UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 WASHINGTON, D.C. 20549
 FORM 10-Q
 þ
    
    Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 For the quarterly period ended September 30, 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)
 2850 Quarry Lake Drive,   (Address of principal executive offices, including zip code)
 (410) 413-2600
 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




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##### 



PagePART I  FINANCIAL INFORMATIONItem 1.
    
    Financial StatementsCondensed Schedules of Investments as of September 30, 2009 (Unaudited) and December 31, 2008
    
    
    3 - 6Statements of Financial Condition as of September 30, 2009 (Unaudited) and December 31, 2008
    
    
    7Statements of Operations for the Three Months and Nine Months Ended September 30, 2009 and 2008 (Unaudited)
    
    
    8Statements of Cash Flows for the Nine Months Ended September 30, 2009 and 2008 (Unaudited)
    
    
    9Statements of Changes in Unitholders Capital (Net Asset Value) for the Nine Months Ended September 30, 2009 and 2008 (Unaudited)
    
    
    10 - 11Financial Highlights for the Three Months and Nine Months Ended September 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 - 29Item 3.
    

Quantitative and Qualitative Disclosure About Market Risk
    
    
    29 - 35Item 4(T).
    

Controls and Procedures
    
    
    35PART II  OTHER INFORMATION
    
    
    36Item 6.
    
    Exhibits and Reports on Form 8-K
    
    
    36SIGNATURES
    
    
    37CERTIFICATIONS




---



##### 



FIXED INCOME SECURITIES
 Maturity
    
    
    Maturity
    
    
    
    
    
    
    
    
    % of NetFace Value
    
    
    Date
    
    
    Description
    
    Values ($)
    
    
    Asset ValueBank DepositsUnited StatesFinancials
(cost $26,631,000)
    
    $
    26,640,472
    
    
    
    6.80
    %Commercial PaperGermanyMaterials
(cost $7,130,293)
    
    $
    7,140,044
    
    
    
    1.82
    %United KingdomFinancials
(cost $14,391,600)
    
    $
    14,395,536
    
    
    
    3.67
    %United StatesConsumer Discretionary
    
    $
    14,439,403
    
    
    
    3.68
    %Consumer Staples
    
    $
    18,406,079
    
    
    
    4.70
    %Financials
    
    $
    26,553,790
    
    
    
    6.78
    %Healthcare
    
    $
    13,335,289
    
    
    
    3.40
    %Industrials
    
    $
    17,900,846
    
    
    
    4.57
    %Municipal
    
    $
    60,022,281
    
    
    
    15.32
    %Utilities$
    27,558,000
    
    
    
    10/01/2009
    
    
    Consolidated Edison Company, Inc.
    
    $
    27,557,762
    
    
    
    7.03
    %Total United States(cost $178,187,467)
    
    $
    178,215,450
    
    
    
    45.48
    %Total Commercial Paper(cost $199,709,360)
    
    $
    199,751,030
    
    
    
    50.97
    %Corporate BondsUnited StatesFinancials
(cost $11,603,186)
    
    $
    11,603,699
    
    
    
    2.96
    %Government And Agency ObligationsUnited StatesMunicipal Bonds
    
    $
    11,633,595
    
    
    
    2.97
    %US Government Agency
    
    $
    39,743,369
    
    
    
    10.14
    %US Treasury Bill$
    15,000,000
    
    
    
    10/01/2009
    
    
    U.S. Treasury Bills *
    
    $
    15,000,000
    
    
    
    3.83
    %Total United States(cost $66,350,055)
    
    $
    66,376,964
    
    
    
    16.94
    %Short Term Investment FundsUnited StatesShort Term Investment Funds
(cost $6,763)
    
    $
    6,763
    
    
    
    0.00
    %Total Fixed Income Securities(cost $304,300,364)
    
    $
    304,378,928
    
    
    
    77.67
    %
 See Accompanying Notes to Financial Statements.
 3




---



##### 





LONG FUTURES CONTRACTS
 % of NetDescription
    
    Values ($)
    
    
    Asset ValueAgricultural
    
    $
    (7,090
    )
    
    
    0.00
    %Metals
    
    $
    (36,854
    )
    
    
    (0.01
    )%Stock indices
    
    $
    90,649
    
    
    
    0.02
    %Short-term interest rates
    
    $
    323,263
    
    
    
    0.08
    %Long-term interest rates
    
    $
    1,178,360
    
    
    
    0.30
    %Total long futures contracts
    
    $
    1,548,328
    
    
    
    0.39
    %
 SHORT FUTURES CONTRACTS
 % of NetDescription
    
    Values ($)
    
    
    Asset ValueAgricultural
    
    $
    40,813
    
    
    
    0.01
    %Energy
    
    $
    (809,998
    )
    
    
    (0.21
    )%Metals
    
    $
    11,444
    
    
    
    0.00
    %Short-term interest rates
    
    $
    186,730
    
    
    
    0.05
    %Long-term interest rates
    
    $
    197,082
    
    
    
    0.05
    %Total short futures contracts
    
    $
    (373,929
    )
    
    
    (0.10
    )%Total futures contracts
    
    $
    1,174,399
    
    
    
    0.29
    %
 FORWARD CURRENCY CONTRACTS
 % of NetDescription
    
    Values ($)
    
    
    Asset ValueVarious long forward currency contracts
    
    $
    17,428,617
    
    
    
    4.45
    %Various short forward currency contracts
    
    $
    (3,304,444
    )
    
    
    (0.84
    )%Total forward currency contracts
    
    $
    14,124,173
    
    
    
    3.61
    %
 PURCHASED OPTIONS ON FORWARD CURRENCY CONTRACTS
 % of NetDescription
    
    Values ($)
    
    
    Asset ValuePurchased options on forward currency contracts (premiums paid  $433,588)
    
    $
    285,797
    
    
    
    0.07
    %
 WRITTEN OPTIONS ON FORWARD CURRENCY CONTRACTS
 % of NetDescription
    
    Values ($)
    
    
    Asset ValueWritten options on forward currency contracts
(premiums received  $302,713)
    
    $
    (264,364
    )
    
    
    (0.07
    )%
 
 *
    
    Pledged as collateral for the trading of futures, forward and option positions. See Accompanying Notes to Financial Statements.
 4




---



##### 



FIXED INCOME SECURITIES
 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 CONTRACTS
 % of NetDescription
    
    Values ($)
    
    
    Asset ValueMetals
    
    $
    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 CONTRACTS
 % of NetDescription
    
    Values ($)
    
    
    Asset ValueAgricultural
    
    $
    (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




---



##### 



FORWARD CURRENCY CONTRACTS
 % of NetDescription
    
    Values ($)
    
    
    Asset ValueVarious 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 CONTRACTS
 % of NetDescription
    
    Values ($)
    
    
    Asset ValuePurchased options on forward currency contracts (premiums paid  $202,448)
    
    $
    109,058
    
    
    
    0.02
    %
 WRITTEN OPTIONS ON FORWARD CURRENCY CONTRACTS
 % of NetDescription
    
    Values ($)
    
    
    Asset ValueWritten 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




---



##### 



September 30,
    
    
    December 31,2009
    
    
    2008ASSETSEquity in broker trading accountsCash
    
    $
    42,363,611
    
    
    $
    488,681,500Restricted cash
    
    
    31,298,564
    
    
    
    14,578,416Net unrealized gain (loss) on open futures contracts
    
    
    1,174,399
    
    
    
    (22,719
    )Total equity in broker trading accounts
    
    
    74,836,574
    
    
    
    503,237,197Cash and cash equivalents
    
    
    9,793,718
    
    
    
    15,195Fixed income securities (cost $304,300,364 and $25,000,000, respectively)
    
    
    304,378,928
    
    
    
    25,000,000Options purchased, at fair value
(premiums paid  $433,588 and $202,448, respectively)
    
    
    285,797
    
    
    
    109,058Net unrealized gain (loss) on open forward currency contracts
    
    
    14,124,173
    
    
    
    2,694,810Interest receivable
    
    
    39,524
    
    
    
    5,337Subscriptions receivable
    
    
    20,557
    
    
    
    2,163,382Total assets
    
    $
    403,479,271
    
    
    $
    533,224,979LIABILITIESCash deficit at forwards broker
    
    $
    0
    
    
    $
    67,540Accounts payable
    
    
    150,577
    
    
    
    117,146Management fee
    
    
    1,328,246
    
    
    
    1,767,267Service fee
    
    
    1,445
    
    
    
    0Options written, at fair value
(premiums received  $302,713 and $739,584, respectively)
    
    
    264,364
    
    
    
    665,741Accrued commissions and other trading fees on open contracts
    
    
    44,584
    
    
    
    30,509Offering costs payable
    
    
    7,437
    
    
    
    619Redemptions payable
    
    
    9,819,922
    
    
    
    29,369,592Total liabilities
    
    
    11,616,575
    
    
    
    32,018,414UNITHOLDERS CAPITAL (Net Asset Value)Series A Units  RedeemableOther
Unitholders  6,866.705 and 1,052.200 units outstanding at
September 30, 2009 and December 31, 2008
    
    
    16,474,695
    
    
    
    2,656,823Series B Units  RedeemableManaging Operator  20.360 units outstanding at
September 30, 2009
 and December 31, 2008
    
    
    49,091
    
    
    
    51,471Other Unitholders  154,152.134 and 197,186.512 units outstanding at
September 30, 2009 
and December 31, 2008
    
    
    371,685,093
    
    
    
    498,498,271Series W Units  RedeemableOther Unitholders  1,506.459 and 0.000 units outstanding at
September 30, 2009 and
December 31, 2008
    
    
    3,653,817
    
    
    
    0Total unitholders capital (Net Asset Value)
    
    
    391,862,696
    
    
    
    501,206,565Total liabilities and unitholders capital (Net Asset Value)
    
    $
    403,479,271
    
    
    $
    533,224,979
 See Accompanying Notes to Financial Statements.
 7




---



##### 



Three Months Ended
    
    
    Nine Months EndedSeptember 30,
    
    
    September 30,2009
    
    
    2008
    
    
    2009
    
    
    2008TRADING GAINS (LOSSES)Futures trading gains (losses)Realized
    
    $
    2,559,718
    
    
    $
    25,200,452
    
    
    $
    (20,091,216
    )
    
    $
    37,141,113Change in unrealized
    
    
    1,161,351
    
    
    
    (23,987,278
    )
    
    
    1,197,118
    
    
    
    (5,944,148
    )Brokerage commissions
    
    
    (134,319
    )
    
    
    (248,928
    )
    
    
    (457,169
    )
    
    
    (755,466
    )Net gain (loss) from futures trading
    
    
    3,586,750
    
    
    
    964,246
    
    
    
    (19,351,267
    )
    
    
    30,441,499Forward currency and options on forward currency trading gains (losses)Realized
    
    
    (878,310
    )
    
    
    (3,588,474
    )
    
    
    (967,354
    )
    
    
    (4,692,866
    )Change in unrealized
    
    
    13,696,935
    
    
    
    (15,534,882
    )
    
    
    11,339,468
    
    
    
    1,531,011Brokerage commissions
    
    
    (18,452
    )
    
    
    (19,239
    )
    
    
    (47,340
    )
    
    
    (75,320
    )Net gain (loss) from forward currency and options on forward currency trading
    
    
    12,800,173
    
    
    
    (19,142,595
    )
    
    
    10,324,774
    
    
    
    (3,237,175
    )Total net trading gain (loss)
    
    
    16,386,923
    
    
    
    (18,178,349
    )
    
    
    (9,026,493
    )
    
    
    27,204,324NET INVESTMENT INCOME (LOSS)Investment incomeInterest income
    
    
    109,047
    
    
    
    2,415,287
    
    
    
    145,384
    
    
    
    10,279,552Change in unrealized gain (loss) on fixed income securities
    
    
    78,564
    
    
    
    0
    
    
    
    78,564
    
    
    
    0Total investment income
    
    
    187,611
    
    
    
    2,415,287
    
    
    
    223,948
    
    
    
    10,279,552ExpensesManagement fee
    
    
    3,962,831
    
    
    
    5,914,999
    
    
    
    13,163,913
    
    
    
    19,942,828Service fee
    
    
    2,976
    
    
    
    0
    
    
    
    3,424
    
    
    
    0Operating expenses
    
    
    114,050
    
    
    
    43,363
    
    
    
    207,856
    
    
    
    153,322Total expenses
    
    
    4,079,857
    
    
    
    5,958,362
    
    
    
    13,375,193
    
    
    
    20,096,150Net investment income (loss)
    
    
    (3,892,246
    )
    
    
    (3,543,075
    )
    
    
    (13,151,245
    )
    
    
    (9,816,598
    )NET INCOME (LOSS)
    
    $
    12,494,677
    
    
    $
    (21,721,424
    )
    
    $
    (22,177,738
    )
    
    $
    17,387,726NET INCOME (LOSS) PER MANAGING OPERATOR AND OTHER UNITHOLDERS UNIT

(based on weighted average number of units outstanding during the period)Series A(1)
    
    $
    90.04
    
    
    $
    0.00
    
    
    $
    16.63
    
    
    $
    0.00Series B
    
    $
    73.55
    
    
    $
    (95.41
    )
    
    $
    (126.06
    )
    
    $
    66.87Series W(2)
    
    $
    119.32
    
    
    $
    0.00
    
    
    $
    196.36
    
    
    $
    0.00INCREASE (DECREASE) IN NET ASSET VALUE PER MANAGING OPERATOR AND OTHER UNITHOLDERS UNITSeries A(1)
    
    $
    72.37
    
    
    $
    0.00
    
    
    $
    (125.81
    )
    
    $
    0.00Series B
    
    $
    75.67
    
    
    $
    (95.26
    )
    
    $
    (116.89
    )
    
    $
    63.43Series W(2)
    
    $
    82.00
    
    
    $
    0.00
    
    
    $
    (138.73
    )
    
    $
    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
for the nine months ended September 30, 2009 is for the period March 1, 2009
through September 30, 2009. No information is provided for Series W Units for the year 2008. See Accompanying Notes to Financial Statements.
 8




---



##### 



Nine Months EndedSeptember 30,2009
    
    
    2008Cash flows from (for) operating activitiesNet income (loss)
    
    $
    (22,177,738
    )
    
    $
    17,387,726Adjustments to reconcile net income (loss) to net cash from (for) operating activitiesNet change in unrealized
    
    
    (12,615,150
    )
    
    
    4,413,137(Increase) decrease in restricted cash
    
    
    (16,720,148
    )
    
    
    0(Increase) decrease in option premiums paid
    
    
    (231,140
    )
    
    
    1,523,318Increase (decrease) in option premiums received
    
    
    (436,871
    )
    
    
    (848,734
    )(Increase) decrease in interest receivable
    
    
    (34,187
    )
    
    
    32,644(Increase) decrease in other assets
    
    
    0
    
    
    
    648Increase (decrease) in accounts payable and accrued expenses
    
    
    (390,070
    )
    
    
    (895,401
    )(Increase) decrease in receivable for securities sold
    
    
    0
    
    
    
    (154,993,456
    )Net maturities (purchases) of investments in fixed income securities
    
    
    (279,300,364
    )
    
    
    466,837,408Net cash from (for) operating activities
    
    
    (331,905,668
    )
    
    
    333,457,290Cash flows from (for) financing activitiesAddition of units
    
    
    22,385,164
    
    
    
    9,404,484Redemption of units
    
    
    (126,928,532
    )
    
    
    (283,301,134
    )Offering costs paid
    
    
    (22,790
    )
    
    
    0Net cash from (for) financing activities
    
    
    (104,566,158
    )
    
    
    (273,896,650
    )Net increase (decrease) in cash and cash equivalents
    
    
    (436,471,826
    )
    
    
    59,560,640Cash and cash equivalentsBeginning of period
    
    
    488,629,155
    
    
    
    74,537,120End of period
    
    $
    52,157,329
    
    
    $
    134,097,760End of period cash and cash equivalents consists of:Cash in broker trading accounts
    
    $
    42,363,611
    
    
    $
    117,106,638Cash and cash equivalents
    
    
    9,793,718
    
    
    
    16,991,122Total end of period cash and cash equivalents
    
    $
    52,157,329
    
    
    $
    134,097,760
 See Accompanying Notes to Financial Statements.
 9




---



##### 



Unitholders Capital  Series BManaging Operator
    
    
    Other Unitholders
    
    
    TotalUnits
    
    
    Amount
    
    
    Units
    
    
    Amount
    
    
    Units
    
    
    AmountNine Months Ended September 30, 2009Balances at December 31, 2008
    
    
    20.360
    
    
    $
    51,471
    
    
    
    197,186.512
    
    
    $
    498,498,271
    
    
    
    197,206.872
    
    
    $
    498,549,742Net income (loss) for the nine months ended
September 30, 2009
    
    
    
    
    
    
    (2,380
    )
    
    
    
    
    
    
    (22,320,710
    )
    
    
    
    
    
    
    (22,323,090
    )Additions
    
    
    0.000
    
    
    
    0
    
    
    
    368.291
    
    
    
    872,013
    
    
    
    368.291
    
    
    
    872,013Redemptions
    
    
    0.000
    
    
    
    0
    
    
    
    (43,402.669
    )
    
    
    (105,364,481
    )
    
    
    (43,402.669
    )
    
    
    (105,364,481
    )Balances at September 30, 2009
    
    
    20.360
    
    
    $
    49,091
    
    
    
    154,152.134
    
    
    $
    371,685,093
    
    
    
    154,172.494
    
    
    $
    371,734,184Nine Months Ended September 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 nine months ended
September 30, 2008
    
    
    
    
    
    
    1,291
    
    
    
    
    
    
    
    17,386,435
    
    
    
    
    
    
    
    17,387,726Additions
    
    
    0.000
    
    
    
    0
    
    
    
    3,499.136
    
    
    
    8,864,885
    
    
    
    3,499.136
    
    
    
    8,864,885Redemptions
    
    
    0.000
    
    
    
    0
    
    
    
    (91,886.068
    )
    
    
    (232,875,225
    )
    
    
    (91,886.068
    )
    
    
    (232,875,225
    )Balances at September 30, 2008
    
    
    20.360
    
    
    $
    52,129
    
    
    
    221,867.776
    
    
    $
    568,064,033
    
    
    
    221,888.136
    
    
    $
    568,116,162
 Net Asset Value per Managing Operator and Other Unitholders Unit  Series BSeptember 30, 2009
    
    
    December 31, 2008
    
    
    September 30, 2008
    
    
    December 31, 2007$
    2,411.16
    
    
    $
    2,528.05
    
    
    $
    2,560.37
    
    
    $
    2,496.94
 See Accompanying Notes to Financial Statements.
 10




---



##### 



Series A (1)
    
    
    Series W (2)Units
    
    
    Amount
    
    
    Units
    
    
    AmountNine Months Ended September 30, 2009Balances at December 31, 2008
    
    
    1,052.200
    
    
    $
    2,656,823
    
    
    
    0.000
    
    
    $
    0Net income (loss) for the nine months ended
September 30, 2009
    
    
    
    
    
    
    48,699
    
    
    
    
    
    
    
    96,653Additions
    
    
    6,611.711
    
    
    
    15,718,333
    
    
    
    1,545.676
    
    
    
    3,651,993Redemptions
    
    
    (797.206
    )
    
    
    (1,922,976
    )
    
    
    (39.217
    )
    
    
    (91,405
    )Offering costs
    
    
    
    
    
    
    (26,184
    )
    
    
    
    
    
    
    (3,424
    )Balances at September 30, 2009
    
    
    6,866.705
    
    
    $
    16,474,695
    
    
    
    1,506.459
    
    
    $
    3,653,817
 Net Asset Value per Other Unitholders Unit  Series A(1)September 30, 2009
    
    

December 31, 2008
    
    
    September 30, 2008
    
    
    December 31, 2007$
    2,399.21
    
    
    $
    2,525.02
    
    
    $
    2,560.37
    
    
    $
    0.00
 Net Asset Value per Other Unitholders Unit  Series W(2)September 30, 2009
    
    
    February 28, 2009
    
    
    September 30, 2008
    
    

December 31, 2007$
    2,425.43
    
    
    $
    2,564.16
    
    
    $
    0.00
    
    
    $
    0.00
 
 (1)
    
    Series A Units commenced trading on October 1, 2008; therefore, no information is
provided for the nine months ended September 30, 2008.(2)
    
    Series W Units commenced trading on March 1, 2009; therefore, no information is
provided for the nine months ended September 30, 2008. See Accompanying Notes to Financial Statements.
 11




---



##### 



Series A(5)Three Months Ended
    
    
    Nine Months EndedSeptember 30,
    
    
    September 30,2009
    
    
    2008
    
    
    2009
    
    
    2008Per Unit Performance
(for a unit outstanding throughout the entire period)Net asset value per unit at beginning of period
    
    $
    2,326.84
    
    
    $
    0.00
    
    
    $
    2,525.02
    
    
    $
    0.00Income (loss) from operations:Total net trading gains (losses) (1)
    
    
    98.42
    
    
    
    0.00
    
    
    
    (46.04
    )
    
    
    0.00Net investment income (loss)(1)
    
    
    (23.10
    )
    
    
    0.00
    
    
    
    (70.83
    )
    
    
    0.00Total net income (loss) from operations
    
    
    75.32
    
    
    
    0.00
    
    
    
    (116.87
    )
    
    
    0.00Offering costs (1)
    
    
    (2.95
    )
    
    
    0.00
    
    
    
    (8.94
    )
    
    
    0.00Net asset value per unit at end of period
    
    $
    2,399.21
    
    
    $
    0.00
    
    
    $
    2,399.21
    
    
    $
    0.00Total Return(3)
    
    
    3.11
    %
    
    
    0.00
    %
    
    
    (4.98
    )%
    
    
    0.00
    %Supplemental DataRatios to average net asset value:Expenses prior to performance fee (4)
    
    
    4.19
    %
    
    
    0.00
    %
    
    
    4.11
    %
    
    
    0.00
    %Performance fee (3)
    
    
    0.00
    %
    
    
    0.00
    %
    
    
    0.00
    %
    
    
    0.00
    %Total expenses
    
    
    4.19
    %
    
    
    0.00
    %
    
    
    4.11
    %
    
    
    0.00
    %Net investment income (loss)(2)(4)
    
    
    (3.98
    )%
    
    
    0.00
    %
    
    
    (3.98
    )%
    
    
    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)
    
    Net investment income (loss) per unit and offering costs per unit is calculated by
dividing the net investment income (loss)and offering costs by the
average number of units outstanding during the period. Total net
trading gains (losses)
is a balancing amount necessary to reconcile the change in net asset
value per unit with the other per unit information.(2)
    
    Excludes performance fee.(3)
    
    Not annualized(4)
    
    Annualized(5)
    
    Series A Units commenced trading on October 1, 2008; therefore, no information is
provided for Series A Units for the three and nine months ended
September 30, 2008. See Accompanying Notes to Financial Statements.
 12




---



##### 



Series BThree Months Ended
    
    
    Nine Months EndedSeptember 30,
    
    
    September 30,2009
    
    
    2008
    
    
    2009
    
    
    2008Per Unit Performance(for a unit outstanding throughout the entire period)Net asset value per unit at beginning of period
    
    $
    2,335.49
    
    
    $
    2,655.63
    
    
    $
    2,528.05
    
    
    $
    2,496.94Income (loss) from operations:Total net trading gains (losses) (1)
    
    
    98.88
    
    
    
    (79.70
    )
    
    
    (43.89
    )
    
    
    101.18Net investment income (loss)(1)
    
    
    (23.21
    )
    
    
    (15.56
    )
    
    
    (73.00
    )
    
    
    (37.75
    )Total net income (loss) from operations
    
    
    75.67
    
    
    
    (95.26
    )
    
    
    (116.89
    )
    
    
    63.43Net asset value per unit at end of period
    
    $
    2,411.16
    
    
    $
    2,560.37
    
    
    $
    2,411.16
    
    
    $
    2,560.37Total Return(3)
    
    
    3.24
    %
    
    
    (3.59
    )%
    
    
    (4.62
    )%
    
    
    2.54
    %Supplemental DataRatios to average net asset value:Expenses prior to performance fee (4)
    
    
    4.16
    %
    
    
    4.03
    %
    
    
    4.10
    %
    
    
    4.11
    %Performance fee (3)
    
    
    0.00
    %
    
    
    0.00
    %
    
    
    0.00
    %
    
    
    0.00
    %Total expenses
    
    
    4.16
    %
    
    
    4.03
    %
    
    
    4.10
    %
    
    
    4.11
    %Net investment income (loss)(2),(4)
    
    
    (3.97
    )%
    
    
    (2.40
    )%
    
    
    (4.03
    )%
    
    
    (2.01
    )%
 Total returns are calculated based on the change in value of a unit during the period. An
individual partners total returns and ratios may vary from the above total returns and ratios
based on the timing of additions and redemptions.
 
 (1)
    
    Net investment income (loss) per unit is calculated by dividing the net investment income
(loss)by the average number of units outstanding during the
period. Total net trading gains (losses) is a balancing amount necessary to reconcile
the change in net asset value per unit with the other per unit
information.(2)
    
    Excludes performance fee.(3)
    
    Not annualized(4)
    
    Annualized See Accompanying Notes to Financial Statements.
 13




---



##### 



Series W(5)Three Months Ended
    
    
    Nine Months EndedSeptember 30,
    
    
    September 30,2009
    
    
    2008
    
    
    2009
    
    
    2008Per Unit Performance(for a unit outstanding throughout the entire period)Net asset value per unit at beginning of period
    
    $
    2,343.43
    
    
    $
    0.00
    
    
    $
    2,564.16
    
    
    $
    0.00Income (loss) from operations:Total net trading gains (losses) (1)
    
    
    99.33
    
    
    
    0.00
    
    
    
    (98.10
    )
    
    
    0.00Net investment income (loss)(1)
    
    
    (14.35
    )
    
    
    0.00
    
    
    
    (33.67
    )
    
    
    0.00Total net income (loss) from operations
    
    
    84.98
    
    
    
    0.00
    
    
    
    (131.77
    )
    
    
    0.00Offering costs (1)
    
    
    (2.98
    )
    
    
    0.00
    
    
    
    (6.96
    )
    
    
    0.00Net asset value per unit at end of period
    
    $
    2,425.43
    
    
    $
    0.00
    
    
    $
    2,425.43
    
    
    $
    0.00Total Return(3)
    
    
    3.50
    %
    
    
    0.00
    %
    
    
    (5.41
    )%
    
    
    0.00
    %Supplemental DataRatios to average net asset value:Expenses prior to performance fee (4)
    
    
    2.68
    %
    
    
    0.00
    %
    
    
    2.66
    %
    
    
    0.00
    %Performance fee (3)
    
    
    0.00
    %
    
    
    0.00
    %
    
    
    0.00
    %
    
    
    0.00
    %Total expenses
    
    
    2.68
    %
    
    
    0.00
    %
    
    
    2.66
    %
    
    
    0.00
    %Net investment income (loss)(2),(4)
    
    
    (2.45
    )%
    
    
    0.00
    %
    
    
    (2.45
    )%
    
    
    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)
    
    Net investment income (loss) per unit and offering costs per unit is calculated by dividing
the net investment income (loss) and offering costs by the average number of units
outstanding during the period. Total net trading gains (losses) is a balancing amount
necessary to reconcile the change in net asset value per unit with the other per unit
information.(2)
    
    Excludes performance fee.(3)
    
    Not annualized(4)
    
    Annualized(5)
    
    Series W Units commenced trading on March 1, 2009; therefore, the results for the nine
months ended September 30, 2009 contains information for the period beginning March 1, 2009.
No information is provided for Series W Units for the three and nine months ended September
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 units of beneficial interest classified
into Series A units, Series B units and Series W units. The rights of the Series A units,
Series B units and Series W units are identical, except that the fees and commissions vary
on a Series-by-Series basis. The initial minimum subscription for Series A units and Series
W units is $10,000. Series B units are only available for additional investments by
existing holders of Series B units. See Note 1G, Note 11, Note 2 and Note 4 for an
explanation of allocations and Series specific charges.B.
    
    RegulationThe Trust is a registrant with the Securities and Exchange Commission (SEC) pursuant to the
Securities Exchange Act of 1934 (the Act). As a registrant, the Trust is subject to the
regulations of the SEC and the informational requirements of the Act. As a commodity
investment pool, the Trust is subject to the regulations of the Commodity Futures Trading
Commission, an agency of the United States (U.S.) government which regulates most aspects of
the commodity futures industry; rules of the National Futures Association, an industry
self-regulatory organization; and the requirements of the various commodity exchanges where
the Trust executes transactions. Additionally, the Trust is subject to the requirements of
futures commission merchants (brokers) and interbank market makers through which the Trust
trades.C.
    
    Method of ReportingThe Trusts financial statements are presented in accordance with accounting principles
generally accepted in the United States of America, which may require the use of certain
estimates made by the Trusts management. Actual results may differ from these estimates.
Investment transactions are accounted for on the trade date. Gains or losses are realized when
contracts are liquidated. Unrealized gains and losses on open contracts (the difference
between contract trade price and market price) are reported in the statement of financial
condition as a net gain or loss, as there exists a right of offset of unrealized gains or
losses in accordance with Financial Accounting Standards Board (FASB) Accounting Standards
Codification (ASC) 210-20, Offsetting  Balance Sheet, (formerly FAS 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.The fixed income investments, other than U.S. Treasury bills held at the brokers or interbank
market makers, are marked-to-market on the last business day of the reporting period by a
custodian who utilizes a third party vendor hierarchy of pricing providers who specialize in
such markets. The prices furnished by the providers consider the yield or price of bonds of
comparable quality, coupon, maturity, and type, as well as prices quoted by dealers who make
markets in such securities. U.S. Treasury bills not held by the custodian are stated at cost
plus accrued interest, which approximates fair value. Premiums and discounts on debt
securities are amortized for financial reporting purposes.For purposes of both financial reporting and calculation of redemption value, Net Asset
Value per unit is calculated by dividing Net Asset Value by the number of outstanding
units.The Trust adopted the provisions of ASC 820, Fair Value Measurements and Disclosures
(formerly FASB No. 157, Fair Value Measurements), as of January 1, 2008. ASC 820 provides
guidance for determining fair value and requires increased disclosure regarding the inputs
to valuation techniques used to measure fair value. ASC 820 defines fair value as the price
that would be received to sell an asset or paid to transfer a liability in an orderly
transaction between market participants at the measurement date.ASC 820 establishes a fair value hierarchy which prioritizes the inputs to valuation
techniques used to measure fair value into three broad levels. The fair value hierarchy
gives the highest priority to quoted prices (unadjusted) in active markets for identical
assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3).Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or
liabilities that the Trust has the ability to access at the measurement date. An active market
for the asset or liability is a market in which transactions for the asset or liability occur
with sufficient frequency and volume to provide pricing information on an ongoing basis. The
value of the Trusts exchange-traded futures contracts fall into this category.Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for
the asset or liability, either directly or indirectly. This category includes forward currency
contracts and options on forward currency contracts that the Trust values using models or
other valuation methodologies derived from observable market data.
This category also includes fixed income investments.
 15




---



##### 



Fair Value at September 30, 2009Description
    
    Level 1
    
    
    Level 2
    
    
    Level 3
    
    
    TotalInvestmentsFixed income securities
    
    $
    0
    
    
    $
    304,378,928
    
    
    $
    0
    
    
    $
    304,378,928Other Financial InstrumentsExchange-traded futures contracts
    
    
    1,174,399
    
    
    
    0
    
    
    
    0
    
    
    
    1,174,399Forward currency contracts
    
    
    0
    
    
    
    14,124,173
    
    
    
    0
    
    
    
    14,124,173Options purchased
    
    
    0
    
    
    
    285,797
    
    
    
    0
    
    
    
    285,797Options written
    
    
    0
    
    
    
    (264,364
    )
    
    
    0
    
    
    
    (264,364
    )Total
    
    $
    1,174,399
    
    
    $
    318,524,534
    
    
    $
    0
    
    
    $
    319,698,933
 Fair Value at December 31, 2008Description
    
    Level 1
    
    
    Level 2
    
    
    Level 3
    
    
    TotalInvestmentsFixed income securities
    
    $
    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 overnight money market investments 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 ASC 740, Income Taxes (formerly FAS
No. 48, Accounting for Uncertainty in Income Taxes) 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 ASC 740. 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.
 16




---



##### 



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 September 30, 2009 and December 31,
2008, the amount of unreimbursed offering costs incurred by Campbell & Company is $1,035,784
and $111,829 for Series A units and $259,117 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
    Note 3.
    
    TRUSTEE
  Note 4.
    
    CASH MANAGER AND CUSTODIAN
   Note 5.
    
    SERVICE FEE
  Note 6.
    
    DEPOSITS WITH BROKER
  17




---



##### 



Note 7.
    
    SUBSCRIPTIONS, DISTRIBUTIONS AND REDEMPTIONS
    Note 8.
    
    TRADING ACTIVITIES AND RELATED RISKS
        Forward Currency andOptions on ForwardFutures Contracts
    
    
    Currency Contracts(exchange traded)
    
    
    (non-exchange traded)September 30, 2009
    
    
    December 31, 2008
    
    
    September 30, 2009
    
    
    December 31, 2008Gross unrealized gains
    
    $
    3,744,476
    
    
    $
    3,247,644
    
    
    $
    24,862,756
    
    
    $
    13,542,469Gross unrealized losses
    
    
    (2,570,077
    )
    
    
    (3,270,363
    )
    
    
    (10,848,025
    )
    
    
    (10,867,206
    )Net unrealized gain (loss)
    
    $
    1,174,399
    
    
    $
    (22,719
    )
    
    $
    14,014,731
    
    
    $
    2,675,263
 18




---



##### 



Asset
    
    
    LiabilityDerivatives at
    
    
    Derivatives atStatement of Financial
    
    September 30, 2009
    
    
    September 30, 2009Type of Instrument *
    
    Condition Location
    
    Fair Value
    
    
    Fair Value
    
    
    NetAgricultural Contracts
    
    Equity in broker trading accounts
    
    $
    166,530
    
    
    $
    (132,808
    )
    
    $
    33,722Energy Contracts
    
    Equity in broker trading accounts
    
    
    47,622
    
    
    
    (857,620
    )
    
    
    (809,998
    )Metal Contracts
    
    Equity in broker trading accounts
    
    
    659,238
    
    
    
    (684,648
    )
    
    
    (25,410
    )Stock Indices Contracts
    
    Equity in broker trading accounts
    
    
    867,678
    
    
    
    (777,028
    )
    
    
    90,650Short-Term Interest Rate Contracts
    
    Equity in broker trading accounts
    
    
    568,457
    
    
    
    (58,464
    )
    
    
    509,993Long Term Interest Rate Contracts
    
    Equity in broker trading accounts
    
    
    1,434,951
    
    
    
    (59,509
    )
    
    
    1,375,442Forward Currency Contracts
    
    Net unrealized gain (loss) on forward currency contracts
    
    
    24,697,380
    
    
    
    (10,573,207
    )
    
    
    14,124,173Purchased Options on Forward Currency
Contracts
    
    Options purchased, at fair value
    
    
    285,797
    
    
    
    0
    
    
    
    285,797Written Options on Forward Currency
Contracts
    
    Options written, at fair value
    
    
    0
    
    
    
    (264,364
    )
    
    
    (264,364
    )Totals
    
    
    
    $
    28,727,653
    
    
    $
    (13,407,648
    )
    
    $
    15,320,005
 
 *
    
    Derivatives not designated as hedging instruments under Statement 133  Trading Revenue for
    
    
    Trading Revenue forthe Three Months Ended
    
    
    the Nine Months EndedType of Instrument
    
    September 30, 2009
    
    
    September 30, 2009Agricultural Contracts
    
    $
    (417,005
    )
    
    $
    (1,130,881
    )Energy Contracts
    
    
    (4,320,433
    )
    
    
    (3,285,903
    )Metal Contracts
    
    
    4,147,287
    
    
    
    664,945Stock Indices Contracts
    
    
    7,768,986
    
    
    
    (5,309,549
    )Short-Term Interest Rate Contracts
    
    
    589,667
    
    
    
    (2,105,288
    )Long Term Interest Rate Contracts
    
    
    (4,043,838
    )
    
    
    (8,003,269
    )Forward Currency Contracts
    
    
    12,550,415
    
    
    
    4,184,858Purchased Options on Forward Currency Contracts
    
    
    (2,493,470
    )
    
    
    (4,842,260
    )Written Options on Forward Currency Contracts
    
    
    2,761,680
    
    
    
    11,029,516Total
    
    $
    16,543,289
    
    
    $
    (8,797,831
    )
 Trading Revenue for
    
    
    Trading Revenue forthe Three Months Ended
    
    
    the Nine Months EndedLine Item in the Statement of Operations
    
    September 30, 2009
    
    
    September 30, 2009Futures trading gains (losses):Realized
    
    $
    2,563,313
    
    
    $
    (20,367,063
    )Change in unrealized
    
    
    1,161,351
    
    
    
    1,197,118Forward currency and options on forward currency trading gains (losses):Realized
    
    
    (878,310
    )
    
    
    (967,354
    )Change in unrealized
    
    
    13,696,935
    
    
    
    11,339,468Total
    
    $
    16,543,289
    
    
    $
    (8,797,831
    )
 19




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##### 



Note 9.
    
    INDEMNIFICATIONS
  Note 10.
    
    INTERIM FINANCIAL STATEMENTS
  Note 11.
    
    SUBSEQUENT EVENTS
  20




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##### 



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




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##### 



Liquidity
     22




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##### 



Results of Operations
  2009
      Sector
    
    % Gain (Loss)Currencies
    
    
    2.76
    %Stock Indices
    
    
    (1.00
    )Commodities
    
    
    (1.03
    )Interest Rates
    
    
    (2.21
    )(1.48)
    %
 23




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##### 



24




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##### 



25




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##### 



2008
  Sector
    
    % Gain (Loss)Stock Indices
    
    
    7.74
    %Currencies
    
    
    0.76Commodities
    
    
    (0.82
    )Interest Rates
    
    
    (3.51
    )4.17
    %
   26




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##### 



27




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##### 



Off-Balance Sheet Risk
   28




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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
    Standard of Materiality
  29




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##### 



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).
       30




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The Trusts Trading Value at Risk in Different Market Sectors
  September 30, 2009TradingMarket Sector
    
    Value at Risk*
    
    Gain/(Loss)**Currencies
    
    
    0.80
    %
    
    
    2.76
    %Stock Indices
    
    
    0.40
    %
    
    
    (1.00
    )Interest Rates
    
    
    0.35
    %
    
    
    (2.21
    )Commodities
    
    
    0.33
    %
    
    
    (1.03
    )Aggregate/Total
    
    
    1.33
    %
    
    
    (1.48
    )%
 
 *
    
      The VaR for a sector represents the one day downside risk for the aggregate exposures
associated with this sector. The aggregate VaR represents the VaR of the Trusts open
positions across all market sectors, and is less than the sum of the VaRs for all such market
sectors due to the diversification benefit across asset classes.**
    
      Represents the gross trading for the Trust for the nine months ended September 30, 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. 31




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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
  32




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##### 



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
  33




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##### 



Stock Indices
  Energy
  Metals
  Agricultural
  Qualitative Disclosures Regarding Non-Trading Risk Exposure
  Foreign Currency Balances
  Fixed Income Securities
  34




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##### 



Treasury Bill Positions Held for Margin Purposes
  Qualitative Disclosures Regarding Means of Managing Risk Exposure
   General
  
 Item 4(T). Controls and Procedures
  35




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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-K
  36




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##### 



SIGNATURES
  THE CAMPBELL FUND TRUST(Registrant)By:
    
    Campbell & Company, Inc.Managing OperatorDate: November 16, 2009
    
    
    
    By:
    
    /s/ Theresa D. BecksTheresa D. BecksChief Executive Officer
 37




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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