##### 



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 1934For the quarterly period ended
June 30,
2005
 or
 o
    
    Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934For the transition period from

to
  Commission
File number:
0-50264
 THE CAMPBELL FUND TRUST
  Delaware
    
    94-6260018(State of Organization)
    
    (IRS Employer Identification Number)
 Baltimore, Maryland 21204
 (410) 296-3301
  þ o
  o þ
 27




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##### 



PagePART I  FINANCIAL INFORMATIONItem 1. Financial StatementsStatements of Financial Condition as of June 30, 2005 (Unaudited)
and December 31, 2004 (Audited)
    
    
    3Condensed Schedules of Investments as of June 30, 2005 (Unaudited)
and December 31, 2004 (Audited)
    
    
    4-5Statements of Operations for the Three Months and Six Months
Ended June 30, 2005 and 2004 (Unaudited)
    
    
    6Statements of Cash Flows for the Six Months Ended
June 30, 2005 and 2004 (Unaudited)
    
    
    7Statements of Changes in Partners Capital (Net Asset Value)
for the Six Months Ended June 30, 2005 and 2004 (Unaudited)
    
    
    8Notes to Financial Statements (Unaudited)
    
    
    9-13Item 2. Managements Discussion and Analysis of Financial Condition and
Results of Operations
    
    
    14-19Item 3. Quantitative and Qualitative Disclosure About Market Risk
    
    
    19-25Item 4. Controls and Procedures
    
    
    25PART II  OTHER INFORMATION
    
    
    26Item 6. Exhibits and Reports on Form 8-K
    
    
    26SIGNATURESCERTIFICATIONS
 -2-




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##### 



THE CAMPBELL FUND TRUST
 STATEMENTS OF FINANCIAL CONDITION
 June 30,
    
    December 31,2005
    
    2004ASSETSEquity in broker trading accountsCash
    
    $
    26,664,876
    
    
    $
    24,970,812United States government securities
    
    
    376,272,798
    
    
    
    318,991,367Unrealized gain on open futures contracts
    
    
    23,981,272
    
    
    
    9,219,986Deposits with broker
    
    
    426,918,946
    
    
    
    353,182,165Cash and cash equivalents
    
    
    113,316,347
    
    
    
    134,055,510United States government securities
    
    
    263,295,154
    
    
    
    218,933,061Unrealized gain (loss) on open forward currency contracts
    
    
    26,644,939
    
    
    
    (10,914,970
    )Total assets
    
    $
    830,175,386
    
    
    $
    695,255,766LIABILITIESAccounts payable
    
    $
    42,307
    
    
    $
    67,123Commissions and other trading fees
on open contracts
    
    
    162,063
    
    
    
    162,993Management fee
    
    
    2,732,491
    
    
    
    2,168,734Performance fee
    
    
    1,944,128
    
    
    
    0Subscription deposits
    
    
    1,080,000
    
    
    
    0Prepaid subscriptions
    
    
    9,143,802
    
    
    
    44,405,562Total liabilities
    
    
    15,104,791
    
    
    
    46,804,412UNITHOLDERS CAPITAL (Net Asset Value)Managing
Operator  20.360 units outstanding at
June 30, 2005 and December 31, 2004
    
    
    53,378
    
    
    
    49,064Other Unitholders  310,870.914 and 269,068.569
units outstanding at June 30, 2005 and
December 31, 2004
    
    
    815,017,217
    
    
    
    648,402,290Total unitholders capital
(Net Asset Value)
    
    
    815,070,595
    
    
    
    648,451,354$
    830,175,386
    
    
    $
    695,255,766
  -3-




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##### 



THE CAMPBELL FUND TRUST
 CONDENSED SCHEDULE OF INVESTMENTS
 
 UNITED STATES GOVERNMENT SECURITIES
 Maturity
    
    
    
    
    
    
    
    % of NetFace Value
    
    Date
    
    Description
    
    Value
    
    Asset Value$
    185,000,000
    
    
    
    09/29/2005
    
    
    U.S. Treasury Bills
    
    $
    183,591,687
    
    
    
    22.53
    %$
    140,000,000
    
    
    
    09/08/2005
    
    
    U.S. Treasury Bills
    
    
    139,213,783
    
    
    
    17.08
    %$
    96,000,000
    
    
    
    08/18/2005
    
    
    U.S. Treasury Bills
    
    
    95,643,307
    
    
    
    11.73
    %$
    83,000,000
    
    
    
    09/22/2005
    
    
    U.S. Treasury Bills
    
    
    82,435,485
    
    
    
    10.11
    %$
    65,000,000
    
    
    
    08/11/2005
    
    
    U.S. Treasury Bills
    
    
    64,791,612
    
    
    
    7.95
    %$
    55,000,000
    
    
    
    07/07/2005
    
    
    U.S. Treasury Bills
    
    
    54,975,388
    
    
    
    6.75
    %$
    19,000,000
    
    
    
    08/25/2005
    
    
    U.S. Treasury Bills
    
    
    18,916,690
    
    
    
    2.32
    %Total United States government securities
(cost, including accrued interest,  $639,567,952)
    
    $
    639,567,952
    
    
    
    78.47
    %
 LONG FUTURES CONTRACTS
 % of NetDescription
    
    Value
    
    Asset ValueAgriculture
    
    $
    (303,800
    )
    
    
    (0.04
    )%Energy
    
    
    2,712,173
    
    
    
    0.33
    %Metals
    
    
    469,075
    
    
    
    0.06
    %Stock indices
    
    
    (6,906
    )
    
    
    0.00
    %Short-term interest rates
    
    
    8,193,562
    
    
    
    1.01
    %Long-term interest rates
    
    
    12,987,121
    
    
    
    1.59
    %Total long futures contracts
    
    $
    24,051,225
    
    
    
    2.95
    %
 SHORT FUTURES CONTRACTS
 % of NetDescription
    
    Value
    
    Asset ValueAgriculture
    
    $
    (98,740
    )
    
    
    (0.01
    )%Energy
    
    
    11,900
    
    
    
    0.00
    %Metals
    
    
    16,887
    
    
    
    0.00
    %Total short futures contracts
    
    $
    (69,953
    )
    
    
    (0.01
    )%Total futures contracts
    
    $
    23,981,272
    
    
    
    2.94
    %
 FORWARD CURRENCY CONTRACTS
 % of NetDescription
    
    Value
    
    Asset ValueVarious long forward currency contracts
    
    $
    (2,071,840
    )
    
    
    (0.25
    )%Various short forward currency contracts
    
    
    28,716,779
    
    
    
    3.52
    %Total forward currency contracts
    
    $
    26,644,939
    
    
    
    3.27
    %
  -4-




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##### 



THE CAMPBELL FUND TRUST
 CONDENSED SCHEDULE OF INVESTMENTS
 
 UNITED STATES GOVERNMENT SECURITIES
 Maturity
    
    
    
    
    
    
    
    % of NetFace Value
    
    Date
    
    Description
    
    Value
    
    Asset Value$
    185,000,000
    
    
    
    03/31/05
    
    
    U.S. Treasury Bills
    
    $
    184,025,821
    
    
    
    28.38
    %$
    115,000,000
    
    
    
    03/10/05
    
    
    U.S. Treasury Bills
    
    
    114,525,369
    
    
    
    17.66
    %$
    64,000,000
    
    
    
    02/10/05
    
    
    U.S. Treasury Bills
    
    
    63,856,355
    
    
    
    9.85
    %$
    55,000,000
    
    
    
    02/17/05
    
    
    U.S. Treasury Bills
    
    
    54,852,538
    
    
    
    8.46
    %$
    55,000,000
    
    
    
    03/24/05
    
    
    U.S. Treasury Bills
    
    
    54,733,158
    
    
    
    8.44
    %$
    48,000,000
    
    
    
    01/06/05
    
    
    U.S. Treasury Bills
    
    
    47,988,967
    
    
    
    7.40
    %$
    18,000,000
    
    
    
    02/24/05
    
    
    U.S. Treasury Bills
    
    
    17,942,220
    
    
    
    2.77
    %Total United States government securities
(cost, including accrued interest,  $537,924,428)
    
    $
    537,924,428
    
    
    
    82.96
    %
 LONG FUTURES CONTRACTS
 % of NetDescription
    
    Value
    
    Asset ValueAgricultural
    
    $
    382,106
    
    
    
    0.06
    %Energy
    
    
    (953,863
    )
    
    
    (0.15
    )%Metals
    
    
    298,815
    
    
    
    0.04
    %Stock indices
    
    
    4,538,420
    
    
    
    0.70
    %Short-term interest rates
    
    
    (401,167
    )
    
    
    (0.06
    )%Long-term interest rates
    
    
    5,181,996
    
    
    
    0.80
    %Total long futures contracts
    
    $
    9,046,307
    
    
    
    1.39
    %
 SHORT FUTURES CONTRACTS
 % of NetDescription
    
    Value
    
    Asset ValueAgricultural
    
    $
    66,570
    
    
    
    0.01
    %Metals
    
    
    (588,298
    )
    
    
    (0.09
    )%Short-term interest rates
    
    
    697,760
    
    
    
    0.11
    %Long-term interest rates
    
    
    (2,353
    )
    
    
    0.00
    %Total short futures contracts
    
    $
    173,679
    
    
    
    0.03
    %Total futures contracts
    
    $
    9,219,986
    
    
    
    1.42
    %
 FORWARD CURRENCY CONTRACTS
 % of NetDescription
    
    Value
    
    Asset ValueVarious long forward currency contracts
    
    $
    18,749,263
    
    
    
    2.89
    %Various short forward currency contracts
    
    
    (29,664,233
    )
    
    
    (4.57
    )%Total forward currency contracts
    
    $
    (10,914,970
    )
    
    
    (1.68
    )%
  -5-




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##### 



THE CAMPBELL FUND TRUST
 STATEMENTS OF OPERATIONS
 
 Three Months Ended
    
    Six Months EndedJune 30,
    
    June 30,2005
    
    2004
    
    2005
    
    2004TRADING GAINS (LOSSES)Futures trading gains (losses)Realized
    
    $
    26,842,536
    
    
    $
    (11,668,285
    )
    
    $
    31,356,138
    
    
    $
    31,513,973Change in unrealized
    
    
    10,380,234
    
    
    
    (15,572,205
    )
    
    
    14,761,286
    
    
    
    (8,934,985
    )Brokerage commissions
    
    
    (684,087
    )
    
    
    (206,459
    )
    
    
    (1,183,138
    )
    
    
    (592,504
    )Gain (loss) from futures trading
    
    
    36,538,683
    
    
    
    (27,446,949
    )
    
    
    44,934,286
    
    
    
    21,986,484Forward trading gains (losses)Realized
    
    
    23,918,421
    
    
    
    (14,570,710
    )
    
    
    (7,386,809
    )
    
    
    23,567,697Change in unrealized
    
    
    33,223,665
    
    
    
    (5,848,069
    )
    
    
    37,559,909
    
    
    
    (19,648,511
    )Brokerage commissions
    
    
    (46,099
    )
    
    
    (25,240
    )
    
    
    (110,723
    )
    
    
    (53,085
    )Gain (loss) from forward trading
    
    
    57,095,987
    
    
    
    (20,444,019
    )
    
    
    30,062,377
    
    
    
    3,866,101Total trading gains (losses)
    
    
    93,634,670
    
    
    
    (47,890,968
    )
    
    
    74,996,663
    
    
    
    25,852,585EXPENSES NET OF INTEREST INCOMEIncomeInterest income
    
    
    5,031,829
    
    
    
    1,228,620
    
    
    
    9,071,274
    
    
    
    2,153,930ExpensesManagement fee
    
    
    7,701,120
    
    
    
    4,989,705
    
    
    
    14,572,764
    
    
    
    9,411,967Performance fee
    
    
    1,944,127
    
    
    
    0
    
    
    
    1,944,127
    
    
    
    14,594,954Operating expenses
    
    
    36,920
    
    
    
    35,461
    
    
    
    76,317
    
    
    
    74,629Total expenses
    
    
    9,682,167
    
    
    
    5,025,166
    
    
    
    16,593,208
    
    
    
    24,081,550Expenses net of interest income
    
    
    (4,650,338
    )
    
    
    (3,796,546
    )
    
    
    (7,521,934
    )
    
    
    (21,927,620
    )NET INCOME (LOSS)
    
    $
    88,984,332
    
    
    $
    (51,687,514
    )
    
    $
    67,474,729
    
    
    $
    3,924,965NET INCOME (LOSS) PER MANAGING
OPERATOR AND OTHER UNITHOLDERS UNIT(based on weighted average number of
units outstanding during the period)
    
    $
    287.82
    
    
    $
    (243.70
    )
    
    $
    224.26
    
    
    $
    20.26INCREASE (DECREASE) IN NET ASSET
VALUE PER MANAGING OPERATOR
AND OTHER UNITHOLDERS UNIT
    
    $
    286.77
    
    
    $
    (247.85
    )
    
    $
    211.92
    
    
    $
    73.20
  -6-




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##### 



THE CAMPBELL FUND TRUST
 STATEMENTS OF CASH FLOWS
 
 2005
    
    2004Cash flows from (for) operating activitiesNet income
    
    $
    67,474,729
    
    
    $
    3,924,965Adjustments to reconcile net income to net
cash (for) operating activitiesNet change in unrealized
    
    
    (52,321,195
    )
    
    
    28,583,496Increase (decrease) in accounts payable
and accrued expenses
    
    
    2,482,139
    
    
    
    (2,241,917
    )Net (purchases) of investments in United States
government securities
    
    
    (101,643,524
    )
    
    
    (145,768,240
    )Net cash (for) operating activities
    
    
    (84,007,851
    )
    
    
    (115,501,696
    )Cash flows from (for) financing activitiesAddition of units
    
    
    127,033,557
    
    
    
    169,939,477Increase in subscription deposits
    
    
    1,080,000
    
    
    
    15,475,422Decrease in prepaid subscriptions
    
    
    (35,261,760
    )
    
    
    0Redemption of units
    
    
    (27,889,045
    )
    
    
    (11,791,848
    )Net cash from financing activities
    
    
    64,962,752
    
    
    
    173,623,051Net increase (decrease) in cash and cash equivalents
    
    
    (19,045,099
    )
    
    
    58,121,355Cash and cash equivalentsBeginning of period
    
    
    159,026,322
    
    
    
    126,510,947End of period
    
    $
    139,981,223
    
    
    $
    184,632,302End of period cash and cash equivalents consists of:Cash in broker trading accounts
    
    $
    26,664,876
    
    
    $
    15,815,903Cash and cash equivalents
    
    
    113,316,347
    
    
    
    168,816,399Total end of period cash and cash equivalents
    
    $
    139,981,223
    
    
    $
    184,632,302
  -7-




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##### 



THE CAMPBELL FUND TRUST
 STATEMENTS OF CHANGES IN UNITHOLDERS CAPITAL (NET ASSET VALUE)
 
 Unitholders CapitalManaging Operator
    
    Other Unitholders
    
    TotalUnits
    
    Amount
    
    Units
    
    Amount
    
    Units
    
    AmountSix Months Ended June 30, 2005Balances at
December 31, 2004
    
    
    20.360
    
    
    $
    49,064
    
    
    
    269,068.569
    
    
    $
    648,402,290
    
    
    
    269,088.929
    
    
    $
    648,451,354Net income for the six months
ended June 30, 2005
    
    
    
    
    
    
    4,314
    
    
    
    
    
    
    
    67,470,415
    
    
    
    
    
    
    
    67,474,729Additions
    
    
    0.000
    
    
    
    0
    
    
    
    53,498.084
    
    
    
    127,033,557
    
    
    
    53,498.084
    
    
    
    127,033,557Redemptions
    
    
    0.000
    
    
    
    0
    
    
    
    (11,695.739
    )
    
    
    (27,889,045
    )
    
    
    (11,695.739
    )
    
    
    (27,889,045
    )Balances at
June 30, 2005
    
    
    20.360
    
    
    $
    53,378
    
    
    
    310,870.914
    
    
    $
    815,017,217
    
    
    
    310,891.274
    
    
    $
    815,070,595Six Months Ended June 30, 2004Balances at
December 31, 2003
    
    
    20.360
    
    
    $
    45,242
    
    
    
    158,203.505
    
    
    $
    351,546,121
    
    
    
    158,223.865
    
    
    $
    351,591,363Net income for the six months
ended June 30, 2004
    
    
    
    
    
    
    1,491
    
    
    
    
    
    
    
    3,923,474
    
    
    
    
    
    
    
    3,924,965Additions
    
    
    0.000
    
    
    
    0
    
    
    
    70,426.374
    
    
    
    169,939,477
    
    
    
    70,426.374
    
    
    
    169,939,477Redemptions
    
    
    0.000
    
    
    
    0
    
    
    
    (4,861.359
    )
    
    
    (11,791,848
    )
    
    
    (4,861.359
    )
    
    
    (11,791,848
    )Balances at
June 30, 2004
    
    
    20.360
    
    
    $
    46,733
    
    
    
    223,768.520
    
    
    $
    513,617,224
    
    
    
    223,788.880
    
    
    $
    513,663,957
 Net
Asset Value Per Managing Operator and Other Unitholders UnitJune 30,
    
    December 31,
    
    June 30,
    
    December 31,2005
    
    2004
    
    2004
    
    2003$
    2,621.72
    
    
    $
    2,409.80
    
    
    $
    2,295.31
    
    
    $
    2,222.11
  -8-




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##### 



THE CAMPBELL FUND TRUST
 NOTES TO FINANCIAL STATEMENTS
 
 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 and forward currency contracts.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 U.S.
generally accepted accounting principles, which require the use of certain estimates
made by the Trusts management. 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 is
extrapolated on a forward basis from the spot prices quoted as of 5:00 P.M. (E.T.) of
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. 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 units
outstanding.
 -9-




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##### 



THE CAMPBELL FUND TRUST
 NOTES TO FINANCIAL STATEMENTS (CONTINUED)
 
 Note 1.
    
    ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
 D.
    
    Cash and Cash EquivalentsCash and cash equivalents includes cash and short-term time deposits held at financial
institutions.E.
    
    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.F.
    
    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 currently.
 Note 2.
    
    MANAGING OPERATOR AND COMMODITY TRADING ADVISOR
 The managing operator of the Trust is Campbell & Company, Inc.
(Campbell & Company), which conducts and manages the business of
the Trust. Campbell & Company is also the commodity trading
advisor of the Trust.The Trust pays the managing operator a monthly management fee
equal to 1/3 of 1% (4% annually) of the Net Assets (as defined in
the Declaration of Trust and Trust Agreement) of the Trust as of
the end of each month and a quarterly performance fee equal to 20%
of the aggregate cumulative appreciation in Net Asset Value per
Unit (as defined) exclusive of appreciation attributable to
interest income.
 Note 3.
    
    TRUSTEE
 The trustee of the Trust is Delaware Trust Capital Management,
Inc., a Delaware banking corporation. The trustee has delegated to
the managing operator the duty and authority to manage the
business and affairs of the Trust and has only nominal duties and
liabilities with respect to the Trust.
 Note 4.
    
    DEPOSITS WITH BROKER
 The Trust deposits assets with ABN AMRO Incorporated to act as
broker, subject to Commodity Futures Trading Commission
regulations and various exchange and broker requirements. Margin
requirements are satisfied by the deposit of U.S. Treasury bills
and cash with such broker. The Trust pays interest if deposits
are below required levels and earns interest on excess deposits
with the broker.
 -10-




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##### 



THE CAMPBELL FUND TRUST
 NOTES TO FINANCIAL STATEMENTS (CONTINUED)
 
 Note 5.
    
    SUBSCRIPTIONS, DISTRIBUTIONS AND REDEMPTIONS
 
 Note 6.
    
    TRADING ACTIVITIES AND RELATED RISKS
      -11-




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THE CAMPBELL FUND TRUST
 NOTES TO FINANCIAL STATEMENTS (CONTINUED)
 
 Note 6.
    
    TRADING ACTIVITIES AND RELATED RISKS (CONTINUED)
  Futures Contracts
    
    Forward Currency Contracts(exchange traded)
    
    (non-exchange traded)June 30,
    
    December 31,
    
    June 30,
    
    December 31,2005
    
    2004
    
    2005
    
    2004Gross unrealized gains
    
    $
    26,617,298
    
    
    $
    12,418,105
    
    
    $
    39,117,442
    
    
    $
    25,436,620Gross unrealized losses
    
    
    (2,636,026
    )
    
    
    (3,198,119
    )
    
    
    (12,472,503
    )
    
    
    (36,351,590
    )Net unrealized gain (loss)
    
    $
    23,981,272
    
    
    $
    9,219,986
    
    
    $
    26,644,939
    
    
    $
    (10,914,970
    )
   Note 7.
    
    GUARANTEES
  Note 8.
    
    INTERIM FINANCIAL STATEMENTS
  -12-




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THE CAMPBELL FUND TRUST
 NOTES TO FINANCIAL STATEMENTS (CONTINUED)
 
 Note 9.
    
    FINANCIAL HIGHLIGHTS
  Three months ended
    
    Six months endedJune 30,
    
    June 30,2005
    
    2004
    
    2005
    
    2004(Unaudited)
    
    (Unaudited)
    
    (Unaudited)
    
    (Unaudited)Per Unit Performance(for a unit outstanding throughout the entire period)Net asset value per unit at beginning of period
    
    $
    2,334.95
    
    
    $
    2,543.16
    
    
    $
    2,409.80
    
    
    $
    2,222.11Income (loss) from operations:Total trading gains (losses) (1)
    
    
    301.81
    
    
    
    (229.95
    )
    
    
    236.92
    
    
    
    186.39Expenses net of interest income (1)
    
    
    (15.04
    )
    
    
    (17.90
    )
    
    
    (25.00
    )
    
    
    (113.19
    )Total income (loss) from operations
    
    
    286.77
    
    
    
    (247.85
    )
    
    
    211.92
    
    
    
    73.20Net asset value per unit at end of period
    
    $
    2,621.72
    
    
    $
    2,295.31
    
    
    $
    2,621.72
    
    
    $
    2,295.31Total Return(3)
    
    
    12.28
    %
    
    
    (9.75
    )%
    
    
    8.79
    %
    
    
    3.29
    %Supplemental DataRatios to average net asset value:Expenses prior to performance fee (4)
    
    
    (4.09
    )%
    
    
    (3.91
    )%
    
    
    (4.02
    )%
    
    
    (4.03
    )%Performance fee (3)
    
    
    (0.26
    )%
    
    
    0.00
    %
    
    
    (0.27
    )%
    
    
    (3.10
    )%Total expenses
    
    
    (4.35
    )%
    
    
    (3.91
    )%
    
    
    (4.29
    )%
    
    
    (7.13
    )%Expenses, prior to performance fee,
net of interest income (2), (4)
    
    
    (1.43
    )%
    
    
    (2.95
    )%
    
    
    (1.53
    )%
    
    
    (3.12
    )%
 Total returns are calculated based on the change in value of a unit during the period. An
individual unitholders total returns and ratios may vary from the above total returns and
ratios based on the timing of additions and redemptions.
 
 (1)
    
    Expenses net of interest income per unit is calculated by dividing the
expenses net of interest income by the average number of units outstanding during the
period. Total 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. -13-




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Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations
          -14-




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##### 



i.e.
   Results of Operations
  2005
  -15-




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##### 



Sector
    
    % Gain (Loss)Interest Rates
    
    
    8.48
    %Currencies
    
    
    3.82Energy
    
    
    1.55Metals
    
    
    0.16Agriculture
    
    
    (0.25
    )Stock Indices
    
    
    (3.76
    )10.00
    %
     -16-




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##### 



2004
  Sector
    
    % Gain (Loss)Interest Rates
    
    
    6.26
    %Currencies
    
    
    2.09Energy
    
    
    1.72Agriculture
    
    
    0.22Metals
    
    
    (0.22
    )Stock Indices
    
    
    (1.98
    )8.09
    %
  -17-




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Off-Balance Sheet Risk
   -18-




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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
 -19-




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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 maintenance margin required for market risk
sensitive instruments held at the end of the reporting period).
      -20-




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##### 



The Trusts Trading Value at Risk in Different Market Sectors
  
 June 30, 2005TradingMarket Sector
    
    Value at Risk*
    
    Gain/(Loss)**Currencies
    
    
    1.30
    %
    
    
    3.82
    %Long-Term Interest Rates
    
    
    0.94
    %
    
    
    5.06
    %Short-Term Interest Rates
    
    
    0.36
    %
    
    
    3.42
    %Stock Indices
    
    
    0.39
    %
    
    
    (3.76
    )%Energy
    
    
    0.48
    %
    
    
    1.55
    %Agricultural / Metals
    
    
    0.06
    %
    
    
    (0.09
    )%Aggregate/Total
    
    
    1.92
    %
    
    
    10.00
    %
 
 * -
    
    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.** -
    
    Of the return for the six months ended June 30, 2005, approximately 10.00% was due to
trading gains (before commissions), approximately 1.24% was due interest income offset by
approximately 2.45% due to brokerage fees, management fees, performance fees and operating
costs borne by the Trust giving a net return of 8.79%. 
 December 31, 2004TradingMarket Sector
    
    Value at Risk*
    
    Gain/(Loss)**Currencies
    
    
    1.18
    %
    
    
    2.12
    %Long-Term Interest Rates
    
    
    0.81
    %
    
    
    10.21
    %Short-Term Interest Rates
    
    
    0.26
    %
    
    
    2.33
    %Stock Indices
    
    
    0.57
    %
    
    
    (1.96
    )%Energy
    
    
    0.19
    %
    
    
    1.68
    %Agricultural and Metals
    
    
    0.11
    %
    
    
    (0.15
    )%Aggregate/Total
    
    
    1.85
    %
    
    
    14.23
    %
 -21-




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##### 



* -
    
    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.** -
    
    Of the return for the year ended December 31, 2004, approximately 14.23% was due to
trading gains (before commissions) and approximately 1.26% was due to interest income, offset
by approximately 7.04% in brokerage fees, management fees, performance fees and operating
costs borne by the Trust giving a net return of 8.45%. 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.
  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
 -22-




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##### 



risks, any one of which could cause the actual results of the Trusts risk
controls to differ materially from the objectives of such strategies. Government
interventions, defaults and expropriations, illiquid markets, the emergence of dominant
fundamental factors, political upheavals, changes in historical price relationships, an influx
of new market participants, increased regulation and many other factors could result in
material losses as well as in material changes to the risk exposures and the risk management
strategies of the Trust. There can be no assurance that the Trusts current market exposure
and/or risk management strategies will not change materially or that any such strategies will
be effective in either the short- or long-term. Investors must be prepared to lose all or
substantially all of their investment in the Trust.
  Currencies
 i.e.,
 Interest Rates
  Stock Indices
  Energy
 -23-




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##### 



Metals
  Agricultural
  Qualitative Disclosures Regarding Non-Trading Risk Exposure
  Foreign Currency Balances
  Treasury Bill Positions
  Qualitative Disclosures Regarding Means of Managing Risk Exposure
   -24-




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##### 



General
  Item 4. Controls and Procedures
  -25-




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##### 



PART II-OTHER INFORMATION
 Item 1.
    
    Legal Proceedings.NoneItem 2.
    
    Changes in Securities and Use of ProceedsNoneItem 3.
    
    Defaults Upon Senior SecuritiesNot applicable.Item 4.
    
    Submissions of Matters to a vote of Security Holders.NoneItem 5.
    
    Other InformationNoneItem 6.
    
    Exhibits and Reports on Form 8-K.(a) Exhibits
 ExhibitNumber
    
    Description of Document31.01
    
    Certification of Bruce L. Cleland, Chief Executive Officer, pursuant to
Rules 13a-14 and 15d-14 of the Securities Exchange Act of 1934.31.02
    
    Certification of Theresa D. Becks, Chief Financial Officer,
pursuant to Rules 13a-14 and 15d-14 of the Securities Exchange Act of 1934.32.01
    
    Certification of Bruce L. Cleland, 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 Theresa D. Becks, 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
  -26-




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##### 



SIGNATURES
  THE CAMPBELL FUND TRUST(Registrant)By:
    
    Campbell & Company, Inc.Managing OperatorDate: August 15, 2005
    
    
    
    By:
    
    /s/ Theresa D. BecksTheresa D. BecksChief Financial Officer/Treasurer/Director
 -27-




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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  E532.01
    
    Certification by Chief Executive Officer
    
    E 632.02
    
    Certification by Chief Financial Officer
    
    E 7
 E 1