<PAGE>
                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    FORM 10-Q


[X]  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
     ACT OF 1934

For the quarterly period ended September 30, 2003

                                       or

[ ]  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:  0-22260


                             THE CAMPBELL FUND TRUST
               (Exact name of registrant as specified in charter)

<TABLE>
<S>                                       <C>
          Delaware                                      94-6260018
  -----------------------                 ------------------------------------
  (State of Organization)                 (IRS Employer Identification Number)
</TABLE>


                              Court Towers Building
                          210 West Pennsylvania Avenue,
                            Baltimore, Maryland 21204
          (Address of principal executive offices, including zip code)

                                 (410) 296-3301
              (Registrant's telephone number, including area code)


Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months, and (2) has been subject to such filing requirements
for the past 90 days.

Yes [X]     No [ ]


Indicate by check mark whether the registrant is an accelerated filer (as
defined in Exchange Act Rule 12b-2)

Yes [X]     No [ ]



                            Total number of Pages: 26
<PAGE>
<TABLE>
<CAPTION>
                                                                            PAGE
                                                                            ----
<S>                                                                         <C>
PART I - FINANCIAL INFORMATION

     Item 1. Financial Statements

             Statements of Financial Condition as of September 30, 2003
             (Unaudited) and December 31, 2002 (Audited)                      3

             Condensed Schedule of Investments as of September 30, 2003
             (Unaudited)                                                      4

             Statements of Operations for the Three Months and Nine Months
             Ended September 30, 2003 and 2002 (Unaudited)                    5

             Statements of Cash Flows for the Nine Months Ended
             September 30, 2003 and 2002 (Unaudited)                          6

             Statements of Changes in Unitholders' Capital (Net Asset
             Value) for the Nine Months Ended September 30, 2003 and 2002
             (Unaudited)                                                      7

             Notes to Financial Statements (Unaudited)                        8

     Item 2. Management's Discussion and Analysis of Financial Condition
             and Results of Operations                                       13

     Item 3. Quantitative and Qualitative Disclosure About Market Risk       18

     Item 4. Controls and Procedures                                         24

PART II - OTHER INFORMATION                                                  25

SIGNATURES                                                                   26

EXHIBIT INDEX                                                               E-1

EXHIBIT 31.01 Certification by Chief Executive Officer                      E-2

EXHIBIT 31.02 Certification of Chief Financial Officer                      E-4

EXHIBIT 32.01 Certification by Chief Executive Officer                      E-6

EXHIBIT 32.02 Certification of Chief Financial Officer                      E-7
</TABLE>

                                      -2-
<PAGE>
                             THE CAMPBELL FUND TRUST
                        STATEMENTS OF FINANCIAL CONDITION
         September 30, 2003 (Unaudited) and December 31, 2002 (Audited)


<TABLE>
<CAPTION>
                                                           September 30,        December 31,
                                                                2003                 2002
                                                           -------------        ------------
<S>                                                        <C>                  <C>
ASSETS
  Equity in broker trading accounts
    Cash                                                    $  5,791,426        $  4,746,830
    United States government securities                      137,319,250          65,117,609
    Unrealized gain (loss) on open futures contracts          (7,389,318)          2,286,576
                                                            ------------        ------------
        Deposits with broker                                 135,721,358          72,151,015

  Cash and cash equivalents                                   61,395,895          54,711,968
  United States government securities                         94,942,583          50,948,342
  Unrealized gain on open forward contracts                   14,570,635           2,100,975
                                                            ------------        ------------
        Total assets                                        $306,630,471        $179,912,300
                                                            ============        ============

LIABILITIES
  Accounts payable                                          $     33,974        $     36,694
  Commissions and other trading fees on open contracts            54,463              31,942
  Management fee                                                 987,280             477,171
  Prepaid subscriptions                                       10,358,086          33,355,435
  Subscription deposits                                                0           3,337,000
                                                            ------------        ------------
        Total liabilities                                     11,433,803          37,238,242
                                                            ------------        ------------

UNITHOLDERS' CAPITAL (NET ASSET VALUE)
  Managing Operator - 20.360 units outstanding at
   September 30, 2003 and December 31, 2002                       41,829              38,174
  Other Unitholders - 143,662.983 and 76,075.368
   units outstanding at September 30, 2003 and
   December 31, 2002                                         295,154,839         142,635,884
                                                            ------------        ------------
        Total unitholders' capital
          (Net Asset Value)                                  295,196,668         142,674,058
                                                            ------------        ------------
                                                            $306,630,471        $179,912,300
                                                            ============        ============
</TABLE>

                             See accompanying notes.

                                      -3-
<PAGE>
                             THE CAMPBELL FUND TRUST
                        CONDENSED SCHEDULE OF INVESTMENTS
                               September 30, 2003
                                   (Unaudited)


UNITED STATES GOVERNMENT SECURITIES

<TABLE>
<CAPTION>
                                                                                                         % of Net
    Face Value       Description                                                       Value            Asset Value
    ----------       -----------                                                   ------------         -----------
<S>                  <C>                                                           <C>                  <C>
    $67,000,000      U.S. Treasury Bill, 11/20/03                                  $ 66,915,333            22.66%
     50,000,000      U.S. Treasury Bill, 10/02/03                                    49,998,833            16.93%
     34,000,000      U.S. Treasury Bill, 12/11/03                                    33,937,973            11.50%
     30,000,000      U.S. Treasury Bill, 10/09/03                                    29,994,167            10.16%
     22,500,000      U.S. Treasury Bill, 12/26/03                                    22,451,356             7.61%
     21,000,000      U.S. Treasury Bill, 11/13/03                                    20,976,673             7.11%
      8,000,000      U.S. Treasury Bill, 11/28/03                                     7,987,498             2.71%
                                                                                   ------------            -----
                     TOTAL UNITED STATES GOVERNMENT SECURITIES
                         (COST, INCLUDING ACCRUED INTEREST, - $232,261,833)        $232,261,833            78.68%
                                                                                   ============            =====
</TABLE>


LONG FUTURES CONTRACTS

<TABLE>
<CAPTION>
                                                                                                    % of Net
                Description                                                       Value            Asset Value
                -----------                                                    -----------         -----------
<S>                                                                            <C>                 <C>
                Agricultural                                                   $   313,758             0.11%
                Metals                                                              30,990             0.01%
                Stock index                                                     (4,679,507)           (1.59)%
                Short-term interest rate                                           698,138             0.24%
                Long-term interest rate                                            275,533             0.09%
                                                                               -----------            -----
                TOTAL LONG FUTURES CONTRACTS                                   $(3,361,088)           (1.14)%
                                                                               -----------            -----
</TABLE>


SHORT FUTURES CONTRACTS

<TABLE>
<CAPTION>
                                                                                                     % of Net
                Description                                                       Value            Asset Value
                -----------                                                    -----------         -----------
<S>                                                                            <C>                 <C>
                Agricultural                                                   $   (55,350)           (0.02)%
                Energy                                                          (3,302,798)           (1.12)%
                Metals                                                                 369            (0.00)%
                Short-term interest rate                                          (147,728)           (0.05)%
                Long-term interest rate                                           (522,723)           (0.17)%
                                                                               -----------            -----
                TOTAL SHORT FUTURES CONTRACTS                                  $(4,028,230)           (1.36)%
                                                                               -----------            -----
                TOTAL FUTURES CONTRACTS                                        $(7,389,318)           (2.50)%
                                                                               ===========            =====
</TABLE>


LONG FORWARD CURRENCY CONTRACTS

<TABLE>
<CAPTION>
                                                                                                     % of Net
                Description                                                      Value             Asset Value
                -----------                                                    -----------         -----------
<S>                                                                            <C>                 <C>
                Various long forward currency contracts                        $33,128,426            11.22%
                                                                               -----------            -----
</TABLE>


SHORT FORWARD CURRENCY CONTRACTS

<TABLE>
<CAPTION>
                                                                                                          % of Net
    Amount            Description                                                      Value             Asset Value
    ------            -----------                                                   ------------         -----------
<S>                   <C>                                                           <C>                  <C>
  402,900,000         Swiss Franc, 12/17/03                                         $(17,113,398)           (5.79)%
                      Other short forward currency contracts                          (1,444,393)           (0.49)%
                                                                                    ------------            -----
                      Total short forward currency contracts                        $(18,557,791)           (6.28)%
                                                                                    ------------            -----
                      TOTAL FORWARD CURRENCY CONTRACTS                              $ 14,570,635             4.94%
                                                                                    ============            =====
</TABLE>

                             See accompanying notes.

                                      -4-
<PAGE>
                             THE CAMPBELL FUND TRUST
                            STATEMENTS OF OPERATIONS
                      For the Three Months and Nine Months
                        Ended September 30, 2003 and 2002
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                       Three Months                        Nine Months
                                                          Ended                               Ended
                                                       September 30,                      September 30,
                                                 2003               2002             2003              2002
                                             ------------       -----------       -----------       -----------
<S>                                          <C>                <C>               <C>               <C>
INCOME
  Futures trading gains (losses)
    Realized                                 $(10,073,130)      $18,633,221       $ 5,592,554       $14,372,039
    Change in unrealized                       (3,198,683)        2,026,180        (9,675,894)        5,449,124
                                             ------------       -----------       -----------       -----------
        Gain (loss) from futures trading      (13,271,813)       20,659,401        (4,083,340)       19,821,163
                                             ------------       -----------       -----------       -----------
  Forward trading gains (losses)
    Realized                                   (6,592,814)          210,005        18,785,724         5,651,431
    Change in unrealized                       10,775,129        (2,680,705)       12,469,660        (3,575,017)
                                             ------------       -----------       -----------       -----------
        Gain (loss) from forward trading        4,182,315        (2,470,700)       31,255,384         2,076,414
                                             ------------       -----------       -----------       -----------
  Interest income                                 656,502           441,115         1,918,012         1,077,676
                                             ------------       -----------       -----------       -----------
        Total income (loss)                    (8,432,996)       18,629,816        29,090,056        22,975,253
                                             ------------       -----------       -----------       -----------
EXPENSES
  Brokerage commissions                           361,350           125,236           816,285           423,054
  Management fee                                2,828,187         1,093,651         7,553,215         2,667,397
  Performance fee                                       0         3,224,518         5,702,938         3,224,518
  Operating expenses                               29,682            13,324            68,632            36,674
                                             ------------       -----------       -----------       -----------
        Total expenses                          3,219,219         4,456,729        14,141,070         6,351,643
                                             ------------       -----------       -----------       -----------
        NET INCOME (LOSS)                    $(11,652,215)      $14,173,087       $14,948,986       $16,623,610
                                             ============       ===========       ===========       ===========
NET INCOME (LOSS) PER MANAGING
 OPERATOR AND OTHER UNITHOLDER
 UNIT
  (based on weighted average number of
   units outstanding during the period)      $     (85.08)      $    247.56       $    125.68       $    318.92
                                             ============       ===========       ===========       ===========
INCREASE (DECREASE) IN NET ASSET
 VALUE PER MANAGING OPERATOR AND
 OTHER UNITHOLDER UNIT                       $     (89.61)      $    250.64       $    179.56       $    290.28
                                             ============       ===========       ===========       ===========
</TABLE>

                             See accompanying notes.

                                      -5-
<PAGE>
                             THE CAMPBELL FUND TRUST
                            STATEMENTS OF CASH FLOWS
              For the Nine Months Ended September 30, 2003 and 2002
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                                  2003               2002
                                                             -------------       ------------
<S>                                                          <C>                 <C>
CASH FLOWS FROM (FOR) OPERATING ACTIVITIES
  Net income                                                 $  14,948,986       $ 16,623,610
    Adjustments to reconcile net income to net cash
     (for) operating activities
      Net change in unrealized                                  (2,793,766)        (1,874,107)
      Increase in accounts payable and accrued expenses            529,910          3,401,085
      Net (purchases) of investments in United States
       government securities                                  (116,195,882)       (41,932,251)
                                                             -------------       ------------
        Net cash (for) operating activities                   (103,510,752)       (23,781,663)
                                                             -------------       ------------

CASH FLOWS FROM (FOR) FINANCING ACTIVITIES
  Addition of units                                            145,253,279         36,932,645
  Decrease in subscriptions receivable                                   0             24,405
  Increase (decrease) in prepaid subscriptions                 (22,997,349)         1,177,142
  Redemption of units                                           (7,679,655)        (6,063,737)
  Decrease in redemptions payable                                        0           (143,389)
  Decrease in subscription deposits                             (3,337,000)                 0
                                                             -------------       ------------
        Net cash from financing activities                     111,239,275         31,927,066
                                                             -------------       ------------

Net increase in cash and cash equivalents                        7,728,523          8,145,403

CASH AND CASH EQUIVALENTS
  Beginning of period                                           59,458,798         26,097,015
                                                             -------------       ------------
  End of period                                              $  67,187,321       $ 34,242,418
                                                             =============       ============

End of period cash and cash equivalents consists of:
  Cash in broker trading accounts                            $   5,791,426       $  8,915,171
  Cash and cash equivalents                                     61,395,895         25,327,247
                                                             -------------       ------------
        Total end of period cash and cash equivalents        $  67,187,321       $ 34,242,418
                                                             =============       ============
</TABLE>

                             See accompanying notes.

                                      -6-
<PAGE>
                             THE CAMPBELL FUND TRUST
         STATEMENTS OF CHANGES IN UNITHOLDERS' CAPITAL (NET ASSET VALUE)
              For the Nine Months Ended September 30, 2003 and 2002
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                                         Unitholders' Capital
                                          -----------------------------------------------------------------------------------
                                          Managing Operator           Other Unitholders                     Total
                                          -----------------     ----------------------------     ----------------------------
                                           Units     Amount         Units          Amount           Units           Amount
<S>                                       <C>       <C>         <C>             <C>              <C>             <C>
NINE MONTHS ENDED SEPTEMBER 30, 2003

Balances at December 31, 2002              20.360   $38,174      76,075.368     $142,635,884      76,095.728     $142,674,058
Net income for the nine months
 ended September 30, 2003                             3,655                       14,945,331                       14,948,986
Additions                                   0.000         0      71,329.089      145,253,279      71,329.089      145,253,279
Redemptions                                 0.000         0      (3,741.474)      (7,679,655)     (3,741.474)      (7,679,655)
                                           ------   -------     -----------     ------------     -----------     ------------
Balances at September 30, 2003             20.360   $41,829     143,662.983     $295,154,839     143,683.343     $295,196,668
                                           ======   =======     ===========     ============     ===========     ============

NINE MONTHS ENDED SEPTEMBER 30, 2002

Balances at December 31, 2001              20.360   $33,303      42,244.587     $ 69,100,628      42,264.947     $ 69,133,931
Net income for the nine months
 ended September 30, 2002                             5,910                       16,617,700                       16,623,610
Additions                                   0.000         0      22,101.921       36,932,645      22,101.921       36,932,645
Redemptions                                 0.000         0      (3,813.422)      (6,063,737)     (3,813.422)      (6,063,737)
                                           ------   -------     -----------     ------------     -----------     ------------
Balances at September 30, 2002             20.360   $39,213      60,533.086     $116,587,236      60,553.446     $116,626,449
                                           ======   =======     ===========     ============     ===========     ============
</TABLE>

<TABLE>
<CAPTION>
Net Asset Value Per Managing Operator and Other Unitholder Unit
-----------------------------------------------------------------
September 30,     December 31,      September 30,    December 31,
    2003              2002              2002             2001
-------------     ------------      -------------    ------------
<S>               <C>               <C>              <C>
  $2,054.49         $1,874.93         $1,926.01        $1,635.73
  =========         =========         =========        =========
</TABLE>

                             See accompanying notes.

                                      -7-
<PAGE>
                             THE CAMPBELL FUND TRUST
                          NOTES TO FINANCIAL STATEMENTS
                                   (Unaudited)


Note 1.  ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

         A.  General Description of the Trust

             The Campbell Fund Trust (the Trust) is a Delaware statutory trust
             which operates as a commodity investment pool. The Trust engages in
             the speculative trading of futures contracts and forward contracts.

         B.  Regulation

             The 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 Reporting

             The Trust's financial statements are presented in accordance with
             accounting principles generally accepted in the United States of
             America, 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
             (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.

         D.  Cash and Cash Equivalents

             Cash and cash equivalents includes cash and short-term time
             deposits held at financial institutions.

         E.  Income Taxes

             The 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.

                                      -8-
<PAGE>
                             THE CAMPBELL FUND TRUST
                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)
                                   (Unaudited)


Note 1.  ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

         F.  Foreign Currency Transactions

             The 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
         income on excess deposits with the broker.

Note 5.  SUBSCRIPTIONS, DISTRIBUTIONS AND REDEMPTIONS

         Investments in the Trust are made by subscription agreement, subject to
         acceptance by the managing operator. Effective October 1, 2003 and
         January 1, 2003, additions of $10,358,086 and $36,947,368,
         respectively, were made to the Trust. At December 31, 2002, amounts
         received by the Trust from prospective Unitholders who were not
         admitted to the Trust effective January 1, 2003 by the managing
         operator totaled $3,337,000.

         The Trust is not required to make distributions, but may do so at the
         sole discretion of the managing operator. A Unitholder may request and
         receive redemption of units owned, subject to restrictions in the
         Declaration of Trust and Trust Agreement. At September 30, 2003, there
         were requests for redemptions of $388,970 effective October 1, 2003. At
         December 31, 2002, there were requests for redemptions of $984,977
         effective January 1, 2003.

                                      -9-
<PAGE>
                             THE CAMPBELL FUND TRUST
                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)
                                   (Unaudited)


Note 6.  TRADING ACTIVITIES AND RELATED RISKS

         The Trust engages in the speculative trading of U.S. and foreign
         futures contracts and forward contracts (collectively, "derivatives").
         The Trust is exposed to both market risk, the risk arising from changes
         in the market value of the contracts, and credit risk, the risk of
         failure by another party to perform according to the terms of a
         contract.

         Purchase and sale of futures contracts requires margin deposits with
         the broker. Additional deposits may be necessary for any loss on
         contract value. The Commodity Exchange Act requires a broker to
         segregate all customer transactions and assets from such broker's
         proprietary activities. A customer's cash and other property (for
         example, U.S. Treasury bills) deposited with a broker are considered
         commingled with all other customer funds subject to the broker's
         segregation requirements. In the event of a broker's insolvency,
         recovery may be limited to a pro rata share of segregated funds
         available. It is possible that the recovered amount could be less than
         total cash and other property deposited.

         The amount of required margin and good faith deposits with the broker
         and interbank market makers usually range from 10% to 30% of Net Asset
         Value. The market value of securities held at September 30, 2003 and
         December 31, 2002 were $232,261,833 and $116,065,951, respectively,
         which equals 79% and 81% of Net Asset Value, respectively. The cash
         deposited with interbank market makers at September 30, 2003 and
         December 31, 2002 was $51,026,167 and $17,326,794, respectively, which
         equals 17% and 12% of Net Asset Value, respectively. These amounts are
         included in cash and cash equivalents.

         The Trust trades forward contracts in unregulated markets between
         principals and assumes the risk of loss from counterparty
         nonperformance. Accordingly, the risks associated with forward
         contracts are generally greater than those associated with exchange
         traded contracts because of the greater risk of counterparty default.
         Additionally, the trading of forward contracts typically involves
         delayed cash settlement.

         The Trust has a substantial portion of its assets on deposit with
         financial institutions. In the event of a financial institution's
         insolvency, recovery of Trust assets on deposit may be limited to
         account insurance or other protection afforded such deposits.

         For derivatives, risks arise from changes in the market value of the
         contracts. Theoretically, the Trust is exposed to a market risk equal
         to the notional contract value of futures and forward contracts
         purchased and unlimited liability on such contracts sold short.

         The unrealized gain (loss) on open futures and forward contracts is
         comprised of the following:

<TABLE>
<CAPTION>
                                    Futures Contracts                  Forward Contracts
                                    (exchange traded)                (non-exchange traded)
                              September 30,     December 31,     September 30,     December 31,
                                   2003             2002             2003              2002
                              -------------     ------------     -------------     ------------
<S>                           <C>               <C>              <C>               <C>
Gross unrealized gains         $ 1,339,803      $ 3,302,917      $ 33,923,654      $ 12,818,638
Gross unrealized losses         (8,729,121)      (1,016,341)      (19,353,019)      (10,717,663)
                               -----------      -----------      ------------      ------------
Net unrealized gain (loss)     $(7,389,318)     $ 2,286,576      $ 14,570,635      $  2,100,975
                               ===========      ===========      ============      ============
</TABLE>

                                      -10-
<PAGE>
                             THE CAMPBELL FUND TRUST
                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)
                                   (Unaudited)


Note 7.  TRADING ACTIVITIES AND RELATED RISKS (CONTINUED)


         Open contracts generally mature within three months; as of September
         30, 2003, the latest maturity date for open futures contracts is June
         2004, and the latest maturity date for open forward contracts is
         December 2003. However, the Trust intends to close all contracts prior
         to maturity.

         Campbell & Company has established procedures to actively monitor
         market risk and minimize credit risk, although there can be no
         assurance that it will, in fact, succeed in doing so. Campbell &
         Company's basic market risk control procedures consist of continuously
         monitoring open positions, diversification of the portfolio and
         maintenance of a margin-to-equity ratio that rarely exceeds 30%.
         Campbell & Company seeks to minimize credit risk primarily by
         depositing and maintaining the Trust's assets at financial institutions
         and brokers which Campbell & Company believes to be creditworthy. The
         unitholders bear the risk of loss only to the extent of the market
         value of their respective investments and, in certain specific
         circumstances, distributions and redemptions received.

Note 8.  INTERIM FINANCIAL STATEMENTS

         The statement of financial condition as of September 30, 2003,
         including the September 30, 2003 condensed schedule of investments, the
         statements of operations for the three months and nine months ended
         September 30, 2003 and 2002, and the statements of cash flows and
         changes in unitholders' capital (Net Asset Value) for the nine months
         ended September 30, 2003 and 2002 are unaudited. In the opinion of
         management, such financial statements reflect all adjustments, which
         were of a normal and recurring nature, necessary for a fair
         presentation of financial position as of September 30, 2003, the
         results of operations for the three months and nine months ended
         September 30, 2003 and 2002, and cash flows for the nine months ended
         September 30, 2003 and 2002.

                                      -11-
<PAGE>
                             THE CAMPBELL FUND TRUST
                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)
                                   (Unaudited)


Note 9.  FINANCIAL HIGHLIGHTS

         The following information presents per unit operating performance data
         and other supplemental financial data for the three months and nine
         months ended September 30, 2003 and 2002. This information has been
         derived from information presented in the financial statements.

<TABLE>
<CAPTION>
                                                              Three months ended             Nine months ended
                                                                 September 30,                  September 30,
                                                             2003            2002            2003            2002
                                                         (Unaudited)     (Unaudited)     (Unaudited)     (Unaudited)
                                                         -----------     -----------     -----------     -----------
<S>                                                      <C>             <C>             <C>             <C>
PER UNIT PERFORMANCE
(for a unit outstanding throughout the entire period)

Net asset value per unit at beginning of period           $2,144.10       $1,675.37       $1,874.93       $1,635.73
                                                          ---------       ---------       ---------       ---------
Income (loss) from operations:
  Net realized and change in unrealized gain (loss)
   from trading(2),(3)                                       (73.54)         318.59          275.46          383.34
  Expenses net of interest income(1),(3)                     (16.07)         (67.95)         (95.90)         (93.06)
                                                          ---------       ---------       ---------       ---------
     Total income (loss) from operations                     (89.61)         250.64          179.56          290.28
                                                          ---------       ---------       ---------       ---------
Net asset value per unit at end of period                 $2,054.49       $1,926.01       $2,054.49       $1,926.01
                                                          =========       =========       =========       =========
TOTAL RETURN(4)                                               (4.18)%         14.96%           9.58%          17.75%
                                                          =========       =========       =========       =========
SUPPLEMENTAL DATA

Ratios to average net asset value:
  Expenses prior to performance fee(1),(5)                    (3.97)%         (4.19)%         (4.03)%         (4.05)%
  Performance fee(5)                                          (0.00)%        (12.20)%         (3.02)%         (4.83)%
                                                          ---------       ---------       ---------       ---------
     Total expenses(1),(5)                                    (3.97)%        (16.39)%         (7.05)%         (8.88)%
                                                          =========       =========       =========       =========
  Expenses net of interest income(1),(5),(6)                  (3.06)%         (2.52)%         (3.02)%         (2.43)%
                                                          =========       =========       =========       =========
</TABLE>

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)  Excludes brokerage commissions and other trading fees paid directly to the
     broker.
(2)  Includes brokerage commissions and other trading fees paid directly to the
     broker.
(3)  Expenses net of interest income per unit are calculated by dividing the
     expenses net of interest income by the average number of units outstanding
     during the period. The net realized and change in unrealized gain (loss)
     from trading is a balancing amount necessary to reconcile the change in net
     asset value per unit with the other per unit information.
(4)  Not annualized
(5)  Annualized
(6)  Excludes performance fee

                                      -12-
<PAGE>
Item 2.  Management's Discussion and Analysis of Financial Condition and
         Results of Operations


Introduction

The Campbell Fund Trust (the "Trust") is a business trust organized on January
2, 1996 under the Delaware Business Trust Act, which was replaced by the
Delaware Statutory Trust Act as of September 1, 2002. The Trust is a successor
to the Campbell Fund Limited Partnership (formerly known as the Commodity Trend
Fund) and began trading operations in January 1972. The Trust currently trades
in the U.S. and international futures and forward markets under the sole
direction of Campbell & Company, Inc., the managing operator of the Trust.
Specifically, the Trust trades a portfolio primarily focused on financial
futures and forwards, with a secondary emphasis on metal, energy and
agricultural products. The Trust is an actively managed account with speculative
trading profits as its objective.

Gains or losses are realized when contracts are liquidated. Net unrealized gains
or losses on open contracts (the difference between contract price and market
price) are reflected in the statement of financial condition. Any change in net
unrealized gain or loss from the preceding period is reported in the statement
of operations. United States government securities are stated at cost plus
accrued interest, which approximates market value. For purposes of both
financial reporting and calculation of redemption value, Net Asset Value per
Unit is calculated by dividing Net Asset Value by the number of outstanding
Units.

As of September 30, 2003, the aggregate capitalization of the Trust was
$295,196,668, and the Net Asset Value per Unit was $2,054.49.

Capital Resources

The Trust will raise additional capital only through the sale of Units offered
pursuant to the continuing offering, and does not intend to raise any capital
through borrowing. Due to the nature of the Trust's business, it will make no
capital expenditures and will have no capital assets, which are not operating
capital or assets.

Liquidity

Most United States commodity exchanges limit fluctuations in commodity futures
contracts prices during a single day by regulations referred to as "daily price
fluctuation limits" or "daily limits". During a single trading day, no trades
may be executed at prices beyond the daily limit. Once the price of a futures
contract has reached the daily limit for that day, positions in that contract
can neither be taken nor liquidated. Commodity futures prices have occasionally
moved to the daily limit for several consecutive days with little or no trading.
Similar occurrences could prevent the Trust from promptly liquidating
unfavorable positions and subject the Trust to substantial losses which could
exceed the margin initially committed to such trades. In addition, even if
commodity futures prices have not moved the daily limit, the Trust may not be
able to execute futures trades at favorable prices, if little trading in such
contracts is taking place. Other than these limitations on liquidity, which are
inherent in the Trust's commodity futures trading operations, the Trust's assets
are expected to be highly liquid.

Offering proceeds, without deduction, are credited to the Trust's bank accounts
to engage in trading activities and as reserves for that trading. The Trust
meets its margin requirements by depositing U.S. government securities with the
futures broker and the forward counterparty. In this way, substantially all

                                      -13-
<PAGE>
(i.e., 95% or more) of the Trust's assets, whether used as margin for trading
purposes or as reserves for such trading, can be invested in U.S. government
securities and time deposits with U.S. banks. The Trust receives all interest
earned on its assets. No other person receives any interest or other economic
benefits from the deposit of Trust assets.

Approximately 10% to 30% of the Trust's assets are usually committed as required
margin for futures contracts and held by the futures broker, although the amount
committed may vary significantly. Such assets are maintained in the form of cash
or U.S. Treasury bills in segregated accounts with the futures broker pursuant
to the Commodity Exchange Act and regulations thereunder. Approximately 10% to
30% of the Trust's assets are deposited with the forward counterparty in order
to initiate and maintain currency forward contracts. Such assets are not held in
segregation or otherwise regulated under the Commodity Exchange Act. These
assets are held either in U.S. government securities or short-term time deposits
with U.S. regulated bank affiliates of the forward counterparty. The remaining
40% to 80% of the Trust's assets are usually invested in U.S. Treasury bills and
held by the futures broker or the forward counterparty.

The Trust's assets are not and will not be, directly or indirectly, commingled
with the property of any other person in violation of law or invested with or
loaned to Campbell & Company or any affiliated entities.

RESULTS OF OPERATIONS

The return for the nine months ended September 30, 2003 and 2002 was 9.58% and
17.75% respectively. Of the 2003 increase, approximately 14.43% was due to
trading gains (before commissions), approximately 0.76% was due interest income
offset by approximately 5.61% due to brokerage fees, performance fees and
operating costs borne by the Trust. An analysis of the 14.43% trading loss by
sector is as follows:


<TABLE>
<CAPTION>
SECTOR                          % GAIN (LOSS)
------                          -------------
<S>                             <C>
Currencies                         12.90%
Energy                              1.37
Stock Indices                       1.34
Interest Rates                      0.28
Metals                             (0.51)
Agricultural                       (0.95)
                                   -----
                                   14.43%
                                   =====
</TABLE>

The long-term trends that created so much opportunity for the Trust in 2002
continued in January 2003. Profits were earned in every sector other than stock
indices. However, the environment was one where a single event, the prospect of
war with Iraq, was driving the Trust's whole portfolio. While the Trust's
systematic and disciplined trading strategies continued to keep it engaged,
leverage was subsequently decreased to protect against significant losses which
could result from potential sharp and extended reversals in core positions.

                                      -14-
<PAGE>

The Trust was positive again in February with metals being the only negative
sector. Strong momentum in energy, fixed income, currencies and stock indices
continued, largely as a result of the troubled global geopolitical outlook. In
order to mitigate the risk of potential sharp reversals in trends, the Trust
maintained a lower-than-normal level of leverage during the month.

The long awaited market reversal occurred in March. Initially energy, precious
metals and fixed income markets all sold off sharply, while equities and the
U.S. Dollar rallied. Several days into this correction, these markets all sold
off suddenly, as hopes of a quick victory in Iraq subsided. With significantly
reduced leverage, the losses the Trust sustained were relatively modest, giving
the Trust a positive first quarter.

In April, the Trust's leverage was returned to a more normal level, but the
portfolio was not fully engaged in many markets due to the lack of strong
trends. Many markets had calmed significantly at this time, but uncertainty was
still prevalent in global markets due to the many unresolved geopolitical
issues. A strong performance in the currencies sector was partially offset by
negative performances in the metals, stock index and agricultural sectors.

In May, the uncertainty that remained in April dominated the markets the Trust
trades and led to another positive month. While corporate earnings looked
stronger, unemployment, overcapacity and the ongoing threat of terrorism still
loomed large over the global financial markets. The US dollar weakened further
against the other major currencies despite the concern expressed by the United
States' trade partners over the impact this would have on global trade. Interest
rates were the best performing sector for the Trust particularly at the long end
of the yield curve, where higher prices reflected lower rates. Currency cross
rates were also positive, while losses in the energy, stock index, agricultural
and currency sectors offset some of those gains.

With a small negative result for June, the Trust finished the first half of 2003
with a solid double-digit return. Profits for the month were earned in the
currency sector while long-term interest rates lost value as yield curves
steepened, particularly the Japanese government bond. Short-term interest rates
and stock index sectors contributed modest gains for the month, while the
energy, metals, agriculturals and currency cross-rates contributed small losses.
While the global economy was looking better than it had for several years, many
substantive uncertainties remained.

The Trust's performance for July was negative due to significant price reversals
in the Trust's largest positions. The U.S. Dollar's strong rally caused losses
in the Trust's currency and cross rate sectors. In addition, the sudden sharp
sell-off in long-term bonds resulted in losses in the Trust's long positions.
These losses were partially offset by gains in the Trust's long equity index
positions as investor confidence grew in the economic recovery and the potential
for improved growth.

The stock indices sector was the best performing sector for the month of August
as the U.S. equity markets posted their sixth straight month of gains. Much of
this was attributed to improving consumer confidence, federal tax cuts and
increased defense spending. The energy sector contributed positive returns as
crude oil remained above the thirty-dollar level on continuing supply concerns.
Also, the Trust's short positions in the Japanese Government Bond provided a
significant portion of the month's gains.

In September, the currency sector was the only significantly positive sector as
short U.S. Dollar positions benefited from continued weakness in the U.S.
Dollar. After showing positive returns for most of the month, sudden reversals
in the fixed income, equity and energy markets washed out the

                                      -15-

<PAGE>

gains in the currency sector and put the Trust's portfolio into negative
territory late in the month. The Trust finished the 3rd quarter with a negative
return, but was positive year-to-date.


2002

The return for the nine months ended September 30, 2002 was 17.75%. Of the
increase, approximately 23.67% was due to trading gains (before commissions) and
approximately 1.21% was due to interest income, offset by approximately 7.13%
due to brokerage fees, performance fees and operating costs borne by the Trust.
An analysis of the 23.67% trading gain by sector is as follows:


<TABLE>
<CAPTION>
SECTOR                                                  % GAIN (LOSS)
------                                                  -------------
<S>                                                     <C>
Interest Rates                                             15.11%
Stock Indices                                               4.47
Currencies                                                  2.95
Energy                                                      1.90
Agricultural                                               (0.23)
Metals                                                     (0.53)
                                                           -----
                                                           23.67%
                                                           =====
</TABLE>

During January, the Enron and Global Crossing bankruptcies took a toll on the
U.S. equities markets that were already under pressure and resulted in a
stumbling start to the New Year, as layoffs, earnings restatements and revenue
declines continued to dominate the business news. Internationally, the Japanese
economy continued to deteriorate, while the full extent of any Argentinean
contagion is yet to be acknowledged in Brazil or other parts of South America.
On the positive side, U.S. consumer spending continued to be robust. The Trust
posted a small loss for January, largely as a result of volatility in the global
currency markets. Energy and short stock index positions contributed small
gains.

The high market volatility in January continued into February. Further Enron
revelations radiated concern about the accounting practices of other large
companies and caused the equity markets to decline early in the month. Sentiment
reversed abruptly on positive economic news on home sales, manufacturing and
consumer spending. The Trust's performance was negative in February with losses
in energy, stock indices and long-term interest rates partially offset by gains
in short-term interest rates.

March was a mixed month in which positive performance in the energy and interest
rate sectors were more than offset by losses in stock indices and currencies,
which make up a substantial part of the Trust's portfolio. The Japanese Yen
produced the largest loss when it rallied in reaction to Bank of Japan
intervention in preparation for their March 31st fiscal year-end as the Trust
was maintaining a short position. Energy was the strongest performing sector
profiting from long positions in crude oil and unleaded gas. The loss in the
stock indices sector came from short positions in the Nikkei and Hang Sang
indices as Asian equities rallied. The overall loss for the month occurred
independently of

                                      -16-

<PAGE>

the equity and bond markets demonstrating the volatility reducing effect of
blending assets whose returns are largely uncorrelated.

April was one of the most difficult trading months since the Trust began
trading. The Trust ended the month down over 4.5%. The fixed income sector was
whip-lashed as hopes of imminent economic recovery sputtered causing the
majority of the trading losses for the month. Broad-based selling of the three
leading US equity indices put them at their lowest levels since October 2001 and
contributed to the Trust's losses for the month. The energy sector was battered
by reports of unfolding events in both Venezuela and the Middle East. Many areas
of concern remain including continued instability in the Middle East, weak
corporate earnings, continued revelations of corporate accounting issues, fear
of a collapse in the residential real estate market, high energy costs and a
growing federal budget deficit due to lower tax receipts.

The month of May finally provided some trending opportunities that the Trust was
able to profit from. The currencies and interest rates sectors provided the
gains for the month, but these were offset by losses in the energy and stock
indices sectors. While the equities markets remained nervous, many alternative
investment strategies, including managed futures, were able to provide positive
returns.

Strong performance in the month of June contributed to a positive second quarter
and more than made up for losses during the beginning of the year. All major US
equity indices made new cycle lows as domestic and international investor
confidence was battered by reports of scandalous corporate leadership conduct.
The long awaited US economic recovery looked sluggish at best. In this troubled
environment, the US dollar lost ground against most major trading partners,
while interest rate futures rose and stock indices declined. These three sectors
contributed significantly to the profits in June, while small losses were
recorded in the metals and energy sectors.

The Trust's positive performance continued in July posting similar numbers as
June. This was the third consecutive month of positive performance and was
mainly attributable to profits in short stock indices and long interest rate
positions. These gains were reduced by small negative performances in metals,
currencies and cross rates as the dollar strengthened against other major
currencies, again rising above parity with the Euro.

In August, the Trust recorded another month of positive performance with profits
in the interest rates, currencies, stock indices and energy sectors. Global
markets continued to respond to weak US economic data and concerns over
geopolitical developments. The much-anticipated US economic recovery continued
to be elusive, while economies in Europe and Japan appeared to be stagnant. The
quickening pace of US plans to invade Iraq had aroused much international
criticism and concern, which had impacted energy prices and investor confidence.

September was the fifth consecutive month of positive returns for the Trust as
traditional investment strategies continued to struggle. Profits were earned in
the stock indices, interest rates and energy sectors offset by losses in the
currencies sector. Further reports of corporate governance and accounting
failures, the possibility of an unpopular war in the Middle East, rising jobless
claims, disappointing earnings and a gloomy retail outlook were being compounded
by high energy prices and systemic instability in Japan and Brazil. In this time
of global economic weakness and uncertainty, the Trust's ability to trade both
the long and short side of a diverse portfolio of international markets was
proving to be a beneficial tool.

                                      -17-

<PAGE>

OFF-BALANCE SHEET RISK

The term "off-balance sheet risk" refers to an unrecorded potential liability
that, even though it does not appear on the balance sheet, may result in future
obligation or loss. The Trust trades in futures and forward contracts and is
therefore a party to financial instruments with elements of off-balance sheet
market and credit risk. In entering into these contracts there exists a risk to
the Trust, market risk, that such contracts may be significantly influenced by
market conditions, such as interest rate volatility, resulting in such contracts
being less valuable. If the markets should move against all of the futures
interests positions of the Trust at the same time, and if the Trust's trading
advisor was unable to offset futures interests positions of the Trust, the Trust
could lose all of its assets and the Unitholders would realize a 100% loss.
Campbell & Company, Inc., the managing operator (who also acts as trading
advisor), minimizes market risk through real-time monitoring of open positions,
diversification of the portfolio and maintenance of a margin-to-equity ratio
that rarely exceeds 30%.

In addition to market risk, in entering into futures and forward contracts there
is a credit risk that a counterparty will not be able to meet its obligations to
the Trust. The counterparty for futures contracts traded in the United States
and on most foreign exchanges is the clearinghouse associated with such
exchange. In general, clearinghouses are backed by the corporate members of the
clearinghouse who are required to share any financial burden resulting from the
non-performance by one of their members and, as such, should significantly
reduce this credit risk. In cases where the clearinghouse is not backed by the
clearing members, like some foreign exchanges, it is normally backed by a
consortium of banks or other financial institutions.

In the case of forward contracts, which are traded on the interbank market
rather than on exchanges, the counterparty is generally a single bank or other
financial institution, rather than a group of financial institutions; thus there
may be a greater counterparty credit risk. Campbell & Company trades for the
Trust only with those counterparties which it believes to be creditworthy. All
positions of the Trust are valued each day on a mark-to-market basis. There can
be no assurance that any clearing member, clearinghouse or other counterparty
will be able to meet its obligations to the Trust.


DISCLOSURES ABOUT CERTAIN TRADING ACTIVITIES THAT INCLUDE NON-EXCHANGE TRADED
CONTRACTS ACCOUNTED FOR AT FAIR VALUE

The Trust invests in futures and forward currency 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
(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.


ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

INTRODUCTION

Past Results Not Necessarily Indicative of Future Performance

     The Trust is a speculative commodity pool. The market sensitive instruments
held by it are acquired for speculative trading purposes, and all or a
substantial amount of the Trust's assets are

                                      -18-

<PAGE>

subject to the risk of trading loss. Unlike an operating company, the risk of
market sensitive instruments is integral, not incidental, to the Trust's main
line of business.

     Market movements result in frequent changes in the fair market value of the
Trust's open positions and, consequently, in its earnings and cash flow. The
Trust's market risk is influenced by a wide variety of factors, including the
level and volatility of exchange rates, interest rates, equity price levels, the
market value of financial instruments and contracts, the diversification effects
among the Trust's open positions and the liquidity of the markets in which it
trades.

     The Trust rapidly acquires and liquidates both long and short positions in
a wide range of different markets. Consequently, it is not possible to predict
how a particular future market scenario will affect performance, and the Trust's
past performance is not necessarily indicative of its future results.

     Value at Risk is a measure of the maximum amount which the Trust could
reasonably be expected to lose in a given market sector. However, the inherent
uncertainty of the Trust's speculative trading and the recurrence in the markets
traded by the Trust of market movements far exceeding expectations could result
in actual trading or non-trading losses far beyond the indicated Value at Risk
or the Trust's experience to date (i.e., "risk of ruin"). Risk of ruin is
defined to be no more than a 5% chance of losing 20% or more on a monthly basis.
In light of the foregoing as well as the risks and uncertainties intrinsic to
all future projections, the inclusion of the quantification included in this
section should not be considered to constitute any assurance or representation
that the Trust's losses in any market sector will be limited to Value at Risk or
by the Trust's attempts to manage its market risk.

Standard of Materiality

     Materiality as used in this section, "Qualitative and Quantitative
Disclosures About Market Risk," is based on an assessment of reasonably possible
market movements and the potential losses caused by such movements, taking into
account the leverage, and multiplier features of the Trust's market sensitive
instruments.


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).

     The Trust's risk exposure in the various market sectors traded by Campbell
& Company is quantified below in terms of Value at Risk. Due to the Trust's
mark-to-market accounting, any loss in the fair value of the Trust's open
positions is directly reflected in the Trust's earnings (realized or
unrealized).

                                      -19-

<PAGE>

     Exchange maintenance margin requirements have been used by the Trust as the
measure of its Value at Risk. Maintenance margin requirements are set by
exchanges to equal or exceed the maximum losses reasonably expected to be
incurred in the fair value of any given contract in 95%-99% of any one-day
intervals. The maintenance margin levels are established by dealers and
exchanges using historical price studies as well as an assessment of current
market volatility and economic fundamentals to provide a probabilistic estimate
of the maximum expected near-term one-day price fluctuation. Maintenance margin
has been used rather than the more generally available initial margin, because
initial margin includes a credit risk component which is not relevant to Value
at Risk.

     In the case of market sensitive instruments which are not exchange-traded
(which includes currencies in the case of the Trust), the margin requirements
for the equivalent futures positions have been used as Value at Risk. In those
cases in which a futures-equivalent margin is not available, dealers' margins
have been used.

     In the case of contracts denominated in foreign currencies, the Value at
Risk figures include foreign margin amounts converted into U.S. Dollars with an
incremental adjustment to reflect the exchange rate risk inherent to the
Dollar-based Trust in expressing Value at Risk in a functional currency other
than Dollars.

     In quantifying the Trust's Value at Risk, 100% positive correlation in the
different positions held in each market risk category has been assumed.
Consequently, the margin requirements applicable to the open contracts have
simply been aggregated to determine each trading category's aggregate Value at
Risk. The diversification effects resulting from the fact that the Trust's
positions are rarely, if ever, 100% positively correlated have not been
reflected.

     Value at Risk as calculated herein may not be comparable to similarly
titled measures used by others.


THE TRUST'S TRADING VALUE AT RISK IN DIFFERENT MARKET SECTORS

     The following tables indicate the trading Value at Risk associated with the
Trust's open positions by market category as of September 30, 2003 and December
31, 2002 and the trading gains/losses by market category for the nine months
ended September 30, 2003 and the year ended December 31, 2002. All open position
trading risk exposures of the Trust have been included in calculating the
figures set forth below. As of September 30, 2003 and December 31, 2002, the
Trust's total capitalization was approximately $295.2 million and $142.7
million, respectively.

                                      -20-
<PAGE>
                               SEPTEMBER 30, 2003

<TABLE>
<CAPTION>
                                      % OF TOTAL               TRADING
MARKET SECTOR      VALUE AT RISK     CAPITALIZATION          GAIN/(LOSS)*
-------------      -------------     --------------          ------------
<S>                <C>               <C>                     <C>
Currencies          $12,903,000           4.37%                12.90%
Stock Indices       $ 8,075,000           2.74%                 1.34%
Energy              $ 5,304,000           1.80%                 1.37%
Interest Rates      $ 3,562,000           1.20%                 0.28%
Agricultural        $   275,000           0.10%                (0.95)%
Metals              $    73,000           0.02%                (0.51)%
                    -----------          -----                 -----
  Total             $30,192,000          10.23%                14.43%
                    ===========          =====                 =====
</TABLE>

* - Of the 9.58% return for the nine months ended September 30, 2003,
approximately 14.43% was due to trading gains (before commissions),
approximately 0.76% was due interest income offset by approximately 5.61% due to
brokerage fees, management fees, performance fees and operating costs borne by
the Trust.


                                DECEMBER 31, 2002

<TABLE>
<CAPTION>
                                      % OF TOTAL               TRADING
MARKET SECTOR      VALUE AT RISK     CAPITALIZATION          GAIN/(LOSS)*
-------------      -------------     --------------          ------------
<S>                <C>               <C>                     <C>
Currencies          $ 4,935,000           3.46%                 5.87%
Energy              $ 3,487,000           2.44%                (2.34)%
Interest Rates      $ 2,027,000           1.42%                14.71%
Stock Indices       $ 1,245,000           0.87%                 3.47%
Metals              $   383,000           0.27%                (0.34)%
Agricultural        $   356,000           0.25%                (0.39)%
                    -----------           ----                 -----
  Total             $12,433,000           8.71%                20.98%
                    ===========           ====                 =====
</TABLE>

* - Of the 14.62% return for the year ended December 31, 2002, approximately
20.98% was due to trading gains (before commissions) and approximately 1.57% was
due to interest income, offset by approximately 7.93% due to brokerage fees,
management fees, performance fees and operating costs borne by the Trust.


MATERIAL LIMITATIONS ON VALUE AT RISK AS AN ASSESSMENT OF MARKET RISK

     The face value of the market sector instruments held by the Trust is
typically many times the applicable maintenance margin requirement (maintenance
margin requirements generally ranging between approximately 1% and 10% of
contract face value) as well as many times the capitalization of the Trust. The
magnitude of the Trust's open positions creates a "risk of ruin" not typically
found in most other investment vehicles. Because of the size of its positions,
certain market conditions --

                                      -21-

<PAGE>

unusual, but historically recurring from time to time -- could cause the Trust
to incur severe losses over a short period of time. The foregoing Value at Risk
tables -- as well as the past performance of the Trust -- give no indication of
this "risk of ruin."


NON-TRADING RISK

     The Trust has non-trading market risk on its foreign cash balances not
needed for margin. However, these balances (as well as the market risk they
represent) are immaterial. The Trust also has non-trading market risk as a
result of investing a substantial portion of its available assets in U.S.
Treasury Bills. The market risk represented by these investments is immaterial.


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.

     The following were the primary trading risk exposures of the Trust as of
September 30, 2003, by market sector.

Currencies

     Exchange rate risk is the principal market exposure of the Trust. The
Trust's currency exposure is to exchange rate fluctuations, primarily
fluctuations which disrupt the historical pricing relationships between
different currencies and currency pairs. These fluctuations are influenced by
interest rate changes as well as political and general economic conditions. The
Trust trades in a large number of currencies, including cross-rates -- i.e.,
positions between two currencies other than the U.S. Dollar. Campbell & Company
does not anticipate that the risk profile of the Trust's currency sector will
change significantly in the future.

Interest Rates

     Interest rate risk is a significant market exposure of the Trust. Interest
rate movements directly affect the price of the sovereign bond positions held by
the Trust and indirectly the value of its stock index and currency positions.
Interest rate movements in one country as well as relative interest rate
movements between countries materially impact the Trust's profitability. The
Trust's primary interest rate exposure is to interest rate fluctuations in the
United States and the other G-7

                                      -22-

<PAGE>

countries. Additionally, the Trust takes positions in the government debt of
Switzerland. Campbell & Company anticipates that G-7 interest rates will remain
the primary market exposure of the Trust for the foreseeable future. The changes
in interest rates which have the most effect on the Trust are changes in
long-term, as opposed to short-term rates. Most of the speculative positions
held by the Trust are in medium- to long-term instruments. Consequently, even a
material change in short-term rates would have little effect on the Trust were
the medium- to long-term rates to remain steady.

Stock Indices

     The Trust's primary equity exposure is to equity price risk in the G-7
countries and several other countries (Hong Kong, Spain and Taiwan). The stock
index futures traded by the Trust are by law limited to futures on broadly based
indices. As of September 30, 2003, the Trust's primary exposures were in the S&P
500 (USA), DAX (Germany), NASDAQ (USA), Nikkei (Japan), FTSE (U.K.), IBEX
(Spain), Euro STOXX 50, Hang Sang (Hong Kong), and stock indices. The Trust is
primarily exposed to the risk of adverse price trends or static markets in the
major U.S., European and Japanese indices. (Static markets would not cause major
market changes but would make it difficult for the Trust to avoid being
"whipsawed" into numerous small losses.)

Energy

     The Trust's primary energy market exposure is to gas and oil price
movements, often resulting from political developments and ongoing conflicts in
the Middle East. As of September 30, 2003, crude oil, heating oil and natural
gas are the dominant energy market exposures of the Trust. Oil and gas prices
can be volatile and substantial profits and losses have been and are expected to
continue to be experienced in this market.

Metals

     The Trust's metals market exposure is to fluctuations in the price of
aluminum, copper, gold, nickel and zinc. The risk allocation to the metal sector
has not exceeded 2% of the Trust's portfolio during the nine months ended
September 30, 2003.

Agricultural

     The Trust's agricultural exposure is to wheat, corn, coffee and cotton. The
risk allocation to the agricultural sector has not exceeded 5% of the Trust's
portfolio during the nine months ended September 30, 2003.


QUALITATIVE DISCLOSURES REGARDING NON-TRADING RISK EXPOSURE

     The following were the only non-trading risk exposures of the Trust as of
September 30, 2003.

Foreign Currency Balances

     The Trust's primary foreign currency balances are in Japanese Yen, British
Pounds and Euros. The Trust controls the non-trading risk of these balances by
regularly converting these

                                      -23-

<PAGE>

balances back into dollars (no less frequently than twice a month, and more
frequently if a particular foreign currency balance becomes unusually large).

Treasury Bill Positions

     The Trust's only market exposure in instruments held other than for trading
is in its Treasury Bill portfolio. The Trust holds Treasury Bills (interest
bearing and credit risk-free) with durations no longer than six months. Violent
fluctuations in prevailing interest rates could cause immaterial mark-to-market
losses on the Trust's Treasury Bills, although substantially all of these
short-term investments are held to maturity.


QUALITATIVE DISCLOSURES REGARDING MEANS OF MANAGING RISK EXPOSURE

     The means by which Campbell & Company attempts to manage the risk of the
Trust's open positions is essentially the same in all market categories traded.
Campbell & Company applies risk management policies to its trading which
generally limit the total exposure that may be taken per "risk unit" of assets
under management. In addition, Campbell & Company follows diversification
guidelines (often formulated in terms of the balanced volatility between markets
and correlated groups), as well as imposing "stop-loss" points at which open
positions must be closed out.

     Campbell & Company controls the risk of the Trust's non-trading instruments
(Treasury Bills held for cash management purposes) by limiting the duration of
such instruments to no more than six months.


GENERAL

     The Trust is unaware of any (i) anticipated known demands, commitments or
capital expenditures; (ii) material trends, favorable or unfavorable, in its
capital resources; or (iii) trends or uncertainties that will have a material
effect on operations. From time to time, certain regulatory agencies have
proposed increased margin requirements on futures contracts. Because the Trust
generally will use a small percentage of assets as margin, the Trust does not
believe that any increase in margin requirements, as proposed, will have a
material effect on the Trust's operations.


ITEM 4. CONTROLS AND PROCEDURES

     Campbell & Company, Inc., the managing operator of the Trust, with the
participation of the managing operator's Chief Executive Officer and Chief
Financial Officer, has evaluated the effectiveness of the design and operation
of its disclosure controls and procedures with respect to the Trust within 90
days of the filing date of this quarterly report, and, based on their
evaluation, have concluded that these disclosure controls and procedures are
effective. There were no significant changes in the managing operator's internal
controls with respect to the Trust or in other factors applicable to the Trust
that could significantly affect these controls subsequent to the date of their
evaluation.

                                      -24-

<PAGE>
                            PART II-OTHER INFORMATION

Item 1. Legal Proceedings.

        None


Item 2. Changes in Securities and Use of Proceeds

        None


Item 3. Defaults Upon Senior Securities

        Not applicable.


Item 4. Submissions of Matters to a vote of Security Holders.

        None


Item 5. Other Information

        None


Item 6. Exhibits and Reports on Form 8-K.

        (a) Exhibits

<TABLE>
<CAPTION>
        Exhibit Number                          Description of Document
        --------------                          -----------------------
<S>                        <C>
             31.01         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.
</TABLE>


        (b) Reports of Form 8-K

            None

                                      -25-

<PAGE>
                                   SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.


                                            THE CAMPBELL FUND TRUST
                                            (Registrant)

                                                    By: Campbell & Company, Inc.
                                                        Managing Operator




Date: November 14, 2003                             By: /s/Theresa D. Becks
                                                        ------------------------
                                                        Theresa D. Becks
                                                        Chief Financial Officer/
                                                        Treasurer/Director

                                      -26-

<PAGE>
                                  EXHIBIT INDEX

<TABLE>
<CAPTION>
Exhibit Number      Description of Document                      Page Number
--------------      -----------------------                      -----------
<S>                 <C>                                          <C>
31.01               Certification by Chief Executive Officer        E 2
31.02               Certification by Chief Financial Officer        E 3
32.01               Certification by Chief Executive Officer        E 4
32.02               Certification by Chief Financial Officer        E 5
</TABLE>

                                       E 1