CAMPBELL STRATEGIC ALLOCATION FUND LP - FORM 10-Q

Attached files

Attached files

CAMPBELL STRATEGIC ALLOCATION FUND LP Reports

Also read

file	filename
EXCEL - IDEA: XBRL DOCUMENT - CAMPBELL STRATEGIC ALLOCATION FUND LP	Financial_Report.xls
EX-31.01 - EX-31.01 - CAMPBELL STRATEGIC ALLOCATION FUND LP	ex31_01csaf.htm
EX-32.02 - EX-32.02 - CAMPBELL STRATEGIC ALLOCATION FUND LP	ex32_02csaf.htm
EX-31.02 - EX-31.02 - CAMPBELL STRATEGIC ALLOCATION FUND LP	ex31_02csaf.htm
EX-32.01 - EX-32.01 - CAMPBELL STRATEGIC ALLOCATION FUND LP	ex32_01csaf.htm

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, 2014


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: 000-22260

CAMPBELL STRATEGIC ALLOCATION FUND, L.P.

(Exact name of Registrant as specified in charter)



Delaware		52-1823554
(State or other jurisdiction of incorporation or organization)		(IRS Employer Identification Number)

	2850 Quarry Lake Drive
	Baltimore, Maryland 21209
	(Address of principal executive offices, including zip code)

	(410) 413-2600
	(Registrant's telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes þ No o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive data File required to be submitted and posted pursuant to Rule 405 of regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes þ No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer o	Accelerated filer o	Non-accelerated filer þ	Smaller reporting company o
		(Do not check if a smaller reporting company)

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes o No þ

TABLE OF CONTENTS

			Page
PART I — FINANCIAL INFORMATION

	Item 1.	Financial Statements.

		Condensed Schedules of Investments as of June 30, 2014 and December 31, 2013 (Unaudited)	1-4

		Statements of Financial Condition as of June 30, 2014 and December 31, 2013 (Unaudited)	5

		Statements of Operations for the Three Months and Six Months Ended June 30, 2014 and 2013 (Unaudited)	6

		Statements of Cash Flows for the Six Months Ended June 30, 2014 and 2013 (Unaudited)	7

		Statements of Changes in Partners’ Capital (Net Asset Value) for the Six Months Ended June 30, 2014 and 2013 (Unaudited)	8

		Financial Highlights for the Three Months and Six Months Ended June 30, 2014 and 2013 (Unaudited)	9

		Notes to Financial Statements (Unaudited)	10-17

	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations.	18-21

	Item 3.	Quantitative and Qualitative Disclosure About Market Risk.	22-27

	Item 4.	Controls and Procedures.	27

PART II — OTHER INFORMATION

	Item 1.	Legal Proceedings.	28

	Item 1A.	Risk Factors.	28

	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds.	28

	Item 3.	Defaults Upon Senior Securities.	28

	Item 4.	Mine Safety Disclosures.	28

	Item 5.	Other Information.	28

	Item 6.	Exhibits.	28

SIGNATURES			29

CAMPBELL STRATEGIC ALLOCATION FUND, L.P.
CONDENSED SCHEDULE OF INVESTMENTS
JUNE 30, 2014 (Unaudited)

FIXED INCOME SECURITIES

Maturity Face Value	Description		Fair Value ($)	% of Net Asset Value
	Asset Backed Securities
	United States
	Auto Loans	$	12,428,344	2.13 %
	(cost $12,428,520)

	Commercial Paper
	Switzerland
	Financials		849,450	0.14 %
	(cost $849,423)
	United Kingdom
	Financials		2,483,896	0.43 %
	(cost $2,483,826)
	United States
	Communications		7,191,674	1.23 %
	Consumer Discretionary		11,708,897	2.00 %
	Consumer Staples		29,855,743	5.12 %
	Energy		11,319,976	1.94 %
	Financials		64,292,905	11.02 %
	Health Care		30,399,937	5.21 %
	Materials		10,659,145	1.83 %
	Utilities		27,409,552	4.70 %
	Total Commercial Paper (cost $192,827,777)		192,837,829	33.05 %
	Total Commerical Paper (cost $196,161,026)		196,171,175	33.62 %

	Corporate Bonds
	United Kingdom
	Materials (cost $20,000,000)		20,062,860	3.44 %
	United States
	Communications		8,069,648	1.38 %
	Consumer Discretionary		41,801,258	7.17 %
	Consumer Staples		2,260,383	0.39 %
	Financials		94,993,731	16.28 %
	Health Care		7,300,781	1.25 %
	Technology		3,904,984	0.67 %
	Total United States (cost $157,976,089)		158,330,785	27.14 %
	Total Corporate Bonds (cost $177,976,089)		178,393,645	30.58 %

	Government And Agency Obligations
	United States
	U.S. Treasury Bills
$21,000,000	U.S. Treasury Bills * Due 07/03/2014		20,999,970	3.60 %
$72,275,000	U.S. Treasury Bills * Due 07/17/2014		72,274,937	12.39 %
$45,000,000	U.S. Treasury Bills * Due 07/24/2014		45,000,000	7.71 %
	Total Government And Agency Obligations (cost $138,274,907)		138,274,907	23.70 %

	Total Fixed Income Securities ** (cost $524,840,542)	$	525,268,071	90.03 %

SHORT TERM INVESTMENTS

Maturity Face Value	Description		Fair Value ($)	% of Net Asset Value
	Money Market Funds
	United States
	Money Market Funds	$	15,201,546	2.61 %
	(cost $15,201,546)
	Total Short Term Investments (cost $15,201,546)	$	15,201,546	2.61 %

See Accompanying Notes to Financial Statements.

CAMPBELL STRATEGIC ALLOCATION FUND, L.P.
CONDENSED SCHEDULE OF INVESTMENTS
JUNE 30, 2014 (Unaudited)

LONG FUTURES CONTRACTS
Description		Fair Value ($)	% of Net Asset Value
Agriculture	$	(2,507,727)	(0.43)%
Energy		(1,818,511)	(0.31)%
Metals		8,602,090	1.48 %
Stock indices		2,002,456	0.34 %
Short-term interest rates		196,523	0.03 %
Long-term interest rates		7,471,920	1.28 %
Net unrealized gain (loss) on long futures contracts		13,946,751	2.39 %


SHORT FUTURES CONTRACTS
Description		Fair Value ($)	% of Net Asset Value
Agriculture		3,609,766	0.62 %
Metals		(5,103,303)	(0.87)%
Stock indices		424,430	0.07 %
Short-term interest rates		(524,159)	(0.09)%
Net unrealized gain (loss) on short futures contracts		(1,593,266)	(0.27)%

Net unrealized gain (loss) on open futures contracts	$	12,353,485	2.12 %


FORWARD CURRENCY CONTRACTS
Description		Fair Value ($)	% of Net Asset Value
Various long forward currency contracts	$	23,626,837	4.05 %
Various short forward currency contracts		(16,996,388)	(2.91)%
Net unrealized gain (loss) on open forward currency contracts	$	6,630,449	1.14 %


*	Pledged as collateral for the trading of futures or forward positions.
**	Included in fixed income securities are U.S. Treasury Bills with a fair value of $99,999,937 deposited with the futures brokers and $38,274,970 deposited with the interbank market makers.

See Accompanying Notes to Financial Statements.

CAMPBELL STRATEGIC ALLOCATION FUND, L.P.
CONDENSED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2013 (Unaudited)

FIXED INCOME SECURITIES

Maturity Face Value	Description		Fair Value ($)	% of Net Asset Value
	Bank Deposits
	Finland
	Financials	$	21,053,508	2.96 %
	(cost $21,000,000)

	Commercial Paper
	Cayman Islands
	Energy		18,589,411	2.62 %
	(cost $18,588,544)
	United States
	Consumer Discretionary		14,999,763	2.11 %
	Consumer Staples		14,999,447	2.11 %
	Energy		74,261,729	10.46 %
	Financials		39,991,100	5.63 %
	Materials		19,994,490	2.82 %
	Utilities		13,947,852	1.96 %
	Total United States (cost $178,180,404)		178,194,381	25.09 %
	Total Commercial Paper (cost $196,768,948)		196,783,792	27.71 %

	Corporate Bonds
	United Kingdom
	Materials (cost $20,000,000)		20,047,500	2.82 %
	United States
	Communications		21,302,694	3.00 %
	Consumer Discretionary		29,215,372	4.11 %
	Financials		161,885,555	22.79 %
	Health Care		7,302,511	1.03 %
	Total United States (cost $219,405,453)		219,706,132	30.93 %
	Total Corporate Bonds (cost $239,405,453)		239,753,632	33.75 %

	Government And Agency Obligations
	Multi National
	Multi National Agency (cost $30,750,000)		30,746,925	4.33 %
	United States
$124,800,000	U.S. Treasury Bills U.S. Treasury Bills * Due 01/02/2014		124,799,973	17.57 %
$49,100,000	U.S. Treasury Bills * Due 01/09/2014		49,099,810	6.91 %
$6,500,000	U.S. Treasury Bills * Due 02/27/2014		6,499,734	0.92 %
	Total United States (cost $180,399,517)		180,399,517	25.40 %
	Total Government And Agency Obligations (cost $211,149,517)		211,146,442	29.73 %

	Total Fixed Income Securities ** (cost $668,323,918)	$	668,737,374	94.15 %

SHORT TERM INVESTMENTS

Maturity Face Value	Description		Fair Value ($)	% of Net Asset Value
	Money Market Funds
	United States
	Money Market Funds	$	523	0.00 %
	(cost $523)
	Total Short Term Investments (cost $523)	$	523	0.00 %

See Accompanying Notes to Financial Statements.

CAMPBELL STRATEGIC ALLOCATION FUND, L.P.
CONDENSED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2013 (Unaudited)

LONG FUTURES CONTRACTS
Description		Fair Value ($)	% of Net Asset Value
Agriculture	$	(705,908)	(0.10)%
Energy		(1,362,566)	(0.19)%
Metals		54,589	0.01 %
Stock indices		16,433,730	2.31 %
Short-term interest rates		(2,327,528)	(0.33)%
Long-term interest rates		(145,865)	(0.02)%
Net unrealized gain (loss) on long futures contracts		11,946,452	1.68 %


SHORT FUTURES CONTRACTS
Description		Fair Value ($)	% of Net Asset Value
Agriculture		2,764,321	0.39 %
Energy		43,930	0.01 %
Metals		(1,055,846)	(0.15)%
Stock indices		(6,955)	0.00 %
Short-term interest rates		788,320	0.11 %
Long-term interest rates		1,398,437	0.20 %
Net unrealized gain (loss) on short futures contracts		3,932,207	0.56 %

Net unrealized gain (loss) on open futures contracts	$	15,878,659	2.24 %


FORWARD CURRENCY CONTRACTS
Description		Fair Value ($)	% of Net Asset Value
Various long forward currency contracts	$	(2,868,780)	(0.40)%
Various short forward currency contracts		6,482,607	0.91 %
Net unrealized gain (loss) on open forward currency contracts	$	3,613,827	0.51 %


*	Pledged as collateral for the trading of futures or forward positions.
**	Included in fixed income securities are U.S. Treasury Bills with a fair value of $124,799,973 deposited with the futures brokers and $55,599,544 deposited with the interbank market makers.

See Accompanying Notes to Financial Statements.

CAMPBELL STRATEGIC ALLOCATION FUND, L.P.

STATEMENTS OF FINANCIAL CONDITION

June 30, 2014 and December 31, 2013 (Unaudited)

	June 30, 2014		December 31, 2013
ASSETS
Equity in futures broker trading accounts
Cash	$	61,464,291	$	38,252,871
Fixed income securities (cost $99,999,937 and $124,799,973, respectively)		99,999,937		124,799,973
Net unrealized gain (loss) on open futures contracts		12,353,485		15,878,659
Total equity in futures broker trading accounts		173,817,713		178,931,503

Cash and cash equivalents		2,147,649		158,320
Short term investments (cost $15,201,546 and $523, respectively)		15,201,546		523
Fixed income securities (cost $424,840,605 and $543,523,945, respectively)		425,268,134		543,937,401
Net unrealized gain (loss) on open forward currency contracts		6,630,449		3,613,827
Receivable for securities sold		5,500,000		0
Interest receivable		496,959		984,975
Total assets	$	629,062,450	$	727,626,549

LIABILITIES
Accounts payable	$	263,778	$	393,695
Brokerage fee payable		3,502,234		4,239,893
Payable for securities purchased		28,139,853		0
Accrued commissions and other trading fees on open contracts		125,561		128,320
Offering costs payable		150,240		265,023
Redemptions payable		13,425,532		12,274,381
Total liabilities		45,607,198		17,301,312

PARTNERS' CAPITAL (Net Asset Value)
General Partner - 1,106.508 redeemable units outstanding at June 30, 2014 and December 31, 2013		2,602,573		2,833,856
Limited Partners - 246,954.515 and 276,246.741 redeemable units outstanding at June 30, 2014 and December 31, 2013		580,852,679		707,491,381
Total partners' capital (Net Asset Value)		583,455,252		710,325,237

Total liabilities and partners' capital (Net Asset Value)	$	629,062,450	$	727,626,549

See Accompanying Notes to Financial Statements.

CAMPBELL STRATEGIC ALLOCATION FUND, L.P.

STATEMENTS OF OPERATIONS

For the Three Months and Six Months Ended June 30, 2014 and 2013 (Unaudited)

	Three Months Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
TRADING GAINS (LOSSES)
Futures trading gains (losses)
Realized	$	28,429,879		$	53,032,047		$	(17,235,720	)	$	60,947,316
Change in unrealized		7,954,066			(3,720,354	)		(3,525,174	)		10,308,633
Brokerage commissions		(990,360	)		(1,334,205	)		(2,135,479	)		(2,761,980	)
Net gain (loss) from futures trading		35,393,585			47,977,488			(22,896,373	)		68,493,969

Forward currency trading gains (losses)
Realized		(6,785,422	)		4,247,976			(16,315,186	)		55,076,763
Change in unrealized		3,680,757			(5,018,885	)		3,016,622			(24,616,314	)
Brokerage commissions		(53,904	)		(66,384	)		(121,632	)		(149,368	)
Net gain (loss) from forward currency trading		(3,158,569	)		(837,293	)		(13,420,196	)		30,311,081

Total net trading gain (loss)		32,235,016			47,140,195			(36,316,569	)		98,805,050

NET INVESTMENT INCOME (LOSS)
Investment income
Interest income		450,354			699,909			1,099,564			1,457,125
Realized gain (loss) on fixed income securities		103			74,902			103			66,822
Change in unrealized gain (loss) on fixed income securities		(29,128	)		(276,030	)		14,073			(74,455	)
Total investment income		421,329			498,781			1,113,740			1,449,492

Expenses
Brokerage fee		10,553,759			14,381,512			22,020,647			28,446,939
Operating expenses		280,421			369,147			588,919			718,872

Total expenses		10,834,180			14,750,659			22,609,566			29,165,811

Net investment income (loss)		(10,412,851	)		(14,251,878	)		(21,495,826	)		(27,716,319	)

NET INCOME (LOSS)	$	21,822,165		$	32,888,317		$	(57,812,395	)	$	71,088,731

NET INCOME (LOSS) PER GENERAL AND LIMITED PARTNER UNIT
(based on weighted average units outstanding during the period)	$	83.91		$	106.74		$	(216.41	)	$	225.65

INCREASE (DECREASE) IN NET ASSET VALUE PER GENERAL AND LIMITED PARTNER UNIT	$	83.40		$	100.63		$	(209.02	)	$	216.20

WEIGHTED AVERAGE NUMBER OF UNITS OUTSTANDING DURING THE PERIOD		260,055.228			308,110.764			267,138.778			315,045.049

See Accompanying Notes to Financial Statements.

CAMPBELL STRATEGIC ALLOCATION FUND, L.P.

STATEMENTS OF CASH FLOWS

For the Six Months Ended June 30, 2014 and 2013 (Unaudited)

		Six Months Ended June 30,
		2014			2013
Cash flows from (for) operating activities
Net income (loss)	$	(57,812,395	)	$	71,088,731
Adjustments to reconcile net income (loss) to net cash from (for) operating activities
Net change in unrealized on futures, forwards and fixed income		494,479			14,382,136
(Increase) decrease in receivable for securities sold		(5,500,000	)		0
Increase (decrease) in payable for securities purchased		28,139,853			0
(Increase) decrease in interest receivable		488,016			202,735
Increase (decrease) in accounts payable and accrued expenses		(870,335	)		(185,586	)
Purchases of investments		(7,070,126,257	)		(10,010,768,952	)
Sales/maturities of investments		7,198,408,610			10,045,340,588

Net cash from (for) operating activities		93,221,971			120,059,652

Cash flows from (for) financing activities
Redemption of units		(66,974,346	)		(72,269,296	)
Offering costs paid		(1,046,876	)		(1,580,640	)
Net cash from (for) financing activities		(68,021,222	)		(73,849,936	)

Net increase (decrease) in cash and cash equivalents		25,200,749			46,209,716

Unrestricted cash
Beginning of period		38,411,191			36,098,773

End of period	$	63,611,940		$	82,308,489

End of period cash and cash equivalents consists of:	$
Cash in futures broker trading accounts		61,464,291		$	81,988,461
Cash and cash equivalents		2,147,649			320,028

Total end of period cash and cash equivalents	$	63,611,940		$	82,308,489

See Accompanying Notes to Financial Statements.

CAMPBELL STRATEGIC ALLOCATION FUND, L.P.

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (NET ASSET VALUE)

For the Six Months Ended June 30, 2014 and 2013 (Unaudited)

	Partners’ Capital
	General Partner						Limited Partners						Total
	Units			Amount			Units			Amount			Units			Amount
Six Months Ended June 30, 2014

Balances at December 31, 2013		1,106.508		$	2,833,856			276,246.741		$	707,491,381			277,353.249		$	710,325,237


Net income (loss) for the six months ended June 30, 2014					(227,427	)					(57,584,968	)					(57,812,395	)
Redemptions		0.000			0			(29,292.226	)		(68,125,497	)		(29,292.226	)		(68,125,497	)
Offering costs					(3,856	)					(928,237	)					(932,093	)
Balances at June 30, 2014		1,106.508		$	2,602,573			246,954.515		$	580,852,679			248,061.023		$	583,455,252

Six Months Ended June 30, 2013

Balances at December 31, 2012		2,324.048		$	5,536,580			324,267.724		$	772,502,530			326,591.772		$	778,039,110


Net income (loss) for the six months ended June 30, 2013					566,128						70,522,603						71,088,731
Redemptions		(748.988	)		(2,000,000	)		(24,291.113	)		(62,123,864	)		(25,040.101	)		(64,123,864	)
Offering costs					(9,915	)					(1,411,308	)					(1,421,223	)
Balances at June 30, 2013		1,575.060		$	4,092,793			299,976.611		$	779,489,961			301,551.671		$	783,582,754

See Accompanying Notes to Financial Statements.

CAMPBELL STRATEGIC ALLOCATION FUND, L.P.
FINANCIAL HIGHLIGHTS
For the Three Months and Six Months Ended June 30, 2014 and 2013 (Unaudited)

The following information presents per unit operating performance data and other supplemental financial data for the three months and six months ended June 30, 2014 and 2013. This information has been derived from information presented in the unaudited financial statements.

	Three Months Ended June 30,					Six Months Ended June 30,
	2014		2013		2014		2013
Per Unit Performance
(for a unit outstanding throughout the entire period)

Net asset value per unit at beginning of period	$	2,268.66	$	2,497.87	$	2,561.08	$	2,382.30

Income (loss) from operations:
Total net trading gains (losses) (1)		125.19		149.29		(125.06)		308.69
Net investment income (loss) (1)		(40.04)		(46.26)		(80.47)		(87.98)

Total net income (loss) from operations		85.15		103.03		(205.53)		220.71

Offering costs (1)		(1.75)		(2.40)		(3.49)		(4.51)

Net asset value per unit at end of period	$	2,352.06	$	2,598.50	$	2,352.06	$	2,598.50

Total Return (3)		3.68 %		4.03 %		(8.16)%		9.08 %

Supplemental Data

Ratios to average net asset value:
Expenses prior to performance fee (4)		7.30 %		7.36 %		7.18 %		7.33 %
Performance fee (3)		0.00 %		0.00 %		0.00 %		0.00 %

Total expenses		7.30 %		7.36 %		7.18 %		7.33 %

Net investment income (loss) (2),(4)		(7.02)%		(7.11)%		(6.83)%		(6.97)%

Total returns are calculated based on the change in value of a unit during the period. An individual partner's total returns and ratios may vary from the above total returns and ratios based on the timing of additions and redemptions.

(1)	Net investment income (loss) per unit and offering costs per unit are calculated by dividing the net investment income (loss) and offering costs by the average number of units outstanding during the period. Total net trading gains (losses) is a balancing amount necessary to reconcile the change in net asset value per unit with the other per unit information.
(2)	Excludes performance fee.
(3)	Not annualized
(4)	Annualized

See Accompanying Notes to Financial Statements.

CAMPBELL STRATEGIC ALLOCATION FUND, L.P.

NOTES TO FINANCIAL STATEMENTS

JUNE 30, 2014 (Unaudited)

Note 1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

A. General Description of the Fund

Campbell 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 and forward currency contracts.

Effective January 6, 2012, Units in the Fund were no longer offered for sale. For existing investors in the Fund, business has been and will be 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. Regulation

As a registrant with the Securities and Exchange Commission (the "SEC"), the Fund is subject to the regulatory requirements under the Securities Exchange Act of 1934. Prior to January 6, 2012, the Fund was also subject to the regulatory requirements under the Securities Act of 1933. 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 (the "futures brokers") and interbank market makers through which the Fund trades.

C. Method of Reporting

The 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.

These financial statements should be read in conjunction with the financial statements and notes thereto included in the Fund's Annual Report on Form 10-K filed with the SEC for the year ended December 31, 2013.

The Fund meets the definition of an investment company according to the provisions of Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") 2013-08, Financial Services - Investment Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements. ASU 2013-08 requires that investments are presented on a fair value basis, see Note 1.D. for a discussion of fair value.

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 fair value) are reported in the Statements of Financial Condition as a net gain or loss, as there exists a right of offset of unrealized gains or losses in accordance with Accounting Standards Codification ("ASC") 210-20, "Offsetting - Balance Sheet." The fair value of futures (exchange-traded) contracts is based on 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 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 using 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 futures 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 and accreted for financial reporting purposes.

The short term investments represent cash held at the custodian and invested overnight in a money market fund.

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. Fair Value

The Fund follows the provisions of ASC 820, Fair Value Measurements and Disclosures ("ASC 820"). 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 and short term investments 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 that the Fund values using models or other valuation methodologies derived from observable market data. This category also includes fixed income investments.

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 June 30, 2014 and December 31, 2013, and for the periods ended June 30, 2014 and 2013, the Fund did not have any Level 3 assets or liabilities.

The following tables set forth by level within the fair value hierarchy the Fund's investments accounted for at fair value on a recurring basis as of June 30, 2014 and December 31, 2013.

CAMPBELL STRATEGIC ALLOCATION FUND, L.P.

NOTES TO FINANCIAL STATEMENTS

JUNE 30, 2014 (Unaudited)

		Fair Value at June 30, 2014
Description		Level 1		Level 2		Level 3		Total
Investments
Short term investments	$	15,201,546	$	0	$	0	$	15,201,546
Fixed income securities		0		525,268,071		0		525,268,071
Other Financial Instruments
Exchange-traded futures contracts		12,353,485		0		0		12,353,485
Forward currency contracts		0		6,630,449		0		6,630,449
Total	$	27,555,031	$	531,898,520	$	0	$	559,453,551

		Fair Value at December 31, 2013
Description		Level 1		Level 2		Level 3		Total
Investments
Short term investments	$	523	$	0	$	0	$	523
Fixed income securities		0		668,737,374		0		668,737,374
Other Financial Instruments
Exchange-traded futures contracts		15,878,659		0		0		15,878,659
Forward currency contracts		0		3,613,827		0		3,613,827
Total	$	15,879,182	$	672,351,201	$	0	$	688,230,383

There were no transfers to or from Level 1 to Level 2 for the period ended June 30, 2014 or the year ended December 31, 2013.

The gross presentation of the fair value of the Fund's derivatives by instrument type is shown in Note 8. See Condensed Schedules of Investments for additional detail categorization.

E. Cash and Cash Equivalents

Cash and cash equivalents includes cash and overnight money market investments at financial institutions.

F. Income Taxes

The Fund prepares calendar year U.S. federal and applicable state 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 2010 through 2013 tax years generally remain subject to examination by the U.S. federal and most state tax authorities.

G. Offering Costs

Campbell & 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, not to exceed 2.5% of the aggregate subscriptions accepted during the initial and continuous offerings. As of June 30, 2014 and December 31, 2013, the Fund has the potential remaining reimbursement amount of approximately $41.4 million and $42.3 million, respectively. 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.

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, 2014 and December 31, 2013, the amount of unreimbursed offering costs incurred by Campbell & Company is $154,339 and $263,563, respectively. At June 30, 2014, and December 31, 2013, the Fund reflects a liability in the Statements of Financial Condition for offering costs payable to Campbell & Company of $150,240 and $265,023, respectively. The amount of monthly reimbursement due to Campbell & Company is charged directly to partners' capital.

H. Foreign Currency Transactions

The 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 Statements 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.

I. Recently Issued Accounting Pronouncements

In June 2013, the FASB issued ASU 2013-08. ASU 2013-08 changes the approach to the investment company assessment, requires non-controlling ownership interests in other investment companies to be measured at fair value, and requires additional disclosures about the investment company's status as an investment company. The amendments are effective for interim and annual reporting periods beginning after December 15, 2013. As of January 1, 2014, the Fund adopted the provisions of ASU 2013-08. The adoption of ASU 2013-08 did not have a material impact on the Fund's financial statement disclosures.

CAMPBELL STRATEGIC ALLOCATION FUND, L.P.

NOTES TO FINANCIAL STATEMENTS

JUNE 30, 2014 (Unaudited)

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 futures 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, futures broker or cash management accounts.

Note 3. CASH MANAGER AND CUSTODIAN

Prior to March 2014, Horizon Cash Management, LLC served as the cash manager under the Investment Advisory Agreement to manage and control the liquid assets of the Fund. In February 2014, the Fund signed an agreement with PNC Capital Advisors, LLC to replace Horizon Cash Management, LLC as the cash manager for the Fund effective March 1, 2014. Both Horizon Cash Management, LLC and PNC Capital Advisors, LLC are registered as investment advisers with the SEC of the United States under the Investment Advisers Act of 1940.

The Fund opened a custodial account at the Northern Trust Company (the "custodian") and has granted the cash manager 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 manager on behalf of the Fund will be held in the Fund's custody account at the custodian. The cash manager will have no beneficial or other interest in the securities and cash in such custody account.

Note 4. DEPOSITS WITH FUTURES BROKERS

The Fund deposits assets with UBS Securities LLC and Goldman, Sachs & Co. subject to Commodity Futures Trading Commission regulations and various exchange and futures broker requirements. Margin requirements are satisfied by the deposit of U.S. Treasury Bills and cash with such futures brokers. The Fund typically earns interest income on its assets deposited with the futures brokers.

Note 5. DEPOSITS WITH INTERBANK MARKET MAKERS

The Fund’s counterparties with regard to its forward currency transactions are The Royal Bank of Scotland PLC ("RBS") and UBS AG ("UBS"). The Fund has entered into an International Swap and Derivatives Association, Inc. agreement with both RBS and UBS which governs these transactions. The credit ratings reported by the three major rating agencies for RBS and UBS were considered investment grade as of June 30, 2014. Margin requirements are satisfied by the deposit of U.S. Treasury Bills and cash with RBS and UBS. The Fund typically earns interest income on its assets deposited with the RBS and UBS.

Note 6. 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, 2014 and 2013.

CAMPBELL STRATEGIC ALLOCATION FUND, L.P.

NOTES TO FINANCIAL STATEMENTS

JUNE 30, 2014 (Unaudited)

Note 7. 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.

Note 8. TRADING ACTIVITIES AND RELATED RISKS

The Fund engages in the speculative trading of U.S. and foreign futures contracts and forward currency contracts (collectively, "derivatives"). Specifically, the Fund trades a portfolio focused on financial futures, which are instruments designed to hedge changes in interest rates, currency exchange rates, stock index values, metals, energy and agriculture values. The Fund is exposed to both market risk, the risk arising from changes in the fair value of the contracts, and credit risk, the risk of failure by another party to perform according to the terms of a contract.

Market Risk

For derivatives, risks arise from changes in the fair value of the contracts. Market movements result in frequent changes in the fair value of the Fund's open positions and, consequently, in its earnings and cash flow. The Fund's market risk is influenced by a wide variety of factors, including the level and volatility of exchange rates, interest rates, equity price levels, the fair value of financial instruments and contracts, the diversification effects among the Fund's open positions and the liquidity of the markets in which it trades. Theoretically, the Fund is exposed to a market risk equal to the notional contract value of futures and forward currency contracts purchased and unlimited liability on such contracts sold short. See Note 1. C. for an explanation of how the Fund determines its valuation for derivatives as well as the netting of derivatives.

The Fund adopted the provisions of ASC 815, Derivatives and Hedging, ("ASC 815"). 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 Statements of Financial Condition, as of June 30, 2014 and December 31, 2013 are as follows:

Type of Instrument *	Statements of Financial Condition Location		Asset Derivatives at June 30, 2014 Fair Value		Liability Derivatives at June 30, 2014 Fair Value		Net
Agriculture Contracts	Net unrealized gain (loss) on open futures contracts	$	4,945,481	$	(3,843,442)	$	1,102,039
Energy Contracts	Net unrealized gain (loss) on open futures contracts		102,878		(1,921,389)		(1,818,511)
Metal Contracts	Net unrealized gain (loss) on open futures contracts		8,731,413		(5,232,626)		3,498,787
Stock Indices Contracts	Net unrealized gain (loss) on open futures contracts		4,938,624		(2,511,738)		2,426,886
Short-Term Interest Rate Contracts	Net unrealized gain (loss) on open futures contracts		286,386		(614,022)		(327,636)
Long-Term Interest Rate Contracts	Net unrealized gain (loss) on open futures contracts		7,658,371		(186,451)		7,471,920
Forward Currency Contracts	Net unrealized gain (loss) on open forward currency contracts		27,445,467		(20,815,018)		6,630,449
Totals		$	54,108,620	$	(35,124,686)	$	18,983,934
* Derivatives not designated as hedging instruments under ASC 815

Type of Instrument *	Statements of Financial Condition Location		Asset Derivatives at December 31, 2013 Fair Value		Liability Derivatives at December 31, 2013 Fair Value		Net
Agriculture Contracts	Net unrealized gain (loss) on open futures contracts	$	3,547,428	$	(1,489,015)	$	2,058,413
Energy Contracts	Net unrealized gain (loss) on open futures contracts		66,870		(1,385,506)		(1,318,636)
Metal Contracts	Net unrealized gain (loss) on open futures contracts		4,683,858		(5,685,115)		(1,001,257)
Stock Indices Contracts	Net unrealized gain (loss) on open futures contracts		16,591,607		(164,832)		16,426,775
Short-Term Interest Rate Contracts	Net unrealized gain (loss) on open futures contracts		902,280		(2,441,488)		(1,539,208)
Long-Term Interest Rate Contracts	Net unrealized gain (loss) on open futures contracts		1,522,996		(270,424)		1,252,572
Forward Currency Contracts	Net unrealized gain (loss) on open forward currency contracts		29,519,154		(25,905,327)		3,613,827
Totals		$	56,834,193	$	(37,341,707)	$	19,492,486
* Derivatives not designated as hedging instruments under ASC 815

CAMPBELL STRATEGIC ALLOCATION FUND, L.P.

NOTES TO FINANCIAL STATEMENTS

JUNE 30, 2014 (Unaudited)

The trading gains and losses of the Fund's derivatives by instrument type, as well as the location of those gains and losses on the Statements of Operations, for the three months and six months ended June 30, 2014 and 2013 is as follows:

Type of Instrument		Trading Gains / (Losses) for the Three Months Ended June 30, 2014		Trading Gains / (Losses) for the Three Months Ended June 30, 2013
Agriculture Contracts	$	(1,562,720)	$	251,162
Energy Contracts		(2,433,517)		(1,598,572)
Metal Contracts		2,146,948		49,917,981
Stock Indices Contracts		18,277,326		7,206,881
Short-Term Interest Rate Contracts		(5,725,266)		(3,841,213)
Long-Term Interest Rate Contracts		25,666,541		(2,499,051)
Forward Currency Contracts		(3,104,665)		(770,909)
Total	$	33,264,647	$	48,666,279

Type of Instrument		Trading Gains / (Losses) for the Six Months Ended June 30, 2014		Trading Gains / (Losses) for the Six Months Ended June 30, 2013
Agriculture Contracts	$	(887,363)	$	2,461,566
Energy Contracts		(15,947,755)		(6,885,240)
Metal Contracts		(12,737,364)		63,432,476
Stock Indices Contracts		(13,857,986)		37,925,966
Short-Term Interest Rate Contracts		(7,939,080)		(14,780,592)
Long-Term Interest Rate Contracts		30,591,107		(10,688,644)
Forward Currency Contracts		(13,298,564)		30,460,449
Total	$	(34,077,005)	$	101,925,981

Line Item in the Statements of Operations		Trading Gains / (Losses) for the Three Months Ended June 30, 2014		Trading Gains / (Losses) for the Three Months Ended June 30, 2013
Futures trading gains (losses):
Realized **	$	28,415,246	$	53,157,542
Change in unrealized		7,954,066		(3,720,354)
Forward currency trading gains (losses):
Realized		(6,785,422)		4,247,976
Change in unrealized		3,680,757		(5,018,885)
Total	$	33,264,647	$	48,666,279
** Amounts differ from the amounts on the Statements of Operations as the amounts above do not include gains and losses on foreign currency cash balances at the futures broker.

Line Item in the Statements of Operations		Trading Gains / (Losses) for the Six Months Ended June 30, 2014		Trading Gains / (Losses) for the Six Months Ended June 30, 2013
Futures trading gains (losses):
Realized **	$	(17,253,267)	$	61,156,899
Change in unrealized		(3,525,174)		10,308,633
Forward currency trading gains (losses):
Realized		(16,315,186)		55,076,763
Change in unrealized		3,016,622		(24,616,314)
Total	$	(34,077,005)	$	101,925,981
** Amounts differ from the amounts on the Statements of Operations as the amounts above do not include gains and losses on foreign currency cash balances at the futures broker.

For the three months ended June 30, 2014 and 2013 the monthly average of futures contracts bought and sold was approximately 82,100 and 120,200, respectively, and the monthly average of notional value of forward currency contracts was $5,377,300,000 and $5,859,500,000 respectively.

For the six months ended June 30, 2014 and 2013 the monthly average of futures contracts bought and sold was approximately 89,300 and 121,000, respectively, and the monthly average of notional value of forward currency contracts was $6,086,100,000 and $6,558,800,000 respectively.

Open contracts generally mature within twelve months; as of June 30, 2014, the latest maturity date for open futures contracts is September 2015 and the latest maturity date for open forward currency contracts is September 2014. However, the Fund intends to close all futures and offset all foreign currency contracts prior to maturity.

Credit Risk

The Fund trades futures contracts on exchanges that require margin deposits with the futures broker. Additional deposits may be necessary for any loss on contract value. The Commodity Exchange Act requires a futures broker to segregate all customer transactions and assets from such futures broker's proprietary activities. A customer's cash and other property (for example, U.S. Treasury Bills) deposited with a futures broker are considered commingled with all other customer funds subject to the futures broker's segregation requirements. In the event of a futures 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 Fund trades forward currency contracts in unregulated markets between principals and assumes the risk of loss from counterparty nonperformance. Accordingly, the risks associated with 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 contracts typically involves delayed cash settlement.

CAMPBELL STRATEGIC ALLOCATION FUND, L.P.

NOTES TO FINANCIAL STATEMENTS

JUNE 30, 2014 (Unaudited)

The Fund has entered into International Swaps and Derivatives Association Master Agreements (“ISDA Agreements”) with UBS AG and RBS. Under the terms of each ISDA agreement, upon the designation of an Event of Default, as defined in each ISDA Agreement, the non-defaulting party may set-off any sum or obligation owed by the defaulting party to the non-defaulting party against any sum or obligation owed by the non-defaulting party to the defaulting party. If any sum or obligation is unascertained, the non-defaulting party may in good faith estimate that sum or obligation and set-off in respect to that estimate, accounting to the other party when such sum or obligation is ascertained.

Under the terms of each of the agreements similar to a master netting agreement with UBS Securities and Goldman, upon occurrence of a default by the Fund, as defined in respective account documents, UBS Securities and Goldman have the right to close out any or all open contracts held in the Fund’s account; sell any or all of the securities held; and borrow or buy any securities, contracts or other property for the Fund’s account. The Fund would be liable for any deficiency in its account resulting from such transactions.

The amount of required margin and good faith deposits with the futures broker and interbank market makers usually range from 10% to 30% of Net Asset Value. The fair value of securities held to satisfy such requirements at June 30, 2014 and December 31, 2013 was $138,274,907 and $180,399,517, respectively, which equals 24% and 25% of Net Asset Value, respectively. The cash deposited with interbank market makers at June 30, 2014 and December 31, 2013 was $130,442 and $97,130, respectively, which equals 0% and 0% of Net Asset Value, respectively. These amounts are included in cash and cash equivalents. There was no restricted cash at June 30, 2014 or December 31, 2013.

Set forth below are tables which disclose both gross information and net information about instruments and transactions eligible for offset in the Statements of Financial Condition and instruments and transactions that are subject to an agreement similar to a master netting agreement as well as amounts related to financial collateral (including U.S. Treasury Bills and cash collateral) held at clearing brokers and counterparties. Margin reflected in the Collateral tables is limited to the net amount of unrealized loss at each counterparty. Actual margin amounts required at each counterparty are based on the notional amounts or the number of contracts outstanding and may exceed the margin presented in the Collateral tables.

Offsetting of Derivative Assets
As of June 30, 2014
Type of Instrument	Counterparty		Gross Amount of Recognized Assets		Gross Amounts Offset in the Statements of Financial Condition		Net Amount of Unrealized Gain Presented in the Statements of Financial Condition
Futures contracts	UBS Securities LLC	$	13,333,608	$	(7,210,853)	$	6,122,755
Futures contracts	Goldman Sachs		13,329,545		(7,098,815)		6,230,730
Total futures contracts			26,663,153		(14,309,668)		12,353,485
Forward currency contracts	UBS AG		13,722,734		(10,407,509)		3,315,225
Forward currency contracts	Royal Bank of Scotland		13,722,733		(10,407,509)		3,315,224
Total forward currency contracts			27,445,467		(20,815,018)		6,630,449
Total derivatives		$	54,108,620	$	(35,124,686)	$	18,983,934

Derivatives Assets and Collateral Received by Counterparty
As of June 30, 2014
				Gross Amounts Not Offset in the Statements of Financial Condition
Counterparty		Net Amount of Unrealized Gain in the Statements of Financial Condition		Financial Instruments		Cash Collateral Received		Net Amount
UBS Securities LLC	$	6,122,755	$	0	$	0	$	6,122,755
Goldman Sachs		6,230,730		0		0		6,230,730
UBS AG		3,315,225		0		0		3,315,225
Royal Bank of Scotland		3,315,224		0		0		3,315,224
Total	$	18,983,934	$	0	$	0	$	18,983,934

Offsetting of Derivative Liabilities
As of June 30, 2014
Type of Instrument	Counterparty		Gross Amount of Recognized Liabilities		Gross Amounts Offset in the Statements of Financial Condition		Net Amount of Unrealized Loss Presented in the Statements of Financial Condition
Futures contracts	UBS Securities LLC	$	7,210,853	$	(7,210,853)	$	0
Futures contracts	Goldman Sachs		7,098,815		(7,098,815)		0
Total futures contracts			14,309,668		(14,309,668)		0
Forward currency contracts	UBS AG		10,407,509		(10,407,509)		0
Forward currency contracts	Royal Bank of Scotland		10,407,509		(10,407,509)		0
Total forward currency contracts			20,815,018		(20,815,018)		0
Total derivatives		$	35,124,686	$	(35,124,686)	$	0

Derivatives Liabilities and Collateral Pledged by Counterparty
As of June 30, 2014
				Gross Amounts Not Offset in the Statements of Financial Condition
Counterparty		Net Amount of Unrealized Loss in the Statements of Financial Condition		Financial Instruments		Cash Collateral Pledged		Net Amount
UBS Securities LLC	$	0	$	0	$	0	$	0
Goldman Sachs		0		0		0		0
UBS AG		0		0		0		0
Royal Bank of Scotland		0		0		0		0
Total	$	0	$	0	$	0	$	0

CAMPBELL STRATEGIC ALLOCATION FUND, L.P.

NOTES TO FINANCIAL STATEMENTS

JUNE 30, 2014 (Unaudited)

Offsetting of Derivative Assets
As of December 31, 2013
Type of Instrument	Counterparty		Gross Amount of Recognized Assets		Gross Amount Offset in the Statements of Financial Condition		Net Amount of Unrealized Gain Presented in the Statements of Financial Condition
Futures contracts	UBS Securities LLC	$	13,530,175	$	(5,732,516)	$	7,797,659
Futures contracts	Goldman Sachs		13,784,864		(5,703,864)		8,081,000
Total futures contracts			27,315,039		(11,436,380)		15,878,659
Forward currency contracts	UBS AG		14,955,374		(13,194,763)		1,760,611
Forward currency contracts	Royal Bank of Scotland		14,563,780		(12,710,564)		1,853,216
Total forward currency contracts			29,519,154		(25,905,327)		3,613,827
Total derivatives		$	56,834,193	$	(37,341,707)	$	19,492,486

Derivatives Assets and Collateral Received by Counterparty
As of December 31, 2013
				Gross Amounts Not Offset in the Statements of Financial Condition
Counterparty		Net Amount of Unrealized Gain in the Statements of Financial Condition		Financial Instruments		Cash Collateral Received		Net Amount
UBS Securities LLC	$	7,797,659	$	0	$	0	$	7,797,659
Goldman Sachs		8,081,000		0		0		8,081,000
UBS AG		1,760,611		0		0		1,760,611
Royal Bank of Scotland		1,853,216		0		0		1,853,216
Total	$	19,492,486	$	0	$	0	$	19,492,486

Offsetting of Derivative Liabilities
As of December 31, 2013
Type of Instrument	Counterparty		Gross Amount of Recognized Liabilities		Gross Amount Offset in the Statements of Financial Condition		Net Amount of Unrealized Loss Presented in the Statements of Financial Condition
Futures contracts	UBS Securities LLC	$	5,732,516	$	(5,732,516)	$	0
Futures contracts	Goldman Sachs		5,703,864		(5,703,864)		0
Total futures contracts			11,436,380		(11,436,380)		0
Forward currency contracts	UBS AG		13,194,763		(13,194,763)		0
Forward currency contracts	Royal Bank of Scotland		12,710,564		(12,710,564)		0
Total forward currency contracts			25,905,327		(25,905,327)		0
Total derivatives		$	37,341,707	$	(37,341,707)	$	0

Derivatives Liabilities and Collateral Pledged by Counterparty
As of December, 2013
				Gross Amounts Not Offset in the Statements of Financial Condition
Counterparty		Net Amount of Unrealized Loss in the Statements of Financial Condition		Financial Instruments		Cash Collateral Pledged		Net Amount
UBS Securities LLC	$	0	$	0	$	0	$	0
Goldman Sachs		0		0		0		0
UBS AG		0		0		0		0
Royal Bank of Scotland		0		0		0		0
Total	$	0	$	0	$	0	$	0

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 reducing position sizes dynamically in response to trading losses. Campbell & Company controls the risk of the Fund'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.

CAMPBELL STRATEGIC ALLOCATION FUND, L.P.

NOTES TO FINANCIAL STATEMENTS

JUNE 30, 2014 (Unaudited)

Note 9. 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 10. INTERIM FINANCIAL STATEMENTS

The statements of financial condition, including the condensed schedules of investments, as of June 30, 2014 and December 31, 2013, the statements of operations and financial highlights for the three months and six months ended June 30, 2014 and 2013, and the statements of cash flows and changes in partners' capital (Net Asset Value) for the six months ended June 30, 2014 and 2013 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, 2014, and the results of operations and financial highlights for the three months and six months ended June 30, 2014 and 2013, and cash flows and changes in partners' capital (Net Asset Value) for the six months ended June 30, 2014 and 2013.

Note 11. SUBSEQUENT EVENTS

Management of the Fund has evaluated subsequent events through the date the financial statements were filed. There are no subsequent events to disclose or record.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Introduction

The offering of Campbell Strategic Allocation Fund L.P's (the "Fund") Units of Limited Partnership Interest commenced on January 12, 1994. The initial offering terminated on April 15, 1994 and the Fund commenced operations on April 18, 1994. The continuing offering period commenced immediately after the termination of the initial offering period; additional subscriptions totaling $6,068,918,915 have been accepted during the initial and continuing offering periods ending with the withdrawal of the Fund's Registration Statement on January 6, 2012. Redemptions through June 30, 2014 total $5,902,566,655.

Critical Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Management believes that the estimates utilized in preparing the financial statements are reasonable and prudent; however, actual results could differ from those estimates. The Fund’s significant accounting policies are described in detail in Note 1 of the Financial Statements.

The Fund records all investments at fair value in its financial statements, with changes in fair value reported as a component of realized and change in unrealized trading gain (loss) in the Statements of Operations. Generally, fair values are based on market prices; however, in certain circumstances, estimates are involved in determining fair value in the absence of an active market closing price (i.e., forward contracts which are traded in the inter-bank market).

Capital Resources

Effective January 6, 2012, units in the Fund were no longer offered for sale. For existing investors in the Fund, business has been and will be conducted as usual. There will be no change in trading, operations or monthly statements, etc., and redemptions will continue to be offered on a monthly basis.

The Fund does not intend to raise any capital through borrowing. Due to the nature of the Fund’s business, it will make no capital expenditures and will have no capital assets, which are not operating capital or assets.

The Fund maintains 60-75% of its net asset value in cash, cash equivalents or other liquid positions in its cash management program over and above that needed to post as collateral for trading. These funds are available to meet redemptions each month. After redemptions are taken into account each month, the trade level of the Fund is adjusted and positions in the instruments the Fund trades are liquidated, if necessary, on a pro-rata basis to meet those increases or decreases in trade levels.

Liquidity

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

The entire offering proceeds, without deductions, were credited to the Fund’s bank, custodial and/or cash management accounts. The Fund meets margin requirements for its trading activities by depositing cash or U.S. government securities with the futures brokers and the over-the-counter counterparties. This does not reduce the risk of loss from trading futures and forward contracts. The Fund receives all interest earned on its assets. No other person shall receive any interest or other economic benefits from the deposit of Fund assets.

Approximately 15% to 25% of the Fund’s assets normally are committed as required margin for futures contracts and held by the futures brokers, although the amount committed may vary significantly. Such assets are maintained in the form of cash or U.S. Treasury bills in segregated accounts with the futures brokers pursuant to the Commodity Exchange Act and regulations thereunder. Approximately 10% to 15% of the Fund’s assets are deposited with over-the-counter counterparties in order to initiate and maintain forward contracts. Such assets are not held in segregation or otherwise regulated under the Commodity Exchange Act, unless such over-the-counter counterparty is registered as a futures commission merchant. These assets are held either in U.S. government securities or short-term time deposits with U.S.-regulated bank affiliates of the over-the-counter counterparties.

The general partner deposits the majority of those assets of the Fund that are not required to be deposited as margin with the futures brokers and over-the-counter counterparties in a custodial account with Northern Trust Company. The assets deposited in the custodial account with Northern Trust Company are segregated. Such a custodial account constitutes approximately 60% to 75% of the Fund’s assets and is invested directly by PNC Capital Advisors, LLC (“PNC”). Prior to March 2014, Horizon Cash Management LLC ("Horizon") served as the cash manager. Both PNC and Horizon are registered with the SEC as investment advisers under the Investment Advisers Act of 1940. PNC does not guarantee any interest or profits will accrue on the Fund’s assets in the custodial account. PNC invests the assets according to agreed upon investment guidelines that first preserve capital, second allow for sufficient liquidity, and third provide a yield beyond the risk-free rate. Investments can include, but are not limited to, (i) U.S. Government Securities, Government Agency Securities, Municipal Securities, banker acceptances and certificates of deposits; (ii) commercial paper; (iii) short-term investment grade corporate debt; and (iv) Asset Backed Securities.

The Fund occasionally receives margin calls (requests to post more collateral) from its futures brokers or over-the-counter counterparties, which are met by moving the required portion of the assets held in the custody account at Northern Trust to the margin accounts. In the past three years, the Fund has not needed to liquidate any position as a result of a margin call.

The Fund’s assets are not and will not be, directly or indirectly, commingled with the property of any other person in violation of law or invested in or loaned to Campbell & Company or any affiliated entities.

Off-Balance Sheet Risk

The term “off-balance sheet risk” refers to an unrecorded potential liability that, even though it does not appear on the balance sheet, may result in future obligation or loss. The Fund trades in futures and forward contracts and is therefore a party to financial instruments with elements of off-balance sheet market and credit risk. In entering into these contracts there exists a risk to the Fund, market risk, that such contracts may be significantly influenced by market conditions, such as interest rate volatility, resulting in such contracts being less valuable. If the markets should move against all of the futures interests positions of the Fund at the same time, and if the Fund’s trading advisor was unable to offset futures interests positions of the Fund, the Fund could lose all of its assets and the Limited Partners would realize a 100% loss. Campbell & Company, Inc., the general partner (who also acts as trading advisor), minimizes market risk through real-time monitoring of open positions, diversification of the portfolio and maintenance of a margin-to-equity ratio that rarely exceeds 30%. However, these precautions may not be effective in limiting the risk of loss.

In addition to market risk, in entering into futures and forward contracts there is a credit risk that a counterparty will not be able to meet its obligations to the Fund. The counterparty for futures contracts traded in the United States and on most foreign exchanges is the clearinghouse associated with such exchange. In general, clearinghouses are backed by the corporate members of the clearinghouse who are required to share any financial burden resulting from the non-performance by one of their members and, as such, should significantly reduce this credit risk. In cases where the clearinghouse is not backed by the clearing members, like some foreign exchanges, it is normally backed by a consortium of banks or other financial institutions.

In the case of forward contracts, which are traded on the interbank market rather than on exchanges, the counterparty is generally a single bank or other financial institution, rather than a group of financial institutions; thus there may be a greater counterparty credit risk. Campbell & Company trades for the Fund only with those counterparties which it believes to be creditworthy. All positions of the Fund are valued each day at fair value. There can be no assurance that any clearing member, clearinghouse or other counterparty will be able to meet its obligations to the Fund.

Disclosures About Certain Trading Activities that Include Non-Exchange Traded Contracts Accounted for at Fair Value

The Fund invests in futures and forward currency contracts. The fair value of futures (exchange-traded) contracts is determined by the various futures exchanges, and reflects the settlement price for each contract as of the close of the last business day of the reporting period. The fair value of forward (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.

Results of Operations

The returns for the six months ending June 30, 2014 and 2013 were (8.16)% and 9.08%, respectively. During the six months ending June 30, 2014 and 2013, the Fund accrued brokerage fees in the amount of $22,020,647 and $28,446,939, respectively, and paid brokerage fees in the amount of $22,758,306 and $33,178,401, respectively. No performance fees were accrued or paid during these periods.

2014 (For the Six Months Ended June 30)

Of the (8.16)% year to date return, approximately (4.24)% was due to trading losses (before commissions) and approximately (4.10)% due to brokerage fees, operating expenses and offering costs, offset by approximately 0.18% due to investment income earned by the Fund. An analysis of the (4.24)% trading loss by sector is as follows:


Sector	% Gain (Loss)
Commodities		(4.31	)%
Currencies		(2.07	)
Interest Rates		3.64
Stock Indices		(1.50	)

		(4.24	)%

The Fund had losses in January with gains from interest rate and foreign exchange holdings only partially offsetting declines from stock index and commodity investments. The largest losses for January came from long positioning in global stock indexes by the trend following strategies. Dampened growth momentum in China weighed on global risk assets and deepened the negative sentiment toward the emerging markets. The peso devaluation in Argentina helped push contagion fears to the forefront and added to the sell-off. Somewhat softer employment and housing data in the US called into question the economic growth momentum seen in the second half of 2013. The US Fed’s further tapering of quantitative easing only added to the global unease for risky assets like equities. Commodity holdings also produced losses, primarily from non-trend strategies. Energy markets were among the largest losers as the models failed to profitably navigate a volatile trading environment. The volatility was caused by varying cross-currents including inventory data, cold weather, and shifting production expectations. Industrial metal losses came primarily from positions in copper and nickel which fell on the weaker Chinese economic data and resulting emerging market fall-out. Short exposure to gold also produced losses amid safe-haven buying and improving physical demand. Interest rate positioning was successful during the month with trend strategies showing the best gains. Some of the largest profits came from long positioning on long-dated instruments primarily in Europe and the United States as investor sought the safety of interest rate instruments amid growing global uncertainties. Foreign exchange holdings also produced gains during the month. The best performing position was a short holding on the Canadian dollar. The Bank of Canada downgraded its inflation outlook for 2014, pushing the Canadian dollar to a four year low versus the US dollar. The Fund also profited from a short position on the South African rand which experienced steep losses due to the significant depreciation of emerging market currencies seen during the month.

Losses were seen again for the Fund in February with gains from interest rates not enough to offset losses from foreign exchange and commodity holdings. Foreign exchange positions produced some of the largest losses with trend and non-trend strategies contributing. Short positioning in the New Zealand dollar and Australian dollar (both versus the US dollar) caused the most significant losses. The New Zealand dollar strengthened after some stronger than expected economic data and hawkish comments from their finance minister. The Reserve Bank of Australia shifted their monetary posture from one of easing to a more neutral stance helping to push the Aussie dollar higher. Rising commodity prices during the month also provided a tailwind to these so-called “commodity currencies.” Other large losses for the month came from commodities where the Fund experienced declines across most of the sub-sectors and from both trend and non-trend strategies. Short positions in precious metals produced the largest losses when silver and gold both rallied sharply on safe-haven buying as geopolitical fears rose due to unrest in Ukraine. Industrial metals also contributed as a weaker US dollar provided upward price pressure hurting shorts. Short positioning in gasoline, especially early in the month, hurt the Fund as prices rose due to decreasing stockpiles and curtailed production. Soft commodities, namely short positioning in sugar, also caused losses as drought conditions in Brazil created supply concerns. Interest rate positioning provided small offsetting gains. Profits were found in long holdings on long-dated instruments. Japanese government bonds rose as a combination of weaker economic data and further corporate lending activity by the Japanese government helped to push prices higher. German notes benefitted from tame inflation data and safe-haven buying amid geopolitical turmoil in the region. Stock index holdings were relatively flat on the month. The non-trend strategies detracted from positive trend following performance as some short positioning in Asia and parts of Europe was hurt by a sharp bounce-back rally after the January sell-off.

The first quarter ended with losses in March with the worst declines coming from interest rate, stock index, and foreign exchange holdings. Some of the largest losses for the month came from interest rate positions, where trend strategies produced the declines while non-trend strategies showed some offsetting gains. A bulk of the sector losses were found in long positioning on long-dated instruments. Around mid-month, the US Federal Reserve announced additional tapering of quantitative easing (QE) and even hinted that an outright rate increase might occur sooner than expected, sending interest rate markets sharply lower and hurting portfolio positioning. Stock index positions also produced losses with both trend following and non-trend strategies contributing. Trend strategies held long positioning on the NASDAQ 100 index, which suffered due to technology valuation concerns, a tightening of stimulus by the US Fed, and uncertainty over Russia’s annexation of Crimea and recent display of territorial aggression. Non-trend strategies went short the Hang Seng index in Hong Kong, which fell for the first half of the month, only to reverse higher on expectations for new stimulus measures in China to combat slowing growth within the country. Foreign exchange positions showed gains within the non-trend strategies; however, trend strategy losses in the sector overwhelmed them leading FX into the red for the month. The Fund was positioned short US dollars when the US Fed surprised markets with hawkish language following the March FOMC meeting. This caused the dollar to rally sharply against other currencies resulting in losses in the sector. Commodity positions produced losses from the trend following strategies while non-trend systems produced some offsetting gains. Some of the worst performing sub-sectors during the month included energy and industrial metals. The Fund was long crude, which declined amid slower Chinese growth. Natural gas longs fell on expectations for warmer temperatures in the US. Some offsetting gains were found in long grain positioning as the sub-sector posted its best quarterly rally since 2010.

The Fund had a small loss in April with profits from commodities, and to a lesser extent from interest rates, were offset by losses from foreign exchange and stock index holdings. Some of the largest losses during April came from foreign exchange positions. The non-trend strategies produced the bulk of the declines while trend strategies showed some gains in the sector. The non-trend strategies struggled with price action that was not favorable for the underlying model signals. The Fund was short Japanese Yen when the US Fed minutes dampened bets that US policy makers were moving towards raising interest rates, causing the Yen to appreciate. Trend following strategies profited from a long position on the British Pound, which rose to multi-year highs. Stock index positions also produced losses within the non-trend strategies while the trend following programs showed some offsetting gains. The non-trend models were positioned long the Japanese Nikkei index when the Bank of Japan disappointed markets with no new stimulus, causing a sell-off in Japanese equities. The German DAX index also contributed to losses as the non-trend strategies built long exposure, only to see the index trade lower as renewed Ukrainian/Russian unrest rattled investors. Commodity positions produced the best gains seen during the month as both non-trend and trend strategies produced profits. Nickel was a strong performer for the Fund as it trended higher throughout the month. Indonesia’s ongoing export ban and Ukrainian unrest helped to push the metal to a 14-month high. Gains also came from long coffee holdings, which rose on Brazilian production concerns. Natural gas was another market that produced solid gains, especially within the non-trend programs. Cool spring temperatures and inventory concerns led to the rise in prices. Interest rate holdings added to gains during April. Losses from short holdings on short-dated instruments were more than offset by gains from long positions on long-dated instruments. A combination of pockets of softer economic data linked with the civil unrest in Eastern Europe helped to propel prices higher during the month.

May produced gains for the fund led by interest rate and equity index positions. Profits from interest rate and stock index positions were somewhat offset by losses from commodity and foreign exchange holdings. The largest gains for May came from positioning in global interest rates driven by trend following strategies. Profits were seen in long-dated instruments where the Fund held long positions, while small losses came from short-dated holdings where the Fund was generally short. Fixed income instruments rallied during the month amid pockets of weaker than expected global economic data and as global central banks once again indicated accommodative monetary policies. Overall market positioning also played a role in the rally as some investors found themselves under-invested in global bonds and some hedge funds scrambled to cover shorts amid the rising prices. Long global stock index positions also produced gains for the Fund during May primarily driven by trend following strategies. Stocks showed choppy price action during the first half of the month, but then staged a rally as dovish global central banks and a surge in merger & acquisition activity pushed many global indexes to new highs. Commodity holdings produced the largest monthly losses with both trend and non-trend strategies contributing. The worst performing sub-sector was the grains where long positioning in wheat and corn suffered amid weak export sales, favorable planting weather in the US, and easing tensions between Ukraine and Russia. Base metals trading proved unprofitable amid choppy price action. A long position in coffee suffered as steady harvest progress in Brazil and a healthy global supply outlook pushed prices sharply lower after an almost 60% run-up this year. Foreign exchange holdings produced losses primarily from trend strategies as non-trend strategies showed gains. Some of the worst performing FX holdings included long positions in the euro and British pound. European Central Bank President Draghi signaled that policy makers are ready to expand stimulus resulting in a weakening of the euro, and the Bank of England indicated that a rate hike was not as imminent as markets had been expecting, causing the pound to fall from multi-year highs.

Gains continued for the Fund in June to close out the quarter as profits from stock index, commodity, and foreign exchange positions were somewhat offset by losses from interest rate holdings. The largest gains for June came from positioning in global stock indexes driven by both trend following and non-trend strategies. Long positions in North American stock indexes benefitted from dovish comments from Federal Open Market Committee head Yellen despite pockets of stronger economic data. Strong merger and acquisition activity also provided a tailwind for US stocks. A long equity holding in Taiwan showed profits as Chinese data indicated signs of improving growth. Smaller, offsetting losses came from long European holdings where a rash of weaker than expected economic data and falling confidence readings overwhelmed new European Central Bank stimulus actions. Commodity holdings produced additional monthly gains with only trend strategies contributing. Some of the best monthly gains came from long positioning on zinc, which surged in price amid a sharp drop in stockpiles. Long energy exposure, especially to Brent and crude, rose as instability in Iraq rattled oil markets. Cattle prices rallied to a record high on lingering supply concerns, benefitting the Fund’s position. Offsetting losses came from short positions on precious metals as prices rose on a blend of geopolitical instability and ongoing accommodative US monetary policy. Foreign exchange holdings produced profits primarily from trend strategies as non-trend strategies showed losses. Some of the best performing FX holdings included a long position on the New Zealand dollar, which strengthened when the Reserve Bank of New Zealand lifted borrowing costs for the third time this year. Long positioning on the British pound benefitted when the Bank of England (BOE) hinted it may raise interest rates sooner than expected. A surprise interest rate cut in Mexico hurt the Fund’s long positioning on the peso. Interest rate trading showed losses during the month with most declines coming from non-trend strategies. Hawkish comments from BOE head Carney caused a sharp sell-off in Gilts, which hurt the Fund’s positioning. Rising Australian fixed income prices also hurt non-trend strategies, which expected prices to fall.

2013 (For the Six Months Ended June 30)

Of the 9.08% year to date return, approximately 13.11% was due to trading gains (before commissions) and approximately 0.18% was due to investment income, offset by approximately (4.21)% due to brokerage fees, operating expenses and offering costs borne by the Fund. An analysis of the 13.11% trading gain by sector is as follows:


Sector	% Gain (Loss)
Commodities		7.45	%
Currencies		3.87
Interest Rates		(3.04	)
Stock Indices		4.83

		13.11	%

2013 began on a positive note, as the Fund posted solid gains. Equity Indices and Foreign Exchange sectors responded to improved economic outlooks in the U.S. and Europe and to the promise of aggressive fiscal and monetary policy in Asia. Commodities were flat on the month, and the Interest Rates sector was the only significant detractor from performance. The Fund lost on a net-long position in global long-term rates as the sector moved lower on the same macroeconomic drivers that pushed equity markets higher and a general rotation out of bonds and into stocks. From a strategy perspective, longer-term trend following models were the most profitable strategies in January, with other complimentary strategies providing additional returns. Long global equity positions primarily from European and Asian holdings recorded the majority of gains. Positive data points out of Europe included the softening of tough “Basel III” regulations, a larger-than-expected repayment by banks of LTRO (Long-term Refinancing Operation) funds to the ECB (European Central Bank), Spanish and Italian bond auctions bringing the lowest yields in months, and German ZEW (The Centre for European Economic Research) surveys of sentiment that were much more optimistic. In Asia, the new Japanese government used every possible opportunity to push for a weakening of the Japanese Yen and a 2% inflation target to end decades of deflation. Exporters rallied as the Yen weakened throughout the month. The Fund’s short Japanese Yen position was the most profitable trade in the portfolio during January. Losses in Interest Rates were not enough to offset gains as the sector exhibited a generally negative correlation to equities, hurting the Fund’s long position.

The Fund, which consists of both trend following and non-trend following strategies, profited in February. The majority of gains came from the foreign exchange sector, while losses in equity index trading offset some of these gains. Interest rates and commodities had little impact on performance. Foreign exchange was the most profitable sector, contributing well over 1% to the Fund. In the U.K., the British Pound (GBP) was down over 4% in February as weak economic fundamentals led Moody’s to downgrade the U.K.’s Aaa sovereign debt rating to Aa1. The Fund made over 1% in GBP on a short position against the U.S. Dollar. The Canadian Dollar (CAD) also declined over 3% in February on global risk-off positioning and developments indicating a slowing Canadian economy. This led to additional gains on a short position against the currency. These gains were partially offset by losses from trading in equity indices where long positioning in European indices was unprofitable. Political uncertainty in the region, threatening a smooth recovery, caused downward moves in several major indices and reversed recent upward trends. Trading in North American indices was relatively flat for trend following strategies and losses in the region were driven by faster, non-trend following strategies getting caught in volatile market action. Trading in both interest rates and commodities was relatively flat in February. Renewed concerns over European sovereign debt and the impending U.S. sequester drove interest rate markets, producing small gains for the Fund. In commodities, gains in metals were offset by losses in energies, driven by the same macroeconomic factors that impacted the interest rates sector.

The Fund’s strategies profited in three of four major sectors traded in March, with the majority of gains coming from commodities. Major economic drivers included Chinese and Japanese political developments, positive economic data in the U.S., and the bank bailout situation in Cyprus. Trend following strategies contributed over 2% to the Fund, while other non-trend strategies detracted from performance. Gains in commodities were led by short positions in copper and aluminum as these industrial metals fell sharply during the month. Copper was pressured by new property tightening measures in China aimed at reining in overheated housing markets. Aluminum fell on reports that production climbed 2.4% in February. Soft commodities and energies also added to profits as supply and weather data moved markets in the direction of the Fund’s positions. Equity indices, specifically long positioning in the United States and Japan, also added to monthly gains. A sharp uptick in U.S. non-farm payrolls and a downtick in the unemployment rate, followed by data indicating a steadily improving U.S. housing market helped push index levels higher. Japanese stocks rose for a seventh straight month, gaining over 7%, as Prime Minister Abe’s efforts to end deflation began with his appointment of Haruhiko Kuroda to lead the Bank of Japan (BOJ). Positioning in foreign exchange contributed small gains to the Fund. The most profitable trade continues to be short Japanese Yen, with the new BOJ Governor stating he will do “whatever it takes” to achieve his goal of a 2% inflation target within two years. Interest rates was the only sector to detract from positive performance during the month. The Fund’s trend following strategies made money in the sector, however, non-trend strategies more than offset those gains and led to losses primarily driven by long-term instruments. Price action varied widely across global interest rate markets, creating a difficult trading environment for some strategies.

The Fund gained in both trend following and non-trend following strategies in April, with gains coming from all sectors traded. Major moves in metals and long-dated interest rate markets led gains, each adding over 3% to the Fund. Slow global growth, disappointing economic data, low or stable inflation rates, and continued quantitative easing pushed rates lower and equity markets higher across major markets, extending or establishing trends and other alpha opportunities. Commodity markets recorded the best gains for the Fund, led by precious metals, base metals, and energies. Short positioning in precious metals benefitted from a sharp decline in prices. The weakness in gold can be attributed to several factors including low or falling inflation readings, concern that European central banks will sell gold reserves to help fund bail-out costs, outflows from related exchange traded products, and signs of slower global economic growth, especially in China. The Fund began April short precious metals, posting the majority of gains on April 12 & 15 when the sector significantly declined, at which point the Fund began to take profits and reduce its positions. Long positions on long-dated interest rate markets in the U.S., Canada, and Australia were also profitable during April. Disappointing economic data, stable inflation, falling commodity prices, and dovish stimulus policy in Canada pushed fixed income prices higher. This particularly impacted the long-dated rate contracts, as they are more sensitive to the interest rate movements than the short-dated rates. Stock index positions added further gains during the month, with long positioning in Japan, Australia, and the U.S. leading the way. Japanese and Australian markets moved higher on continued central bank easing while U.S. markets bounced around throughout the month but finished higher, hitting record highs in the S&P 500 and Dow Jones Industrial Average. The foreign exchange sector added small gains during the month. Trend-following strategies lost money in the sector, but non-trend strategies more than offset those losses. By market, the Japanese Yen and New Zealand Dollar versus the U.S. Dollar were the most profitable trades in April.

The Fund's gross trading was basically flat in May. Gains in stock indices, foreign exchange, and commodity holdings were offset by losses in fixed income positions. Both trend and non-trend strategies showed gains in long equity index positions. The gains were concentrated in European and US holdings. In Europe, gains were led by the UK where manufacturing and business confidence data strengthened. In the US, stocks rose after employment-related data showed signs of improvement and consumer confidence measures were also better than expected. Foreign exchange gains came primarily from long US dollar positions against the South African rand, the British pound, and the Canadian dollar. The US dollar strengthened against all major currencies amid better economic data and signs that the US Federal Reserve may soon begin to taper its quantitative easing (QE) measures. Commodity holdings added small additional gains to the Fund. Gains were found in short precious metal positions as both gold and silver declined on concerns over QE tapering and weak physical demand out of Asia. Grain positions, namely long soybean positioning, benefitted from strong Chinese export sales and US supply concerns. Unfortunately, these gains were mostly offset by losses from industrial metal and energy positions. Short positions in industrial metals, namely copper and aluminum, moved against the Fund as prices rose due to signs of tightening supply and amid short covering. Long positioning in natural gas was the biggest loser in energy holdings as prices fell sharply when seasonal demand waned and inventories rose more than expected. Overall monthly gains were offset by losses in long fixed income positions within Europe, the US, Japan, and Canada, primarily from the long-dated holdings within the trend-following strategies. Global fixed income prices fell sharply during the month for the same reasons the US dollar strengthened - mainly over concern that US QE measures would begin to wind down in the near future amid strengthening economic data which could cause interest rates to rise.

The Fund had a net loss in June as declines in stock indices and foreign exchange were only partially offset by gains from commodities and fixed income. The primary focus of global markets in June revolved around the fear that the US Federal Reserve was beginning to signal that their aggressive QE measures were going to be reduced or “tapered” amid stronger US economic trends. World markets have enjoyed the benefits of the unprecedented liquidity that the US central bank has pumped into the banking system over the past five years, however the announcement by Fed Chairman Bernanke on June 19th that QE tapering could begin as soon as year-end roiled global markets. Trend strategies showed their largest losses in long equity index positions. The losses were spread across all global equity markets as they sold off on the concern that US QE tapering could be expected in the near future. Non-trend strategies showed gains in foreign exchange positioning, but the trend-following models produced losses that more than offset any gains. The trend strategies showed the greatest losses on the Japanese yen and the British pound as both showed sharp trend reversals post Bernanke’s tapering comments mid-month. Trend-following strategies delivered gains in commodities, especially within short industrial metals and precious metals positioning. Concerns over a Chinese credit crunch plus fear over the potential impact from QE tapering pushed both types of metals lower. Gains were somewhat offset by losses from energy positions which generally saw sharp mid-month trend reversals due to the strengthening US dollar amid fears that monetary accommodation would begin to be withdrawn. Both non-trend and trend strategies showed gains in short positioning on fixed income instruments. Global fixed income markets sold off sharply on fears over QE tapering. The faster reacting non-trend models quickly built short positions and benefitted from the extended declines.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

Introduction

Past Results Not Necessarily Indicative of Future Performance

The Fund is a speculative commodity pool. The market sensitive instruments held by it are acquired for speculative trading purposes, and all or a substantial amount of the Fund’s assets are subject to the risk of trading loss. Unlike an operating company, the risk of market sensitive instruments is integral, not incidental, to the Fund’s main line of business.

Market movements result in frequent changes in the fair value of the Fund’s open positions and, consequently, in its earnings and cash flow. The Fund’s market risk is influenced by a wide variety of factors, including the level and volatility of exchange rates, interest rates, equity price levels, the market value of financial instruments and contracts, the diversification effects among the Fund’s open positions and the liquidity of the markets in which it trades.

The Fund rapidly acquires and liquidates both long and short positions in a wide range of different markets. Consequently, it is not possible to predict how a particular future market scenario will affect performance, and the Fund’s past performance is not necessarily indicative of its future results.

Standard of Materiality

Materiality as used in this section, “Quantitative and Qualitative Disclosures About Market Risk,” is based on an assessment of reasonably possible market movements and the potential losses caused by such movements, taking into account the leverage and multiplier features of the Fund’s market sensitive instruments.

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).

The Fund’s risk exposure in the various market sectors traded is estimated in terms of Value at Risk (VaR). The Fund estimates VaR using a model based upon historical simulation (with a confidence level of 97.5%) which involves constructing a distribution of hypothetical daily changes in the value of a trading portfolio. The VaR model takes into account linear exposures to risks, including equity and commodity prices, interest rates, foreign exchange rates, and correlation among these variables. The hypothetical changes in portfolio value are based on daily percentage changes observed in key market indices or other market factors to which the portfolio is sensitive. The Fund’s VaR at a one day 97.5% confidence level of the Fund’s VaR corresponds to the negative change in portfolio value that, based on observed market risk factors, would have been exceeded once in 40 trading days or one day in 40. VaR typically does not represent the worst case outcome.

The Fund uses approximately one quarter of daily market data and revalues its portfolio for each of the historical market moves that occurred over this time period. This generates a probability distribution of daily “simulated profit and loss” outcomes. The VaR is the 2.5 percentile of this distribution.

The VaR for a sector represents the one day downside risk for the aggregate exposures associated with this sector. The current methodology used to calculate 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.

The Fund’s VaR computations are based on the risk representation of the underlying benchmark for each instrument or contract and does not distinguish between exchange and non-exchange dealer-based instruments. It is also not based on exchange and/or dealer-based maintenance margin requirements.

VaR models, including the Fund’s, are continually evolving as trading portfolios become more diverse and modeling techniques and systems capabilities improve. Please note that the VaR model is used to numerically quantify market risk for historic reporting purposes only and is not utilized by the Fund in its daily risk management activities. Please further note that VaR as described above may not be comparable to similarly titled measures used by other entities.

Because the business of the Fund is the speculative trading of futures and forwards, the composition of the Fund’s trading portfolio can change significantly over any given time period, or even within a single trading day, which could positively or negatively materially impact market risk as measured by VaR.

The Fund’s Trading Value at Risk in Different Market Sectors

The following tables indicate the trading Value at Risk associated with the Fund’s open positions by market category as of June 30, 2014 and December 31, 2013 and the trading gains/losses by market category for the six months ended June 30, 2014 and the year ended December 31, 2013.

	June 30, 2014
				Trading
Market Sector	Value at Risk*			Gain/(Loss)**
Commodities		1.04	%		(4.31	)%
Currencies		0.47	%		(2.07	)%
Interest Rates		0.92	%		3.64	%
Stock Indices		0.80	%		(1.50	)%

Aggregate/Total		1.22	%		(4.24	)%

*	-	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 (8.16)% year to date return, approximately (4.24)% was due to trading losses (before commissions) and approximately (4.10)% due to brokerage fees, operating expenses and offering costs, offset by approximately 0.18% due to investment income earned by the Fund.


	December 31, 2013
				Trading
Market Sector	Value at Risk*			Gain/(Loss)**
Commodities		0.98	%		3.74	%
Currencies		0.67	%		1.74	%
Interest Rates		0.32	%		(4.30	)%
Stock Indices		1.07	%		14.29	%

Aggregate/Total		1.51	%		15.47	%

*	-	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 7.50% return for the year ended December 31, 2013, approximately 15.47% was due to trading gains (before commissions) and approximately 0.41% was due to investment income, offset by approximately (8.38)% due to brokerage fees, operating expenses and offering costs borne by the Fund.

Material Limitations of Value at Risk as an Assessment of Market Risk

The following limitations of VaR as an assessment of market risk should be noted:

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.

VaR is not necessarily representative of historic risk nor should it be used to predict the Fund’s future financial performance or its ability to manage and monitor risk. There can be no assurance that the Fund’s actual losses on a particular day will not exceed the VaR amounts indicated or that such losses will not occur more than once in 40 trading days.

Non-Trading Risk

The Fund has non-trading market risk on its foreign cash balances not needed for margin. However, these balances (as well as the market risk they represent) are immaterial. The Fund also has non-trading market risk as a result of investing a portion of its available assets in U.S. Treasury Bills held at the broker and over-the-counter counterparty. The market risk represented by these investments is minimal. Finally, the Fund has non-trading market risk on fixed income securities held as part of its cash management program. The cash manager will use its best endeavors in the management of the assets of the Fund but provide no guarantee that any profit or interest will accrue to the Fund as a result of such management.

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.

The following were the primary trading risk exposures of the Fund as of June 30, 2014, by market sector.

Currencies

The Fund’s currency exposure is to foreign exchange rate fluctuations, primarily fluctuations which disrupt the historical pricing relationships between different currencies and currency pairs. These fluctuations are influenced by interest rate changes as well as political and general economic conditions. The Fund trades in a large number of currencies, including cross-rates — i.e., positions between two currencies other than the U.S. Dollar. Campbell & Company does not anticipate that the risk profile of the Fund’s currency sector will change significantly in the future.

Interest Rates

Interest rate movements directly affect the price of the sovereign bond positions held by the Fund and indirectly the value of its stock index and currency positions. Interest rate movements in one country as well as relative interest rate movements between countries materially impact the Fund’s profitability. The Fund’s primary interest rate exposure is to interest rate fluctuations in the United States and the other G-7 countries. Campbell & Company anticipates that G-7 interest rates will remain the primary rate exposure of the Fund for the foreseeable future. Changes in the interest rate environment will have the most impact on longer dated fixed income positions, at points of time throughout the year the majority of the speculative positions held by the Fund may be held in medium to long-term fixed income positions.

Stock Indices

The Fund’s primary equity exposure is to equity price risk in the G-7 countries as well as Australia, Hong Kong, Singapore, Spain, Taiwan, Netherlands and Sweden. The stock index futures traded by the Fund are by law limited to futures on broadly based indices. The Fund is primarily exposed to the risk of adverse price trends or static markets in the major U.S., European and Japanese indices. Markets that trade in a narrow range could result in the Fund’s positions being “whipsawed” into numerous small losses.

Energy

The Fund’s primary energy market exposure is to natural gas, crude oil and derivative product price movements, often resulting from international political developments and ongoing conflicts in the Middle East and the perceived outcome. Oil and gas prices can be volatile and substantial profits and losses have been and are expected to continue to be experienced in this market.

Metals

The Fund’s metals market exposure is to fluctuations in the price of aluminum, copper, gold, nickel, silver and zinc.

Agriculture

The Fund’s agricultural exposure is to the fluctuations of the price of cattle, coffee, corn, cotton, hogs, soy, sugar, and wheat.

Qualitative Disclosures Regarding Non-Trading Risk Exposure

The following were the primary non-trading risk exposures of the Fund as of June 30, 2014.

Foreign Currency Balances

The Fund’s primary foreign currency balances are in Australian Dollar, Japanese Yen, British Pounds and Euros. The Fund controls the non-trading risk of these balances by regularly converting these balances back into dollars (no less frequently than twice a month, and more frequently if a particular foreign currency balance becomes unusually large).

Fixed Income Securities and Short Term Investments

The Fund’s primary market exposure in instruments (other than treasury positions described in the subsequent section) held other than for trading is in its fixed income portfolio. The cash manager, PNC, has authority to make certain investments on behalf of the Fund. All securities purchased by the cash manager on behalf of the Fund will be held in the Fund’s custody account at the custodian. The cash manager will use its best endeavors in the management of the assets of the Fund but provide no guarantee that any profit or interest will accrue to the Fund as a result of such management.

U.S. Treasury Bill Positions for Margin Purposes

The Fund also has market exposure in its U.S. Treasury Bill portfolio. The Fund holds U.S. Treasury Bills with maturities no longer than six months. Violent fluctuations in prevailing interest rates could cause minimal mark-to-market losses on the Fund’s U.S. Treasury Bills, although substantially all of these short-term investments are held to maturity.

Qualitative Disclosures Regarding Means of Managing Risk Exposure

The means by which the Fund and Campbell & Company, severally, 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 reducing position sizes dynamically in response to trading losses.

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 4. Controls and Procedures.

Campbell & Company, the general partner of the Fund, with the participation of the general partner’s chief executive officer and chief financial officer, has evaluated the effectiveness of the design and operation of its disclosure controls and procedures (as defined in the Securities Exchange Act of 1934 Rules 13a-15(e) or 15d-15(e)) with respect to the Fund as of the end of the period covered by this quarterly report. Based on their evaluation, the chief executive officer and chief financial officer have concluded that these disclosure controls and procedures are effective. There were no changes in the general partner’s internal control over financial reporting applicable to the Fund identified in connection with the evaluation required by paragraph (d) of Exchange Act Rules 13a-15 or 15d-15 that occurred during the last fiscal quarter that have materially affected, or is reasonably likely to materially affect, internal control over financial reporting applicable to the Fund.

PART II-OTHER INFORMATION

Item 1. Legal Proceedings.

None

Item 1A. Risk Factors.

None

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

None

Item 3. Defaults Upon Senior Securities.

Not applicable.

Item 4. Mine Safety Disclosures.

Not applicable.

Item 5. Other Information.

None

Item 6. Exhibits.

Exhibit Number		Description of Document

3.01		Amended Certificate of Limited Partnership (1)

3.02		Second Amended and Restated Agreement of Limited Partnership (included to the Prospectus as Exhibit A) (1)

4.01		Limited Partner Privacy Notice (as included in the Prospectus) (2)

10.01		Advisory Agreement between Campbell Strategic Allocation Fund, L.P. and Campbell & Company, Inc. (2)

10.02		Global Institutional Master Custody Agreement (1)

10.03		Non-Custody Investment Management Agreement with PNC Capital Advisors LLC, as cash manager (3)

31.01		Certification of G WIlliam Andrews, 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 G. William Andrews, 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.

101.01		Interactive data file pursuant to Rule 405 of Regulation S-T: (i) Condensed Schedule of Investments; (ii) Statements of Financial Condition; (iii) Statements of Operations; (iv) Statements of Cash Flows; (v) Statements of Changes in Partners’ Capital (Net Asset Value); and (vi) Notes to Financial Statements, tagged as blocks of text.



(1) Previously filed as an exhibit to Post-Effective Amendment No. 2 to the Registration Statement on Form S-1 on April 7, 2011 and incorporated herein by reference.

(2) Previously filed as an exhibit to the Registration Statement on Form S-1 on August 9, 1993 and incorporated herein by reference.

(3) Previously filed as an exhibit to the Quarterly Report on Form 10-Q on May 15, 2014 and incorporated herein by reference.

SIGNATURES

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


	CAMPBELL STRATEGIC ALLOCATION FUND, L.P. (Registrant)
	By:	Campbell & Company, Inc.
		General Partner



Date: August 14, 2014	By:	/s/ G. William Andrews
		G. William Andrews
		Chief Executive Officer

EXHIBIT INDEX

31.01		Certification of G. WIlliam Andrews, 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 G. William Andrews, 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.

101.01

Interactive data file pursuant to Rule 405 of Regulation S-T: (i) Condensed Schedule of Investments; (ii) Statements of Financial Condition; (iii) Statements of Operations; (iv) Statements of Cash Flows; (v) Statements of Changes in Partners’ Capital (Net Asset Value); and (vi) Notes to Financial Statements, tagged as blocks of text.

Net Asset Value per General and Limited Partner Unit

June 30, 2014

December 31, 2013

June 30, 2013

December 31, 2012