UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 WASHINGTON, D.C. 20549
 FORM 10-Q
 þ
    
    Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 For the quarterly period ended June 30, 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
(Do not check if a smaller reporting company)
    
    Smaller reporting company o
  o þ
   32




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##### 



PagePART I  FINANCIAL INFORMATIONItem 1. Financial StatementsCondensed Schedules of Investments as of June 30, 2009 (Unaudited) and December 31, 2008
    
    
    3-6Statements of Financial Condition as of June 30, 2009 (Unaudited) and December 31, 2008
    
    
    7Statements of Operations for the Three Months and Six Months Ended June 30, 2009 and 2008 (Unaudited)
    
    
    8Statements of Cash Flows for the Six Months Ended June 30, 2009 and 2008 (Unaudited)
    
    
    9Statements of Changes in Partners Capital (Net Asset Value) for the Six Months Ended June 30, 2009 and 2008 (Unaudited)
    
    
    10Financial Highlights for the Three and Six Months Ended June 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
    
    
    18-24Item 3. Quantitative and Qualitative Disclosure About Market Risk
    
    
    24-29Item 4T. Controls and Procedures
    
    
    30PART II  OTHER INFORMATIONItem 6. Exhibits and Reports on Form 8-K
    
    
    31SIGNATURES
    
    
    32CERTIFICATIONS




---



##### 



% of NetValues ($)
    
    
    Asset ValueUNITED STATES GOVERNMENT SECURITIES*Maturity
    
    MaturityFace Value
    
    Date
    
    
    Description$984,000,000
    
    
    07/09/2009
    
    
    U.S. Treasury Bills
    
    $
    983,984,184
    
    
    
    50.21
    %$755,000,000
    
    
    07/02/2009
    
    
    U.S. Treasury Bills
    
    $
    754,998,921
    
    
    
    38.53
    %$250,000,000
    
    
    07/30/2009
    
    
    U.S. Treasury Bills
    
    $
    249,989,931
    
    
    
    12.76
    %Total
United States government securities(cost, including accrued interest, - $1,988,973,036)

    
    $
    1,988,973,036
    
    
    
    101.50
    %LONG FUTURES CONTRACTSDescriptionEnergy
    
    
    
    
    
    
    
    
    
    $
    (2,048,695
    )
    
    
    (0.10
    )%Metals
    
    
    
    
    
    
    
    
    
    $
    (1,439,800
    )
    
    
    (0.07
    )%Stock indices
    
    
    
    
    
    
    
    
    
    $
    3,878,309
    
    
    
    0.20
    %Short-term interest rates

    
    
    
    
    
    $
    2,223,541
    
    
    
    0.11
    %Long-term interest rates

    
    
    
    
    
    $
    819,072
    
    
    
    0.04
    %Total long futures contracts

    
    
    
    
    
    $
    3,432,427
    
    
    
    0.18
    %SHORT FUTURES CONTRACTSDescriptionEnergy
    
    
    
    
    
    
    
    
    
    $
    1,207,880
    
    
    
    0.06
    %Metals
    
    
    
    
    
    
    
    
    
    $
    (2,312
    )
    
    
    0.00
    %Stock indices
    
    
    
    
    
    
    
    
    
    $
    4,297,609
    
    
    
    0.22
    %Short-term interest rates

    
    
    
    
    
    $
    245,150
    
    
    
    0.01
    %Long-term interest rates

    
    
    
    
    
    $
    (12,136,207
    )
    
    
    (0.62
    )%Total short futures contracts

    
    
    
    
    $
    (6,387,880
    )
    
    
    (0.33
    )%Total futures contracts

    
    
    
    
    $
    (2,955,453
    )
    
    
    (0.15
    )%
 See Accompanying Notes to Financial Statements.
 - 3 -




---



##### 



% of NetValues ($)
    
    
    Asset ValueFORWARD CURRENCY CONTRACTSDescriptionVarious long forward currency contracts
    
    $
    7,646,153
    
    
    
    0.39
    %Various short forward currency contracts
    
    $
    (7,374,129
    )
    
    
    (0.38
    )%Total forward currency contracts
    
    $
    272,024
    
    
    
    0.01
    %PURCHASED OPTIONS ON FORWARD CURRENCY CONTRACTSDescriptionPurchased options on forward currency contracts
(premiums paid - $977,272)
    
    $
    1,011,100
    
    
    
    0.05
    %WRITTEN OPTIONS ON FORWARD CURRENCY CONTRACTSDescriptionWritten options on forward currency contracts
(premiums received - $3,047,308)
    
    $
    (1,898,500
    )
    
    
    (0.10
    )%
 
 *
    
    Pledged as collateral for the trading of futures, forward and option positions. See Accompanying Notes to Financial Statements.
 - 4 -




---



##### 



% of NetValues ($)
    
    
    Asset ValueUNITED STATES GOVERNMENT SECURITIES*Maturity
    
    MaturityFace Value
    
    Date
    
    
    Description$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 CONTRACTSDescriptionMetals
    
    
    
    
    
    
    
    
    
    $
    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 CONTRACTSDescriptionEnergy
    
    
    
    
    
    
    
    
    
    $
    (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 -




---



##### 



% of NetValues ($)
    
    
    Asset ValueFORWARD CURRENCY CONTRACTSDescriptionVarious 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 CONTRACTSDescriptionPurchased options on forward currency contracts
(premiums paid - $969,001)
    
    $
    519,315
    
    
    
    0.02
    %WRITTEN OPTIONS ON FORWARD CURRENCY CONTRACTSDescriptionWritten 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 -




---



##### 



June 30,
    
    
    December 31,2009
    
    
    2008ASSETSEquity in broker trading accountsCash
    
    $
    15,920,829
    
    
    $
    1,278,536,649Restricted cash
    
    
    0
    
    
    
    41,411,655United States government securities
    
    
    1,899,973,671
    
    
    
    1,099,934,669Net unrealized gain (loss) on open futures contracts
    
    
    (2,955,453
    )
    
    
    206,159Total equity in broker trading accounts
    
    
    1,912,939,047
    
    
    
    2,420,089,132Cash and cash equivalents
    
    
    21,882,153
    
    
    
    30,721,976Restricted cash deposits with forwards broker
    
    
    0
    
    
    
    42,515,724United States government securities
    
    
    88,999,365
    
    
    
    37,000,000Options purchased, at fair value
(premiums paid - $977,272 and $969,001, respectively)
    
    
    1,011,100
    
    
    
    519,315Net unrealized gain (loss) on open forward currency contracts
    
    
    272,024
    
    
    
    10,828,848Interest receivable
    
    
    0
    
    
    
    41,698Total assets
    
    $
    2,025,103,689
    
    
    $
    2,541,716,693LIABILITIESAccounts payable
    
    $
    330,362
    
    
    $
    668,492Interest payable
    
    
    50,338
    
    
    
    0Brokerage fee
    
    
    11,797,587
    
    
    
    14,801,625Options written, at fair value
(premiums received - $3,047,308 and $3,537,352, respectively)
    
    
    1,898,500
    
    
    
    3,202,653Accrued commissions and other trading fees on open contracts
    
    
    193,766
    
    
    
    114,176Offering costs payable
    
    
    187,227
    
    
    
    309,964Redemptions payable
    
    
    50,979,824
    
    
    
    66,725,891Total liabilities
    
    
    65,437,604
    
    
    
    85,822,801PARTNERS CAPITAL (Net Asset Value)General Partner - 6,637.982 and 10,367.982 units outstanding at
June 30, 2009 and December 31, 2008
    
    
    15,850,240
    
    
    
    27,266,756Limited Partners - 814,057.003 and 923,465.791 units outstanding at
June 30, 2009 andDecember 31, 2008
    
    
    1,943,815,845
    
    
    
    2,428,627,136Total partners capital (Net Asset Value)
    
    
    1,959,666,085
    
    
    
    2,455,893,892Total liabilities and partners capital (Net Asset Value)
    
    $
    2,025,103,689
    
    
    $
    2,541,716,693
 See Accompanying Notes to Financial Statements.
 - 7 -




---



##### 



Three Months Ended
    
    
    Six Months EndedJune 30,
    
    
    June 30,2009
    
    
    2008
    
    
    2009
    
    
    2008TRADING GAINS (LOSSES)Futures trading gains (losses)Realized
    
    $
    (115,075,256
    )
    
    $
    (37,752,934
    )
    
    $
    (109,391,439
    )
    
    $
    80,504,337Change in unrealized
    
    
    5,386,655
    
    
    
    143,846,033
    
    
    
    (3,161,612
    )
    
    
    81,438,968Brokerage commissions
    
    
    (620,477
    )
    
    
    (914,491
    )
    
    
    (1,262,698
    )
    
    
    (2,053,280
    )Net gain (loss) from futures trading
    
    
    (110,309,078
    )
    
    
    105,178,608
    
    
    
    (113,815,749
    )
    
    
    159,890,025Forward
currency and options on forward currency trading gains (losses)Realized
    
    
    (31,940,556
    )
    
    
    73,299,853
    
    
    
    (5,796,635
    )
    
    
    (23,374,811
    )Change in unrealized
    
    
    5,105,750
    
    
    
    (4,646,988
    )
    
    
    (9,259,201
    )
    
    
    102,461,932Brokerage commissions
    
    
    (90,429
    )
    
    
    (89,377
    )
    
    
    (142,920
    )
    
    
    (267,483
    )Net gain (loss) from forward currency
and options on forward currency trading
    
    
    (26,925,235
    )
    
    
    68,563,488
    
    
    
    (15,198,756
    )
    
    
    78,819,638Total net trading gain (loss)
    
    
    (137,234,313
    )
    
    
    173,742,096
    
    
    
    (129,014,505
    )
    
    
    238,709,663INTEREST INCOME NET OF EXPENSESIncomeInterest income
    
    
    223,498
    
    
    
    13,235,144
    
    
    
    439,710
    
    
    
    40,277,464ExpensesBrokerage fee
    
    
    36,726,417
    
    
    
    55,687,932
    
    
    
    78,978,525
    
    
    
    119,570,500Operating expenses
    
    
    338,360
    
    
    
    419,569
    
    
    
    747,876
    
    
    
    918,669Total expenses
    
    
    37,064,777
    
    
    
    56,107,501
    
    
    
    79,726,401
    
    
    
    120,489,169Interest income net of expenses
    
    
    (36,841,279
    )
    
    
    (42,872,357
    )
    
    
    (79,286,691
    )
    
    
    (80,211,705
    )NET INCOME (LOSS)
    
    $
    (174,075,592
    )
    
    $
    130,869,739
    
    
    $
    (208,301,196
    )
    
    $
    158,497,958NET INCOME (LOSS) PER GENERAL
AND LIMITED PARTNER UNIT
(based on weighted average number of units outstanding during the period)
    
    $
    (203.11
    )
    
    $
    111.53
    
    
    $
    (235.07
    )
    
    $
    125.44INCREASE (DECREASE) IN NET ASSET VALUE
PER GENERAL AND LIMITED PARTNER UNIT
    
    $
    (202.41
    )
    
    $
    119.12
    
    
    $
    (242.09
    )
    
    $
    138.66
 See Accompanying Notes to Financial Statements.
 - 8 -




---



##### 



Six Months EndedJune 30,2009
    
    
    2008Cash flows from (for) operating activitiesNet income (loss)
    
    $
    (208,301,196
    )
    
    $
    158,497,958Adjustments to reconcile net income (loss) to net cash from (for) operating activitiesNet change in unrealized
    
    
    12,420,813
    
    
    
    (183,900,900
    )(Increase) decrease in restricted cash
    
    
    83,927,379
    
    
    
    0(Increase) decrease in option premiums paid
    
    
    (8,271
    )
    
    
    6,976,147Increase (decrease) in option premiums received
    
    
    (490,044
    )
    
    
    (3,883,426
    )(Increase) decrease in interest receivable
    
    
    41,698
    
    
    
    254,317Increase (decrease) in interest payable
    
    
    50,338
    
    
    
    0(Increase) decrease in other assets
    
    
    0
    
    
    
    (2,911
    )Increase (decrease) in accounts payable and accrued expenses
    
    
    (3,262,578
    )
    
    
    (5,582,793
    )Net maturities (purchases) of investments in
United States government securities
    
    
    (852,038,367
    )
    
    
    814,828,699Net cash from (for) operating activities
    
    
    (967,660,228
    )
    
    
    787,187,091Cash flows from (for) financing activitiesAddition of units
    
    
    0
    
    
    
    38,172,639Redemption of units
    
    
    (302,066,601
    )
    
    
    (991,943,129
    )Offering costs paid
    
    
    (1,728,814
    )
    
    
    (3,010,672
    )Net cash from (for) financing activities
    
    
    (303,795,415
    )
    
    
    (956,781,162
    )Net increase (decrease) in cash and cash equivalents
    
    
    (1,271,455,643
    )
    
    
    (169,594,071
    )Cash and cash equivalentsBeginning of period
    
    
    1,309,258,625
    
    
    
    516,188,570End of period
    
    $
    37,802,982
    
    
    $
    346,594,499End of period cash and cash equivalents consists of:Cash in broker trading accounts
    
    $
    15,920,829
    
    
    $
    202,729,193Cash and cash equivalents
    
    
    21,882,153
    
    
    
    143,865,306Total end of period cash and cash equivalents
    
    $
    37,802,982
    
    
    $
    346,594,499
 See Accompanying Notes to Financial Statements.
 - 9 -




---



##### 



Partners CapitalGeneral Partner
    
    
    Limited Partners
    
    
    TotalUnits
    
    
    Amount
    
    
    Units
    
    
    Amount
    
    
    Units
    
    
    AmountSix Months Ended June 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 six months ended
June 30, 2009
    
    
    
    
    
    
    (2,491,454
    )
    
    
    
    
    
    
    (205,809,742
    )
    
    
    
    
    
    
    (208,301,196
    )Redemptions
    
    
    (3,730.000
    )
    
    
    (8,906,531
    )
    
    
    (109,408.788
    )
    
    
    (277,414,003
    )
    
    
    (113,138.788
    )
    
    
    (286,320,534
    )Offering costs
    
    
    
    
    
    
    (18,531
    )
    
    
    
    
    
    
    (1,587,546
    )
    
    
    
    
    
    
    (1,606,077
    )Balances at June 30, 2009
    
    
    6,637.982
    
    
    $
    15,850,240
    
    
    
    814,057.003
    
    
    $
    1,943,815,845
    
    
    
    820,694.985
    
    
    $
    1,959,666,085Six Months Ended June 30, 2008Balances at December 31, 2007
    
    
    19,227.982
    
    
    $
    51,351,210
    
    
    
    1,404,914.962
    
    
    $
    3,752,040,355
    
    
    
    1,424,142.944
    
    
    $
    3,803,391,565Net income (loss) for the six months ended
June 30, 2008
    
    
    
    
    
    
    1,994,390
    
    
    
    
    
    
    
    156,503,568
    
    
    
    
    
    
    
    158,497,958Additions
    
    
    0.000
    
    
    
    0
    
    
    
    14,098.315
    
    
    
    38,088,526
    
    
    
    14,098.315
    
    
    
    38,088,526Redemptions
    
    
    (6,240.000
    )
    
    
    (16,825,973
    )
    
    
    (355,681.664
    )
    
    
    (956,708,780
    )
    
    
    (361,921.664
    )
    
    
    (973,534,753
    )Offering costs
    
    
    
    
    
    
    (32,359
    )
    
    
    
    
    
    
    (2,695,979
    )
    
    
    
    
    
    
    (2,728,338
    )Balances at June 30, 2008
    
    
    12,987.982
    
    
    $
    36,487,268
    
    
    
    1,063,331.613
    
    
    $
    2,987,227,690
    
    
    
    1,076,319.595
    
    
    $
    3,023,714,958
 Net Asset Value per General and Limited Partner UnitJune 30, 2009
    
    
    
    
    December 31, 2008
    
    
    June 30, 2008
    
    
    December 31, 2007$
    2,387.81
    
    
    
    
    $
    2,629.90
    
    
    $
    2,809.31
    
    
    $
    2,670.65
 See Accompanying Notes to Financial Statements.
 - 10 -




---



##### 



Three Months Ended
    
    
    Six Months EndedJune 30,
    
    
    June 30,2009
    
    
    2008
    
    
    2009
    
    
    2008Per Unit Performance
(for a unit outstanding throughout the entire period)Net asset value per unit at beginning of period
    
    $
    2,590.22
    
    
    $
    2,690.19
    
    
    $
    2,629.90
    
    
    $
    2,670.65Income (loss) from operations:Total net trading gains (losses) (1)
    
    
    (158.76
    )
    
    
    156.67
    
    
    
    (150.81
    )
    
    
    204.30Interest income net of expenses (1)
    
    
    (42.99
    )
    
    
    (36.54
    )
    
    
    (89.47
    )
    
    
    (63.48
    )Total net income (loss) from operations
    
    
    (201.75
    )
    
    
    120.13
    
    
    
    (240.28
    )
    
    
    140.82Offering costs (1)
    
    
    (0.66
    )
    
    
    (1.01
    )
    
    
    (1.81
    )
    
    
    (2.16
    )Net asset value per unit at end of period
    
    $
    2,387.81
    
    
    $
    2,809.31
    
    
    $
    2,387.81
    
    
    $
    2,809.31Total Return(3)
    
    
    (7.81
    )%
    
    
    4.43
    %
    
    
    (9.21
    )%
    
    
    5.19
    %Supplemental DataRatios to average net asset value:Expenses prior to performance fee (4)
    
    
    7.02
    %
    
    
    7.17
    %
    
    
    7.12
    %
    
    
    7.21
    %Performance fee (3)
    
    
    0.00
    %
    
    
    0.00
    %
    
    
    0.00
    %
    
    
    0.00
    %Total expenses
    
    
    7.02
    %
    
    
    7.17
    %
    
    
    7.12
    %
    
    
    7.21
    %Interest income net of expenses (2),(4),(5)
    
    
    (6.98
    )%
    
    
    (5.48
    )%
    
    
    (7.08
    )%
    
    
    (4.80
    )%
 Total returns are calculated based on the change in value of a unit during the period. An
individual partners total returns and ratios may vary from the above total returns and ratios
based on the timing of additions and redemptions.
 
 (1)
    
    Interest income net of expenses per unit and offering costs per unit are calculated by dividing
the interest income net of expenses and offering costs by the average number of units outstanding
during the period. Total net trading gains (losses) is a balancing amount necessary to reconcile
the change in net asset value per unit with the other per unit information.(2)
    
    Excludes
performance fee.(3)
    
    Not annualized(4)
    
    Annualized(5)
    
    Interest income net of expenses are shown as a positive percentage when interest income exceeds
expenses excluding the performance fee for the period and a negative number when expenses exceed
interest income for the period. See Accompanying Notes to Financial Statements.
 - 11 -




---



##### 



Note 1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING 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. For existing
investors in the Fund, business will continue to be conducted as usual. There will be no
change in trading, operations or monthly statements, etc. and redemptions will continue to be
offered on a monthly basis.B.
    
    RegulationAs a registrant with the Securities and Exchange Commission, the Fund is subject to the
regulatory requirements under the Securities Act of 1933 and the Securities Exchange Act of
1934. As a commodity investment pool, the Fund is subject to the regulations of the Commodity
Futures Trading Commission, an agency of the United States (U.S.) government which regulates
most aspects of the commodity futures industry; rules of the National Futures Association, an
industry self-regulatory organization; and the requirements of the various commodity
exchanges where the Fund executes transactions. Additionally, the Fund is subject to the
requirements of futures commission merchants (brokers) and interbank market makers through
which the Fund trades.C.
    
    Method of ReportingThe Funds financial statements are presented in accordance with accounting principles
generally accepted in the United States of America, which may require the use of certain
estimates made by the Funds management. Actual results may differ from these estimates.
Investment transactions are accounted for on the trade date. Gains or losses are realized
when contracts are liquidated. Unrealized gains and losses on open contracts (the difference
between contract trade price and market price) are reported in the statement of financial
condition as a net gain or loss, as there exists a right of offset of unrealized gains or
losses in accordance with Financial Accounting Standards Board Interpretation No. 39 -
Offsetting of Amounts Related to Certain Contracts. The market value of futures
(exchange-traded) contracts is determined by the various futures exchanges, and reflects the
settlement price for each contract as of the close of the last business day of the reporting
period. The market value of forward currency (non-exchange traded) contracts was extrapolated
on a forward basis from the spot prices quoted as of 3:00 P.M. (E.T.) of the last business
day of the reporting period or based on the market value of its exchange-traded equivalent.The market value of option (non-exchange traded) contracts is calculated by applying an
industry-standard adaptation of the Black-Scholes options valuation model to foreign currency
options, using as input, the spot prices, interest rates and option implied volatilities
quoted as of 3:00 P.M. (E.T.) on the last business day of the reporting period. Any change in
net unrealized gain or loss from the preceding period is reported in the statement of
operations.When the Fund writes an option, an amount equal to the premium received by the Fund is
reflected as an asset and an equivalent liability. The amount of the liability is
subsequently marked-to-market to reflect the current market value of option written.
Brokerage commissions include other trading fees and are charged to expense when contracts
are opened. United States government securities are stated at cost plus accrued interest,
which approximates market value.For purposes of both financial reporting and calculation of redemption value, Net Asset Value
per unit is calculated by dividing Net Asset Value by the number of outstanding units.The Fund adopted the provisions of Statement of Financial Accounting Statement No. 157 -
Fair Value Measurement, or SFAS 157, as of January 1, 2008. SFAS 157 provides guidance for
determining fair value and requires increased disclosure regarding the inputs to valuation
techniques used to measure fair value. SFAS 157 defines fair value as the price that would be
received to sell an asset or paid to transfer a liability in an orderly transaction between
market participants at the measurement date.SFAS No. 157 establishes a fair value hierarchy which prioritizes the inputs to valuation
techniques used to measure fair value into three broad levels. The fair value hierarchy gives
the highest priority to quoted prices (unadjusted) in active markets for identical assets or
liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3).Level 1 inputs are 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 U.S. Treasury bills.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 June 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 June 30, 2009 and December 31, 2008.
 - 12 -




---



##### 



Fair Value at June 30, 2009Description
    
    Level 1
    
    
    Level 2
    
    
    Level 3
    
    
    TotalInvestmentsU.S. Treasury Bills
    
    $
    0
    
    
    $
    1,988,973,036
    
    
    $
    0
    
    
    $
    1,988,973,036Other Financial InstrumentsExchange-traded futures contracts
    
    
    (2,955,453
    )
    
    
    0
    
    
    
    0
    
    
    
    (2,955,453
    )Forward currency contracts
    
    
    0
    
    
    
    272,024
    
    
    
    0
    
    
    
    272,024Options purchased
    
    
    0
    
    
    
    1,011,100
    
    
    
    0
    
    
    
    1,011,100Options written
    
    
    0
    
    
    
    (1,898,500
    )
    
    
    0
    
    
    
    (1,898,500
    )Total
    
    $
    (2,955,453
    )
    
    $
    1,988,357,660
    
    
    $
    0
    
    
    $
    1,985,402,207
 Fair Value at December 31, 2008Description
    
    Level 1
    
    
    Level 2
    
    
    Level 3
    
    
    TotalInvestmentsU.S. Treasury Bills
    
    $
    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 EquivalentsCash and cash equivalents includes cash and short-term investments in fixed income securities
held at financial institutions.E.
    
    Income TaxesThe Fund prepares calendar year U.S. and applicable state information tax returns and reports
to the partners their allocable shares of the Funds income, expenses and trading gains or
losses. No provision for income taxes has been made in the accompanying financial statements
as each partner is individually responsible for reporting income or loss based on such
partners respective share of the Funds income and expenses as reported for income tax
purposes.Management has continued to evaluate the application of Financial Accounting Standards Board
(FASB) Interpretation No. 48, Accounting for Uncertainty in Income Taxes  an interpretation
of FASB Statement No. 109 (FIN 48), to the Fund, and has determined that no reserves for
uncertain tax positions were required to have been recorded as a result of the adoption of
FIN 48. 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.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 June 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 $187,227 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 June 30, 2009 and December
31, 2008, the amount of unreimbursed offering costs incurred by Campbell & Company is
$246,803 and $926,519, 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.
 - 13 -




---



##### 



H.
    
    Recently Issued Accounting PronouncementsIn May 2009, the FASB issued Statement of Financial Accounting Standards No. 165, Subsequent
Events (SFAS 165). SFAS 165 establishes general standards of accounting for and disclosure of
events that occur after the statement of financial condition date but before the financial
statements are issued or available to be issued. SFAS 165 is effective for financial
statements issued for interim and annual periods ending after June 15, 2009. See Note 9.
 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 $6 per round turn to the broker for execution
and clearing costs. From the 7% fee, a portion (4%) is used to compensate selling agents for
ongoing services rendered and a portion (3%) is retained by Campbell & Company for trading
and management services rendered. The amount paid to the broker and interbank market makers
for execution and clearing costs is limited to 1/12 of 1% (1% annualized) of month-end net
assets.Campbell & Company is also paid a quarterly performance fee of 20% of the Funds aggregate
cumulative appreciation in the Net Asset Value per unit, exclusive of appreciation
attributable to interest income.
 Note 3. DEPOSITS WITH BROKERS
 The Fund deposits assets with brokers subject to Commodity Futures Trading Commission
regulations and various exchange and broker requirements. Margin requirements are satisfied
by the deposit of U.S. Treasury bills and cash with such brokers. The Fund earns interest
income on its assets deposited with the brokers.
 Note 4. OPERATING EXPENSES
 Operating expenses of the Fund are limited by the Amended Agreement of Limited Partnership to
0.5% per year of the average month-end Net Asset Value of the Fund. Actual operating expenses
were less
than 0.5% (annualized) of average month-end Net Asset Value for the six months ended June 30,
2009, and 2008.
 Note 5. 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. Redemption fees,
which are paid to Campbell & Company, apply through the first twelve month-ends following
purchase as follows: 4% of Net Asset Value per unit redeemed through the third month-end, 3%
of Net Asset Value per unit redeemed through the sixth month-end, 2% of Net Asset Value per
unit redeemed through the ninth month-end and 1% of Net Asset Value per unit redeemed through
the twelfth month end. After the twelfth month-end following purchase of a unit, no
redemption fees apply. For the six months ended June 30, 2009 and 2008, Campbell & Company
received redemption fees of $11,966 and $92,916 respectively.
 Note 6. TRADING ACTIVITIES AND RELATED RISKS
 The Fund engages in the speculative trading of U.S. and foreign futures contracts, forward
currency contracts and options on forward currency contracts (collectively, derivatives).
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 and energy 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.
 - 14 -




---



##### 



The amount of required margin and good faith deposits with the broker and interbank market makers
usually range from 10% to 30% of Net Asset Value. The market value of securities held to satisfy
such requirements at June 30, 2009 and December 31, 2008 was $1,988,973,036 and $1,136,934,669,
respectively, which equals 101% and 46% of Net Asset Value, respectively. The cash deposited with
interbank market makers at June 30, 2009 and December 31, 2008 was $21,775,114 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 June 30, 2009 and December 31, 2008 was restricted cash for margin requirements of $0 and
$83,927,379 respectively, which equals 0% and 3% 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)June 30, 2009
    
    
    December 31, 2008
    
    
    June 30, 2009
    
    
    December 31, 2008Gross unrealized gains
    
    $
    18,025,501
    
    
    $
    14,648,019
    
    
    $
    40,521,843
    
    
    $
    64,296,837Gross unrealized losses
    
    
    (20,980,954
    )
    
    
    (14,441,860
    )
    
    
    (39,067,183
    )
    
    
    (53,582,976
    )Net unrealized gain (loss)
    
    $
    (2,955,453
    )
    
    $
    206,159
    
    
    $
    1,454,660
    
    
    $
    10,713,861
 In March 2008, the FASB issued Statement of Financial Accounting Standards No. 161 (SFAS 161),
Disclosures about Derivative Instruments and Hedging Activities  an amendment of FASB Statement
No. 133. SFAS 161 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. SFAS 161 is effective for
financial statements issued for the Funds first fiscal year beginning after November 15, 2008. The
Fund adopted the provisions of SFAS 161 effective January 1, 2009.The following tables summarize quantitative information required by SFAS 161.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 June 30, 2009 is as follows:
 Asset
    
    LiabilityDerivatives at
    
    Derivatives atStatement of Financial
    
    June 30, 2009
    
    June 30, 2009Type of Instrument *
    
    Condition Location
    
    Fair Value
    
    Fair Value
    
    NetEnergy Contracts
    
    Equity in broker trading accounts
    
    $
    1,701,130
    
    
    $
    (2,541,943
    )
    
    $
    (840,813
    )Metal Contracts
    
    Equity in broker trading accounts
    
    
    952,067
    
    
    
    (2,394,179
    )
    
    
    (1,442,112
    )Stock Indices Contracts
    
    Equity in broker trading accounts
    
    
    8,396,247
    
    
    
    (220,330
    )
    
    
    8,175,917Short-Term Interest Rate Contracts
    
    Equity in broker trading accounts
    
    
    2,766,249
    
    
    
    (297,558
    )
    
    
    2,468,691Long Term Interest Rate Contracts
    
    Equity in broker trading accounts
    
    
    4,209,808
    
    
    
    (15,526,944
    )
    
    
    (11,317,136
    )Forward Currency Contracts
    
    Net unrealized gain (loss) on forward currency contracts
    
    
    38,987,638
    
    
    
    (38,715,614
    )
    
    
    272,024Purchased Options on Forward Currency
Contracts
    
    Options purchased, at fair value
    
    
    1,011,100
    
    
    
    0
    
    
    
    1,011,100Written Options on Forward Currency
Contracts
    
    Options written, at fair value
    
    
    0
    
    
    
    (1,898,500
    )
    
    
    (1,898,500
    )Totals
    
    
    
    $
    58,024,239
    
    
    $
    (61,595,068
    )
    
    $
    (3,570,829
    )
 
 *
    
    Derivatives not designated as hedging instruments under Statement 133 - 15 -




---



##### 



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 June 30, 2009 is as
follows:
 Trading Revenue for
    
    
    Trading Revenue forthe Three Months Ended
    
    
    the Six Months EndedType of Instrument
    
    June 30, 2009
    
    
    June 30, 2009Energy Contracts
    
    $
    5,028,589
    
    
    $
    4,435,784Metal Contracts
    
    
    (7,779,349
    )
    
    
    (20,069,772
    )Stock Indices Contracts
    
    
    (48,243,476
    )
    
    
    (65,535,602
    )Short-Term Interest Rate Contracts
    
    
    (30,816,463
    )
    
    
    (13,757,367
    )Long Term Interest Rate Contracts
    
    
    (28,854,631
    )
    
    
    (18,405,358
    )Forward Currency Contracts
    
    
    (41,808,736
    )
    
    
    (44,487,394
    )Purchased Options on Forward Currency Contracts
    
    
    (6,646,888
    )
    
    
    (11,550,067
    )Written Options on Forward Currency Contracts
    
    
    21,620,818
    
    
    
    40,981,625Total
    
    $
    (137,500,136
    )
    
    $
    (128,388,151
    )
 Trading Revenue for
    
    
    Trading Revenue forthe Three Months Ended
    
    
    the Six Months EndedLine Item in the Statement of Operations
    
    June 30, 2009
    
    
    June 30, 2009Futures trading gains (losses):Realized
    
    $
    (116,051,985
    )
    
    $
    (110,170,703
    )Change in unrealized
    
    $
    5,386,655
    
    
    $
    (3,161,612
    )Forward currency and options on forward currency trading gains (losses):Realized
    
    $
    (31,940,556
    )
    
    $
    (5,796,635
    )Change in unrealized
    
    
    5,105,750
    
    
    
    (9,259,201
    )Total
    
    $
    (137,500,136
    )
    
    $
    (128,388,151
    )
 For the three months and six months ended June 30, 2009, the monthly average of futures
contracts bought and sold was approximately 47,100 and 46,200 respectively, and the monthly average
of notional value of forward currency and options on forward currency contacts was $10,920,000,000
and $8,778,700,000 respectively.Open contracts generally mature within three months; as of June 30, 2009, the latest maturity date
for open futures contracts is September 2010, the latest maturity date for open forward currency
contracts is September 2009, and the latest expiry date for options on forward currency contracts
is July 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 instruments (Treasury Bills held for cash management purposes) by limiting the duration
of such instruments to no more than six months.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.
 - 16 -




---



##### 



Note 7. 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 8. INTERIM FINANCIAL STATEMENTS
 The statement of financial condition, including the condensed schedule of investments, as of
June 30, 2009, the statements of operations and financial highlights for the three months and
six months ended June 30, 2009 and 2008, and the statements of cash flows and changes in
partners capital (Net Asset Value) for the six months ended June 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 June 30, 2009, and the results of operations and financial highlights for the
three months and six months ended June 30, 2009 and 2008, and cash flows and changes in
partners capital (Net Asset Value) for the six months ended June 30, 2009 and 2008.
 Note 9. SUBSEQUENT EVENTS
 Management of the Fund evaluated subsequent events through August 14, 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 -




---



##### 



i.e.
     2009
  - 19 -




---



##### 



Sector
    
    % Gain (Loss)Stock Indices
    
    
    (2.75
    )%Interest Rates
    
    
    (1.53
    )Currencies
    
    
    (0.64
    )Commodities
    
    
    (0.62
    )(5.54
    )%
     - 20 -




---



##### 



2008
  Sector
    
    % Gain (Loss)Stock Indices
    
    
    4.67
    %Commodities
    
    
    2.94Currencies
    
    
    2.54Interest Rates
    
    
    (2.41
    )7.74
    %
 - 21 -




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- 22 -




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- 23 -




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##### 



Disclosures About Certain Trading Activities that Include Non-Exchange Traded Contracts
Accounted for at Fair Value
  
 Item 3.
    
    Quantitative and Qualitative Disclosures About Market Risk
 Introduction
 Past Results Not Necessarily Indicative of Future Performance
    Standard of Materiality
  - 24 -




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##### 



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 -




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##### 



The Funds Trading Value at Risk in Different Market Sectors
  June 30, 2009TradingMarket Sector
    
    Value at Risk*
    
    Gain/(Loss)**Currencies
    
    
    0.71
    %
    
    
    (0.64
    )%Interest Rates
    
    
    0.51
    %
    
    
    (1.53
    )%Stock Indices
    
    
    0.43
    %
    
    
    (2.75
    )%Commodities
    
    
    0.30
    %
    
    
    (0.62
    )%Aggregate/Total
    
    
    1.18
    %
    
    
    (5.54
    )%
 
 *    -
    
    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 six months ended June 30, 2009, approximately 5.54% was due to
trading losses (before commissions) and approximately 3.69% due to brokerage fees, operating
expenses and offering costs borne by the Fund offset by approximately 0.02% due to interest
income, giving a net return of (9.21)%. 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. - 26 -




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##### 



** -
    
    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)%. 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; and
 5)
    
    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
  Metals
  - 28 -




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##### 



Qualitative Disclosures Regarding Non-Trading Risk Exposure
  Foreign Currency Balances
  Treasury Bill Positions
  Qualitative Disclosures Regarding Means of Managing Risk Exposure
   General
  - 29 -




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##### 



Item 4T. Controls and Procedures
  - 30 -




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##### 



PART II-OTHER INFORMATION
 Item 1. Legal Proceedings.
  Item 2. Changes in Securities and Use of Proceeds
  Item 3. Defaults Upon Senior Securities
  Item 4. Submissions of Matters to a vote of Security Holders.
  Item 5. Other Information
  
 Item 6. Exhibits and Reports on Form 8-K.
 (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-K
  - 31 -




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##### 



SIGNATURES
  CAMPBELL STRATEGIC ALLOCATION FUND, L.P.

(Registrant)By:
    Campbell & Company, Inc.General PartnerBy:
    /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 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-