UNITED STATES
                      SECURITIES AND EXCHANGE COMMISSION  
                            WASHINGTON, D.C.  20549 
                                         
                                   FORM 10-Q 


   [  X ]  Quarterly Report Pursuant to Section 13 or 15(d) of the Securities
   Exchange Act of 1934 

   For the quarterly period ended   September 30, 1996       

                                       or 

   [   ]  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.  
               (Exact name of registrant as specified in charter) 

    
               Delaware                                52-1823554            
       (State of Organization)                       (IRS Employer
                                                Identification Number) 
    
   Court Towers Building, 
   210 West Pennsylvania Avenue,
   Baltimore, Maryland                                           21204   
   (Address of principal executive offices)                   (Zip Code) 
    
    (410) 296-3301                                             
   (Registrant's telephone number, including area code) 
    
   Indicate by check mark whether the registrant (1) has filed all reports
   required to be filed by Section 13 or 15(d) of the Securities Exchange Act
   of 1934 during the preceding 12 months, and (2) has been subject to such
   filing requirements for the past 90 days. 


                            Yes [ X ]         No [   ] 
           
   <PAGE>
                         PART I - FINANCIAL INFORMATION


   Item 1.        Financial Statements

   The following unaudited financial statements of Campbell Strategic
   Allocation Fund, L.P. are included in Item 1:

        Statements of Financial Condition as of September 30, 1996 and 
            December 31, 1995

        Statements of Operations for the Three Months and Nine Months Ended 
            September 30, 1996 and 1995

        Statements of Changes in Partners' Capital for the Nine Months Ended
            September 30, 1996 and 1995


   <PAGE>
                    CAMPBELL STRATEGIC ALLOCATION FUND, L.P.
                        STATEMENTS OF FINANCIAL CONDITION
         September 30, 1996 (Unaudited)  and December 31, 1995 (Audited)

                                                September 30,    December 31,
                                                    1996            1995
   ASSETS
       Equity in broker trading accounts
         Cash                                   $ 4,484,905      $ 1,238,207
         United States government securities      7,486,450        7,205,197
         Unrealized gain on open futures
          contracts                               3,879,914        2,798,738
                                                 ----------       ----------
            Deposits with broker                 15,851,269       11,242,142

       Cash and cash equivalents                 51,880,159       32,491,237
       United States government securities        2,980,265        2,985,505
       Unrealized gain (loss) on open
        forward contracts                           872,185         (227,297)
                                                 ----------       ----------
            Total assets                        $71,583,878      $46,491,587
                                                 ==========       ==========

   LIABILITIES
       Accounts payable                         $    93,792      $    31,699
       Brokerage fee                                456,321          301,006
       Redemptions payable                          894,096        1,018,007
       Offering costs payable                        57,170           37,187
       Subscription deposits                        217,444           30,154
                                                 ----------       ----------
            Total liabilities                     1,718,823        1,418,053
                                                 ----------       ----------

   PARTNERS' CAPITAL (Net Asset Value)
       General Partner - 664.076 and 
         472.222 units outstanding at
         September 30, 1996 and
         December 31,1995                           705,886          459,018
       Limited Partners - 65,063.074 and
         45,897.894 units outstanding at
         September 30, 1996 and
         December 31, 1995                       69,159,169       44,614,516
                                                 ----------       ----------
            Total partners' capital
              (Net Asset Value)                  69,865,055       45,073,534
                                                 ----------       ----------
                                                $71,583,878      $46,491,587
                                                 ==========       ==========


                             See accompanying notes.

   <PAGE>
   <TABLE>


                                              CAMPBELL STRATEGIC ALLOCATION FUND, L.P.
                                                      STATEMENTS OF OPERATIONS
                                     For the Three Months Ended September 30, 1996 and 1995 and
                                        For the Nine Months Ended September 30, 1996 and 1995
                                                             (Unaudited)
   <CAPTION>
                                                 Three Months Ended              Nine Months Ended
                                                    September 30,                   September 30,
                                                 1996           1995             1996           1995   

   <S>                                     <C>                <C>           <C>             <C>
   INCOME
      Trading gains (losses)
         Realized                          $ (1,670,524)      $  24,849     $  4,519,403    $ 1,924,201
         Change in unrealized                 4,204,433        (496,100)       2,180,657       (411,742)
                                             ----------        --------      -----------     ----------
             Gain (loss) from trading         2,533,909        (471,251)      6,700,060       1,512,459

          Interest income                       857,708         508,559       2,133,906       1,196,304
                                             ----------        --------      -----------     ----------
               Total income                   3,391,617          37,308        8,833,966      2,708,763
                                             ----------        --------      -----------     ----------
   EXPENSES
   Brokerage fee                              1,298,071         704,349        3,360,357      1,704,754
   Operating expenses                            69,181          44,729          175,627        124,080
                                             ----------        --------      -----------     ----------
               Total expenses                 1,367,252         749,078        3,535,984      1,828,834
                                             ----------        --------      -----------     ----------
   NET INCOME (LOSS)                       $  2,024,365    $   (711,770)    $  5,297,982    $   879,929
                                             ==========       =========      ===========     ==========
   NET INCOME (LOSS) PER GENERAL AND
    LIMITED PARTNER UNIT
      (based on weighted average 
       number of units outstanding 
       during the period)                  $      32.81      $   (19.11)     $     98.05      $   29.07
                                             ==========       =========       ==========      =========
   INCREASE (DECREASE) IN NET ASSET
    VALUE PER GENERAL AND LIMITED
   PARTNER UNIT                               $   29.19      $   (23.93)       $   90.92    $     33.03
                                             ==========       =========       ==========      =========
   </TABLE>


                             See accompanying notes.

   <PAGE>
   <TABLE>
                                              CAMPBELL STRATEGIC ALLOCATION FUND, L.P.
                                    STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (NET ASSET VALUE)
                                        For the Nine Months Ended September 30, 1996 and 1995
                                                             (Unaudited)
   <CAPTION>
                                                                     Partners' Capital
                                             General                      Limited                             Total
                                        Units          Amount       Units             Amount          Units           Amount

   <S>                                <C>              <C>         <C>             <C>              <C>             <C>
   Nine Months Ended
    September 30, 1996

   Balances at December 31, 1995      472.222          $459,018    45,897.894      $44,614,516      46,370.116      $45,073,534

   Additions                          191.854           200,000    25,107.296       25,862,237      25,299.150       26,062,237

   Net income for the nine months
    ended September 30, 1996                             51,316                      5,246,666                        5,297,982

   Redemptions                          0.000                 0    (5,942.116)      (6,125,322)     (5,942.116)      (6,125,322)

   Offering costs                                        (4,448)                      (438,928)                        (443,376)
                                      -------          --------    ----------      -----------    ------------      -----------
   Balances at September 30, 1996     664.076          $705,886    65,063.074      $69,159,169      65,727.150      $69,865,055
                                      =======          ========    ==========      ===========      ==========       ==========
   Six Months Ended 
    September 30, 1995

   Balances at December 31, 1994      253.300          $223,859    23,055.320      $20,375,537      23,308.620      $20,599,396

   Additions                          193.203           180,000    21,777.039       20,108,793      21,970.242       20,288,793

   Net income for the nine months
    ended September 30, 1995                              7,786                        872,143                          879,929

   Redemptions                          0.000                 0    (3,487.522)      (3,233,135)     (3,487.522)      (3,233,135)

   Offering costs                                        (2,289)                      (218,244)                        (220,533)
                                      -------          --------    ----------      -----------    ------------      -----------
   Balances at
      September 30, 1995              446.503          $409,356    41,344.837      $37,905,094      41,791.340      $38,314,450
                                      =======          ========    ==========      ===========      ==========       ==========
   </TABLE>


                                  Net Asset Value Per Unit 
                  September 30,  December 31,  September 30,   December 31,
                      1996           1995          1995             1994   
                   $ 1,062.96     $  972.04     $   916.80     $   883.77
                     ========       =======       ========      =========

                             See accompanying notes.

   <PAGE>
                    CAMPBELL STRATEGIC ALLOCATION FUND, L.P.
                          NOTES TO FINANCIAL STATEMENTS
                                   (Unaudited)


   Note 1.  ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

      A.    General Description of the Partnership
            Campbell Strategic Allocation Fund, L.P. (the Partnership) is a
            Delaware limited partnership which operates as a commodity
            investment pool.  The Partnership was formed on May 11, 1993 and
            commenced trading on April 18, 1994.

      B.    Regulation
            As a registrant with the Securities and Exchange Commission, the
            Partnership is subject to the regulatory requirements under the
            Securities Acts of 1933 and 1934.  As a commodity investment
            pool, the Partnership 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
            Partnership executes transactions.  Additionally, the Partnership
            is subject to the requirements of Futures Commission Merchants
            (brokers) and interbank market makers through which the
            Partnership trades.

      C.    Method of Reporting
            The Partnership's financial statements are presented in
            accordance with generally accepted accounting principles, which
            require the use of certain estimates made by the Partnership's
            management.  Gains or losses are realized when contracts are
            liquidated. Net unrealized gain or loss on open contracts (the
            difference between contract purchase price and market price) is
            reported in the statement of financial condition in accordance
            with Financial Accounting Standards Board Interpretation No.39. 
            Any change in net unrealized gain or loss from the preceding
            period is reported in the statement of operations.  United States
            government securities are stated at cost plus accrued interest,
            which approximates market value.

      D.    Cash and Cash Equivalents
            Cash and cash equivalents includes cash and short-term
            investments in fixed income securities held at a financial
            institution.

       E.   Income Taxes
            The Partnership prepares calendar year U.S. and state information
            tax returns and reports to the partners their allocable shares of
            the Partnership's income, expenses and trading gains or losses.  
       
       F.   Offering Costs
            The General Partner has advanced the Partnership the costs
            incurred in connection with the initial offering of Units
            (initial offering costs) of $240,961 and additional costs
            incurred through September 30, 1996 in connection with the
            subsequent offering of Units (continuous offering costs) of
            $1,992,210.  The General Partner is reimbursed by the Partnership
            for such advanced amounts in approximately 30 equal installments
            commencing after the close of the initial offering (for initial
            offering costs advanced) and throughout the continuous offering
            (for continuous offering costs advanced).

            Reimbursement for such advanced costs is limited to 2.5% of the
            aggregate subscriptions accepted during the initial and
            continuous offerings.  If the Partnership terminates prior to
            completion of reimbursement to the General Partner, the General
            Partner will not be entitled to any additional reimbursement and
            the Partnership will have no further obligation to the General
            Partner.

            The amount of monthly reimbursement due to the General Partner is
            charged directly to partners' capital.

      G.    Foreign Currency Transactions
            The Partnership'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 currently.

   Note 2.  GENERAL PARTNER AND COMMODITY TRADING ADVISOR

            The General Partner of the Partnership is Campbell & Company,
            Inc., which conducts and manages the business of the Partnership.
            The General Partner is also the commodity trading advisor of the
            Partnership.  The Amended Agreement of Limited Partnership
            provides that the General Partner may make withdrawals of its
            Units, provided that such withdrawals do not reduce the General
            Partner's aggregate percentage interest in the Partnership to
            less than 1% of the net aggregate contributions.


            The General Partner is required by the Amended Agreement of
            Limited Partnership to maintain a net worth equal to the lesser
            of 5% of the capital contributed by all the limited partnerships
            for which it acts as general partner, including the Partnership. 
            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 Partnership pays a monthly brokerage fee equal to 1/12 of 8%
            (8% annualized) of month-end net assets.  The General Partner
            receives 7/8 of this fee, a portion (4/8 of the total brokerage
            fee) of which is used to compensate selling agents for ongoing
            services rendered and a portion (3/8 of the total brokerage fee)
            of which is retained by the General Partner for trading and
            management services rendered.  The remaining 1/8 of the brokerage
            fee is paid directly to the broker.  During the nine months ended
            September 30, 1996 and 1995, the amounts paid directly to the
            broker amounted to $420,045 and $211,703, respectively.

            The General Partner is also paid a quarterly performance fee of
            20% of the Partnership's aggregate cumulative appreciation in the
            Net Asset Value per Unit, exclusive of appreciation attributable
            to interest income.

   Note 3.  DEPOSITS WITH BROKER

            The Partnership deposits funds with a broker 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 broker. The
            Partnership earns interest income on its assets deposited with
            the broker.

   Note 4.  OPERATING EXPENSES

            Operating expenses of the Partnership are limited by the Amended
            Agreement of Limited Partnership to .5% per year of the average
            month-end Net Asset Value of the Partnership. Actual operating
            expenses were less than .5% (annualized) for the nine months
            ended September 30, 1996 and 1995.

   Note 5.  SUBSCRIPTIONS, DISTRIBUTIONS AND REDEMPTIONS

            Investments in the Partnership are made by subscription
            agreement, subject to acceptance by the General Partner.  As of
            September 30, 1996 and December 31, 1995, amounts received by the
            Partnership by prospective limited partners who have not yet been
            admitted to the Partnership by the General Partner amount to
            $217,444 and $30,154, respectively.

            The Partnership is not required to make distributions, but may do
            so at the sole discretion of the General Partner.  A Limited
            Partner may request and receive redemption of Units owned,
            subject to a redemption fee if redeemed within the first twelve
            months after the units are sold, subject to restrictions in the
            Amended Agreement of Limited Partnership.

   Note 6.  TRADING ACTIVITIES AND RELATED RISKS

            The Partnership engages in the speculative trading of U.S. and
            foreign futures contracts and forward contracts (collectively,
            "derivatives"). These derivatives include both financial and non-
            financial contracts held as part of a diversified trading
            program.  The Partnership is exposed to both market risk, the
            risk arising from changes in the market value of the contracts,
            and credit risk, the risk of failure by another party to perform
            according to the terms of a contract.  

            Purchase and sale of futures contracts requires margin deposits
            with the broker.  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
            brokers and interbank market makers usually range from 20% to 30%
            of Net Asset Value.  The market value of securities held to
            satisfy such requirements at September 30, 1996 and December 31,
            1995 was $10,466,715 and $10,190,702, respectively, which equals
            15% and 23% of Net Asset Value, respectively.

            The Partnership trades forward contracts in unregulated markets
            between principals and assumes the risk of loss from counterparty
            nonperformance.  Additionally, the trading of forward contracts 
            typically involves delayed cash settlement.

            At September 30, 1996, the Partnership has approximately
            $2,920,000 of its cash on deposit with a financial institution. 
            In the event of a financial institution's insolvency, recovery of
            Partnership  assets on deposit may be limited to account
            insurance or other protection afforded such deposits. In the
            normal course of business, the Partnership requires collateral
            for repurchase agreements.
            
            For derivatives, risks arise from changes in the market value of
            the contracts.  Theoretically, the  Partnership is exposed to a
            market risk equal to the value of futures and forward contracts
            purchased and unlimited liability on such contracts sold short.

            The fair value of derivatives represents unrealized gains and
            losses on open futures and forward contracts.  The average fair
            value of derivatives during the nine months ended September 30, 
            1996 was approximately $2,873,000 and the related period end fair
            value is approximately $4,752,000.

            Net trading income from derivatives is reflected in the statement
            of operations and equals gain (loss) from trading less the
            portion of the brokerage fee paid directly to the broker.  Such
            trading income reflects the net gain (loss) arising from the
            Partnership's speculative trading of futures and forward 
            contracts.

            Open contracts generally mature within three months; the latest
            maturity date for open contracts as of September 30, 1996 is
            December 1996.  However, the Partnership intends to close all
            contracts prior to maturity.  At September 30, 1996 and December
            31, 1995, the notional amount of open contracts is as follows:

   <TABLE>
   <CAPTION>
                                           September 30, 1996                December 31, 1995
                                        Contracts to     Contracts to     Contracts to  Contracts to
                                          Purchase          Sell            Purchase        Sell    

   <S>                                   <C>            <C>            <C>              <C>    
   Derivatives:
      Futures contracts:
      -  Long-term interest rates        $250,700,000   $          0   $148,500,000     $         0
      -  Short-term interest rates        322,900,000              0    105,700,000      34,800,000
      -  Currencies                        11,000,000     22,700,000        700,000      11,900,000
      -  Stock indices                     18,900,000              0     10,500,000               0
      -  Softs/Fibers                         500,000              0              0       3,900,000
      -  Grains                                     0      1,200,000      1,300,000         400,000
      -  Meats                                300,000              0        400,000               0
      -  Metals                            11,000,000     22,600,000      9,700,000      10,800,000
      -  Energy                            13,100,000      3,500,000     10,400,000               0

   Forward contracts:
      -  Currencies                       125,400,000    151,100,000     42,600,000      84,900,000
                                          -----------    -----------    -----------     -----------
                                        $ 753,800,000   $201,100,000 $  329,800,000    $146,700,000
                                          ===========    ===========    ===========     ===========
   </TABLE>

            The above amounts do not represent the Partnership's risk of
            loss due to market and credit risk, but rather represent the
            Partnership's extent of involvement in derivatives at the date
            of the statement of financial condition.

            The General Partner has established procedures to actively
            monitor and minimize market and credit risk.  The Limited
            Partners bear the risk of loss only to the extent of the market
            value of their respective investments and, in certain specific
            circumstances, distributions and redemptions received.

   Note 7.  INTERIM FINANCIAL STATEMENTS

            The Statement of Financial Condition as of September 30, 1996,
            the Statements of Operations for the three months and nine
            months ended September 30, 1996 and 1995 and  the Statements of
            Changes in Partners' Capital (Net Asset Value) for the nine
            months ended September 30, 1996 and 1995 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, 1996 and the results of operations for the three
            months and nine months ended September 30, 1996 and 1995.

   <PAGE>
   Item 2.  Management's Discussion and Analysis of Financial Condition and 
            Results of Operations

   Introduction

   The offering of the Campbell Strategic Allocation Fund's (the "Fund")
   Units of Limited Partnership Interests commenced on January 12, 1994, and
   the initial offering terminated on April 15, 1994 with proceeds of
   $9,692,439.  The continuing offering period commenced immediately after
   the termination of the initial offering period; additional subscriptions
   totaling $67,952,607 have been accepted during the continuing offering
   period as of October 1, 1996.  Redemptions over the same time period total
   $13,471,721.  The Fund commenced operations on April 18, 1994. 

   Capital Resources

   The Fund will raise additional capital only through the sale of Units
   offered pursuant to the continuing offering, and does not intend to raise
   any capital through borrowing.  Due to the nature of the Fund's business,
   it will make no capital expenditures and will have no capital assets which
   are not operating capital or assets.

   Liquidity

   Most United States commodity exchanges limit fluctuations in commodity
   futures contracts prices during a single day by regulations referred to as
   "daily price fluctuation limits" or "daily limits".  During a single
   trading day, no trades may be executed at prices beyond the daily limit. 
   Once the price of a futures contract has reached the daily limit for that
   day, positions in that contract can neither be taken nor liquidated. 
   Commodity futures prices have occasionally moved to the daily limit for
   several consecutive days with little or no trading.  Similar occurrences
   could prevent the Fund from promptly liquidating unfavorable positions and
   subject the Fund to substantial losses which could exceed the margin
   initially committed to such trades.  In addition, even if  commodity
   futures prices have not moved the daily limit, the Fund may not be able to
   execute futures trades at favorable prices, if little trading in such
   contracts is taking place.  Other than these limitations on liquidity,
   which are inherent in the Fund's commodity futures trading operations, the
   Fund's assets are expected to be highly liquid.

   Results of Operations

   The return for the nine months ending September 30, 1996 and 1995 was
   9.35% and 3.74%, respectively.  The Fund is unaware of any (i) anticipated
   known demands, commitments or capital expenditures; (ii) material trends,
   favorable or unfavorable, in its capital resources; or (iii) trends or
   uncertainties that will have a material effect on operations.  From time
   to time, certain regulatory agencies have proposed increased margin
   requirements on commodity futures contracts.  Because the Fund generally
   uses a small percentage of assets for margin, the Fund does not believe
   that any increase in margin requirements, if adopted as proposed, will
   have a material effect on the Fund's operations.  Management cannot
   predict whether the Fund's Net Asset Value per Unit will increase or
   decrease.  Inflation is not a significant factor in the Fund's operations,
   except to the extent that inflation may affect futures' prices.

   Off-Balance Sheet Risk

   The Fund trades in futures and forward contracts and is therefore a party
   to financial instruments with elements of off-balance sheet market and
   credit risk.  In entering into these contracts there exists a risk to the
   Fund (market risk) that such contracts may be significantly influenced by
   market conditions, such as interest rate volatility, resulting in such
   contracts being less valuable.  If the markets should move against all of
   the futures interests positions of the Fund at the same time, and if the
   Fund's trading advisor was unable to offset futures interests positions of
   the Fund, the Fund could lose all of its assets and the Limited Partners
   would realize a 100% loss.  Campbell & Company, Inc., the General Partner
   (who also acts as trading advisor), minimizes market risk through real-
   time monitoring of open positions, diversification of the portfolio and
   maintenance of a margin-to-equity ratio that rarely exceeds 30%.

   In addition to market risk, in entering into futures and forward contracts
   there is a risk to the Fund (credit risk) that a counterparty will not be
   able to meet its obligations to the Fund.  The counterparty of the Fund
   for futures contracts traded in the United States and most foreign
   exchanges on which the Fund trades is the clearinghouse associated with
   such exchange.  In general, clearinghouses are backed by the membership of
   the exchange and will  act in the event of non-performance by one of its
   members or one of its members' customers, and as such, should
   significantly reduce this credit risk.  In cases where the Fund trades on
   exchanges where the clearinghouse is not backed by the membership (i.e.
   some foreign exchanges) or when the Fund enters into off-exchange
   contracts (i.e. forward contracts) with a counterparty, the sole recourse
   of the  Fund will be the clearinghouse or the counterparty as the case may
   be.   Campbell & Company, Inc., in its business as a commodity trading
   advisor and through its many relationships with brokers, monitors the
   creditworthiness of the exchanges and the  clearing members of the foreign
   exchanges with which it does business for the Fund and other clients. 
   With respect to forward contract trading, the Fund trades with only those
   counterparties which the General Partner has determined to be
   creditworthy.  All positions of the Fund are valued each day on a mark-to-
   market basis.  While the General Partner monitors the creditworthiness and
   risks involved in dealing on the various exchanges and with counterparties,
   there can be no assurance that an exchange or counterparty will be able to 
   meet its obligations to the Fund. 

   <PAGE>
                            PART II-OTHER INFORMATION

   Item 1.       Legal Proceedings.

            None

   Item 2.       Changes in Securities

            None

   Item 3.       Defaults Upon Senior Securities

            Not applicable.

   Item 4.       Submissions of Matters to a vote of Security Holders.

            None

   Item 5.       Other Information

            None

   Item 6.       Exhibits and Reports on Form 8-K.

            Exhibits

            27   Financial Data Schedule (EDGAR only)

            None


   <PAGE>

                                   SIGNATURES

   Pursuant to the requirements of the Securities Exchange Act of 1934, the
   registrant has duly caused this report to be signed on its behalf by the
   undersigned thereunto duly authorized.


                                 CAMPBELL STRATEGIC ALLOCATION FUND, L.P.
                                      (Registrant)


                                 By:  Campbell & Company, Inc.
                                      General Partner


   Date: October 24, 1996        By:       /s/ Theresa D. Livesey  
                                           Theresa D. Livesey
                                           Chief Financial Officer/Treasurer/
                                           Director

   <PAGE>
                                  Exhibit Index


   Exhibit No.    Description

     27           Financial Data Schedule