##### 



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 WASHINGTON, D.C. 20549
 FORM 10-Q
 þ
    
    Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 For the quarterly period ended September 30, 2007
 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 þ
  o þ
 31




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##### 



PagePART I  FINANCIAL INFORMATIONItem 1. Financial StatementsStatements of Financial Condition as of September 30, 2007 (Unaudited)
and December 31, 2006
    
    
    3Condensed Schedules of Investments as of September 30, 2007 (Unaudited)
and December 31, 2006
    
    
    4-5Statements of Operations for the Three Months and Nine Months Ended
September 30, 2007 and 2006 (Unaudited)
    
    
    6Statements of Cash Flows for the Nine Months Ended
September 30, 2007 and 2006 (Unaudited)
    
    
    7Statements of Changes in Partners Capital (Net Asset Value)
for the Nine Months Ended September 30, 2007 and 2006 (Unaudited)
    
    
    8Notes to Financial Statements (Unaudited)
    
    
    9-15Item 2. Managements Discussion and Analysis of Financial Condition and
Results of Operations
    
    
    16-23Item 3. Quantitative and Qualitative Disclosure About Market Risk
    
    
    23-29Item 4. Controls and Procedures
    
    
    29PART II  OTHER INFORMATION
    
    
    30Item 6. Exhibits and Reports on Form 8-K
    
    
    30SIGNATURESCERTIFICATIONS




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##### 



CAMPBELL STRATEGIC ALLOCATION FUND, L.P.
 STATEMENTS OF FINANCIAL CONDITION
 September 30,
    
    
    December 31,2007
    
    
    2006ASSETSEquity in broker trading accountsCash
    
    $
    371,594,502
    
    
    $
    1,230,053,812Restricted cash
    
    
    0
    
    
    
    64,472,902United States government securities
    
    
    2,112,245,007
    
    
    
    2,009,334,413Net unrealized gain on open futures contracts
    
    
    21,490,868
    
    
    
    148,774,650Total equity in broker trading account
    
    
    2,505,330,377
    
    
    
    3,452,635,777Cash and cash equivalents
    
    
    76,226,096
    
    
    
    477,024,471United States government securities
    
    
    1,845,395,257
    
    
    
    1,645,702,500Options purchased, at fair value
(premiums paid $5,106,154 and $3,991,104)
    
    
    10,910,225
    
    
    
    4,759,458Net unrealized gain on open forward currency contracts
    
    
    99,193,610
    
    
    
    191,519,359Interest receivable
    
    
    2,124,983
    
    
    
    6,345,242Prepaid expenses
    
    
    3,750
    
    
    
    0Total assets
    
    $
    4,539,184,298
    
    
    $
    5,777,986,807LIABILITIESAccounts payable
    
    $
    629,198
    
    
    $
    850,854Brokerage fee
    
    
    26,386,437
    
    
    
    33,622,892Options written, at fair value
(premiums received $2,889,254 and $2,319,699)
    
    
    10,259,599
    
    
    
    2,169,268Accrued commissions and other trading fees
on open contracts
    
    
    1,047,645
    
    
    
    1,999,134Offering costs payable
    
    
    427,697
    
    
    
    516,133Redemptions payable
    
    
    104,633,434
    
    
    
    84,288,360Total liabilities
    
    
    143,384,010
    
    
    
    123,446,641PARTNERS CAPITAL (Net Asset Value)General Partner  19,227.982 and 19,222.982 units outstanding
at September 30, 2007 and December 31, 2006
    
    
    53,277,277
    
    
    
    60,149,864Limited Partners  1,567,233.687 and 1,787,882.705 units
outstanding at September 30, 2007 and December 31, 2006
    
    
    4,342,523,011
    
    
    
    5,594,390,302Total partners capital (Net Asset Value)
    
    
    4,395,800,288
    
    
    
    5,654,540,166Total liabilities and partners capital (Net Asset Value)
    
    $
    4,539,184,298
    
    
    $
    5,777,986,807
  - 3 -




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##### 



CAMPBELL STRATEGIC ALLOCATION FUND, L.P.
 CONDENSED SCHEDULE OF
INVESTMENTS
 UNITED STATES GOVERNMENT SECURITIES*
 % of NetFace Value
    
    
    Maturity Date
    
    
    Description
    
    Value
    
    
    Asset Value$
    1,150,000,000
    
    
    
    12/13/2007
    
    
    U.S. Treasury Bills
    
    $
    1,140,952,056
    
    
    
    25.95
    %$
    1,125,000,000
    
    
    
    11/01/2007
    
    
    U.S. Treasury Bills
    
    
    1,120,410,708
    
    
    
    25.49
    %$
    500,000,000
    
    
    
    10/04/2007
    
    
    U.S. Treasury Bills
    
    
    499,800,417
    
    
    
    11.37
    %$
    500,000,000
    
    
    
    11/15/2007
    
    
    U.S. Treasury Bills
    
    
    497,968,750
    
    
    
    11.33
    %$
    400,000,000
    
    
    
    10/11/2007
    
    
    U.S. Treasury Bills
    
    
    399,468,333
    
    
    
    9.09
    %$
    300,000,000
    
    
    
    10/25/2007
    
    
    U.S. Treasury Bills
    
    
    299,040,000
    
    
    
    6.80
    %Total United States
government securities
(cost, including
accrued interest, 
$3,957,640,264)
    
    $
    3,957,640,264
    
    
    
    90.03
    %
 LONG FUTURES CONTRACTS
 % of NetDescription
    
    Value
    
    
    Asset ValueEnergy
    
    $
    (67,549
    )
    
    
    (0.00
    )%Metals
    
    
    2,707,030
    
    
    
    0.06
    %Stock indices
    
    
    35,568,075
    
    
    
    0.80
    %Short-term interest rates
    
    
    (1,368,416
    )
    
    
    (0.03
    )%Long-term interest rates
    
    
    (3,262,921
    )
    
    
    (0.07
    )%Total long futures contracts
    
    $
    33,576,219
    
    
    
    0.76
    %
 SHORT FUTURES CONTRACTS
 % of NetDescription
    
    Value
    
    
    Asset ValueEnergy
    
    $
    289,638
    
    
    
    0.01
    %Metals
    
    
    (11,109,872
    )
    
    
    (0.25
    )%Stock indices
    
    
    (648,132
    )
    
    
    (0.02
    )%Short-term interest rates
    
    
    (197,404
    )
    
    
    (0.00
    )%Long-term interest rates
    
    
    (419,581
    )
    
    
    (0.01
    )%Total short futures contracts
    
    $
    (12,085,351
    )
    
    
    (0.27
    )%Total futures contracts
    
    $
    21,490,868
    
    
    
    0.49
    %
 FORWARD CURRENCY CONTRACTS
 % of NetDescription
    
    Value
    
    
    Asset ValueVarious long forward currency contracts
    
    $
    483,200,675
    
    
    
    10.99
    %Various short forward currency contracts
    
    
    (384,007,065
    )
    
    
    (8.73
    )%Total forward currency contracts
    
    $
    99,193,610
    
    
    
    2.26
    %
 PURCHASED OPTIONS ON FORWARD CURRENCY CONTRACTS
 % of NetDescription
    
    Value
    
    
    Asset ValuePurchased options on forward currency contracts
(premiums paid  $5,106,154)
    
    $
    10,910,225
    
    
    
    0.25
    %
 WRITTEN OPTIONS ON FORWARD CURRENCY CONTRACTS
 % of NetDescription
    
    Value
    
    
    Asset ValueWritten options on forward currency contracts
(premiums received  $2,889,254)
    
    $
    (10,259,599
    )
    
    
    (0.23
    )%
 
 *
    
    - Pledged as collateral for the trading of futures, forward and option positions.  - 4 -




---



##### 



CAMPBELL STRATEGIC ALLOCATION FUND, L.P.
CONDENSED SCHEDULE OF INVESTMENTS
 UNITED STATES GOVERNMENT SECURITIES*
 % of NetFace Value
    
    
    Maturity Date
    
    
    Description
    
    Value
    
    
    Asset Value$
    1,150,000,000
    
    
    
    03/15/2007
    
    
    U.S. Treasury Bills
    
    $
    1,138,818,327
    
    
    
    20.14
    %$
    1,025,000,000
    
    
    
    02/01/2007
    
    
    U.S. Treasury Bills
    
    
    1,020,658,170
    
    
    
    18.05
    %$
    500,000,000
    
    
    
    02/15/2007
    
    
    U.S. Treasury Bills
    
    
    496,918,750
    
    
    
    8.79
    %$
    400,000,000
    
    
    
    01/04/2007
    
    
    U.S. Treasury Bills
    
    
    399,840,333
    
    
    
    7.07
    %$
    400,000,000
    
    
    
    01/11/2007
    
    
    U.S. Treasury Bills
    
    
    399,463,333
    
    
    
    7.06
    %$
    200,000,000
    
    
    
    01/25/2007
    
    
    U.S. Treasury Bills
    
    
    199,338,000
    
    
    
    3.53
    %Total United States
government securities
(cost, including accrued
interest,  $3,655,036,913)
    
    $
    3,655,036,913
    
    
    
    64.64
    %
 LONG FUTURES CONTRACTS
 % of NetDescription
    
    Value
    
    
    Asset ValueEnergy
    
    $
    (53,549,310
    )
    
    
    (0.95)
    %Metals
    
    
    (8,996,304
    )
    
    
    (0.16)
    %Stock indices
    
    
    67,620,532
    
    
    
    1.20
    %Long-term interest rates
    
    
    (6,296,155
    )
    
    
    (0.11)
    %Total long futures contracts
    
    $
    (1,221,237
    )
    
    
    (0.02)
    %
 SHORT FUTURES CONTRACTS
 % of NetDescription
    
    Value
    
    
    Asset ValueEnergy
    
    $
    1,062,310
    
    
    
    0.02
    %Metals
    
    
    4,289,929
    
    
    
    0.08
    %Short-term interest rates
    
    
    43,845,952
    
    
    
    0.77
    %Long-term interest rates
    
    
    100,797,696
    
    
    
    1.78
    %Total short futures contracts
    
    $
    149,995,887
    
    
    
    2.65
    %Total futures contracts
    
    $
    148,774,650
    
    
    
    2.63
    %
 FORWARD CURRENCY CONTRACTS
 % of NetDescription
    
    Value
    
    
    Asset ValueVarious long forward currency contracts
    
    $
    (104,725,010
    )
    
    
    (1.85
    )%Various short forward currency contracts
    
    
    296,244,369
    
    
    
    5.24
    %Total forward currency contracts
    
    $
    191,519,359
    
    
    
    3.39
    %
 PURCHASED OPTIONS ON FORWARD CURRENCY CONTRACTS
 % of NetDescription
    
    Value
    
    
    Asset ValuePurchased options on forward currency contracts
(premiums paid  $3,991,104)
    
    $
    4,759,458
    
    
    
    0.08
    %
 WRITTEN OPTIONS ON FORWARD CURRENCY CONTRACTS
 % of NetDescription
    
    Value
    
    
    Asset ValueWritten options on forward currency contracts
(premiums received  $2,319,699)
    
    $
    (2,169,268
    )
    
    
    (0.04
    )%
 
 *
    
    - Pledged as collateral for the trading of futures, forward and option positions.  - 5 -




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##### 



CAMPBELL STRATEGIC ALLOCATION FUND, L.P.
 STATEMENTS OF OPERATIONS
 Three Months Ended
    
    
    Nine Months EndedSeptember 30,
    
    
    September 30,2007
    
    
    2006
    
    
    2007
    
    
    2006TRADING GAINS (LOSSES)Futures trading gains (losses)Realized
    
    $
    (444,955,091
    )
    
    $
    (150,270,549
    )
    
    $
    (21,109,698
    )
    
    $
    155,153,768Change in unrealized
    
    
    (80,722,549
    )
    
    
    (113,239,800
    )
    
    
    (127,283,782
    )
    
    
    (54,163,766
    )Brokerage commissions
    
    
    (1,147,437
    )
    
    
    (1,493,660
    )
    
    
    (6,087,511
    )
    
    
    (6,497,043
    )Net gain (loss) from futures trading
    
    
    (526,825,077
    )
    
    
    (265,004,009
    )
    
    
    (154,480,991
    )
    
    
    94,492,959Forward currency and options on forward
currency trading gains (losses)Realized
    
    
    (241,169,013
    )
    
    
    25,380,343
    
    
    
    (260,784,392
    )
    
    
    (498,112,655
    )Change in unrealized
    
    
    (57,191,347
    )
    
    
    68,058,958
    
    
    
    (94,810,808
    )
    
    
    187,312,074Brokerage commissions
    
    
    (646,982
    )
    
    
    (759,449
    )
    
    
    (3,258,387
    )
    
    
    (2,047,657
    )Net gain (loss) from forward
currency and options on forward
currency trading
    
    
    (299,007,342
    )
    
    
    92,679,852
    
    
    
    (358,853,587
    )
    
    
    (312,848,238
    )Total net trading losses
    
    
    (825,832,419
    )
    
    
    (172,324,157
    )
    
    
    (513,334,578
    )
    
    
    (218,355,279
    )INTEREST INCOME NET
OF EXPENSESIncomeInterest income
    
    
    57,778,271
    
    
    
    70,042,056
    
    
    
    190,237,831
    
    
    
    194,831,573ExpensesBrokerage fee
    
    
    81,592,452
    
    
    
    97,230,493
    
    
    
    273,387,313
    
    
    
    293,924,316Performance fee
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    4,818,187Operating expenses
    
    
    516,532
    
    
    
    554,428
    
    
    
    1,637,275
    
    
    
    1,669,814Total expenses
    
    
    82,108,984
    
    
    
    97,784,921
    
    
    
    275,024,588
    
    
    
    300,412,317Interest income net of expenses
    
    
    (24,330,713
    )
    
    
    (27,742,865
    )
    
    
    (84,786,757
    )
    
    
    (105,580,744
    )NET LOSS
    
    $
    (850,163,132
    )
    
    $
    (200,067,022
    )
    
    $
    (598,121,335
    )
    
    $
    (323,936,023
    )NET LOSS PER GENERAL
AND LIMITED PARTNER UNIT (based on weighted average number of
units outstanding during the period)
    
    $
    (514.62
    )
    
    $
    (105.06
    )
    
    $
    (346.46
    )
    
    $
    (173.72
    )DECREASE
IN NET ASSET VALUE PER GENERAL
AND LIMITED PARTNER UNIT
    
    $
    (509.13
    )
    
    $
    (106.37
    )
    
    $
    (358.24
    )
    
    $
    (168.85
    )
  - 6 -




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##### 



CAMPBELL STRATEGIC ALLOCATION FUND, L.P.
 STATEMENTS OF CASH FLOWS
 Nine Months EndedSeptember 30,2007
    
    
    2006Cash flows from (for) operating activitiesNet loss
    
    $
    (598,121,335
    )
    
    $
    (323,936,023
    )Adjustments to reconcile net loss to net
cash from (for) operating activitiesNet change in unrealized
    
    
    222,094,590
    
    
    
    (133,148,308
    )(Increase) decrease in restricted cash
    
    
    64,472,902
    
    
    
    (141,852,787
    )Increase in option premiums paid
    
    
    (1,115,050
    )
    
    
    0Increase in option premiums received
    
    
    569,555
    
    
    
    783,433(Increase) decrease in interest receivable
    
    
    4,220,259
    
    
    
    (6,622,598
    )Increase in prepaid expenses
    
    
    (3,750
    )
    
    
    0Increase (decrease) in accounts payable and
accrued expenses
    
    
    (8,409,600
    )
    
    
    2,199,664Net sales (purchases) of investments in United States
government securities
    
    
    (302,603,351
    )
    
    
    506,509,181Net cash for operating activities
    
    
    (618,895,780
    )
    
    
    (96,067,438
    )Cash flows from (for) financing activitiesAddition of units
    
    
    60,989,106
    
    
    
    818,748,469Decrease in subscription deposits
    
    
    0
    
    
    
    (150,000
    )Redemption of units
    
    
    (696,647,956
    )
    
    
    (305,458,073
    )Offering costs paid
    
    
    (4,703,055
    )
    
    
    (12,045,137
    )Net cash from (for) financing activities
    
    
    (640,361,905
    )
    
    
    501,095,259Net increase (decrease) in cash and cash equivalents
    
    
    (1,259,257,685
    )
    
    
    405,027,821Cash and cash equivalentsBeginning of period
    
    
    1,707,078,283
    
    
    
    1,407,840,769End of period
    
    $
    447,820,598
    
    
    $
    1,812,868,590End of period cash and cash equivalents consists of:Cash in broker trading accounts
    
    $
    371,594,502
    
    
    $
    1,579,683,991Cash and cash equivalents
    
    
    76,226,096
    
    
    
    233,184,599Total end of period cash and cash equivalents
    
    $
    447,820,598
    
    
    $
    1,812,868,590
  - 7 -




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##### 



CAMPBELL STRATEGIC ALLOCATION FUND, L.P.
 STATEMENTS OF CHANGES IN PARTNERS CAPITAL (NET ASSET VALUE)
 Partners CapitalGeneral
    
    
    Limited
    
    
    TotalUnits
    
    
    Amount
    
    
    Units
    
    
    Amount
    
    
    Units
    
    
    AmountNine Months Ended September
30, 2007Balances at
December 31, 2006
    
    
    19,222.982
    
    
    $
    60,149,864
    
    
    
    1,787,882.705
    
    
    $
    5,594,390,302
    
    
    
    1,807,105.687
    
    
    $
    5,654,540,166Net loss for the nine months
ended September 30, 2007
    
    
    
    
    
    
    (6,835,012
    )
    
    
    
    
    
    
    (591,286,323
    )
    
    
    
    
    
    
    (598,121,335
    )Additions
    
    
    5.000
    
    
    
    13,617
    
    
    
    20,485.669
    
    
    
    60,975,489
    
    
    
    20,490.669
    
    
    
    60,989,106Redemptions
    
    
    0.000
    
    
    
    0
    
    
    
    (241,134.687
    )
    
    
    (716,993,030
    )
    
    
    (241,134.687
    )
    
    
    (716,993,030
    )Offering costs
    
    
    
    
    
    
    (51,192
    )
    
    
    
    
    
    
    (4,563,427
    )
    
    
    
    
    
    
    (4,614,619
    )Balances at
September 30, 2007
    
    
    19,227.982
    
    
    $
    53,277,277
    
    
    
    1,567,233.687
    
    
    $
    4,342,523,011
    
    
    
    1,586,461.669
    
    
    $
    4,395,800,288Nine Months Ended September
30, 2006Balances at
December 31, 2005
    
    
    17,240.171
    
    
    $
    51,848,435
    
    
    
    1,703,733.918
    
    
    $
    5,123,850,224
    
    
    
    1,720,974.089
    
    
    $
    5,175,698,659Net loss for the nine months
ended September 30, 2006
    
    
    
    
    
    
    (3,271,765
    )
    
    
    
    
    
    
    (320,664,258
    )
    
    
    
    
    
    
    (323,936,023
    )Additions
    
    
    1,982.811
    
    
    
    6,100,000
    
    
    
    265,558.492
    
    
    
    812,648,469
    
    
    
    267,541.303
    
    
    
    818,748,469Redemptions
    
    
    0.000
    
    
    
    0
    
    
    
    (110,577.674
    )
    
    
    (328,801,094
    )
    
    
    (110,577.674
    )
    
    
    (328,801,094
    )Offering costs
    
    
    
    
    
    
    (110,890
    )
    
    
    
    
    
    
    (10,944,787
    )
    
    
    
    
    
    
    (11,055,677
    )Balances at
September 30, 2006
    
    
    19,222.982
    
    
    $
    54,565,780
    
    
    
    1,858,714.736
    
    
    $
    5,276,088,554
    
    
    
    1,877,937.718
    
    
    $
    5,330,654,334
 Net Asset Value per General and Limited Partner UnitSeptember 30,
    
    
    December 31,
    
    
    September 30,
    
    
    December 31,2007
    
    
    2006
    
    
    2006
    
    
    2005$
    2,770.82
    
    
    $
    3,129.06
    
    
    $
    2,838.57
    
    
    $
    3,007.42
  - 8 -




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##### 



CAMPBELL STRATEGIC ALLOCATION FUND, L.P.
 NOTES TO
FINANCIAL STATEMENTS
 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.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 and other 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. Beginning July 1, 2006, the market value of forward currency (non-exchange
traded) contracts is 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. Prior to July 1, 2006, the market
value of forward currency (non-exchange traded) contracts was extrapolated on a
forward basis from the spot prices quoted as of 5:00 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. 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. Any change in net unrealized gain or loss from the preceding period
is reported in the statement of operations.
 - 9 -




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##### 



CAMPBELL STRATEGIC ALLOCATION FUND, L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
 ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
 C.
    
    Method of Reporting (Continued)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.D.
    
    Cash and Cash EquivalentsCash and cash equivalents includes cash and short-term time deposits 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.F.
    
    Offering CostsCampbell & Company, Inc. (Campbell & Company) has incurred all costs in connection
with the initial and continuous offering of units of the Fund (offering costs). The
Funds liability for offering costs is limited to the maximum of total offering costs
incurred by Campbell & Company or 2.5% of the aggregate subscriptions accepted during
the initial and continuous offerings; this maximum is further limited by 30 month
pay-out schedules. The Fund is only liable for payment of offering costs on a
monthly basis as calculated based on the limitations stated above. At September 30,
2007, and December 31, 2006, the Fund reflects a liability in the statement of
financial condition for offering costs payable to Campbell & Company of $427,697 and
$516,133, respectively. The amount of monthly reimbursement due to Campbell &
Company is charged directly to partners capital.If the Fund terminates prior to completion of payment of the calculated amounts to
Campbell & Company, Campbell & Company will not be entitled to any additional
payments, and the Fund will have no further obligation to Campbell & Company. At
September 30, 2007 and December 31, 2006, the amount of unreimbursed offering costs
incurred by Campbell & Company is $760,553 and $1,110,061, respectively.
 - 10 -




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##### 



CAMPBELL STRATEGIC ALLOCATION FUND, L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
 ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
 G.
    
    Foreign Currency TransactionsThe Funds functional currency is the U.S. dollar; however, it transacts business in
currencies other than the U.S. dollar. Assets and liabilities denominated in
currencies other than the U.S. dollar are translated into U.S. dollars at the rates
in effect at the date of the statement of financial condition. Income and expense
items denominated in currencies other than the U.S. dollar are translated into U.S.
dollars at the rates in effect during the period. Gains and losses resulting from
the translation to U.S. dollars are reported in income.H.
    
    Recently Issued Accounting PronouncementsIn July 2006, the Financial Accounting Standards Board (FASB) issued
Interpretation No. 48 (FIN 48) entitled Accounting For Uncertainty in
Income Taxes  an interpretation of FASB Statement No. 109. FIN 48
prescribes the minimum recognition threshold a tax position must meet
in connection with accounting for uncertainties in income tax
positions taken or expected to be taken by an entity before being
measured and recognized in the financial statements. Adoption of FIN
48 is required for fiscal years beginning after December 15, 2007.
The implementation of FIN 48 had no impact on the Funds financial
statements.In September 2006, the FASB issued Statement of Financial Accounting
Standards No. 157, Fair Value Measurements (FAS 157). FAS 157
defines fair value, establishes a framework for measuring fair value
in accounting principles generally accepted in the United States of
America, and expands disclosures about fair value measurements. While
FAS 157 does not require any new fair value measurements, for some
entities, the application of FAS 157 may change current practice. FAS
157 is effective for financial statements issued for fiscal years
beginning after November 15, 2007, and interim periods within those
fiscal years. The implementation of FAS 157 is not expected to have a
material impact on the Funds financial statements.I.
    
    ReclassificationCertain amounts in the 2006 financial statements were reclassified to conform with
the 2007 presentation.
 GENERAL PARTNER AND COMMODITY TRADING ADVISOR
   - 11 -




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##### 



CAMPBELL STRATEGIC ALLOCATION FUND, L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
 Note 2.
    
    GENERAL PARTNER AND COMMODITY TRADING ADVISOR (CONTINUED)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 BROKERSThe 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 EXPENSESOperating 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
nine months ended September 30, 2007 and 2006.Note 5.
    
    SUBSCRIPTIONS, DISTRIBUTIONS AND REDEMPTIONSInvestments in the Fund are made by subscription agreement,
subject to acceptance by Campbell & Company.The Fund is not required to make distributions, but may do so at
the sole discretion of Campbell & Company. A limited partner may
request and receive redemption of units owned, subject to
restrictions in the Amended Agreement of Limited Partnership.
Redemption fees, which are paid to Campbell & Company, apply
through the first twelve month-ends following purchase as follows:
4% of Net Asset Value per unit redeemed through the third
month-end, 3% of Net Asset Value per unit redeemed through the
sixth month-end, 2% of Net Asset Value per unit redeemed through
the ninth month-end and 1% of Net Asset Value per unit redeemed
through the twelfth month-end. After the twelfth month-end
following purchase of a unit, no redemption fees apply. For the
nine months ended September 30, 2007 and 2006, Campbell & Company
received redemption fees of $103,480 and $369,978, respectively.
 - 12 -




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##### 



CAMPBELL STRATEGIC ALLOCATION FUND, L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
 Note 6.
    
    TRADING ACTIVITIES AND RELATED RISKSThe Fund engages in the speculative trading of U.S. and foreign
futures contracts, forward currency contracts and options on
forward currency contracts (collectively, derivatives). The
Fund is exposed to both market risk, the risk arising from changes
in the market value of the contracts, and credit risk, the risk of
failure by another party to perform according to the terms of a
contract.Purchase and sale of futures contracts requires margin deposits
with the broker. Additional deposits may be necessary for any
loss on contract value. The Commodity Exchange Act requires a
broker to segregate all customer transactions and assets from such
brokers proprietary activities. A customers cash and other
property (for example, U.S. Treasury bills) deposited with a
broker are considered commingled with all other customer funds
subject to the brokers segregation requirements. In the event of
a brokers insolvency, recovery may be limited to a pro rata share
of segregated funds available. It is possible that the recovered
amount could be less than total cash and other property deposited.The amount of required margin and good faith deposits with the
broker and interbank and other market makers usually range from
10% to 30% of Net Asset Value. The market value of securities
held to satisfy such requirements at September 30, 2007 and
December 31, 2006 was $3,957,640,264 and $3,655,036,913,
respectively, which equals 90% and 65% of Net Asset Value,
respectively. The cash deposited with interbank and other market
makers at September 30, 2007 and December 31, 2006 was $72,178,136
and $466,642,532, respectively, which equals 2% and 8% of Net
Asset Value, respectively. These amounts are included in cash and
cash equivalents. Included in cash deposits with the broker at
December 31, 2006, was restricted cash for margin requirements
$64,472,902 which equals 1% of Net Asset Value. There was no
restricted cash at September 30, 2007.The Fund trades forward currency and options on forward currency
contracts in unregulated markets between principals and assumes
the risk of loss from counterparty nonperformance. Accordingly,
the risks associated with forward currency and options on forward
currency contracts are generally greater than those associated
with exchange traded contracts because of the greater risk of
counterparty default. Additionally, the trading of forward
currency and options on forward currency contracts typically
involves delayed cash settlement.The Fund has a substantial portion of its assets on deposit with
financial institutions. In the event of a financial institutions
insolvency, recovery of Fund assets on deposit may be limited to
account insurance or other protection afforded such deposits.For derivatives, risks arise from changes in the market value of
the contracts. Theoretically, the Fund is exposed to a market
risk equal to the notional contract value of futures and forward
currency contracts purchased and unlimited liability on such
contracts sold short. Beginning in 2006, the Fund began buying and
selling forward currency options. 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.
 - 13 -




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##### 



CAMPBELL STRATEGIC ALLOCATION FUND, L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
 Note 6.
    
    TRADING ACTIVITIES AND RELATED RISKS (CONTINUED)The unrealized gain (loss) on open futures, forward currency and
options on forward currency contracts is comprised of the
following:
 Forward Currency andOptions on ForwardFutures Contracts
    
    
    Currency Contracts(exchange traded)
    
    
    (non-exchange traded)September 30,
    
    
    December 31,
    
    
    September 30,
    
    
    December 31,2007
    
    
    2006
    
    
    2007
    
    
    2006Gross unrealized gains
    
    $
    46,519,411
    
    
    $
    225,720,639
    
    
    $
    499,324,545
    
    
    $
    363,846,416Gross unrealized losses
    
    
    (25,028,543
    )
    
    
    (76,945,989
    )
    
    
    (401,697,209
    )
    
    
    (171,408,272
    )Net unrealized gain
    
    $
    21,490,868
    
    
    $
    148,774,650
    
    
    $
    97,627,336
    
    
    $
    192,438,144
   Note 7.
    
    INDEMNIFICATIONSIn the normal course of business, the Fund enters into contracts
and agreements that contain a variety of representations and
warranties and which provide general indemnifications. The Funds
maximum exposure under these arrangements is unknown, as this
would involve future claims that may be made against the Fund that
have not yet occurred. The Fund expects the risk of any future
obligation under these indemnifications to be remote.Note 8.
    
    INTERIM FINANCIAL STATEMENTSThe statement of financial condition, including the condensed
schedule of investments, as of September 30, 2007, the statements
of operations for the three months and nine months ended September
30, 2007 and 2006, and the statements of cash flows and changes in
partners capital (Net Asset Value) for the nine months ended
September 30, 2007 and 2006 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, 2007, and
the results of operations for the three months and nine months
ended September 30, 2007 and 2006, and cash flows for the nine
months ended September 30, 2007 and 2006.
 - 14 -




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##### 



CAMPBELL STRATEGIC ALLOCATION FUND, L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
 Note 9.
    
    FINANCIAL HIGHLIGHTSThe following information presents per unit operating performance data and other
supplemental financial data for the three months and nine months ended September 30, 2007
and 2006. This information has been derived from information presented in the financial
statements.
 Three months ended
    
    
    Nine months endedSeptember 30,
    
    
    September 30,2007
    
    
    2006
    
    
    2007
    
    
    2006(Unaudited)
    
    
    (Unaudited)
    
    
    (Unaudited)
    
    
    (Unaudited)Per Unit Performance
(for a unit outstanding throughout the entire period)Net asset value per unit at beginning of period
    
    $
    3,279.95
    
    
    $
    2,944.94
    
    
    $
    3,129.06
    
    
    $
    3,007.42Income (loss) from operations:Total net trading losses (1)
    
    
    (493.62
    )
    
    
    (90.96
    )
    
    
    (306.46
    )
    
    
    (106.30
    )Interest income net of expenses (1)
    
    
    (14.73
    )
    
    
    (14.57
    )
    
    
    (49.11
    )
    
    
    (56.62
    )Total net loss from operations
    
    
    (508.35
    )
    
    
    (105.53
    )
    
    
    (355.57
    )
    
    
    (162.92
    )Offering costs (1)
    
    
    (0.78
    )
    
    
    (0.84
    )
    
    
    (2.67
    )
    
    
    (5.93
    )Net asset value per unit at end of period
    
    $
    2,770.82
    
    
    $
    2,838.57
    
    
    $
    2,770.82
    
    
    $
    2,838.57Total Return(3)
    
    
    (15.52
    )%
    
    
    (3.61
    )%
    
    
    (11.45
    )%
    
    
    (5.61
    )%Supplemental DataRatios to average net asset value:Expenses prior to performance fee (4)
    
    
    6.82
    %
    
    
    7.07
    %
    
    
    7.09
    %
    
    
    7.06
    %Performance fee (3)
    
    
    0.00
    %
    
    
    0.00
    %
    
    
    0.00
    %
    
    
    0.09
    %Total expenses
    
    
    6.82
    %
    
    
    7.07
    %
    
    
    7.09
    %
    
    
    7.15
    %Interest income net of expenses (2), (4), (5)
    
    
    (2.02
    )%
    
    
    (2.00
    )%
    
    
    (2.19
    )%
    
    
    (2.41
    )%
 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 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 is shown as a positive percentage when
interest income exceeds expenses for the period and a negative percentage when
expenses exceed interest income for the period. - 15 -




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##### 



Item 2. Managements Discussion and Analysis of Financial Condition and
Results of Operations
          - 16 -




---



##### 



i.e.
     2007
  - 17 -




---



##### 



Sector
    
    % Gain (Loss)Interest Rates
    
    
    (0.01
    )%Stock Indices
    
    
    (0.52
    )Metals
    
    
    (0.86
    )Energy
    
    
    (1.49
    )Currencies
    
    
    (6.66
    )(9.54
    )%
   - 18 -




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##### 



- 19 -




---



##### 



2006
  Sector
    
    % Gain (Loss)Metals
    
    
    2.18
    %Stock Indices
    
    
    2.13Interest Rates
    
    
    1.99Energy
    
    
    (4.51
    )Currencies
    
    
    (5.15
    )(3.36
    )%
   - 20 -




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##### 



- 21 -




---



##### 



Off-Balance Sheet Risk
   - 22 -




---



##### 



Disclosures About Certain Trading Activities that Include Non-Exchange Traded Contracts
Accounted for at Fair Value
  Item 3. Quantitative and Qualitative Disclosures About Market Risk
 Introduction
 Past Results Not Necessarily Indicative of Future Performance
    - 23 -




---



##### 



Standard of Materiality
  Quantifying the Funds Trading Value at Risk
 Quantitative Forward-Looking Statements
 The following quantitative disclosures regarding the Funds market risk exposures contain
forward-looking statements within the meaning of the safe harbor from civil liability
provided for such statements by the Private Securities Litigation Reform Act of 1995 (set
forth in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934). All quantitative disclosures in this section are deemed to be forward-looking
statements for purposes of the safe harbor, except for statements of historical fact.
      - 24 -




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##### 



The Funds Trading Value at Risk in Different Market Sectors
  September 30, 2007TradingMarket Sector
    
    Value at Risk*
    
    Gain/(Loss)**Currencies
    
    
    1.40
    %
    
    
    (6.66
    )%Interest Rates
    
    
    0.99
    %
    
    
    (0.01
    )%Stock Indices
    
    
    0.80
    %
    
    
    (0.52
    )%Energy
    
    
    0.10
    %
    
    
    (1.49
    )%Metals
    
    
    0.09
    %
    
    
    (0.86
    )%Aggregate/Total
    
    
    2.66
    %
    
    
    (9.54
    )%
 
 *
    
    -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 nine months ended September 30, 2007, approximately 9.54% was due
to trading losses (before commissions) and approximately 5.59% was due to brokerage fees,
performance fees and operating and offering costs borne by the Fund approximately 3.68% due to
interest income offset by, giving a net return of (11.45)%. - 25 -




---



##### 



December 31, 2006TradingMarket Sector
    
    Value at Risk*
    
    Gain/(Loss)**Stock Indices
    
    
    0.75
    %
    
    
    6.67
    %Currencies
    
    
    0.70
    %
    
    
    1.91
    %Interest Rates
    
    
    0.59
    %
    
    
    3.05
    %Energy
    
    
    0.39
    %
    
    
    (6.71
    )%Metals
    
    
    0.17
    %
    
    
    2.01
    %Aggregate/Total
    
    
    1.42
    %
    
    
    6.93
    %
 
 *
    
    -The VaR for a sector represents the one day downside risk for the aggregate exposures
associated with this sector. The aggregate VaR represents the VaR of the Funds open
positions across all market sectors, and is less than the sum of the VaRs for all such market
sectors due to the diversification benefit across asset classes.**
    
    -Of the return for the year ended December 31, 2006, approximately 6.93% was due to
trading gains (before commissions) and approximately 4.72% due to interest income, offset by
approximately 7.61% due to brokerage fees, performance fees and operating and offering costs
borne by the Fund giving a net return of 4.04%. 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
  - 26 -




---



##### 



Qualitative Disclosures Regarding Primary Trading Risk Exposures
 The following qualitative disclosures regarding the Funds market risk exposures 
except for (i) those disclosures that are statements of historical fact and (ii) the
descriptions of how the Fund manages its primary market risk exposures  constitute
forward-looking statements within the meaning of Section 27A of the Securities Act and Section
21E of the Securities Exchange Act. The Funds primary market risk exposures as well as the
strategies used and to be used by Campbell & Company for managing such exposures are subject
to numerous uncertainties, contingencies and risks, any one of which could cause the actual
results of the Funds risk controls to differ materially from the objectives of such
strategies. Government interventions, defaults and expropriations, illiquid markets, the
emergence of dominant fundamental factors, political upheavals, changes in historical price
relationships, an influx of new market participants,
increased regulation and many other factors could result in material losses as well as in
material changes to the risk exposures and the risk management strategies of the Fund. There
can be no assurance that the Funds current market exposure and/or risk management strategies
will not change materially or that any such strategies will be effective in either the short-
or long-term. Investors must be prepared to lose all or substantially all of their investment
in the Fund.
  Currencies
 i.e.,
 Interest Rates
  Stock Indices
  - 27 -




---



##### 



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




---



##### 



General
  Item 4. Controls and Procedures
  - 29 -




---



##### 



PART IIOTHER INFORMATION
 Item 1. Legal Proceedings.
  Item 2. Changes in Securities and Use of Proceeds
  Item 3. Defaults Upon Senior Securities
  Item 4. Submissions of Matters to a vote of Security Holders.
  Item 5. Other Information
  Item 6. Exhibits and Reports on Form 8-K.
  ExhibitNumber
    
    Description of Document 31.01
    
    Certification of Theresa D. Becks, Chief Executive Officer,
pursuant to Rules 13a-14 and 15d-14 of the Securities Exchange Act of 1934.31.02
    
    Certification of Gregory T. Donovan, Senior Vice President of
Accounting and Finance, pursuant to Rules 13a-14 and 15d-14 of the Securities
Exchange Act of 1934.32.01
    
    Certification of Theresa D. Becks, Chief Executive Officer,
pursuant to 18 U.S.C. Section 1350, as enacted by Section 906 of The
Sarbanes-Oxley Act of 2002.32.02
    
    Certification of Gregory T. Donovan, Senior Vice President of
Accounting and Finance, pursuant to 18 U.S.C. Section 1350, as enacted by
Section 906 of The Sarbanes-Oxley Act of 2002.
 - 30 -




---



##### 



SIGNATURES
  CAMPBELL STRATEGIC ALLOCATION FUND, L.P.
(Registrant)By:
    Campbell & Company, Inc.General PartnerBy:
    /s/  Theresa D. BecksTheresa D. BecksChief Executive Officer - 31 -




---



##### 



EXHIBIT INDEX
 Exhibit Number
    
    Description of Document
    
    Page Number31.01
    
    Certification by Chief Executive Officer
    
    E 2  E331.02
    
    Certification by Senior Vice President of Accounting and Finance
    
    E 4  E532.01
    
    Certification by Chief Executive Officer
    
    E 632.02
    
    Certification by Senior Vice President of Accounting and Finance
    
    E 7
 -E 1-