UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 WASHINGTON, D.C. 20549
 FORM 10-Q
 þ
    
    Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 For the quarterly period ended June 30, 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)
 
 
   
   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
   35




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##### 



PagePART I  FINANCIAL INFORMATIONItem 1. Financial StatementsCondensed Schedules of Investments as of June 30, 2009
(Unaudited) and December 31, 2008
    
    
    3-6Statements of Financial Condition as of June 30, 2009 (Unaudited)
and December 31, 2008
    
    
    7Statements of Operations for the Three Months and Six Months Ended
June 30, 2009 and 2008 (Unaudited)
    
    
    8Statements of Cash Flows for the Six Months Ended
June 30, 2009 and 2008 (Unaudited)
    
    
    9Statements of Changes in Unitholders Capital (Net Asset Value)
for the Six Months Ended June 30, 2009 and 2008 (Unaudited)
    
    
    10-11Financial Highlights for the Three Months and Six Months Ended
June 30, 2009 and 2008 (Unaudited)
    
    
    12-14Notes to Financial Statements (Unaudited)
    
    
    15-20Item 2. Managements Discussion and Analysis of Financial Condition and
Results of Operations
    
    
    21-27Item 3. Quantitative and Qualitative Disclosure About Market Risk
    
    
    27-33Item 4(T). Controls and Procedures
    
    
    33PART II  OTHER INFORMATION
    
    
    34Item 6. Exhibits and Reports on Form 8-K
    
    
    34SIGNATURES
    
    
    35CERTIFICATIONS




---



##### 



% of NetValues ($)
    
    
    Asset ValueUNITED STATES GOVERNMENT SECURITIES*Maturity
    
    
    MaturityFace Value
    
    
    Date
    
    Description$
    390,000,000
    
    
    07/09/2009
    
    U.S. Treasury Bills
    
    $
    389,993,516
    
    
    
    97.81
    %Total United States government securities(cost, including accrued interest, - $389,993,516)
    
    $
    389,993,516
    
    
    
    97.81
    %LONG FUTURES CONTRACTSDescriptionEnergy
    
    $
    (379,603
    )
    
    
    (0.10
    )%Metals
    
    $
    (293,344
    )
    
    
    (0.07
    )%Stock indices
    
    $
    869,056
    
    
    
    0.22
    %Short-term interest rates
    
    $
    416,077
    
    
    
    0.10
    %Long-term interest rates
    
    $
    179,617
    
    
    
    0.05
    %Total long futures contracts
    
    $
    791,803
    
    
    
    0.20
    %SHORT FUTURES CONTRACTSDescriptionAgricultural
    
    $
    227,899
    
    
    
    0.06
    %Energy
    
    $
    208,740
    
    
    
    0.05
    %Metals
    
    $
    1,016
    
    
    
    0.00
    %Stock indices
    
    $
    865,421
    
    
    
    0.22
    %Short-term interest rates
    
    $
    50,614
    
    
    
    0.01
    %Long-term interest rates
    
    $
    (2,132,444
    )
    
    
    (0.54
    )%Total short futures contracts
    
    $
    (778,754
    )
    
    
    (0.20
    )%Total futures contracts
    
    $
    13,049
    
    
    
    0.00
    %
 See Accompanying Notes to Financial Statements.
 - 3 -




---



##### 



% of NetValues ($)
    
    
    Asset ValueFORWARD CURRENCY CONTRACTSDescriptionVarious long forward currency contracts
    
    $
    1,554,311
    
    
    
    0.39
    %Various short forward currency contracts
    
    $
    (1,473,999
    )
    
    
    (0.37
    )%Total forward currency contracts
    
    $
    80,312
    
    
    
    0.02
    %PURCHASED OPTIONS ON FORWARD CURRENCY
CONTRACTSDescriptionPurchased options on forward currency
contracts 
(premiums paid - $196,190)
    
    $
    205,267
    
    
    
    0.05
    %WRITTEN OPTIONS ON FORWARD CURRENCY CONTRACTSDescriptionWritten options on forward currency
contracts 
(premiums received - $597,675)
    
    $
    (369,268
    )
    
    
    (0.09
    )%
 
 *
    
    Pledged as collateral for the trading of futures, forward and option positions. See Accompanying Notes to Financial Statements.
 - 4 -




---



##### 



% of NetValues ($)
    
    
    Asset ValueUNITED STATES GOVERNMENT SECURITIES*Maturity
    
    
    MaturityFace Value
    
    
    Date
    
    Description$
    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 -




---



##### 



June 30,
    
    
    December 31,2009
    
    
    2008ASSETSEquity in broker trading accountsCash
    
    $
    14,004,331
    
    
    $
    488,681,500Restricted cash
    
    
    0
    
    
    
    14,578,416United States government securities
    
    
    374,993,750
    
    
    
    0Net unrealized gain (loss) on open futures contracts
    
    
    13,049
    
    
    
    (22,719
    )Total equity in broker trading accounts
    
    
    389,011,130
    
    
    
    503,237,197Cash and cash equivalents
    
    
    10,290,518
    
    
    
    15,195United States government securities
    
    
    14,999,766
    
    
    
    25,000,000Options purchased, at fair value

(premiums paid - $196,190 and $202,448, respectively)
    
    
    205,267
    
    
    
    109,058Net unrealized gain (loss) on open forward currency contracts
    
    
    80,312
    
    
    
    2,694,810Interest receivable
    
    
    0
    
    
    
    5,337Subscriptions receivable
    
    
    401,467
    
    
    
    2,163,382Total assets
    
    $
    414,988,460
    
    
    $
    533,224,979LIABILITIESCash deficit at forwards broker
    
    $
    0
    
    
    $
    67,540Accounts payable
    
    
    61,600
    
    
    
    117,146Interest payable
    
    
    9,541
    
    
    
    0Management fee
    
    
    1,371,806
    
    
    
    1,767,267Service fee
    
    
    179
    
    
    
    0Options written, at fair value
(premiums received - $597,675 and $739,584, respectively)
    
    
    369,268
    
    
    
    665,741Accrued commissions and other trading fees on open contracts
    
    
    42,379
    
    
    
    30,509Offering costs payable
    
    
    3,306
    
    
    
    619Redemptions payable
    
    
    14,410,271
    
    
    
    29,369,592Total liabilities
    
    
    16,268,350
    
    
    
    32,018,414UNITHOLDERS CAPITAL (Net Asset Value)Series A UnitsOther
Unitholders - 4,121.138 and 1,052.200 units outstanding at
June 30, 2009 andDecember 31, 2008
    
    
    9,589,231
    
    
    
    2,656,823Series B UnitsManaging
Operator - 20.360 units outstanding at
June 30, 2009 and December 31, 2008
    
    
    47,551
    
    
    
    51,471Other
Unitholders - 166,138.056 and 197,186.512 units outstanding at
June 30, 2009 andDecember 31, 2008
    
    
    388,014,125
    
    
    
    498,498,271Series W UnitsOther
Unitholders - 456.255 and 0.000 units outstanding at
June 30, 2009 andDecember 31, 2008
    
    
    1,069,203
    
    
    
    0Total unitholders capital (Net Asset Value)
    
    
    398,720,110
    
    
    
    501,206,565Total liabilities and unitholders capital (Net Asset Value)
    
    $
    414,988,460
    
    
    $
    533,224,979
 See Accompanying Notes to Financial Statements.
 - 7 -




---



##### 



Three Months Ended
    
    
    Six Months EndedJune 30,
    
    
    June 30,2009
    
    
    2008
    
    
    2009
    
    
    2008TRADING GAINS (LOSSES)Futures trading gains (losses)Realized
    
    $
    (24,584,814
    )
    
    $
    (12,447,662
    )
    
    $
    (22,650,934
    )
    
    $
    11,940,661Change in unrealized
    
    
    2,078,146
    
    
    
    32,214,213
    
    
    
    35,767
    
    
    
    18,043,130Brokerage commissions
    
    
    (162,643
    )
    
    
    (230,143
    )
    
    
    (322,850
    )
    
    
    (506,538
    )Net gain (loss) from futures trading
    
    
    (22,669,311
    )
    
    
    19,536,408
    
    
    
    (22,938,017
    )
    
    
    29,477,253Forward currency and options on forward
currency trading gains (losses)Realized
    
    
    (5,691,954
    )
    
    
    15,025,450
    
    
    
    (89,044
    )
    
    
    (1,104,392
    )Change in unrealized
    
    
    505,155
    
    
    
    (991,566
    )
    
    
    (2,357,467
    )
    
    
    17,065,893Brokerage commissions
    
    
    (18,372
    )
    
    
    (19,259
    )
    
    
    (28,888
    )
    
    
    (56,081
    )Net gain (loss) from forward currency
and options on forward currency trading
    
    
    (5,205,171
    )
    
    
    14,014,625
    
    
    
    (2,475,399
    )
    
    
    15,905,420Total net trading gain (loss)
    
    
    (27,874,482
    )
    
    
    33,551,033
    
    
    
    (25,413,416
    )
    
    
    45,382,673INTEREST INCOME NET OF EXPENSESIncomeInterest income
    
    
    32,009
    
    
    
    2,715,136
    
    
    
    36,337
    
    
    
    7,864,265ExpensesManagement fee
    
    
    4,279,542
    
    
    
    6,518,085
    
    
    
    9,201,082
    
    
    
    14,027,829Service fee
    
    
    444
    
    
    
    0
    
    
    
    448
    
    
    
    0Operating expenses
    
    
    47,503
    
    
    
    57,814
    
    
    
    93,806
    
    
    
    109,959Total expenses
    
    
    4,327,489
    
    
    
    6,575,899
    
    
    
    9,295,336
    
    
    
    14,137,788Interest income net of expenses
    
    
    (4,295,480
    )
    
    
    (3,860,763
    )
    
    
    (9,258,999
    )
    
    
    (6,273,523
    )NET INCOME (LOSS)
    
    $
    (32,169,962
    )
    
    $
    29,690,270
    
    
    $
    (34,672,415
    )
    
    $
    39,109,150NET INCOME (LOSS) PER MANAGING OPERATOR
AND OTHER UNITHOLDERS UNIT
(based on weighted average number of units outstanding
during the period)Series A(1)
    
    $
    (147.19
    )
    
    $
    0.00
    
    
    $
    (220.97
    )
    
    $
    0.00Series B
    
    $
    (179.53
    )
    
    $
    116.15
    
    
    $
    (185.48
    )
    
    $
    141.60Series W(2)
    
    $
    (149.28
    )
    
    $
    0.00
    
    
    $
    (198.96
    )
    
    $
    0.00INCREASE (DECREASE) IN NET ASSET VALUE
PER MANAGING OPERATOR AND OTHER
UNITHOLDERS UNITSeries A(1)
    
    $
    (180.76
    )
    
    $
    0.00
    
    
    $
    (198.18
    )
    
    $
    0.00Series B
    
    $
    (178.27
    )
    
    $
    127.73
    
    
    $
    (192.56
    )
    
    $
    158.69Series W(2)
    
    $
    (172.55
    )
    
    $
    0.00
    
    
    $
    (220.73
    )
    
    $
    0.00
 
 (1)
    
    Series A Units commenced trading on October 1, 2008 therefore no information is provided for Series A Units for the year 2008.(2)
    
    Series W Units commenced trading on March 1, 2009; therefore,
the information shown is for the period March 1, 2009 through June 30, 2009. No information
is provided for Series W Units for the year 2008. See Accompanying Notes to Financial Statements.
 - 8 -




---



##### 



Six Months EndedJune 30,2009
    
    
    2008Cash flows from (for) operating activitiesNet income (loss)
    
    $
    (34,672,415
    )
    
    $
    39,109,150Adjustments to reconcile net income (loss) to net cash from (for) operating activitiesNet change in unrealized
    
    
    2,321,700
    
    
    
    (35,109,023
    )(Increase) decrease in restricted cash
    
    
    14,578,416
    
    
    
    0(Increase) decrease in option premiums paid
    
    
    6,258
    
    
    
    1,456,537Increase (decrease) in option premiums received
    
    
    (141,909
    )
    
    
    (812,508
    )(Increase) decrease in interest receivable
    
    
    5,337
    
    
    
    10,024Increase (decrease) in interest payable
    
    
    9,541
    
    
    
    0(Increase) decrease in other assets
    
    
    0
    
    
    
    648Increase (decrease) in accounts payable and accrued expenses
    
    
    (438,958
    )
    
    
    (695,269
    )Net maturities (purchases) of investments inUnited States government securities
    
    
    (364,993,517
    )
    
    
    217,017,451Net cash from (for) operating activities
    
    
    (383,325,547
    )
    
    
    220,977,010Cash flows from (for) financing activitiesAddition of units
    
    
    12,063,841
    
    
    
    5,685,816Redemption of units
    
    
    (93,063,645
    )
    
    
    (235,697,940
    )Offering costs paid
    
    
    (8,955
    )
    
    
    0Net cash from (for) financing activities
    
    
    (81,008,759
    )
    
    
    (230,012,124
    )Net increase (decrease) in cash and cash equivalents
    
    
    (464,334,306
    )
    
    
    (9,035,114
    )Cash and cash equivalentsBeginning of period
    
    
    488,629,155
    
    
    
    74,537,120End of period
    
    $
    24,294,849
    
    
    $
    65,502,006End of period cash and cash equivalents consists of:Cash in broker trading accounts
    
    $
    14,004,331
    
    
    $
    37,786,032Cash and cash equivalents
    
    
    10,290,518
    
    
    
    27,715,974Total end of period cash and cash equivalents
    
    $
    24,294,849
    
    
    $
    65,502,006
 See Accompanying Notes to Financial Statements.
 - 9 -




---



##### 



Unitholders Capital - Series BManaging Operator
    
    
    Other Unitholders
    
    
    TotalUnits
    
    
    Amount
    
    
    Units
    
    
    Amount
    
    
    Units
    
    
    AmountSix Months Ended June 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 six months ended June 30, 2009
    
    
    
    
    
    
    (3,920
    )
    
    
    
    
    
    
    (34,237,051
    )
    
    
    
    
    
    
    (34,240,971
    )Additions
    
    
    0.000
    
    
    
    0
    
    
    
    172.004
    
    
    
    413,133
    
    
    
    172.004
    
    
    
    413,133Redemptions
    
    
    0.000
    
    
    
    0
    
    
    
    (31,220.460
    )
    
    
    (76,660,228
    )
    
    
    (31,220.460
    )
    
    
    (76,660,228
    )Balances at June 30, 2009
    
    
    20.360
    
    
    $
    47,551
    
    
    
    166,138.056
    
    
    $
    388,014,125
    
    
    
    166,158.416
    
    
    $
    388,061,676Six Months Ended June 30, 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 six months ended
June 30, 2008
    
    
    
    
    
    
    3,231
    
    
    
    
    
    
    
    39,105,919
    
    
    
    
    
    
    
    39,109,150Additions
    
    
    0.000
    
    
    
    0
    
    
    
    2,255.229
    
    
    
    5,646,568
    
    
    
    2,255.229
    
    
    
    5,646,568Redemptions
    
    
    0.000
    
    
    
    0
    
    
    
    (80,316.518
    )
    
    
    (202,820,572
    )
    
    
    (80,316.518
    )
    
    
    (202,820,572
    )Balances at June 30, 2008
    
    
    20.360
    
    
    $
    54,069
    
    
    
    232,193.419
    
    
    $
    616,619,853
    
    
    
    232,213.779
    
    
    $
    616,673,922
 Net Asset Value per Managing Operator and Other Unitholders Unit - Series BJune 30, 2009
    
    December 31, 2008
    
    June 30, 2008
    
    December 31, 2007$2,335.49
    
    $2,528.05
    
    $2,655.63
    
    $2,496.94
 See Accompanying Notes to Financial Statements.
 - 10 -




---



##### 



Series A (1)
    
    

Series
W (2)Units
    
    
    Amount
    
    
    Units
    
    
    AmountSix Months Ended June 30, 2009Balances at December 31, 2008
    
    
    1,052.200
    
    
    $
    2,656,823
    
    
    
    0.000
    
    
    $
    0Net income (loss) for the six months ended June 30, 2009
    
    
    
    
    
    
    (409,002
    )
    
    
    
    
    
    
    (22,442
    )Additions
    
    
    3,666.423
    
    
    
    8,796,700
    
    
    
    456.255
    
    
    
    1,092,093Redemptions
    
    
    (597.485
    )
    
    
    (1,444,096
    )
    
    
    0.000
    
    
    
    0Offering costs
    
    
    
    
    
    
    (11,194
    )
    
    
    
    
    
    
    (448
    )Balances at June 30, 2009
    
    
    4,121.138
    
    
    $
    9,589,231
    
    
    
    456.255
    
    
    $
    1,069,203
 Net Asset Value per Other Unitholders Unit - Series A (1)June 30, 2009
    
    December 31, 2008
    
    June 30, 2008
    
    December 31, 2007$2,326.84
    
    $2,525.02
    
    $0.00
    
    $0.00
 Net Asset Value per Other Unitholders Unit - Series W(2)June 30, 2009
    
    February 28, 2009
    
    June 30, 2008
    
    December 31, 2007$2,343.43
    
    $2,564.16
    
    $0.00
    
    $0.00
 
 (1)
    
    Series A Units commenced trading on October 1, 2008; therefore, no information is provided for the six months ended June 30, 2008.(2)
    
    Series W Units commenced trading on March 1, 2009; therefore, no information is provided for the six months ended June 30, 2008. See Accompanying Notes to Financial Statements.
 - 11 -




---



##### 



Series A (6)Three Months Ended
    
    
    Six Months EndedJune 30,
    
    
    June 30,2009
    
    
    2008
    
    
    2009
    
    
    2008Per Unit Performance(for a unit outstanding throughout the entire period)Net asset value per unit at beginning of period
    
    $
    2,507.60
    
    
    $
    0.00
    
    
    $
    2,525.02
    
    
    $
    0.00Income (loss) from operations:Total net trading gains (losses) (1)
    
    
    (154.04
    )
    
    
    0.00
    
    
    
    (143.52
    )
    
    
    0.00Interest income net of expenses (1)
    
    
    (23.76
    )
    
    
    0.00
    
    
    
    (48.61
    )
    
    
    0.00Total net income (loss) from operations
    
    
    (177.80
    )
    
    
    0.00
    
    
    
    (192.13
    )
    
    
    0.00Offering costs (1)
    
    
    (2.96
    )
    
    
    0.00
    
    
    
    (6.05
    )
    
    
    0.00Net asset value per unit at end of period
    
    $
    2,326.84
    
    
    $
    0.00
    
    
    $
    2,326.84
    
    
    $
    0.00Total Return(3)
    
    
    (7.21
    )%
    
    
    0.00
    %
    
    
    (7.85
    )%
    
    
    0.00
    %Supplemental DataRatios to average net asset value:Expenses prior to performance fee (4)
    
    
    3.98
    %
    
    
    0.00
    %
    
    
    4.00
    %
    
    
    0.00
    %Performance fee (3)
    
    
    0.00
    %
    
    
    0.00
    %
    
    
    0.00
    %
    
    
    0.00
    %Total expenses
    
    
    3.98
    %
    
    
    0.00
    %
    
    
    4.00
    %
    
    
    0.00
    %Interest
income net of expenses
(2),(4),(5)
    
    
    (3.94
    )%
    
    
    0.00
    %
    
    
    (3.97
    )%
    
    
    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 are 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 are shown as a positive percentage when interest income
exceeds expenses excluding the performance fee for the period and a negative number when
expenses 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 and six months ended June 30, 2008. See Accompanying Notes to Financial Statements.
 - 12 -




---



##### 



Series BThree Months Ended
    
    
    Six Months EndedJune 30,
    
    
    June 30,2009
    
    
    2008
    
    
    2009
    
    
    2008Per Unit Performance(for a unit outstanding throughout the entire period)Net asset value per unit at beginning of period
    
    $
    2,513.76
    
    
    $
    2,527.90
    
    
    $
    2,528.05
    
    
    $
    2,496.94Income (loss) from operations:Total net trading gains (losses) (1)
    
    
    (154.35
    )
    
    
    142.83
    
    
    
    (142.90
    )
    
    
    181.40Interest income net of expenses (1)
    
    
    (23.92
    )
    
    
    (15.10
    )
    
    
    (49.66
    )
    
    
    (22.71
    )Total net income (loss) from operations
    
    
    (178.27
    )
    
    
    127.73
    
    
    
    (192.56
    )
    
    
    158.69Net asset value per unit at end of period
    
    $
    2,335.49
    
    
    $
    2,655.63
    
    
    $
    2,335.49
    
    
    $
    2,655.63Total Return(3)
    
    
    (7.09
    )%
    
    
    5.05
    %
    
    
    (7.62
    )%
    
    
    6.36
    %Supplemental DataRatios to average net asset value:Expenses prior to performance fee (4)
    
    
    4.02
    %
    
    
    4.11
    %
    
    
    4.08
    %
    
    
    4.13
    %Performance fee (3)
    
    
    0.00
    %
    
    
    0.00
    %
    
    
    0.00
    %
    
    
    0.00
    %Total expenses
    
    
    4.02
    %
    
    
    4.11
    %
    
    
    4.08
    %
    
    
    4.13
    %Interest income net of expenses (2),(4),(5)
    
    
    (3.99
    )%
    
    
    (2.42
    )%
    
    
    (4.06
    )%
    
    
    (1.83
    )%
 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 are 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 are shown as a positive percentage when interest income
exceeds expenses excluding the performance fee for the period and a negative number when
expenses exceed interest income for the period. See Accompanying Notes to Financial Statements.
 - 13 -




---



##### 



Series W(6)Three Months Ended
    
    
    Six Months EndedJune 30,
    
    
    June 30,2009
    
    
    2008
    
    
    2009
    
    
    2008Per Unit Performance
(for a unit outstanding throughout the entire period)Net asset value per unit at beginning of period
    
    $
    2,515.98
    
    
    $
    0.00
    
    
    $
    2,564.16
    
    
    $
    0.00Income (loss) from operations:Total net trading gains (losses) (1)
    
    
    (154.61
    )
    
    
    0.00
    
    
    
    (196.81
    )
    
    
    0.00Interest income net of expenses (1)
    
    
    (14.96
    )
    
    
    0.00
    
    
    
    (19.95
    )
    
    
    0.00Total net income (loss) from operations
    
    
    (169.57
    )
    
    
    0.00
    
    
    
    (216.76
    )
    
    
    0.00Offering costs (1)
    
    
    (2.98
    )
    
    
    0.00
    
    
    
    (3.97
    )
    
    
    0.00Net asset value per unit at end of period
    
    $
    2,343.43
    
    
    $
    0.00
    
    
    $
    2,343.43
    
    
    $
    0.00Total Return(3)
    
    
    (6.86
    )%
    
    
    0.00
    %
    
    
    (8.61
    )%
    
    
    0.00
    %Supplemental DataRatios to average net asset value:Expenses prior to performance fee (4)
    
    
    2.50
    %
    
    
    0.00
    %
    
    
    2.50
    %
    
    
    0.00
    %Performance fee (3)
    
    
    0.00
    %
    
    
    0.00
    %
    
    
    0.00
    %
    
    
    0.00
    %Total expenses
    
    
    2.50
    %
    
    
    0.00
    %
    
    
    2.50
    %
    
    
    0.00
    %Interest
income net of expenses
(2),(4),(5)
    
    
    (2.46
    )%
    
    
    0.00
    %
    
    
    (2.46
    )%
    
    
    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 are 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 are shown as a positive percentage when interest income
exceeds expenses excluding the performance fee for the period and a negative number when
expenses exceed interest income for the period.(6)
    
    Series W Units commenced trading on March 1, 2009; therefore, the results for the six months
ended June 30, 2009 contains information for the period beginning March 1, 2009. No
information is provided for Series W Units for the three and six months ended June 30, 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.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 includes
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 June 30, 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 recurring basis as of June 30, 2009 and December
31, 2008.
 - 15 -




---



##### 



Fair Value at June 30, 2009Description
    
    Level 1
    
    
    Level 2
    
    
    Level 3
    
    
    TotalInvestmentsU.S. Treasury Bills
    
    $
    0
    
    
    $
    389,993,516
    
    
    $
    0
    
    
    $
    389,993,516Other Financial InstrumentsExchange-traded futures contracts
    
    
    13,049
    
    
    
    0
    
    
    
    0
    
    
    
    13,049Forward currency contracts
    
    
    0
    
    
    
    80,312
    
    
    
    0
    
    
    
    80,312Options purchased
    
    
    0
    
    
    
    205,267
    
    
    
    0
    
    
    
    205,267Options written
    
    
    0
    
    
    
    (369,268
    )
    
    
    0
    
    
    
    (369,268
    )Total
    
    $
    13,049
    
    
    $
    389,909,827
    
    
    $
    0
    
    
    $
    389,922,876
 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 no reserves for
uncertain tax positions were required to have been recorded as a result of the adoption of
FIN 48. Management is not aware of any tax positions for which it is reasonably possible that
the total amounts of unrecognized tax benefits will significantly increase or decrease within
twelve months. The 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.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 June 30, 2009 and December 31, 2008, the amount of unreimbursed offering costs incurred by
Campbell & Company is $654,773 and $212,800 for Series A units and $212,800 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.
 - 16 -




---



##### 



J.
    
    Recently Issued Accounting PronouncementsIn May 2009, the FASB issued Statement of Financial Accounting Standards No. 165, Subsequent
Events(SFAS 165). SFAS 165 establishes general standards of accounting for and disclosure of
events that occur after the statement of financial condition date but before the financial
statements are issued or available to be issued. SFAS 165 is effective for financial
statements issued for interim and annual periods ending after June 15, 2009. See Note 10.
 Note 2.
    
    MANAGING OPERATOR AND COMMODITY TRADING ADVISOR
   Note 3.
    
    TRUSTEE
  Note 4.
    
    SERVICE FEE
  Note 5.
    
    DEPOSITS WITH BROKER
  Note 6.
    
    SUBSCRIPTIONS, DISTRIBUTIONS AND REDEMPTIONS
    Note 7.
    
    TRADING ACTIVITIES AND RELATED RISKS
   - 17 -




---



##### 



Forward Currency andOptions on ForwardFutures Contracts
    
    
    Currency Contracts(exchange traded)
    
    
    (non-exchange traded)June 30, 2009
    
    
    December 31, 2008
    
    
    June 30, 2009
    
    
    December 31, 2008Gross unrealized gains
    
    $
    3,906,567
    
    
    $
    3,247,644
    
    
    $
    8,129,235
    
    
    $
    13,542,469Gross unrealized losses
    
    
    (3,893,518
    )
    
    
    (3,270,363
    )
    
    
    (7,811,439
    )
    
    
    (10,867,206
    )Net unrealized gain (loss)
    
    $
    13,049
    
    
    $
    (22,719
    )
    
    $
    317,796
    
    
    $
    2,675,263
    Asset
    
    LiabilityDerivatives at
    
    Derivatives atStatement of Financial
    
    June 30, 2009
    
    June 30, 2009Type of Instrument *
    
    Condition Location
    
    Fair Value
    
    Fair Value
    
    NetAgricultural Contracts
    
    Equity in broker trading accounts
    
    $
    247,081
    
    
    $
    (19,182
    )
    
    $
    227,899Energy Contracts
    
    Equity in broker trading accounts
    
    
    306,448
    
    
    
    (477,311
    )
    
    
    (170,863
    )Metal Contracts
    
    Equity in broker trading accounts
    
    
    201,597
    
    
    
    (493,925
    )
    
    
    (292,328
    )Stock Indices Contracts
    
    Equity in broker trading accounts
    
    
    1,768,231
    
    
    
    (33,753
    )
    
    
    1,734,478Short-Term Interest Rate Contracts
    
    Equity in broker trading accounts
    
    
    524,285
    
    
    
    (57,595
    )
    
    
    466,690Long Term Interest Rate Contracts
    
    Equity in broker trading accounts
    
    
    858,925
    
    
    
    (2,811,752
    )
    
    
    (1,952,827
    )Forward Currency Contracts
    
    Net unrealized gain (loss) on forward currency contracts
    
    
    7,823,592
    
    
    
    (7,743,280
    )
    
    
    80,312Purchased Options on Forward Currency Contracts
    
    Options purchased, at fair value
    
    
    205,267
    
    
    
    0
    
    
    
    205,267Written Options on Forward Currency Contracts
    
    Options written, at fair value
    
    
    0
    
    
    
    (369,268
    )
    
    
    (369,268
    )Totals
    
    
    
    $
    11,935,426
    
    
    $
    (12,006,066
    )
    
    $
    (70,640
    )
 
 *
    
    Derivatives not designated as hedging instruments under Statement 133 - 18 -




---



##### 



Trading Revenue for
    
    
    Trading Revenue forthe Three Months Ended
    
    
    the Six Months EndedType of Instrument
    
    June 30, 2009
    
    
    June 30, 2009Agricultural Contracts
    
    $
    (1,383,491
    )
    
    $
    (713,876
    )Energy Contracts
    
    $
    1,150,584
    
    
    $
    1,034,530Metal Contracts
    
    
    (1,298,505
    )
    
    
    (3,482,342
    )Stock Indices Contracts
    
    
    (9,037,956
    )
    
    
    (13,078,535
    )Short-Term Interest Rate Contracts
    
    
    (6,259,414
    )
    
    
    (2,694,955
    )Long Term Interest Rate Contracts
    
    
    (5,872,924
    )
    
    
    (3,959,431
    )Forward Currency Contracts
    
    
    (8,186,771
    )
    
    
    (8,365,557
    )Purchased Options on Forward Currency Contracts
    
    
    (1,349,827
    )
    
    
    (2,348,790
    )Written Options on Forward Currency Contracts
    
    
    4,349,799
    
    
    
    8,267,836Total
    
    $
    (27,888,505
    )
    
    $
    (25,341,120
    )
 Trading Revenue for
    
    
    Trading Revenue forthe Three Months Ended
    
    
    the Six Months EndedLine Item in the Statement of Operations
    
    June 30, 2009
    
    
    June 30, 2009Futures trading gains (losses):Realized
    
    $
    (24,779,852
    )
    
    $
    (22,930,376
    )Change in unrealized
    
    $
    2,078,146
    
    
    $
    35,767Forward currency and options on forward currency trading gains (losses):Realized
    
    $
    (5,691,954
    )
    
    $
    (89,044
    )Change in unrealized
    
    
    505,155
    
    
    
    (2,357,467
    )Total
    
    $
    (27,888,505
    )
    
    $
    (25,341,120
    )
    - 19 -




---



##### 



Note 8.
    
    INDEMNIFICATIONS
  Note 9.
    
    INTERIM FINANCIAL STATEMENTS
  Note 10.
    
    SUBSEQUENT EVENTS
  - 20 -




---



##### 



Item 2.
    
    Managements Discussion and Analysis of Financial Condition and
Results of Operations
     Critical Accounting Policies
   Capital Resources
  - 21 -




---



##### 



Liquidity
  i.e.
   Results of Operations
  - 22 -




---



##### 



2009
     Sector
    
    % Gain (Loss)Currencies
    
    
    (0.53)
    %Commodities
    
    
    (0.85
    )Interest Rates
    
    
    (1.29
    )Stock Indices
    
    
    (2.84
    )(5.51)
    %
   - 23 -




---



##### 



2008
  - 24 -




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##### 



Sector
    
    % Gain (Loss)Stock Indices
    
    
    4.70
    %Currencies
    
    
    2.48Commodities
    
    
    2.73Interest Rates
    
    
    (2.55
    )7.36
    %
    - 25 -




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##### 



Off-Balance Sheet Risk
  - 26 -




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##### 



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
    - 27 -




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##### 



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 -




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##### 



The Trusts Trading Value at Risk in Different Market Sectors
  June 30, 2009TradingMarket Sector
    
    Value at Risk*
    
    Gain/(Loss)**Currencies
    
    
    0.70
    %
    
    
    (0.53
    )%Interest Rates
    
    
    0.51
    %
    
    
    (1.29
    )Stock Indices
    
    
    0.43
    %
    
    
    (2.84
    )Commodities
    
    
    0.32
    %
    
    
    (0.85
    )Aggregate/Total
    
    
    1.21
    %
    
    
    (5.51
    )%
 
 *
    -
    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 six months ended June 30, 2009.    - 29 -




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##### 



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.   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; and
 5)
    
    The historical market risk factor data for VaR estimation may provide only limited
insight into losses that could be incurred under certain unusual market movements.
  - 30 -




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##### 



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.
  Currencies
 i.e.,
 Interest Rates
  - 31 -




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##### 



Stock Indices
  Energy
  Metals
  Agricultural
  Qualitative Disclosures Regarding Non-Trading Risk Exposure
  Foreign Currency Balances
  Treasury Bill Positions
  Qualitative Disclosures Regarding Means of Managing Risk Exposure
  - 32 -




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##### 



General
  
 Item 4(T). Controls and Procedures
  - 33 -




---



##### 



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
 - 34 -




---



##### 



SIGNATURES
  
 By:
    Campbell & Company, Inc.Managing OperatorDate: August 14, 2009
    By:

/s/ Theresa D. BecksTheresa D. BecksChief Executive Officer - 35 -




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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