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 March 31, 2009
 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)
 Baltimore, Maryland 21209
 (Address of principal executive offices, including zip code)
 (Registrants telephone number, including area code)
  þ o
 o o
  Large accelerated filer o
    
    Accelerated filer o
    
    Non-accelerated filer o
(Do not check if a smaller reporting company)
    
    Smaller reporting company þ
  o þ
 36




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##### 



PagePART I  FINANCIAL INFORMATIONItem 1. Financial StatementsCondensed Schedules of Investments as of March 31, 2009
(Unaudited) and December 31, 2008
    
    
    3-6Statements of Financial Condition as of March 31, 2009 (Unaudited)
and December 31, 2008
    
    
    7Statements of Operations for the Three Months Ended
March 31, 2009 and 2008 (Unaudited)
    
    
    8Statements of Cash Flows for the Three Months Ended
March 31, 2009 and 2008 (Unaudited)
    
    
    9Statements of Changes in Unitholders Capital (Net Asset Value)
for the Three Months Ended March 31, 2009 and 2008 (Unaudited)
    
    
    10-11Financial Highlights for the Three Months Ended
March 31, 2009 and 2008 (Unaudited)
    
    
    12-14Notes to Financial Statements (Unaudited)
    
    
    15-22Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations
    
    
    23-28Item 3. Quantitative and Qualitative Disclosure About Market Risk
    
    
    28-33Item 4(T). Controls and Procedures
    
    
    34PART II  OTHER INFORMATION
    
    
    35Item 6. Exhibits and Reports on Form 8-K
    
    
    35SIGNATURES
    
    
    36CERTIFICATIONS




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##### 



UNITED STATES GOVERNMENT SECURITIES*Maturity
    
    Maturity
    
    
    
    
    
        
    % of NetFace Value
    
    Date
    
    Description
    
    Values ($)
    
    
    Asset Value$
    400,000,000
    
    
    
    04/16/2009
    
    
    U.S. Treasury Bills
    
    $
    399,989,167
    
    
    
    87.12
    %$
    23,000,000
    
    
    
    04/16/2009
    
    
    U.S. Treasury Bills
    
    $
    22,999,329
    
    
    
    5.01
    %Total United States government securities
(cost, including accrued interest, - $422,988,496)
    
    $
    422,988,496
    
    
    
    92.13
    %LONG FUTURES CONTRACTSDescriptionAgricultural
    
    $
    99,900
    
    
    
    0.02
    %Energy
    
    $
    (110,380
    )
    
    
    (0.02
    )%Metals
    
    $
    64,718
    
    
    
    0.01
    %Stock indices
    
    $
    (2,530
    )
    
    
    0.00
    %Short-term interest rates
    
    $
    1,229,225
    
    
    
    0.27
    %Long-term interest rates
    
    $
    1,789,789
    
    
    
    0.39
    %Total long futures contracts
    
    $
    3,070,722
    
    
    
    0.67
    %SHORT FUTURES CONTRACTSDescriptionAgricultural
    
    $
    (323,832
    )
    
    
    (0.07
    )%Energy
    
    $
    660,625
    
    
    
    0.14
    %Metals
    
    $
    (977,111
    )
    
    
    (0.21
    )%Stock indices
    
    $
    (4,551,696
    )
    
    
    (0.99
    )%Short-term interest rates
    
    $
    (11,088
    )
    
    
    0.00
    %Long-term interest rates
    
    $
    67,283
    
    
    
    0.01
    %Total short futures contracts
    
    $
    (5,135,819
    )
    
    
    (1.12
    )%Total futures contracts
    
    $
    (2,065,097
    )
    
    
    (0.45
    )%
 See Accompanying Notes to Financial Statements.
 -3-




---



##### 



% of NetValues ($)
    
    
    Asset ValueFORWARD CURRENCY CONTRACTSDescriptionVarious long forward currency contracts
    
    $
    6,813,826
    
    
    
    1.48
    %Various short forward currency contracts
    
    $
    (6,808,233
    )
    
    
    (1.48
    )%Total forward currency contracts
    
    $
    5,593
    
    
    
    0.00
    %PURCHASED OPTIONS ON FORWARD CURRENCY CONTRACTSDescriptionPurchased options on forward currency contracts
(premiums paid  $186,202)
    
    $
    139,806
    
    
    
    0.03
    %WRITTEN OPTIONS ON FORWARD CURRENCY CONTRACTSDescriptionWritten options on forward currency contracts
(premiums received  $667,938)
    
    $
    (814,492
    )
    
    
    (0.18
    )%
 
 *
    
    Pledged as collateral for the trading of futures, forward and option positions. See Accompanying Notes to Financial Statements.
 -4-




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##### 



UNITED STATES GOVERNMENT SECURITIES*Maturity
    
    Maturity
    
    
    
    
    
    
    
    % of NetFace Value
    
    Date
    
    Description
    
    Values ($)
    
    
    Asset Value$
    25,000,000
    
    
    
    01/22/2009
    
    
    U.S. Treasury Bills
    
    $
    25,000,000
    
    
    
    4.99
    %Total United States government securities
(cost, including accrued interest, - $25,000,000)
    
    $
    25,000,000
    
    
    
    4.99
    %LONG FUTURES CONTRACTSDescriptionMetals
    
    $
    21,852
    
    
    
    0.00
    %Stock indices
    
    $
    226,850
    
    
    
    0.05
    %Short-term interest rates
    
    $
    860,185
    
    
    
    0.17
    %Long-term interest rates
    
    $
    1,064,421
    
    
    
    0.21
    %Total long futures contracts
    
    $
    2,173,308
    
    
    
    0.43
    %SHORT FUTURES CONTRACTSDescriptionAgricultural
    
    $
    (454,939
    )
    
    
    (0.09
    )%Energy
    
    $
    (155,724
    )
    
    
    (0.03
    )%Metals
    
    $
    (347,611
    )
    
    
    (0.07
    )%Stock indices
    
    $
    (678,007
    )
    
    
    (0.14
    )%Short-term interest rates
    
    $
    (84,325
    )
    
    
    (0.02
    )%Long-term interest rates
    
    $
    (475,421
    )
    
    
    (0.09
    )%Total short futures contracts
    
    $
    (2,196,027
    )
    
    
    (0.44
    )%Total futures contracts
    
    $
    (22,719
    )
    
    
    (0.01
    )%
 See Accompanying Notes to Financial Statements.
 -5-




---



##### 



% of NetValues ($)
    
    
    Asset ValueFORWARD CURRENCY CONTRACTSDescriptionVarious long forward currency contracts
    
    $
    5,898,461
    
    
    
    1.18
    %Various short forward currency contracts
    
    $
    (3,203,651
    )
    
    
    (0.64
    )%Total forward currency contracts
    
    $
    2,694,810
    
    
    
    0.54
    %PURCHASED OPTIONS ON FORWARD CURRENCY CONTRACTSDescriptionPurchased options on forward currency contracts
(premiums paid  $202,448)
    
    $
    109,058
    
    
    
    0.02
    %WRITTEN OPTIONS ON FORWARD CURRENCY CONTRACTSDescriptionWritten options on forward currency contracts(premiums received  $739,584)
    
    $
    (665,741
    )
    
    
    (0.13
    )%
 
 *
    
    Pledged as collateral for the trading of futures, forward and option positions. See Accompanying Notes to Financial Statements.
 -6-




---



##### 



March 31,
    
    
    December 31,2009
    
    
    2008ASSETSEquity in broker trading accountsCash
    
    $
    51,648,615
    
    
    $
    488,681,500Restricted cash
    
    
    0
    
    
    
    14,578,416United States government securities
    
    
    399,989,167
    
    
    
    0Net unrealized gain (loss) on open futures contracts
    
    
    (2,065,097
    )
    
    
    (22,719
    )Total equity in broker trading accounts
    
    
    449,572,685
    
    
    
    503,237,197Cash and cash equivalents
    
    
    4,538,641
    
    
    
    15,195United States government securities
    
    
    22,999,329
    
    
    
    25,000,000Options purchased, at fair value
(premiums paid  $186,202 and $202,448, respectively)
    
    
    139,806
    
    
    
    109,058Net unrealized gain (loss) on open forward currency contracts
    
    
    5,593
    
    
    
    2,694,810Interest receivable
    
    
    0
    
    
    
    5,337Subscriptions receivable
    
    
    434,162
    
    
    
    2,163,382Total assets
    
    $
    477,690,216
    
    
    $
    533,224,979LIABILITIESCash deficit at forwards broker
    
    $
    0
    
    
    $
    67,540Accounts payable
    
    
    113,472
    
    
    
    117,146Interest payable
    
    
    18,911
    
    
    
    0Management fee
    
    
    1,584,731
    
    
    
    1,767,267Service fee
    
    
    4
    
    
    
    0Options written, at fair value
(premiums received  $667,938 and $739,584, respectively)
    
    
    814,492
    
    
    
    665,741Accrued commissions and other trading fees on open contracts
    
    
    40,116
    
    
    
    30,509Offering costs payable
    
    
    1,244
    
    
    
    619Redemptions payable
    
    
    16,009,968
    
    
    
    29,369,592Total liabilities
    
    
    18,582,938
    
    
    
    32,018,414UNITHOLDERS CAPITAL (Net Asset Value)Series A UnitsOther Unitholders  1,606.687 and 1,052.200 units outstanding at
March 31, 2009 and December 31, 2008
    
    
    4,028,926
    
    
    
    2,656,823Series B UnitsManaging Operator  20.360 units outstanding at
March 31, 2009 and December 31, 2008
    
    
    51,180
    
    
    
    51,471Other
Unitholders  180,908.114 and 197,186.512 units outstanding at
March 31, 2009 and December 31, 2008
    
    
    454,760,050
    
    
    
    498,498,271Series W UnitsOther Unitholders  106.170 and 0.000 units outstanding at
March 31, 2009 and December 31, 2008
    
    
    267,122
    
    
    
    0Total unitholders capital (Net Asset Value)
    
    
    459,107,278
    
    
    
    501,206,565Total liabilities and unitholders capital (Net Asset Value)
    
    $
    477,690,216
    
    
    $
    533,224,979
 See Accompanying Notes to Financial Statements.
 -7-




---



##### 



Three Months EndedMarch 31,2009
    
    
    2008TRADING GAINS (LOSSES)Futures trading gains (losses)Realized
    
    $
    1,933,880
    
    
    $
    24,388,323Change in unrealized
    
    
    (2,042,379
    )
    
    
    (14,171,083
    )Brokerage commissions
    
    
    (160,207
    )
    
    
    (276,395
    )Net gain (loss) from futures trading
    
    
    (268,706
    )
    
    
    9,940,845Forward currency and options on forward currency trading gains (losses)Realized
    
    
    5,602,910
    
    
    
    (16,129,842
    )Change in unrealized
    
    
    (2,862,622
    )
    
    
    18,057,459Brokerage commissions
    
    
    (10,516
    )
    
    
    (36,822
    )Net gain (loss) from forward currency and options on forward
currency trading
    
    
    2,729,772
    
    
    
    1,890,795Total net trading gain (loss)
    
    
    2,461,066
    
    
    
    11,831,640INTEREST INCOME NET OF EXPENSESIncomeInterest income
    
    
    4,328
    
    
    
    5,149,129ExpensesManagement fee
    
    
    4,921,540
    
    
    
    7,509,744Service fee
    
    
    4
    
    
    
    0Operating expenses
    
    
    46,303
    
    
    
    52,145Total expenses
    
    
    4,967,847
    
    
    
    7,561,889Interest income net of expenses
    
    
    (4,963,519
    )
    
    
    (2,412,760
    )NET INCOME (LOSS)
    
    $
    (2,502,453
    )
    
    $
    9,418,880NET INCOME (LOSS) PER MANAGING OPERATOR AND OTHER UNITHOLDERS UNIT
(based on weighted average number of units outstanding during the year)Series A
(1)
    
    $
    (21.39
    )
    
    $
    0.00Series B
    
    $
    (12.89
    )
    
    $
    31.74Series W (2)
    
    $
    (47.16
    )
    
    $
    0.00INCREASE (DECREASE) IN NET ASSET VALUE PER MANAGING OPERATOR AND OTHER
UNITHOLDERS UNITSeries A (1)
    
    $
    (17.42
    )
    
    $
    0.00Series B
    
    $
    (14.29
    )
    
    $
    30.96Series W (2)
    
    $
    (48.18
    )
    
    $
    0.00
 
 (1)
    
    Series A Units commenced trading on October 1, 2008; therefore, no information is provided for
Series A Units for the three months ended March 31, 2008.(2)
    
    Series W Units commenced trading on March 1, 2009; therefore, the information shown is for
the period March 1, 2009 through March 31, 2009. No information is
provided for Series W Units for the three months ended March 31, 2008. See Accompanying Notes to Financial Statements.
 -8-




---



##### 



Three Months EndedMarch 31,2009
    
    
    2008Cash flows from (for) operating activitiesNet income (loss)
    
    $
    (2,502,453
    )
    
    $
    9,418,880Adjustments to reconcile net income (loss) to net cash from
(for) operating activitiesNet change in unrealized
    
    
    4,905,001
    
    
    
    (3,886,376
    )(Increase) decrease in restricted cash
    
    
    14,578,416
    
    
    
    0(Increase) decrease in option premiums paid
    
    
    16,246
    
    
    
    1,372,296Increase (decrease) in option premiums received
    
    
    (71,646
    )
    
    
    (745,293
    )Increase (decrease) in interest receivable
    
    
    5,337
    
    
    
    (8,340
    )(Increase) decrease in interest payable
    
    
    18,911
    
    
    
    0(Increase) decrease in other assets
    
    
    0
    
    
    
    648Increase (decrease) in accounts payable and accrued expenses
    
    
    (176,599
    )
    
    
    (419,011
    )Net maturities (purchases) of investments in
United States government securities
    
    
    (397,988,499
    )
    
    
    148,062,221Net cash from (for) operating activities
    
    
    (381,215,286
    )
    
    
    153,795,025Cash flows from (for) financing activitiesAddition of units
    
    
    3,931,180
    
    
    
    5,105,527Redemption of units
    
    
    (55,154,986
    )
    
    
    (128,329,991
    )Offering costs paid
    
    
    (2,807
    )
    
    
    0Net cash from (for) financing activities
    
    
    (51,226,613
    )
    
    
    (123,224,464
    )Net increase (decrease) in cash and cash equivalents
    
    
    (432,441,899
    )
    
    
    30,570,561Cash and cash equivalentsBeginning of period
    
    
    488,629,155
    
    
    
    74,537,120End of period
    
    $
    56,187,256
    
    
    $
    105,107,681End of period cash and cash equivalents consists of:Cash in broker trading accounts
    
    $
    51,648,615
    
    
    $
    92,330,446Cash and cash equivalents
    
    
    4,538,641
    
    
    
    12,777,235Total end of period cash and cash equivalents
    
    $
    56,187,256
    
    
    $
    105,107,681
 See Accompanying Notes to Financial Statements.
 -9-




---



##### 



Unitholders Capital - Series BManagingOperator
    
    
    Other Unitholders
    
    
    TotalUnits
    
    
    Amount
    
    
    Units
    
    
    Amount
    
    
    Units
    
    
    AmountThree Months Ended March 31, 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 three months ended
March 31, 2009
    
    
    
    
    
    
    (291
    )
    
    
    
    
    
    
    (2,478,874
    )
    
    
    
    
    
    
    (2,479,165
    )Additions
    
    
    0.000
    
    
    
    0
    
    
    
    64.053
    
    
    
    161,015
    
    
    
    64.053
    
    
    
    161,015Redemptions
    
    
    0.000
    
    
    
    0
    
    
    
    (16,342.451
    )
    
    
    (41,420,362
    )
    
    
    (16,342.451
    )
    
    
    (41,420,362
    )Balances at March 31, 2009
    
    
    20.360
    
    
    $
    51,180
    
    
    
    180,908.114
    
    
    $
    454,760,050
    
    
    
    180,928.474
    
    
    $
    454,811,230Three Months Ended March 31, 2008Balances at December 31, 2007
    
    
    20.360
    
    
    $
    50,838
    
    
    
    310,254.708
    
    
    $
    774,687,938
    
    
    
    310,275.068
    
    
    $
    774,738,776Net income (loss) for the three months ended
March 31, 2008
    
    
    
    
    
    
    630
    
    
    
    
    
    
    
    9,418,250
    
    
    
    
    
    
    
    9,418,880Additions
    
    
    0.000
    
    
    
    0
    
    
    
    2,020.873
    
    
    
    5,066,279
    
    
    
    2,020.873
    
    
    
    5,066,279Redemptions
    
    
    0.000
    
    
    
    0
    
    
    
    (42,644.950
    )
    
    
    (107,572,650
    )
    
    
    (42,644.950
    )
    
    
    (107,572,650
    )Balances at March 31, 2008
    
    
    20.360
    
    
    $
    51,468
    
    
    
    269,630.631
    
    
    $
    681,599,817
    
    
    
    269,650.991
    
    
    $
    681,651,285
 Net Asset Value per Managing Operator and Other Unitholders Unit - Series BMarch 31, 2009
    
    December 31, 2008
    
    March 31, 2008
    
    December 31, 2007$2,513.76
    
    $2,528.05
    
    $2,527.90
    
    $2,496.94
 See Accompanying Notes to Financial Statements.
 -10-




---



##### 



Series A (1)
    
    
    Series W (2)Units
    
    
    Amount
    
    
    Units
    
    
    AmountThree Months Ended March 31, 2009Balances at
December 31, 2008
    
    
    1,052.200
    
    
    $
    2,656,823
    
    
    
    0.000
    
    
    $
    0Net income (loss) for the three months ended
March 31, 2009
    
    
    
    
    
    
    (23,104
    )
    
    
    
    
    
    
    (184
    )Additions
    
    
    702.885
    
    
    
    1,773,635
    
    
    
    106.170
    
    
    
    267,310Redemptions
    
    
    (148.398
    )
    
    
    (375,000
    )
    
    
    0.000
    
    
    
    0Offering costs
    
    
    
    
    
    
    (3,428
    )
    
    
    
    
    
    
    (4
    )Balances at March 31, 2009
    
    
    1,606.687
    
    
    $
    4,028,926
    
    
    
    106.170
    
    
    $
    267,122
 Net Asset Value per Other Unitholders Unit - Series A
(1)March 31, 2009
    

December 31, 2008
    
    March 31, 2008
    
    December 31, 2007$2,507.60
    
    $2,525.02
    
    $0.00
    
    $0.00
 Net Asset Value per Other Unitholders Unit - Series W
(2)March 31, 2009
    
    February 28, 2009
    
    March 31, 2008
    
    December 31, 2007$2,515.98
    
    $2,564.16
    
    $0.00
    
    $0.00
 
 (1)
    
    Series A Units commenced trading on October 1, 2008; therefore, no information is provided
for the three months ended March
31, 2008.(2)
    
    Series W Units commenced trading on March 1, 2009; therefore, no information is provided for
the three months ended March
31, 2008. See Accompanying Notes to Financial Statements.
 -11-




---



##### 



Series A
(6)Three Months EndedMarch 31,2009
    
    
    2008Per Unit Performance
(for a unit outstanding throughout the entire period)Net asset value per unit at beginning of period
    
    $
    2,525.02
    
    
    $
    0.00Income (loss) from operations:Total net trading gains (losses) (1)
    
    
    11.37
    
    
    
    0.00Interest income net of expenses (1)
    
    
    (25.62
    )
    
    
    0.00Total net income (loss) from operations
    
    
    (14.25
    )
    
    
    0.00Offering costs (1)
    
    
    (3.17
    )
    
    
    0.00Net asset value per unit at end of period
    
    $
    2,507.60
    
    
    $
    0.00Total Return(3)
    
    
    (0.69
    )%
    
    
    0.00
    %Supplemental DataRatios to average net asset value:Expenses prior to performance fee (4)
    
    
    3.96
    %
    
    
    0.00
    %Performance fee (3)
    
    
    0.00
    %
    
    
    0.00
    %Total expenses
    
    
    3.96
    %
    
    
    0.00
    %Interest income net of expenses (2),(4),(5)
    
    
    (3.96
    )%
    
    
    0.00
    %
 Total returns are calculated based on the change in value of a unit during the period. An
individual partners total returns and ratios may vary from the above total returns and ratios
based on the timing of additions and redemptions.
 
 (1)
    
    Interest income net of expenses per unit and offering costs per unit is calculated by
dividing the interest income net of
expenses 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)
    
    Interest income net of expenses is shown as a positive amount when interest income exceeds
expenses excluding the
performance fee for the period and is shown as a negative amount when expenses excluding
performance fee exceed interest
income for the period.(6)
    
    Series A Units commenced trading on October 1, 2008; therefore, no information is provided
for Series A Units for the three
months ended March 31, 2008. See Accompanying Notes to Financial Statements.
 -12-




---



##### 



Series BThree Months EndedMarch 31,2009
    
    
    2008Per Unit Performance
(for a unit outstanding throughout the entire period)Net asset value per unit at beginning of period
    
    $
    2,528.05
    
    
    $
    2,496.94Income (loss) from operations:Total net trading gains (losses) (1)
    
    
    11.38
    
    
    
    39.09Interest income net of expenses (1)
    
    
    (25.67
    )
    
    
    (8.13
    )Total net income (loss) from operations
    
    
    (14.29
    )
    
    
    30.96Net asset value per unit at end of period
    
    $
    2,513.76
    
    
    $
    2,527.90Total Return(3)
    
    
    (0.57
    )%
    
    
    1.24
    %Supplemental DataRatios to average net asset value:Expenses prior to performance fee (4)
    
    
    4.08
    %
    
    
    4.10
    %Performance fee (3)
    
    
    0.00
    %
    
    
    0.00
    %Total expenses
    
    
    4.08
    %
    
    
    4.10
    %Interest income net of expenses (2),(4),(5)
    
    
    (4.08
    )%
    
    
    (1.31
    )%
 Total returns are calculated based on the change in value of a unit during the period. An
individual partners total returns and ratios may vary from the above total returns and ratios
based on the timing of additions and redemptions.
 
 (1)
    
    Interest income net of expenses per unit is calculated by dividing the interest income net
of expenses 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)
    
    Interest income net of expenses is shown as a positive amount when interest income exceeds
expenses excluding the
performance fee for the period and is shown as a negative amount when expenses excluding
performance fee exceed interest
income for the period. See Accompanying Notes to Financial Statements.
 -13-




---



##### 



Series W (6)Three Months EndedMarch 31,2009
    
    
    2008Per Unit Performance
(for a unit outstanding throughout the entire period)Net asset value per unit at beginning of period
    
    $
    2,564.16
    
    
    $
    0.00Income (loss) from operations:Total net trading gains (losses) (1)
    
    
    (42.02
    )
    
    
    0.00Interest income net of expenses (1)
    
    
    (5.13
    )
    
    
    0.00Total net income (loss) from operations
    
    
    (47.15
    )
    
    
    0.00Offering costs (1)
    
    
    (1.03
    )
    
    
    0.00Net asset value per unit at end of period
    
    $
    2,515.98
    
    
    $
    0.00Total Return(3)
    
    
    (1.88
    )%
    
    
    0.00
    %Supplemental DataRatios to average net asset value:Expenses prior to performance fee (4)
    
    
    2.47
    %
    
    
    0.00
    %Performance fee (3)
    
    
    0.00
    %
    
    
    0.00
    %Total expenses
    
    
    2.47
    %
    
    
    0.00
    %Interest income net of expenses (2),(4),(5)
    
    
    (2.47
    )%
    
    
    0.00
    %
 Total returns are calculated based on the change in value of a unit during the period. An
individual partners total returns and ratios may vary from the above total returns and ratios
based on the timing of additions and redemptions.
 
 (1)
    
    Interest income net of expenses per unit and offering costs per unit is calculated by
dividing the interest income net of
expenses 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)
    
    Interest income net of expenses is shown as a positive amount when interest income exceeds
expenses excluding the
performance fee for the period and is shown as a negative amount when expenses excluding
performance fee exceed interest
income for the period.(6)
    
    Series W Units commenced trading on March 1, 2009; therefore, the information shown is
for the period March 1, 2009
through March 31, 2009. No information is provided for Series W Units for the three
months ended March 31, 2008. See Accompanying Notes to Financial Statements.
 -14-




---



##### 



Note 1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 A.
    
    General Description of the TrustThe 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 Series A units, Series B units and
Series W units. The units in the Trust prior to that date became Series B units. Series
B units are only available for additional investment by existing holders of Series B
units.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 Interpretation No. 39 -
Offsetting of Amounts Related to Certain Contracts. The market value of futures
(exchange-traded) contracts is determined by the various futures exchanges, and reflects the
settlement price for each contract as of the close of the last business day of the reporting
period. The market 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.) of the
last business day of the reporting period or based on the market value of its
exchange-traded equivalent.The market 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 input, 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 market value of option written.
Brokerage commissions include other trading fees and are charged to expense when contracts
are opened. United States government securities are stated at cost plus accrued interest,
which approximates market value.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.
 -15-




---



##### 



The Trust adopted the provisions of Statement of Financial Accounting Statement No. 157  Fair
Value Measurement, or SFAS 157, as of January 1, 2008. SFAS 157 provides guidance for determining
fair value and requires increased disclosure regarding the inputs to valuation techniques used to
measure fair value. SFAS 157 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.SFAS No. 157 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 include U.S.
Treasury bills.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 March 31, 2009, the Trust did not have any Level 3
assets or liabilities.The following tables set forth by level within the fair value hierarchy the Trusts investments
accounted for at fair value on a reoccurring basis as of March 31, 2009 and December 31, 2008.
 Fair Value at March 31, 2009Description
    
    Level 1
    
    
    Level 2
    
    
    Level 3
    
    
    TotalInvestmentsU.S. Treasury Bills
    
    $
    0
    
    
    $
    422,988,496
    
    
    $
    0
    
    
    $
    422,988,496Other Financial InstrumentsExchange-traded futures contracts
    
    
    (2,065,097
    )
    
    
    0
    
    
    
    0
    
    
    
    (2,065,097
    )Forward currency contracts
    
    
    0
    
    
    
    5,593
    
    
    
    0
    
    
    
    5,593Options purchased
    
    
    0
    
    
    
    139,806
    
    
    
    0
    
    
    
    139,806Options written
    
    
    0
    
    
    
    (814,492
    )
    
    
    0
    
    
    
    (814,492
    )Total
    
    $
    (2,065,097
    )
    
    $
    422,319,403
    
    
    $
    0
    
    
    $
    420,254,306
 -16-




---



##### 



Fair Value at December 31, 2008Description
    
    Level 1
    
    
    Level 2
    
    
    Level 3
    
    
    TotalInvestmentsU.S. Treasury Bills
    
    $
    0
    
    
    $
    25,000,000
    
    
    $
    0
    
    
    $
    25,000,000Other Financial InstrumentsExchange-traded futures contracts
    
    
    (22,719
    )
    
    
    0
    
    
    
    0
    
    
    
    (22,719
    )Forward currency contracts
    
    
    0
    
    
    
    2,694,810
    
    
    
    0
    
    
    
    2,694,810Options purchased
    
    
    0
    
    
    
    109,058
    
    
    
    0
    
    
    
    109,058Options written
    
    
    0
    
    
    
    (665,741
    )
    
    
    0
    
    
    
    (665,741
    )Total
    
    $
    (22,719
    )
    
    $
    27,138,127
    
    
    $
    0
    
    
    $
    27,115,408
 D.
    
    Cash and Cash EquivalentsCash and cash equivalents includes cash and short-term investments in fixed income
securities held at financial institutions.E.
    
    Cash Deficit at Interbank Market MakerAt December 31, 2008, the Trust recorded an overdraft of $67,540 which resulted from
estimates of available cash.F.
    
    Income TaxesThe Trust prepares calendar year U.S. 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 Financial Accounting Standards Board
(FASB) Interpretation No. 48, Accounting for Uncertainty in Income Taxes  an
interpretation of FASB Statement No. 109 (FIN 48), to the Trust, and has determined that
FIN 48 does not have a material impact on the Trusts financial statements. The Trust files
federal and state tax returns. The 2005 through 2008 tax years generally remain subject to
examination by the U.S. federal and most state tax authorities.G.
    
    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.
 -17-




---



##### 



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 March 31, 2009 and December
31, 2008, the amount of unreimbursed offering costs incurred by Campbell & Company is
$400,439 and $111,829 for Series A units and $107,877 and $31,754 for Series W units
respectively.H.
    
    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.I.
    
    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.
 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.
 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.
 Note 4. 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 5. 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 earns interest income on its assets deposited with the broker.
 Note 6. SUBSCRIPTIONS, DISTRIBUTIONS AND REDEMPTIONS
 -18-




---



##### 



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.Redemption 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 7. 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 March 31, 2009 and December 31, 2008 was $422,988,496 and
$25,000,000, respectively, which equals 92% and 5% of Net Asset Value, respectively. The
cash deposited with interbank market makers at March 31, 2009 and December 31, 2008 was
$3,575,282 and $(67,540), respectively, which equals 1% and -0% of Net Asset Value,
respectively. These amounts are included in cash and cash equivalents. Included in cash
deposits with the broker and interbank market maker at March 31, 2009 and December 31, 2008
was restricted cash for margin requirements of $0 and $14,578,416 respectively, which equals
0% and 3% of Net Asset Value respectively.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.
 -19-




---



##### 



Forward Currency andOptions on ForwardFutures Contracts
    
    
    Currency Contracts(exchange traded)
    
    
    (non-exchange traded)March 31, 2009
    
    
    December 31, 2008
    
    
    March 31, 2009
    
    
    December 31, 2008Gross unrealized gains
    
    $
    6,064,001
    
    
    $
    3,247,644
    
    
    $
    18,053,751
    
    
    $
    13,542,469Gross unrealized losses
    
    
    (8,129,098
    )
    
    
    (3,270,363
    )
    
    
    (18,241,108
    )
    
    
    (10,867,206
    )Net unrealized gain (loss)
    
    $
    (2,065,097
    )
    
    $
    (22,719
    )
    
    $
    (187,357
    )
    
    $
    2,675,263
    Asset
    
    
    LiabilityDerivatives at
    
    
    Derivatives atStatement of Financial
    
    March 31, 2009
    
    
    March 31, 2009Type of Instrument *
    
    Condition Location
    
    Fair Value
    
    
    Fair Value
    
    
    NetAgricultural Contracts
    
    Equity in broker trading accounts
    
    $
    175,194
    
    
    $
    (399,126
    )
    
    $
    (223,932
    )Energy Contracts
    
    Equity in broker trading accounts
    
    
    1,105,638
    
    
    
    (555,393
    )
    
    
    550,245Metal Contracts
    
    Equity in broker trading accounts
    
    
    95,138
    
    
    
    (1,007,529
    )
    
    
    (912,391
    )Stock Indices Contracts
    
    Equity in broker trading accounts
    
    
    350,178
    
    
    
    (4,904,405
    )
    
    
    (4,554,227
    )Short-Term Interest Rate Contracts
    
    Equity in broker trading accounts
    
    
    1,427,749
    
    
    
    (209,611
    )
    
    
    1,218,138Long Term Interest Rate Contracts
    
    Equity in broker trading accounts
    
    
    2,910,104
    
    
    
    (1,053,034
    )
    
    
    1,857,070Forward Currency Contracts
    
    Net unrealized gain (loss) on forward currency contracts
    
    
    17,844,255
    
    
    
    (17,838,662
    )
    
    
    5,593Purchased Options on Forward Currency Contracts
    
    Options purchased, at fair value
    
    
    139,806
    
    
    
    0
    
    
    
    139,806Written Options on Forward Currency Contracts
    
    Options written, at fair value
    
    
    0
    
    
    
    (814,492
    )
    
    
    (814,492
    )Totals
    
    
    
    $
    24,048,062
    
    
    $
    (26,782,252
    )
    
    $
    (2,734,190
    )
 
 *
    
    Derivatives not designated as hedging instruments under Statement 133  -20-




---



##### 



Trading Revenue forthe Three Months EndedType of Instrument
    
    March 31, 2009Agricultural Contracts
    
    $
    669,615Energy Contracts
    
    $
    (116,054
    )Metal Contracts
    
    
    (2,183,837
    )Stock Indices Contracts
    
    
    (4,040,579
    )Short-Term Interest Rate Contracts
    
    
    3,564,459Long Term Interest Rate Contracts
    
    
    1,913,493Forward Currency Contracts
    
    
    (178,786
    )Purchased Options on Forward Currency Contracts
    
    
    (998,963
    )Written Options on Forward Currency Contracts
    
    
    3,918,037Total
    
    $
    2,547,385
 Trading Revenue forthe Three Months EndedLine Item in the Statement of Operations
    
    March 31, 2009Futures trading gains (losses):Realized
    
    $
    1,849,476Change in unrealized
    
    $
    (2,042,379
    )Forward currency and options on forward currency
trading gains (losses):Realized
    
    $
    5,602,910Change in unrealized
    
    
    (2,862,622
    )Total
    
    $
    2,547,385
     -21-




---



##### 



Note 8. INDEMNIFICATIONS
  Note 9. INTERIM FINANCIAL STATEMENTS
  -22-




---



##### 



Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations
     Critical Accounting Policies
   Capital Resources
  -23-




---



##### 



Liquidity
  i.e.
   Results of Operations
  -24-




---



##### 



2009
     Sector
    
    % Gain (Loss)Interest Rates
    
    
    1.42
    %Currencies
    
    
    0.59Commodities
    
    
    (0.54
    )Stock Indices
    
    
    (0.97
    )0.50
    %
    -25-




---



##### 



2008
  Sector
    
    % Gain (Loss)Stock Indices
    
    
    2.62
    %Currencies
    
    
    0.33Commodities
    
    
    (0.08
    )Interest Rates
    
    
    (1.26
    )1.61
    %
   -26-




---



##### 



Off-Balance Sheet Risk
    -27-




---



##### 



Disclosures About Certain Trading Activities that Include Non-Exchange Traded Contracts
Accounted for at Fair Value
  
 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 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).
 -28-




---



##### 



The Trusts Trading Value at Risk in Different Market Sectors
  -29-




---



##### 



March 31, 2009TradingMarket Sector
    
    Value at Risk*
    
    Gain/(Loss)**Stock Indices
    
    
    0.64
    %
    
    
    (0.97
    )%Currencies
    
    
    0.55
    %
    
    
    0.59
    %Interest Rates
    
    
    0.38
    %
    
    
    1.42
    %Commodities
    
    
    0.22
    %
    
    
    (0.54
    )%Aggregate/Total
    
    
    1.22
    %
    
    
    0.50
    %
 
 *
    
    -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 three months ended March 31, 2009.    December 31, 2008TradingMarket Sector
    
    Value at Risk*
    
    Gain/(Loss)**Currencies
    
    
    0.50
    %
    
    
    (0.60
    )%Interest Rates
    
    
    0.29
    %
    
    
    (4.69
    )Stock Indices
    
    
    0.17
    %
    
    
    8.68
    %Commodities
    
    
    0.06
    %
    
    
    0.43
    %Aggregate/Total
    
    
    0.59
    %
    
    
    3.82
    %
 
 *
    
    - 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 year ended December 31, 2008.  -30-




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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 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 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.
 -31-




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##### 



Currencies
 i.e.,
 Interest Rates
  Stock Indices
  Energy
  Metals
  -32-




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##### 



Agricultural
  Qualitative Disclosures Regarding Non-Trading Risk Exposure
  Foreign Currency Balances
  Treasury Bill Positions
  Qualitative Disclosures Regarding Means of Managing Risk Exposure
   General
  -33-




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##### 



Item 4(T). Controls and Procedures
  -34-




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##### 



PART II-OTHER INFORMATION
 Item 1. Legal Proceedings.
  Item 2. Changes in Securities and Use of Proceeds
  Item 3. Defaults Upon Senior Securities
  Item 4. Submissions of Matters to a vote of Security Holders.
  Item 5. Other Information
  
 Item 6. Exhibits and Reports on Form 8-K.
 (a)
    
    Exhibits
 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.
 (b)
    
    Reports of Form 8-KNone
 -35-




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##### 



SIGNATURES
  THE CAMPBELL FUND TRUST(Registrant)By:
    
    Campbell & Company, Inc.Managing OperatorDate: May 15, 2009
    
    By:
    
    /s/ Theresa D. BecksTheresa D. BecksChief Executive Officer
 -36-




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##### 



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