating activities
    
    
    (711,826,708
    )
    
    
    1,586,161,803Cash flows from (for) financing activitiesAddition of units
    
    
    0
    
    
    
    38,172,639Redemption of units
    
    
    (442,861,293
    )
    
    
    (1,270,024,605
    )Offering costs paid
    
    
    (2,243,119
    )
    
    
    (4,137,640
    )Net cash from (for) financing activities
    
    
    (445,104,412
    )
    
    
    (1,235,989,606
    )Net increase (decrease) in cash and cash equivalents
    
    
    (1,156,931,120
    )
    
    
    350,172,197Cash and cash equivalentsBeginning of period
    
    
    1,309,258,625
    
    
    
    516,188,570End of period
    
    $
    152,327,505
    
    
    $
    866,360,767End of period cash and cash equivalents consists of:Cash in broker trading accounts
    
    $
    138,228,442
    
    
    $
    853,377,908Cash and cash equivalents
    
    
    14,099,063
    
    
    
    12,982,859Total end of period cash and cash equivalents
    
    $
    152,327,505
    
    
    $
    866,360,767
 See Accompanying Notes to Financial Statements.
 - 9 -




---



##### 



Partners CapitalGeneral Partner
    
    
    Limited Partners
    
    
    TotalUnits
    
    
    Amount
    
    
    Units
    
    
    Amount
    
    
    Units
    
    
    AmountNine Months Ended September 30, 2009Balances at December 31, 2008
    
    
    10,367.982
    
    
    $
    27,266,756
    
    
    
    923,465.791
    
    
    $
    2,428,627,136
    
    
    
    933,833.773
    
    
    $
    2,455,893,892Net income (loss) for the nine months ended
September 30, 2009
    
    
    
    
    
    
    (2,096,089
    )
    
    
    
    
    
    
    (160,145,780
    )
    
    
    
    
    
    
    (162,241,869
    )Redemptions
    
    
    (3,730.000
    )
    
    
    (8,906,531
    )
    
    
    (164,891.666
    )
    
    
    (410,362,183
    )
    
    
    (168,621.666
    )
    
    
    (419,268,714
    )Offering costs
    
    
    
    
    
    
    (22,720
    )
    
    
    
    
    
    
    (2,088,781
    )
    
    
    
    
    
    
    (2,111,501
    )Balances at September 30, 2009
    
    
    6,637.982
    
    
    $
    16,241,416
    
    
    
    758,574.125
    
    
    $
    1,856,030,392
    
    
    
    765,212.107
    
    
    $
    1,872,271,808Nine Months Ended September 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 nine months ended
September 30, 2008
    
    
    
    
    
    
    458,041
    
    
    
    
    
    
    
    33,730,315
    
    
    
    
    
    
    
    34,188,356Additions
    
    
    0.000
    
    
    
    0
    
    
    
    14,098.315
    
    
    
    38,088,526
    
    
    
    14,098.315
    
    
    
    38,088,526Redemptions
    
    
    (6,240.000
    )
    
    
    (16,825,973
    )
    
    
    (420,508.937
    )
    
    
    (1,134,122,167
    )
    
    
    (426,748.937
    )
    
    
    (1,150,948,140
    )Offering costs
    
    
    
    
    
    
    (45,996
    )
    
    
    
    
    
    
    (3,787,584
    )
    
    
    
    
    
    
    (3,833,580
    )Balances at September 30, 2008
    
    
    12,987.982
    
    
    $
    34,937,282
    
    
    
    998,504.340
    
    
    $
    2,685,949,445
    
    
    
    1,011,492.322
    
    
    $
    2,720,886,727
 Net Asset Value per General and Limited Partner UnitSeptember 30, 2009
    
    
    December 31, 2008
    
    
    September 30, 2008
    
    
    December 31, 2007$
    2,446.74
    
    
    $
    2,629.90
    
    
    $
    2,689.97
    
    
    $
    2,670.65
 See Accompanying Notes to Financial Statements.
 - 10 -




---



##### 



Three Months Ended
    
    
    Nine Months EndedSeptember 30,
    
    
    September 30,2009
    
    
    2008
    
    
    2009
    
    
    2008Per Unit Performance
(for a unit outstanding throughout the entire period)Net asset value per unit at beginning of period
    
    $
    2,387.81
    
    
    $
    2,809.31
    
    
    $
    2,629.90
    
    
    $
    2,670.65Income (loss) from operations:Total net trading gains
(losses) (1)
    
    
    100.82
    
    
    
    (81.02
    )
    
    
    (49.73
    )
    
    
    122.63Net investment income (loss)(1)
    
    
    (41.26
    )
    
    
    (37.27
    )
    
    
    (130.97
    )
    
    
    (100.10
    )Total net income (loss) from operations
    
    
    59.56
    
    
    
    (118.29
    )
    
    
    (180.70
    )
    
    
    22.53Offering costs (1)
    
    
    (0.63
    )
    
    
    (1.05
    )
    
    
    (2.46
    )
    
    
    (3.21
    )Net asset value per unit at end of period
    
    $
    2,446.74
    
    
    $
    2,689.97
    
    
    $
    2,446.74
    
    
    $
    2,689.97Total Return(3)
    
    
    2.47
    %
    
    
    (4.25
    )%
    
    
    (6.96
    )%
    
    
    0.72
    %Supplemental DataRatios to average net asset value:Expenses prior to
performance fee (4)
    
    
    7.21
    %
    
    
    7.08
    %
    
    
    7.14
    %
    
    
    7.20
    %Performance fee
(3)
    
    
    0.00
    %
    
    
    0.00
    %
    
    
    0.00
    %
    
    
    0.00
    %Total expenses
    
    
    7.21
    %
    
    
    7.08
    %
    
    
    7.14
    %
    
    
    7.20
    %Net
investment income (loss) (2),(4)
    
    
    (6.93
    )%
    
    
    (5.45
    )%
    
    
    (7.03
    )%
    
    
    (5.02
    )%
 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)
    
    Net investment income (loss) net of expenses per unit and offering costs per unit are
calculated by dividing the net investment income (loss) 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 See Accompanying Notes to Financial Statements.
 -  11 -




---



##### 



Note 1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 A.
    
    General Description of the Fund
 Campbell Strategic Allocation Fund, L.P. (the Fund) is a Delaware limited partnership which
operates as a commodity investment pool. The Fund engages in the speculative trading of
futures contracts, forward currency contracts and options on forward currency contracts.
 Effective June 14, 2008, units in the Fund were no longer offered for sale. For existing
investors in the Fund, business will continue to be conducted as usual. There will be no
change in trading, operations or monthly statements, etc. and redemptions will continue to be
offered on a monthly basis.
 B.
    
    Regulation
 As a registrant with the Securities and Exchange Commission, the Fund is subject to the
regulatory requirements under the Securities Act of 1933 and the Securities Exchange Act of
1934. As a commodity investment pool, the Fund is subject to the regulations of the Commodity
Futures Trading Commission, an agency of the United States (U.S.) government which regulates
most aspects of the commodity futures industry; rules of the National Futures Association, an
industry self-regulatory organization; and the requirements of the various commodity exchanges
where the Fund executes transactions. Additionally, the Fund is subject to the requirements of
futures commission merchants (brokers) and interbank market makers through which the Fund
trades.
 C.
    
    Method of Reporting
 The Funds financial statements are presented in accordance with accounting principles
generally accepted in the United States of America, which 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 (FASB) Accounting Standards
Codification (ASC) 210-20, Offsetting  Balance Sheet, (formerly FAS 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.
 The fixed income investments, other than U.S. Treasury bills held at the brokers or interbank
market makers, are marked-to-market on the last
business day of the reporting period by a custodian who utilizes a third party vendor
hierarchy of pricing providers who specialize in such markets. The prices furnished by the
providers consider the yield or price of bonds of comparable quality, coupon, maturity, and
type, as well as prices quoted by dealers who make markets in such securities. U.S. Treasury
bills not held by the custodian are stated at cost plus accrued interest, which approximates
Fair value. Premiums and discounts on debt securities are amortized for financial reporting
purposes.
 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.
 The Fund adopted the provisions of ASC 820, Fair Value Measurements and Disclosures (formerly
FASB No. 157, Fair Value Measurements), as of January 1, 2008. ASC 820 provides guidance for
determining fair value and requires increased disclosure regarding the inputs to valuation
techniques used to measure fair value. ASC 820 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.
 ASC 820 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 quoted 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 into this category.
 Level 2 inputs are inputs other than quoted 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 the Fund values using models or other
valuation methodologies derived from observable market data. This category also includes fixed
income investments.
 -  12 -




---



##### 



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 period ended September 30, 2009, the Fund
did not have any Level 3 assets or liabilities.
 The following tables set forth by level within the fair value hierarchy the Funds investments
accounted for at fair value on a recurring basis as of September 30, 2009 and December 31,
2008.
 Fair Value at September 30, 2009Description
    
    Level 1
    
    
    Level 2
    
    
    Level 3
    
    
    TotalInvestmentsFixed income securities
    
    $
    0
    
    
    $
    1,700,985,789
    
    
    $
    0
    
    
    $
    1,700,985,789Other Financial InstrumentsExchange-traded futures contracts
    
    
    4,672,573
    
    
    
    0
    
    
    
    0
    
    
    
    4,672,573Forward currency contracts
    
    
    0
    
    
    
    68,539,382
    
    
    
    0
    
    
    
    68,539,382Options purchased
    
    
    0
    
    
    
    1,652,374
    
    
    
    0
    
    
    
    1,652,374Options written
    
    
    0
    
    
    
    (1,285,080
    )
    
    
    0
    
    
    
    (1,285,080
    )Total
    
    $
    4,672,573
    
    
    $
    1,769,892,465
    
    
    $
    0
    
    
    $
    1,774,565,038
 Fair Value at December 31, 2008Description
    
    Level 1
    
    
    Level 2
    
    
    Level 3
    
    
    TotalInvestmentsFixed income securities
    
    $
    0
    
    
    $
    1,136,934,669
    
    
    $
    0
    
    
    $
    1,136,934,669Other Financial InstrumentsExchange-traded futures contracts
    
    
    206,159
    
    
    
    0
    
    
    
    0
    
    
    
    206,159Forward currency contracts
    
    
    0
    
    
    
    10,828,848
    
    
    
    0
    
    
    
    10,828,848Options purchased
    
    
    0
    
    
    
    519,315
    
    
    
    0
    
    
    
    519,315Options written
    
    
    0
    
    
    
    (3,202,653
    )
    
    
    0
    
    
    
    (3,202,653
    )Total
    
    $
    206,159
    
    
    $
    1,145,080,179
    
    
    $
    0
    
    
    $
    1,145,286,338
 D.
    
    Cash and Cash Equivalents
 Cash and cash equivalents includes cash and overnight money market investments at financial
institutions.E.
    
    Income Taxes
 The Fund prepares calendar year U.S. and applicable state information tax returns and reports
to the partners their allocable shares of the Funds income, expenses and trading gains or
losses. 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 ASC 740, Income Taxes (formerly FAS
No. 48, Accounting for Uncertainty in Income Taxes) to the Fund, and has determined that no
reserves for uncertain tax positions were required to have been recorded as a result of the
adoption of ASC 740. There are no tax positions for which it is reasonably possible that the
total amounts of unrecognized tax benefits will significantly increase or decrease within
twelve months. The Fund files federal and state tax returns. The 2005 through 2008 tax years
generally remain subject to examination by the U.S. federal and most state tax authorities.
 - 13 -




---



##### 



F.
    
    Offering Costs
 Campbell & Company, Inc. (Campbell & Company) has incurred all costs in connection with the
initial and continuous offering of units of the Fund (offering costs). In addition, Campbell &
Company continues to compensate wholesalers for services rendered to Limited Partners. The
Funds liability for offering costs is limited to the maximum of total offering costs incurred
by Campbell & Company or 2.5% of the aggregate subscriptions accepted during the initial and
continuous offerings. The Fund is only liable for payment of offering costs on a monthly basis
as calculated based on the limitations stated above. At September 30, 2009, and December 31,
2008, the Fund reflects a liability in the statement of financial condition for offering costs
payable to Campbell & Company of $178,346 and $309,964, respectively. The amount of monthly
reimbursement due to Campbell & Company is charged directly to partners capital.
 If the Fund terminates prior to completion of payment of the calculated amounts to Campbell &
Company, Campbell & Company will not be entitled to any additional payments, and the Fund will
have no further obligation to Campbell & Company. At September 30, 2009 and December 31, 2008,
the amount of unreimbursed offering costs incurred by Campbell & Company is $321,423 and
$926,519, respectively.
 G.
    
    Foreign Currency Transactions
 The Funds functional currency is the U.S. dollar; however, it transacts business in
currencies other than the U.S. dollar. Assets and liabilities denominated in currencies other
than the U.S. dollar are translated into U.S. dollars at the rates in effect at the date of
the statement of financial condition. Income and expense items denominated in currencies other
than the U.S. dollar are translated into U.S. dollars at the rates in effect during the
period. Gains and losses resulting from the translation to U.S. dollars are reported in
income.
 Note 2. GENERAL PARTNER AND COMMODITY TRADING ADVISOR
 The general partner of the Fund is Campbell & Company, which conducts and manages the
business of the Fund. Campbell & Company is also the commodity trading advisor of the Fund.
The Amended Agreement of Limited Partnership provides that Campbell & Company may make
withdrawals of its units, provided that such withdrawals do not reduce Campbell & Companys
aggregate percentage interest in the Fund to less than 1% of the net aggregate contributions.
 Campbell & Company is required by the Amended Agreement of Limited Partnership to maintain a
net worth equal to at least 5% of the capital contributed by all the limited partnerships for
which it acts as general partner, including the Fund. The minimum net worth shall in no case
be less than $50,000 nor shall net worth in excess of $1,000,000 be required.
 The Fund pays a monthly brokerage fee equal to 1/12 of 7% (7% annualized) of month-end net
assets to Campbell & Company and approximately $5 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. More specifically, the performance fee is paid on the
cumulative increase, if any, in the Net Asset Value per Unit over the highest previous
cumulative Net Asset Value per Unit (commonly referred to as a High Water Mark) adjusting for
investment income. In determining the brokerage and performance, adjustments shall be made
for capital additions and withdrawals and Net Assets shall not be reduced by the fees being
calculated for such current period. The performance fee is not subject to any clawback
provisions. The brokerage fee and performance fee are typically paid in the month following
the month in which they are earned. The brokerage fee and performance fee are paid from the
available cash at the Funds bank, broker or cash management accounts.
 Note 3. CASH MANAGER AND CUSTODIAN
 In July 2009 the Fund appointed Wilmington Trust Investment Management LLC, a wholly owned
subsidiary of Wilmington Trust Corporation, and Horizon Cash Management LLC as cash managers
under the Non-Custody Investment Advisory Agreements to manage and control the liquid assets
of the Fund. Each cash manager is registered as an investment adviser with the Securities and
Exchange Commission of the United States under the Investment Advisers Act of 1940.
 The Fund opened custodial accounts at The Northern Trust Company (the custodian) and has
granted the cash managers authority to make certain investments on behalf of the Fund
provided such investments are consistent with the investment guidelines created by the
managing operator. All securities purchased by the cash managers on behalf of the Fund will
be held in the Funds custody accounts at the custodian. The cash managers will have no
beneficial or other interest in the securities and cash in such custody accounts. The cash
managers began trading on behalf of the Fund in August 2009.
 Note 4. 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 5. OPERATING EXPENSES
 Operating expenses of the Fund are limited by the Amended Agreement of Limited Partnership to
0.5% per year of the average month-end Net Asset Value of the Fund. Actual operating expenses
were less than 0.5% (annualized) of average month-end Net Asset Value for the three months
and nine months ended September 30, 2009, and 2008.
 - 14 -




---



##### 



Note 6. SUBSCRIPTIONS, DISTRIBUTIONS AND REDEMPTIONS
 Investments in the Fund were made by subscription agreement, subject to acceptance by
Campbell & Company.
 The Fund is not required to make distributions, but may do so at the sole discretion of
Campbell & Company. A limited partner may request and receive redemption of units owned,
subject to restrictions in the Amended Agreement of Limited Partnership. Units are
transferable, but no market exists for their sale and none is expected to develop. Monthly
redemptions are permitted upon ten (10) business days advance written notice to Campbell &
Company.
 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 nine months ended September 30, 2009 and 2008,
Campbell & Company received redemption fees of $11,966 and $184,858 respectively.
 Note 7. 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).
Specifically, the Fund trades a portfolio primarily focused on financial futures, which are
instruments designed to hedge or speculate on changes in interest rates, currency exchange
rates or stock index values. A secondary emphasis is on metals, energy and agriculture
values. 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. The market sensitive instruments held by the Fund are
acquired for speculative trading purposes, and all or a substantial amount of the Funds
assets are subject to the risk of trading loss. Unlike an operating company, the risk of
market sensitive instruments is integral, not incidental, to the Funds main line of
business.
 Purchase and sale of futures contracts requires margin deposits with the broker. Additional
deposits may be necessary for any loss on contract value. The Commodity Exchange Act requires
a broker to segregate all customer transactions and assets from such brokers proprietary
activities. A customers cash and other property (for example, U.S. Treasury bills) deposited
with a broker are considered commingled with all other customer funds subject to the brokers
segregation requirements. In the event of a brokers insolvency, recovery may be limited to a
pro rata share of segregated Funds available. It is possible that the recovered amount could
be less than total cash and other property deposited.
 The amount of required margin and good faith deposits with the broker and interbank market
makers usually range from 10% to 30% of Net Asset Value. The market value of securities held
to satisfy such requirements at September 30, 2009 and December 31, 2008 was $363,994,915 and
$1,136,934,669, respectively, which equals 19% and 46% of Net Asset Value, respectively. The
cash deposited with interbank market makers at September 30, 2009 and December 31, 2008 was
$14,012,129 and $73,104,593, respectively, which equals 1% and 3% of Net Asset Value,
respectively. These amounts are included in cash and cash equivalents. Included in cash
deposits with the broker and interbank market maker at September 30, 2009 and December 31,
2008 was restricted cash for margin requirements of $0 and $41,411,655 respectively, which
equals 0% and 2% of Net Asset Value respectively.
 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. Market
movements result in frequent changes in the fair market value of the Funds open positions
and, consequently, in its earnings and cash flow. The Funds market risk is influenced by a
wide variety of factors, including the level and volatility of exchange rates, interest
rates, equity price levels, the market value of financial instruments and contracts, the
diversification effects among the Funds open positions and the liquidity of the markets in
which it trades. 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. See Note 1. C. for an explanation of how the Fund determines its valuation for
derivatives as well as the netting of derivatives.
 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)September 30, 2009
    
    
    December 31, 2008
    
    
    September 30, 2009
    
    
    December 31, 2008Gross unrealized gains
    
    $
    17,407,762
    
    
    $
    14,648,019
    
    
    $
    121,518,782
    
    
    $
    64,296,837Gross unrealized losses
    
    
    (12,735,189
    )
    
    
    (14,441,860
    )
    
    
    (53,479,718
    )
    
    
    (53,582,976
    )Net unrealized gain (loss)
    
    $
    4,672,573
    
    
    $
    206,159
    
    
    $
    68,039,064
    
    
    $
    10,713,861
 - 15 -




---



##### 



In March 2008, the FASB issued ASC 815, Derivatives and Hedging (formerly SFAS No. 161,
Disclosures about Dervative Instruments and Hedging Activities). ASC 815 provides enhanced
disclosures about how and why an entity uses derivative instruments, how derivative instruments are
accounted for, and how derivative instruments affect an entitys financial position, financial
performance and cash flows. ASC 815 is effective for financial statements issued for the Funds
first fiscal year beginning after November 15, 2008. The Fund adopted ASC 815 effective January 1,
2009.
 The following tables summarize quantitative information required by ASC 815.
 The fair value of the Funds derivatives by instrument type, as well as the location of
those instruments on the Statement of Financial Condition, as of September 30, 2009 is as
follows:
 Asset
    
    
    LiabilityDerivatives at
    
    
    Derivatives atStatement of Financial
    
    September 30, 2009
    
    
    September 30, 2009Type of Instrument *
    
    Condition Location
    
    Fair Value
    
    
    Fair Value
    
    
    NetAgricultural Contracts
    
    Equity in broker trading accounts
    
    $
    771,330
    
    
    $
    (628,430
    )
    
    $
    142,900Energy Contracts
    
    Equity in broker trading accounts
    
    
    251,079
    
    
    
    (4,119,555
    )
    
    
    (3,868,476
    )Metal Contracts
    
    Equity in broker trading accounts
    
    
    3,056,865
    
    
    
    (3,397,027
    )
    
    
    (340,162
    )Stock Indices Contracts
    
    Equity in broker trading accounts
    
    
    4,291,170
    
    
    
    (3,713,878
    )
    
    
    577,292Short-Term Interest Rate Contracts
    
    Equity in broker trading accounts
    
    
    2,438,574
    
    
    
    (665,965
    )
    
    
    1,772,609Long Term Interest Rate Contracts
    
    Equity in broker trading accounts
    
    
    6,598,745
    
    
    
    (210,335
    )
    
    
    6,388,410Forward Currency Contracts
    
    Net unrealized gain (loss) onforward
currency contracts
    
    
    120,709,494
    
    
    
    (52,170,112
    )
    
    
    68,539,382Purchased Options on Forward Currency
Contracts
    
    Options purchased, at fair value
    
    
    1,652,374
    
    
    
    0
    
    
    
    1,652,374Written Options on Forward Currency
Contracts
    
    Options written, at fair value
    
    
    0
    
    
    
    (1,285,080
    )
    
    
    (1,285,080
    )Totals
    
    
    
    $
    139,769,631
    
    
    $
    (66,190,382
    )
    
    $
    73,579,249
 
 *
    
    Derivatives not designated as hedging instruments under Statement 133 The trading revenue of the Funds derivatives by instrument type, as well as the
location of those gains and losses on the Statement of Operations, for the period ended
September 30, 2009 is as follows:
 Trading Revenue for
    
    
    Trading Revenue forthe Three Months Ended
    
    
    the Nine Months EndedType of Instrument
    
    September 30, 2009
    
    
    September 30, 2009Agricultural Contracts
    
    $
    (2,712,614
    )
    
    $
    (2,712,614
    )Energy Contracts
    
    
    (21,928,205
    )
    
    
    (17,492,421
    )Metal Contracts
    
    
    20,544,888
    
    
    
    475,116Stock Indices Contracts
    
    
    39,637,152
    
    
    
    (25,898,450
    )Short-Term Interest Rate Contracts
    
    
    3,106,421
    
    
    
    (10,650,946
    )Long Term Interest Rate Contracts
    
    
    (20,583,409
    )
    
    
    (38,988,767
    )Forward Currency Contracts
    
    
    60,372,823
    
    
    
    15,885,429Purchased Options on Forward Currency Contracts
    
    
    (12,173,990
    )
    
    
    (23,724,057
    )Written Options on Forward Currency Contracts
    
    
    13,596,671
    
    
    
    54,578,296Total
    
    $
    79,859,737
    
    
    $
    (48,528,414
    )
 Trading Revenue for
    
    
    Trading Revenue forthe Three Months Ended
    
    
    the Nine Months EndedLine Item in the Statement of Operations
    
    September 30, 2009
    
    
    September 30, 2009Futures trading gains (losses):Realized
    
    $
    10,436,208
    
    
    $
    (99,734,495
    )Change in unrealized
    
    
    7,628,026
    
    
    
    4,466,414Forward currency and options on forward currency trading gains (losses):Realized
    
    
    (4,788,900
    )
    
    
    (10,585,535
    )Change in unrealized
    
    
    66,584,403
    
    
    
    57,325,202Total
    
    $
    79,859,737
    
    
    $
    (48,528,414
    )
 - 16 -




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##### 



For the three months and nine months ended September 30, 2009, the monthly average of
futures contracts bought and sold was approximately 90,600 and 81,800 respectively, and
the monthly average of notional value of forward currency and options on forward currency
contracts was $11,087,400,000 and $9,548,200,000 respectively.
 Open contracts generally mature within three months; as of September 30, 2009, the latest
maturity date for open futures contracts is December 2010, the latest maturity date for open
forward currency contracts is December 2009, and the latest expiry date for options on
forward currency contracts is October 2009. However, the Fund intends to close all futures
and foreign 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%. Campbell & Companys attempt to manage the risk of the Funds open
positions is essentially the same in all market categories traded. Campbell & Company applies
risk management policies to its trading which generally limit the total exposure that may be
taken per risk unit of assets under management. In addition, Campbell & Company follows
diversification guidelines (often formulated in terms of the balanced volatility between
markets and correlated groups), as well as precalculating stop-loss points at which systems
will signal to close open positions. Campbell & Company controls the risk of the Funds
non-trading fixed income instruments by limiting the duration of such instruments and
requiring a minimum credit quality of the issuers of those instruments.
 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
credit worthy. The limited partners bears 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 8. INDEMNIFICATIONS
 In the normal course of business, the Fund enters into contracts and agreements that contain
a variety of representations and warranties
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 9. INTERIM FINANCIAL STATEMENTS
 The statement of financial condition, including the condensed schedule of investments, as of
September 30, 2009, the statements of operations and financial highlights for the three
months and nine months ended September 30, 2009 and 2008, and the statements of cash flows
and changes in partners capital (Net Asset Value) for the nine months ended September 30,
2009 and 2008 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 September 30, 2009, and the results of operations
and financial highlights for the three months and nine months ended September 30, 2009 and
2008, and cash flows and changes in partners capital (Net Asset Value) for the nine months
ended September 30, 2009 and 2008.
 Note 10. SUBSEQUENT EVENTS
 Management of the Fund evaluated subsequent events through November 16, 2009, the date the
financial statements were issued. There are no subsequent events to disclose.
 - 17 -




---



##### 



Item 2.
    
    Managements Discussion and Analysis of Financial Condition and Results of Operations
          - 18 -




---



##### 



- 19 -




---



##### 



2009
  Sector
    
    % Gain (Loss)Currencies
    
    
    2.70
    %Stock Indices
    
    
    (0.86
    )Commodities
    
    
    (0.87
    )Interest Rates
    
    
    (2.45
    )(1.48
    )%
  - 20 -




---



##### 



- 21 -




---



##### 



2008
  - 22 -




---



##### 



Sector
    
    % Gain (Loss)Stock Indices
    
    
    7.67
    %Commodities
    
    
    1.06Currencies
    
    
    (0.67
    )Interest Rates
    
    
    (3.35
    )4.71
    %
    - 23 -




---



##### 



- 24 -




---



##### 



Off-Balance Sheet Risk
    - 25 -




---



##### 



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
    Standard of Materiality
  - 26 -




---



##### 



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).
       - 27 -




---



##### 



The Funds Trading Value at Risk in Different Market Sectors
  September 30, 2009TradingMarket Sector
    
    Value at Risk*
    
    Gain/(Loss)**Currencies
    
    
    0.80
    %
    
    
    2.70
    %Stock Indices
    
    
    0.40
    %
    
    
    (0.86
    )%Interest Rates
    
    
    0.35
    %
    
    
    (2.45
    )%Commodities
    
    
    0.33
    %
    
    
    (0.87
    )%Aggregate/Total
    
    
    1.34
    %
    
    
    (1.48
    )%
 
 *
    -
    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 nine months ended September 30, 2009, approximately 1.48% was due
to trading losses (before commissions) and approximately 5.56% due to brokerage fees,
operating expenses and offering costs borne by the Fund offset by approximately 0.08% due to
interest income, giving a net return of (6.96)%. December 31, 2008TradingMarket Sector
    
    Value at Risk*
    
    Gain/(Loss)**Currencies
    
    
    0.50
    %
    
    
    (0.58
    )%Interest Rates
    
    
    0.30
    %
    
    
    (4.62
    )%Stock Indices
    
    
    0.18
    %
    
    
    8.58
    %Commodities
    
    
    0.05
    %
    
    
    0.81
    %Aggregate/Total
    
    
    0.60
    %
    
    
    4.19
    %
 
 -
    The VaR for a sector represents the one day downside risk for the aggregate exposures
associated with this sector. The aggregate VaR represents the VaR of the Funds open
positions across all market sectors, and is less than the sum of the VaRs for all such market sectors due to the
diversification benefit across asset classes.**
    -
    Of the return for the year ended December 31, 2008, approximately 4.19% was due to
trading gains (before commissions) and approximately 1.76% due to interest income offset by
approximately 7.48% due to brokerage fees, operating costs and offering costs borne by the
Fund giving a net return of (1.53)%. - 28 -




---



##### 



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




---



##### 



Currencies
 i.e.,
 Interest Rates
  Stock Indices
  Energy
  - 30 -




---



##### 



Metals
  Agricultural
  Qualitative Disclosures Regarding Non-Trading Risk Exposure
  Foreign Currency Balances
  Fixed Income Securities
  Treasury Bill Positions Held for Margin Purposes
  Qualitative Disclosures Regarding Means of Managing Risk Exposure
  - 31 -




---



##### 



General
  - 32 -




---



##### 



Item 4T.
    
    Controls and Procedures
  - 33 -




---



##### 



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 InformationNone
 
 Item 6.
    
    Exhibits and Reports on Form 8-K.
 (a)
    
    Exhibits
 ExhibitNumber
    
    Description of Document31.01
    
    Certification of Theresa D. Becks, Chief Executive Officer,
pursuant to Rules 13a-14 and 15d-14 of the Securities Exchange Act of 1934.31.02
    
    Certification of Gregory T. Donovan, Chief Financial Officer,
pursuant to Rules 13a-14 and 15d-14 of the Securities Exchange Act of 1934.32.01
    
    Certification of Theresa D. Becks, Chief Executive Officer,
pursuant to 18 U.S.C. Section 1350, as enacted by Section 906 of The
Sarbanes-Oxley Act of 2002.32.02
    
    Certification of Gregory T. Donovan, Chief Financial Officer,
pursuant to 18 U.S.C. Section 1350, as enacted by Section 906 of The
Sarbanes-Oxley Act of 2002.
 (b)
    
    Reports of Form 8-KNone.
 - 34 -




---



##### 



SIGNATURES
  CAMPBELL STRATEGIC ALLOCATION FUND, L.P.
(Registrant)By:
    Campbell & Company, Inc.General PartnerDate:  November 16, 2009
    By:
    /s/  Theresa D. BecksTheresa D. BecksChief Executive Officer - 35 -




---



##### 



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