##### Table of Contents



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, 2010
 or
 o
    
    Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 For the transition period from  to
 Commission File number: 0-22260
 CAMPBELL STRATEGIC ALLOCATION FUND, L.P.
  Delaware
    
    52-1823554(State of Organization)
    
    (IRS Employer Identification Number)
 (Address of principal executive offices, including zip code)
 (Registrants telephone number, including area code)
 þ o
 þ o
  Large accelerate filer o
    
    Accelerated filer o
    
    Non-accelerated filer o
    
    Smaller reporting company þ(Do not check if a smaller
reporting company)
 o þ
 35




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##### 



PagePART I  FINANCIAL INFORMATIONItem 1. Financial StatementsCondensed Schedules of Investments as of June 30, 2010
and December 31, 2009 (Unaudited)
    
    
    3-7Statements of Financial Condition as of June 30, 2010
and December 31, 2009 (Unaudited)
    
    
    8Statements of Operations for the Three Months and Six Months Ended
June 30, 2010 and 2009 (Unaudited)
    
    
    9Statements of Cash Flows for the Six Months Ended
June 30, 2010 and 2009 (Unaudited)
    
    
    10Statements of Changes in Partners Capital (Net Asset Value)
for the Six Months Ended June 30, 2010 and 2009 (Unaudited)
    
    
    11Financial Highlights for the Three Months and Six Months Ended
June 30, 2010 and 2009 (Unaudited)
    
    
    12Notes to Financial Statements (Unaudited)
    
    
    13-19Item 2. Managements Discussion and Analysis of Financial Condition and
Results of Operations
    
    
    20-27Item 3. Quantitative and Qualitative Disclosure About Market Risk
    
    
    27-32Item 4T. Controls and Procedures
    
    
    33PART II  OTHER INFORMATION
    
    
    34Item 6. Exhibits and Reports on Form 8-K
    
    
    34SIGNATURES
    
    
    35CERTIFICATIONSEX-31.01EX-31.02EX-32.01EX-32.02




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##### Table of Contents



FIXED INCOME SECURITIES
 Maturity
    
    
    
    
    
    
    
    
    % of NetFace Value
    
    
    Description
    
    Values ($)
    
    
    Asset ValueBank DepositsAustraliaFinancials
(cost $32,000,000)
    
    $
    31,994,118
    
    
    
    2.33
    %CanadaFinancials
(cost $32,000,000)
    
    $
    32,002,954
    
    
    
    2.33
    %NetherlandsFinancials
(cost $33,300,037)
    
    $
    33,299,963
    
    
    
    2.42
    %United StatesFinancials
(cost $33,340,000)
    
    $
    33,350,382
    
    
    
    2.43
    %Total Bank Deposits
(cost $130,640,037)
    
    $
    130,647,417
    
    
    
    9.51
    %Commercial PaperGermanyTelecommunications
(cost $5,035,727)
    
    $
    5,036,319
    
    
    
    0.37
    %PanamaConsumer Discretionary
(cost $23,991,300)
    
    $
    23,991,610
    
    
    
    1.75
    %United StatesConsumer Discretionary
    
    $
    42,589,191
    
    
    
    3.10
    %Consumer Staples
    
    $
    68,252,615
    
    
    
    4.97
    %Financials
    
    $
    144,520,633
    
    
    
    10.52
    %Industrials
    
    $
    6,261,475
    
    
    
    0.46
    %Materials
    
    $
    24,999,793
    
    
    
    1.82
    %Municipal
    
    $
    86,279,543
    
    
    
    6.28
    %Utilities
    
    $
    73,782,544
    
    
    
    5.37
    %Total United States(cost $446,646,945)
    
    $
    446,685,794
    
    
    
    32.52
    %Total Commercial Paper
(cost $475,673,972)
    
    $
    475,713,723
    
    
    
    34.64
    %Corporate BondsUnited StatesConsumer Discretionary
    
    $
    1,997,600
    
    
    
    0.15
    %Financials
    
    $
    98,971,803
    
    
    
    7.20
    %Telecommunications
    
    $
    5,409,476
    
    
    
    0.39
    %Total United States(cost $106,594,867)
    
    $
    106,378,879
    
    
    
    7.74
    %
 See Accompanying Notes to Financial Statements.
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##### Table of Contents



Maturity
    
    
    
    
    
    
    
    
    % of NetFace Value
    
    
    Description
    
    Values ($)
    
    
    Asset ValueGovernment And Agency ObligationsUnited StatesU.S. Government AgencyFederal Home Loan Bank 0.65%$
    17,000,000
    
    
    Due 05/19/2011
    
    $
    17,010,710
    
    
    
    1.24
    %Federal Home Loan Bank 0.70%$
    30,000,000
    
    
    Due 04/18/2011
    
    $
    30,065,700
    
    
    
    2.19
    %Federal Home Loan Bank 1.00%$
    44,320,000
    
    
    Due 02/28/2011
    
    $
    44,375,400
    
    
    
    3.23
    %Federal Home Loan Bank Step Up$
    20,060,000
    
    
    Due 02/24/2012
    
    $
    20,060,000
    
    
    
    1.46
    %Federal Home Loan Bank Step Up$
    15,000,000
    
    
    Due 02/10/2011
    
    $
    15,009,450
    
    
    
    1.09
    %Federal Home Loan Bank Step Up$
    26,000,000
    
    
    Due 12/30/2011
    
    $
    25,991,940
    
    
    
    1.89
    %Other U.S. Government Agency Obligations
    
    $
    126,336,898
    
    
    
    9.19
    %U.S. Treasury Bills *$
    75,000,000
    
    
    Due 07/22/2010
    
    $
    74,997,266
    
    
    
    5.46
    %U.S. Treasury Bills *$
    42,000,000
    
    
    Due 07/15/2010
    
    $
    41,999,510
    
    
    
    3.06
    %U.S. Treasury Bills *$
    55,000,000
    
    
    Due 07/22/2010
    
    $
    54,997,754
    
    
    
    4.00
    %U.S. Treasury Bills *$
    75,000,000
    
    
    Due 07/22/2010
    
    $
    74,996,718
    
    
    
    5.46
    %U.S. Treasury Bills *$
    50,000,000
    
    
    Due 07/08/2010
    
    $
    49,999,660
    
    
    
    3.64
    %Total United States(cost $575,515,922)
    
    $
    575,841,006
    
    
    
    41.91
    %Short Term Investment FundsUnited StatesShort Term
Investment Funds 
(cost $26,008,735)
    
    $
    26,008,735
    
    
    
    1.89
    %Total Fixed Income Securities
(cost $1,314,433,533)
    
    $
    1,314,589,760
    
    
    
    95.69
    %
 LONG FUTURES CONTRACTS
 % of NetDescription
    
    Values ($)
    
    
    Asset ValueAgricultural
    
    $
    182,516
    
    
    
    0.01
    %Energy
    
    $
    (4,301,810
    )
    
    
    (0.31
    )%Metals
    
    $
    253,406
    
    
    
    0.02
    %Stock indices
    
    $
    (17,608,987
    )
    
    
    (1.28
    )%Short-term interest rates
    
    $
    9,678,122
    
    
    
    0.70
    %Long-term interest rates
    
    $
    29,157,267
    
    
    
    2.12
    %Total long futures contracts
    
    $
    17,360,514
    
    
    
    1.26
    %
 SHORT FUTURES CONTRACTS
 % of NetDescription
    
    Values ($)
    
    
    Asset ValueAgricultural
    
    $
    (1,486,809
    )
    
    
    (0.11
    )%Energy
    
    $
    1,084,180
    
    
    
    0.08
    %Metals
    
    $
    (515,078
    )
    
    
    (0.04
    )%Stock indices
    
    $
    1,777,130
    
    
    
    0.13
    %Short-term interest rates
    
    $
    (954,863
    )
    
    
    (0.07
    )%Total short futures contracts
    
    $
    (95,440
    )
    
    
    (0.01
    )%Total
futures contracts
    
    $
    17,265,074
    
    
    
    1.25
    %
 See Accompanying Notes to Financial Statements.
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##### Table of Contents



FORWARD CURRENCY CONTRACTS
 % of NetDescription
    
    Values ($)
    
    
    Asset ValueVarious long forward currency contracts
    
    $
    13,379,702
    
    
    
    0.97
    %Various short forward currency contracts
    
    $
    (29,582,094
    )
    
    
    (2.15
    )%Total forward currency contracts
    
    $
    (16,202,392
    )
    
    
    (1.18
    )%
 PURCHASED OPTIONS ON FORWARD CURRENCY CONTRACTS
 % of NetDescription
    
    Values ($)
    
    
    Asset ValuePurchased options on forward currency contracts
    
    $
    730,722
    
    
    
    0.05
    %(premiums paid  $738,364)
 WRITTEN OPTIONS ON FORWARD CURRENCY CONTRACTS
 % of NetDescription
    
    Values ($)
    
    
    Asset ValueWritten options on forward currency contracts
    
    $
    (1,346,311
    )
    
    
    (0.10
    )%(premiums received  $1,556,646)
 
 *
    
    Pledged as collateral for the trading of futures, forward and option positions. See Accompanying Notes to Financial Statements.
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##### Table of Contents



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



LONG FUTURES CONTRACTS
 % of NetDescription
    
    Values ($)
    
    
    Asset ValueAgricultural
    
    $
    (59,783
    )
    
    
    0.00
    %Energy
    
    $
    798,745
    
    
    
    0.05
    %Metals
    
    $
    4,011,004
    
    
    
    0.23
    %Stock indices
    
    $
    12,654,145
    
    
    
    0.74
    %Short-term interest rates
    
    $
    (5,342,338
    )
    
    
    (0.31
    )%Long-term interest rates
    
    $
    (14,825,155
    )
    
    
    (0.87
    )%Total long futures contracts
    
    $
    (2,763,382
    )
    
    
    (0.16
    )%
 SHORT FUTURES CONTRACTS
 % of NetDescription
    
    Values ($)
    
    
    Asset ValueAgricultural
    
    $
    50,561
    
    
    
    0.00
    %Metals
    
    $
    (2,581,534
    )
    
    
    (0.15
    )%Long-term interest rates
    
    $
    717,238
    
    
    
    0.04
    %Total short futures contracts
    
    $
    (1,813,735
    )
    
    
    (0.11
    )%Total futures contracts
    
    $
    (4,577,117
    )
    
    
    (0.27
    )%
 FORWARD CURRENCY CONTRACTS
 % of NetDescription
    
    Values ($)
    
    
    Asset ValueVarious long forward currency contracts
    
    $
    (64,092,290
    )
    
    
    (3.75
    )%Various short forward currency contracts
    
    $
    49,010,012
    
    
    
    2.87
    %Total forward currency contracts
    
    $
    (15,082,278
    )
    
    
    (0.88
    )%
 PURCHASED OPTIONS ON FORWARD CURRENCY CONTRACTS
 % of NetDescription
    
    Values ($)
    
    
    Asset ValuePurchased options on forward currency contracts

(premiums paid   $4,023,342)
    
    $
    4,062,722
    
    
    
    0.24
    %
 WRITTEN OPTIONS ON FORWARD CURRENCY CONTRACTS
 % of NetDescription
    
    Values ($)
    
    
    Asset ValueWritten options on forward currency contracts

(premiums received   $1,254,708)
    
    $
    (1,094,738
    )
    
    
    (0.06
    )%
 
 *
    
    Pledged as collateral for the trading of futures, forward and option positions. See Accompanying Notes to Financial Statements.
 - 7 -




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##### Table of Contents



June 30,
    
    
    December 31,2010
    
    
    2009ASSETSEquity in broker trading accountsCash
    
    $
    89,419,569
    
    
    $
    224,803,378Fixed income securities
(cost $199,993,644 and $199,987,417, respectively)
    
    
    199,993,644
    
    
    
    199,987,417Net unrealized gain (loss) on open futures contracts
    
    
    17,265,074
    
    
    
    (4,577,117
    )Total equity in broker trading accounts
    
    
    306,678,287
    
    
    
    420,213,678Cash and cash equivalents
    
    
    37,026,029
    
    
    
    41,337,614Fixed income securities
(cost $1,114,439,889 and $1,406,415,692, respectively)
    
    
    1,114,596,116
    
    
    
    1,406,259,301Options purchased, at fair value
(premiums paid  $738,364 and $4,023,342, respectively)
    
    
    730,722
    
    
    
    4,062,722Net unrealized gain (loss) on open forward currency contracts
    
    
    (16,202,392
    )
    
    
    (15,082,278
    )Interest receivable
    
    
    2,375,519
    
    
    
    2,064,955Total assets
    
    $
    1,445,204,281
    
    
    $
    1,858,855,992LIABILITIESAccounts payable
    
    $
    464,172
    
    
    $
    642,518Brokerage fee
    
    
    8,265,058
    
    
    
    10,246,641Options written, at fair value
(premiums received  $1,556,646 and $1,254,708, respectively)
    
    
    1,346,311
    
    
    
    1,094,738Payable for securities purchased
    
    
    26,000,000
    
    
    
    99,998,667Accrued commissions and other trading fees on open contracts
    
    
    325,792
    
    
    
    206,347Offering costs payable
    
    
    200,962
    
    
    
    346,751Redemptions payable
    
    
    34,578,482
    
    
    
    37,828,712Total liabilities
    
    
    71,180,777
    
    
    
    150,364,374PARTNERS CAPITAL (Net Asset Value)General Partner - 6,623.161 and 6,637.982 redeemable units
outstanding at June 30, 2010 and December 31, 2009
    
    
    14,979,934
    
    
    
    15,893,851Limited Partners - 600,882.356 and 706,905.488 redeemable units
outstanding at June 30, 2010 and December 31, 2009
    
    
    1,359,043,570
    
    
    
    1,692,597,767Total partners capital (Net Asset Value)
    
    
    1,374,023,504
    
    
    
    1,708,491,618Total liabilities and partners capital (Net Asset Value)
    
    $
    1,445,204,281
    
    
    $
    1,858,855,992
 See Accompanying Notes to Financial Statements.
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##### Table of Contents



Three Months Ended
    
    
    Six Months EndedJune 30,
    
    
    June 30,2010
    
    
    2009
    
    
    2010
    
    
    2009TRADING GAINS (LOSSES)Futures trading gains (losses)Realized
    
    $
    24,555,209
    
    
    $
    (115,075,256
    )
    
    $
    (45,406,842
    )
    
    $
    (109,391,439
    )Change in unrealized
    
    
    (15,641,461
    )
    
    
    5,386,655
    
    
    
    21,842,191
    
    
    
    (3,161,612
    )Brokerage commissions
    
    
    (974,437
    )
    
    
    (620,477
    )
    
    
    (2,093,434
    )
    
    
    (1,262,698
    )Net gain (loss) from futures trading
    
    
    7,939,311
    
    
    
    (110,309,078
    )
    
    
    (25,658,085
    )
    
    
    (113,815,749
    )Forward currency and options on forward
currency trading gains (losses)Realized
    
    
    16,716,602
    
    
    
    (31,940,556
    )
    
    
    (12,371,723
    )
    
    
    (5,796,635
    )Change in unrealized
    
    
    (17,944,116
    )
    
    
    5,105,750
    
    
    
    (1,116,770
    )
    
    
    (9,259,201
    )Brokerage commissions
    
    
    (95,735
    )
    
    
    (90,429
    )
    
    
    (199,616
    )
    
    
    (142,920
    )Net gain (loss) from forward currency
and options on forward currency trading
    
    
    (1,323,249
    )
    
    
    (26,925,235
    )
    
    
    (13,688,109
    )
    
    
    (15,198,756
    )Total net trading gain (loss)
    
    
    6,616,062
    
    
    
    (137,234,313
    )
    
    
    (39,346,194
    )
    
    
    (129,014,505
    )NET INVESTMENT INCOME (LOSS)Investment incomeInterest income
    
    
    1,355,730
    
    
    
    223,498
    
    
    
    2,917,270
    
    
    
    439,710Realized gain (loss)
on fixed income securities
    
    
    118,079
    
    
    
    0
    
    
    
    112,592
    
    
    
    0Change in unrealized gain (loss)
on fixed income securities
    
    
    (142,497
    )
    
    
    0
    
    
    
    312,618
    
    
    
    0Total investment income
    
    
    1,331,312
    
    
    
    223,498
    
    
    
    3,342,480
    
    
    
    439,710ExpensesBrokerage fee
    
    
    25,927,853
    
    
    
    36,726,417
    
    
    
    53,711,240
    
    
    
    78,978,525Operating expenses
    
    
    650,223
    
    
    
    338,360
    
    
    
    1,389,117
    
    
    
    747,876Total expenses
    
    
    26,578,076
    
    
    
    37,064,777
    
    
    
    55,100,357
    
    
    
    79,726,401Net investment income (loss)
    
    
    (25,246,764
    )
    
    
    (36,841,279
    )
    
    
    (51,757,877
    )
    
    
    (79,286,691
    )NET INCOME (LOSS)
    
    $
    (18,630,702
    )
    
    $
    (174,075,592
    )
    
    $
    (91,104,071
    )
    
    $
    (208,301,196
    )NET INCOME (LOSS) PER GENERAL
AND LIMITED PARTNER UNIT
(based on weighted average number
of units outstanding during the period)
    
    $
    (29.05
    )
    
    $
    (203.11
    )
    
    $
    (135.86
    )
    
    $
    (235.07
    )INCREASE (DECREASE) IN NET ASSET VALUE
PER GENERAL AND LIMITED PARTNER UNIT
    
    $
    (32.46
    )
    
    $
    (202.41
    )
    
    $
    (132.63
    )
    
    $
    (242.09
    )
 See Accompanying Notes to Financial Statements.
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##### Table of Contents



Six Months EndedJune 30,2010
    
    
    2009Cash flows from (for) operating activitiesNet income (loss)
    
    $
    (91,104,071
    )
    
    $
    (208,301,196
    )Adjustments to reconcile net income (loss) to net cash from (for) operating activitiesNet change in unrealized
    
    
    (21,038,038
    )
    
    
    12,420,813(Increase) decrease in restricted cash
    
    
    0
    
    
    
    83,927,379(Increase) decrease in option premiums paid
    
    
    3,284,978
    
    
    
    (8,271
    )Increase (decrease) in option premiums received
    
    
    301,938
    
    
    
    (490,044
    )Increase (decrease) in payable for securities purchased
    
    
    (73,998,667
    )
    
    
    0(Increase) decrease in interest receivable
    
    
    (310,564
    )
    
    
    41,698Increase (decrease) in interest payable
    
    
    0
    
    
    
    50,338Increase (decrease) in accounts payable and accrued expenses
    
    
    (2,040,483
    )
    
    
    (3,262,578
    )Purchases of investments in fixed income securities
    
    
    (23,037,821,737
    )
    
    
    (8,274,038,367
    )Sales/maturities of investments in fixed income securities
    
    
    23,329,791,312
    
    
    
    7,422,000,000Net cash from (for) operating activities
    
    
    107,064,668
    
    
    
    (967,660,228
    )Cash flows from (for) financing activitiesRedemption of units
    
    
    (245,358,999
    )
    
    
    (302,066,601
    )Offering costs paid
    
    
    (1,401,063
    )
    
    
    (1,728,814
    )Net cash from (for) financing activities
    
    
    (246,760,062
    )
    
    
    (303,795,415
    )Net increase (decrease) in cash and cash equivalents
    
    
    (139,695,394
    )
    
    
    (1,271,455,643
    )Cash and cash equivalentsBeginning of period
    
    
    266,140,992
    
    
    
    1,309,258,625End of period
    
    $
    126,445,598
    
    
    $
    37,802,982End of period cash and cash equivalents consists of:Cash in broker trading accounts
    
    $
    89,419,569
    
    
    $
    15,920,829Cash and cash equivalents
    
    
    37,026,029
    
    
    
    21,882,153Total end of period cash and cash equivalents
    
    $
    126,445,598
    
    
    $
    37,802,982
 See Accompanying Notes to Financial Statements.
 - 10 -




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##### Table of Contents



Partners CapitalGeneral Partner
    
    
    Limited Partners
    
    
    TotalUnits
    
    
    Amount
    
    
    Units
    
    
    Amount
    
    
    Units
    
    
    AmountSix Months Ended June 30, 2010Balances at December 31, 2009
    
    
    6,637.982
    
    
    $
    15,893,851
    
    
    
    706,905.488
    
    
    $
    1,692,597,767
    
    
    
    713,543.470
    
    
    $
    1,708,491,618Net income (loss) for the six months ended
June 30, 2010
    
    
    
    
    
    
    (866,639
    )
    
    
    
    
    
    
    (90,237,432
    )
    
    
    
    
    
    
    (91,104,071
    )Redemptions
    
    
    (14.821
    )
    
    
    (34,815
    )
    
    
    (106,023.132
    )
    
    
    (242,073,954
    )
    
    
    (106,037.953
    )
    
    
    (242,108,769
    )Offering costs
    
    
    
    
    
    
    (12,463
    )
    
    
    
    
    
    
    (1,242,811
    )
    
    
    
    
    
    
    (1,255,274
    )Balances at June 30, 2010
    
    
    6,623.161
    
    
    $
    14,979,934
    
    
    
    600,882.356
    
    
    $
    1,359,043,570
    
    
    
    607,505.517
    
    
    $
    1,374,023,504Six 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
    
    
    $
    1,959,666,085
 Net Asset Value per General and Limited Partner UnitJune 30, 2010
    
    December 31, 2009
    
    June 30, 2009
    
    December 31, 2008$2,261.75
    
    $2,394.38
    
    $2,387.81
    
    $2,629.90
 See Accompanying Notes to Financial Statements.
 - 11 -




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##### Table of Contents



Three Months Ended
    
    
    Six Months EndedJune 30,
    
    
    June 30,2010
    
    
    2009
    
    
    2010
    
    
    2009Per Unit Performance
(for a unit outstanding throughout the entire period)Net asset value per unit at beginning of period
    
    $
    2,294.21
    
    
    $
    2,590.22
    
    
    $
    2,394.38
    
    
    $
    2,629.90Income (loss) from operations:Total net trading gains (losses) (1)
    
    
    7.92
    
    
    
    (158.76
    )
    
    
    (53.58
    )
    
    
    (150.81
    )Net investment income (loss) (1)
    
    
    (39.37
    )
    
    
    (42.99
    )
    
    
    (77.18
    )
    
    
    (89.47
    )Total net income (loss) from operations
    
    
    (31.45
    )
    
    
    (201.75
    )
    
    
    (130.76
    )
    
    
    (240.28
    )Offering costs (1)
    
    
    (1.01
    )
    
    
    (0.66
    )
    
    
    (1.87
    )
    
    
    (1.81
    )Net asset value per unit at end of period
    
    $
    2,261.75
    
    
    $
    2,387.81
    
    
    $
    2,261.75
    
    
    $
    2,387.81Total Return(3)
    
    
    (1.41
    )%
    
    
    (7.81
    )%
    
    
    (5.54
    )%
    
    
    (9.21
    )%Supplemental DataRatios to average net asset value:Expenses prior to performance fee (4)
    
    
    7.27
    %
    
    
    7.02
    %
    
    
    7.24
    %
    
    
    7.12
    %Performance fee (3)
    
    
    0.00
    %
    
    
    0.00
    %
    
    
    0.00
    %
    
    
    0.00
    %Total expenses
    
    
    7.27
    %
    
    
    7.02
    %
    
    
    7.24
    %
    
    
    7.12
    %Net
investment income (loss)
(2),(4)
    
    
    (6.91
    )%
    
    
    (6.98
    )%
    
    
    (6.80
    )%
    
    
    (7.08
    )%
 Total returns are calculated based on the change in value of a unit during the period. An
individual partners total returns and ratios may vary from the above total returns and ratios based on
the timing of additions and redemptions.
 
 (1)
    
    Net investment income (loss) per unit and offering costs per unit are calculated by dividing
the net investment income (loss) and offering costs by the average number of units
outstanding during the period. Total net trading gains (losses) is a balancing amount
necessary to reconcile the change in net asset value per unit with the other per information.(2)
    
    Excludes performance fee.(3)
    
    Not annualized(4)
    
    Annualized See Accompanying Notes to Financial Statements.
 - 12 -




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Note 1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 A.
    
    General Description of the FundCampbell Strategic Allocation Fund, L.P. (the Fund) is a Delaware limited partnership
which operates as a commodity investment pool. The Fund engages in the speculative trading of
futures contracts, forward currency contracts and options on forward currency contracts.Effective June 14, 2008, units in the Fund were no longer offered for sale (please refer to
Note 10). For existing investors in the Fund, business is conducted as usual. There was no
change in trading, operations or monthly statements, etc. and redemptions will continue to be
offered on a monthly basis.B.
    
    RegulationAs a registrant with the Securities and Exchange Commission, the Fund is subject to the
regulatory requirements under the Securities Act of 1933 and the Securities Exchange Act of
1934. As a commodity investment pool, the Fund is subject to the
regulations of the Commodity
Futures Trading Commission, an agency of the United States (U.S.) government which regulates
most aspects of the commodity futures industry; rules of the National Futures Association, an
industry self-regulatory organization; and the requirements of the various commodity
exchanges where the Fund executes transactions. Additionally, the Fund is subject to the
requirements of futures commission merchants (brokers) and interbank market makers through
which the Fund trades.C.
    
    Method of ReportingThe Funds financial statements are presented in accordance with accounting
principles generally accepted in the United States of America, which may require the use of
certain estimates made by the Funds management. Actual results may differ from these
estimates. Investment transactions are accounted for on the trade date. Gains or losses are
realized when contracts are liquidated. Unrealized gains and losses on open contracts (the
difference between contract trade price and market price) are reported in the statement of
financial condition as a net gain or loss, as there exists a right of offset of unrealized
gains or losses in accordance with Financial Accounting Standards Board (FASB) Accounting
Standards Codification (ASC) 210-20, Offsetting - Balance Sheet. The fair value of futures
(exchange-traded) contracts is determined by the various futures exchanges, and reflects the
settlement price for each contract as of the close on the last business day of the reporting
period. The fair value of forward currency (non-exchange traded) contracts was extrapolated
on a forward basis from the spot prices quoted as of 3:00 P.M. (E.T.) on the last business day
of the reporting period.The fair value of option (non-exchange traded) contracts is calculated by applying an
industry-standard adaptation of the Black-Scholes options valuation model to foreign currency
options, using as inputs the spot prices, interest rates and option implied volatilities
quoted as of 3:00 P.M. (E.T.) on the last business day of the reporting period. Any change in
net unrealized gain or loss from the preceding period is reported in the statement of
operations.When the Fund writes an option, an amount equal to the premium received by the Fund is
reflected as an asset and an equivalent liability. The amount of the liability is
subsequently marked to market to reflect the current fair value of option written. Brokerage
commissions include other trading fees and are charged to expense when contracts are opened.The fixed income investments, other than U.S. Treasury bills, are held at the custodian
and marked to market on the last business day of the reporting period by the custodian who
utilizes a third party vendor hierarchy of pricing providers who specialize in such markets.
The prices furnished by the providers consider the yield or price of bonds of comparable
quality, coupon, maturity, and type, as well as prices quoted by dealers who make markets in
such securities. U.S. Treasury bills are held at the brokers or interbank market makers and
are stated at cost plus accrued interest, which approximates fair value. Premiums and
discounts on fixed income securities are amortized for financial reporting purposes.For purposes of both financial reporting and calculation of redemption value, Net Asset Value
per unit is calculated by dividing Net Asset Value by the number of outstanding units.The Fund adopted the provisions of ASC 820, Fair Value Measurements and Disclosures as
of January 1, 2008. ASC 820 provides guidance for determining fair value and requires
increased disclosure regarding the inputs to valuation techniques used to measure fair value.
ASC 820 defines fair value as the price that would be received to sell an asset or paid to
transfer a liability in an orderly transaction between market participants at the measurement
date.ASC 820 establishes a fair value hierarchy which prioritizes the inputs to valuation
techniques used to measure fair value into three broad levels. The fair value hierarchy gives
the highest priority to quoted prices (unadjusted) in active markets for identical assets or
liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3).Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or
liabilities that the Fund has the ability to access at the measurement date. An active market
for the asset or liability is a market in which transactions for the asset or liability occur
with sufficient frequency and volume to provide pricing information on an ongoing basis. The
value of the Funds exchange-traded futures contracts fall into this category.Level 2 inputs are inputs other than quoted prices included
in Level 1 that are observable for
the asset or liability, either directly or indirectly. This category includes forward
currency contracts and options on forward currency contracts that the Fund values using
models or other valuation methodologies derived from observable market data. This category
also includes fixed income investments.
 - 13 -




---



##### Table of Contents



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, 2010, the Fund did
not have any Level 3 assets or liabilities.In January 2010, the FASB issued Accounting Standards update No. 2010-06 (ASU 2010-06)
for improving disclosure about fair value measurements. ASU 2010-06 adds new disclosure
requirements about transfers into and out of Levels 1 and 2 and separate disclosures about
purchases, sales, issuances and settlements in the reconciliation for fair value measurements
using significant unobservable inputs (Level 3). It also clarifies existing disclosure
requirements relating to the levels of disaggregation for fair value measurement and inputs and
valuation techniques used to measure fair value. As of January 1, 2010, the Fund adopted the
provisions of ASC 2010-06 except for disclosures about purchases, sales, issuances and
settlements in the rollforward of activity in Level 3 fair value measurements, which are
effective for fiscal years beginning after December 15, 2010 and for interim periods within
those fiscal years.The following tables set forth by level within the fair value hierarchy the Funds investments
accounted for at fair value on a recurring basis as of June 30, 2010 and December 31, 2009.
 Fair Value at June 30, 2010Description
    

Level
1
    
    
    Level 2
    
    
    Level 3
    
    
    TotalInvestmentsFixed income securities
    
    $
    0
    
    
    $
    1,314,589,760
    
    
    $
    0
    
    
    $
    1,314,589,760Other Financial InstrumentsExchange-traded futures contracts
    
    
    17,265,074
    
    
    
    0
    
    
    
    0
    
    
    
    17,265,074Forward currency contracts
    
    
    0
    
    
    
    (16,202,392
    )
    
    
    0
    
    
    
    (16,202,392
    )Options purchased
    
    
    0
    
    
    
    730,722
    
    
    
    0
    
    
    
    730,722Options written
    
    
    0
    
    
    
    (1,346,311
    )
    
    
    0
    
    
    
    (1,346,311
    )Total
    
    $
    17,265,074
    
    
    $
    1,297,771,779
    
    
    $
    0
    
    
    $
    1,315,036,853
 Fair Value at December 31, 2009Description
    

Level
1
    
    
    Level 2
    
    
    Level 3
    
    
    TotalInvestmentsFixed income securities
    
    $
    0
    
    
    $
    1,606,246,718
    
    
    $
    0
    
    
    $
    1,606,246,718Other Financial InstrumentsExchange-traded futures contracts
    
    
    (4,577,117
    )
    
    
    0
    
    
    
    0
    
    
    
    (4,577,117
    )Forward currency contracts
    
    
    0
    
    
    
    (15,082,278
    )
    
    
    0
    
    
    
    (15,082,278
    )Options purchased
    
    
    0
    
    
    
    4,062,722
    
    
    
    0
    
    
    
    4,062,722Options written
    
    
    0
    
    
    
    (1,094,738
    )
    
    
    0
    
    
    
    (1,094,738
    )Total
    
    $
    (4,577,117
    )
    
    $
    1,594,132,424
    
    
    $
    0
    
    
    $
    1,589,555,307
 D.
    
    Cash and Cash EquivalentsCash and cash equivalents includes cash and overnight money market investments at financial
institutions.E.
    
    Income TaxesThe Fund prepares calendar year U.S. federal and applicable state information tax returns
and reports to the partners their allocable shares of the Funds income, expenses and trading
gains or losses. No provision for income taxes has been made in the accompanying financial
statements as each partner is individually responsible for reporting income or loss based on
such partners respective share of the Funds income and expenses as reported for income tax
purposes.Management has continued to evaluate the application of ASC 740, Income Taxes, to the Fund,
and has determined that no reserves for uncertain tax positions were required. There are no
tax positions for which it is reasonably possible that the total
amounts of unrecognized tax benefits will significantly increase or decrease within twelve months. The Fund files
federal and state tax returns. The 2006 through 2009 tax years generally remain subject to
examination by the U.S. federal and most state tax authorities.
 - 14 -




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##### Table of Contents



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, 2010, and
December 31, 2009, the Fund reflects a liability in the statement of financial condition for
offering costs payable to Campbell & Company of $200,962 and $346,751, respectively. The
amount of monthly reimbursement due to Campbell & Company is charged directly to partners
capital.If the Fund terminates prior to completion of payment of the calculated amounts to Campbell &
Company, Campbell & Company will not be entitled to any additional payments, and the Fund
will have no further obligation to Campbell & Company. At June 30, 2010 and December 31,
2009, the amount of unreimbursed offering costs incurred by Campbell & Company is $200,962 and
$529,166, respectively.G.
    
    Foreign Currency TransactionsThe Funds functional currency is the U.S. dollar; however, it transacts business in
currencies other than the U.S. dollar. Assets and liabilities denominated in currencies other
than the U.S. dollar are translated into U.S. dollars at the rates in effect at the date of the
statement of financial condition. Income and expense items denominated in currencies other
than the U.S. dollar are translated into U.S. dollars at the rates in effect during the period.
Gains and losses resulting from the translation to U.S. dollars are reported in income.H.
    
    ReclassificationCertain 2009 amounts in the Statement of Cash Flows were reclassified to conform with the
2010 presentation.
 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 $4 per round
turn to the broker for
execution and clearing costs. From the 7% fee, a portion (4%) is used to compensate selling
agents for ongoing services rendered and a portion (3%) is retained by Campbell & Company
for trading and management services rendered. The amount paid to the broker and interbank
market makers for execution and clearing costs is limited to 1/12 of 1% (1% annualized) of
month-end net assets.Campbell & Company is also paid a quarterly performance fee of 20% of the Funds
aggregate cumulative appreciation in the Net Asset Value per unit, exclusive of appreciation
attributable to interest income. More specifically, the performance fee is paid on the
cumulative increase, if any, in the Net Asset Value per Unit over the highest previous
cumulative Net Asset Value per Unit (commonly referred to as a High Water Mark) adjusting
for investment income. In determining the brokerage and performance fees (the fees),
adjustments shall be made for capital additions and withdrawals and Net Assets shall not be
reduced by the fees being calculated for such current period. The performance fee is not
subject to any clawback provisions. The fees are typically paid in the month following the
month in which they are earned. The fees are paid from the available cash at the Funds
bank, broker or cash management accounts.
 Note 3. CASH MANAGER AND CUSTODIAN
 In July 2009, the Fund appointed Wilmington Trust Investment Management LLC, a wholly owned
subsidiary of Wilmington Trust Corporation, and Horizon Cash Management LLC as cash managers
under the Non-Custody Investment Advisory Agreements to manage and control the liquid assets
of the Fund. Each cash manager is registered as an investment adviser with the Securities
and Exchange Commission of the United States under the Investment Advisers Act of 1940.The Fund opened custodial accounts at The Northern Trust Company (the custodian) and
has granted the cash managers authority to make certain investments on behalf of the Fund
provided such investments are consistent with the investment guidelines created by the
general partner. All securities purchased by the cash managers on behalf of the Fund will be
held in the Funds custody accounts at the custodian. The cash managers will have no
beneficial or other interest in the securities and cash in such custody accounts. The cash
managers began trading on behalf of the Fund in August 2009.
 Note 4. DEPOSITS WITH BROKERS
 The Fund deposits assets with brokers subject to Commodity Futures Trading Commission
regulations and various exchange and broker requirements. Margin requirements are satisfied
by the deposit of U.S. Treasury bills and cash with such brokers. The Fund typically earns
interest income on its assets deposited with the brokers.
 - 15 -




---



##### Table of Contents



Note 5. OPERATING EXPENSES
 Operating expenses of the Fund are limited by the Amended Agreement of Limited
Partnership to 0.5% per year of the average month-end Net Asset Value of the Fund. Actual
operating expenses were less than 0.5% (annualized) of average month-end Net Asset Value for
the six months ended June 30, 2010 and 2009.
 Note 6. SUBSCRIPTIONS, DISTRIBUTIONS AND REDEMPTIONS
 Investments in the Fund were made by subscription agreement, subject to acceptance by
Campbell & Company.The Fund is not required to make distributions, but may do so at the sole discretion of
Campbell & Company. A limited partner may request and receive redemption of units owned,
subject to restrictions in the Amended Agreement of Limited Partnership. Units are
transferable, but no market exists for their sale and none is expected to develop. Monthly
redemptions are permitted upon ten (10) business days advance written notice to Campbell &
Company.Redemption fees, which are paid to Campbell & Company, apply through the first twelve
month-ends following purchase as follows: 4% of Net Asset Value per unit redeemed through
the third month-end, 3% of Net Asset Value per unit redeemed through the sixth month-end, 2%
of Net Asset Value per unit redeemed through the ninth month-end and 1% of Net Asset Value
per unit redeemed through the twelfth month end. After the twelfth month-end following
purchase of a unit, no redemption fees apply. For the six months ended June 30, 2010 and
2009, Campbell & Company received redemption fees of $0 and $11,966 respectively.
 Note 7. TRADING ACTIVITIES AND RELATED RISKS
 The Fund engages in the speculative trading of U.S. and foreign futures contracts,
forward currency contracts and options on forward currency contracts (collectively,
derivatives). Specifically, the Fund trades a portfolio primarily focused on financial
futures, which are instruments designed to hedge or speculate on changes in interest rates,
currency exchange rates or stock index values. A secondary emphasis is on metals, energy and
agriculture values. The Fund is exposed to both market risk, the risk arising from changes
in the market value of the contracts, and credit risk, the risk of failure by another party
to perform according to the terms of a contract.Purchase and sale of futures contracts requires margin deposits with the broker. Additional
deposits may be necessary for any loss on contract value. The Commodity Exchange Act
requires a broker to segregate all customer transactions and assets from such brokers
proprietary activities. A customers cash and other property (for example, U.S. Treasury
bills) deposited with a broker are considered commingled with all other customer funds
subject to the brokers segregation requirements. In the event of a brokers insolvency,
recovery may be limited to a pro rata share of segregated Funds available. It is possible
that the recovered amount could be less than total cash and other property deposited.The amount of required margin and good faith deposits with the broker and interbank
market makers usually range from 10% to 30% of Net Asset Value. The market value of
securities held to satisfy such requirements at June 30, 2010 and December 31, 2009 was
$296,990,908 and $266,982,272, respectively, which equals 22% and 16% of Net Asset Value,
respectively. The cash deposited with interbank market makers at June 30, 2010 and December
31, 2009 was $36,850,391 and $41,140,268, respectively, which equals 3% and 2% of Net Asset
Value, respectively. These amounts are included in cash and cash equivalents. There was no
restricted cash at June 30, 2010 or December 31, 2009.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.
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, 2010
    
    
    December 31, 2009
    
    
    June 30, 2010
    
    

December 31, 2009Gross unrealized gains
    
    $
    47,695,963
    
    
    $
    25,016,239
    
    
    $
    40,079,672
    
    
    $
    68,424,483Gross unrealized losses
    
    
    (30,430,889
    )
    
    
    (29,593,356
    )
    
    
    (56,079,371
    )
    
    
    (83,307,411
    )Net unrealized gain/(loss)
    
    $
    17,265,074
    
    
    $
    (4,577,117
    )
    
    $
    (15,999,699
    )
    
    $
    (14,882,928
    )
 - 16 -




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##### Table of Contents



The Fund adopted ASC 815 Derivatives and Hedging as of January 1, 2009. ASC 815 provides
enhanced disclosures about how and why an entity uses derivative instruments, how derivative
instruments are accounted for, and how derivative instruments affect an entitys financial
position, financial performance and cash flows.The following tables summarize quantitative information required by ASC 815.The fair value of the Funds derivatives by instrument type, as well as the location of those
instruments on the Statement of Financial Condition, as of June 30, 2010 and December 31, 2009 is
as follows:
 Asset
    
    
    LiabilityDerivatives at
    
    
    Derivatives atStatement of Financial
    
    June 30, 2010
    
    
    June 30, 2010Type of Instrument *
    
    Condition Location
    
    Fair Value
    
    
    Fair Value
    
    
    NetAgricultural Contracts
    
    Equity in broker trading accounts
    
    $
    1,763,412
    
    
    $
    (3,067,705
    )
    
    $
    (1,304,293
    )Energy Contracts
    
    Equity in broker trading accounts
    
    
    1,098,460
    
    
    
    (4,316,090
    )
    
    
    (3,217,630
    )Metal Contracts
    
    Equity in broker trading accounts
    
    
    2,652,994
    
    
    
    (2,914,666
    )
    
    
    (261,672
    )Stock Indices Contracts
    
    Equity in broker trading accounts
    
    
    1,791,859
    
    
    
    (17,623,716
    )
    
    
    (15,831,857
    )Short-Term Interest Rate Contracts
    
    Equity in broker trading accounts
    
    
    11,146,864
    
    
    
    (2,423,605
    )
    
    
    8,723,259Long Term Interest Rate Contracts
    
    Equity in broker trading accounts
    
    
    29,242,374
    
    
    
    (85,107
    )
    
    
    29,157,267Forward Currency Contracts
    
    Net unrealized gain (loss) on forward  Currency contracts
    
    
    39,124,440
    
    
    
    (55,326,832
    )
    
    
    (16,202,392
    )Purchased Options on Forward Currency
Contracts
    
    Options purchased, at fair value
    
    
    730,722
    
    
    
    0
    
    
    
    730,722Written Options on Forward Currency
Contracts
    
    Options written, at fair value
    
    
    0
    
    
    
    (1,346,311
    )
    
    
    (1,346,311
    )Totals
    
    
    
    $
    87,551,125
    
    
    $
    (87,104,032
    )
    
    $
    447,093
 
 *
    
    Derivatives not designated as hedging instruments under ASC
815 Asset
    
    
    LiabilityDerivatives at
    
    
    Derivatives atStatement of Financial
    
    December 31, 2009
    
    
    December 31, 2009Type of Instrument *
    
    Condition Location
    
    Fair Value
    
    
    Fair Value
    
    
    NetAgricultural Contracts
    
    Equity in  broker trading accounts
    
    $
    616,716
    
    
    $
    (625,938
    )
    
    $
    (9,222
    )Energy Contracts
    
    Equity in  broker trading accounts
    
    
    999,217
    
    
    
    (200,472
    )
    
    
    798,745Metal Contracts
    
    Equity in  broker trading accounts
    
    
    7,483,987
    
    
    
    (6,054,517
    )
    
    
    1,429,470Stock Indices Contracts
    
    Equity in  broker trading accounts
    
    
    13,693,321
    
    
    
    (1,039,176
    )
    
    
    12,654,145Short-Term Interest Rate Contracts
    
    Equity in  broker trading accounts
    
    
    276,225
    
    
    
    (5,618,563
    )
    
    
    (5,342,338
    )Long Term Interest Rate Contracts
    
    Equity in  broker trading accounts
    
    
    1,946,773
    
    
    
    (16,054,690
    )
    
    
    (14,107,917
    )Forward Currency Contracts
    
    Net  unrealized gain (loss) on forward currency  contracts
    
    
    66,727,508
    
    
    
    (81,809,786
    )
    
    
    (15,082,278
    )Purchased Options on Forward Currency Contracts
    
    Options  purchased, at fair value
    
    
    4,062,722
    
    
    
    0
    
    
    
    4,062,722Written Options on Forward Currency Contracts
    
    Options  written, at fair value
    
    
    0
    
    
    
    (1,094,738
    )
    
    
    (1,094,738
    )Totals
    
    
    
    $
    95,806,469
    
    
    $
    (112,497,880
    )
    
    $
    (16,691,411
    )
 
 *
    
    Derivatives not designated as hedging instruments under ASC 815 - 17 -




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Trading Revenue for
    
    
    Trading Revenue forthe Three Months Ended
    
    
    the Three Months EndedType of Instrument
    
    June 30, 2010
    
    
    June 30, 2009Agricultural Contracts
    
    $
    (2,733,217
    )
    
    $
    0Energy Contracts
    
    
    (45,517,194
    )
    
    
    5,028,589Metal Contracts
    
    
    (9,476,237
    )
    
    
    (7,779,349
    )Stock Indices Contracts
    
    
    (64,951,388
    )
    
    
    (48,243,476
    )Short-Term Interest Rate Contracts
    
    
    44,775,280
    
    
    
    (30,816,463
    )Long Term Interest Rate Contracts
    
    
    86,846,028
    
    
    
    (28,854,631
    )Forward Currency Contracts
    
    
    (803,974
    )
    
    
    (41,808,736
    )Purchased Options on Forward Currency Contracts
    
    
    (11,498,925
    )
    
    
    (6,646,888
    )Written Options on Forward Currency Contracts
    
    
    11,075,385
    
    
    
    21,620,818Total
    
    $
    7,715,758
    
    
    $
    (137,500,136
    )
 Trading Revenue for
    
    
    Trading Revenue forthe Six Months Ended
    
    
    the Six Months EndedType of Instrument
    
    June 30, 2010
    
    
    June 30, 2009Agricultural Contracts
    
    $
    (2,535,748
    )
    
    $
    0Energy Contracts
    
    
    (59,381,374
    )
    
    
    4,435,784Metal Contracts
    
    
    (23,406,816
    )
    
    
    (20,069,772
    )Stock Indices Contracts
    
    
    (97,647,971
    )
    
    
    (65,535,602
    )Short-Term Interest Rate Contracts
    
    
    94,007,021
    
    
    
    (13,757,367
    )Long Term Interest Rate Contracts
    
    
    65,489,535
    
    
    
    (18,405,358
    )Forward Currency Contracts
    
    
    (4,949,377
    )
    
    
    (44,487,394
    )Purchased Options on Forward Currency Contracts
    
    
    (29,451,216
    )
    
    
    (11,550,067
    )Written Options on Forward Currency Contracts
    
    
    20,912,100
    
    
    
    40,981,625Total
    
    $
    (36,963,846
    )
    
    $
    (128,388,151
    )
 Trading Revenue for
    
    
    Trading Revenue forthe Three Months Ended
    
    
    the Three Months EndedLine Item in the Statement of Operations
    
    June 30, 2010
    
    
    June 30, 2009Futures trading gains (losses):Realized
    
    $
    24,584,733
    
    
    $
    (116,051,985
    )Change in unrealized
    
    
    (15,641,461
    )
    
    
    5,386,655Forward currency and options on forward
currency trading gains (losses):Realized
    
    
    16,716,602
    
    
    
    (31,940,556
    )Change in unrealized
    
    
    (17,944,116
    )
    
    
    5,105,750Total
    
    $
    7,715,758
    
    
    $
    (137,500,136
    )
 Trading Revenue for
    
    
    Trading Revenue forthe Six Months Ended
    
    
    the Six Months EndedLine Item in the Statement of Operations
    
    June 30, 2010
    
    
    June 30, 2009Futures trading gains (losses):Realized
    
    $
    (45,317,544
    )
    
    $
    (110,170,703
    )Change in unrealized
    
    
    21,842,191
    
    
    
    (3,161,612
    )Forward currency and options on forward
currency trading gains (losses):Realized
    
    
    (12,371,723
    )
    
    
    (5,796,635
    )Change in unrealized
    
    
    (1,116,770
    )
    
    
    (9,259,201
    )Total
    
    $
    (36,963,846
    )
    
    $
    (128,388,151
    )
 - 18 -




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For the three months ended June 30, 2010 and 2009, the monthly average of futures contracts bought
and sold was approximately 85,900 and 47,100 respectively, and the monthly average of notional
value of forward currency and options on forward currency contracts was $10,802,500,000 and
$10,920,000,000 respectively.For the six months ended June 30, 2010 and 2009, the monthly average of futures contracts bought
and sold was approximately 90,400 and 46,200 respectively, and the monthly average of notional
value of forward currency and options on forward currency contracts was $11,532,900,000 and
$8,778,700,000 respectively.Open contracts generally mature within twelve months; as of June 30, 2010, the latest
maturity date for open futures contracts is September 2011, the latest maturity date for
open forward currency contracts is September 2010, and the latest expiry date for options on
forward currency contracts is July 2010. 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 Trusts non-trading fixed income
instruments by limiting the duration of such instruments and requiring a minimum credit
quality of the issuers of those instruments.Campbell & Company seeks to minimize credit risk primarily by depositing and
maintaining the Funds assets at financial institutions and brokers which Campbell & Company
believes to be credit worthy. The limited partners bears the risk of loss only to the extent
of the market value of their respective investments and, in certain specific circumstances,
distributions and redemptions received.
 Note 8. INDEMNIFICATIONS
 In the normal course of business, the Fund enters into contracts and agreements that
contain a variety of representations and warranties which provide general indemnifications.
The Funds maximum exposure under these arrangements is unknown, as this would involve
future claims that may be made against the Fund that have not yet occurred. The Fund expects
the risk of any future obligation under these indemnifications to be remote.
 Note 9. INTERIM FINANCIAL STATEMENTS
 The statements of financial condition, including the condensed schedules of
investments, as of June 30, 2010 and December 31, 2009, the statements of operations and
financial highlights for the three months and six months ended June 30, 2010 and 2009, and
the statements of cash flows and changes in partners capital (Net Asset Value) for the six
months ended June 30, 2010 and 2009 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, 2010, and the results
of operations and financial highlights for the three months and six months ended June 30,
2010 and 2009, and cash flows and changes in partners capital (Net Asset Value) for the six
months ended June 30, 2010 and 2009.
 Note 10. SUBSEQUENT EVENTS
 Management of the Fund has evaluated subsequent events through the date the financial
statements were filed. Other than the following, there are no subsequent events to disclose
or record. On July 16, 2010, a registration statement was filed with the Securities and
Exchange Commission to reopen the Fund to existing investors. On August 6, 2010, the
registration became effective.
 - 19 -




---



##### Table of Contents



Item 2. Managements Discussion and Analysis of Financial Condition and
Results of Operations
 Introduction
  Critical Accounting Policies
   Capital Resources
    - 20 -




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Liquidity
      - 21 -




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Off-Balance Sheet Risk
    Disclosures About Certain Trading Activities that Include Non-Exchange Traded Contracts
Accounted for at Fair Value
  - 22 -




---



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Results of Operations
  2010
  Sector
    
    % Gain (Loss)Interest Rates
    
    
    10.77
    %Currencies
    
    
    (0.72
    )Commodities
    
    
    (5.65
    )Stock Indices
    
    
    (6.31
    )(1.91
    )%
   - 23 -




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- 24 -




---



##### Table of Contents



2009
  Sector
    
    % Gain (Loss)Stock Indices
    
    
    (2.75
    )%Interest Rates
    
    
    (1.53
    )Currencies
    
    
    (0.64
    )Commodities
    
    
    (0.62
    )(5.54
    )%
   - 25 -




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- 26 -




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##### Table of Contents



Item 3. Quantitative and Qualitative Disclosures About Market Risk
 Introduction
 Past Results Not Necessarily Indicative of Future Performance
    Standard of Materiality
  Quantifying the Funds Trading Value at Risk
 Quantitative Forward-Looking Statements
 The following quantitative disclosures regarding the Funds market risk exposures contain
forward-looking statements within the meaning of the safe harbor from civil liability
provided for such statements by the Private Securities Litigation Reform Act of 1995 (set
forth in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934). All quantitative disclosures in this section are deemed to be forward-looking
statements for purposes of the safe harbor, except for statements of historical fact (such as
the dollar amount of
maintenance margin required for market risk sensitive instruments held at the end of the
reporting period).
  - 27 -




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##### Table of Contents



The Funds Trading Value at Risk in Different Market Sectors
  June 30, 2010TradingMarket Sector
    
    Value at Risk*
    
    
    Gain/(Loss)**Interest Rates
    
    
    1.26
    %
    
    
    10.77
    %Stock Indices
    
    
    1.05
    %
    
    
    (6.31
    )%Commodities
    
    
    0.90
    %
    
    
    (5.65
    )%Currencies
    
    
    0.64
    %
    
    
    (0.72
    )%Aggregate/Total
    
    
    1.89
    %
    
    
    (1.91
    )%
 - 28 -




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*
    
    -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, 2010, approximately 1.91% was due to
trading losses (before commissions) and approximately 3.85% due to brokerage fees, operating
expenses and offering costs borne by the Fund, offset by approximately 0.22% due to investment
income, giving a net return of (5.54)%. December 31, 2009TradingMarket Sector
    
    Value at Risk*
    
    
    Gain/(Loss)**Currencies
    
    
    0.90
    %
    
    
    3.70
    %Interest Rates
    
    
    0.68
    %
    
    
    (4.66
    )%Stock Indices
    
    
    0.45
    %
    
    
    (0.46
    )%Commodities
    
    
    0.41
    %
    
    
    (0.24
    )%Aggregate/Total
    
    
    1.62
    %
    
    
    (1.66
    )%
 
 -The VaR for a sector represents the one day downside risk for the aggregate exposures
associated with this sector. The aggregate VaR represents the VaR of the Funds open
positions across all market sectors, and is less than the sum of the VaRs for all such market
sectors due to the diversification benefit across asset classes.**
    
    -Of the return for the year ended December 31, 2009, approximately 1.66% was due to
trading losses (before commissions) and approximately 7.44% due to brokerage fees, operating
costs and offering costs borne by the Fund offset by approximately 0.14% due to investment
income giving a net return of (8.96)%. 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.
 - 29 -




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##### Table of Contents



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.
  Currencies
 i.e.,
 - 30 -




---



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Interest Rates
  Stock Indices
  Energy
  Metals
  Agricultural
  Qualitative Disclosures Regarding Non-Trading Risk Exposure
  Foreign Currency Balances
  - 31 -




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Fixed Income Securities
  Treasury Bill Positions Held for Margin Purposes
  Qualitative Disclosures Regarding Means of Managing Risk Exposure
   General
 The Fund is unaware of any (i) anticipated known demands, commitments or capital expenditures;
(ii) material trends, favorable or unfavorable, in its capital resources; or (iii) trends or
uncertainties that will have a material effect on operations. From time to time, certain
regulatory agencies have proposed increased margin requirements on futures contracts. Because
the Fund generally will use a small percentage of assets as margin, the Fund does not believe
that any increase in margin requirements, as proposed, will have a material effect on the
Funds operations.
 
 Item 4T. Controls and Procedures
  - 32 -




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- 33 -




---



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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.
  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.
   - 34 -




---



##### Table of Contents



SIGNATURES
  CAMPBELL STRATEGIC ALLOCATION FUND, L.P.(Registrant)By:
    
    Campbell & Company, Inc.General PartnerDate: August 16, 2010
    
    
    
    By:
    
    /s/ Theresa D. Becks

Theresa D. BecksChief Executive Officer
 - 35 -




---



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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-