UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 WASHINGTON, D.C. 20549
 FORM 10-Q
 þ
    
    Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 For the quarterly period ended March 31, 2010
 or
 o
    
    Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 For the transition period from to
 Commission File number: 0-22260
 CAMPBELL STRATEGIC ALLOCATION FUND, L.P.
  Delaware
    
    52-1823554(State of Organization)
    
    (IRS Employer Identification Number)
 Baltimore, Maryland 21209
 (410) 413-2600
 þ o
 þ o
  Large accelerate filer o
    
    Accelerated filer o
    
    Non-accelerated filer o
    
    Smaller reporting company þ(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 March 31, 2010 (Unaudited)
and December 31, 2009
    
    
    3-6Statements of Financial Condition as of March 31, 2010 (Unaudited)
and December 31, 2009
    
    
    7Statements of Operations for the Three Months Ended
March 31, 2010 and 2009 (Unaudited)
    
    
    8Statements of Cash Flows for the Three Months Ended
March 31, 2010 and 2009 (Unaudited)
    
    
    9Statements of Changes in Partners Capital (Net Asset Value)
for the Three Months Ended March 31, 2010 and 2009 (Unaudited)
    
    
    10Financial Highlights for the Three Months Ended
March 31, 2010 and 2009 (Unaudited)
    
    
    11Notes to Financial Statements (Unaudited)
    
    
    12-18Item 2. Managements Discussion and Analysis of Financial Condition and
Results of Operations
    
    
    19-24Item 3. Quantitative and Qualitative Disclosure About Market Risk
    
    
    24-30Item 4T. Controls and Procedures
    
    
    30PART II  OTHER INFORMATIONItem 6. Exhibits and Reports on Form 8-K
    
    
    31SIGNATURES
    
    
    32CERTIFICATIONS




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##### 



FIXED INCOME SECURITIES
 Maturity
    
    
    
    
    
    
    
    
    % of NetFace Value
    
    
    Description
    
    Values ($)
    
    
    Asset ValueBank DepositsAustraliaFinancials (cost $32,000,000)
    
    $
    31,996,160
    
    
    
    2.11
    %CanadaFinancials (cost $32,000,000)
    
    $
    32,010,240
    
    
    
    2.11
    %NetherlandsFinancials (cost $33,301,714)
    
    $
    33,300,000
    
    
    
    2.19
    %United StatesFinancials (cost $33,340,000)
    
    $
    33,397,678
    
    
    
    2.20
    %Total Bank Deposits
(cost $130,641,714)
    
    $
    130,704,078
    
    
    
    8.61
    %Commercial PaperUnited StatesConsumer Discretionary
    
    $
    91,937,375
    
    
    
    6.06
    %Consumer Staples
    
    $
    93,957,560
    
    
    
    6.19
    %Financials
    
    $
    103,405,298
    
    
    
    6.81
    %Industrials
    
    $
    37,529,643
    
    
    
    2.47
    %Materials
    
    $
    49,431,615
    
    
    
    3.26
    %Municipal
    
    $
    152,548,403
    
    
    
    10.05
    %Utilities
    
    $
    90,134,303
    
    
    
    5.94
    %Total United States(cost $618,853,200)
    
    $
    618,944,197
    
    
    
    40.78
    %Corporate BondsUnited StatesConsumer Discretionary
    
    $
    1,997,060
    
    
    
    0.13
    %Financials
    
    $
    134,928,584
    
    
    
    8.89
    %Total United States(cost $136,857,634)
    
    $
    136,925,644
    
    
    
    9.02
    %Government And Agency ObligationsUnited StatesU.S. Government Agency$
    30,000,000
    
    
    Federal Home Loan Bank 0.70%
Due 04/18/2011
    
    $
    30,028,200
    
    
    
    1.98
    %$
    44,320,000
    
    
    Federal Home Loan Bank 1.00%
Due 02/28/2011
    
    $
    44,371,854
    
    
    
    2.92
    %$
    8,810,000
    
    
    Federal Home Loan Bank 1.00%
Due 12/22/2011
    
    $
    8,771,500
    
    
    
    0.58
    %$
    20,060,000
    
    
    Federal Home Loan Bank Step Up
Due 02/24/2012
    
    $
    20,053,781
    
    
    
    1.32
    %$
    30,166,000
    
    
    Federal National Mortgage Association, 6.25%
Due 02/01/2011
    
    $
    31,622,414
    
    
    
    2.08
    %$
    20,000,000
    
    
    Federal National Mortgage Association, Discount Note
Due 09/20/2010
    
    $
    19,977,060
    
    
    
    1.32
    %$
    31,000,000
    
    
    Federal National Mortgage Association, Variable Rate 0.35%
Due 05/27/2011
    
    $
    31,005,270
    
    
    
    2.04
    %US Government Agency
    
    $
    89,680,612
    
    
    
    5.91
    %$
    75,000,000
    
    
    U.S. Treasury Bills *
Due 04/15/2010
    
    $
    74,996,354
    
    
    
    4.94
    %$
    42,000,000
    
    
    U.S. Treasury Bills *
Due 04/22/2010
    
    $
    41,997,305
    
    
    
    2.77
    %$
    40,000,000
    
    
    U.S. Treasury Bills *
Due 04/08/2010
    
    $
    39,999,144
    
    
    
    2.63
    %$
    75,000,000
    
    
    U.S. Treasury Bills *
Due 04/01/2010
    
    $
    75,000,000
    
    
    
    4.94
    %Total United States(cost $507,426,141)
    
    $
    507,503,494
    
    
    
    33.43
    %Short Term Investment Funds
United StatesShort Term Investment Funds
(cost $1,164)
    
    $
    1,164
    
    
    
    0.00
    %Total Fixed Income Securities
(cost $1,393,779,853)
    
    $
    1,394,078,577
    
    
    
    91.84
    %
 See Accompanying Notes to Financial Statements.
 3




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##### 



LONG FUTURES CONTRACTS
 % of NetDescription
    
    Values ($)
    
    
    Asset ValueAgricultural
    
    $
    60,063
    
    
    
    0.00
    %Energy
    
    $
    5,685,230
    
    
    
    0.37
    %Metals
    
    $
    12,423,477
    
    
    
    0.82
    %Stock indices
    
    $
    12,456,244
    
    
    
    0.82
    %Short-term interest rates
    
    $
    4,342,060
    
    
    
    0.29
    %Long-term interest rates
    
    $
    (4,604,454
    )
    
    
    (0.30
    )%Total long futures contracts
    
    $
    30,362,620
    
    
    
    2.00
    %
 SHORT FUTURES CONTRACTS
 % of NetDescription
    
    Values ($)
    
    
    Asset ValueAgricultural
    
    $
    2,921,528
    
    
    
    0.19
    %Energy
    
    $
    809,010
    
    
    
    0.05
    %Metals
    
    $
    (4,233,585
    )
    
    
    (0.28
    )%Stock indices
    
    $
    (163,694
    )
    
    
    (0.01
    )%Short-term interest rates
    
    $
    353,759
    
    
    
    0.02
    %Long-term interest rates
    
    $
    2,856,897
    
    
    
    0.19
    %Total short futures contracts
    
    $
    2,543,915
    
    
    
    0.16
    %Total futures contracts
    
    $
    32,906,535
    
    
    
    2.16
    %
 FORWARD CURRENCY CONTRACTS
 % of NetDescription
    
    Values ($)
    
    
    Asset ValueVarious long forward currency contracts
    
    $
    4,889,774
    
    
    
    0.32
    %Various short forward currency contracts
    
    $
    (2,810,753
    )
    
    
    (0.19
    )%Total forward currency contracts
    
    $
    2,079,021
    
    
    
    0.13
    %
 PURCHASED OPTIONS ON FORWARD CURRENCY CONTRACTS
 % of NetDescription
    
    Values ($)
    
    
    Asset ValuePurchased options on forward currency
contracts (premiums paid  $3,223,281)
    
    $
    2,774,399
    
    
    
    0.18
    %
 WRITTEN OPTIONS ON FORWARD CURRENCY CONTRACTS
 % of NetDescription
    
    Values ($)
    
    
    Asset ValueWritten options on forward currency
contracts (premiums received  $1,199,754)
    
    $
    (885,475
    )
    
    
    (0.06
    )%
 
 *
    
    Pledged as collateral for the trading of futures, forward and option positions. See Accompanying Notes to Financial Statements.
 4




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##### 



FIXED INCOME SECURITIES
 Maturity
    
    
    
    
    
    
    
    
    % of NetFace Value
    
    
    Description
    
    Values ($)
    
    
    Asset ValueBank DepositsUnited StatesFinancials (cost $65,590,000)
    
    $
    65,689,065
    
    
    
    3.84
    %Commercial PaperGermanyMaterials (cost $17,252,376)
    
    $
    17,259,598
    
    
    
    1.01
    %NetherlandsConsumer Discretionary (cost $23,481,034)
    
    $
    23,481,191
    
    
    
    1.37
    %United StatesConsumer Discretionary
    
    $
    143,576,225
    
    
    
    8.40
    %Consumer Staples
    
    $
    80,742,190
    
    
    
    4.73
    %Energy
    
    $
    72,767,525
    
    
    
    4.26
    %Financials
    
    $
    231,111,026
    
    
    
    13.53
    %Industrials
    
    $
    79,892,248
    
    
    
    4.68
    %Municipal
    
    $
    169,945,539
    
    
    
    9.95
    %Telecommunications
    
    $
    4,409,848
    
    
    
    0.26
    %Utilities
    
    $
    29,998,000
    
    
    
    1.76
    %Total United States(cost $812,299,397)
    
    $
    812,442,601
    
    
    
    47.57
    %Total Commercial Paper
(cost $853,032,807)
    
    $
    853,183,390
    
    
    
    49.95
    %Corporate BondsUnited StatesFinancials (cost $106,198,611)
    
    $
    106,210,199
    
    
    
    6.22
    %Government And Agency ObligationsUnited StatesU.S. Government Agency
    
    $
    311,649,912
    
    
    
    18.24
    %U.S. Treasury Bills$
    30,000,000
    
    
    U.S. Treasury Bills *
Due 01/14/2010
    
    $
    29,999,973
    
    
    
    1.76
    %$
    100,000,000
    
    
    U.S. Treasury Bills *
Due 01/28/2010
    
    $
    99,998,667
    
    
    
    5.85
    %$
    37,000,000
    
    
    U.S. Treasury Bills *
Due 03/25/2010
    
    $
    36,994,882
    
    
    
    2.17
    %$
    100,000,000
    
    
    U.S. Treasury Bills *
Due 04/01/2010
    
    $
    99,988,750
    
    
    
    5.85
    %Total United States(cost $579,049,811)
    
    $
    578,632,184
    
    
    
    33.87
    %Short Term Investment FundsUnited StatesShort Term Investment Funds (cost $2,531,880)
    
    $
    2,531,880
    
    
    
    0.15
    %Total Fixed Income Securities
(cost $1,606,403,109)
    
    $
    1,606,246,718
    
    
    
    94.03
    %
 See Accompanying Notes to Financial Statements.
 5




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##### 



LONG FUTURES CONTRACTS
 % of NetDescription
    
    Values ($)
    
    
    Asset ValueAgricultural
    
    $
    (59,783
    )
    
    
    0.00
    %Energy
    
    $
    798,745
    
    
    
    0.05
    %Metals
    
    $
    4,011,004
    
    
    
    0.23
    %Stock indices
    
    $
    12,654,145
    
    
    
    0.74
    %Short-term interest rates
    
    $
    (5,342,338
    )
    
    
    (0.31
    )%Long-term interest rates
    
    $
    (14,825,155
    )
    
    
    (0.87
    )%Total long futures contracts
    
    $
    (2,763,382
    )
    
    
    (0.16
    )%
 SHORT FUTURES CONTRACTS
 % of NetDescription
    
    Values ($)
    
    
    Asset ValueAgricultural
    
    $
    50,561
    
    
    
    0.00
    %Metals
    
    $
    (2,581,534
    )
    
    
    (0.15
    )%Long-term interest rates
    
    $
    717,238
    
    
    
    0.04
    %Total short futures contracts
    
    $
    (1,813,735
    )
    
    
    (0.11
    )%Total futures contracts
    
    $
    (4,577,117
    )
    
    
    (0.27
    )%
 FORWARD CURRENCY CONTRACTS
 % of NetDescription
    
    Values ($)
    
    
    Asset ValueVarious long forward currency contracts
    
    $
    (64,092,290
    )
    
    
    (3.75
    )%Various short forward currency contracts
    
    $
    49,010,012
    
    
    
    2.87
    %Total forward currency contracts
    
    $
    (15,082,278
    )
    
    
    (0.88
    )%
 PURCHASED OPTIONS ON FORWARD CURRENCY CONTRACTS
 % of NetDescription
    
    Values ($)
    
    
    Asset ValuePurchased options on forward currency
contracts (premiums paid  $4,023,342)
    
    $
    4,062,722
    
    
    
    0.24
    %
 WRITTEN OPTIONS ON FORWARD CURRENCY CONTRACTS
 % of NetDescription
    
    Values ($)
    
    
    Asset ValueWritten options on forward currency
contracts (premiums received -
$1,254,708)
    
    $
    (1,094,738
    )
    
    
    (0.06
    )%
 
 *
    
    Pledged as collateral for the trading of futures, forward and option positions. See Accompanying Notes to Financial Statements.
 6




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##### 



March 31,
    
    
    December 31,2010
    
    
    2009ASSETSEquity in broker trading accountsCash
    
    $
    115,761,597
    
    
    $
    224,803,378Fixed income securities
(cost $149,996,354 and $199,987,417, respectively)
    
    
    149,996,354
    
    
    
    199,987,417Net unrealized gain (loss) on open futures contracts
    
    
    32,906,535
    
    
    
    (4,577,117
    )Total equity in broker trading accounts
    
    
    298,664,486
    
    
    
    420,213,678Cash and cash equivalents
    
    
    32,538,709
    
    
    
    41,337,614Fixed income securities
(cost $1,243,783,499 and $1,406,415,692, respectively)
    
    
    1,244,082,223
    
    
    
    1,406,259,301Options purchased, at fair value
(premiums paid  $3,223,281 and $4,023,342, respectively)
    
    
    2,774,399
    
    
    
    4,062,722Net unrealized gain (loss) on open forward currency contracts
    
    
    2,079,021
    
    
    
    (15,082,278
    )Interest receivable
    
    
    1,154,981
    
    
    
    2,064,955Total assets
    
    $
    1,581,293,819
    
    
    $
    1,858,855,992LIABILITIESAccounts payable
    
    $
    405,005
    
    
    $
    642,518Brokerage fee
    
    
    9,213,731
    
    
    
    10,246,641Options written, at fair value
(premiums received  $1,199,754 and $1,254,708, respectively)
    
    
    885,475
    
    
    
    1,094,738Payable for securities purchased
    
    
    0
    
    
    
    99,998,667Accrued commissions and other trading fees on open contracts
    
    
    309,728
    
    
    
    206,347Offering costs payable
    
    
    196,827
    
    
    
    346,751Redemptions payable
    
    
    52,011,314
    
    
    
    37,828,712Total liabilities
    
    
    63,022,080
    
    
    
    150,364,374PARTNERS CAPITAL (Net Asset Value)General Partner - 6,637.982 redeemable units
outstanding at March 31, 2010 and December 31, 2009
    
    
    15,228,925
    
    
    
    15,893,851Limited Partners - 655,147.429 and 706,905.488 redeemable units
outstanding at March 31, 2010 and December 31, 2009
    
    
    1,503,042,814
    
    
    
    1,692,597,767Total partners capital (Net Asset Value)
    
    
    1,518,271,739
    
    
    
    1,708,491,618Total liabilities and partners capital (Net Asset Value)
    
    $
    1,581,293,819
    
    
    $
    1,858,855,992
 See Accompanying Notes to Financial Statements.
 7




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##### 



Three Months EndedMarch 31,2010
    
    
    2009TRADING GAINS (LOSSES)Futures trading gains (losses)Realized
    
    $
    (69,962,051
    )
    
    $
    5,683,817Change in unrealized
    
    
    37,483,652
    
    
    
    (8,548,267
    )Brokerage commissions
    
    
    (1,118,997
    )
    
    
    (642,221
    )Net gain (loss) from futures trading
    
    
    (33,597,396
    )
    
    
    (3,506,671
    )Forward
currency and options on forward currency trading gains (losses)Realized
    
    
    (29,088,325
    )
    
    
    26,143,921Change in unrealized
    
    
    16,827,346
    
    
    
    (14,364,951
    )Brokerage commissions
    
    
    (103,881
    )
    
    
    (52,491
    )Net gain (loss) from forward currency
and options on forward currency trading
    
    
    (12,364,860
    )
    
    
    11,726,479Total net trading gain (loss)
    
    
    (45,962,256
    )
    
    
    8,219,808NET INVESTMENT INCOME (LOSS)Investment incomeInterest income
    
    
    1,561,540
    
    
    
    216,212Realized gain (loss) on fixed income securities
    
    
    (5,487
    )
    
    
    0Change in unrealized gain (loss) on fixed income securities
    
    
    455,115
    
    
    
    0Total investment income
    
    
    2,011,168
    
    
    
    216,212ExpensesBrokerage fee
    
    
    27,783,387
    
    
    
    42,252,108Operating expenses
    
    
    738,894
    
    
    
    409,516Total expenses
    
    
    28,522,281
    
    
    
    42,661,624Net investment income (loss)
    
    
    (26,511,113
    )
    
    
    (42,445,412
    )NET INCOME (LOSS)
    
    $
    (72,473,369
    )
    
    $
    (34,225,604
    )NET INCOME (LOSS) PER GENERAL AND LIMITED PARTNER UNIT (based
on weighted average number of units outstanding during the period)
    
    $
    (103.56
    )
    
    $
    (37.40
    )INCREASE (DECREASE) IN NET ASSET VALUE
PER GENERAL AND LIMITED PARTNER UNIT
    
    $
    (100.17
    )
    
    $
    (39.68
    )
 See Accompanying Notes to Financial Statements.
 8




---



##### 



Three Months EndedMarch 31,2010
    
    
    2009Cash flows from (for) operating activitiesNet income (loss)
    
    $
    (72,473,369
    )
    
    $
    (34,225,604
    )Adjustments to reconcile net income (loss) to net cash from (for) operating activitiesNet change in unrealized
    
    
    (54,766,113
    )
    
    
    22,913,219(Increase) decrease in restricted cash
    
    
    0
    
    
    
    83,927,379(Increase) decrease in option premiums paid
    
    
    800,061
    
    
    
    55,535Increase (decrease) in option premiums received
    
    
    (54,954
    )
    
    
    (291,660
    )Increase (decrease) in payable for securities purchased
    
    
    (99,998,667
    )
    
    
    0(Increase) decrease in interest receivable
    
    
    909,974
    
    
    
    27,140Increase (decrease) in accounts payable and accrued expenses
    
    
    (1,167,042
    )
    
    
    (924,224
    )Purchases of investments in fixed income securities
    
    
    (13,612,873,948
    )
    
    
    (2,381,012,749
    )Sales/maturities of investments in fixed income securities
    
    
    13,825,497,204
    
    
    
    1,291,000,000Net cash from (for) operating activities
    
    
    (14,126,854
    )
    
    
    (1,018,530,964
    )Cash flows from (for) financing activitiesRedemption of units
    
    
    (102,959,521
    )
    
    
    (164,558,005
    )Offering costs paid
    
    
    (754,311
    )
    
    
    (1,135,383
    )Net cash from (for) financing activities
    
    
    (103,713,832
    )
    
    
    (165,693,388
    )Net increase (decrease) in cash and cash equivalents
    
    
    (117,840,686
    )
    
    
    (1,184,224,352
    )Cash and cash equivalentsBeginning of period
    
    
    266,140,992
    
    
    
    1,309,258,625End of period
    
    $
    148,300,306
    
    
    $
    125,034,273End of period cash and cash equivalents consists of:Cash in broker trading accounts
    
    $
    115,761,597
    
    
    $
    105,827,508Cash and cash equivalents
    
    
    32,538,709
    
    
    
    19,206,765Total end of period cash and cash equivalents
    
    $
    148,300,306
    
    
    $
    125,034,273
 See Accompanying Notes to Financial Statements.
 9




---



##### 



Partners CapitalGeneral Partner
    
    
    Limited Partners
    
    
    TotalUnits
    
    
    Amount
    
    
    Units
    
    
    Amount
    
    
    Units
    
    
    AmountThree Months Ended March 31, 2010Balances at December 31, 2009
    
    
    6,637.982
    
    
    $
    15,893,851
    
    
    
    706,905.488
    
    
    $
    1,692,597,767
    
    
    
    713,543.470
    
    
    $
    1,708,491,618Net income (loss) for the three months ended
March 31, 2010
    
    
    
    
    
    
    (659,190
    )
    
    
    
    
    
    
    (71,814,179
    )
    
    
    
    
    
    
    (72,473,369
    )Redemptions
    
    
    0.000
    
    
    
    0
    
    
    
    (51,758.059
    )
    
    
    (117,142,123
    )
    
    
    (51,758.059
    )
    
    
    (117,142,123
    )Offering costs
    
    
    
    
    
    
    (5,736
    )
    
    
    
    
    
    
    (598,651
    )
    
    
    
    
    
    
    (604,387
    )Balances at March 31, 2010
    
    
    6,637.982
    
    
    $
    15,228,925
    
    
    
    655,147.429
    
    
    $
    1,503,042,814
    
    
    
    661,785.411
    
    
    $
    1,518,271,739Three Months Ended March 31, 2009Balances at December 31, 2008
    
    
    10,367.982
    
    
    $
    27,266,756
    
    
    
    923,465.791
    
    
    $
    2,428,627,136
    
    
    
    933,833.773
    
    
    $
    2,455,893,892Net income (loss) for the three months ended
March 31, 2009
    
    
    
    
    
    
    (399,680
    )
    
    
    
    
    
    
    (33,825,924
    )
    
    
    
    
    
    
    (34,225,604
    )Redemptions
    
    
    0.000
    
    
    
    0
    
    
    
    (59,883.428
    )
    
    
    (156,897,344
    )
    
    
    (59,883.428
    )
    
    
    (156,897,344
    )Offering costs
    
    
    
    
    
    
    (11,722
    )
    
    
    
    
    
    
    (1,031,698
    )
    
    
    
    
    
    
    (1,043,420
    )Balances at March 31, 2009
    
    
    10,367.982
    
    
    $
    26,855,354
    
    
    
    863,582.363
    
    
    $
    2,236,872,170
    
    
    
    873,950.345
    
    
    $
    2,263,727,524
 Net Asset Value per General and Limited Partner UnitMarch 31, 2010
    
    
    December 31, 2009
    
    
    March 31, 2009
    
    
    December 31, 2008$
    2,294.21
    
    
    $
    2,394.38
    
    
    $
    2,590.22
    
    
    $
    2,629.90
 See Accompanying Notes to Financial Statements.
 10




---



##### 



Three Months EndedMarch 31,2010
    
    
    2009Per Unit Performance(for a unit outstanding throughout the entire period)Net asset value per unit at beginning of period
    
    $
    2,394.38
    
    
    $
    2,629.90Income (loss) from operations:Total net
trading gains (losses) (1)
    
    
    (61.43
    )
    
    
    7.84Net investment income (loss) (1)
    
    
    (37.88
    )
    
    
    (46.38
    )Total net income (loss) from operations
    
    
    (99.31
    )
    
    
    (38.54
    )Offering costs (1)
    
    
    (0.86
    )
    
    
    (1.14
    )Net asset value per unit at end of period
    
    $
    2,294.21
    
    
    $
    2,590.22Total Return (3)
    
    
    (4.18
    )%
    
    
    (1.51
    )%Supplemental DataRatios to average net asset value:Expenses prior to performance fee (4)Expenses prior to performance fee (4)
    
    
    7.15
    %
    
    
    7.14
    %Performance fee (3)
    
    
    0.00
    %
    
    
    0.00
    %Total expenses
    
    
    7.15
    %
    
    
    7.14
    %Net
investment income (loss) (2),(4)
    
    
    (6.65
    )%
    
    
    (7.10
    )%
 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) per unit and offering costs per unit are calculated by
dividing the net investment income (loss) 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 FundCampbell Strategic Allocation Fund, L.P. (the Fund) is a Delaware limited partnership which
operates as a commodity investment pool. The Fund engages in the speculative trading of
futures contracts, forward currency contracts and options on forward currency contracts.Effective June 14, 2008, units in the Fund were no longer offered for sale (Please refer to Note 10). For existing
investors in the Fund, business is conducted as usual.
There was 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 (FASB)
Accounting Standards Codification (ASC) 210-20, Offsetting  Balance Sheet, (formerly FAS No.
39  Offsetting of Amounts Related to Certain Contracts). The fair 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 on the last business day of the reporting
period. The fair 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.) on the last business day of
the reporting period.The fair 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 fair 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 March 31, 2010, the Fund did not have any Level 3 assets or liabilities.In January 2010, the FASB issued Accounting Standards update No. 2010-06 (ASU 2010-06) for
improving disclosure about fair value measurements. ASU 2010-06 adds new disclosure
requirements about transfers into and out of Levels 1 and 2 and separate disclosures about
purchases, sales, issuances and settlements in the reconciliation for fair value measurements
using significant unobservable inputs (Level 3).
It also clarifies existing disclosure requirements relating to the levels of disaggregation
for fair value measurement and inputs and valuation techniques used to measure fair value. As
of January 1, 2010, the Fund adopted the provisions of ASC 2010-06 except for disclosures
about purchases, sales, issuances and settlements in the rollforward of activity in Level 3
fair value measurements, which are effective for fiscal years beginning after December 15,
2010 and for interim periods within those fiscal years.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 March 31, 2010 and December 31, 2009.
 Fair Value at March 31, 2010Description
    
    Level 1
    
    
    Level 2
    
    
    Level 3
    
    
    TotalInvestmentsFixed income securities
    
    $
    0
    
    
    $
    1,394,078,577
    
    
    $
    0
    
    
    $
    1,394,078,577Other Financial InstrumentsExchange-traded futures contracts
    
    
    32,906,535
    
    
    
    0
    
    
    
    0
    
    
    
    32,906,535Forward currency contracts
    
    
    0
    
    
    
    2,079,021
    
    
    
    0
    
    
    
    2,079,021Options purchased
    
    
    0
    
    
    
    2,774,399
    
    
    
    0
    
    
    
    2,774,399Options written
    
    
    0
    
    
    
    (885,475
    )
    
    
    0
    
    
    
    (885,475
    )Total
    
    $
    32,906,535
    
    
    $
    1,398,046,522
    
    
    $
    0
    
    
    $
    1,430,953,057
 Fair
Value at December 31, 2009Description
    
    Level 1
    
    
    Level 2
    
    
    Level 3
    
    
    TotalInvestmentsFixed income securities
    
    $
    0
    
    
    $
    1,606,246,718
    
    
    $
    0
    
    
    $
    1,606,246,718Other Financial InstrumentsExchange-traded futures contracts
    
    
    (4,577,117
    )
    
    
    0
    
    
    
    0
    
    
    
    (4,577,117
    )Forward currency contracts
    
    
    0
    
    
    
    (15,082,278
    )
    
    
    0
    
    
    
    (15,082,278
    )Options purchased
    
    
    0
    
    
    
    4,062,722
    
    
    
    0
    
    
    
    4,062,722Options written
    
    
    0
    
    
    
    (1,094,738
    )
    
    
    0
    
    
    
    (1,094,738
    )Total
    
    $
    (4,577,117
    )
    
    $
    1,594,132,424
    
    
    $
    0
    
    
    $
    1,589,555,307
 D.
    
    Cash and Cash EquivalentsCash and cash equivalents includes cash and overnight money market investments at financial
institutions.E.
    
    Income TaxesThe Fund prepares calendar year U.S. federal 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 FASB
No. 48, Accounting for Uncertainty in Income Taxes) to the Fund, and has determined that no
reserves for uncertain tax positions were required. 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 2006 through 2009 tax years
generally remain subject to examination by the U.S. federal and most state tax authorities.
 13




---



##### 



F.
    
    Offering CostsCampbell & Company, Inc. (Campbell & Company) has incurred all costs in connection with the
initial and continuous offering of units of the Fund (offering costs). In addition, Campbell &
Company continues to compensate wholesalers for services rendered to Limited Partners. The
Funds liability for offering costs is limited to the maximum of total offering costs incurred
by Campbell & Company or 2.5% of the aggregate subscriptions accepted during the initial and
continuous offerings. The Fund is only liable for payment of offering costs on a monthly basis
as calculated based on the limitations stated above. At March 31, 2010, and December 31, 2009,
the Fund reflects a liability in the statement of financial condition for offering costs
payable to Campbell & Company of $196,827 and $346,751, respectively. The amount of monthly
reimbursement due to Campbell & Company is charged directly to partners capital.If the Fund terminates prior to completion of payment of the calculated amounts to Campbell &
Company, Campbell & Company will not be entitled to any additional payments, and the Fund will
have no further obligation to Campbell & Company. At March 31, 2010 and December 31, 2009, the
amount of unreimbursed offering costs incurred by Campbell & Company is $296,456 and $529,166,
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.
    
    ReclassificationCertain prior period amounts in the Statement of Cash Flows were reclassified to conform to current period presentation.
 Note 2. GENERAL PARTNER AND COMMODITY TRADING ADVISOR
     Note 3. CASH MANAGER AND CUSTODIAN
   14




---



##### 



Note 4. DEPOSITS WITH BROKERS
  Note 5. OPERATING EXPENSES
  Note 6. SUBSCRIPTIONS, DISTRIBUTIONS AND REDEMPTIONS
    Note 7. TRADING ACTIVITIES AND RELATED RISKS
       15




---



##### 



Forward Currency andOptions on ForwardFutures Contracts
    
    
    Currency Contracts(exchange traded)
    
    
    (non-exchange traded)March 31, 2010
    
    
    December 31, 2009
    
    
    March 31, 2010
    
    
    December 31, 2009Gross unrealized gains
    
    $
    47,540,772
    
    
    $
    25,016,239
    
    
    $
    49,941,403
    
    
    $
    68,424,483Gross unrealized losses
    
    
    (14,634,237
    )
    
    
    (29,593,356
    )
    
    
    (47,996,985
    )
    
    
    (83,307,411
    )Net unrealized gain (loss)
    
    $
    32,906,535
    
    
    $
    (4,577,117
    )
    
    $
    1,944,418
    
    
    $
    (14,882,928
    )
    Asset
    
    
    LiabilityDerivatives at
    
    
    Derivatives atStatement of Financial
    
    
    March 31, 2010
    
    
    March 31, 2010Type of Instrument *
    
    Condition Location
    
    
    Fair Value
    
    
    Fair Value
    
    
    NetAgricultural Contracts
    
    Equity in broker trading accounts
    
    $
    3,926,418
    
    
    $
    (944,827
    )
    
    $
    2,981,591Energy Contracts
    
    Equity in broker trading accounts
    
    
    6,496,665
    
    
    
    (2,425
    )
    
    
    6,494,240Metal Contracts
    
    Equity in broker trading accounts
    
    
    12,505,558
    
    
    
    (4,315,666
    )
    
    
    8,189,892Stock Indices Contracts
    
    Equity in broker trading accounts
    
    
    13,701,556
    
    
    
    (1,409,006
    )
    
    
    12,292,550Short-Term Interest Rate Contracts
    
    Equity in broker trading accounts
    
    
    5,700,498
    
    
    
    (1,004,679
    )
    
    
    4,695,819Long-Term Interest Rate Contracts
    
    Equity in broker trading accounts
    
    
    5,210,072
    
    
    
    (6,957,629
    )
    
    
    (1,747,557
    )Forward Currency Contracts
    
    Net unrealized gain (loss) on open forward currency contracts
    
    
    48,879,467
    
    
    
    (46,800,446
    )
    
    
    2,079,021Purchased Options on Forward
Currency Contracts
    
    Options purchased, at fair value
    
    
    2,774,399
    
    
    
    0
    
    
    
    2,774,399Written Options on Forward
Currency Contracts
    
    Options written, at fair value
    
    
    0
    
    
    
    (885,475
    )
    
    
    (885,475
    )Totals
    
    
    
    
    
    $
    99,194,633
    
    
    $
    (62,320,153
    )
    
    $
    36,874,480
 
 *
    
    Derivatives not designated as hedging instruments under ASC 815 16




---



##### 



Asset
    
    
    LiabilityDerivatives at
    
    
    Derivatives atStatement of Financial
    
    
    December 31, 2009
    
    
    December 31, 2009Type of Instrument *
    
    Condition Location
    
    
    Fair Value
    
    
    Fair Value
    
    
    NetAgricultural Contracts
    
    Equity in broker trading accounts
    
    $
    616,716
    
    
    $
    (625,938
    )
    
    $
    (9,222
    )Energy Contracts
    
    Equity in broker trading accounts
    
    
    999,217
    
    
    
    (200,472
    )
    
    
    798,745Metal Contracts
    
    Equity in broker trading accounts
    
    
    7,483,987
    
    
    
    (6,054,517
    )
    
    
    1,429,470Stock Indices Contracts
    
    Equity in broker trading accounts
    
    
    13,693,321
    
    
    
    (1,039,176
    )
    
    
    12,654,145Short-Term Interest Rate Contracts
    
    Equity in broker trading accounts
    
    
    276,225
    
    
    
    (5,618,563
    )
    
    
    (5,342,338
    )Long-Term Interest Rate Contracts
    
    Equity in broker
 trading accounts
    
    
    1,946,773
    
    
    
    (16,054,690
    )
    
    
    (14,107,917
    )Forward Currency Contracts
    
    Net unrealized gain (loss) on open forward currency contracts
    
    
    66,727,508
    
    
    
    (81,809,786
    )
    
    
    (15,082,278
    )Purchased Options on Forward
Currency Contracts
    
    Options purchased, at fair value
    
    
    4,062,722
    
    
    
    0
    
    
    
    4,062,722Written Options on Forward Currency
Contracts
    
    Options written, at fair value
    
    
    0
    
    
    
    (1,094,738
    )
    
    
    (1,094,738
    )Totals
    
    
    
    
    
    $
    95,806,469
    
    
    $
    (112,497,880
    )
    
    $
    (16,691,411
    )
 
 *
    
    Derivatives not designated as hedging instruments under ASC 815  Trading Revenue for
    
    
    Trading Revenue for thethe Three Months Ended
    
    
    Three Months EndedType of Instrument
    
    March 31, 2010
    
    
    March 31, 2009Agricultural Contracts
    
    $
    197,469
    
    
    $
    0Energy Contracts
    
    
    (13,864,180
    )
    
    
    (592,805
    )Metal Contracts
    
    
    (13,930,579
    )
    
    
    (12,290,423
    )Stock Indices Contracts
    
    
    (32,696,583
    )
    
    
    (17,292,126
    )Short-Term Interest Rate Contracts
    
    
    49,231,741
    
    
    
    17,059,096Long Term Interest Rate Contracts
    
    
    (21,356,493
    )
    
    
    10,449,273Forward Currency Contracts
    
    
    (4,145,403
    )
    
    
    (2,678,658
    )Purchased
Options on Forward Currency Contracts
    
    
    (17,952,291
    )
    
    
    (4,903,179
    )Written Options on Forward Currency Contracts
    
    
    9,836,715
    
    
    
    19,360,807Total
    
    $
    (44,679,604
    )
    
    $
    9,111,985
 17




---



##### 



Trading Revenue for
    
    
    Trading Revenue forthe Three Months Ended
    
    
    the Three Months EndedLine Item in the Statement of Operations
    
    March 31, 2010
    
    
    March 31, 2009Futures trading gains (losses):Realized
    
    $
    (69,902,277
    )
    
    $
    5,881,282Change in unrealized
    
    
    37,483,652
    
    
    
    (8,548,267
    )Forward currency and options on forward currency trading gains (losses):Realized
    
    
    (29,088,325
    )
    
    
    26,143,921Change in unrealized
    
    
    16,827,346
    
    
    
    (14,364,951
    )Total
    
    $
    (44,679,604
    )
    
    $
    9,111,985
     Note 8. INDEMNIFICATIONS
  Note 9. INTERIM FINANCIAL STATEMENTS
  Note 10. SUBSEQUENT EVENTS
  18




---



##### 



Item 2.
    
    Managements Discussion and Analysis of Financial Condition and Results of Operations
 Introduction
  Critical Accounting Policies
   Capital Resources
    19




---



##### 



Liquidity
      20




---



##### 



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




---



##### 



Results of Operations
  2010
  Sector
    
    % Gain (Loss)Interest Rates
    
    
    1.67
    %Currencies
    
    
    (0.63
    )Commodities
    
    
    (1.57
    )Stock Indices
    
    
    (1.88
    )(2.41
    )%
  22




---



##### 



2009
  Sector
    
    % Gain (Loss)Interest Rates
    
    
    1.17
    %Currencies
    
    
    0.50Commodities
    
    
    (0.54
    )Stock Indices
    
    
    (0.79
    )0.34
    %
  23




---



##### 



Item 3.
    
    Quantitative and Qualitative Disclosures About Market Risk
 Introduction
 Past Results Not Necessarily Indicative of Future Performance
    24




---



##### 



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).
      25




---



##### 



The Funds Trading Value at Risk in Different Market Sectors
  March 31, 2010TradingMarket Sector
    
    Value at Risk*
    
    
    Gain/(Loss)**Interest Rates
    
    
    0.62
    %
    
    
    1.67
    %Stock Indices
    
    
    0.60
    %
    
    
    (1.88
    )%Commodities
    
    
    0.54
    %
    
    
    (1.57
    )%Currencies
    
    
    0.52
    %
    
    
    (0.63
    )%Aggregate/Total
    
    
    1.65
    %
    
    
    (2.41
    )%
 
 * -
    
    The VaR for a sector represents the one day downside risk for the aggregate exposures
associated with this sector. The aggregate VaR represents the VaR of the Funds open
positions across all market sectors, and is less than the sum of the VaRs for all such market
sectors due to the diversification benefit across asset classes.** -
    
    Of the return for the three months ended March 31, 2010, approximately 2.41% was due to
trading losses (before commissions) and approximately 1.90% due to brokerage fees, operating
expenses and offering costs borne by the Fund, offset by approximately 0.13% due to investment
income, giving a net return of (4.18)%. December 31, 2009TradingMarket Sector
    
    Value at Risk*
    
    
    Gain/(Loss)**Currencies
    
    
    0.90
    %
    
    
    3.70
    %Interest Rates
    
    
    0.68
    %
    
    
    (4.66
    )%Stock Indices
    
    
    0.45
    %
    
    
    (0.46
    )%Commodities
    
    
    0.41
    %
    
    
    (0.24
    )%Aggregate/Total
    
    
    1.62
    %
    
    
    (1.66
    )%
 
 * -
    
    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, 2009, approximately 1.66% was due to
trading losses (before commissions) and approximately 7.44% due to brokerage fees, operating
costs and offering costs borne by the Fund offset by approximately 0.14% due to investment
income giving a net return of (8.96)%. 26




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##### 



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.
 27




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##### 



Currencies
 i.e.,
 Interest Rates
  Stock Indices
  Energy
  28




---



##### 



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
  29




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##### 



General
  
 Item 4T.
    
    Controls and Procedures
  30




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##### 



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.
 31




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##### 



SIGNATURES
  CAMPBELL STRATEGIC ALLOCATION FUND, L.P.
(Registrant)By:
    Campbell & Company, Inc.General Partner Date:  May 17, 2010
    By:
    /s/  Theresa D. BecksTheresa D. BecksChief Executive Officer 32




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##### 



EXHIBIT INDEX
 Exhibit Number
    
    Description of Document
    
    Page Number31.01
    
    Certification by Chief Executive Officer
    
    E 231.02
    
    Certification by Chief Financial Officer
    
    E 332.01
    
    Certification by Chief Executive Officer
    
    E 432.02
    
    Certification by Chief Financial Officer
    
    E 5
 -E 1-