##### Table of Contents



SECURITIES AND EXCHANGE COMMISSION
 WASHINGTON, D.C. 20549
 FORM 10-K
  þ
    
    ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
 For the Fiscal Year Ended December 31, 2010 
Commission File Number 0-50264 and 2-84126
 OR
 o
    
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
 For the transition period from ___________ to __________
 CAMPBELL
GLOBAL TREND FUND, L.P.
  DELAWARE
    
    333-166321(State or other jurisdiction of 
incorporation or organization)
    
    (IRS Employer Identification Number)
 2850
Quarry Lake Drive, Baltimore, Maryland 21209
 (410) 413-2600
 None
  Units
of Limited Partnership Interest
 o þ
 o þ
 þ o
 þ o
 þ
  Large accelerate filer o
    
    Accelerated filer o
    
    Non-accelerated filer o
(Do not check if a smaller reporting company)
    
    Small Reporting Company þ
 o þ




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##### 



TABLE OF CONTENTS
 PagePART IITEM 1. BUSINESS
    
    
    1-7ITEM 1A. RISK FACTORS
    
    
    7-17ITEM 1B. UNRESOLVED STAFF COMMENTS
    
    
    17ITEM 2. PROPERTIES
    
    
    17ITEM 3. LEGAL PROCEEDINGS
    
    
    17ITEM 4. (REMOVED AND RESERVED)
    
    
    17PART IIITEM 5. MARKET FOR REGISTRANTS COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
    
    
    17ITEM 6. SELECTED FINANCIAL DATA
    
    
    18ITEM 7. MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
    
    
    19-23ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
    
    
    23-28ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
    
    
    28ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
    
    
    28ITEM 9A. CONTROLS AND PROCEDURES
    
    
    28-29ITEM 9B. OTHER INFORMATION
    
    
    29PART IIIITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
    
    
    30-33ITEM 11. EXECUTIVE COMPENSATION
    
    
    33-34ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS
    
    
    34ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE
    
    
    34ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES
    
    
    35PART IVITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES
    
    
    36-37SIGNATURESCERTIFICATIONSEX-31.01EX-31.02EX-32.01EX-32.02




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PART I
 
 Item 1. Business
 General development of business
     The Global Trend Fund (USD) began trading on June 1, 2010. As of December 31, 2010 the
Global Trend Series (GLD) has not commenced trading and does not have any performance history. On
March 18, 2011, the Fund filed a registration statement with the Securities and Exchange Commission
to merge the Global Trend Series (GLD) into the Global Trend Series (USD). As of March 31, 2011,
the registration is not yet effective.
 1




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Financial information about segments
  Narrative description of business
 General
     Use of Proceeds and Cash Management Income
 2




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Subscription Proceeds and Available Assets.
    Cash Manager and Custodian.
   Market Sectors.
  3




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Market Types .
   Charges
  RECIPIENT
    
    NATURE OF PAYMENT
    
    AMOUNT OF PAYMENTCampbell & Company
    
    Advisory
Management/General
Partner Fee
    
    All Classes of the
Global Trend Fund
will pay a monthly
(i) advisory fee at
the annual rate of
2%; and (ii) general
partner fee at the
annual rate of 1%, of
the net asset value
of the respective
Class, prior to any
accrual for or
payment of any
advisory fee, general
partner fee,
performance fee,
redemption or
subscription during
said month. These
fees are paid in
arrears based on the
net asset value of
the respective Class
as of the end of each
month. These fees are
paid out of and
reduce the net assets
attributable to each
Class of Units.Campbell & Company
    
    Performance Fee
    
    All Classes of the
Global Trend Fund
will pay Campbell &
Company a quarterly
performance fee equal
to 20% aggregate
cumulative
appreciation in the
respective Classs
net asset value per
Unit, if any,
excluding interest
income and as
adjusted for
subscriptions and
redemptions with the
following exception,
classes in the Global
Trend Series (GLD)
will be charged a
performance fee only
on the trading
performance of the
Trend Following
Series (irrespective
of the performance of
the long gold futures
positions purchased
to convert the
investors U.S.
Dollar investment to
an exposure to gold).Campbell & Company
    
    Organizational and
Offering Expenses
    
    The Global Trend
Funds offering
expenses will be
advanced by Campbell
& Company.
Reimbursement of the
Global Trend Funds
offering expenses is
subject to an annual
cap of 0.50% of the
Global Trend Funds,
and in turn, each
Units, month-end net
asset value
(excluding Class E
(USD) Units and Class
C (GLD) Units). Any
offering costs
advanced by Campbell
& Company in excess
of the aforementioned
annual cap may be
reimbursed in later
periods, if the
Global Trend Fund is
able to do so within
the limit of each
annual cap.
Furthermore in no
case will
reimbursements of
offering costs exceed
2.5% of aggregate
subscriptions.
 4




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RECIPIENT
    
    NATURE OF PAYMENT
    
    AMOUNT OF PAYMENTNewEdge USA, LLC
    
    Brokerage Commissions
    
    Brokerage commissions
are paid at a rate of
approximately $4 per
round-turn contract
executed for the
Fund, or
approximately 0.24%
of the Funds net
assets annually, up
to 1% of the Funds
net asset value per
annum (which includes
payments to the
over-the-counter
counterparty as
referenced below).Royal Bank of
Scotland (RBS)
    
    Over-the-Counter
Counterparty Execution
Costs
    
    The over-the-counter
counterpartys
execution costs are
included in the price
of each forward
contract purchased or
sold, and,
accordingly, such
costs cannot be
determined but are
charged. In addition,
RBS charges
approximately $4 per
$1 million, plus any
additional electronic
platform charges, for
forward contracts it
facilitates on behalf
of the Trust with
third party banks.
These prime brokerage
fees, combined with
the futures brokers
charges, will equal
approximately 0.30%
of the Funds net
assets and will not
exceed the 1% of Fund
net asset value per
annum, as referenced
above.Selling Agents
    
    Administrative Fee
    
    The selling agents
who have sold Class A
(USD) Units, Class B
(USD) Units and Class
A (GLD) Units receive
selling commissions
of 2% of the
subscription amount
of each subscription
for Class A (USD),
Class B (USD) and
Class A (GLD) Units.
In addition,
commencing 13 months
after the sale of
Units and in return
for providing ongoing
services to limited
partners, the Fund
will pay those
selling agents (or
their assignees) up
to 2% of the Funds
average month-end net
asset value. The
amount paid to
selling agents on
Class A (USD) Units,
Class B (USD) Units
and Class A (GLD)
Units sold pursuant
to the disclosure
document will not,
however, exceed 8.0%
of the gross offering
proceeds of the Class
A (USD) and Class A
(GLD) Units and 9.0%
of the gross offering
proceeds of the Class
B (USD) Units sold
pursuant to the
disclosure document.
Once the respective
threshold is reached,
the selling agent
will receive no
future compensation.Selling Agents
    
    Broker-Dealer
Custodial Fee
    
    Class A (USD) Units,
Class C (USD) Units,
Class A (GLD) Units
and Class B (GLD)
Units will pay a
monthly broker-dealer
custodial fee of
0.25% of Class A
(USD) Units, Class C
(USD) Units, Class A
(GLD) Units and
Class B (GLD) Units
month-end net asset
value per annum to
the selling agents
(the firm and not the
individual) provided,
however, that the
total of such
broker-dealer
custodial fees per
Unit do not exceed 1%
of the gross offering
proceeds of Class A
(USD) Units and Class
A (GLD) Units and 6%
of the gross offering
proceeds of Class C
(USD) Units and Class
B (GLD) Units.
 5




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RECIPIENT
    
    NATURE OF PAYMENT
    
    AMOUNT OF PAYMENTCash Managers
    
    Cash Management and
Custodial Fee
    
    An annualized fee of
0.10% based on the
percentage of assets
under management may
apply for management
of the Funds
non-margin assets. As
of December 31, 2010,
no such assets were
held at the cash
manager.Other
    
    Operating Expenses
    
    The fund may
experience operating
expenses such as
legal, auditing,
administration,
printing and postage,
as incurred, up to a
maximum of 0.50% of
the Funds net asset
value per annum.
  Regulation
      6




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http://www.sec.gov
 
 Item 1A. Risk Factors
 Market Risks
 You Could Possibly Lose Your Total Investment in the Fund
  The Fund is Highly Leveraged
  Changes in Financing Policies or the Imposition of Other Credit Limitations or Restrictions
Could Compel the Fund to Liquidate Positions at Disadvantageous Prices
  Your Investment Could be Illiquid
  7




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Suspension of Redemptions
   Market Disruptions: Governmental Intervention; The Dodd Frank Wall Street Reform and Consumer
Protection Act (the Reform Act)
    8




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Speculative Position Limits
    Over-the-Counter Derivatives Markets
  9




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An Investment in the Fund May Not Diversify an Overall Portfolio
   10




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Trading Risks
 There are Disadvantages to Making Trading Decisions Based Primarily on Technical Market
Data
   Increased Competition from Other Trend-Following Traders Could Reduce Campbell & Companys
Profitability
  Limits Imposed by Futures Exchanges or Other Regulatory Organizations, Such As Speculative
Position Limits and Daily Price Fluctuation Limits, May Alter Trading Decisions for the Fund
  Increase in Assets Under Management May Make Profitable Trading More Difficult
  11




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Investors Will Not be Able to View the Funds Holdings on a Daily Basis, Which May Result in
Unanticipated Losses
  Tax Risks
 Investors are Taxed Based on Their Share of Fund Income and Gain
   Tax Could be Due from Investors on Their Share of the Funds Ordinary Income Despite Overall
Losses
  There Could be a Limit on the Deductibility of Management and Performance Fees
  Other Risks
 Fees and Commissions are Charged Regardless of Profitability and are Subject to Change
  12




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The Funds Service Providers Could Fail
 pro rata
  Inadequate Models Could Negatively Affect the Funds Portfolio
  Investors Must Not Rely on the Past Performance of Either Campbell & Company or the Fund in
Deciding Whether to Buy Units
   13




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Parties to the Fund Have Conflicts of Interest
    There are No Independent Experts Representing Investors
  The Fund Places Significant Reliance on Campbell & Company and the Incapacity of its
Principals Could Adversely Affect the Fund
  The Fund Could Terminate Before You Achieve Your Investment Objective Causing Potential Loss
of Your Investment or Upsetting Your Investment Portfolio
  14




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The Fund Is Not A Regulated Investment Company and Therefore Is Subject to Different
Protections Than a Regulated Investment Company
  Forwards, Swaps, Hybrids and Other Derivatives are Not Subject to CFTC Regulation; Therefore,
the Fund Will Not Receive the Same Protections on These Transactions
  The Fund is Subject to Foreign Market Credit and Regulatory Risk
  The Fund is Subject to Foreign Exchange Risk
  Transfers Could be Restricted
  15




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Restrictions on Investment by ERISA Plans, Employee Retirement Income Security Act of 1974
   A Single-Advisor Fund May be More Volatile Than a Multi-Advisor Fund
  The Performance Fee Could be an Incentive to Make Riskier Investments
  The Fund May Distribute Profits to Partners at Inopportune Times
  Potential Inability to Trade or Report Due to Systems Failure Could Adversely Affect the Fund
  16




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Failure to Receive Timely and Accurate Market Data from Third Party Vendors Could Cause
Disruptions or the Inability to Trade
  
 Item 1B.
    
    Unresolved Staff Comments
  
 Item 2.
    
    Properties
  
 Item 3.
    
    Legal Proceedings
  
 Item 4.
    
    (Removed and Reserved)
 
 PART II
 
 Item 5.
    
    Market for Registrants Common Equity, Related Stockholder Matters and Issuer
Purchases of Equity Securities
    17




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Item 6.
    
    Selected Financial Data
 Dollars in thousands, except per Unit amounts
  2010**Total Assets
    
    $
    17,205Total Partners Capital
    
    
    16,898Total Net Trading Gain (Loss)
(includes brokerage commissions)
    
    
    2,795Net Income (Loss)
    
    
    1,894Net Income (Loss) Per Managing
Operator and Other
Unitholder Unit *Class A
    
    
    121.18Class C
    
    
    131.12Increase
(Decrease) in Net Asset Value per Managing Operator
and Other Unitholder UnitClass A
    
    
    118.77Class C
    
    
    128.64
  1st Qtr.
    
    
    2nd Qtr.
    
    

3rd Qtr.
    
    

4th Qtr.2010
    
    
    2010
    
    
    2010***
    
    
    2010Total Net Trading Gain
(Loss) (includes
brokerage
commissions)
    
    $
    
    
    
    $
    
    
    
    $
    1,474
    
    
    $
    1,321Net Income (Loss)
    
    
    
    
    
    
    
    
    
    
    983
    
    
    
    911Net Income (Loss)
per Managing Operator
and Other Unitholder
Unit *Class A
    
    
    
    
    
    
    
    
    
    
    62.76
    
    
    
    58.41Class C
    
    
    
    
    
    
    
    
    
    
    68.35
    
    
    
    62.76Increase (Decrease)
in Net Asset Value
per Managing Operator
and Other Unitholder
UnitClass A
    
    
    
    
    
    
    
    
    
    
    61.72
    
    
    
    57.05Class C
    
    
    
    
    
    
    
    
    
    
    67.32
    
    
    
    61.32Net Asset Value per
Managing Operator and
Other Unitholder Unit
at the End of the PeriodClass A
    
    
    
    
    
    
    991.00
    
    
    
    1,061.72
    
    
    
    1,118.77Class C
    
    
    
    
    
    
    992.67
    
    
    
    1,067.32
    
    
    
    1,128.64
 
 *
    
    Based on weighted average number of units outstanding during the period.**
    
    For the period June 1, 2010 (commencement of trading) through December 31, 2010***
    
    For the period June 1, 2010 (commencement of trading) through September 30, 2010 18




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Item 7.
    
    Managements Discussion and Analysis of Financial Condition and
Results of Operations.
 Introduction
  Critical Accounting Policies
   Capital Resources
  Liquidity
  i.e.
 19




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Off-Balance Sheet Risk
    20




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Disclosures About Certain Trading Activities that Include Non-Exchange Traded Contracts
Accounted for at Fair Value
  Results of Operations
    2010
    Sector
    
    % Gain (Loss)Interest Rates
    
    
    6.28
    %Commodities
    
    
    6.08Currencies
    
    
    3.47Stock Indices
    
    
    2.6618.49
    %
  21




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22




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Item 7A. Quantitative and Qualitative Disclosures About Market Risk
 Introduction
 Past Results Not Necessarily Indicative of Future Performance
  23




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




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The Funds Trading Value at Risk in Different Market Sectors
  December 31, 2010Market Sector
    
    Value at Risk*
    
    
    Gain/(Loss)**Commodities
    
    
    0.83
    %
    
    
    6.08
    %Stock Indices
    
    
    0.61
    %
    
    
    2.66
    %Interest Rates
    
    
    0.56
    %
    
    
    6.28
    %Currencies
    
    
    0.55
    %
    
    
    3.47
    %Aggregate/Total
    
    
    1.95
    %
    
    
    18.49
    %
 
 *
    
    -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.**
    
    -Represents the gross trading for the Fund for the period June 1 (commencement of trading)
through December 31, 2010.   25




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Material Limitations on Value at Risk as an Assessment of Market Risk
  1)
    
    Past changes in market risk factors will not always result in accurate predictions of
the distributions and correlations of future market movements;2)
    
    Changes in portfolio value caused by market movements may differ from those of the VaR
model;3)
    
    VaR results reflect past trading positions while future risk depends on future
positions;4)
    
    VaR using a one day time horizon does not fully capture the market risk of positions
that cannot be liquidated or hedged within one day; and5)
    
    The historical market risk factor data for VaR estimation may provide only limited
insight into losses that could be incurred under certain unusual market movements.
  Non-Trading Risk
  Qualitative Disclosures Regarding Primary Trading Risk Exposures
 The following qualitative disclosures regarding the Funds market risk exposures 
except for (i) those disclosures that are statements of historical fact and (ii) the
descriptions of how the Fund manages its primary market risk exposures  constitute
forward-looking statements within the meaning of Section 27A of the Securities Act and Section
21E of the Securities Exchange Act. The Funds primary market risk exposures as well as the
strategies used and to be used by Campbell & Company for managing such exposures are subject
to numerous uncertainties, contingencies and risks, any one of which could cause the actual
results of the Funds risk controls to differ materially from the objectives of such
strategies. Government interventions, defaults and expropriations, illiquid markets, the
emergence of dominant fundamental factors, political upheavals, changes in historical price
relationships, an influx of new market participants, increased regulation and many other
factors could result in material losses as well as in material changes to the risk exposures
and the risk management strategies of the Fund. There can be no assurance that the Funds
current market exposure and/or risk management strategies will not change materially or that
any such strategies will be effective in either the short- or long-term. Investors must be
prepared to lose all or substantially all of their investment in the Fund.
  Currencies
 i.e.,
 26




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Interest Rates
  Stock Indices
  Energy
  Metals
  Agricultural
  Qualitative Disclosures Regarding Non-Trading Risk Exposure
  Foreign Currency Balances
  27




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Treasury Bill Positions for Margin Purposes
  Qualitative Disclosures Regarding Means of Managing Risk Exposure
   General
  
 Item 8. Financial Statements and Supplementary Data
  
 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
  
 Item 9A. Controls and Procedures
  28




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Managements Annual Report on Internal Control over Financial Reporting
   
    
    Pertain to the maintenance of records that, in reasonable detail, accurately and
fairly reflect the transactions and dispositions of the assets of the Fund;
    
    Provide reasonable assurance that transactions are recorded as necessary to permit
preparation of financial statements in accordance with generally accepted accounting
principles, and that the partnerships transactions are being made only in accordance
with authorizations of Management and;
    
    Provide reasonable assurance regarding prevention or timely detection of
unauthorized acquisition, use or disposition of the Funds assets that could have a
material effect on the financial statements.
   
 Item 9B. Other Information
  29




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PART III
 
 Item 10. Directors, Executive Officers and Corporate Governance
     30




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31




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32




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Audit Committee Financial Expert
  Code of Ethics
  
 Item 11. Executive Compensation
     33




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Item 12. Security Ownership of Certain Beneficial Owners and Management and Related
Shareholder Matters
 (a)
    
    Security Ownership of Certain Beneficial Owners. As of December 31, 2010, no Units
of Limited Partnership are owned or held by an officer of Campbell & Company.(b)
    
    Security Ownership of Management. As of December 31, 2010, Campbell &
Company owned 7,500.072 Units of General Partnership Interest in Class A having a
value of $8,390,835 and 7,500.072 Units of General Partnership Interest in Class C
having a value of $8,464,858. The amounts are summarized in the table below:
 Amount and NatureName of General
    
    of GeneralTitle of Class
    
    Partner
    
    Partnership
    
    Percentage of ClassUnits of Limited
Partnership
Interest in Class A
    
    Campbell & Company,
Inc.
    
    7,500.072 Units
    
    99.8% of Units
outstandingUnits of Limited
Partnership
Interest in Class C
    
    Campbell & Company,
Inc.
    
    7,500.072 Units
    
    99.7% of Units
outstanding
 
 Item 13. Certain Relationships and Related Transactions, and Director Independence
  34




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Item 14. Principal Accounting Fees and Services
  (a)
    
    Audit Fees
The aggregate fees billed for professional services rendered by the principal
accountant for the audit of the Funds annual financial statements, for review of
financial statements included in the Funds Forms 10-Q and other services normally
provided in connection
with regulatory filings for the period April 6, 2010 (inception) through December
31, 2010 were $26,975.(b)
    
    Tax Fees
None.(c)
    
    All Other FeesNone.(d)
    
    The Board of Directors of Campbell & Company approved all of the services
described above. The Board of Directors has determined that the payments made to
its independent accountants for these services are compatible with maintaining
such auditors independence. The Board of Directors explicitly pre-approves all
audit and non-audit services and all engagement fees and terms.
 35




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PART IV
 
 Item 15. Exhibits, Financial Statement Schedules
 (a)
    
    The Following documents are filed as part of this report:
 (1)
    
    See Financial Statements beginning on page 40 thereof.(2)
    
    Schedules:Financial statement schedules have been omitted because they are not
included in the financial statements or notes hereto applicable or
because equivalent information has been included in the financial
statements or notes thereto.(3)
    
    Exhibits
 Exhibit Number
    
    Description of Document3.01
    
    
    Third Amended and Restated Agreement of Limited Partnership of
the Registrant dated March 15, 2011. (Incorporated by reference to the
respective exhibit to the Registrants Post-Effective Amendment Number 1 to the
Registration Statement on Form S-1 (No. 333-166321) filed on March 18, 2011).3.02
    
    
    Amended Certificate of Limited Partnership of the Registrant.
(Incorporated by reference to the respective exhibit to the Registrants
Registration Statement on Form S-1 (No. 333-166321) filed on April 27, 2010).10.01
    
    
    Advisory Agreement between the Registrant and Campbell &
Company. (Incorporated by reference to the respective exhibit to the
Registrants Registration Statement on Form S-1 (No. 333-166321) filed on April
27, 2010).10.02
    
    
    Subscription Agreement and Power of Attorney. (Incorporated by
reference to the respective exhibit to the Registrants Post-Effective
Amendment Number 1 to the Registration Statement Form S-1 (No. 333-166321)
filed on March 18, 2011).10.03
    
    
    Escrow Agreement between the Registrant and PNC Bank, National
Association. (Incorporated by reference to the respective exhibit to the
Registrants Registration Statement on Form S-1 (No. 333-166321) filed on April
27, 2010).10.04
    
    
    Commodity Customer Agreement between the Registrant and
Newedge USA, LLC (Incorporated by reference to the respective exhibit to the
Registrants Registration Statement on Form S-1 ((No. 333-166321) filed on
April 27, 2010).10.06
    
    
    Global Institutional Master Custody Agreement between the
Registrant and The Northern Trust Company (Incorporated by reference to the
respective exhibit to Registrants Registration Statement on Form S-1 (No.
333-166321) filed on April 27, 2010).10.07
    
    
    International Swap Dealers Association, Inc. Master Agreement
between the Registrant and The Royal Bank of Scotland plc (Incorporated by
reference to the respective exhibit to Registrants Registration Statement on
Form S-1 (No. 333-166321) filed on April 27, 2010).10.08
    
    
    Non-Custody Investment Advisory Agreement between the
Registrant and Horizon Cash Management L.L.C. (Incorporated by reference to the respective exhibit to the Registrants Post-Effective Amendment Number 1
to the Registration Statement on Form S-1 (No. 333-166321) filed on
March 18, 2011).
 36




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##### Table of Contents



Exhibit Number
    
    Description of Document31.01
    
    
    Certification of Theresa D. Becks, Chief Executive Officer,
pursuant to Rules 13a-14 and 15d-14 of the Securities Exchange Act of 1934.31.02
    
    
    Certification of Gregory T. Donovan, Chief Financial Officer,
pursuant to Rules 13a-14 and 15d-14 of the Securities Exchange Act of 1934.32.01
    
    
    Certification of Theresa D. Becks, Chief Executive Officer,
pursuant to 18 U.S.C. Section 1350, as enacted by Section 906 of The
Sarbanes-Oxley Act of 2002.32.02
    
    
    Certification of Gregory T. Donovan, Chief Financial Officer,
pursuant to 18 U.S.C. Section 1350, as enacted by Section 906 of The
Sarbanes-Oxley Act of 2002.
 (b)
    
    Reports on Form 8-KNone.
 37




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##### Table of Contents



SIGNATURES
  CAMPBELL GLOBAL TREND FUNDBy:
    CAMPBELL & COMPANY, INC.General PartnerBy:
    /s/ Theresa D. BecksTheresa D. BecksChief Executive Officer and Director  Signature
    
    
    
    Capacity/s/ D. Keith Campbell

D. Keith Campbell
    
    
    
    Chairman
of the Board of Directors/s/ Bruce L. Cleland

Bruce L. Cleland
    
    
    
    Vice
Chairman of the Board of Directors/s/ Theresa D. Becks

Theresa D. Becks
    
    
    
    Chief
Executive Officer/s/ Gregory T. Donovan

Gregory T. Donovan
    
    
    
    Chief
Financial Officer, Principal Accounting Officer
 38




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##### Table of Contents



CAMPBELL GLOBAL TREND FUND
 ANNUAL REPORT
                    39




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##### Table of Contents



CAMPBELL GLOBAL TREND FUND
 INDEX
  
 PAGESReports of Independent Registered Public Accounting FirmDeloitte & Touche LLP
    
    41Financial StatementsCondensed Schedule of Investments
as of December 31, 2010
    
    42Statement of Financial Condition
as of December 31, 2010
    
    43Statement of Operations for the Period
April 6, 2010 (inception) through December 31, 2010
    
    44Statement of Cash Flows for the Period
April 6, 2010 (inception) through December 31, 2010
    
    45Statement of Changes in Partners Capital (Net Asset Value)
for the Period April 6, 2010 (inception) through December 31, 2010
    
    46-47Financial Highlights
for the Period April 6, 2010 (inception) through December 31, 2010
    
    48-49Notes to Financial Statements
    
    50-57
 40




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##### Table of Contents



REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
 
     
 41




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##### Table of Contents



LONG FUTURES CONTRACTS
 % of NetDescription
    
    Values ($)
    
    
    Asset ValueAgriculture
    
    $
    89,031
    
    
    
    0.53
    %Energy
    
    $
    37,382
    
    
    
    0.22
    %Metals
    
    $
    130,353
    
    
    
    0.77
    %Stock indices
    
    $
    16,806
    
    
    
    0.10
    %Short-term interest rates
    
    $
    21,390
    
    
    
    0.13
    %Long-term interest rates
    
    $
    2,360
    
    
    
    0.01
    %Total long futures contracts
    
    $
    297,322
    
    
    
    1.76
    %
 SHORT FUTURES CONTRACTS
 % of NetDescription
    
    Values ($)
    
    
    Asset ValueAgriculture
    
    $
    (5,040
    )
    
    
    (0.03
    )%Energy
    
    $
    (25,830
    )
    
    
    (0.15
    )%Metals
    
    $
    (4,482
    )
    
    
    (0.03
    )%Stock indices
    
    $
    4,023
    
    
    
    0.02
    %Short-term interest rates
    
    $
    (312
    )
    
    
    0.00
    %Long-term interest rates
    
    $
    (25,541
    )
    
    
    (0.15
    )%Total short futures contracts
    
    $
    (57,182
    )
    
    
    (0.34
    )%Total futures contracts
    
    $
    240,140
    
    
    
    1.42
    %
 FORWARD CURRENCY CONTRACTS
 % of NetDescription
    
    Values ($)
    
    
    Asset ValueVarious long forward currency contracts
    
    $
    563,554
    
    
    
    3.34
    %Various short forward currency contracts
    
    $
    (263,756
    )
    
    
    (1.56
    )%Total forward currency contracts
    
    $
    299,798
    
    
    
    1.78
    %
 See
Accompanying Notes to Financial Statements.
 42




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##### Table of Contents



2010ASSETSEquity in broker trading accountsCash
    
    $
    14,365,334Restricted cash
    
    
    1,098,083Net unrealized gain (loss) on open futures contracts
    
    
    240,140Total equity in broker trading accounts
    
    
    15,703,557Cash and cash equivalents
    
    
    1,137,076Net
unrealized gain (loss) on open forward currency contracts
    
    
    299,798Interest receivable
    
    
    1,879Other assets
    
    
    62,733Total assets
    
    $
    17,205,043LIABILITIESAccounts payable
    
    
    30,958Advisory fee
    
    
    28,621General partner fee
    
    
    14,310Broker-dealer custodial fee
    
    
    3,732Accrued commissions and other trading fees
on open contracts
    
    
    1,374Performance fee payable
    
    
    221,369Offering costs payable
    
    
    7,155Total liabilities
    
    
    307,519PARTNERS CAPITAL (Net Asset Value)Class A (USD) Units  RedeemableGeneral Partner  7,500.072 units outstanding at
December 31, 2010
    
    
    8,390,835Limited Partner  13.975 units outstanding at
December 31, 2010
    
    
    15,634Class C (USD) Units  RedeemableGeneral Partner  7,500.072 units outstanding at
December 31, 2010
    
    
    8,464,858Limited Partner  23.212 units outstanding at
December 31, 2010
    
    
    26,197Total partners capital (Net Asset Value)
    
    
    16,897,524Total liabilities and partners capital (Net Asset Value)
    
    $
    17,205,043
 See
Accompanying Notes to Financial Statements.
 43




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##### Table of Contents



2010(1)TRADING GAINS (LOSSES)Futures trading gains (losses)Realized
    
    $
    2,037,922Change in Unrealized
    
    
    240,140Brokerage commissions
    
    
    (28,867
    )Net gain (loss) from futures trading
    
    
    2,249,195Forward currency trading gains (losses)Realized
    
    
    246,841Change in Unrealized
    
    
    299,798Brokerage commissions
    
    
    (763
    )Net gain (loss) from forward currency trading
    
    
    545,876Total net trading gain (loss)
    
    
    2,795,071NET INVESTMENT INCOME (LOSS)Investment incomeInterest income
    
    
    6,221Total investment income
    
    
    6,221ExpensesAdvisory fee
    
    
    186,055General partner fee
    
    
    93,028Sales fee
    
    
    87,567Broker-dealer custodial fee
    
    
    23,237Performance fee
    
    
    462,947Operating expenses
    
    
    44,564Organizational expenses
    
    
    10,184Total expenses
    
    
    907,582Net investment income (loss)
    
    
    (901,361
    )NET INCOME (LOSS)
    
    $
    1,893,710NET INCOME (LOSS) PER PARTNERS CAPITAL(based on
weighted average number of units outstanding during the year)Class A
    
    $
    121.18Class C
    
    $
    131.12INCREASE (DECREASE) IN NET ASSET VALUE
PER GENERAL AND LIMITED PARTNER UNITClass A
    
    $
    118.77Class C
    
    $
    128.64
 
 (1)
    
    The amounts shown are for the period June 1, 2010 (commencement of trading) through
December 31, 2010 See
Accompanying Notes to Financial Statements.
 44




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##### Table of Contents



2010Cash flows from (for) operating activitiesNet income (loss)
    
    $
    1,893,710Adjustments to reconcile net income (loss) to
net cash from (for) operating activitiesChange in Unrealized
    
    
    (539,938
    )(Increase) decrease in restricted cash
    
    
    (1,098,083
    )(Increase) decrease in interest receivable
    
    
    (1,879
    )(Increase) decrease in other assets
    
    
    (62,733
    )Increase (decrease) in accounts payable
and accrued expenses
    
    
    300,364Net cash from (for) operating activities
    
    
    491,441Cash flows from (for) financing activitiesAddition of units
    
    
    15,042,144Redemption of units
    
    
    (2,000
    )Offering costs paid
    
    
    (29,175
    )Net cash from (for) financing activities
    
    
    15,010,969Net increase (decrease) in cash and cash equivalents
    
    
    15,502,410Cash and cash equivalentsBeginning of year
    
    $
    0End of period
    
    $
    15,502,410End of year cash and cash equivalents consists of:Cash in broker trading accounts
    
    $
    14,365,334Cash and cash equivalents
    
    
    1,137,076Total end of year cash and cash equivalents
    
    $
    15,502,410
 See
Accompanying Notes to Financial Statements.
 45




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##### Table of Contents



Partners Capital  Class AGeneral Partner
    
    
    Limited Partner
    
    
    TotalUnits
    
    
    Amount
    
    
    Units
    
    
    Amount
    
    
    Units
    
    
    AmountBalances at April 6, 2010
    
    
    1.000
    
    
    $
    1,000
    
    
    
    0.000
    
    
    $
    0
    
    
    
    1.000
    
    
    $
    1,000Net income (loss)
    
    
    
    
    
    
    908,848
    
    
    
    
    
    
    
    651
    
    
    
    
    
    
    
    909,499Additions
    
    
    7,500.072
    
    
    
    7,500,072
    
    
    
    13.975
    
    
    
    15,000
    
    
    
    7,514.047
    
    
    
    7,515,072Redemptions
    
    
    (1.000
    )
    
    
    (1,000
    )
    
    
    0.000
    
    
    
    0
    
    
    
    (1.000
    )
    
    
    (1,000
    )Offering costs
    
    
    
    
    
    
    (18,085
    )
    
    
    
    
    
    
    (17
    )
    
    
    
    
    
    
    (18,102
    )Balances at December 31, 2010
    
    
    7,500.072
    
    
    $
    8,390,835
    
    
    
    13.975
    
    
    $
    15,634
    
    
    
    7,514.047
    
    
    $
    8,406,469
 Net Asset Value per
General and Limited Partners Unit  Class ADecember 31, 2010
    
    April 6, 2010$
    1,118.77
    
    $
    1,000.00
 See
Accompanying Notes to Financial Statements.
 46




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##### Table of Contents



Partners Capital  Class CGeneral Partner
    
    
    Limited Partner
    
    
    TotalUnits
    
    
    Amount
    
    
    Units
    
    
    Amount
    
    
    Units
    
    
    AmountBalances at April 6, 2010
    
    
    1.000
    
    
    $
    1,000
    
    
    
    0.000
    
    
    $
    0
    
    
    
    1.000
    
    
    $
    1,000Net income (loss)
    
    
    
    
    
    
    982,994
    
    
    
    
    
    
    
    1,217
    
    
    
    
    
    
    
    984,211Additions
    
    
    7,500.072
    
    
    
    7,500,072
    
    
    
    23.212
    
    
    
    25,000
    
    
    
    7,523.284
    
    
    
    7,525,072Redemptions
    
    
    (1.000
    )
    
    
    (1,000
    )
    
    
    0.000
    
    
    
    0
    
    
    
    (1.000
    )
    
    
    (1,000
    )Offering costs
    
    
    
    
    
    
    (18,208
    )
    
    
    
    
    
    
    (20
    )
    
    
    
    
    
    
    (18,228
    )Balances at December 31, 2010
    
    
    7,500.072
    
    
    $
    8,464,858
    
    
    
    23.212
    
    
    $
    26,197
    
    
    
    7,523.284
    
    
    $
    8,491,055
 Net Asset Value per General and Limited Partners Unit  Class CDecember 31, 2010
    
    
    April 6, 2010$
    1,128.64
    
    
    $
    1,000.00
 See
Accompanying Notes to Financial Statements.
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##### Table of Contents



Class A2010Per Unit Performance(for a unit outstanding throughout the entire period)Net asset
value per unit at beginning of period(4)
    
    $
    1,000.00Income (loss) from operations:Total net trading gains (losses)(1)
    
    
    185.74Net investment income (loss)(1)
    
    
    (64.56
    )Total net income (loss) from operations
    
    
    121.18Offering costs (1)
    
    
    (2.41
    )Net asset value per unit at end of period
    
    $
    1,118.77Total Return
    
    
    11.88
    %Supplemental DataRatios to average net asset value:Expenses prior to performance fee (3)
    
    
    5.81
    %Performance fee
    
    
    2.84
    %Total expenses
    
    
    8.65
    %Net
investment income (loss)(2,3)
    
    
    (5.74
    )%
 Total returns are calculated based on the change in value of a unit during the period. An
individual unitholder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)
    
    Annualized.(4)
    
    Represents the net asset value per Class A Unit at June 1, 2010 (commencement of trading). See
Accompanying Notes to Financial Statements.
 48




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##### Table of Contents



Class C2010Per Unit Performance(for a unit outstanding throughout the entire period)Net asset value per unit at beginning of period(4)
    
    $
    1,000.00Income (loss) from operations:Total net trading gains (losses)(1)
    
    
    186.60Net investment income (loss)(1)
    
    
    (55.53
    )Total net income (loss) from operations
    
    
    131.07Offering costs(1)
    
    
    (2.43
    )Net asset value per unit at end of period
    
    $
    1,128.64Total Return
    
    
    12.86
    %Supplemental DataRatios to average net asset value:Expenses prior to performance fee
    
    
    3.90
    %Performance fee
    
    
    3.06
    %Total expenses
    
    
    6.96
    %Net investment income (loss)(2)
    
    
    (3.84
    )%
 Total returns are calculated based on the change in value of a unit during the year. An individual
unitholder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)
    
    Annualized.(4)
    
    Represents the net asset value per Class C Unit at June 1, 2010 (commencement of trading). See
Accompanying Notes to Financial Statements.
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Campbell
Global Trend Fund, L.P. Global Trend Series (Usd)
 
 Notes to Financial Statements  December 31, 2010
 Note 1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 A.
    
    General Description of the TrustCampbell Global Trend Fund, L.P. (the Fund) was formed as a Delaware series limited
partnership pursuant to and in accordance with the provisions of the Delaware Revised Uniform
Limited Partnership Act (the Act) on December 1, 2009. The Fund consists of two series
(Series)  the Global Trend Series (USD) and the Global Trend Series (GLD). The Act provides
for the limitation of liability of each Series of the Fund to the debts, liabilities,
obligations and expenses of such Series and not those of any other Series or the Fund in
general. The Fund operates as a commodity investment pool and engages in the speculative
trading of futures and forward currency contracts.The Global Trend Series (USD) seeks appreciation through trading a diversified portfolio of
global futures and currencies pursuant to both traditional trend following and factor based
trend following models (the Trend Following Portfolio).The Global Trend Series (GLD) seeks to provide investors with a gold-denominated exposure to
the Trend Following Portfolio. The gold-denominated exposure is achieved by maintaining an
exposure to gold by purchasing long positions in gold futures with a value approximately equal
to the net asset value of the Series (the Gold Portfolio). The Global Trend Series (GLD) then
seeks appreciation through a 100% overlay of the Trend Following Portfolio.The Global Trend Series (USD) consists of five classes of limited partnership Units: Class A
(USD) Units, Class B (USD) Units, Class C (USD) Units, Class D (USD) Units and Class E (USD)
Units. Only Class A (USD) Units, Class B (USD) Units, Class C (USD) Units and Class D (USD)
Units will be offered. Class E (USD) Units are not being offered for sale but will be issued
in exchange for Class A (USD) Units, Class B (USD) Units, Class C (USD) Units and Class D
(USD) Units in certain circumstances.The Global Trend Series (GLD) consists of three classes of limited partnership Units: Class A
(GLD) Units, Class B (GLD) Units and Class C (GLD) Units. Only Class A (GLD) Units and Class B
(GLD) Units are being offered for sale. Class C (GLD) Units are not being offered for sale but
will be issued in exchange for Class A (GLD) Units and Class B (GLD) Units in certain
circumstances.The Fund was initially seeded with $1,000 each in Class A (USD), Class B (USD), Class C (USD),
Class D (USD), Class A (GLD) and Class B (GLD) as of April 6, 2010. These amounts were
redeemed before the Fund began trading on June 1, 2010. The Global Trend Series (GLD) has yet
to commence trading. Therefore, the financial statements presented for the Global Trend Series
(USD) are representative of the financial statements of the Campbell Global Trend Fund, L.P.
in its entirety, as the Global Trend Series (GLD) has no activity to report as of the date of
the financial statements.B.
    
    RegulationAs a registrant with the Securities and Exchange Commission, the Fund is subject to the
regulatory requirements under the Securities Act of 1933 and the Securities Exchange Act of
1934. As a commodity investment pool, the Fund is subject to the regulations of the Commodity
Futures Trading Commission, an agency of the United States (U.S.) government which regulates
most aspects of the commodity futures industry; rules of the National Futures Association, an
industry self-regulatory organization; and the requirements of the various commodity exchanges
where the Fund executes transactions. Additionally, the Fund is subject to the requirements of
futures commission merchants (brokers) and interbank market makers through which the Fund
trades.
 50




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##### Table of Contents



Campbell Global Trend Fund, L.P. Global Trend Series (Usd)  Notes to Financial Statements  December
 C.
    
    Method of ReportingThe Funds financial statements are presented in accordance with accounting principles
generally accepted in the United States of America, which may require the use of certain estimates
made by the Funds management. Actual results may differ from these estimates. Investment
transactions are accounted for on the trade date. Gains or losses are realized when contracts are
liquidated. Unrealized gains and losses on open contracts (the difference between contract trade
price and market price) are reported in the statement of financial condition as a net gain or loss,
as there exists a right of offset of unrealized gains or losses in accordance with Financial
Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 210-20, Offsetting -
Balance Sheet. The fair value of futures (exchange-traded) contracts is determined by the various
futures exchanges, and reflects the settlement price for each contract as of the close on the last
business day of the reporting period. The fair value of forward currency (non-exchange traded)
contracts was extrapolated on a forward basis from the spot prices quoted as of 3:00 P.M. (E.T.) on
the last business day of the reporting period.For purposes of both financial reporting and calculation of redemption value, Net Asset Value per
unit is calculated by dividing Net Asset Value by the number of outstanding units.The Fund adopted the provisions of ASC 820, Fair Value Measurements and Disclosures. ASC 820
provides guidance for determining fair value and requires increased disclosure regarding the inputs
to valuation techniques used to measure fair value. ASC 820 defines fair value as the price that
would be received to sell an asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date.ASC 820 establishes a fair value hierarchy which prioritizes the inputs to valuation techniques
used to measure fair value into three broad levels. The fair value hierarchy gives the highest
priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level
1) and the lowest priority to unobservable inputs (Level 3).Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities
that the Fund has the ability to access at the measurement date. An active market for the asset or
liability is a market in which transactions for the asset or liability occur with sufficient
frequency and volume to provide pricing information on an ongoing basis. The value of the Funds
exchange-traded futures contracts fall into this category.Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the
asset or liability, either directly or indirectly. This category includes forward currency
contracts 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 and for the period ended December 31, 2010, the Fund did not have any Level
3 assets or liabilities.In January 2010, the FASB issued Accounting Standards Update No. 2010-06 (ASU 2010-06) for
improving disclosure about fair value measurements. ASU 2010-06 adds new disclosure requirements
about transfers into and out of Levels 1 and 2 and separate disclosures about purchases, sales,
issuances and settlements in the reconciliation for fair value measurements using significant
unobservable inputs (Level 3). It also clarifies existing disclosure requirements relating to the
levels of disaggregation for fair value measurement and inputs and valuation techniques used to
measure fair value. The Fund adopted the provisions of ASC 2010-06 except for disclosures about
purchases, sales, issuances and settlements in the rollforward of activity in Level 3 fair value
measurements, which are effective for fiscal years beginning after December 15, 2010 and for
interim periods within those fiscal years. The management does not expect that adoption of the
remaining provisions will have a material impact on the Funds financial statement disclosures.
 51




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Campbell Global Trend Fund, L.P. Global Trend Series (Usd)  Notes to Financial Statements  December
 The following table sets forth by level within the fair value hierarchy the Funds
investments accounted for at fair value on a recurring basis as of December 31, 2010.
 Fair Value at December 31, 2010Description
    
    Level 1
    
    
    Level 2
    
    
    Level 3
    
    
    TotalExchange-traded futures contracts
    
    
    240,140
    
    
    
    0
    
    
    
    0
    
    
    
    240,140Forward currency contracts
    
    
    0
    
    
    
    299,798
    
    
    
    0
    
    
    
    299,798Total
    
    $
    240,140
    
    
    $
    299,798
    
    
    $
    0
    
    
    $
    539,938
 The gross presentation of the fair value of the Funds derivatives by instrument type is shown
in Note 7. See Condensed Schedule of Investments for additional detail categorization.D.
    
    Cash and Cash EquivalentsCash and cash equivalents includes cash and overnight money market investments at financial
institutions.E.
    
    Income TaxesThe Fund will prepare calendar year U.S. federal and applicable state information tax returns and
report 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.F.
    
    Organization and Initial Offering CostsOrganization and initial offering costs were advanced by Campbell & Company, Inc. (Campbell &
Company), the general partner. In addition, the general partner will incur all costs in connection
with the continuous offering of units of the Fund. Each Class of Units, excluding Class E (USD) and
Class C (GLD) , will be charged a monthly rate of 1/12 of 0.5% (0.5% annualized) of each Class of
Units month-end net asset value (as defined in the Amended Agreement of Limited Partnership) until
such amounts are fully reimbursed to the general partner. The reimbursement is limited to 2.5% of
the total subscriptions accepted by the Fund. The Fund will only be liable for payment of offering
costs on a monthly basis.If the Fund terminates prior to completion of payment of such amounts to Campbell & Company,
Campbell & Company will not be entitled to any additional payments and the Fund will have no
further obligation. Organizational costs will be charged to expense as incurred and offering costs
will be charged directly to partners capital. The amount of unreimbursed offering costs at
December 31, 2010 is $546,847.
 52




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##### Table of Contents



Campbell Global Trend Fund, L.P. Global Trend Series (Usd)  Notes to Financial Statements  December
 G.
    
    Foreign Currency TransactionsThe Funds functional currency is the U.S. dollar; however, it transacts business in
currencies other than the U.S. dollar. Assets and liabilities denominated in currencies other than
the U.S. dollar are translated into U.S. dollars at the rates in effect at the date of the
statement of financial condition. Income and expense items denominated in currencies other than the
U.S. dollar are translated into U.S. dollars at the rates in effect during the period. Gains and
losses resulting from the translation to U.S. dollars are reported in income.H.
    
    AllocationsIncome or loss for each Series (prior to calculation of the advisory fee, general partner fee,
organization and offering costs, sales fee, broker-dealer custody fee and performance fee) is
allocated pro rata for the each Class within the Series. Each Class of Units is then charged the
advisory fee, general partner fee, organization and offering costs, sales fee, broker-dealer
custody fee and performance fee applicable to such Class of Units.Note 2.
    
    GENERAL PARTNER AND TRADING ADVISORThe general partner of the Fund is Campbell & Company, which conducts and manages the business of
the Fund. Campbell & Company is also the trading advisor of the Fund. The Amended Agreement of
Limited Partnership requires Campbell & Company to maintain a capital account in each Series equal
to 1% of the net aggregate capital contributions of all partners in each Series or $25,000
whichever is greater. Additionally, Campbell & Company is required by the Amended Agreement of
Limited Partnership to maintain a net worth so long as it acts as general partner 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 required net worth shall in no case be less than $50,000 nor shall
net worth in excess of $1,000,000 be required.Each Class of Units will pay a monthly advisory fee of 1/12 of 2% (2% annualized) and a monthly
general partner fee of 1/12 of 1% (1% annualized) of such Class month-end net assets to Campbell &
Company.Each Class of Units will pay Campbell & Company a quarterly performance fee equal to 20% of that
Class of Units aggregate cumulative appreciation (as defined) in the net asset value per Unit,
exclusive of appreciation attributable to interest income allocable to such Class of Units, and as
adjusted for subscriptions and redemptions, on a cumulative high water mark basis. In determining
the performance fee, net assets shall not be reduced by the performance fee being calculated. The
performance fee is paid only on profits attributable to each Class of Units outstanding. The
performance fee is accrued monthly, paid quarterly and is not subject to any clawback provisions.Note 3.
    
    SALES FEEThe Fund will pay the selling agents for Class A (USD) Units, Class B (USD) Units, and Class A
(GLD) Units a sales fee of 2% of the subscription amount of each subscription for Class A (USD)
Units, Class B (USD) Units, and Class A (GLD) Units. In addition, commencing thirteen months
after the sale of Units and in return for providing ongoing services to the limited partners, the
Fund will pay those selling agents (or their assignees) up to 1/12 of 2% (2% annually) of the
month-end net asset value of Class A (USD) Units, Class B (USD) Units, and Class A (GLD) Units.The amount paid to selling agents on Class A (USD) Units, Class B (USD) Units and Class A (GLD)
Units sold will not exceed 8.0% of the gross offering proceeds of the Class A (USD) Units and Class
A (GLD) Units and 9.0% of the gross offering proceeds of the Global Trend Fund Class B (USD) Units
sold.Note 4.
    
    BROKER-DEALER CUSTODY FEE
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Campbell Global Trend Fund, L.P. Global Trend Series (Usd)  Notes to Financial Statements  December
 Class A (USD) Units, Class C (USD) Units, Class A (GLD) Units, and Class B (GLD) Units will
pay a monthly broker-dealer custodial fee of 1/12 of 0.25% (0.25% annually) of each respective
Class month-end net asset value (as defined) to the selling agents (the firm and not the
individual). The total amount paid to the selling agents for such broker-dealer custodial fees per
Unit will not exceed 1.0% of the gross offering proceeds of Class A (USD) of Units and Class A
(GLD) Units and 6% of the gross offering proceeds of Class C (USD) Units and Class B (GLD) Units.Note 5.
    
    OPERATING EXPENSESOperating expenses for each Class of Units in each Series are restricted by the Amended Agreement
of Limited Partnership to 0.50% per annum of the average month-end net asset value (as defined) of
each Class of Units. Any operating expense which exceeds the 0.50% expense cap will be reimbursed
by Campbell & Company.Note 6.
    
    SUBSCRIPTIONS, DISTRIBUTIONS AND REDEMPTIONSInvestments in the Fund are made by subscription agreement, subject to acceptance by Campbell &
Company.The Fund is not required to make distributions, but may do so at the sole discretion of Campbell &
Company. A limited partner may request and receive redemption of units owned, subject to
restrictions in the Amended Agreement of Limited Partnership. Units are transferable, but no market
exists for their sale and none is expected to develop. Monthly redemptions are permitted upon ten
(10) business days advance written notice to Campbell & Company.Redemption fees apply to Class A (USD) Units, Class B (USD) Units and Class A (GLD) Units through
the first twelve month-ends following purchase as follows: 1.833% of net asset value per redeemed
Unit through the second month-end, 1.666% of net asset value per redeemed Unit through the third
month-end, 1.500% of net asset value per redeemed Unit through the fourth month-end, 1.333% of net
asset value per redeemed Unit through the fifth month-end, 1.167% of net asset value per redeemed
Unit through the sixth month-end, 1.000% of net asset value per redeemed Unit through the seventh
month-end, 0.833% of net asset value per redeemed Unit
through the eighth month-end, 0.667% of net asset value per redeemed Unit through the ninth
month-end, 0.500% of net asset value per redeemed Unit through the tenth month-end, 0.333% of net
asset value per redeemed Unit through the eleventh month-end, 0.167% of net asset value per
redeemed Unit through the twelfth month-end. The month-end as of which the Unit is purchased is
counted as the first month-end. After the twelfth month-end following purchase of a Class A (USD)
Unit, Class B (USD) Unit or Class A (GLD) Unit, no redemption fees apply.Note 7.
    
    TRADING ACTIVITIES AND RELATED RISKSThe 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
primarily focused on financial futures, which are instruments designed to hedge or speculate on
changes in interest rates, currency exchange rates or stock index values. A secondary emphasis is
on metals, energy and agricultural values. The Fund is exposed to both market risk, the risk
arising from changes in the market value of the contracts, and credit risk, the risk of failure by
another party to perform according to the terms of a contract.Purchase and sale of futures contracts requires margin deposits with the broker. Additional
deposits may be necessary for any loss on contract value. The Commodity Exchange Act requires a
broker to segregate all customer transactions and assets from such brokers proprietary activities.
A customers cash and other property (for example, U.S. Treasury bills) deposited with a broker are
considered commingled with all other customer funds subject to the brokers segregation
requirements. In the event of a brokers insolvency, recovery may be limited to a pro rata share of
segregated funds available. It is possible that the recovered amount could be less than total cash
and other property deposited.
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Campbell Global Trend Fund, L.P. Global Trend Series (Usd)  Notes to Financial Statements  December
 The amount of required margin and good faith deposits with the broker and interbank market makers
usually range from 10% to 30% of Net Asset Value. The cash deposited with interbank market makers at December 31, 2010 was $997,000, which equals 5.90% of Net Asset Value.
Included in cash deposits with the broker and interbank market maker at December 31, 2010 was
restricted cash for margin requirements of $1,098,083, which equals 6.50% of Net Asset Value.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.The Fund has a substantial portion of its assets on deposit with financial institutions. In the
event of a financial institutions insolvency, recovery of Fund assets on deposit may be limited to
account insurance or other protection afforded such deposits.For derivatives, risks arise from changes in the market value of the contracts. Theoretically, the
Fund is exposed to a market risk equal to the notional contract value of futures and forward
currency contracts purchased and unlimited liability on such contracts sold short. 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 ASC 815, Derivatives and Hedging. ASC 815 provides enhanced disclosures about how
and why an entity uses derivative instruments, how derivative instruments are accounted for, and
how derivative instruments affect an entitys financial position, financial performance and cash
flows.The following tables summarize quantitative information required by ASC 815.The fair value of the Funds derivatives by instrument type, as well as the location of those
instruments on the Statement of Financial Condition, as of December 31, 2010 is as follows:
 Asset
    
    
    LiabilityStatement of
    
    
    Derivatives at
    
    
    Derivatives atFinancial
    
    
    December 31, 2010
    
    
    December 31, 2010Type of Instrument *
    
    Condition Location
    
    
    Fair Value
    
    
    Fair Value
    
    
    NetAgricultural Contracts
    
    Equity in broker
    
    $
    97,458
    
    
    $
    (13,467
    )
    
    $
    83,991trading accountsEnergy Contracts
    
    Equity in broker
    
    
    49,457
    
    
    
    (37,905
    )
    
    
    11,552trading accountsMetal Contracts
    
    Equity in broker
    
    
    131,354
    
    
    
    (5,483
    )
    
    
    125,871trading accountsStock Indices Contracts
    
    Equity in broker
    
    
    78,515
    
    
    
    (57,686
    )
    
    
    20,829trading accountsShort-Term Interest Rate Contracts
    
    Equity in broker
    
    
    23,451
    
    
    
    (2,373
    )
    
    
    21,078trading accountsLong Term Interest Rate Contracts
    
    Equity in broker
    
    
    15,285
    
    
    
    (38,466
    )
    
    
    (23,181
    )trading accountsForward Currency Contracts
    
    Net unrealized gain 
(loss) on forward
    
    
    587,615
    
    
    
    (287,817
    )
    
    
    299,798currency contractsTotals
    
    
    
    
    
    $
    983,135
    
    
    $
    (443,197
    )
    
    $
    539,938
 
 *
    
    Derivatives not designated as hedging instruments under ASC 815 55




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Campbell Global Trend Fund, L.P. Global Trend Series (Usd)  Notes to Financial Statements  December
 The trading revenue of the Funds derivatives by instrument type, as well as the location of
those gains and losses on the Statement of Operations, for the period ended December 31, 2010
is as follows:
 Trading Revenue forthe Period EndedType of Instrument
    
    December 31, 2010Agricultural Contracts
    
    $
    618,397Energy Contracts
    
    
    (200,005
    )Metal Contracts
    
    
    533,188Stock Indices Contracts
    
    
    469,767Short-Term Interest Rate Contracts
    
    
    166,690Long Term Interest Rate Contracts
    
    
    691,487Forward Currency Contracts
    
    
    546,639Total
    
    $
    2,826,163
 Trading Revenue forthe Period EndedLine Item in the Statement of Operations
    
    December 31, 2010Futures trading gains (losses):Realized
    
    $
    2,039,384Unrealized
    
    
    240,140Forward currency trading gains (losses):Realized
    
    
    246,841Unrealized
    
    
    299,798Total
    
    $
    2,826,163
 For the period ended December 31, 2010, the monthly average of futures contracts bought and sold
was approximately 650, and the monthly average of notional value of
forward currency contracts was $39,710,000.Open contracts generally mature within three months; as of December 31, 2010, the latest maturity
date for open futures contracts is March 2012 and the latest maturity date for open forward
currency contracts is March 2011. However, the Fund intends to close all futures and foreign
currency contracts prior to maturity.Campbell & Company has established procedures to actively monitor market risk and minimize credit
risk, although there can be no assurance that it will, in fact, succeed in doing so. Campbell &
Companys basic market risk control procedures consist of continuously monitoring open positions,
diversification of the portfolio and maintenance of a margin-to-equity ratio that rarely exceeds
30%. Campbell & Companys attempt to manage the risk of the Funds open positions is essentially
the same in all market categories traded. Campbell & Company applies risk management policies to
its trading which generally limit the total exposure that may be taken per risk unit of assets
under management. In addition, Campbell & Company follows diversification guidelines (often
formulated in terms of the balanced volatility between markets and correlated groups), as well as
precalculating stop-loss points at which systems will signal to close open positions. Campbell
& Company controls the risk of the Trusts non-trading fixed income instruments by limiting the duration of such instruments and requiring a minimum
credit quality of the issuers of those instruments.
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Campbell Global Trend Fund, L.P. Global Trend Series (Usd)  Notes to Financial Statements  December
 Campbell & Company seeks to minimize credit risk primarily by depositing and maintaining the
Funds assets at financial institutions and brokers which Campbell & Company believes to be
credit worthy. The limited partners bears the risk of loss only to the extent of the market
value of their respective investments and, in certain specific circumstances, distributions
and redemptions received.Note 8.
    
    INDEMNIFICATIONSIn the normal course of business, the Fund enters into contracts and agreements that contain
a variety of representations and warranties which provide general indemnifications. The
Funds maximum exposure under these arrangements is unknown, as this would involve future
claims that may be made against the Fund that have not yet occurred. The Fund expects the
risk of any future obligation under these indemnifications to be remote.Note 9.
    
    SUBSEQUENT EVENTSManagement of the Fund has evaluated subsequent events through the date the financial
statements were filed. Other than the following, there are no subsequent events to dislose or
record. On March 18, 2011, the Fund filed a registration statement with the Securities and
Exchange Commission to merge the Global Trend Series (GLD) into the Global Trend Series
(USD). As of March 29, 2011, the registration is not yet effective.
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EXHIBIT INDEX
 Exhibit Number
    
    Description of Document
    
    Page Number31.01
    
    Certification by Chief Executive Officer
    
    E 231.02
    
    Certification by Chief Financial Officer
    
    E 332.01
    
    Certification by Chief Executive Officer
    
    E 432.02
    
    Certification by Chief Financial Officer
    
    E 5
 E-1