##### Table of Contents



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 WASHINGTON, D.C. 20549
 FORM 10-Q
 þ
    
    Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 For the quarterly period ended September 30, 2010
 or
 o
    
    Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 For the transition period from  to
 Commission File number: 0-50264
 THE CAMPBELL FUND TRUST
  Delaware
    
    94-6260018(State of Organization)
    
    (IRS Employer Identification Number)
 (Address
of principal executive offices, including zip code)
 (Registrants telephone number, including area code)
 þ o
 þ o
  Large accelerate filer o
    
    Accelerated filer o
    
    Non-accelerated filer o
(Do not check if a smaller reporting company)
    
    Smaller reporting company þ
 o þ




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##### 



PagePART
I  FINANCIAL INFORMATIONItem 1. Financial StatementsCondensed Schedules of Investments as of September 30, 2010
and December 31, 2009 (Unaudited)
    
    
    3-6Statements of Financial Condition as of September 30, 2010
and December 31, 2009 (Unaudited)
    
    
    7Statements of Operations for the Three Months and Nine Months Ended
September 30, 2010 and 2009 (Unaudited)
    
    
    8Statements of Cash Flows for the Nine Months Ended
September 30, 2010 and 2009 (Unaudited)
    
    
    9Statements of Changes in Unitholders Capital (Net Asset Value)
for the Nine Months Ended September 30, 2010 and 2009 (Unaudited)
    
    
    10-11Financial Highlights for the Three Months and Nine Months Ended
September 30, 2010 and 2009 (Unaudited)
    
    
    12-14Notes to Financial Statements (Unaudited)
    
    
    15-21Item 2. Managements Discussion and Analysis of Financial Condition and
Results of Operations
    
    
    22-31Item 3. Quantitative and Qualitative Disclosure About Market Risk
    
    
    31-37Item 4. Controls and Procedures
    
    
    37PART II  OTHER INFORMATION
    
    
    38Item 6. Exhibits and Reports on Form 8-K
    
    
    38SIGNATURES
    
    
    39CERTIFICATIONSEX-31.01EX-31.02EX-32.01EX-32.02




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##### Table of Contents



FIXED INCOME SECURITIES
 Maturity
    
    
    
    
    
    
    
    
    % of NetFace Value
    
    
    Description
    
    Values ($)
    
    
    Asset ValueCommercial PaperNetherlandsIndustrial(cost $9,946,646)
    
    $
    9,973,855
    
    
    
    3.11
    %United StatesConsumer Discretionary
    
    $
    26,825,419
    
    
    
    8.38
    %Consumer StaplesAvery Dennison Corp.
    
    $
    19,574,897
    
    
    
    6.11
    %Other
    
    $
    33,088,918
    
    
    
    10.33
    %Financials
    
    $
    13,768,265
    
    
    
    4.30
    %Industrial
    
    $
    14,512,935
    
    
    
    4.53
    %Utilities
    
    $
    41,006,422
    
    
    
    12.80
    %Total
United States(cost $148,770,995)
    
    $
    148,776,856
    
    
    
    46.45
    %Total
Commercial Paper(cost $158,717,641)
    
    $
    158,750,711
    
    
    
    49.56
    %Corporate BondsUnited StatesFinancials(cost $39,973,201)
    
    $
    40,053,420
    
    
    
    12.51
    %Government AgenciesUnited StatesUS Government Agency(cost $26,697,750)
    
    $
    26,722,020
    
    
    
    8.34
    %Government ObligationsUnited StatesUS Treasury BillU.S. Treasury Bills *$
    12,000,000
    
    
    Due 10/07/2010
    
    $
    11,999,880
    
    
    
    3.75
    %U.S. Treasury Bills *$
    35,000,000
    
    
    Due 10/21/2010
    
    $
    34,997,764
    
    
    
    10.93
    %Total United States(cost $46,997,644)
    
    $
    46,997,644
    
    
    
    14.68
    %Short Term Investment FundsUnited StatesShort Term
Investment Funds(cost $74)
    
    $
    74
    
    
    
    0.00
    %Total Fixed Income Securities(cost $272,386,310)
    
    $
    272,523,869
    
    
    
    85.09
    %
 LONG FUTURES CONTRACTS
 % of NetDescription
    
    Values ($)
    
    
    Asset ValueAgricultural
    
    $
    2,455,561
    
    
    
    0.77
    %Energy
    
    $
    505,454
    
    
    
    0.16
    %Metals
    
    $
    7,105,002
    
    
    
    2.22
    %Stock indices
    
    $
    493,582
    
    
    
    0.15
    %Short-term interest rates
    
    $
    1,346,152
    
    
    
    0.42
    %Long-term interest rates
    
    $
    2,899,975
    
    
    
    0.91
    %Total long futures contracts
    
    $
    14,805,726
    
    
    
    4.63
    %
 See Accompanying Notes to Financial Statements.
 - 3 -




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##### Table of Contents



SHORT FUTURES CONTRACTS
 % of NetDescription
    
    Values ($)
    
    
    Asset ValueEnergy
    
    $
    (647,340
    )
    
    
    (0.20
    )%Metals
    
    $
    (727,814
    )
    
    
    (0.23
    )%Stock indices
    
    $
    (2,998
    )
    
    
    0.00
    %Short-term interest rates
    
    $
    (24,268
    )
    
    
    (0.01
    )%Total short futures contracts
    
    $
    (1,402,420
    )
    
    
    (0.44
    )%Total futures contracts
    
    $
    13,403,306
    
    
    
    4.19
    %
 FORWARD CURRENCY CONTRACTS
 % of NetDescription
    
    Values ($)
    
    
    Asset ValueVarious long forward currency contracts
    
    $
    26,177,144
    
    
    
    8.17
    %Various short forward currency contracts
    
    $
    (21,683,001
    )
    
    
    (6.77
    )%Total forward currency contracts
    
    $
    4,494,143
    
    
    
    1.40
    %PURCHASED OPTIONS ON FORWARD
CURRENCY CONTRACTS% of NetDescription
    
    Values ($)
    
    
    Asset ValuePurchased options on forward currency contracts
(premiums paid  $231,275)
    
    $
    251,833
    
    
    
    0.08
    %WRITTEN OPTIONS ON FORWARD CURRENCY
CONTRACTS% of NetDescription
    
    Values ($)
    
    
    Asset ValueWritten options on forward currency contracts
(premiums received  $332,466)
    
    $
    (269,059
    )
    
    
    (0.08
    )%
 
 *
    
    Pledged as collateral for the trading of futures, forward and option positions. See
Accompanying Notes to Financial Statements.
 - 4 -




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##### Table of Contents



FIXED
INCOME SECURITIES
 Maturity
    
    
    
    
    
    
    
    
    % of NetFace Value
    
    
    Description
    
    Values ($)
    
    
    Asset ValueBank DepositsUnited StatesFinancials
    
    $
    13,357,610
    
    
    
    3.66
    %(cost $13,350,000)Commercial PaperGermanyMaterials
    
    $
    7,145,178
    
    
    
    1.96
    %(cost $7,142,188)NetherlandsConsumer Discretionary
    
    $
    10,878,625
    
    
    
    2.98
    %(cost $10,878,552)United StatesConsumer Discretionary
    
    $
    41,353,531
    
    
    
    11.32
    %Consumer Staples
    
    $
    19,579,580
    
    
    
    5.36
    %Energy
    
    $
    11,644,613
    
    
    
    3.19
    %Financials
    
    $
    22,628,225
    
    
    
    6.19
    %IndustrialsAvery Dennison Corporation$
    30,060,000
    
    
    Due 01/04/2010
    
    $
    30,058,964
    
    
    
    8.23
    %Municipal
    
    $
    76,574,854
    
    
    
    20.96
    %Telecommunications
    
    $
    14,985,483
    
    
    
    4.10
    %Total United States(cost $216,781,978)
    
    $
    216,825,250
    
    
    
    59.35
    %Total Commercial Paper(cost $234,802,718)
    
    $
    234,849,053
    
    
    
    64.29
    %Corporate BondsUnited StatesFinancials
    
    $
    7,680,054
    
    
    
    2.10
    %(cost $7,661,972)Government And Agency ObligationsUnited StatesFinancialsUS Government Agency
    
    $
    54,732,604
    
    
    
    14.98
    %U.S. Treasury Bills *$
    17,000,000
    
    
    Due 03/25/2010
    
    $
    16,997,648
    
    
    
    4.65
    %Total United States(cost $71,704,748)
    
    $
    71,730,252
    
    
    
    19.63
    %Short Term Investment FundsUnited StatesShort Term Investment Funds
    
    $
    3,061
    
    
    
    0.00
    %(cost $3,061)Total Fixed Income Securities(cost $327,522,499)
    
    $
    327,620,030
    
    
    
    89.68
    %
 LONG
FUTURES CONTRACTS
 % of NetDescription
    

Values ($)
    
    
    Asset ValueAgricultural
    
    $
    (2,825
    )
    
    
    0.00
    %Energy
    
    $
    166,195
    
    
    
    0.05
    %Metals
    
    $
    847,192
    
    
    
    0.23
    %Stock indices
    
    $
    2,707,780
    
    
    
    0.74
    %Short-term interest rates
    
    $
    (1,205,283
    )
    
    
    (0.33
    )%Long-term interest rates
    
    $
    (3,107,032
    )
    
    
    (0.85
    )%Total long futures contracts
    
    $
    (593,973
    )
    
    
    (0.16
    )%
 See Accompanying Notes to Financial Statements.
 - 5 -




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##### Table of Contents



SHORT FUTURES CONTRACTS
 % of NetDescription
    

Values ($)
    
    
    Asset ValueAgricultural
    
    $
    12,863
    
    
    
    0.00
    %Metals
    
    $
    (570,225
    )
    
    
    (0.16
    )%Long-term interest rates
    
    $
    119,654
    
    
    
    0.03
    %Total short futures contracts
    
    $
    (437,708
    )
    
    
    (0.13
    )%Total futures contracts
    
    $
    (1,031,681
    )
    
    
    (0.29
    )%
 FORWARD CURRENCY CONTRACTS
 % of NetDescription
    

Values ($)
    
    
    Asset ValueVarious long forward currency contracts
    
    $
    (13,342,441
    )
    
    
    (3.65
    )%Various short forward currency contracts
    
    $
    10,265,262
    
    
    
    2.81
    %Total forward currency contracts
    
    $
    (3,077,179
    )
    
    
    (0.84
    )%
 PURCHASED OPTIONS ON FORWARD CURRENCY CONTRACTS
 % of NetDescription
    

Values ($)
    
    
    Asset ValuePurchased
options on forward currency contracts (premiums paid  $847,190)
    
    $
    855,611
    
    
    
    0.23
    %
 WRITTEN OPTIONS ON FORWARD CURRENCY CONTRACTS
 % of NetDescription
    

Values ($)
    
    
    Asset ValueWritten options on forward currency contracts
(premiums received  $264,078)
    
    $
    (230,427
    )
    
    
    (0.06
    )%
 
 *
    
    Pledged as collateral for the trading of futures, forward
and option positions. See Accompanying Notes to Financial Statements.
 - 6 -




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##### Table of Contents



September 30,
    
    
    December 31,2010
    
    
    2009ASSETSEquity in broker trading accountsCash
    
    $
    29,346,522
    
    
    $
    18,882,546Restricted cash
    
    
    0
    
    
    
    24,115,214Fixed income securities (cost $34,997,764 and $0, respectively)
    
    
    34,997,764
    
    
    
    0Net unrealized gain (loss) on open futures contracts
    
    
    13,403,306
    
    
    
    (1,031,681
    )Total equity in broker trading accounts
    
    
    77,747,592
    
    
    
    41,966,079Cash and cash equivalents
    
    
    11,632,307
    
    
    
    8,129,710Fixed income securities
(cost $237,388,546 and $327,522,499, respectively)
    
    
    237,526,105
    
    
    
    327,620,030Options purchased, at fair value
(premiums paid  $231,275 and $847,190, respectively)
    
    
    251,833
    
    
    
    855,611Net unrealized gain (loss) on open forward currency contracts
    
    
    4,494,143
    
    
    
    (3,077,179
    )Interest receivable
    
    
    156,336
    
    
    
    90,033Total assets
    
    $
    331,808,316
    
    
    $
    375,584,284LIABILITIESAccounts payable
    
    $
    104,103
    
    
    $
    114,739Management fee
    
    
    1,068,353
    
    
    
    1,229,415Service fee
    
    
    3,682
    
    
    
    1,729Options written, at fair value
(premiums received  $332,466 and $264,078, respectively)
    
    
    269,059
    
    
    
    230,427Accrued commissions and other trading fees on open contracts
    
    
    44,559
    
    
    
    41,418Offering costs payable
    
    
    22,150
    
    
    
    10,230Redemptions payable
    
    
    10,007,072
    
    
    
    8,638,173Total liabilities
    
    
    11,518,978
    
    
    
    10,266,131UNITHOLDERS CAPITAL (Net Asset Value)Series A Units  RedeemableOther
Unitholders - 20,649.610 and 10,227.868 units outstanding at
September 30, 2010 and December 31, 2009
    
    
    50,327,990
    
    
    
    24,189,310Series B Units  RedeemableManaging Operator - 20.360 units outstanding at
September 30, 2010 and December 31, 2009
    
    
    50,120
    
    
    
    48,453Other Unitholders - 106,119.354 and 141,411.145 units outstanding at
September 30, 2010 and December 31, 2009
    
    
    261,233,002
    
    
    
    336,529,754Series W Units  RedeemableOther Unitholders - 3,469.589 and 1,896.181 units outstanding at
September 30, 2010 and December 31, 2009
    
    
    8,678,226
    
    
    
    4,550,636Total unitholders capital (Net Asset Value)
    
    
    320,289,338
    
    
    
    365,318,153Total liabilities and unitholders capital (Net Asset Value)
    
    $
    331,808,316
    
    
    $
    375,584,284
 See Accompanying Notes to Financial Statements.
 - 7 -




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##### Table of Contents



Three Months Ended
    
    
    Nine Months EndedSeptember 30,
    
    
    September 30,2010
    
    
    2009
    
    
    2010
    
    
    2009TRADING GAINS (LOSSES)Futures trading gains (losses)Realized
    
    $
    13,528,043
    
    
    $
    2,559,718
    
    
    $
    2,740,399
    
    
    $
    (20,091,216
    )Change in unrealized
    
    
    9,435,554
    
    
    
    1,161,351
    
    
    
    14,434,987
    
    
    
    1,197,118Brokerage commissions
    
    
    (248,680
    )
    
    
    (134,319
    )
    
    
    (722,899
    )
    
    
    (457,169
    )Net gain (loss) from futures trading
    
    
    22,714,917
    
    
    
    3,586,750
    
    
    
    16,452,487
    
    
    
    (19,351,267
    )Forward currency and options on forwardcurrency trading gains (losses)Realized
    
    
    (3,076,783
    )
    
    
    (878,310
    )
    
    
    (5,726,522
    )
    
    
    (967,354
    )Change in unrealized
    
    
    8,173,562
    
    
    
    13,696,935
    
    
    
    7,613,217
    
    
    
    11,339,468Brokerage commissions
    
    
    (23,571
    )
    
    
    (18,452
    )
    
    
    (65,767
    )
    
    
    (47,340
    )Net gain (loss) from forward currency
and options on forward currency trading
    
    
    5,073,208
    
    
    
    12,800,173
    
    
    
    1,820,928
    
    
    
    10,324,774Total net trading gain (loss)
    
    
    27,788,125
    
    
    
    16,386,923
    
    
    
    18,273,415
    
    
    
    (9,026,493
    )NET INVESTMENT INCOME (LOSS)Investment incomeInterest income
    
    
    423,312
    
    
    
    109,047
    
    
    
    907,647
    
    
    
    145,384Realized gain (loss)
on fixed income securities
    
    
    49,071
    
    
    
    0
    
    
    
    77,172
    
    
    
    0Change in unrealized gain (loss)
on fixed income securities
    
    
    167,437
    
    
    
    78,564
    
    
    
    40,028
    
    
    
    78,564Total investment income
    
    
    639,820
    
    
    
    187,611
    
    
    
    1,024,847
    
    
    
    223,948ExpensesManagement fee
    
    
    3,144,685
    
    
    
    3,962,831
    
    
    
    9,802,859
    
    
    
    13,163,913Service fee
    
    
    11,773
    
    
    
    2,976
    
    
    
    28,990
    
    
    
    3,424Operating expenses
    
    
    94,577
    
    
    
    114,050
    
    
    
    341,374
    
    
    
    207,856Total expenses
    
    
    3,251,035
    
    
    
    4,079,857
    
    
    
    10,173,223
    
    
    
    13,375,193Net investment income (loss)
    
    
    (2,611,215
    )
    
    
    (3,892,246
    )
    
    
    (9,148,376
    )
    
    
    (13,151,245
    )NET INCOME (LOSS)
    
    $
    25,176,910
    
    
    $
    12,494,677
    
    
    $
    9,125,039
    
    
    $
    (22,177,738
    )NET INCOME (LOSS) PER MANAGING OPERATOR
AND OTHER UNITHOLDERS UNIT(based on weighted average number of units outstanding
during the period)Series A
    
    $
    194.08
    
    
    $
    90.04
    
    
    $
    163.69
    
    
    $
    16.63Series B
    
    $
    184.09
    
    
    $
    73.55
    
    
    $
    48.14
    
    
    $
    (126.06
    )Series W(1)
    
    $
    191.96
    
    
    $
    119.32
    
    
    $
    194.92
    
    
    $
    196.36INCREASE (DECREASE) IN NET ASSET VALUE
PER MANAGING OPERATOR AND OTHER
UNITHOLDERS UNITSeries A
    
    $
    184.12
    
    
    $
    72.37
    
    
    $
    72.20
    
    
    $
    (125.81
    )Series B
    
    $
    188.82
    
    
    $
    75.67
    
    
    $
    81.89
    
    
    $
    (116.89
    )Series W(1)
    
    $
    197.64
    
    
    $
    82.00
    
    
    $
    101.34
    
    
    $
    (138.73
    )
 
 (1)
    
    Series W Units commenced trading on March 1, 2009; therefore, the information shown for the
nine months ended September 30, 2009 is for the period March 1,
2009 through September 30, 2009. See Accompanying Notes to Financial Statements.
 - 8 -




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##### Table of Contents



Nine Months EndedSeptember 30,2010
    
    
    2009Cash flows from (for) operating activitiesNet income (loss)
    
    $
    9,125,039
    
    
    $
    (22,177,738
    )Adjustments to reconcile net income (loss) to net cash from (for) operating activitiesNet change in unrealized
    
    
    (22,088,233
    )
    
    
    (12,615,150
    )(Increase) decrease in restricted cash
    
    
    24,115,214
    
    
    
    (16,720,148
    )(Increase) decrease in option premiums paid
    
    
    615,916
    
    
    
    (231,140
    )Increase (decrease) in option premiums received
    
    
    68,388
    
    
    
    (436,871
    )(Increase) decrease in interest receivable
    
    
    (66,303
    )
    
    
    (34,187
    )Increase (decrease) in accounts payable and accrued expenses
    
    
    (166,604
    )
    
    
    (390,070
    )Purchases of investments in fixed income securities
    
    
    (4,509,854,684
    )
    
    
    (4,931,215,365
    )Sales/maturities of investments in fixed income securities
    
    
    4,564,990,875
    
    
    
    4,651,915,001Net cash from (for) operating activities
    
    
    66,739,608
    
    
    
    (331,905,668
    )Cash flows from (for) financing activitiesAddition of units
    
    
    37,229,503
    
    
    
    22,385,164Redemption of units
    
    
    (89,856,176
    )
    
    
    (126,928,532
    )Offering costs paid
    
    
    (146,362
    )
    
    
    (22,790
    )Net cash from (for) financing activities
    
    
    (52,773,035
    )
    
    
    (104,566,158
    )Net increase (decrease) in cash and cash equivalents
    
    
    13,966,573
    
    
    
    (436,471,826
    )Cash and cash equivalentsBeginning of period
    
    
    27,012,256
    
    
    
    488,629,155End of period
    
    $
    40,978,829
    
    
    $
    52,157,329End of period cash and cash equivalents consists of:Cash in broker trading accounts
    
    $
    29,346,522
    
    
    $
    42,363,611Cash and cash equivalents
    
    
    11,632,307
    
    
    
    9,793,718Total end of period cash and cash equivalents
    
    $
    40,978,829
    
    
    $
    52,157,329
 See Accompanying Notes to Financial Statements.
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##### Table of Contents



Unitholders Capital - Series BManaging Operator
    
    
    Other Unitholders
    
    
    TotalUnits
    
    
    Amount
    
    
    Units
    
    
    Amount
    
    
    Units
    
    
    AmountNine Months Ended September 30, 2010Balances at December 31, 2009
    
    
    20.360
    
    
    $
    48,453
    
    
    
    141,411.145
    
    
    $
    336,529,754
    
    
    
    141,431.505
    
    
    $
    336,578,207Net income (loss) for the nine months ended
September 30, 2010
    
    
    
    
    
    
    1,667
    
    
    
    
    
    
    
    6,024,446
    
    
    
    
    
    
    
    6,026,113Additions
    
    
    0.000
    
    
    
    0
    
    
    
    1,117.657
    
    
    
    2,518,686
    
    
    
    1,117.657
    
    
    
    2,518,686Redemptions
    
    
    0.000
    
    
    
    0
    
    
    
    (36,409.448
    )
    
    
    (83,839,884
    )
    
    
    (36,409.448
    )
    
    
    (83,839,884
    )Balances at September 30, 2010
    
    
    20.360
    
    
    $
    50,120
    
    
    
    106,119.354
    
    
    $
    261,233,002
    
    
    
    106,139.714
    
    
    $
    261,283,122Nine Months Ended September 30, 2009Balances at December 31, 2008
    
    
    20.360
    
    
    $
    51,471
    
    
    
    197,186.512
    
    
    $
    498,498,271
    
    
    
    197,206.872
    
    
    $
    498,549,742Net income (loss) for the nine months ended
September 30, 2009
    
    
    
    
    
    
    (2,380
    )
    
    
    
    
    
    
    (22,320,710
    )
    
    
    
    
    
    
    (22,323,090
    )Additions
    
    
    0.000
    
    
    
    0
    
    
    
    368.291
    
    
    
    872,013
    
    
    
    368.291
    
    
    
    872,013Redemptions
    
    
    0.000
    
    
    
    0
    
    
    
    (43,402.669
    )
    
    
    (105,364,481
    )
    
    
    (43,402.669
    )
    
    
    (105,364,481
    )Balances at September 30, 2009
    
    
    20.360
    
    
    $
    49,091
    
    
    
    154,152.134
    
    
    $
    371,685,093
    
    
    
    154,172.494
    
    
    $
    371,734,184
 Net
Asset Value per Managing Operator and Other Unitholders Unit - Series BSeptember 30, 2010
    
    
    December 31, 2009
    
    
    September 30, 2009
    
    
    December 31, 2008$
    2,461.69
    
    
    $
    2,379.80
    
    
    $
    2,411.16
    
    
    $
    2,528.05
 See Accompanying Notes to Financial Statements.
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Series A
    
    
    Series W(1)Units
    
    
    Amount
    
    
    Units
    
    
    AmountNine Months Ended September 30, 2010Balances at December 31, 2009
    
    
    10,227.868
    
    
    $
    24,189,310
    
    
    
    1,896.181
    
    
    $
    4,550,636Net income (loss) for the nine months ended
September 30, 2010
    
    
    
    
    
    
    2,456,068
    
    
    
    
    
    
    
    642,858Additions
    
    
    11,853.085
    
    
    
    27,132,522
    
    
    
    3,288.328
    
    
    
    7,578,295Redemptions
    
    
    (1,431.343
    )
    
    
    (3,320,618
    )
    
    
    (1,714.920
    )
    
    
    (4,064,573
    )Offering costs
    
    
    
    
    
    
    (129,292
    )
    
    
    
    
    
    
    (28,990
    )Balances at September 30, 2010
    
    
    20,649.610
    
    
    $
    50,327,990
    
    
    
    3,469.589
    
    
    $
    8,678,226Nine Months Ended September 30, 2009Balances at December 31, 2008
    
    
    1,052.200
    
    
    $
    2,656,823
    
    
    
    0.000
    
    
    $
    0Net income
(loss) for the nine months ended September 30, 2009
    
    
    
    
    
    
    48,699
    
    
    
    
    
    
    
    96,653Additions
    
    
    6,611.711
    
    
    
    15,718,333
    
    
    
    1,545.676
    
    
    
    3,651,993Redemptions
    
    
    (797.206
    )
    
    
    (1,922,976
    )
    
    
    (39.217
    )
    
    
    (91,405
    )Offering costs
    
    
    
    
    
    
    (26,184
    )
    
    
    
    
    
    
    (3,424
    )Balances at September 30, 2009
    
    
    6,866.705
    
    
    $
    16,474,695
    
    
    
    1,506.459
    
    
    $
    3,653,817
 Net Asset Value per Other Unitholders Unit - Series ASeptember 30, 2010
    
    
    December 31, 2009
    
    
    September 30, 2009
    
    
    December 31, 2008$
    2,437.24
    
    
    $
    2,365.04
    
    
    $
    2,399.21
    
    
    $
    2,525.02
 Net Asset Value per Other Unitholders Unit - Series W(1)September 30, 2010
    
    
    December 31, 2009
    
    
    September 30, 2009
    
    
    February 28, 2009$
    2,501.23
    
    
    $
    2,399.89
    
    
    $
    2,425.43
    
    
    $
    2,564.16
 
 (1)
    
    Series W Units commenced trading on March 1, 2009; therefore, the statements of changes in
Unitholders capital for nine months ended September 30, 2009 contains
information for the period March 1, 2009 through September 30, 2009. See Accompanying Notes to Financial Statements.
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##### Table of Contents



Series AThree Months Ended
    
    
    Nine Months EndedSeptember 30,
    
    
    September 30,2010
    
    
    2009
    
    
    2010
    
    
    2009Per Unit
Performance
(for a unit outstanding throughout the entire period)Net asset value per unit at beginning of period
    
    $
    2,253.12
    
    
    $
    2,326.84
    
    
    $
    2,365.04
    
    
    $
    2,525.02Income (loss) from operations:Total net trading gains (losses) (1)
    
    
    206.45
    
    
    
    98.42
    
    
    
    144.24
    
    
    
    (46.04
    )Net investment income (loss)(1)
    
    
    (19.41
    )
    
    
    (23.10
    )
    
    
    (63.42
    )
    
    
    (70.83
    )Total net income (loss) from operations
    
    
    187.04
    
    
    
    75.32
    
    
    
    80.82
    
    
    
    (116.87
    )Offering costs (1)
    
    
    (2.92
    )
    
    
    (2.95
    )
    
    
    (8.62
    )
    
    
    (8.94
    )Net asset value per unit at end of period
    
    $
    2,437.24
    
    
    $
    2,399.21
    
    
    $
    2,437.24
    
    
    $
    2,399.21Total Return(3)
    
    
    8.17
    %
    
    
    3.11
    %
    
    
    3.05
    %
    
    
    (4.98
    )%Supplemental DataRatios to average net asset value:Expenses prior to performance fee (4)
    
    
    4.25
    %
    
    
    4.19
    %
    
    
    4.18
    %
    
    
    4.11
    %Performance fee (3)
    
    
    0.00
    %
    
    
    0.00
    %
    
    
    0.00
    %
    
    
    0.00
    %Total expenses
    
    
    4.25
    %
    
    
    4.19
    %
    
    
    4.18
    %
    
    
    4.11
    %Net investment income (loss)(2),(4)
    
    
    (3.43
    )%
    
    
    (3.98
    )%
    
    
    (3.72
    )%
    
    
    (3.98
    )%
 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 is 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.
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##### Table of Contents



Series BThree Months Ended
    
    
    Nine Months EndedSeptember 30,
    
    
    September 30,2010
    
    
    2009
    
    
    2010
    
    
    2009Per Unit Performance
(for a unit outstanding
throughout the entire period)Net asset value per unit at
beginning of period
    
    $
    2,272.87
    
    
    $
    2,335.49
    
    
    $
    2,379.80
    
    
    $
    2,528.05Income (loss) from operations:Total net trading gains
(losses) (1)
    
    
    208.34
    
    
    
    98.88
    
    
    
    146.37
    
    
    
    (43.89
    )Net investment income
(loss)(1)
    
    
    (19.52
    )
    
    
    (23.21
    )
    
    
    (64.48
    )
    
    
    (73.00
    )Total net income (loss) from
operations
    
    
    188.82
    
    
    
    75.67
    
    
    
    81.89
    
    
    
    (116.89
    )Net asset value per unit at
end of period
    
    $
    2,461.69
    
    
    $
    2,411.16
    
    
    $
    2,461.69
    
    
    $
    2,411.16Total Return(3)
    
    
    8.31
    %
    
    
    3.24
    %
    
    
    3.44
    %
    
    
    (4.62
    )%Supplemental DataRatios to average net asset
value:Expenses prior to performance
fee (4)
    
    
    4.20
    %
    
    
    4.16
    %
    
    
    4.18
    %
    
    
    4.10
    %Performance fee (3)
    
    
    0.00
    %
    
    
    0.00
    %
    
    
    0.00
    %
    
    
    0.00
    %Total expenses
    
    
    4.20
    %
    
    
    4.16
    %
    
    
    4.18
    %
    
    
    4.10
    %Net investment income
(loss)(2),(4)
    
    
    (3.38
    )%
    
    
    (3.97
    )%
    
    
    (3.77
    )%
    
    
    (4.03
    )%
 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 is calculated by dividing
the net investment income (loss) 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.
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##### Table of Contents



Series W(5)Three Months Ended
    
    
    Nine Months EndedSeptember 30,
    
    
    September 30,2010
    
    
    2009
    
    
    2010
    
    
    2009Per Unit Performance
(for a unit outstanding throughout the entire period)Net asset value per unit at beginning of period
    
    $
    2,303.59
    
    
    $
    2,343.43
    
    
    $
    2,399.89
    
    
    $
    2,564.16Income (loss) from operations:Total net trading gains (losses) (1)
    
    
    211.45
    
    
    
    99.33
    
    
    
    148.50
    
    
    
    (98.10
    )Net investment income (loss)(1)
    
    
    (10.83
    )
    
    
    (14.35
    )
    
    
    (38.37
    )
    
    
    (33.67
    )Total net income (loss) from operations
    
    
    200.62
    
    
    
    84.98
    
    
    
    110.13
    
    
    
    (131.77
    )Offering costs (1)
    
    
    (2.98
    )
    
    
    (2.98
    )
    
    
    (8.79
    )
    
    
    (6.96
    )Net asset value per unit at end of period
    
    $
    2,501.23
    
    
    $
    2,425.43
    
    
    $
    2,501.23
    
    
    $
    2,425.43Total Return(3)
    
    
    8.58
    %
    
    
    3.50
    %
    
    
    4.22
    %
    
    
    (5.41
    )%Supplemental DataRatios to average net asset value:Expenses prior to performance fee (4)
    
    
    2.70
    %
    
    
    2.68
    %
    
    
    2.67
    %
    
    
    2.66
    %Performance fee (3)
    
    
    0.00
    %
    
    
    0.00
    %
    
    
    0.00
    %
    
    
    0.00
    %Total expenses
    
    
    2.70
    %
    
    
    2.68
    %
    
    
    2.67
    %
    
    
    2.66
    %Net investment income (loss)(2),(4)
    
    
    (1.87
    )%
    
    
    (2.45
    )%
    
    
    (2.21
    )%
    
    
    (2.45
    )%
 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 is
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(5)
    
    Series W Units commenced trading on March 1, 2009; therefore, the
results for the nine months ended September 30, 2009 contains
information for the period March 1, 2009 through September 30, 2009. See Accompanying Notes to Financial Statements.
 - 14 -




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##### Table of Contents



Note 1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 A.
    
    General Description of the Trust
 The Campbell Fund Trust (the Trust) is a Delaware statutory trust which operates as a commodity
investment pool. The Trust engages in the
speculative trading of futures contracts, forward currency contracts and options on forward
currency contracts.Effective August 31, 2008, the Trust began offering units of beneficial interest classified into
Series A units, Series B units and Series W
units. The rights of the Series A units, Series B units and Series W units are identical, except
that the fees and commissions vary on a
Series-by-Series basis. The initial minimum subscription for Series A units and Series W units is
$25,000. Series B units are only available
for additional investments by existing holders of Series B units. See Note 1F, Note 1H, Note 2 and
Note 5 for an explanation of allocations
and Series specific charges.B.
    
    RegulationThe Trust is a registrant with the Securities and Exchange Commission (SEC) pursuant to the
Securities Exchange Act of 1934 (the Act). As
a registrant, the Trust is subject to the regulations of the SEC and the informational requirements
of the Act. As a commodity investment
pool, the Trust 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
Trust executes transactions. Additionally,
the Trust is subject to the requirements of futures commission merchants (brokers) and interbank
market makers through which the Trust trades.C.
    
    Method of ReportingThe Trust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 Trusts management. Actual results may
differ from these estimates. Investment
transactions are accounted for on the trade date. Gains or losses are realized when contracts are
liquidated. Unrealized gains and losses on
open contracts (the difference between contract trade price and market price) are reported in the
statement of financial condition as a net gain
or loss, as there exists a right of offset of unrealized gains or losses in accordance with
Financial Accounting Standards Board (FASB)
Accounting Standards Codification (ASC) 210-20, Offsetting  Balance Sheet. The fair value of
futures (exchange-traded) contracts is
determined by the various futures exchanges, and reflects the settlement price for each contract as
of the close on the last business day of the
reporting period. The fair value of forward currency (non-exchange traded) contracts was
extrapolated on a forward basis from the spot prices
quoted as of 3:00 P.M. (E.T.) on the last business day of the reporting period.The fair value of option (non-exchange traded) contracts is calculated by applying an
industry-standard adaptation of the Black-Scholes
options valuation model to foreign currency options, using as inputs the spot prices, interest
rates and option implied volatilities quoted as of
3:00 P.M. (E.T.) on the last business day of the reporting period. Any change in net unrealized
gain or loss from the preceding period is
reported in the statement of operations.When the Trust writes an option, an amount equal to the premium received by the Trust is reflected
as an asset and an equivalent liability.
The amount of the liability is subsequently marked to market to reflect the current fair value of
option written. Brokerage commissions
include other trading fees and are charged to expense when contracts are opened.The fixed income investments, other than U.S. Treasury bills, are held at the custodian and marked
to market on the last business day of the
reporting period by the custodian who utilizes a third party vendor hierarchy of pricing providers
who specialize in such markets. The prices
furnished by the providers consider the yield or price of bonds of comparable quality, coupon,
maturity, and type, as well as prices quoted by
dealers who make markets in such securities. U.S. Treasury bills are held at the brokers or
interbank market makers and are stated at cost plus
accrued interest, which approximates fair value. Premiums and discounts on fixed income securities
are amortized at cost for financial
reporting purposes.For purposes of both financial reporting and calculation of redemption value, Net Asset Value per
unit is calculated by dividing Net Asset
Value by the number of outstanding units.The Trust adopted the provisions of ASC 820, Fair Value Measurements and Disclosures as of January
1, 2008. ASC 820 provides guidance
for determining fair value and requires increased disclosure regarding the inputs to valuation
techniques used to measure fair value. ASC 820
defines fair value as the price that would be received to sell an asset or paid to transfer a
liability in an orderly transaction between market
participants at the measurement date.ASC 820 establishes a fair value hierarchy which prioritizes the inputs to valuation techniques
used to measure fair value into three broad
levels. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active
markets for identical assets or liabilities
(Level 1) and the lowest priority to unobservable inputs (Level 3).Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities
that the Trust 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 Trusts
exchange-traded futures contracts fall into
this category.Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the
asset or liability, either directly or indirectly.
This category includes forward currency contracts and options on forward currency contracts that
the Trust values using models or other valuation methodologies derived from observable market data. This category also includes
fixed income investments.
 - 15 -




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##### Table of Contents



Level 3 inputs are unobservable inputs for an asset or liability (including the Trust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 September 30, 2010, the Trust did not have any Level 3 assets or liabilities.In January 2010, the FASB issued Accounting Standards update No. 2010-06 (ASU 2010-06) for
improving disclosure about fair value
measurements. ASU 2010-06 adds new disclosure requirements about transfers into and out of Levels 1
and 2 and separate disclosures about
purchases, sales, issuances and settlements in the reconciliation for fair value measurements using
significant unobservable inputs (Level 3).
It also clarifies existing disclosure requirements relating to the levels of disaggregation for
fair value measurement and inputs and valuation
techniques used to measure fair value. As of January 1, 2010, the Trust 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 adoption of this guidance did
not have a material impact on the Trusts financial
statements.The following tables set forth by level within the fair value hierarchy the Trusts investments
accounted for at fair value on a recurring basis as
of September 30, 2010 and December 31, 2009.
 Fair Value at September 30, 2010Description
    
    Level 1
    
    
    Level 2
    
    
    Level 3
    
    
    TotalInvestmentsFixed income securities
    
    $
    0
    
    
    $
    272,523,869
    
    
    $
    0
    
    
    $
    272,523,869Other Financial InstrumentsExchange-traded futures contracts
    
    
    13,403,306
    
    
    
    0
    
    
    
    0
    
    
    
    13,403,306Forward currency contracts
    
    
    0
    
    
    
    4,494,143
    
    
    
    0
    
    
    
    4,494,143Options purchased
    
    
    0
    
    
    
    251,833
    
    
    
    0
    
    
    
    251,833Options written
    
    
    0
    
    
    
    (269,059
    )
    
    
    0
    
    
    
    (269,059
    )Total
    
    $
    13,403,306
    
    
    $
    277,000,786
    
    
    $
    0
    
    
    $
    290,404,092
 Fair Value at December 31, 2009Description
    
    Level 1
    
    
    Level 2
    
    
    Level 3
    
    
    TotalInvestmentsFixed income securities
    
    $
    0
    
    
    $
    327,620,030
    
    
    $
    0
    
    
    $
    327,620,030Other Financial InstrumentsExchange-traded futures contracts
    
    
    (1,031,681
    )
    
    
    0
    
    
    
    0
    
    
    
    (1,031,681
    )Forward currency contracts
    
    
    0
    
    
    
    (3,077,179
    )
    
    
    0
    
    
    
    (3,077,179
    )Options purchased
    
    
    0
    
    
    
    855,611
    
    
    
    0
    
    
    
    855,611Options written
    
    
    0
    
    
    
    (230,427
    )
    
    
    0
    
    
    
    (230,427
    )Total
    
    $
    (1,031,681
    )
    
    $
    325,168,035
    
    
    $
    0
    
    
    $
    324,136,354
 D.
    
    Cash and Cash EquivalentsCash and cash equivalents includes cash and overnight money market investments at financial institutions.E.
    
    Income Taxes
 - 16 -




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##### Table of Contents



The Trust prepares calendar year U.S. federal and applicable state information tax returns
and reports to the unitholders their allocable shares
of the Trusts income, expenses and trading gains or losses. No provision for income taxes has been
made in the accompanying financial
statements as each unitholder is individually responsible for reporting income or loss based on
such unitholders respective share of the Trusts
income and expenses as reported for income tax purposes.Management has continued to evaluate the application of ASC 740, Income Taxes to the Trust, and has
determined that no reserves for
uncertain tax positions were required. The Trust files federal and state tax returns. The 2006
through 2009 tax years generally remain subject
to examination by the U.S. federal and most state tax authorities.F.
    
    Offering CostsCampbell & Company, Inc. (Campbell & Company) has incurred all costs in connection with the initial
and continuous offering of units of
the Trust (offering costs). Series A units and Series W units will each bear the offering costs
incurred in the relation to the offering of Series
A units and Series W units, respectively. Offering costs are charged to Series A and W at a monthly
rate of 1/12 of 0.5% (0.5% annualized)
of the Series month-end net asset value (as defined in the Declaration of Trust and Trust
Agreement) until such amounts are fully
reimbursed. Such amounts are charged directly to unitholders capital. Series A and W are only
liable for payment of offering costs on a
monthly basis. The offering costs allocable to the Series B units are borne by Campbell & Company.If the Trust terminates prior to completion of payment to Campbell & Company for the unreimbursed
offering costs incurred through the date
of such termination, Campbell & Company will not be entitled to any additional payments, and Series
A units and Series W units will have
no further obligation to Campbell & Company. At September 30, 2010 and December 31, 2009, the
amount of unreimbursed offering costs
incurred by Campbell & Company is $2,512,600 and $1,653,661 for Series A units and $517,332 and
$328,196 for Series W units respectively.G.
    
    Foreign Currency TransactionsThe Trust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 (prior to calculation of the management fee, service fee, offering costs and
performance fee) is allocated pro rata to each
Series of units. Each Series of units is then charged the management fee, service fee, offering
costs and performance fee applicable to such
Series of units.I.
    
    ReclassificationCertain 2009 amounts in the Statement of Cash Flows were reclassified to conform with the 2010
presentation. Specifically, purchases and
sales/maturities of fixed income securities are presented on a gross basis as components of cash
flow from (for) operating activities.
 Note 2. MANAGING OPERATOR AND COMMODITY TRADING ADVISOR
 The managing operator of the Trust is Campbell & Company which conducts and manages the business of
the Trust. Campbell & Company
is also the commodity trading advisor of the Trust.
 Series A units and Series B units pay the managing operator a monthly management fee equal to 1/12
of 4% (4% annually) of the Net
Assets (as defined) of Series A units and Series B units, respectively, as of the end of each
month. Series W units pay the managing
operator a monthly management fee equal to 1/12 of 2% (2% annually) of the Net Assets (as defined)
of Series W units as of the end of
each month. Each Series of units will pay the managing operator a quarterly performance fee equal
to 20% of the aggregate cumulative
appreciation in Net Asset Value per Unit (as defined) exclusive of appreciation attributable to
interest income on a Series-by-Series basis.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). In determining the management fee
and performance fee (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 Trusts bank, broker or
cash management custody accounts.
 Note 3. TRUSTEE
 The trustee of the Trust is U.S. Bank National Association, a national banking corporation. The
trustee has delegated to the managing
operator the duty and authority to manage the business and affairs of the Trust and has only
nominal duties and liabilities with respect to the
Trust.
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Note 4. CASH MANAGER AND CUSTODIAN
 The Trust has appointed Wilmington Trust Investment Management LLC, a wholly owned subsidiary
of Wilmington Trust Corporation, as
cash manager under the Non-Custody Investment Advisory Agreement dated July 8, 2009, to manage and
control the liquid assets of the
Trust. The cash manager is registered as an investment adviser with the Securities and Exchange
Commission of the United States under the
Investment Advisers Act of 1940.
 The Trust opened a custodial account at The Northern Trust Company (the custodian) and has granted
the cash manager authority to make
certain investments on behalf of the Trust provided such investments are consistent with the
investment guidelines created by the managing
operator. All securities purchased by the cash manager on behalf of the Trust will be held in its
custody account at the custodian. The cash
manager will have no beneficial or other interest in the securities and cash in such custody
account. The cash manager began trading on
behalf of the Trust in August 2009.
 Note 5. SERVICE FEE
 The selling firms who sell Series W units receive a monthly service fee equal to 1/12 of 0.5% of
the month-end Net Asset Value (as
defined) of the Series W units, totaling approximately 0.50% per year.
 Note 6. DEPOSITS WITH BROKER
 The Trust deposits assets with UBS Securities LLC to act as broker, subject to Commodity Futures
Trading Commission regulations and
various exchange and broker requirements. Margin requirements are satisfied by the deposit of U.S.
Treasury bills and cash with such
broker. The Trust typically earns interest income on its assets deposited with the broker.
 Note 7. SUBSCRIPTIONS, DISTRIBUTIONS AND REDEMPTIONS
 Investments in the Trust are made by subscription agreement, subject to acceptance by Campbell &
Company.
 The Trust is not required to make distributions, but may do so at the sole discretion of Campbell &
Company. A unitholder may request and
receive redemption of units owned, subject to restrictions in the Declaration of Trust and Trust
Agreement. 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 & CompanyRedemption fees, which are paid to Campbell & Company, apply to Series A units through the first
twelve month-ends following purchase
(the month-end as of which the unit is purchased is counted as the first month-end) as follows:
1.833% of Net Asset Value per unit
redeemed through the second month-end, 1.666% of Net Asset Value per unit redeemed through the
third month-end, 1.500% of Net Asset
Value per unit redeemed through the fourth month-end, 1.333% of Net Asset Value per unit redeemed
through the fifth month-end, 1.167%
of Net Asset Value per unit redeemed through the sixth month-end, 1.000% of Net Asset Value per
unit redeemed through the seventh
month-end, 0.833% of Net Asset Value per unit redeemed through the eight month-end, 0.667% of Net
Asset Value per unit redeemed
through the ninth month-end, 0.500% of Net Asset Value per unit redeemed through the tenth
month-end, 0.333% of Net Asset Value per
unit redeemed through the eleventh month-end and 0.167% of Net Asset Value per unit redeemed
through the twelfth month end.
 Note 8. TRADING ACTIVITIES AND RELATED RISKS
 The Trust engages in the speculative trading of U.S. and foreign futures contracts, forward
currency contracts and options on forward
currency contracts (collectively, derivatives). Specifically, the Fund trades a portfolio
primarily focused on financial futures, which are
instruments designed to hedge or speculate on changes in interest rates, currency exchange rates or
stock index values. A secondary
emphasis is on metals, energy and agriculture values. The Trust 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 trusts 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 Trusts available. It is possible that the
recovered amount could be less than total cash and
other property deposited.The amount of required margin and good faith deposits with the broker and interbank market makers
usually range from 10% to 30% of
Net Asset Value. The market value of securities held to satisfy such requirements at September 30,
2010 and December 31, 2009 was
$46,997,644 and $16,997,649, respectively, which equals 15% and 5% of Net Asset Value,
respectively. The cash deposited with interbank
market makers at September 30, 2010 and December 31, 2009 was $5,103,709 and $3,604,499,
respectively, which equals 2% and 1% of
Net Asset Value, respectively. Included in cash deposits with the broker and interbank market maker
at September 30, 2010 and December
31, 2009 was restricted cash for margin requirements of $0 and $24,115,214 respectively, which
equals 0% and 7% of Net Asset Value
respectively.
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The Trust trades forward currency and options on forward currency contracts in unregulated markets
between principals and assumes the
risk of loss from counterparty nonperformance. Accordingly, the risks associated with forward
currency and options on foreign currency
contracts are generally greater than those associated with exchange traded contracts because of the
greater risk of counterparty default.
Additionally, the trading of forward currency and options on forward currency contracts typically
involves delayed cash settlement.The Trust has a substantial portion of its assets on deposit with financial institutions. In the
event of a financial institutions insolvency,
recovery of Trust 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 Trust is exposed to a market risk equal to the
notional contract value of futures and forward currency contracts purchased and unlimited liability
on such contracts sold short. As both a
buyer and seller of options, the Trust pays or receives a premium at the outset and then bears the
risk of unfavorable changes in the price of
the contract underlying the option. Written options expose the Trust to potentially unlimited
liability, and purchased options expose the
Trust to a risk of loss limited to the premiums paid. See Note 1. C. for an explanation of how the
Trust determines its valuation for
derivatives as well as the netting of derivatives.The unrealized gain (loss) on open futures, forward currency and options on forward currency
contracts is comprised of the following:
 Forward Currency andOptions on ForwardFutures Contracts
    
    
    Currency Contracts(exchange traded)
    
    
    (non-exchange traded)September 30, 2010
    
    
    December 31, 2009
    
    
    September 30, 2010
    
    
    December 31, 2009Gross unrealized gains
    
    $
    17,338,280
    
    
    $
    5,253,447
    
    
    $
    27,202,972
    
    
    $
    14,345,436Gross unrealized losses
    
    
    (3,934,974
    )
    
    
    (6,285,128
    )
    
    
    (22,624,864
    )
    
    
    (17,380,543
    )Net unrealized gain
(loss)
    
    $
    13,403,306
    
    
    $
    (1,031,681
    )
    
    $
    4,578,108
    
    
    $
    (3,035,107
    )
 The Trust adopted ASC 815 Derivatives and Hedging as of January 1, 2009. ASC 815 provides
enhanced disclosures about how and why
an entity uses derivative instruments, how derivative instruments are accounted for, and how
derivative instruments affect an entitys
financial position, financial performance and cash flows.The following tables summarize quantitative information required by ASC 815.The fair value of the Trusts derivatives by instrument type, as well as the location of those
instruments on the Statement of Financial
Condition, as of September 30, 2010 and December 31, 2009 is as follows:
 Asset
    
    
    LiabilityDerivatives at
    
    
    Derivatives atStatement of Financial
    
    September 30, 2010
    
    
    September 30, 2010Type of Instrument *
    
    Condition Location
    
    Fair Value
    
    
    Fair Value
    
    
    NetAgricultural Contracts
    
    Equity in broker trading accounts
    
    $
    3,436,799
    
    
    $
    (981,236
    )
    
    $
    2,455,563Energy Contracts
    
    Equity in broker trading accounts
    
    
    515,463
    
    
    
    (657,350
    )
    
    
    (141,887
    )Metal Contracts
    
    Equity in broker trading accounts
    
    
    7,125,262
    
    
    
    (748,075
    )
    
    
    6,377,187Stock Indices Contracts
    
    Equity in broker trading accounts
    
    
    1,110,321
    
    
    
    (619,739
    )
    
    
    490,582Short-Term Interest Rate Contracts
    
    Equity in broker trading accounts
    
    
    1,737,572
    
    
    
    (415,687
    )
    
    
    1,321,885Long Term Interest Rate Contracts
    
    Equity in broker trading accounts
    
    
    3,412,860
    
    
    
    (512,884
    )
    
    
    2,899,976Forward Currency Contracts
    
    Net unrealized gain (loss) on forward currency contracts
    
    
    26,931,209
    
    
    
    (22,437,066
    )
    
    
    4,494,143Purchased Options on Forward Currency Contracts
    
    Options purchased, at fair value
    
    
    251,833
    
    
    
    0
    
    
    
    251,833Written Options on Forward Currency Contracts
    
    Options written, at fair value
    
    
    0
    
    
    
    (269,059
    )
    
    
    (269,059
    )Totals
    
    
    
    $
    44,521,319
    
    
    $
    (26,641,096
    )
    
    $
    17,880,223
 
 *
    
    Derivatives not designated as hedging instruments under ASC 815 - 19 -




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Asset
    
    
    LiabilityDerivatives at
    
    
    Derivatives atStatement of Financial
    
    December 31, 2009
    
    
    December 31, 2009Type of Instrument *
    
    Condition Location
    
    Fair Value
    
    
    Fair Value
    
    
    NetAgricultural Contracts
    
    Equity in broker trading accounts
    
    $
    142,638
    
    
    $
    (132,600
    )
    
    $
    10,038Energy Contracts
    
    Equity in broker trading accounts
    
    
    214,581
    
    
    
    (48,386
    )
    
    
    166,195Metal Contracts
    
    Equity in broker trading accounts
    
    
    1,609,537
    
    
    
    (1,332,570
    )
    
    
    276,967Stock Indices Contracts
    
    Equity in broker trading accounts
    
    
    2,915,275
    
    
    
    (207,495
    )
    
    
    2,707,780Short-Term Interest Rate Contracts
    
    Equity in broker trading accounts
    
    
    0
    
    
    
    (1,205,283
    )
    
    
    (1,205,283
    )Long Term Interest Rate Contracts
    
    Equity in broker trading accounts
    
    
    371,416
    
    
    
    (3,358,794
    )
    
    
    (2,987,378
    )Forward Currency Contracts
    
    Net unrealized gain (loss) on forward currency contracts
    
    
    13,988,095
    
    
    
    (17,065,274
    )
    
    
    (3,077,179
    )Purchased Options on Forward Currency Contracts
    
    Options purchased, at fair value
    
    
    855,611
    
    
    
    0
    
    
    
    855,611Written Options on Forward Currency Contracts
    
    Options written, at fair value
    
    
    0
    
    
    
    (230,427
    )
    
    
    (230,427
    )Totals
    
    
    
    $
    20,097,153
    
    
    $
    (23,580,829
    )
    
    $
    (3,483,676
    )
 
 *
    
    Derivatives not designated as hedging instruments under ASC 815 The trading revenue of the Trusts derivatives by instrument type, as well as the location of
those gains and losses on the Statement of
Operations, for the three month and nine month periods ended September 30, 2010 and 2009 is as follows:
 Trading Revenue for
    
    
    Trading Revenue forthe Three Months Ended
    
    
    the Three Months EndedType of Instrument
    
    September 30, 2010
    
    

September 30, 2009Agricultural Contracts
    
    $
    9,363,611
    
    
    $
    (417,005
    )Energy Contracts
    
    
    (5,448,085
    )
    
    
    (4,320,433
    )Metal Contracts
    
    
    4,435,036
    
    
    
    4,147,287Stock Indices Contracts
    
    
    2,155,658
    
    
    
    7,768,986Short-Term Interest Rate Contracts
    
    
    2,071,617
    
    
    
    589,667Long Term Interest Rate Contracts
    
    
    10,444,761
    
    
    
    (4,043,838
    )Forward Currency Contracts
    
    
    5,537,973
    
    
    
    12,550,415Purchased Options on Forward Currency Contracts
    
    
    (2,381,140
    )
    
    
    (2,493,470
    )Written Options on Forward Currency Contracts
    
    
    1,939,946
    
    
    
    2,761,680Total
    
    $
    28,119,377
    
    
    $
    16,543,289
 Trading Revenue for
    
    
    Trading Revenue forthe Nine Months Ended
    
    
    the Nine Months EndedType of Instrument
    
    September 30, 2010
    
    

September 30, 2009Agricultural Contracts
    
    $
    8,825,418
    
    
    $
    (1,130,881
    )Energy Contracts
    
    
    (18,441,525
    )
    
    
    (3,285,903
    )Metal Contracts
    
    
    (630,117
    )
    
    
    664,945Stock Indices Contracts
    
    
    (19,894,233
    )
    
    
    (5,309,549
    )Short-Term Interest Rate Contracts
    
    
    22,676,527
    
    
    
    (2,105,288
    )Long Term Interest Rate Contracts
    
    
    24,726,967
    
    
    
    (8,003,269
    )Forward Currency Contracts
    
    
    4,145,719
    
    
    
    4,184,858Purchased Options on Forward Currency Contracts
    
    
    (8,783,976
    )
    
    
    (4,842,260
    )Written Options on Forward Currency Contracts
    
    
    6,524,952
    
    
    
    11,029,516Total
    
    $
    19,149,732
    
    
    $
    (8,797,831
    )
 Trading Revenue for
    
    
    Trading Revenue forthe Three Months Ended
    
    
    the Three Months EndedLine Item in the Statement of Operations
    
    September 30, 2010
    
    

September 30, 2009Futures
trading gains (losses):Realized
    
    $
    13,587,044
    
    
    $
    2,563,313Change in unrealized
    
    
    9,435,554
    
    
    
    1,161,351Forward
currency and options on forward currency trading gains (losses):Realized
    
    
    (3,076,783
    )
    
    
    (878,310
    )Change in unrealized
    
    
    8,173,562
    
    
    
    13,696,935Total
    
    $
    28,119,377
    
    
    $
    16,543,289
 - 20 -




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Trading Revenue for
    
    
    Trading Revenue forthe Nine Months Ended
    
    
    the Nine Months EndedLine Item in the Statement of Operations
    
    September 30, 2010
    
    

September 30, 2009Futures
trading gains (losses):Realized
    
    $
    2,828,050
    
    
    $
    (20,367,063
    )Change in unrealized
    
    
    14,434,987
    
    
    
    1,197,118Forward
currency and options on forward currency trading gains (losses):Realized
    
    
    (5,726,522
    )
    
    
    (967,354
    )Change in unrealized
    
    
    7,613,217
    
    
    
    11,339,468Total
    
    $
    19,149,732
    
    
    $
    (8,797,831
    )
 For the three months ended September 30, 2010 and 2009, the monthly average of futures
contracts bought and sold was approximately
21,700 and 18,200 respectively, and the monthly average of notional value of forward currency and
options on forward currency contracts
was $2,685,550,000 and $2,268,300,000 respectively.For the nine months ended September 30, 2010 and 2009, the monthly average of futures contracts
bought and sold was approximately
20,500 and 17,200 respectively, and the monthly average of notional value of forward currency and
options on forward currency contracts
was $2,556,100,000 and $1,933,800,000 respectively.Open contracts generally mature within twelve months; as of September 30, 2010, the latest maturity
date for open futures contracts is
December 2011, the latest maturity date for open forward currency contracts is December 2010, and
the latest expiry date for options on
forward currency contracts is October 2010. However, the Trust 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 Trusts open positions is essentially the same in all
market categories traded. Campbell &
Company applies risk management policies to its trading which generally limit the total exposure
that may be taken per risk unit of assets
under management. In addition, Campbell & Company follows diversification guidelines (often
formulated in terms of the balanced
volatility between markets and correlated groups), as well as precalculating stop-loss points at
which systems will signal to close open
positions. Campbell & Company controls the risk of the Trusts non-trading fixed income instruments
by limiting the duration of such
instruments and requiring a minimum credit quality of the issuers of those instruments.Campbell & Company seeks to minimize credit risk primarily by depositing and maintaining the
Trusts assets at financial institutions and
brokers which Campbell & Company believes to be credit worthy. The unitholder 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 9. INDEMNIFICATIONS
 In the normal course of business, the Trust enters into contracts and agreements that contain a
variety of representations and warranties
which provide general indemnifications. The Trusts maximum exposure under these arrangements is
unknown, as this would involve future
claims that may be made against the Trust that have not yet occurred. The Trust 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, 2010 and December 31, 2009,
the statements of operations and financial highlights for the three months and nine months ended
September 30, 2010 and 2009, and the
statements of cash flows and changes in unitholders capital (Net Asset Value) for the nine months
ended September 30, 2010 and 2009 are
unaudited. In the opinion of management, such financial statements reflect all adjustments, which
were of a normal and recurring nature,
necessary for a fair presentation of financial position as of September 30, 2010, and the results
of operations and financial highlights for the
three months and nine months ended September 30, 2010 and 2009, and cash flows and changes in
unitholders capital (Net Asset Value)
for the nine months ended September 30, 2010 and 2009.
 Note 11. SUBSEQUENT EVENTS
 Management of the Trust has evaluated subsequent events through the date the financial statements
were filed. There are no subsequent
events to disclose or record.
 - 21 -




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Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations
 Introduction
    Critical Accounting Policies
   Capital Resources
  - 22 -




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Liquidity
     - 23 -




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Off-Balance Sheet Risk
    - 24 -




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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
    
    
    14.68
    %Currencies
    
    
    0.73Commodities
    
    
    (2.93
    )Stock Indices
    
    
    (5.97
    )6.51
    %
 - 25 -




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- 26 -




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- 27 -




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2009
      - 28 -




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Sector
    
    % Gain (Loss)Currencies
    
    
    2.76
    %Stock Indices
    
    
    (1.00
    )Commodities
    
    
    (1.03
    )Interest Rates
    
    
    (2.21
    )(1.48
    )%
     - 29 -




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Item 3. Quantitative and Qualitative Disclosures About Market Risk
 Introduction
 Past Results Not Necessarily Indicative of Future Performance
    Standard of Materiality
  Quantifying the Trusts Trading Value at Risk
 Quantitative Forward-Looking Statements
 The following quantitative disclosures regarding the Trust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
 - 31 -




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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 the
maintenance margin required for market risk sensitive instruments held at the end of the
reporting period).
       The Trusts Trading Value at Risk in Different Market Sectors
  - 32 -




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September 30, 2010TradingMarket Sector
    
    Value at Risk*
    
    
    Gain/(Loss)**Interest Rates
    
    
    1.31
    %
    
    
    14.68
    %Commodities
    
    
    0.65
    %
    
    
    (2.93
    )%Stock Indices
    
    
    0.55
    %
    
    
    (5.97
    )%Currencies
    
    
    0.45
    %
    
    
    0.73
    %Aggregate/Total
    
    
    1.67
    %
    
    
    6.51
    %
 
 *
    
    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 Trust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 Trust for the nine months ended September 30, 2010.    December 31, 2009TradingMarket Sector
    
    Value at Risk*
    
    
    Gain/(Loss)**Currencies
    
    
    0.90
    %
    
    
    3.74
    %Interest Rates
    
    
    0.69
    %
    
    
    (4.77
    )%Stock Indices
    
    
    0.45
    %
    
    
    (0.47
    )%Commodities
    
    
    0.41
    %
    
    
    (0.21
    )%Aggregate/Total
    
    
    1.62
    %
    
    
    (1.71
    )%
 
 *
    
     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 Trust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. - 33 -




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**
    
     Represents the gross trading for the Trust for the year ended December 31, 2009.    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 Trusts market risk exposures  except
for (i) those disclosures that are statements of historical fact and (ii) the descriptions of
how the Trust manages its primary market risk exposures 
constitute forward-looking statements
 - 34 -




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within the
meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act.
The Trust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 Trust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 Trust. There can be no assurance that the Trust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 Trust.
  Currencies
 i.e.,
 Interest Rates
  Stock Indices
  - 35 -




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##### Table of Contents



Energy
  Metals
  Agricultural
  Qualitative Disclosures Regarding Non-Trading Risk Exposure
  Foreign Currency Balances
  Fixed Income Securities
  Treasury Bill Positions Held for Margin Purposes
  - 36 -




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##### Table of Contents



Qualitative Disclosures Regarding Means of Managing Risk Exposure
   General
  
 Item 4. Controls and Procedures
  - 37 -




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##### Table of Contents



PART II-OTHER INFORMATION
 Item 1. Legal Proceedings.
  Item 1A. Risk Factors.
  Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
  Item 3. Defaults Upon Senior Securities.
  Item 4. (Removed and Reserved).
  Item 5. Other Information.
  
 Item 6. Exhibits and Reports on Form 8-K.
  ExhibitNumber
    
    Description of Document31.01
    
    Certification of Theresa D. Becks, Chief Executive Officer, pursuant to
Rules 13a-14 and 15d-14 of the Securities Exchange Act of 1934.31.02
    
    Certification of Gregory T. Donovan, Chief Financial Officer,
pursuant to Rules 13a-14 and 15d-14 of the Securities Exchange Act of 1934.32.01
    
    Certification of Theresa D. Becks, Chief Executive Officer,
pursuant to 18 U.S.C. Section 1350, as enacted by Section 906 of The
Sarbanes-Oxley Act of 2002.32.02
    
    Certification of Gregory T. Donovan, Chief Financial Officer,
pursuant to 18 U.S.C. Section 1350, as enacted by Section 906 of The
Sarbanes-Oxley Act of 2002.
   - 38 -




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##### Table of Contents



SIGNATURES
  THE CAMPBELL FUND TRUST
(Registrant)By:
    Campbell & Company, Inc.Managing OperatorDate: November 15, 2010
    By:
    /s/ Theresa D. BecksTheresa D. BecksChief Executive Officer - 39 -




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##### Table of Contents



EXHIBIT INDEX
 Exhibit Number
    
    Description of Document
    
    Page Number31.01
    
    Certification by Chief Executive Officer
    
    E 2  E 331.02
    
    Certification by Chief Financial Officer
    
    E 4  E 532.01
    
    Certification by Chief Executive Officer
    
    E 632.02
    
    Certification by Chief Financial Officer
    
    E 7
 E 1