Campbell Strategic Allocation Fund 10-Q 2013 Q3 Quarterly report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

þ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended September 30, 2013

or

o Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to  

 Commission File number: 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 September 30, 2013 and December 31, 2012 (Unaudited)	1-4
		Statements of Financial Condition as of September 30, 2013 and December 31, 2012 (Unaudited)	5
		Statements of Operations for the Three Months and Nine Months Ended September 30, 2013 and 2012 (Unaudited)	6
		Statements of Cash Flows for the Nine Months Ended September 30, 2013 and 2012 (Unaudited)	7
		Statements of Changes in Partners’ Capital (Net Asset Value) for the Nine Months Ended September 30, 2013 and 2012 (Unaudited)	8
		Financial Highlights for the Three Months and Nine Months Ended September 30, 2013 and 2012 (Unaudited)	9
		Notes to Financial Statements (Unaudited)	10-17
	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations.	18-22
	Item 3.	Quantitative and Qualitative Disclosure About Market Risk.	22-27
	Item 4.	Controls and Procedures.	28
PART II — OTHER INFORMATION
	Item 1.	Legal Proceedings.	29
	Item 1A.	Risk Factors.	29
	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds.	29
	Item 3.	Defaults Upon Senior Securities.	29
	Item 4.	Mine Safety Disclosures.	29
	Item 5.	Other Information.	29
	Item 6.	Exhibits.	29
SIGNATURES			30

CAMPBELL STRATEGIC ALLOCATION FUND, L.P.
CONDENSED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2013 (Unaudited)

FIXED INCOME SECURITIES
Maturity Face Value	Description	Fair Value ($)		% of Net Asset Value
	Bank Deposits
	Finland
	Financials	$	21,095,193	2.89 %
	(cost $21,000,000)
	Commercial Paper
	United States
	Energy		45,967,192	6.29 %
	Financials		21,992,452	3.01 %
	Information Technology		19,996,334	2.73 %
	Materials		69,551,959	9.52 %
	Utilities		43,121,677	5.90 %
	Total Commercial Paper (cost $200,617,080)		200,629,614	27.45 %
	Corporate Bonds
	United Kingdom
	Materials
	(cost $20,000,000)		20,034,920	2.74 %
	United States
	Communications		13,080,470	1.79 %
	Consumer Staples		7,301,767	1.00 %
	Financials		194,267,849	26.58 %
	Total United States (cost $214,435,035)		214,650,086	29.37 %
	Total Corporate Bonds (cost $234,435,035)		234,685,006	32.11 %
	Government And Agency Obligations
	Multi-National
	Multi-National Government Agency (cost $30,750,000)		30,733,087	4.20 %
	United States
	U.S. Government Agencies		34,023,120	4.65 %
$23,525,000	U.S. Treasury Bills             U.S. Treasury Bills *                 Due 10/03/2013		23,524,981	3.22 %
$92,865,000	U.S. Treasury Bills *                 Due 10/10/2013		92,864,750	12.71 %
$55,000,000	U.S. Treasury Bills *                 Due 10/17/2013		54,999,756	7.53 %
	Total United States (cost $205,389,487)		205,412,607	28.11 %
	Total Government And Agency Obligations (cost $236,139,487)		236,145,694	32.31 %
	Total Fixed Income Securities **     (cost $692,191,602)	$	692,555,507	94.76 %

SHORT TERM INVESTMENTS
Maturity Face Value	Description	Fair Value ($)		% of Net Asset Value
	Money Market Funds
	United States
	Money Market Funds	$	417	0.00 %
	(cost $417)
	Total Short Term Investments     (cost $417)	$	417	0.00 %

See Accompanying Notes to Financial Statements.

1

CAMPBELL STRATEGIC ALLOCATION FUND, L.P.
CONDENSED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2013 (Unaudited)

LONG FUTURES CONTRACTS
Description	Fair Value ($)		% of Net Asset Value
Agriculture	$	(301,368)	(0.04)%
Energy		(932,450)	(0.13)%
Metals		2,066,169	0.28 %
Stock indices		(4,954,400)	(0.68)%
Short-term interest rates		843,103	0.12 %
Long-term interest rates		1,080,547	0.15 %
Net unrealized gain (loss) on long futures contracts	$	(2,198,399)	(0.30)%
SHORT FUTURES CONTRACTS
Description	Fair Value ($)		% of Net Asset Value
Agriculture		1,782,506	0.24 %
Energy		220,454	0.03 %
Metals		(6,840,216)	(0.93)%
Stock indices		(511,240)	(0.07)%
Short-term interest rates		(1,376,835)	(0.19)%
Long-term interest rates		(593,218)	(0.08)%
Net unrealized gain (loss) on short futures contracts	$	(7,318,549)	(1.00)%
Net unrealized gain (loss) on open futures contracts	$	(9,516,948)	(1.30)%
FORWARD CURRENCY CONTRACTS
Description	Fair Value ($)		% of Net Asset Value
Various long forward currency contracts		44,596,592	6.10 %
Various short forward currency contracts		(44,938,168)	(6.15)%
Net unrealized gain (loss) on open forward currency contracts	$	(341,576)	(0.05)%

*	Pledged as collateral for the trading of futures and forward positions.
**	Included in fixed income securities is U.S. Treasury Bills with a fair value of $119,999,547 deposited with the futures brokers and $51,389,940 deposited with the interbank market makers.

See Accompanying Notes to Financial Statements.

2

CAMPBELL STRATEGIC ALLOCATION FUND, L.P.
CONDENSED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2012 (Unaudited)

FIXED INCOME SECURITIES
Maturity Face Value	Description	Fair Value ($)		% of Net Asset Value
	Bank Deposits
	Canada
	Financials	$	20,918,580	2.69 %
	(cost $20,900,000)
	Finland
	Financials		21,170,184	2.72 %
	(cost $21,000,000)
	Netherlands
	Financials		21,506,220	2.76 %
	(cost $21,500,000)
	United States
	Financials		20,901,254	2.69 %
	(cost $20,900,000)
	Total Bank Deposits     (cost $84,300,000)		84,496,238	10.86 %
	Commercial Paper
	United States
	Consumer Discretionary		34,958,650	4.49 %
	Consumer Staples		44,381,098	5.70 %
	Energy		72,097,064	9.27 %
	Financials		35,189,619	4.52 %
	Materials		19,998,478	2.57 %
	Telecommunication Services		20,490,063	2.63 %
	Utilities		64,101,965	8.24 %
	Total Commercial Paper (cost $291,193,625)		291,216,937	37.42 %
	Corporate Bonds
	United States
	Financials		131,969,527	16.96 %
	Utilities		15,697,946	2.02 %
	Total Corporate Bonds (cost $147,615,718)		147,667,473	18.98 %

	Government And Agency Obligations
	United States
$28,500,000	U.S. Treasury Bills             U.S. Treasury Bills *                 Due 01/03/2013		28,499,913	3.66 %
$75,000,000	U.S. Treasury Bills *                 Due 01/10/2013		74,998,406	9.64 %
$75,000,000	U.S. Treasury Bills *                 Due 02/21/2013		74,990,703	9.64 %
$20,000,000	U.S. Treasury Bills *                 Due 03/28/2013		19,996,417	2.57 %
	Total Government And Agency Obligations (cost $198,485,439)		198,485,439	25.51 %
	Total Fixed Income Securities **     (cost $721,594,782)	$	721,866,087	92.77 %

SHORT TERM INVESTMENTS
Maturity Face Value	Description	Fair Value ($)		% of Net Asset Value
	Money Market Funds
	United States
	Money Market Funds		16,700,593	2.15 %
	(cost $16,700,593)
	Total Short Term Investments     (cost $16,700,593)	$	16,700,593	2.15 %

See Accompanying Notes to Financial Statements.

3

CAMPBELL STRATEGIC ALLOCATION FUND, L.P.
CONDENSED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2012 (Unaudited)

LONG FUTURES CONTRACTS
Description	Fair Value ($)		% of Net Asset Value
Agriculture	$	(747,467)	(0.09)%
Energy		641,506	0.08 %
Metals		(554,132)	(0.07)%
Stock indices		3,205,040	0.41 %
Short-term interest rates		(132,002)	(0.02)%
Long-term interest rates		2,619,151	0.34 %
Net unrealized gain (loss) on long futures contracts	$	5,032,096	0.65 %
SHORT FUTURES CONTRACTS
Description	Fair Value ($)		% of Net Asset Value
Agriculture		1,739,094	0.22 %
Energy		(715,370)	(0.09)%
Metals		1,628,259	0.21 %
Stock indices		(219,170)	(0.03)%
Short-term interest rates		(11,859)	0.00 %
Long-term interest rates		(1,295,444)	(0.17)%
Net unrealized gain (loss) on short futures contracts	$	1,125,510	0.14 %
Net unrealized gain (loss) on open futures contracts	$	6,157,606	0.79 %
FORWARD CURRENCY CONTRACTS
Description	Fair Value ($)		% of Net Asset Value
Various long forward currency contracts		3,561,398	0.46 %
Various short forward currency contracts		12,744,432	1.64 %
Net unrealized gain (loss) on open forward currency contracts	$	16,305,830	2.10 %

*	Pledged as collateral for the trading of futures and forward positions.
**	Included in fixed income securities is U.S. Treasury Bills with a fair value of $149,989,109 deposited with the futures brokers and $48,496,330 deposited with the interbank market makers.

See Accompanying Notes to Financial Statements.

4

CAMPBELL STRATEGIC ALLOCATION FUND, L.P.

STATEMENTS OF FINANCIAL CONDITION

September 30, 2013 and December 31, 2012 (Unaudited)

	September 30, 2013			December 31, 2012
ASSETS
Equity in futures broker trading accounts
Cash	$	60,111,599		$	18,486,160
Fixed income securities     (cost $119,999,547 and $149,989,109, respectively)		119,999,547			149,989,109
Net unrealized gain (loss) on open futures contracts		(9,516,948)			6,157,606
Total equity in futures broker trading accounts		170,594,198			174,632,875
Cash and cash equivalents		175,468			17,612,613
Short term investments (cost $417 and $16,700,593, respectively)		417			16,700,593
Fixed income securities     (cost $572,192,055 and $571,605,673, respectively)		572,555,960			571,876,978
Net unrealized gain (loss) on open forward currency contracts		(341,576	)		16,305,830
Interest receivable		1,175,219			738,170
Total assets	$	744,159,686		$	797,867,059
LIABILITIES
Accounts payable	$	389,352		$	481,491
Brokerage fee payable		4,336,979			4,648,400
Accrued commissions and other trading fees on open contracts		105,057			126,347
Offering costs payable		183,176			390,589
Redemptions payable		8,273,514			14,181,122
Total liabilities		13,288,078			19,827,949
PARTNERS' CAPITAL (Net Asset Value)
General Partner - 1,575.060 and 2,324.048 redeemable units     outstanding at September 30, 2013 and December 31, 2012		3,933,476			5,536,580
Limited Partners - 291,083.469 and 324,267.724 redeemable units     outstanding at September 30, 2013 and December 31, 2012		726,938,132			772,502,530
Total partners' capital (Net Asset Value)		730,871,608			778,039,110
Total liabilities and partners' capital (Net Asset Value)	$	744,159,686		$	797,867,059

See Accompanying Notes to Financial Statements.

5

CAMPBELL STRATEGIC ALLOCATION FUND, L.P.

STATEMENTS OF OPERATIONS

For the Three Months and Nine Months Ended September 30, 2013 and 2012

(Unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2013			2012			2013			2012
TRADING GAINS (LOSSES)
Futures trading gains (losses)
Realized	$	25,077,765		$	17,797,758		$	86,025,081		$	110,264,906
Change in unrealized		(25,983,187	)		20,000,283			(15,674,554	)		(7,605,502	)
Brokerage commissions		(1,148,001	)		(1,022,628	)		(3,909,981	)		(2,939,834	)
Net gain (loss) from futures trading		(2,053,423	)		36,775,413			66,440,546			99,719,570
Forward currency trading gains (losses)
Realized		(22,583,918	)		(20,620,048	)		32,492,845			4,121,289
Change in unrealized		7,968,908			24,196,808			(16,647,406	)		(11,919,752	)
Brokerage commissions		(50,977	)		(76,284	)		(200,345	)		(175,035	)
Net gain (loss) from forward currency trading		(14,665,987	)		3,500,476			15,645,094			(7,973,498	)
Total net trading gain (loss)		(16,719,410	)		40,275,889			82,085,640			91,746,072
NET INVESTMENT INCOME (LOSS)
Investment income
Interest income		703,722			903,311			2,160,847			2,812,488
Realized gain (loss) on fixed income securities		0			895			66,822			33,678
Change in unrealized gain (loss) on fixed income securities		167,055			3,482			92,600			31,856
Total investment income		870,777			907,688			2,320,269			2,878,022
Expenses
Brokerage fee		13,350,924			15,622,910			41,797,863			48,329,976
Operating expenses		359,973			410,611			1,078,845			1,279,797
Total expenses		13,710,897			16,033,521			42,876,708			49,609,773
Net investment income (loss)		(12,840,120	)		(15,125,833	)		(40,556,439	)		(46,731,751	)
NET INCOME (LOSS)	$	(29,559,530	)	$	25,150,056		$	41,529,201		$	45,014,321
NET INCOME (LOSS) PER GENERAL     AND LIMITED PARTNER UNIT     (based on weighted average units outstanding during the period)	$	(98.92	)	$	72.09		$	134.12		$	123.79
INCREASE (DECREASE) IN NET ASSET VALUE     PER GENERAL AND LIMITED PARTNER UNIT	$	(101.15	)	$	68.51		$	115.05		$	110.76
WEIGHTED AVERAGE NUMBER OF     UNITS OUTSTANDING DURING THE PERIOD		298,819.052			348,850.191			309,636.383			363,648.501

See Accompanying Notes to Financial Statements.

6

CAMPBELL STRATEGIC ALLOCATION FUND, L.P.

STATEMENTS OF CASH FLOWS

For the Nine Months Ended September 30, 2013 and 2012 (Unaudited)

		Nine Months Ended September 30,
		2013			2012
Cash flows from (for) operating activities
Net income (loss)	$	41,529,201		$	45,014,321
Adjustments to reconcile net income (loss) to net cash from (for) operating activities
Net change in unrealized on futures, forwards and fixed income		32,229,360			19,493,398
(Increase) decrease in restricted cash		0			44,204,325
(Increase) decrease in interest receivable		(437,049	)		47,369
Increase (decrease) in accounts payable and accrued expenses		(424,850	)		(549,635	)
Purchases of investments		(13,851,597,311	)		(25,708,111,626	)
Sales/maturities of investments		13,897,700,667			25,746,328,495
Net cash from (for) operating activities		119,000,018			146,426,647
Cash flows from (for) financing activities
Redemption of units		(92,575,507	)		(125,108,930	)
Offering costs paid		(2,236,217	)		(2,452,967	)
Net cash from (for) financing activities		(94,811,724	)		(127,561,897	)
Net increase (decrease) in cash and cash equivalents		24,188,294			18,864,750
Unrestricted cash
Beginning of period		36,098,773			63,173,760
End of period	$	60,287,067		$	82,038,510
End of period cash and cash equivalents consists of:
Cash in futures broker trading accounts	$	60,111,599		$	73,839,912
Cash and cash equivalents		175,468			8,198,598
Total end of period cash and cash equivalents	$	60,287,067		$	82,038,510

See Accompanying Notes to Financial Statements.

7

CAMPBELL STRATEGIC ALLOCATION FUND, L.P.

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

For the Nine Months Ended September 30, 2013 and 2012 (Unaudited)

	Partners’ Capital
	General Partner						Limited Partners						Total
	Units			Amount			Units			Amount			Units			Amount
Nine Months Ended   September 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 nine months ended   September 30, 2013					410,013						41,119,188						41,529,201
Redemptions		(748.988	)		(2,000,000	)		(33,184.255	)		(84,667,899	)		(33,933.243	)		(86,667,899	)
Offering costs					(13,117	)					(2,015,687	)					(2,028,804	)
Balances at September 30, 2013		1,575.060		$	3,933,476			291,083.469		$	726,938,132			292,658.529		$	730,871,608
Nine Months Ended   September 30, 2012
Balances at December 31, 2011		4,330.602		$	10,446,192			383,372.068		$	924,761,248			387,702.670		$	935,207,440
Net income (loss)   for the nine months ended   September 30, 2012					409,982						44,604,339						45,014,321
Redemptions		(2,016.015	)		(5,000,000	)		(44,025.532	)		(110,765,015	)		(46,041.547	)		(115,765,015	)
Offering costs					(16,610	)					(2,450,118	)					(2,466,728	)
Balances at September 30, 2012		2,314.587		$	5,839,564			339,346.536		$	856,150,454			341,661.123		$	861,990,018

Net Asset Value per General and Limited Partner Unit
September 30, 2013	December 31, 2012	September 30, 2012	December 31, 2011
$2,497.35	$2,382.30	$2,522.94	$2,412.18

See Accompanying Notes to Financial Statements.

8

CAMPBELL STRATEGIC ALLOCATION FUND, L.P.
FINANCIAL HIGHLIGHTS
For the Three Months and Nine Months Ended September 30, 2013 and 2012 (Unaudited)

The following information presents per unit operating performance data and other supplemental financial data for the three months and nine months ended September 30, 2013 and 2012. This information has been derived from information presented in the unaudited financial statements. 

	Three Months Ended September 30,				Nine Months Ended September 30,
	2013		2012		2013		2012
Per Unit Performance
(for a unit outstanding throughout the entire period)
Net asset value per unit at beginning of period	$	2,598.50	$	2,454.43	$	2,382.30	$	2,412.18
Income (loss) from operations:
Total net trading gains (losses) (1)		(56.15)		114.22		252.58		246.05
Net investment income (loss) (1)		(42.97)		(43.36)		(130.98)		(128.51)
Total net income (loss) from operations		(99.12)		70.86		121.60		117.54
Offering costs (1)		(2.03)		(2.35)		(6.55)		(6.78)
Net asset value per unit at end of period	$	2,497.35	$	2,522.94	$	2,497.35	$	2,522.94
Total Return (3)		(3.89)%		2.79 %		4.83 %		4.59 %
Supplemental Data
Ratios to average net asset value:
Expenses prior to performance fee (4)		7.21 %		7.31 %		7.31 %		7.30 %
Performance fee (3)		0.00 %		0.00 %		0.00 %		0.00 %
Total expenses		7.21 %		7.31 %		7.31 %		7.30 %
Net investment income (loss) (2),(4)		(6.75)%		(6.90)%		(6.91)%		(6.87)%

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.

9

CAMPBELL STRATEGIC ALLOCATION FUND, L.P.

NOTES TO FINANCIAL STATEMENTS

SEPTEMBER 30, 2013 (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 "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, 2012.

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 Financial Accounting Standards Board ("FASB") 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 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 September 30, 2013 and December 31, 2012, and for the periods ended September 30, 2013 and 2012, 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 September 30, 2013 and December 31, 2012.

10

CAMPBELL STRATEGIC ALLOCATION FUND, L.P.

NOTES TO FINANCIAL STATEMENTS

SEPTEMBER 30, 2013 (Unaudited)

	Fair Value at September 30, 2013
Description	Level 1			Level 2			Level 3		Total
Investments
Short term investments	$	417		$	0		$	0	$	417
Fixed income securities		0			692,555,507			0		692,555,507
Other Financial Instruments
Exchange-traded futures contracts		(9,516,948	)		0			0		(9,516,948	)
Forward currency contracts		0			(341,576	)		0		(341,576	)
Total	$	(9,516,531	)	$	692,213,931		$	0	$	682,697,400

	Fair Value at December 31, 2012
Description	Level 1		Level 2		Level 3		Total
Investments
Short term investments	$	16,700,593	$	0	$	0	$	16,700,593
Fixed income securities		0		721,866,087		0		721,866,087
Other Financial Instruments
Exchange-traded futures contracts		6,157,606		0		0		6,157,606
Forward currency contracts		0		16,305,830		0		16,305,830
Total	$	22,858,199	$	738,171,917	$	0	$	761,030,116

There were no transfers to or from Level 1 to Level 2 for the period ended September 30, 2013 or the year ended December 31, 2012.

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 2012 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 September 30, 2013 and December 31, 2012, the Fund has the potential remaining reimbursement amount of approximately $43.0 million and $45.0 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 September 30, 2013 and December 31, 2012, the amount of unreimbursed offering costs incurred by Campbell & Company is $183,176 and $422,950, respectively. At September 30, 2013, and December 31, 2012, the Fund reflects a liability in the Statements of Financial Condition for offering costs payable to Campbell & Company of $183,176 and $390,589, 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 December 2011, the FASB issued ASU No. 2011-11, Balance Sheet (Topic 210), Disclosures about Offsetting Assets and Liabilities ("ASU 2011-11"), which requires entities to disclose information about financial instruments and derivative instruments that have been offset or that subject to enforceable master netting agreements, to enable users of its financial statements to evaluate the effect or potential effect of those agreements on its financial position. Entities will be required to provide both net (offset amounts) and gross information in the notes to the financial statements for relevant assets and liabilities that are offset or subject to the arrangements. In January 2013, the FASB issued ASU 2013-01, Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities. The update clarifies that the scope of ASU 2011-11 applies to derivatives accounted for in accordance with Topic 815. ASU Nos. 2011-11 and 2013-01 are effective for interim and annual periods beginning on or after January 1, 2013. The adoption of the additional disclosure requirements are reflected in the Fund's financial statements.

In June 2013, the FASB issued ASU 2013-08, “Financial Services - Investments Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements”.  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.  The Fund is currently evaluating the impact this pronouncement would have on the financial statements.

11

CAMPBELL STRATEGIC ALLOCATION FUND, L.P.

NOTES TO FINANCIAL STATEMENTS

SEPTEMBER 30, 2013 (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 broker and interbank market makers for execution and clearing costs is limited to 1/12 of 1% (1% annualized) of month-end net assets.

Campbell & Company is also paid a quarterly performance fee of 20% of the Fund's aggregate cumulative appreciation in the Net Asset Value per unit, exclusive of appreciation attributable to interest income. More specifically, the performance fee is paid on the cumulative increase, if any, in the Net Asset Value per Unit over the highest previous cumulative Net Asset Value per Unit (commonly referred to as a High Water Mark) adjusting for investment income. In determining the brokerage and performance fees ("the fees"), adjustments shall be made for capital additions and withdrawals and Net Assets shall not be reduced by the fees being calculated for such current period. The performance fee is not subject to any clawback provisions. The fees are typically paid in the month following the month in which they are earned. The fees are paid from the available cash at the Fund's bank, broker or cash management accounts.

Note 3.  CASH MANAGER AND CUSTODIAN

The Fund appointed Horizon Cash Management LLC as cash manager under the Non-Custody Investment Advisory Agreement to manage and control the liquid assets of the Fund. The cash manager is registered as an investment adviser with the SEC of the United States under the Investment Advisers Act of 1940.

The Fund maintains 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 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 September 30, 2013. 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 nine months ended September 30, 2013 and 2012.

12

CAMPBELL STRATEGIC ALLOCATION FUND, L.P.

NOTES TO FINANCIAL STATEMENTS

SEPTEMBER 30, 2013 (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 or speculate on changes in interest rates, currency exchange rates or stock index values, as well as 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 September 30, 2013 and December 31, 2012 are as follows:

Type of Instrument*	Statements of Financial Condition Location	Asset Derivatives at September 30, 2013 Fair Value		Liability Derivatives at September 30, 2013 Fair Value			Net
Agriculture Contracts	Net unrealized gain (loss) on open futures contracts	$	3,408,962	$	(1,927,824	)	$	1,481,138
Energy Contracts	Net unrealized gain (loss) on open futures contracts		384,541		(1,096,537	)		(711,996	)
Metal Contracts	Net unrealized gain (loss) on open futures contracts		2,771,324		(7,545,371	)		(4,774,047	)
Stock Indices Contracts	Net unrealized gain (loss) on open futures contracts		1,134,896		(6,600,536	)		(5,465,640	)
Short-Term Interest Rate Contracts	Net unrealized gain (loss) on open futures contracts		843,375		(1,377,107	)		(533,732	)
Long-Term Interest Rate Contracts	Net unrealized gain (loss) on open futures contracts		1,119,522		(632,193	)		487,329
Forward Currency Contracts	Net unrealized gain (loss) on open forward currency contracts		52,961,214		(53,302,790	)		(341,576	)
Totals		$	62,623,834	$	(72,482,358	)	$	(9,858,524	)

* Derivatives not designated as hedging instruments under ASC 815

Type of Instrument*	Statements of Financial Condition Location	Asset Derivatives at December 31, 2012 Fair Value		Liability Derivatives at December 31, 2012 Fair Value			Net
Agriculture Contracts	Net unrealized gain (loss) on open futures contracts	$	2,235,041	$	(1,243,414	)	$	991,627
Energy Contracts	Net unrealized gain (loss) on open futures contracts		840,758		(914,622	)		(73,864	)
Metal Contracts	Net unrealized gain (loss) on open futures contracts		3,466,850		(2,392,723	)		1,074,127
Stock Indices Contracts	Net unrealized gain (loss) on open futures contracts		6,160,202		(3,174,332	)		2,985,870
Short-Term Interest Rate Contracts	Net unrealized gain (loss) on open futures contracts		491,230		(635,091	)		(143,861	)
Long-Term Interest Rate Contracts	Net unrealized gain (loss) on open futures contracts		2,966,624		(1,642,917	)		1,323,707
Forward Currency Contracts	Net unrealized gain (loss) on open forward currency contracts		53,186,356		(36,880,526	)		16,305,830
Totals		$	69,347,061	$	(46,883,625	)	$	22,463,436
* Derivatives not designated as hedging instruments under ASC 815

13

CAMPBELL STRATEGIC ALLOCATION FUND, L.P.

NOTES TO FINANCIAL STATEMENTS

SEPTEMBER 30, 2013 (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 nine months ended September 30, 2013 and 2012 is as follows:
 

Type of Instrument	Trading Gains (Losses) for the Three Months Ended September 30, 2013			Trading Gains (Losses) for the Three Months Ended September 30, 2012
Agriculture Contracts	$	(976,894	)	$	6,506,183
Energy Contracts		(650,597	)		1,962,110
Metal Contracts		(25,486,590	)		206,577
Stock Indices Contracts		22,266,381			20,933,533
Short-Term Interest Rate Contracts		(5,372,212	)		8,760,591
Long Term Interest Rate Contracts		9,098,952			(650,446	)
Forward Currency Contracts		(14,615,010	)		3,576,760
Total	$	(15,735,970	)	$	41,295,308

 

Type of Instrument	Trading Gains (Losses) for the Nine Months Ended September 30, 2013			Trading Gains (Losses) for the Nine Months Ended September 30, 2012
Agriculture Contracts	$	1,484,672		$	17,686,999
Energy Contracts		(7,535,837	)		15,553,214
Metal Contracts		37,945,886			(6,388,087	)
Stock Indices Contracts		60,192,347			23,169,213
Short-Term Interest Rate Contracts		(20,152,804	)		21,637,426
Long Term Interest Rate Contracts		(1,589,692	)		31,465,651
Forward Currency Contracts		15,845,439			(7,798,463	)
Total	$	86,190,011		$	95,325,953

 

Line Item in the Statements of Operations	Trading Gains (Losses) for the Three Months Ended September 30, 2013			Trading Gains (Losses) for the Three Months Ended September 30, 2012
Futures trading gains (losses):
Realized**	$	24,862,227		$	17,718,265
Change in unrealized		(25,983,187	)		20,000,283
Forward currency trading gains (losses):
Realized		(22,583,918	)		(20,620,048	)
Change in unrealized		7,968,908			24,196,808
Total	$	(15,735,970	)	$	41,295,308

 

Line Item in the Statements of Operations	Trading Gains (Losses) for the Nine Months Ended September 30, 2013			Trading Gains (Losses) for the Nine Months Ended September 30, 2012
Futures trading gains (losses):
Realized**	$	86,019,126		$	110,729,918
Change in unrealized		(15,674,554	)		(7,605,502	)
Forward currency trading gains (losses):
Realized		32,492,845			4,121,289
Change in unrealized		(16,647,406	)		(11,919,752	)
Total	$	86,190,011		$	95,325,953

**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 September 30, 2013 and 2012 the monthly average of futures contracts bought and sold was approximately 94,900 and 87,600, respectively, and the monthly average of notional value of forward currency contracts was $5,994,000,000 and $6,787,000,000 respectively.

For the nine months ended September 30, 2013 and 2012 the monthly average of futures contracts bought and sold was approximately 112,300 and 83,800, respectively, and the monthly average of notional value of forward currency contracts was $6,371,000,000 and $5,082,000,000 respectively.

Open contracts generally mature within twelve months; as of September 30, 2013, the latest maturity date for open futures contracts is December 2014 and the latest maturity date for open forward currency contracts is December 2013. However, the Fund intends to close all futures contracts 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.

14

CAMPBELL STRATEGIC ALLOCATION FUND, L.P.

NOTES TO FINANCIAL STATEMENTS

SEPTEMBER 30, 2013 (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 master netting agreements 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 September 30, 2013 and December 31, 2012 was $171,389,487 and $198,485,439, respectively, which equals 23% and 26% of Net Asset Value, respectively. The cash deposited with interbank market makers at September 30, 2013 and December 31, 2012 was $55,628 and $191,482, 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 September 30, 2013 or December 31, 2012.

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 September 30, 2013
Type of Instrument	Counterparty		Gross Amount of Recognized Assets		Gross amounts Offset in the Statement of Financial Position		Net Amount of Unrealized Gain Presented in the Statement of Financial Position
Futures contracts	UBS Securities LLC	$	4,886,064	$	(4,886,064)	$	0
Futures contracts	Goldman Sachs		4,776,556		(4,776,556)		0
Total futures contracts			9,662,620		(9,662,620)		0
Forward currency contracts	UBS AG		26,768,108		(26,768,108)		0
Forward currency contracts	Royal Bank of Scotland		26,193,106		(26,193,106)		0
Total forward currency contracts			52,961,214		(52,961,214)		0
Total derivatives		$	62,623,834	$	(62,623,834)	$	0

Derivatives Assets and Collateral Received by Counterparty
As of September 30, 2013
				Gross Amounts Not Offset in the Statement of Financial Position
Counterparty		Net Amount of Unrealized Gain in the Statement of Financial Position		Financial Instruments		Cash Collateral Received		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

Offsetting of Derivative Liabilities
As of September 30, 2013
Type of Instrument	Counterparty		Gross Amount of Recognized Liabilities		Gross amounts Offset in the Statement of Financial Position		Net Amount of Unrealized Loss Presented in the Statement of Financial Position
Futures contracts	UBS Securities LLC	$	9,610,105	$	(4,886,064)	$	4,724,041
Futures contracts	Goldman Sachs		9,569,463		(4,776,556)		4,792,907
Total futures contracts			19,179,568		(9,662,620)		9,516,948
Forward currency contracts	UBS AG		26,931,805		(26,768,108)		163,697
Forward currency contracts	Royal Bank of Scotland		26,370,985		(26,193,106)		177,879
Total forward currency contracts			53,302,790		(52,961,214)		341,576
Total derivatives		$	72,482,358	$	(62,623,834)	$	9,858,524

Derivatives Liabilities and Collateral Pledged by Counterparty
As of September 30, 2013
				Gross Amounts Not Offset in the Statement of Financial Position
Counterparty		Net Amount of Unrealized Loss in the Statement of Financial Position		Financial Instruments			Cash Collateral Pledged		Net Amount
UBS Securities LLC	$	4,724,041	$	(4,724,041)	*	$	0	$	0
Goldman Sachs		4,792,907		(4,792,907)	*		0		0
UBS AG		163,697		(163,697)	**		0		0
Royal Bank of Scotland		177,879		(177,879)	**		0		0
Total	$	9,858,524	$	(9,858,524)		$	0	$	0

*      Represents a portion of the $119,999,547 fair value of U.S. Treasury Bills held at the futures brokers.

**    Represents a portion of the $51,389,940 fair value in U.S. Treasury Bills held at the interbank market makers.

15

CAMPBELL STRATEGIC ALLOCATION FUND, L.P.

NOTES TO FINANCIAL STATEMENTS

SEPTEMBER 30, 2013 (Unaudited)

Offsetting of Derivative Assets
As of December 31, 2012
Type of Instrument	Counterparty		Gross Amount of Recognized Assets		Gross amounts Offset in the Statement of Financial Position		Net Amount of Unrealized Gain Presented in the Statement of Financial Position
Futures contracts	UBS Securities LLC	$	8,130,493	$	(5,038,587)	$	3,091,906
Futures contracts	Goldman Sachs		8,030,212		(4,964,512)		3,065,700
Total futures contracts			16,160,705		(10,003,099)		6,157,606
Forward currency contracts	UBS AG		26,673,083		(18,453,069)		8,220,014
Forward currency contracts	Royal Bank of Scotland		26,513,273		(18,427,457)		8,085,816
Total forward currency contracts			53,186,356		(36,880,526)		16,305,830
Total derivatives		$	69,347,061	$	(46,883,625)	$	22,463,436

Derivatives Assets and Collateral Received by Counterparty
As of December 31, 2012
				Gross Amounts Not Offset in the Statement of Financial Position
Counterparty		Net Amount of Unrealized Gain in the Statement of Financial Position		Financial Instruments		Cash Collateral Received		Net Amount
UBS Securities LLC	$	3,091,906	$	0	$	0	$	3,091,906
Goldman Sachs		3,065,700		0		0		3,065,700
UBS AG		8,220,014		0		0		8,220,014
Royal Bank of Scotland		8,085,816		0		0		8,085,816
Total	$	22,463,436	$	0	$	0	$	22,463,436

Offsetting of Derivative Liabilities
As of December 31, 2012
Type of Instrument	Counterparty		Gross Amount of Recognized Liabilities		Gross amounts Offset in the Statement of Financial Position		Net Amount of Unrealized Loss Presented in the Statement of Financial Position
Futures contracts	UBS Securities LLC	$	5,038,587	$	(5,038,587)	$	0
Futures contracts	Goldman Sachs		4,964,512		(4,964,512)		0
Total futures contracts			10,003,099		(10,003,099)		0
Forward currency contracts	UBS AG		18,453,069		(18,453,069)		0
Forward currency contracts	Royal Bank of Scotland		18,427,457		(18,427,457)		0
Total forward currency contracts			36,880,526		(36,880,526)		0
Total derivatives		$	46,883,625	$	(46,883,625)	$	0

Derivatives Liabilities and Collateral Pledged by Counterparty
As of December 31, 2012
				Gross Amounts Not Offset in the Statement of Financial Position
Counterparty		Net Amount of Unrealized Loss in the Statement of Financial Position		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 bear the risk of loss only to the extent of the market value of their respective investments and, in certain specific circumstances, distributions and redemptions received.

16

CAMPBELL STRATEGIC ALLOCATION FUND, L.P.

NOTES TO FINANCIAL STATEMENTS

SEPTEMBER 30, 2013 (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 September 30, 2013 and December 31, 2012, the statements of operations and financial highlights for the three months and nine months ended September 30, 2013 and 2012, and the statements of cash flows and changes in partners' capital (Net Asset Value) for the nine months ended September 30, 2013 and 2012 are unaudited. In the opinion of management, such financial statements reflect all adjustments, which were of a normal and recurring nature, necessary for a fair presentation of financial position as of September 30, 2013, and the results of operations and financial highlights for the three months and nine months ended September 30, 2013 and 2012, and cash flows and changes in partners' capital (Net Asset Value) for the nine months ended September 30, 2013 and 2012.

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. 

17

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 September 30, 2013 total $5,795,188,297.

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 are 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 40-80% of its net asset value in cash, cash equivalents or other liquid positions in its cash management program over and above the amount that is 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 10% to 30% 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 30% 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 custodial account constitutes approximately 40% to 80% of the Fund’s assets and are invested directly by Horizon Cash Management LLC (“Horizon”). Horizon is registered with the SEC as an investment adviser under the Investment Advisers Act of 1940. Horizon does not guarantee any interest or profits will accrue on the Fund’s assets in the custodial account. Horizon will invest according to agreed upon investment guidelines that are modeled after those investments allowed by the futures broker as defined under the Commodity Exchange Act, Title 17, Part 1, § 1.25 Investment of customer funds. 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; and (iii) short-term investment grade corporate debt.

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.

18

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 nine months ending September 30, 2013 and 2012 were 4.83% and 4.59%, respectively. During the nine months ending September 30, 2013 and 2012, the Fund accrued brokerage fees in the amount of $41,797,863 and $48,329,976, respectively, and paid brokerage fees in the amount of $42,109,284 and $48,814,410, respectively. No performance fees were accrued or paid during this period.

2013 (For the Nine Months Ended September 30)

Of the 4.83% year to date return, approximately 10.80% was due to trading gains (before commissions) and approximately 0.30% was due to investment income, offset by approximately (6.27)% due to brokerage fees, operating expenses and offering costs borne by the Fund. An analysis of the 10.80% trading gain by sector is as follows:

Sector	% Gain (Loss)
Commodities		3.90	%
Currencies		1.95
Interest Rates		(2.56	)
Stock Indices		7.51
		10.80	%

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.

19

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.  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.

The Fund had small gross trading losses in July.  Gains from stock indexes were more than offset by losses from foreign exchange, fixed income, and commodities.  The largest losses during the month were found within foreign exchange holdings primarily from short positioning against the Canadian dollar and the New Zealand dollar.  These currencies both appreciated on hawkish leaning central bank comments and amid better economic data.  The Australian dollar produced one of the largest FX gains as the Royal Bank of Australia indicated that they had room to cut interest rates which was supported by tame inflation data.  Short positioning within both short and long dated fixed income instruments also caused losses, especially within the trend following strategies.  Members of the US Federal Reserve, including Chairman Bernanke, emphasized to world financial markets that a tapering of QE programs does not necessarily mean a tightening of interest rates.  This message helped push fixed income instruments higher, hurting the Fund’s short positioning.  Non-trend strategies showed small losses as well.  Commodity positions were another source of losses during July.  The “QE tapering does not mean tightening” message helped gold appreciate over 7% which hurt recently profitable trend following short positioning.  Long positioning gains within energies, especially on crude and Brent oil, offset some of the sector’s overall losses.  New Middle East tensions in Egypt, early month inventory draws, and some favorable economic data in the US all pushed most energies higher on the month.  Long stock index positions helped to mostly offset losses.  Most global stock markets rallied during July driven by expectations for continued monetary support from major central banks, generally better than expected second quarter earnings reports, and additional signs that global economic growth is improving, especially within Europe and the US.  Trend following strategies showed solid gains on long positioning within global stock indices; however, non-trend strategies showed small losses on the sector.

The Fund's losses continued in August.  Gains from interest rates were more than offset by losses from commodities, foreign exchange, and stock index holdings.  Commodities produced the largest losses on the month, led by short industrial metal and precious metal positions.  Improving macro economic data from China, including better than expected industrial production and import/export data, pushed industrial metals higher.  Some weaker US economic data, including a disappointing July employment report and softer pending home sales, sent precious metals higher on hopes for a delay in US Federal Reserve quantitative easing (QE) tapering.  Long energy holdings helped to offset some losses as increased geopolitical tensions related to Syria drove petroleum markets higher.  Short positions in corn and wheat led to early month profits as healthy harvest expectations sent the grains lower.  Foreign exchange holdings also produced losses during August.  Long positioning in the euro and Swiss franc produced the largest losses as both currencies fell due to a strengthening US dollar supported by a hardening of expectations for Fed QE tapering and risk aversion driven by geopolitical concerns over Syria.  Non-trend strategies produced some offsetting gains in foreign exchange as short positioning in the Canadian dollar and Australian dollar proved profitable due to risk-aversion.  Long global stock index positions showed profits early in the month as the strength seen in July continued into August.  Unfortunately, losses were incurred as concerns surrounding QE tapering by the US Fed and new fears over military tensions between the US and Syria caused global stocks to sell-off throughout the second half of the month.  Nimble non-trend strategies showed profits in stock indexes by quickly getting short the second-half sell-off as geopolitical fears gripped world markets.  Short interest rate positions produced gains for the Fund during August.  Stronger economic data in Germany and the UK linked with expectations for US Fed QE tapering helped push European and US interest rate instruments lower.  Gains were limited by late month reversals on flight-to-quality positioning due to the Syrian situation.

The Fund's losses continued in September.  Gains from stock indexes were more than offset by losses from commodity, foreign exchange, and interest rate holdings.  Commodities produced the largest losses on the month, led by long energy and short industrial metal positions.  A calming of tensions between the US and Syria caused a sell-off in energy markets, reversing the gains seen during August.  Industrial metals gained on the election of a pro-business Prime Minister in Australia and amid some better Chinese economic data.  The non-trend following strategies were long gold, which produced some offsetting gains on the US Fed’s surprise decision to delay a tapering of its monthly quantitative easing (QE) program.  Foreign exchange positions produced losses as well.  The US dollar was broadly weaker versus most other G10 currencies during September with the US Dollar Index hitting a seven-month low.  The largest losses for the Fund were found in short Canadian and Australian dollar positions.  The Fed’s surprising decision to delay tapering its $85 billion monthly asset purchase program sparked a sharp rally in these currencies versus the US dollar.  Some offsetting gains were found from long positioning on the British pound and Swiss franc versus the dollar.  Interest rate positions, primarily short holdings on the short-end of the curve, produced additional portfolio losses.  The Fed’s surprise decision to delay QE tapering, some pockets of softer global economic data including a weaker than expected US employment report, and reports of a US government partial shutdown near month-end all helped to push fixed income instruments higher during September.  Long stock index holdings produced the only sector gains for the Fund during the month.  A peaceful resolution of the US/Syrian crisis, renewed confidence that Janet Yellen would be nominated to be the next head of the US Federal Reserve, and the Fed’s decision to fully maintain QE helped most global stock markets to post solid gains.  Profits were capped by late month concerns about a showdown in Washington over government spending that ultimately resulted in a partial shutdown of the US government.

20

2012 (For the Nine Months Ended September 30)

Of the 4.59% year to date return, approximately 10.36% was due to trading gains (before commissions) and approximately 0.32% was due to investment income, offset by approximately 6.09% due to brokerage fees, operating expenses and offering costs borne by the Fund. An analysis of the 10.36% trading gain by sector is as follows:

Sector	% Gain (Loss)
Commodities		2.82	%
Currencies		(0.76	)
Interest Rates		5.93
Stock Indices		2.37
		10.36	%

2012 began on a positive note, providing much needed relief to market participants across most sectors. Improving global economic data, progress with the European sovereign debt crisis, and continued central bank support drove prices higher in many markets, with the notable exception of the U.S. Dollar. The Fund's models were well positioned for these moves, recording gains in all four sectors with fixed income and stock index futures leading the way. Rising global bond prices in the U.S., Europe and Japan drove returns; the interest rates sector gained 1% for the Fund as yields continued to drop on further monetary easing. Long positions in U.S. and European equity indices were the major source of return in the stock index sector, adding approximately 1% to the Fund, as prices moved higher on positive global manufacturing data, improving sentiment in Europe, and the Fed’s pledge to keep interest rates low until 2014. The commodity sector traded flat recording gains on the Fund’s short position in natural gas offset by losses in industrial metals. The foreign exchange sector was profitable, driven by long positions in the commodity linked currencies of Australia and New Zealand.

February continued to exhibit a sense of global optimism that began 2012. Positive data in global economies and Central Bank support in China, Europe and Japan pushed equity prices and many commodities higher. Fixed income prices and the U.S. Dollar against the G10 currencies, with the notable exception of the Japanese Yen, fell as investors moved towards risk assets. The Fund profited in three of the four major sectors traded, experiencing losses in fixed income, with commodities, equity indices and foreign exchange driving gains. Rising petroleum prices were a major contributor to the Fund’s performance as tensions with Iran, stronger U.S. economic data, and a tightening global supply environment led to the rally in prices, adding almost 2% to the portfolio. Additional gains were recorded in equity indices from a net long position in stock index futures as the upward trend continued. Equity market gains were driven by continued improvement in manufacturing, employment and housing data, as well as friendly Central Bank policies and the approval of the second Greek bailout package. Other gains stemmed from currency trading, where the Japanese Yen was the major contributor. The Fund’s models quickly reacted to a changing trend in the Yen, a result of Japan’s trade balance ending 2011 in deficit territory for the first time in 30 years, and profited on the 6.5% loss in the currency’s value against the Dollar. A portion of these gains were offset by losses experienced in the fixed income sector as investors rotated out of the safety of government debt.

March ended an overall profitable first quarter of 2012 with a pullback in performance. The majority of losses stemmed from a mid-month reversal of the longstanding upward trend in fixed income prices. Additional losses in foreign exchange trading were more than offset by gains in the commodities and equity indices sectors. The diversity of markets held in the Fund helped to mitigate losses as the fixed income sector experienced particularly high volatility. Better-than-expected economic data and the U.S. FOMC raising their assessment of the U.S. economy reduced the market’s expectation of additional Fed support and caused a move away from safe haven assets. Fixed income prices tumbled across the curve and the Fund’s long position in the sector suffered. Concerns over demand for commodities also caused losses for the Fund as signs of a slowing economy in China caused the depreciation of the commodity-linked currencies of Australia and New Zealand. Gains in equity indices and energies offset some losses as the Fed reaffirmed its easy-money policy, sending stocks higher, and the existing upward trend in oil and downward trend in natural gas extended.

A profitable April began the second quarter of 2012 with gains coming from the fixed income sector.  The other three sectors, commodities, foreign exchange, and stock indices, detracted from the Fund’s performance.  Markets continue to exhibit high volatility and a high sensitivity to headlines in the news, creating both challenges and opportunities for participants. Softer economic data, increased expectations of action from central banks, and continued uncertainty in Europe pushed fixed income markets higher in April, leading gains in the Fund’s portfolio.  A portion of these gains were offset by losses experienced in the equity markets from long positions in global stock index futures.  Additional losses were recorded in the commodity markets from the Fund’s long positions in the energy markets as petroleum prices consolidated through the month of April with gasoline underperforming the complex.  The price action in energies revealed a pause in the geopolitical fears that have gripped the markets for much of the year as well as a pause in the excitement over the better than expected economic performance in the United States through Q1.  Losses were also experienced in the foreign exchange markets from the Fund’s short positions in the Japanese Yen.  The value of the Yen strengthened by almost 3% as the Bank of Japan, which was under pressure to deliver more easing at the end of the month, and broadly disappointed the markets.

 The Fund’s strategies recorded gains in three of four sectors traded in May. Continued problems in Europe and signs of a slowing global economy helped push safe haven asset prices higher and caused risk assets to fall. The fixed income, foreign exchange, and commodity sectors were profitable for the Fund while the equity indices sector detracted from performance. The primary source of returns in May came from the fixed income sector. Weaker economic numbers and persisting uncertainty across the euro zone drove many fixed income yields to record lows, negative in some cases, and benefited the Fund’s long position in global government bond futures. Increased safe haven demand produced additional gains in the foreign exchange sector from the Fund’s long positions in the U.S. Dollar, particularly vs. the Euro currency. The U.S. Dollar reached its highest level since September 2010 with the Dollar Index (DXY) up over 5% on the month. Ongoing efforts by the Bank of Japan and the Swiss National Bank to limit their currency’s strength helped bolster the appeal of the Dollar. Smaller gains were recorded in the commodity markets from the Fund’s short positions in cotton as the soft commodity sold-off all month and ended the month down 21.5% on increasing global supply and falling demand in China. Additional gains in the commodity markets came from short positions in base and precious metals. A portion of these gains was offset by losses in the equity markets from positions in U.S. and global stock index futures as the markets sold off aggressively on the back of concerns about a possible Greek exit from the European Union, Spain’s struggle to recapitalize its’ banks, and softer global economic data.

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The Fund experienced losses in all sectors during the month of June, ending the quarter relatively flat on a gross basis. Global market moves caused by unexpected policy responses from the E.U. summit on the final day of the month reversed gains in profitable sectors and exacerbated losses in unprofitable sectors. Foreign exchange markets led losses in June from a long position in the U.S. Dollar, particularly against the Euro. The Euro rallied into month-end on market optimism from the E.U. summit after European leaders agreed to recapitalize banks directly from the bailout fund and to remove ESM seniority for Spain. These developments, combined with the formation of a government in Greece, caused a decline in safe haven asset prices and recorded losses in the Fund’s long global government bond and short European stock index positions. In the commodity markets, natural gas prices increased on warmer-than-normal weather, low storage injection numbers from the EIA, and a tropical storm in the Gulf, leading to losses from the Fund’s short position. The rally in coffee prices on supply concerns out of Brazil also led to losses from the Fund’s short position in the soft commodity.

During the month of July, Campbell’s trend following strategies recorded gains in the fixed income markets from our long position in global government bond futures. Weaker than expected global economic data and heightened expectations for central bank action pushed prices higher. Markets were pricing in central bank accommodation from the U.S. Fed, the European Central Bank (ECB), and the People's Bank of China (PBOC) at month end. Additional gains were recorded in the commodity markets from long positions in corn, wheat and soybeans as hot, dry weather in the U.S. Mid-West sent the grain markets soaring to all-time highs. Campbell was long the complex coming into the month and was able to take advantage of the surging prices brought on by the severe drought conditions. In foreign exchange markets, our long position in the U.S. Dollar vs. the Swiss Franc and the Euro Currency was profitable in July. The Euro made a 25 month low at 1.2043 after the ECB cut both the refinancing and the deposit rate in response to the ongoing crisis. The Swiss Franc also weakened as the Swiss National Bank continued to defend the 1.2000 EUR/CHF floor.

During the month of August, Campbell’s strategies experienced losses in the foreign exchange, fixed income, and commodity sectors, partially offset by gains in equity indices. Increased central bank activity in Europe and the U.S. along with better-than-expected economic data in the U.S. caused significant moves in several global markets, driving losses in Campbell’s trend following strategies. Campbell’s non-trend following strategies helped to mitigate losses, particularly in fixed income and equity indices. In the foreign exchange markets, Campbell’s short positions in the Swiss Franc and the Euro currency vs. the U.S. Dollar suffered as rising expectations of ECB action threatened to remove some of the tail risks around the sovereign debt crisis. The Swiss Franc emerged as one of the strongest G10 currencies for the month (+2.9%) as the Swiss National Bank reserves made new highs in an effort to defend the 1.2000 floor in EUR/CHF. Additional losses were recorded in the commodity markets from our short positions in base metals and short position in cotton. Prices increased across the base metals on a general covering of short positions in risk assets due to the anticipation of further central bank action. Deteriorating U.S. crop conditions, Indian production worries, and speculation of Chinese purchases caused an increase in cotton prices and subsequent losses in Campbell’s short position in the soft commodity. Smaller losses came from fixed income markets, resulting in part from Mario Draghi’s “whatever it takes” speech, with partially offsetting gains recorded from long equity indices positions in the sector. Moves in the fixed income and equity indices sectors resulted generally from anticipation of ECB action and improving U.S. economic data.

The majority of September gains in the Fund came from the equity indices sector in both trend and non-trend following strategies. Campbell’s long positions in global stock index futures benefited from rising equity index prices on the back of several central bank announcements of new quantitative easing measures, China’s proposal for new fiscal stimulus, and the German high court’s ruling to uphold the constitutionality of the Euro-zone’s permanent bailout mechanism. Additional gains were recorded in foreign exchange trading, driven mainly by non-trend strategies, from our short positions in the U.S. Dollar vs. a basket of currencies. The DXY index lost 2% in September as unlimited balance sheet expansion in the U.S. led investors to shift into other currencies like the New Zealand Dollar. A portion of these gains were offset by losses experienced by trend following strategies in the fixed income markets from our long position in global government bond futures. During a volatile month for bond prices, the U.S. 30 year contract finished the month almost 2 full points lower, as the market began to worry about the prospects of inflation. Additional losses were recorded by our trend following models in the commodity markets from short positions in base metals as prices rallied sharply following the ECB’s commitment to buy unlimited bonds.

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

The Fund rapidly acquires and liquidates both long and short positions in a wide range of difference 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 futures 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.

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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 September 30, 2013 and December 31, 2012 and the trading gains/losses by market category for the nine months ended September 30, 2013 and the year ended December 31, 2012.

September 30, 2013

				Trading
Market Sector	Value at Risk*			Gain/(Loss)**
Commodities		0.75	%		3.90	%
Currencies		0.63	%		1.95	%
Interest Rates		0.74	%		(2.56	)%
Stock Indices		0.75	%		7.51	%
Aggregate/Total		1.60	%		10.80	%

*	— 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 4.83% year to date return, approximately 10.80% was due to trading gains (before commissions) and approximately 0.30% was due to investment income, offset by approximately (6.27)% due to brokerage fees, operating expenses and offering costs borne by the Fund.

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December 31, 2012

				Trading
Market Sector	Value at Risk*			Gain/(Loss)**
Commodities		0.60	%		(1.24	)%
Currencies		0.74	%		1.69	%
Interest Rates		0.96	%		3.43	%
Stock Indices		0.73	%		2.60	%
Aggregate/Total		1.32	%		6.48	%

*	— 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 (1.24)% return for the year, approximately (8.17)% was due to brokerage fees, operating expenses and offering costs borne by the Fund, offset by approximately 6.48% due to trading gains (before commissions) and approximately 0.45% due to investment income.

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.

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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 futures brokers and over-the-counter counterparties. The market risk represented by these investments is minimal. Finally, the Fund has non-trading market risk on fixed income securities and short term investments 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 provides 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 September 30, 2013, 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.

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Stock Indices

The Fund’s primary equity exposure is to equity price risk in the G-7 countries and several other countries (Australia, Hong Kong, Singapore, Spain, Taiwan and the Netherlands). 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 agriculture 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 September 30, 2013.

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).

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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, Horizon, 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 provides no guarantee that any profit or interest will accrue to the Fund as a result of such management.

U.S. Treasury Bill Positions Held 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. Volatile 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 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.

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Item 4. Controls and Procedures.

Campbell & Company, Inc., 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.

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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) (2)
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. (3)
10.02	Global Institutional Master Custody Agreement (1)
10.03	Non-Custody Investment Advisory Agreement with Horizon Cash Management L.L.C., as cash manager (1)
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 the Registration Statement on Form S-1 on April 27, 2010 and incorporated herein by reference.

(2)  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.

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

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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: November 14, 2013	By:	/s/ G. William Andrews
		G. William Andrews
		Chief Executive Officer

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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.