UNITED STATES
 SECURITIES AND EXCHANGE COMMISSION
 WASHINGTON, D.C. 20549
 FORM 10-Q
 þ
    
    Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 For the quarterly period ended September 30, 2008
 or
 o
    
    Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 For the transition period from  to
 Commission File number: 0-50264
 THE CAMPBELL FUND TRUST
  Delaware
    
    94-6260018(State of Organization)
    
    (IRS Employer Identification Number)
 
 (Address of principal executive offices, including zip code)
  (Registrants telephone number, including area code)
  þ o  Large accelerated filer
o
    
    Accelerated filer o
    
    Non-accelerated filer  
o
(Do not check if a smaller reporting company)
    
    Smaller reporting company
þ
  o þ
   33




---



##### 



PagePART I  FINANCIAL INFORMATIONItem 1.
    
    Financial StatementsCondensed Schedules of Investments as of September 30, 2008
(Unaudited) and December 31, 2007
    
    
    3-6Statements of Financial Condition as of September 30, 2008 (Unaudited)
and December 31, 2007
    
    
    7Statements of Operations for the Three Months and Nine Months Ended
September 30, 2008 and 2007 (Unaudited)
    
    
    8Statements of Cash Flows for the Nine Months Ended
September 30, 2008 and 2007 (Unaudited)
    
    
    9Statements of Changes in Unitholders Capital (Net Asset Value)
for the Nine Months Ended September 30, 2008 and 2007 (Unaudited)
    
    
    10-11Financial Highlights for the Three Months and Nine Months Ended
September 30, 2008 and 2007 (Unaudited)
    
    
    12Notes to Financial Statements (Unaudited)
    
    
    13-18Item 2.
    
    Managements Discussion and Analysis of Financial Condition and
Results of Operations
    
    
    19-26Item 3.
    
    Quantitative and Qualitative Disclosure about Market Risk
    
    
    26-31Item 4T.
    
    Controls and Procedures
    
    
    31PART II  OTHER INFORMATIONItem 6.
    
    Exhibits and Reports on Form 8-K
    
    
    32SIGNATURESCERTIFICATIONS




---



##### 



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

Date
    
    

Description$  300,000,000
    
    10/09/2008
    

    
    

    U.S. Treasury Bills
    
    $
    299,901,333
    
    
    
    52.74
    %Total United States government securities
             (cost, including accrued interest,  $299,901,333)
    
    $
    299,901,333
    
    
    
    52.74
    %
 LONG FUTURES CONTRACTSDescriptionAgricultural
    
    $
    (421,225
    )
    
    
    (0.07
    )%Energy
    
    $
    (723,405
    )
    
    
    (0.13
    )%Metals
    
    $
    (334,235
    )
    
    
    (0.06
    )%Stock indices
    
    $
    (1,266,078
    )
    
    
    (0.22
    )%Short-term interest rates
    
    $
    (103,728
    )
    
    
    (0.02
    )%Long-term interest rates
    
    $
    393,341
    
    
    
    0.07
    %Total long futures contracts
    
    $
    (2,455,330
    )
    
    
    (0.43
    )%SHORT FUTURES CONTRACTSDescriptionAgricultural
    
    $
    802,411
    
    
    
    0.14
    %Energy
    
    $
    797,626
    
    
    
    0.14
    %Metals
    
    $
    270,753
    
    
    
    0.05
    %Stock indices
    
    $
    4,696,696
    
    
    
    0.83
    %Short-term interest rates
    
    $
    (3,165,760
    )
    
    
    (0.56
    )%Long-term interest rates
    
    $
    (2,261,026
    )
    
    
    (0.40
    )%Total short futures contracts
    
    $
    1,140,700
    
    
    
    0.20
    %Total futures contracts
    
    $
    (1,314,630
    )
    
    
    (0.23
    )%
 See Accompanying Notes to Financial Statements.
 - 3 -




---



##### 



% of NetValues ($)
    
    
    Asset ValueFORWARD CURRENCY CONTRACTSDescriptionVarious long forward currency contracts
    
    $
    (12,756,786
    )
    
    
    (2.24
    )%Various short forward currency contracts
    
    $
    83,328
    
    
    
    0.01
    %Total forward currency contracts
    
    $
    (12,673,458
    )
    
    
    (2.23
    )%PURCHASED OPTIONS ON FORWARD CURRENCY CONTRACTSDescriptionPurchased options on forward currency contracts 
(premiums paid  $115, 781)
    
    $
    156,140
    
    
    
    0.03
    %WRITTEN OPTIONS ON FORWARD CURRENCY CONTRACTSDescriptionWritten options on forward currency contracts 
(premiums received  $71,906)
    
    $
    (166,373
    )
    
    
    (0.03
    )%
 
 *
    
    Pledged as collateral for the trading of futures, forward and option positions. See Accompanying Notes to Financial Statements.
 - 4 -




---



##### 



% of NetValues ($)
    
    
    Asset ValueUNITED
STATES GOVERNMENT SECURITIES*
 Maturity
    
    MaturityFace Value
    
    Date
    
    
    Description$  250,000,000
    

    02/14/2008
    
    
    U.S. Treasury Bills
    
    $
    248,977,917
    
    
    
    32.14
    %$  150,000,000
    

    02/21/2008
    
    
    U.S. Treasury Bills
    
    $
    149,351,875
    
    
    
    19.28
    %$  150,000,000
    

    03/06/2008
    
    
    U.S. Treasury Bills
    
    $
    149,213,681
    
    
    
    19.26
    %$  120,000,000
    

    03/20/2008
    
    
    U.S. Treasury Bills
    
    $
    119,294,266
    
    
    
    15.40
    %$  100,000,000
    

    01/10/2008
    
    
    U.S. Treasury Bills
    
    $
    99,901,000
    
    
    
    12.89
    %Total United States government securities
             (cost, including accrued interest,  $766,738,739)
    
    $
    766,738,739
    
    
    
    98.97
    %
 LONG FUTURES CONTRACTSDescriptionAgricultural
    
    $
    208,881
    
    
    
    0.03
    %Energy
    
    $
    1,983,507
    
    
    
    0.26
    %Metals
    
    $
    863,517
    
    
    
    0.11
    %Stock indices
    
    $
    2,858,185
    
    
    
    0.37
    %Short-term interest rates
    
    $
    986,581
    
    
    
    0.13
    %Long-term interest rates
    
    $
    620,877
    
    
    
    0.08
    %Total long futures contracts
    
    $
    7,521,548
    
    
    
    0.98
    %SHORT FUTURES CONTRACTSDescriptionAgricultural
    
    $
    (88,450
    )
    
    
    (0.01
    )%Energy
    
    $
    (1,404,946
    )
    
    
    (0.18
    )%Metals
    
    $
    188,030
    
    
    
    0.02
    %Stock indices
    
    $
    (412,102
    )
    
    
    (0.05
    )%Short-term interest rates
    
    $
    (1,087,610
    )
    
    
    (0.14
    )%Long-term interest rates
    
    $
    (86,951
    )
    
    
    (0.01
    )%Total short futures contracts
    
    $
    (2,892,029
    )
    
    
    (0.37
    )%Total futures contracts
    
    $
    4,629,519
    
    
    
    0.61
    %
 See Accompanying Notes to Financial Statements.
 - 5 -




---



##### 



% of NetValues ($)
    
    
    Asset ValueFORWARD CURRENCY CONTRACTSDescriptionVarious long forward currency contracts
    
    $
    (8,804,549
    )
    
    
    (1.14
    )%Various short forward currency contracts
    
    $
    (5,418,230
    )
    
    
    (0.70
    )%Total forward currency contracts
    
    $
    (14,222,779
    )
    
    
    (1.84
    )%PURCHASED OPTIONS ON FORWARD CURRENCY CONTRACTSDescriptionPurchased options on forward currency contracts 

(Poremiums Paid  $1,639,099)
    
    $
    1,111,729
    
    
    
    0.14
    %WRITTEN OPTIONS ON FORWARD CURRENCY CONTRACTSDescriptionWritten
options on forward currency contracts 
(premiums
received  $920,640)
    
    $
    (429,067
    )
    
    
    (0.06
    )%
 
 *
    
    Pledged as collateral for the trading of futures, forward and option positions. See Accompanying Notes to Financial Statements.
 - 6 -




---



##### 



September 30,
    
    
    December 31,2008
    
    
    2007ASSETSEquity in broker trading accountsCash
    
    $
    117,106,638
    
    
    $
    31,596,452United States government securities
    
    
    299,901,333
    
    
    
    468,028,947Net unrealized gain (loss) on open futures contracts
    
    
    (1,314,630
    )
    
    
    4,629,519Total equity in broker trading accounts
    
    
    415,693,341
    
    
    
    504,254,918Cash and cash equivalents
    
    
    16,991,122
    
    
    
    42,940,668Receivable for securities sold
    
    
    154,993,456
    
    
    
    0United States government securities
    
    
    0
    
    
    
    298,709,792Options purchased, at fair value

(premiums paid  $115,781 and $1,639,099, respectively)
    
    
    156,140
    
    
    
    1,111,729Net unrealized gain (loss) on open forward currency contracts
    
    
    (12,673,458
    )
    
    
    (14,222,779
    )Interest receivable
    
    
    64,587
    
    
    
    97,231Subscriptions receivable
    
    
    0
    
    
    
    39,248Other assets
    
    
    0
    
    
    
    648Total assets
    
    $
    575,225,188
    
    
    $
    832,931,455LIABILITIESAccounts payable
    
    $
    94,220
    
    
    $
    100,748Management fee
    
    
    1,914,729
    
    
    
    2,772,355Options written, at fair value

(premiums received  $71,906 and $920,640, respectively)
    
    
    166,373
    
    
    
    429,067Accrued commissions and other trading fees on open contracts
    
    
    45,616
    
    
    
    76,863Redemptions payable
    
    
    4,387,737
    
    
    
    54,813,646Total liabilities
    
    
    6,608,675
    
    
    
    58,192,679UNITHOLDERS CAPITAL (Net Asset Value)Series A UnitsOther Unitholders  195.421 and 0.000 units outstanding at
September 30, 2008 and December 31 , 2007
    
    
    500,351
    
    
    
    0Series B UnitsManaging Operator  20.360 units outstanding at
September 30, 2008 and December 31 , 2007
    
    
    52,129
    
    
    
    50,838Other Unitholders  221,867.776 and 310,254.708 units outstanding at
September 30, 2008 and December 31 , 2007
    
    
    568,064,033
    
    
    
    774,687,938Total unitholders capital (Net Asset Value)
    
    
    568,616,513
    
    
    
    774,738,776Total liabilities and unitholders capital (Net Asset Value)
    
    $
    575,225,188
    
    
    $
    832,931,455
 See Accompanying Notes to Financial Statements.
 - 7 -




---



##### 



Three Months Ended
    
    
    Nine Months EndedSeptember 30,
    
    
    September 30,2008
    
    
    2007
    
    
    2008
    
    
    2007TRADING GAINS (LOSSES)Futures trading gains (losses)Realized
    
    $
    25,200,452
    
    
    $
    (92,436,583
    )
    
    $
    37,141,113
    
    
    $
    (10,642,458
    )Change in unrealized
    
    
    (23,987,278
    )
    
    
    (13,642,540
    )
    
    
    (5,944,148
    )
    
    
    (23,380,786
    )Brokerage commissions
    
    
    (248,928
    )
    
    
    (299,005
    )
    
    
    (755,466
    )
    
    
    (1,433,691
    )Net gain (loss) from futures trading
    
    
    964,246
    
    
    
    (106,378,128
    )
    
    
    30,441,499
    
    
    
    (35,456,935
    )Forward currency and options on forward
currencytrading gains (losses)Realized
    
    
    (3,588,474
    )
    
    
    (54,926,389
    )
    
    
    (4,692,866
    )
    
    
    (59,481,431
    )Change in unrealized
    
    
    (15,534,882
    )
    
    
    (11,585,820
    )
    
    
    1,531,011
    
    
    
    (19,345,433
    )Brokerage commissions
    
    
    (19,239
    )
    
    
    (156,092
    )
    
    
    (75,320
    )
    
    
    (711,020
    )Net gain (loss) from forward currency
and options on forward currency trading
    
    
    (19,142,595
    )
    
    
    (66,668,301
    )
    
    
    (3,237,175
    )
    
    
    (79,537,884
    )Total net trading gain (loss)
    
    
    (18,178,349
    )
    
    
    (173,046,429
    )
    
    
    27,204,324
    
    
    
    (114,994,819
    )INTEREST INCOME NET OF EXPENSESIncomeInterest income
    
    
    2,415,287
    
    
    
    11,640,153
    
    
    
    10,279,552
    
    
    
    38,412,422ExpensesManagement fee
    
    
    5,914,999
    
    
    
    9,655,621
    
    
    
    19,942,828
    
    
    
    32,168,989Performance fee
    
    
    0
    
    
    
    0
    
    
    
    0
    
    
    
    3,914,241Operating expenses
    
    
    43,363
    
    
    
    46,383
    
    
    
    153,322
    
    
    
    147,168Total expenses
    
    
    5,958,362
    
    
    
    9,702,004
    
    
    
    20,096,150
    
    
    
    36,230,398Interest income net of expenses
    
    
    (3,543,075
    )
    
    
    1,938,149
    
    
    
    (9,816,598
    )
    
    
    2,182,024NET INCOME (LOSS)
    
    $
    (21,721,424
    )
    
    $
    (171,108,280
    )
    
    $
    17,387,726
    
    
    $
    (112,812,795
    )NET INCOME (LOSS) PER MANAGING OPERATOR AND OTHER
UNITHOLDERS UNIT (1)(based on weighted average number of units
outstanding during the period)Series B
    
    $
    (95.41
    )
    
    $
    (461.50
    )
    
    $
    66.87
    
    
    $
    (292.04
    )INCREASE (DECREASE) IN NET ASSET VALUE PER
MANAGING OPERATOR AND OTHER UNITHOLDERS
UNIT(1)Series B
    
    $
    (95.26
    )
    
    $
    (453.71
    )
    
    $
    63.43
    
    
    $
    (298.87
    )
 
 (1)
    
    Series A Units commenced trading on October 1, 2008 therefore no information is provided
for Series A Units. See Accompanying Notes to Financial Statements.
 - 8 -




---



##### 



Nine Months EndedSeptember 30,2008
    
    
    2007Cash flows from (for) operating activitiesNet income (loss)
    
    $
    17,387,726
    
    
    $
    (112,812,795
    )Adjustments to reconcile net income (loss) to net cash from
(for) operating activitiesNet change in unrealized
    
    
    4,413,137
    
    
    
    42,726,219(Increase) decrease in option premiums paid
    
    
    1,523,318
    
    
    
    (235,502
    )Increase (decrease) in option premiums received
    
    
    (848,734
    )
    
    
    120,890(Increase) decrease in interest receivable
    
    
    32,644
    
    
    
    309,684(Increase) decrease in other assets
    
    
    648
    
    
    
    (4,116
    )Increase (decrease) in accounts payable and accrued expenses
    
    
    (895,401
    )
    
    
    (1,015,421
    )Net sales
and maturities (purchases) of investments in
United States government securities
    
    
    311,843,952
    
    
    
    43,429,737Net cash from (for) operating activities
    
    
    333,457,290
    
    
    
    (27,481,304
    )Cash flows from (for) financing activitiesAddition of units
    
    
    9,404,484
    
    
    
    23,694,580Redemption of units
    
    
    (283,301,134
    )
    
    
    (153,972,719
    )Net cash from (for) financing activities
    
    
    (273,896,650
    )
    
    
    (130,278,139
    )Net increase (decrease) in cash and cash equivalents
    
    
    59,560,640
    
    
    
    (157,759,443
    )Cash and cash equivalentsBeginning of period
    
    
    74,537,120
    
    
    
    185,973,590End of period
    
    $
    134,097,760
    
    
    $
    28,214,147End of period cash and cash equivalents consists of:Cash in broker trading accounts
    
    $
    117,106,638
    
    
    $
    15,417,399Cash and cash equivalents
    
    
    16,991,122
    
    
    
    12,796,748Total end of period cash and cash equivalents
    
    $
    134,097,760
    
    
    $
    28,214,147
 See Accompanying Notes to Financial Statements.
 - 9 -




---



##### 



Unitholders Capital  Series BManagingOperator
    
    
    Other Unitholders
    
    
    TotalUnits
    
    
    Amount
    
    
    Units
    
    
    Amount
    
    
    Units
    
    
    AmountNine Months Ended September 30, 2008Balances at December 31, 2007
    
    
    20.360
    
    
    $
    50,838
    
    
    
    310,254.708
    
    
    $
    774,687,938
    
    
    
    310,275.068
    
    
    $
    774,738,776Net income (loss) for the nine
months ended September 30, 2008
    
    
    
    
    
    
    1,291
    
    
    
    
    
    
    
    17,386,435
    
    
    
    
    
    
    
    17,387,726Additions
    
    
    0.000
    
    
    
    0
    
    
    
    3,499.136
    
    
    
    8,864,885
    
    
    
    3,499.136
    
    
    
    8,864,885Redemptions
    
    
    0.000
    
    
    
    0
    
    
    
    (91,886.068
    )
    
    
    (232,875,225
    )
    
    
    (91,886.068
    )
    
    
    (232,875,225
    )Balances at September 30, 2008
    
    
    20.360
    
    
    $
    52,129
    
    
    
    221,867.776
    
    
    $
    568,064,033
    
    
    
    221,888.136
    
    
    $
    568,116,162Nine Months Ended September 30, 2007Balances at December 31, 2006
    
    
    20.360
    
    
    $
    58,374
    
    
    
    402,479.470
    
    
    $
    1,153,940,424
    
    
    
    402,499.830
    
    
    $
    1,153,998,798Net income (loss) for the nine
months ended September 30, 2007
    
    
    
    
    
    
    (6,085
    )
    
    
    
    
    
    
    (112,806,710
    )
    
    
    
    
    
    
    (112,812,795
    )Additions
    
    
    0.000
    
    
    
    0
    
    
    
    8,553.324
    
    
    
    23,694,580
    
    
    
    8,553.324
    
    
    
    23,694,580Redemptions
    
    
    0.000
    
    
    
    0
    
    
    
    (58,035.936
    )
    
    
    (158,259,043
    )
    
    
    (58,035.936
    )
    
    
    (158,259,043
    )Balances at September 30, 2007
    
    
    20.360
    
    
    $
    52,289
    
    
    
    352,996.858
    
    
    $
    906,569,251
    
    
    
    353,017.218
    
    
    $
    906,621,540
 Net Asset Value per Managing Operator and Other Unitholders Unit - Series BSeptember 30, 2008
    

December 31, 2007
    
    
    September 30, 2007
    
    

December 31, 2006$2,560.37
    

    $2,496.94
    
    
    

    $2,568.21
    
    
    

    $2,867.08
 See Accompanying Notes to Financial Statements.
 - 10 -




---



##### 



Series AUnits
    
    
    AmountNine Months Ended September 30, 2008Balances at December 31, 2007
    
    
    0.000
    
    
    $
    0Net income (loss) for the nine months ended
September 30, 2008
(1)
    
    
    
    
    
    
    0Additions
    
    
    195.421
    
    
    
    500,351Redemptions
    
    
    0.000
    
    
    
    0Balances at September 30, 2008
    
    
    195.421
    
    
    $
    500,351
 Net Asset Value per OtherUnitholders Unit - Series A(1)September 30, 2008$2,560.37
 
 (1)
    
    Series A Units commenced trading on October 1, 2008. See Accompanying Notes to Financial Statements.
 - 11 -




---



##### 



Series BThree Months Ended
    
    
    Nine Months EndedSeptember 30,
    
    
    September 30,2008
    
    
    2007
    
    
    2008
    
    
    2007Per Unit Performance(for a unit outstanding throughout the entire period)Net asset value per unit at beginning of period
    
    $
    2,655.63
    
    
    $
    3,021.92
    
    
    $
    2,496.94
    
    
    $
    2,867.08Income (loss) from operations:Total net
trading gains (losses)
(1)
    
    
    (79.70
    )
    
    
    (458.94
    )
    
    
    101.18
    
    
    
    (304.52
    )Interest
income net of expenses
(1)
    
    
    (15.56
    )
    
    
    5.23
    
    
    
    (37.75
    )
    
    
    5.65Total net income (loss) from operations
    
    
    (95.26
    )
    
    
    (453.71
    )
    
    
    63.43
    
    
    
    (298.87
    )Net asset value per unit at end of period
    
    $
    2,560.37
    
    
    $
    2,568.21
    
    
    $
    2,560.37
    
    
    $
    2,568.21Total Return(3)
    
    
    (3.59
    )%
    
    
    (15.01
    )%
    
    
    2.54
    %
    
    
    (10.42
    )%Supplemental DataRatios to average net asset value:Expenses
prior to performance fee
(4)
    
    
    4.03
    %
    
    
    3.89
    %
    
    
    4.11
    %
    
    
    4.04
    %Performance
fee (3)
    
    
    0.00
    %
    
    
    0.00
    %
    
    
    0.00
    %
    
    
    0.37
    %Total expenses
    
    
    4.03
    %
    
    
    3.89
    %
    
    
    4.11
    %
    
    
    4.41
    %Interest
income net of
expenses (2),(4),(5)
    
    
    (2.40
    )%
    
    
    0.78
    %
    
    
    (2.01
    )%
    
    
    0.76
    %
 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)
    
    Interest income net of expenses per unit per unit are calculated by dividing the interest
income net of expenses by the average number of units outstanding during the period. Total net
trading gains (losses) is a balancing amount necessary to reconcile the change in net asset value
per unit with the other per unit information.(2)
    
    Excludes performance fee.(3)
    
    Not annualized(4)
    
    Annualized(5)
    
    Interest income net of expenses are shown as a positive percentage when interest income exceeds
expenses excluding the performance fee for the period and a negative number when expenses exceed
interest income for the period. See Accompanying Notes to Financial Statements.
 - 12 -




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##### 



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, forward currency contracts
and options on forward currency contracts.Effective August 31, 2008, the Trust
began offering Series A units, Series B units and Series W units. The units in the
Trust prior to that date became Series B units. Series B units are only available
for additional investment by existing holders of Series B units. As of September
30, 2008, 195.421 units have been issued for Series A and no units
have been issued for Series W.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 Reporting The Trusts financial statements are presented in
accordance with accounting principles generally accepted in the United States of
America, which may require the use of certain estimates made by the Trusts
management. Actual results may differ from these estimates. Investment transactions
are accounted for on the trade date. Gains or losses are realized when contracts
are liquidated. Unrealized gains and losses on open contracts (the difference
between contract trade price and market price) are reported in the statement of
financial condition as a net gain or loss, as there exists a right of offset of
unrealized gains or losses in accordance with Financial Accounting Standards Board
Interpretation No. 39  Offsetting of Amounts Related to Certain Contracts.

The market value of futures (exchange-traded) contracts is determined by the various
futures exchanges, and reflects the settlement price for each contract as of the close
of the last business day of the reporting period. The market value of forward currency
(non-exchange traded) contracts was extrapolated on a forward basis from the spot prices
quoted as of 3:00 P.M. (E.T.) of the last business day of the reporting period or based
on the market value of its exchange-traded equivalent. The market value of option
(non-exchange traded) contracts is calculated by applying an industry-standard
adaptation of the Black-Scholes options valuation model to foreign currency options,
using as input, the spot prices, interest rates and option implied volatilities quoted
as of 3:00 P.M. (E.T.) on the last business day of the reporting period. Any change in
net unrealized gain or loss from the preceding period is reported in the statement of
operations.When the Trust writes an option, an amount equal to the premium received by the Trust is
reflected as an asset and an equivalent liability. The amount of the liability is
subsequently marked-to-market to reflect the current market value of option written.
Brokerage commissions include other trading fees and are charged to expense when
contracts are opened. United States government securities are stated at cost plus
accrued interest, which approximates market value.For purposes of both financial reporting and calculation of redemption value, Net Asset Value per
unit is calculated by dividing Net Asset Value by the number of outstanding units.
 - 13 -




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##### 



The Trust adopted the provisions of Statement of Financial Accounting Statement No. 157  Fair
Value Measurement, or SFAS 157, as of January 1,2008. SFAS 157 provides guidance for determining
fair value and requires increased disclosure regarding the inputs to valuation techniques used to
measure fair value. SFAS 157 defines fair value as the price that would be received to sell an
asset or paid to transfer a liability in an orderly transaction between market participants at the
measurement date.SFAS No. 157 establishes a fair value hierarchy which prioritizes the inputs to valuation
techniques used to measure fair value into three broad levels. The fair value hierarchy gives the
highest priority to quoted prices (unadjusted) in active markets for identical assets or
liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3).Level 1 inputs are quoted
prices (unadjusted) in active markets for identical assets or liabilities that the Trust has the
ability to access at the measurement date. An active market for the asset or liability is a market
in which transactions for the asset or liability occur with sufficient frequency and volume to
provide pricing information on an ongoing basis. The value of the Trusts exchange-traded futures
contracts fall into this category.Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the
asset or liability, either directly or indirectly. This category includes forward currency
contracts and options on forward currency contracts that the Trust values using models or other
valuation methodologies derived from observable market data.Level 3 inputs are unobservable inputs for an asset or liability (including the Funds own
assumptions used in determining the fair value of investments). Unobservable inputs shall be used
to measure fair value to the extent that observable inputs are not available, thereby allowing for
situations in which there is little, if any, market activity for the asset or liability at the
measurement date. As of and for the nine-month period ended September 30,2008, the Trust did not
have any Level 3 assets or liabilities.The following table sets forth by level within the fair value hierarchy the Trusts investments
accounted for at fair value on a reoccurring basis as of September 30,2008.
 Fair Value at September 30, 2008Description
    
    Level 1
    
    
    Level 2
    
    
    Level 3
    
    
    TotalInvestmentsU.S. Treasury Bills
    
    $
    0
    
    
    $
    299,901,333
    
    
    $
    0
    
    
    $
    299,901,333Other Financial InstrumentsExchange-traded futures contracts
    
    
    (1,314,630
    )
    
    
    0
    
    
    
    0
    
    
    
    (1,314,630
    )Forward currency contracts
    
    
    0
    
    
    
    (12,673,458
    )
    
    
    0
    
    
    
    (12,673,458
    )Options purchased
    
    
    0
    
    
    
    156,140
    
    
    
    0
    
    
    
    156,140Options written
    
    
    0
    
    
    
    (166,373
    )
    
    
    0
    
    
    
    (166,373
    )Total
    
    $
    (1,314,630
    )
    
    $
    287,217,642
    
    
    $
    0
    
    
    $
    285,903,012
 D.
    
    Cash and Cash EquivalentsCash and cash equivalents includes cash and short-term
investments in fixed income securities held at financial institutions.
 - 14 -




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##### 



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. No provision for income taxes has been made in the
accompanying financial statements as each unitholder is individually responsible for
reporting income or loss based on such unitholders respective share of the Trusts income
and expenses as reported for income tax purposes.Management has continued to evaluate the application of Financial Accounting Standards Board
(FASB) Interpretation No. 48, Accounting for Uncertainty in Income Taxes  an
interpretation of FASB Statement No. 109 (FIN 48), to the Trust, and has determined that
FIN 48 does not have a material impact on the Trusts financial statements. The Trust files
federal and state tax returns. The 2004 through 2007 tax years generally remain subject to
examination by the U.S. federal and most state tax authorities.F.
    
    Offering CostsCampbell & Company, Inc.   (Campbell & Company) has incurred all costs in connection with the initial and continuous
offering of units of the Trust (offering costs). Series A units and Series W units will each
bear the offering costs incurred in the relation to the offering of Series A units and
Series W units, respectively. Offering costs are charged to Series A and W at a monthly rate
of 1/12 of 0.5% (0.5% annualized) of the Series month-end net asset value (as defined in
the Declaration of Trust and Trust Agreement) until such amounts are fully reimbursed. Such
amounts are charged directly to unitholders capital. Series A and W are only liable for
payment of offering costs on a monthly basis. The offering costs allocable to the Series B
units are borne by Campbell & Company.If the Trust terminates prior to completion of payment to Campbell & Company for the
unreimbursed offering costs incurred through the date of such termination, Campbell &
Company will not be entitled to any additional payments, and Series A units and Series W
units will have no further obligation to Campbell & Company. At September 30,2008, the
amount of unreimbursed offering costs incurred by Campbell & Company is $16,406 for Series A
units and $15,622 for Series W units.G.
    
    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.H.
    
    AllocationsIncome or loss (prior to calculation of the management fee, service fee, offering costs and
performance fee) is allocated pro rata to each Series of units. Each Series of units is
then charged the management fee, service fee, offering costs and performance fee applicable
to such Series of units.I.
    
    Recently Issued Accounting PronouncementsIn March 2008, the Financial Accounting Standards Board (FASB) issued Statement of
Financial Accounting Standards No. 161, Disclosures about Derivative Instruments and
Hedging Activities  an amendment of FASB Statement No. 133 (SFAS 161). SFAS 161
establishes, amoung other things, the disclosure
requirements for derivative instruments and for hedging activities. SFAS 161 is effective
for financial statements issued for fiscal years beginning after November 15,2008, and
interim periods within those fiscal years. The impact on the Trusts financial statement
disclosures, if any, is currently being assessed.
 - 15 -




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##### 



Note 2. MANAGING OPERATOR AND COMMODITY TRADING ADVISOR
 The managing operator of the Trust is Campbell & Company which conducts and manages the
business of the Trust. Campbell & Company is also the commodity trading advisor of the
Trust.Series A units and Series B units pay the managing operator a monthly management fee equal
to 1/12 of 4% (4% annually) of the Net Assets (as defined) of Series A units and Series B
units, respectively, as of the end of each month. Series W units pay the managing operator a
monthly management fee equal to 1/12 of 2% (2% annually) of the Net Assets (as defined) of
Series W units as of the end of each month. Each Series of units will pay the managing
operator a quarterly performance fee equal to 20% of the aggregate cumulative appreciation
in Net Asset Value per Unit (as defined) exclusive of appreciation attributable to interest
income on a Series-by-Series basis.
 Note 3. TRUSTEE
 The trustee of the Trust is U.S. Bank National Association, a national banking corporation.
The trustee has delegated to the managing operator the duty and authority to manage the
business and affairs of the Trust and has only nominal duties and liabilities with respect
to the Trust.
 Note 4. SERVICE FEE
 The selling firms who sell Series W units receive a monthly service fee equal to 1/12 of
0.5% of the month-end Net Asset Value (as defined) of the Series W units, totaling
approximately 0.50% per year.
 Note 5. DEPOSITS WITH BROKER
 The Trust deposits assets with UBS Securities LLC to act as broker, subject to Commodity
Futures Trading Commission regulations and various exchange and broker requirements. Margin
requirements are satisfied by the deposit of U.S. Treasury bills and cash with such broker.
The Trust earns interest income on its assets deposited with the broker.
 Note 6. SUBSCRIPTIONS, DISTRIBUTIONS AND REDEMPTIONS
 Investments in the Trust are made by subscription agreement, subject to acceptance by
Campbell & Company.The Trust is not required to make distributions, but may do so at the sole discretion of
Campbell & Company. A unitholder may request and receive redemption of units owned, subject
to restrictions in the Declaration of Trust and Trust Agreement.Redemption fees, which are paid to Campbell & Company, apply to Series A units through the first
twelve month-ends following purchase (the month-end as of which the unit is purchased is counted as
the first month-end) as follows: 1.833% of Net Asset Value per unit redeemed through the second
month-end, 1.666% of Net Asset Value per unit redeemed through the third month-end, 1.500% of Net
Asset Value per unit redeemed through the fourth month-end, 1.333% of Net Asset Value per unit
redeemed through the fifth month-end, 1.167% of Net Asset Value per unit redeemed through the sixth
month-end, 1.000% of Net Asset Value per unit redeemed through the seventh month-end, 0.833% of Net
Asset Value per unit redeemed through the eight month-end, 0.667% of Net Asset Value per unit
redeemed through the ninth month-end, 0.500% of Net Asset Value per unit redeemed through the tenth
month-end, 0.333% of Net Asset Value per unit redeemed through the eleventh month-end and 0.167% of
Net Asset Value per unit redeemed through the twelfth month end.
 - 16 -




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##### 



Note 7. TRADING ACTIVITIES AND RELATED RISKS
 The Trust engages in the speculative trading of U.S. and foreign futures contracts, forward
currency contracts and options on forward currency contracts (collectively, derivatives). 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 Trusts available. It is possible that the recovered amount could be less
than total cash and other property deposited.The amount of required margin and good faith deposits
with the broker and interbank market makers usually range from 10% to 30% of Net Asset Value. The
market value of securities held to satisfy such requirements at September 30,2008 and December
31,2007 was $299,901,333 and $766,738,739, respectively, which equals 53% and 99% of Net Asset
Value, respectively. The cash deposited with interbank market makers at September 30,2008 and
December 31,2007 was $15,841,825 and $42,358,497, respectively, which equals 3% and 5% of Net Asset
Value, respectively. These amounts are included in cash and cash equivalents. There was no
restricted cash at September 30,2008 or December 31,2007.The Trust trades forward currency and
options on forward currency contracts in unregulated markets between principals and assumes the
risk of loss from counterparty nonperformance. Accordingly, the risks associated with forward
currency and options on foreign currency contracts are generally greater than those associated with
exchange traded contracts because of the greater risk of counterparty default. Additionally, the
trading of forward currency and options on forward currency contracts typically involves delayed
cash settlement. 

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
currency contracts purchased and unlimited liability on such contracts sold short. As both a buyer
and seller of options, the Trust pays or receives a premium at the outset and then bears the risk
of unfavorable changes in the price of the contract underlying the option. Written options expose
the Trust to potentially unlimited liability, and purchased options expose the Trust to a risk of
loss limited to the premiums paid.The unrealized gain (loss) on open futures, forward currency and
options on forward currency contracts is comprised of the following:
 Forward Currency andOptions on ForwardFutures Contracts
    
    
    Currency Contracts(exchange traded)
    
    
    (non-exchange traded)September 30, 2008
    
    

December 31, 2007
    
    
    September 30, 2008
    
    
    December 31, 2007Gross unrealized gains
    
    $
    9,706,011
    
    
    $
    12,382,973
    
    
    $
    10,863,700
    
    
    $
    16,549,821Gross unrealized
losses
    
    
    (11,020,641
    )
    
    
    (7,753,454
    )
    
    
    (23,591,266
    )
    
    
    (30,808,397
    )Net unrealized gain
(loss)
    
    $
    (1,314,630
    )
    
    $
    4,629,519
    
    
    $
    (12,727,566
    )
    
    $
    (14,258,576
    )
 - 17 -




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##### 



Open contracts generally mature within three months; as of September 30,2008, the latest
maturity date for open futures contracts is June 2009, the latest maturity date for open
forward currency contracts is December 2008, and the latest expiry date for options on
forward currency contracts is October 2008. However, the Trust intends to close all futures
and forward currency 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 unitholder bears 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. INDEMNIFICATIONS
 In the normal course of business, the Trust enters into contracts and agreements that
contain a variety of representations and warranties which provide general indemnifications.
The Trusts maximum exposure under these arrangements is unknown, as this would involve
future claims that may be made against the Trust that have not yet occurred. The Trust
expects the risk of any future obligation under these indemnifications to be remote.
 Note 9. INTERIM FINANCIAL STATEMENTS
 The statement of financial condition, including the condensed schedule of investments, as of
September 30, 2008, the statements of operations and financial highlights for the three
months and nine months ended September 30,2008 and 2007, and the statements of cash flows
and changes in unitholders capital (Net Asset Value) for the nine months ended September
30,2008 and 2007 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 30,2008, and the results of operations
and financial highlights for the three months and nine months ended September 30,2008 and
2007, and cash flows and changes in unitholders capital for the nine months ended September
30,2008 and 2007.
 - 18 -




---



##### 



Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations
         - 19 -




---



##### 



i.e.
   Results of Operations
  - 20 -




---



##### 



2008
  Sector
    
    % Gain (Loss)Stock Indices
    
    
    7.74
    %Commodities
    
    
    0.76Currencies
    
    
    (0.82
    )Interest Rates
    
    
    (3.51
    )4.17
    %
    - 21 -




---



##### 



- 22 -




---



##### 



2007
  Sector
    
    % Gain (Loss)Interest Rates
    
    
    0.01
    %Stock Indices
    
    
    (0.76
    )Commodities
    
    
    (2.27
    )Currencies
    
    
    (7.40
    )(10.42
    )%
  - 23 -




---



##### 



- 24 -




---



##### 



Off-Balance Sheet Risk
    Disclosures About Certain Trading Activities that Include Non-Exchange Traded Contracts
Accounted for at Fair Value
  - 25 -




---



##### 



Item 3. Quantitative and Qualitative Disclosures About Market Risk
 Introduction
 Past Results Not Necessarily Indicative of Future Performance
    Standard of Materiality
  Quantifying the Trusts Trading Value at Risk
 Quantitative Forward-Looking Statements
 The following quantitative disclosures regarding the Trusts market risk exposures
contain forward-looking statements within the meaning of the safe harbor from civil
liability provided for
such statements by the Private Securities Litigation Reform Act of 1995 (set forth in
Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of
1934). All quantitative disclosures in this section are deemed to be forward-looking
statements for purposes of the safe harbor, except for statements of historical fact (such as
the dollar amount of the maintenance margin required for market risk sensitive instruments
held at the end of the reporting period).
 - 26 -




---



##### 



The Trusts Trading Value at Risk in Different Market Sectors
  - 27 -




---



##### 



September 30, 2008TradingMarket Sector
    
    Value at Risk*
    
    Gain/(Loss)**Currencies
    
    
    1.17
    %
    
    
    (0.82
    )%Stock Indices
    
    
    0.99
    %
    
    
    7.74
    %Interest Rates
    
    
    0.80
    %
    
    
    (3.51
    )%Commodities
    
    
    0.23
    %
    
    
    0.76
    %Aggregate/Total
    
    
    1.64
    %
    
    
    4.17
    %
 
 *
    
    -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 nine months ended September 30, 2008, approximately 4.17% was due
to trading gains (before commissions) and approximately 1.58% was due to interest income
offset approximately (3.21)% due to brokerage fees, management fees and operating costs borne
by the Trust giving a net return of 2.54%. December 31, 2007TradingMarket Sector
    
    Value at Risk*
    
    Gain/(Loss)**Currencies
    
    
    1.44
    %
    
    
    (7.94
    )%Stock Indices
    
    
    0.50
    %
    
    
    (2.90
    )%Interest Rates
    
    
    0.40
    %
    
    
    0.80
    %Commodities
    
    
    0.24
    %
    
    
    (2.75
    )%Aggregate/Total
    
    
    1.68
    %
    
    
    (12.79
    )%
 
 *
    
    -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, 2007 approximately 12.79% was due to
trading losses (before commissions) and approximately 4.69% due to brokerage fees, management
fees, performance fees and operating costs borne by the Trust offset by approximately 4.57%
due to interest income giving a net return of (12.91)%. 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.
 - 28 -




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##### 



Non-Trading Risk
  Qualitative Disclosures Regarding Primary Trading Risk Exposures
 The following qualitative disclosures regarding the Trusts market risk exposures 
except for (i) those disclosures that are statements of historical fact and (ii) the
descriptions of how the Trust manages its primary market risk exposures  constitute
forward-looking statements within the meaning of Section 27A of the Securities Act and Section
21E of the Securities Exchange Act. The Trusts primary market risk exposures as well as the
strategies used and to be used by Campbell & Company for managing such exposures are subject
to numerous uncertainties, contingencies and risks, any one of which could cause the actual
results of the Trusts risk controls to differ materially from the objectives of such
strategies. Government interventions, defaults and expropriations, illiquid markets, the
emergence of dominant fundamental factors, political upheavals, changes in historical price
relationships, an influx of new market participants, increased regulation and many other
factors could result in material losses as well as in material changes to the risk exposures
and the risk management strategies of the Trust. There can be no assurance that the Trusts
current market exposure and/or risk management strategies will not change materially or that
any such strategies will be effective in either the short- or long-term. Investors must be
prepared to lose all or substantially all of their investment in the Trust.
  Currencies
 i.e.,
 Interest Rates
  - 29 -




---



##### 



Stock Indices
  Energy
  Metals
  Agricultural
  Qualitative Disclosures Regarding Non-Trading Risk Exposure
  Foreign Currency Balances
  Treasury Bill Positions
  - 30 -




---



##### 



Qualitative Disclosures Regarding Means of Managing Risk Exposure
   General
  
 Item 4T. Controls and Procedures
  - 31 -




---



##### 



PART II-OTHER INFORMATION
 Item 1. Legal Proceedings.
  Item 2. Changes in Securities and Use of Proceeds
  Item 3. Defaults Upon Senior Securities
  Item 4. Submissions of Matters to a vote of Security Holders.
  Item 5. Other Information
  
 Item 6. Exhibits and Reports on Form 8-K.
  ExhibitNumber
    
    Description of Document31.01
    
    Certification of Theresa D. Becks, Chief Executive Officer,
pursuant to Rules 13a-14 and 15d-14 of the Securities Exchange Act of 1934.31.02
    
    Certification of Gregory T. Donovan, Chief Financial Officer,
pursuant to Rules 13a-14 and 15d-14 of the Securities Exchange Act of 1934.32.01
    
    Certification of Theresa D. Becks, Chief Executive Officer,
pursuant to 18 U.S.C. Section 1350, as enacted by Section 906 of The
Sarbanes-Oxley Act of 2002.32.02
    
    Certification of Gregory T. Donovan, Chief Financial Officer,
pursuant to 18 U.S.C. Section 1350, as enacted by Section 906 of The
Sarbanes-Oxley Act of 2002.
   - 32 -




---



##### 



SIGNATURES
  THE CAMPBELL FUND TRUST(Registrant)By:
    
    Campbell & Company, Inc.Managing OperatorDate: November 14, 2008
    
    By:
    
    /s/ Theresa D. BecksTheresa D. BecksChief Executive Officer
 - 33 -




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##### 



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