UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 WASHINGTON, D.C. 20549
 FORM 10-Q
 þ
    
    Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 For the quarterly period ended June 30, 2010
 or
 o
    
    Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 For the transition period from  to
 Commission File number: 0-50264
 THE CAMPBELL FUND TRUST
  Delaware
    
    94-6260018(State of Organization)
    
    (IRS Employer Identification Number)
 
 
 þ o
 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
 38




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##### 



PagePART I  FINANCIAL INFORMATIONItem 1.
    
    Financial StatementsCondensed Schedules of Investments as of June 30, 2010
and December 31, 2009 (Unaudited)
    
    
    3-6Statements of Financial Condition as of June 30, 2010
and December 31, 2009 (Unaudited)
    
    
    7Statements of Operations for the Three Months and Six Months Ended
June 30, 2010 and 2009 (Unaudited)
    
    
    8Statements of Cash Flows for the Six Months Ended
June 30, 2010 and 2009 (Unaudited)
    
    
    9Statements of Changes in Unitholders Capital (Net Asset Value)
for the Six Months Ended June 30, 2010 and 2009 (Unaudited)
    
    
    10-11Financial Highlights for the Three Months and Six Months Ended
June 30, 2010 and 2009 (Unaudited)
    
    
    12-14Notes to Financial Statements (Unaudited)
    
    
    15-21Item 2.
    
    Managements Discussion and Analysis of Financial Condition and
Results of Operations
    
    
    22-29Item 3.
    
    Quantitative and Qualitative Disclosure About Market Risk
    
    
    29-35Item 4(T).
    
    Controls and Procedures
    
    
    36PART II  OTHER INFORMATION
    
    
    37Item 6.
    
    Exhibits and Reports on Form 8-K
    
    
    37SIGNATURES
    
    
    38CERTIFICATIONS
 2




---



##### 



FIXED INCOME SECURITIES
 Maturity
    
    
    
    
    
    
    
    
    % of NetFace Value
    
    
    Description
    
    Values ($)
    
    
    Asset ValueBank DepositsAustraliaFinancials
(cost $14,000,000)
    
    $
    13,997,427
    
    
    
    4.44
    %CanadaFinancials
(cost $14,000,000)
    
    $
    14,001,292
    
    
    
    4.45
    %NetherlandsFinancials
(cost $15,300,017)
    
    $
    15,299,983
    
    
    
    4.86
    %Total Bank Deposits
(cost $43,300,017)
    
    $
    43,298,702
    
    
    
    13.75
    %Commercial PaperGermanyTelecommunications
(cost $10,050,464)
    
    $
    10,051,645
    
    
    
    3.19
    %United StatesConsumer Discretionary
    
    $
    11,997,840
    
    
    
    3.81
    %Consumer Staples
    
    $
    15,177,019
    
    
    
    4.82
    %Financials
    
    $
    21,844,756
    
    
    
    6.94
    %Industrial
    
    $
    3,317,834
    
    
    
    1.05
    %Municipal
    
    $
    52,280,363
    
    
    
    16.60
    %Utilities
    
    $
    10,288,079
    
    
    
    3.26
    %Total United States(cost $114,889,014)
    
    $
    114,905,891
    
    
    
    36.48
    %Total Commercial Paper
(cost $124,939,478)
    
    $
    124,957,536
    
    
    
    39.67
    %Corporate BondsUnited StatesConsumer Discretionary
    
    $
    998,800
    
    
    
    0.32
    %Financials
    
    $
    25,062,716
    
    
    
    7.96
    %Telecommunications
    
    $
    2,539,660
    
    
    
    0.81
    %Total United States(cost $28,686,227)
    
    $
    28,601,176
    
    
    
    9.09
    %Government AgenciesUnited StatesUS Government Agency
(cost $40,586,467)
    
    $
    40,624,897
    
    
    
    12.90
    %Government ObligationsUnited StatesUS Treasury Bill$
    17,000,000
    
    
    U.S. Treasury Bills * Due 07/15/2010
    
    $
    16,999,802
    
    
    
    5.40
    %$
    25,000,000
    
    
    U.S. Treasury Bills * Due 07/01/2010
    
    $
    25,000,000
    
    
    
    7.94
    %Total United States(cost $41,999,802)
    
    $
    41,999,802
    
    
    
    13.34
    %Short Term Investment FundsUnited StatesShort Term Investment Funds
(cost $5,887)
    
    $
    5,887
    
    
    
    0.00
    %Total Fixed Income Securities
(cost $279,517,878)
    
    $
    279,488,000
    
    
    
    88.75
    %
 See Accompanying Notes to Financial Statements.
 3




---



##### 



LONG FUTURES CONTRACTS
 % of NetDescription
    
    Values ($)
    
    
    Asset ValueAgricultural
    
    $
    69,193
    
    
    
    0.02
    %Energy
    
    $
    (962,845
    )
    
    
    (0.31
    )%Metals
    
    $
    106,359
    
    
    
    0.03
    %Stock indices
    
    $
    (3,946,169
    )
    
    
    (1.25
    )%Short-term interest rates
    
    $
    2,172,028
    
    
    
    0.69
    %Long-term interest rates
    
    $
    6,545,110
    
    
    
    2.08
    %Total long futures contracts
    
    $
    3,983,676
    
    
    
    1.26
    %
 SHORT FUTURES CONTRACTS
 % of NetDescription
    
    Values ($)
    
    
    Asset ValueAgricultural
    
    $
    (334,739
    )
    
    
    (0.11
    )%Energy
    
    $
    261,780
    
    
    
    0.08
    %Metals
    
    $
    (126,423
    )
    
    
    (0.04
    )%Stock indices
    
    $
    397,066
    
    
    
    0.13
    %Short-term interest rates
    
    $
    (213,608
    )
    
    
    (0.07
    )%Total short futures contracts
    
    $
    (15,924
    )
    
    
    (0.01
    )%Total futures contracts
    
    $
    3,967,752
    
    
    
    1.25
    %
 FORWARD CURRENCY CONTRACTS
 % of NetDescription
    
    Values ($)
    
    
    Asset ValueVarious long forward currency contracts
    
    $
    3,110,419
    
    
    
    0.99
    %Various short forward currency contracts
    
    $
    (6,751,508
    )
    
    
    (2.14
    )%Total forward currency contracts
    
    $
    (3,641,089
    )
    
    
    (1.15
    )%
 PURCHASED OPTIONS ON FORWARD CURRENCY CONTRACTS
 % of NetDescription
    
    Values ($)
    
    
    Asset ValuePurchased options on forward currency contracts
(premiums paid  $166,882)
    
    $
    164,857
    
    
    
    0.05
    %
 WRITTEN OPTIONS ON FORWARD CURRENCY CONTRACTS
 % of NetDescription
    
    Values ($)
    
    
    Asset ValueWritten options on forward currency contracts
(premiums received  $351,998)
    
    $
    (304,338
    )
    
    
    (0.10
    )%
 
 *
    
    Pledged as collateral for the trading of futures, forward and option positions. See Accompanying Notes to Financial Statements.
 4




---



##### 



FIXED INCOME SECURITIES
 Maturity
    
    
    
    
    
    
    
    
    % of NetFace Value
    
    
    Description
    
    Values ($)
    
    
    Asset ValueBank DepositsUnited StatesFinancials
(cost $13,350,000)
    
    $
    13,357,610
    
    
    
    3.66
    %Commercial PaperGermanyMaterials
(cost $7,142,188)
    
    $
    7,145,178
    
    
    
    1.96
    %NetherlandsConsumer Discretionary
(cost $10,878,552)
    
    $
    10,878,625
    
    
    
    2.98
    %United StatesConsumer Discretionary
    
    $
    41,353,531
    
    
    
    11.32
    %Consumer Staples
    
    $
    19,579,580
    
    
    
    5.36
    %Energy
    
    $
    11,644,613
    
    
    
    3.19
    %Financials
    
    $
    22,628,225
    
    
    
    6.19
    %Industrials$
    30,060,000
    
    
    Avery Dennison Corporation Due 01/04/2010
    
    $
    30,058,964
    
    
    
    8.23
    %Municipal
    
    $
    76,574,854
    
    
    
    20.96
    %Telecommunications
    
    $
    14,985,483
    
    
    
    4.10
    %Total United States(cost $216,781,978)
    
    $
    216,825,250
    
    
    
    59.35
    %Total Commercial Paper
(cost $234,802,718)
    
    $
    234,849,053
    
    
    
    64.29
    %Corporate BondsUnited StatesFinancials
(cost $7,661,972)
    
    $
    7,680,054
    
    
    
    2.10
    %Government And Agency ObligationsUnited StatesFinancialsUS Government Agency
    
    $
    54,732,604
    
    
    
    14.98
    %$
    17,000,000
    
    
    U.S. Treasury Bills * Due 03/25/2010
    
    $
    16,997,648
    
    
    
    4.65
    %Total United States(cost $71,704,748)
    
    $
    71,730,252
    
    
    
    19.63
    %Short Term Investment FundsUnited StatesShort Term Investment Funds
(cost $3,061)
    
    $
    3,061
    
    
    
    0.00
    %Total Fixed Income Securities
(cost $327,522,499)
    
    $
    327,620,030
    
    
    
    89.68
    %
 LONG FUTURES CONTRACTS
 % of NetDescription
    
    Values ($)
    
    
    Asset ValueAgricultural
    
    $
    (2,825
    )
    
    
    0.00
    %Energy
    
    $
    166,195
    
    
    
    0.05
    %Metals
    
    $
    847,192
    
    
    
    0.23
    %Stock indices
    
    $
    2,707,780
    
    
    
    0.74
    %Short-term interest rates
    
    $
    (1,205,283
    )
    
    
    (0.33
    )%Long-term interest rates
    
    $
    (3,107,032
    )
    
    
    (0.85
    )%Total long futures contracts
    
    $
    (593,973
    )
    
    
    (0.16
    )%
 See Accompanying Notes to Financial Statements.
 5




---



##### 



SHORT FUTURES CONTRACTS
 % of NetDescription
    
    Values ($)
    
    
    Asset ValueAgricultural
    
    $
    12,863
    
    
    
    0.00
    %Metals
    
    $
    (570,225
    )
    
    
    (0.16
    )%Long-term interest rates
    
    $
    119,654
    
    
    
    0.03
    %Total short futures contracts
    
    $
    (437,708
    )
    
    
    (0.13
    )%Total futures contracts
    
    $
    (1,031,681
    )
    
    
    (0.29
    )%
 FORWARD CURRENCY CONTRACTS
 % of NetDescription
    
    Values ($)
    
    
    Asset ValueVarious long forward currency contracts
    
    $
    (13,342,441
    )
    
    
    (3.65
    )%Various short forward currency contracts
    
    $
    10,265,262
    
    
    
    2.81
    %Total forward currency contracts
    
    $
    (3,077,179
    )
    
    
    (0.84
    )%
 PURCHASED OPTIONS ON FORWARD CURRENCY CONTRACTS
 % of NetDescription
    
    Values ($)
    
    
    Asset ValuePurchased options on forward currency contracts
(premiums paid  $847,190)
    
    $
    855,611
    
    
    
    0.23
    %
 WRITTEN OPTIONS ON FORWARD CURRENCY CONTRACTS
 % of NetDescription
    
    Values ($)
    
    
    Asset ValueWritten options on forward currency contracts
(premiums received  $264,078)
    
    $
    (230,427
    )
    
    
    (0.06
    )%
 
 *
    
    Pledged as collateral for the trading of futures, forward and option positions. See Accompanying Notes to Financial Statements.
 6




---



##### 



June 30,
    
    
    December 31,2010
    
    
    2009ASSETSEquity in broker trading accountsCash
    
    $
    28,752,944
    
    
    $
    18,882,546Restricted cash
    
    
    3,757,469
    
    
    
    24,115,214Fixed income securities (cost $25,000,000 and $0, respectively)
    
    
    25,000,000
    
    
    
    0Net unrealized gain (loss) on open futures contracts
    
    
    3,967,752
    
    
    
    (1,031,681
    )Total equity in broker trading accounts
    
    
    61,478,165
    
    
    
    41,966,079Cash and cash equivalents
    
    
    9,957,943
    
    
    
    8,129,710Fixed income securities
(cost $254,517,878 and $327,522,499, respectively)
    
    
    254,488,000
    
    
    
    327,620,030Options purchased, at fair value
(premiums paid  $166,882 and $847,190, respectively)
    
    
    164,857
    
    
    
    855,611Net unrealized gain (loss) on open forward currency contracts
    
    
    (3,641,089
    )
    
    
    (3,077,179
    )Interest receivable
    
    
    72,721
    
    
    
    90,033Subscriptions receivable
    
    
    110,129
    
    
    
    0Total assets
    
    $
    322,630,726
    
    
    $
    375,584,284LIABILITIESAccounts payable
    
    
    111,976
    
    
    
    114,739Management fee
    
    
    1,048,533
    
    
    
    1,229,415Service fee
    
    
    3,587
    
    
    
    1,729Options written, at fair value
(premiums received  $351,998 and $264,078, respectively)
    
    
    304,338
    
    
    
    230,427Accrued commissions and other trading fees on open contracts
    
    
    57,650
    
    
    
    41,418Offering costs payable
    
    
    18,832
    
    
    
    10,230Redemptions payable
    
    
    6,115,778
    
    
    
    8,638,173Total liabilities
    
    
    7,660,694
    
    
    
    10,266,131UNITHOLDERS CAPITAL (Net Asset Value)Series A Units  RedeemableOther Unitholders - 17,148.368 and 10,227.868 units outstanding at
June 30, 2010 and December 31, 2009
    
    
    38,637,305
    
    
    
    24,189,310Series B Units  RedeemableManaging Operator  20.360 units outstanding at
June 30, 2010 and December 31, 2009
    
    
    46,276
    
    
    
    48,453Other Unitholders  117,313.213 and 141,411.145 units outstanding at
June 30, 2010 and December 31, 2009
    
    
    266,637,951
    
    
    
    336,529,754Series W Units  RedeemableOther Unitholders  4,188.459 and 1,896.181 units outstanding at
June 30, 2010 and December 31, 2009
    
    
    9,648,500
    
    
    
    4,550,636Total unitholders capital (Net Asset Value)
    
    
    314,970,032
    
    
    
    365,318,153Total liabilities and unitholders capital (Net Asset Value)
    
    $
    322,630,726
    
    
    $
    375,584,284
 See Accompanying Notes to Financial Statements.
 7




---



##### 



Three Months Ended
    
    
    Six Months EndedJune 30,
    
    
    June 30,2010
    
    
    2009
    
    
    2010
    
    
    2009TRADING GAINS (LOSSES)Futures trading gains (losses)Realized
    
    $
    4,683,781
    
    
    $
    (24,584,814
    )
    
    $
    (10,787,644
    )
    
    $
    (22,650,934
    )Change in unrealized
    
    
    (3,455,920
    )
    
    
    2,078,146
    
    
    
    4,999,433
    
    
    
    35,767Brokerage commissions
    
    
    (223,358
    )
    
    
    (162,643
    )
    
    
    (474,219
    )
    
    
    (322,850
    )Net gain (loss) from futures trading
    
    
    1,004,503
    
    
    
    (22,669,311
    )
    
    
    (6,262,430
    )
    
    
    (22,938,017
    )Forward currency and options on forward
currency trading gains (losses)Realized
    
    
    3,683,543
    
    
    
    (5,691,954
    )
    
    
    (2,649,739
    )
    
    
    (89,044
    )Change in unrealized
    
    
    (4,021,437
    )
    
    
    505,155
    
    
    
    (560,345
    )
    
    
    (2,357,467
    )Brokerage commissions
    
    
    (20,338
    )
    
    
    (18,372
    )
    
    
    (42,196
    )
    
    
    (28,888
    )Net gain (loss) from forward currency
and options on forward currency
trading
    
    
    (358,232
    )
    
    
    (5,205,171
    )
    
    
    (3,252,280
    )
    
    
    (2,475,399
    )Total net trading gain (loss)
    
    
    646,271
    
    
    
    (27,874,482
    )
    
    
    (9,514,710
    )
    
    
    (25,413,416
    )NET INVESTMENT INCOME (LOSS)Investment incomeInterest income
    
    
    219,863
    
    
    
    32,009
    
    
    
    484,335
    
    
    
    36,337Realized gain (loss)
on fixed income securities
    
    
    37,268
    
    
    
    0
    
    
    
    28,101
    
    
    
    0Change in unrealized gain (loss)
on fixed income securities
    
    
    (97,056
    )
    
    
    0
    
    
    
    (127,409
    )
    
    
    0Total investment income
    
    
    160,075
    
    
    
    32,009
    
    
    
    385,027
    
    
    
    36,337ExpensesManagement fee
    
    
    3,248,082
    
    
    
    4,279,542
    
    
    
    6,658,174
    
    
    
    9,201,082Service fee
    
    
    10,382
    
    
    
    444
    
    
    
    17,217
    
    
    
    448Operating expenses
    
    
    129,643
    
    
    
    47,503
    
    
    
    246,797
    
    
    
    93,806Total expenses
    
    
    3,388,107
    
    
    
    4,327,489
    
    
    
    6,922,188
    
    
    
    9,295,336Net investment income (loss)
    
    
    (3,228,032
    )
    
    
    (4,295,480
    )
    
    
    (6,537,161
    )
    
    
    (9,258,999
    )NET INCOME (LOSS)
    
    $
    (2,581,761
    )
    
    $
    (32,169,962
    )
    
    $
    (16,051,871
    )
    
    $
    (34,672,415
    )NET INCOME (LOSS) PER MANAGING OPERATOR
AND OTHER UNITHOLDERS UNIT(based on weighted average number of units outstanding
during the period)Series A
    
    $
    (24.59
    )
    
    $
    (147.19
    )
    
    $
    (76.31
    )
    
    $
    (220.97
    )Series B
    
    $
    (17.52
    )
    
    $
    (179.53
    )
    
    $
    (113.86
    )
    
    $
    (185.48
    )Series W(1)
    
    $
    (12.07
    )
    
    $
    (149.28
    )
    
    $
    (38.79
    )
    
    $
    (198.96
    )INCREASE (DECREASE) IN NET ASSET VALUE PER MANAGING
OPERATOR AND OTHER UNITHOLDERS UNITSeries A
    
    $
    (22.72
    )
    
    $
    (180.76
    )
    
    $
    (111.92
    )
    
    $
    (198.18
    )Series B
    
    $
    (20.05
    )
    
    $
    (178.27
    )
    
    $
    (106.93
    )
    
    $
    (192.56
    )Series W(1)
    
    $
    (14.50
    )
    
    $
    (172.55
    )
    
    $
    (96.30
    )
    
    $
    (220.73
    )
 
 (1)
    
    Series W Units commenced trading on March 1, 2009; therefore, the information shown for the
six months ended June 30, 2009 is for the period March 1, 2009 through June 30, 2009. See Accompanying Notes to Financial Statements.
 8




---



##### 



Six Months EndedJune 30,2010
    
    
    2009Cash flows from (for) operating activitiesNet income (loss)
    
    $
    (16,051,871
    )
    
    $
    (34,672,415
    )Adjustments to reconcile net income (loss) to net cash from (for) operating activitiesNet change in unrealized
    
    
    (4,311,679
    )
    
    
    2,321,700(Increase) decrease in restricted cash
    
    
    20,357,745
    
    
    
    14,578,416(Increase) decrease in option premiums paid
    
    
    680,308
    
    
    
    6,258Increase (decrease) in option premiums received
    
    
    87,920
    
    
    
    (141,909
    )(Increase) decrease in interest receivable
    
    
    17,312
    
    
    
    5,337Increase (decrease) in interest payable
    
    
    0
    
    
    
    9,541Increase (decrease) in accounts payable and accrued expenses
    
    
    (165,555
    )
    
    
    (438,958
    )Purchases of investments in fixed income securities
    
    
    (3,401,617,537
    )
    
    
    (1,708,993,517
    )Sales/maturities of investments in fixed income securities
    
    
    3,449,622,160
    
    
    
    1,344,000,000Net cash from (for) operating activities
    
    
    48,618,803
    
    
    
    (383,325,547
    )Cash flows from (for) financing activitiesAddition of units
    
    
    24,901,221
    
    
    
    12,063,841Redemption of units
    
    
    (61,736,004
    )
    
    
    (93,063,645
    )Offering costs paid
    
    
    (85,389
    )
    
    
    (8,955
    )Net cash from (for) financing activities
    
    
    (36,920,172
    )
    
    
    (81,008,759
    )Net increase (decrease) in cash and cash equivalents
    
    
    11,698,631
    
    
    
    (464,334,306
    )Cash and cash equivalentsBeginning of period
    
    
    27,012,256
    
    
    
    488,629,155End of period
    
    $
    38,710,887
    
    
    $
    24,294,849End of period cash and cash equivalents consists of:Cash in broker trading accounts
    
    $
    28,752,944
    
    
    $
    14,004,331Cash and cash equivalents
    
    
    9,957,943
    
    
    
    10,290,518Total end of period cash and cash equivalents
    
    $
    38,710,887
    
    
    $
    24,294,849
 See Accompanying Notes to Financial Statements.
 9




---



##### 



Unitholders Capital  Series BManaging Operator
    
    
    Other Unitholders
    
    
    TotalUnits
    
    
    Amount
    
    
    Units
    
    
    Amount
    
    
    Units
    
    
    AmountSix Months Ended June 30, 2010Balances at December 31, 2009
    
    
    20.360
    
    
    $
    48,453
    
    
    
    141,411.145
    
    
    $
    336,529,754
    
    
    
    141,431.505
    
    
    $
    336,578,207Net income (loss) for the six months ended
June 30, 2010
    
    
    
    
    
    
    (2,177
    )
    
    
    
    
    
    
    (14,902,626
    )
    
    
    
    
    
    
    (14,904,803
    )Additions
    
    
    0.000
    
    
    
    0
    
    
    
    1,020.309
    
    
    
    2,289,676
    
    
    
    1,020.309
    
    
    
    2,289,676Redemptions
    
    
    0.000
    
    
    
    0
    
    
    
    (25,118.241
    )
    
    
    (57,278,853
    )
    
    
    (25,118.241
    )
    
    
    (57,278,853
    )Balances at June 30, 2010
    
    
    20.360
    
    
    $
    46,276
    
    
    
    117,313.213
    
    
    $
    266,637,951
    
    
    
    117,333.573
    
    
    $
    266,684,227Six Months Ended June 30, 2009Balances at December 31, 2008
    
    
    20.360
    
    
    $
    51,471
    
    
    
    197,186.512
    
    
    $
    498,498,271
    
    
    
    197,206.872
    
    
    $
    498,549,742Net income (loss) for the six months ended
June 30, 2009
    
    
    
    
    
    
    (3,920
    )
    
    
    
    
    
    
    (34,237,051
    )
    
    
    
    
    
    
    (34,240,971
    )Additions
    
    
    0.000
    
    
    
    0
    
    
    
    172.004
    
    
    
    413,133
    
    
    
    172.004
    
    
    
    413,133Redemptions
    
    
    0.000
    
    
    
    0
    
    
    
    (31,220.460
    )
    
    
    (76,660,228
    )
    
    
    (31,220.460
    )
    
    
    (76,660,228
    )Balances at June 30, 2009
    
    
    20.360
    
    
    $
    47,551
    
    
    
    166,138.056
    
    
    $
    388,014,125
    
    
    
    166,158.416
    
    
    $
    388,061,676
 Net Asset Value per Managing Operator and Other Unitholders Unit  Series BJune 30, 2010
    
    
    December 31, 2009
    
    
    June 30, 2009
    
    
    December 31, 2008$
    2,272.87
    
    
    $
    2,379.80
    
    
    $
    2,335.49
    
    
    $
    2,528.05
 See Accompanying Notes to Financial Statements.
 10




---



##### 



Series A
    
    
    Series W (1)Units
    
    
    Amount
    
    
    Units
    
    
    AmountSix Months Ended June 30, 2010Balances at December 31, 2009
    
    
    10,227.868
    
    
    $
    24,189,310
    
    
    
    1,896.181
    
    
    $
    4,550,636Net income (loss) for the six months
ended
June 30, 2010
    
    
    
    
    
    
    (1,031,785
    )
    
    
    
    
    
    
    (115,283
    )Additions
    
    
    7,175.123
    
    
    
    16,135,486
    
    
    
    2,865.707
    
    
    
    6,586,188Redemptions
    
    
    (254.623
    )
    
    
    (578,932
    )
    
    
    (573.429
    )
    
    
    (1,355,824
    )Offering costs
    
    
    
    
    
    
    (76,774
    )
    
    
    
    
    
    
    (17,217
    )Balances at June 30, 2010
    
    
    17,148.368
    
    
    $
    38,637,305
    
    
    
    4,188.459
    
    
    $
    9,648,500Six Months Ended June 30, 2009Balances at December 31, 2008
    
    
    1,052.200
    
    
    $
    2,656,823
    
    
    
    0.000
    
    
    $
    0Net income (loss) for the six months
ended
June 30, 2009
    
    
    
    
    
    
    (409,002
    )
    
    
    
    
    
    
    (22,442
    )Additions
    
    
    3,666.423
    
    
    
    8,796,700
    
    
    
    456.255
    
    
    
    1,092,093Redemptions
    
    
    (597.485
    )
    
    
    (1,444,096
    )
    
    
    0.000
    
    
    
    0Offering costs
    
    
    
    
    
    
    (11,194
    )
    
    
    
    
    
    
    (448
    )Balances at June 30, 2009
    
    
    4,121.138
    
    
    $
    9,589,231
    
    
    
    456.255
    
    
    $
    1,069,203
 Net Asset Value per Other Unitholders Unit  Series AJune 30, 2010
    
    December 31, 2009
    
    June 30, 2009
    
    December 31, 2008$2,253.12
    
    $2,365.04
    
    $2,326.84
    
    $2,525.02Net Asset Value per Other Unitholders Unit  Series W(1)June 30, 2010
    
    December 31, 2009
    
    June 30, 2009
    
    February 28, 2009$2,303.59
    
    $2,399.89
    
    $2,343.43
    
    $2,564.16
 
 (1)
    
    Series W Units commenced trading on March 1, 2009;
therefore, the statements of changes in unitholders capital for
the six months ended June 30, 2009 contains information for the
period March 1, 2009 through June 30, 2009. See Accompanying Notes to Financial Statements.
 11




---



##### 



Series AThree Months Ended
    
    
    Six Months EndedJune 30,
    
    
    June 30,2010
    
    
    2009
    
    
    2010
    
    
    2009Per Unit Performance
(for a unit outstanding throughout the entire period)Net asset value per unit at beginning of period
    
    $
    2,275.84
    
    
    $
    2,507.60
    
    
    $
    2,365.04
    
    
    $
    2,525.02Income (loss) from operations:Total net trading gains (losses) (1)
    
    
    2.79
    
    
    
    (154.04
    )
    
    
    (61.67
    )
    
    
    (143.52
    )Net investment income (loss)(1)
    
    
    (22.65
    )
    
    
    (23.76
    )
    
    
    (44.57
    )
    
    
    (48.61
    )Total net income (loss) from operations
    
    
    (19.86
    )
    
    
    (177.80
    )
    
    
    (106.24
    )
    
    
    (192.13
    )Offering costs (1)
    
    
    (2.86
    )
    
    
    (2.96
    )
    
    
    (5.68
    )
    
    
    (6.05
    )Net asset value per unit at end of period
    
    $
    2,253.12
    
    
    $
    2,326.84
    
    
    $
    2,253.12
    
    
    $
    2,326.84Total Return(3)
    
    
    (1.00
    )%
    
    
    (7.21
    )%
    
    
    (4.73
    )%
    
    
    (7.85
    )%Supplemental DataRatios to average net asset value:Expenses prior to performance fee (4)
    
    
    4.15
    %
    
    
    3.98
    %
    
    
    4.14
    %
    
    
    4.00
    %Performance fee (3)
    
    
    0.00
    %
    
    
    0.00
    %
    
    
    0.00
    %
    
    
    0.00
    %Total expenses
    
    
    4.15
    %
    
    
    3.98
    %
    
    
    4.14
    %
    
    
    4.00
    %Net investment income (loss)(2),(4)
    
    
    (3.95
    )%
    
    
    (3.94
    )%
    
    
    (3.92
    )%
    
    
    (3.97
    )%
 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)
    
    Net investment income (loss) per unit and offering costs per unit is calculated by dividing
the net investment income (loss) and offering costs by the average number of units
outstanding during the period. Total net trading gains (losses) is a balancing amount
necessary to reconcile the change in net asset value per unit with the other per unit
information.(2)
    
    Excludes performance fee.(3)
    
    Not annualized(4)
    
    Annualized See Accompanying Notes to Financial Statements.
 12




---



##### 



Series BThree Months Ended
    
    
    Six Months EndedJune 30,
    
    
    June 30,2010
    
    
    2009
    
    
    2010
    
    
    2009Per Unit Performance
(for a unit outstanding throughout the entire period)Net asset value per unit at beginning of period
    
    $
    2,292.92
    
    
    $
    2,513.76
    
    
    $
    2,379.80
    
    
    $
    2,528.05Income (loss) from operations:Total net trading gains (losses) (1)
    
    
    2.87
    
    
    
    (154.35
    )
    
    
    (62.23
    )
    
    
    (142.90
    )Net investment income (loss)(1)
    
    
    (22.92
    )
    
    
    (23.92
    )
    
    
    (44.70
    )
    
    
    (49.66
    )Total net income (loss) from operations
    
    
    (20.05
    )
    
    
    (178.27
    )
    
    
    (106.93
    )
    
    
    (192.56
    )Net asset value per unit at end of period
    
    $
    2,272.87
    
    
    $
    2,335.49
    
    
    $
    2,272.87
    
    
    $
    2,335.49Total Return(3)
    
    
    (0.87
    )%
    
    
    (7.09
    )%
    
    
    (4.49
    )%
    
    
    (7.62
    )%Supplemental DataRatios to average net asset value:Expenses prior to performance fee (4)
    
    
    4.21
    %
    
    
    4.02
    %
    
    
    4.18
    %
    
    
    4.08
    %Performance fee (3)
    
    
    0.00
    %
    
    
    0.00
    %
    
    
    0.00
    %
    
    
    0.00
    %Total expenses
    
    
    4.21
    %
    
    
    4.02
    %
    
    
    4.18
    %
    
    
    4.08
    %Net investment income (loss)(2),(4)
    
    
    (4.01
    )%
    
    
    (3.99
    )%
    
    
    (3.95
    )%
    
    
    (4.06
    )%
 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)
    
    Net investment income (loss) per unit is calculated by dividing the net investment income
(loss) by the average number of units outstanding during the period. Total net trading
gains (losses) is a balancing amount necessary to reconcile the change in net asset value
per unit with the other per unit information.(2)
    
    Excludes performance fee.(3)
    
    Not annualized(4)
    
    Annualized See Accompanying Notes to Financial Statements.
 13




---



##### 



Series W(5)Three Months Ended
    
    
    Six Months EndedJune 30,
    
    
    June 30,2010
    
    
    2009
    
    
    2010
    
    
    2009Per Unit Performance
(for a unit outstanding throughout the entire period)Net asset value per unit at beginning of period
    
    $
    2,318.09
    
    
    $
    2,515.98
    
    
    $
    2,399.89
    
    
    $
    2,564.16Income (loss) from operations:Total net trading gains (losses) (1)
    
    
    2.76
    
    
    
    (154.61
    )
    
    
    (62.33
    )
    
    
    (196.81
    )Net investment income (loss)(1)
    
    
    (14.34
    )
    
    
    (14.96
    )
    
    
    (28.18
    )
    
    
    (19.95
    )Total net income (loss) from operations
    
    
    (11.58
    )
    
    
    (169.57
    )
    
    
    (90.51
    )
    
    
    (216.76
    )Offering costs (1)
    
    
    (2.92
    )
    
    
    (2.98
    )
    
    
    (5.79
    )
    
    
    (3.97
    )Net asset value per unit at end of period
    
    $
    2,303.59
    
    
    $
    2,343.43
    
    
    $
    2,303.59
    
    
    $
    2,343.43Total Return(3)
    
    
    (0.63
    )%
    
    
    (6.86
    )%
    
    
    (4.01
    )%
    
    
    (8.61
    )%Supplemental DataRatios to average net asset value:Expenses prior to performance fee (4)
    
    
    2.66
    %
    
    
    2.50
    %
    
    
    2.65
    %
    
    
    2.50
    %Performance fee (3)
    
    
    0.00
    %
    
    
    0.00
    %
    
    
    0.00
    %
    
    
    0.00
    %Total expenses
    
    
    2.66
    %
    
    
    2.50
    %
    
    
    2.65
    %
    
    
    2.50
    %Net investment income (loss)(2),(4)
    
    
    (2.45
    )%
    
    
    (2.46
    )%
    
    
    (2.43
    )%
    
    
    (2.46
    )%
 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)
    
    Net investment income (loss) per unit and offering costs per unit is calculated by dividing
the net investment income (loss) and offering costs by the average number of units
outstanding during the period. Total net trading gains (losses) is a balancing amount
necessary to reconcile the change in net asset value per unit with the other per unit
information.(2)
    
    Excludes performance fee.(3)
    
    Not annualized(4)
    
    Annualized(5)
    
    Series W Units commenced trading on March 1, 2009; therefore, the results for the six
months ended June 30, 2009 contains information for the period March 1, 2009 through June
30, 2009. See Accompanying Notes to Financial Statements.
 14




---



##### 



Note 1.
    
    ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 A.
    
    General Description of the TrustThe Campbell Fund Trust (the Trust) is a Delaware statutory trust which operates as a
commodity investment pool. The Trust engages in the speculative trading of futures
contracts, forward currency contracts and options on forward currency contracts.Effective August 31, 2008, the Trust began offering units of beneficial interest
classified into Series A units, Series B units and Series W units. The rights of the
Series A units, Series B units and Series W units are identical, except that the fees and
commissions vary on a Series-by-Series basis. The initial minimum subscription for Series
A units and Series W units is $25,000. Series B units are only available for additional
investments by existing holders of Series B units. See Note 1F, Note 1H, Note 2 and Note 5
for an explanation of allocations and Series specific charges.B.
    
    RegulationThe Trust is a registrant with the Securities and Exchange Commission (SEC) pursuant to
the Securities Exchange Act of 1934 (the Act). As a registrant, the Trust is subject to the
regulations of the SEC and the informational requirements of the Act. As a commodity
investment pool, the Trust is subject to the regulations of the Commodity Futures Trading
Commission, an agency of the United States (U.S.) government which regulates most aspects
of the commodity futures industry; rules of the National Futures Association, an industry
self-regulatory organization; and the requirements of the various commodity exchanges where
the Trust executes transactions. Additionally,
the Trust is subject to the requirements of futures commission merchants (brokers) and
interbank market makers through which the Trust trades.C.
    
    Method of ReportingThe Trusts financial statements are presented in accordance with accounting principles
generally accepted in the United States of America, which may require the use of certain
estimates made by the Trusts management. Actual results may differ from these estimates.
Investment transactions are accounted for on the trade date. Gains or losses are realized
when contracts are liquidated. Unrealized gains and losses on open contracts (the difference
between contract trade price and market price) are reported in the statement of financial
condition as a net gain or loss, as there exists a right of offset of unrealized gains or
losses in accordance with Financial Accounting Standards Board (FASB) Accounting Standards
Codification (ASC) 210-20, Offsetting  Balance Sheet. The fair 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 on the last business day of the reporting
period. The fair 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.) on the last business
day of the reporting period.The fair 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 inputs 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 fair value of option written.
Brokerage commissions include other trading fees and are charged to expense when
contracts are opened.The fixed income investments, other than U.S. Treasury bills, are held at the custodian and
marked to market on the last business day of the reporting period by the custodian who
utilizes a third party vendor hierarchy of pricing providers who specialize in such markets.
The prices furnished by the providers consider the yield or price of bonds of comparable
quality, coupon, maturity, and type, as well as prices quoted by dealers who make markets in
such securities. U.S. Treasury bills are held at the brokers or interbank market makers and
are stated at cost plus accrued interest, which approximates fair value. Premiums and
discounts on fixed income securities are amortized for financial reporting purposes.For purposes of both financial reporting and calculation of redemption value, Net Asset
Value per unit is calculated by dividing Net Asset Value by the number of outstanding
units.The Trust adopted the provisions of ASC 820, Fair Value Measurements and Disclosures as of
January 1, 2008. ASC 820 provides guidance for determining fair value and requires increased
disclosure regarding the inputs to valuation techniques used to measure fair value. ASC 820
defines fair value as the price that would be received to sell an asset or paid to transfer
a liability in an orderly transaction between market participants at the measurement date.ASC 820 establishes a fair value hierarchy which prioritizes the inputs to valuation
techniques used to measure fair value into three broad levels. The fair value hierarchy
gives the highest priority to quoted prices (unadjusted) in active markets for identical
assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3).Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or
liabilities that the Trust has the ability to access at the measurement date. An active
market for the asset or liability is a market in which transactions for the asset or
liability occur with sufficient frequency and volume to provide pricing information on an
ongoing basis. The value of the Trusts exchange-traded futures contracts fall into this
category.
 15




---



##### 



Level 2 inputs are inputs other than quoted prices included in Level 1 that are
observable for the asset or liability, either directly or indirectly. This category includes
forward currency contracts and options on forward currency contracts that the Trust values
using models or other valuation methodologies derived from observable market data. This category also includes
fixed income investments.Level 3 inputs are unobservable inputs for an asset or liability (including the Trusts
own assumptions used in determining the fair value of investments). Unobservable inputs
shall be used to measure fair value to the extent that observable inputs are not available,
thereby allowing for situations in which there is little, if any, market activity for the
asset or liability at the measurement date. As of and for the period
ended June 30, 2010, the Trust did not have any Level 3 assets or liabilities.In January 2010, the FASB issued Accounting Standards update No. 2010-06 (ASU 2010-06)
for improving disclosure about fair value measurements. ASU 2010-06 adds new disclosure
requirements about transfers into and out of Levels 1 and 2 and separate disclosures about
purchases, sales, issuances and settlements in the reconciliation for fair value
measurements using significant unobservable inputs (Level 3). It also clarifies existing
disclosure requirements relating to the levels of disaggregation for fair value measurement
and inputs and valuation techniques used to measure fair value. As of January 1, 2010, the
Trust adopted the provisions of ASC 2010-06 except for disclosures about purchases, sales,
issuances and settlements in the rollforward of activity in Level 3 fair value measurements,
which are effective for fiscal years beginning after December 15, 2010 and for interim
periods within those fiscal years.The following tables set forth by level within the fair value hierarchy the Trusts
investments accounted for at fair value on a recurring basis as of June 30, 2010 and December
31, 2009.
 Fair Value at June 30, 2010Description
    
    Level 1
    
    
    Level 2
    
    
    Level 3
    
    
    TotalInvestmentsFixed income securities
    
    $
    0
    
    
    $
    279,488,000
    
    
    $
    0
    
    
    $
    279,488,000Other Financial InstrumentsExchange-traded futures contracts
    
    
    3,967,752
    
    
    
    0
    
    
    
    0
    
    
    
    3,967,752Forward currency contracts
    
    
    0
    
    
    
    (3,641,089
    )
    
    
    0
    
    
    
    (3,641,089
    )Options purchased
    
    
    0
    
    
    
    164,857
    
    
    
    0
    
    
    
    164,857Options written
    
    
    0
    
    
    
    (304,338
    )
    
    
    0
    
    
    
    (304,338
    )Total
    
    $
    3,967,752
    
    
    $
    275,707,430
    
    
    $
    0
    
    
    $
    279,675,182
 Fair Value at December 31, 2009Description
    
    Level 1
    
    
    Level 2
    
    
    Level 3
    
    
    TotalInvestmentsFixed income securities
    
    $
    0
    
    
    $
    327,620,030
    
    
    $
    0
    
    
    $
    327,620,030Other Financial InstrumentsExchange-traded futures contracts
    
    
    (1,031,681
    )
    
    
    0
    
    
    
    0
    
    
    
    (1,031,681
    )Forward currency contracts
    
    
    0
    
    
    
    (3,077,179
    )
    
    
    0
    
    
    
    (3,077,179
    )Options purchased
    
    
    0
    
    
    
    855,611
    
    
    
    0
    
    
    
    855,611Options written
    
    
    0
    
    
    
    (230,427
    )
    
    
    0
    
    
    
    (230,427
    )Total
    
    $
    (1,031,681
    )
    
    $
    325,168,035
    
    
    $
    0
    
    
    $
    324,136,354
 D.
    
    Cash and Cash EquivalentsCash and cash equivalents includes cash and overnight money market investments at financial
institutions.E.
    
    Income TaxesThe Trust prepares calendar year U.S. federal and applicable state information tax
returns and reports to the unitholders their allocable shares of the Trusts income,
expenses and trading gains or losses. No provision for income taxes has been made in the
accompanying financial statements as each unitholder is individually responsible for
reporting income or loss based on such unitholders respective share of the Trusts income
and expenses as reported for income tax purposes.Management has continued to evaluate the application of ASC 740, Income Taxes to the Trust,
and has determined that no reserves for uncertain tax positions were required. The Trust
files federal and state tax returns. The 2006 through 2009 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.
 16




---



##### 



If the Trust terminates prior to completion of payment to Campbell & Company for the
unreimbursed offering costs incurred through the date of such termination, Campbell &
Company will not be entitled to any additional payments, and Series A units and Series W
units will have no further obligation to Campbell & Company. At June 30, 2010 and December
31, 2009, the amount of unreimbursed offering costs
incurred by Campbell & Company is $2,246,223 and $1,653,661 for Series A units and $449,770
and $328,196 for Series W units respectively.G.
    
    Foreign Currency TransactionsThe Trusts functional currency is the U.S. dollar; however, it transacts business in
currencies other than the U.S. dollar. Assets and liabilities denominated in currencies
other than the U.S. dollar are translated into U.S. dollars at the rates in effect at the
date of the statement of financial condition. Income and expense items denominated in
currencies other than the U.S. dollar are translated into U.S. dollars at the rates in
effect during the period. Gains and losses resulting from the translation to U.S. dollars
are reported in income.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.
    
    ReclassificationCertain 2009 amounts in the Statement of Cash Flows were reclassified to conform with the 2010
presentation.
 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.The performance fee is paid on the cumulative increase, if any, in the Net Asset Value per
Unit over the highest previous cumulative Net Asset Value per Unit (commonly referred to as
a High Water Mark). In determining the management fee and performance fee (the fees),
adjustments shall be made for capital additions and withdrawals and Net Assets shall not be
reduced by the fees being calculated for such current period. The performance fee is not
subject to any clawback provisions. The fees are typically paid in the month following the
month in which they are earned. The fees are paid from the available cash at the Trusts
bank, broker or cash management custody accounts.
 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.
    
    CASH MANAGER AND CUSTODIAN
 The Trust has appointed Wilmington Trust Investment Management LLC, a wholly owned
subsidiary of Wilmington Trust Corporation, as cash manager under the Non-Custody
Investment Advisory Agreement dated July 8, 2009, to manage and control the liquid assets
of the Trust. The cash manager is registered as an investment adviser with the Securities
and Exchange Commission of the United States under the Investment Advisers Act of 1940.The Trust opened a custodial account at The Northern Trust Company (the custodian) and
has granted the cash manager authority to make certain investments on behalf of the Trust
provided such investments are consistent with the investment guidelines created by the
managing operator. All securities purchased by the cash manager on behalf of the Trust will be
held in its custody account at the custodian. The cash manager will have no beneficial or
other interest in the securities and cash in such custody account. The cash manager began
trading on behalf of the Trust in August 2009.
 Note 5.
    
    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.
 17




---



##### 



Note 6.
    
    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 typically earns interest income on its assets deposited with the broker.
 Note 7.
    
    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. Units are transferable, but
no market exists for their sale and none is expected to develop. Monthly redemptions are
permitted upon ten (10) business days advance written notice to Campbell & CompanyRedemption 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.
 Note 8.
    
    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). Specifically, the Fund trades a portfolio primarily focused on financial
futures, which are instruments designed to hedge or speculate on changes in interest rates,
currency exchange rates or stock index values. A secondary emphasis is on metals, energy
and agriculture values. 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 trusts
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 June 30, 2010 and December 31, 2009 was
$41,999,802 and $16,997,649, respectively, which equals 13% and 5% of Net Asset Value,
respectively. The cash deposited with interbank market makers at June 30, 2010 and December
31, 2009 was $6,687,663 and $3,604,499, respectively, which equals 2% and 1% of Net Asset
Value, respectively. These amounts are included in cash and cash equivalents. Included in
cash deposits with the broker and interbank market maker at June 30, 2010 and December 31,
2009 was restricted cash for margin requirements of $3,757,469 and $24,115,214 respectively,
which equals 1% and 7% of Net Asset Value respectively.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. See
Note 1. C. for an explanation of how the Trust determines its valuation for derivatives as
well as the netting of derivatives.
 18




---



##### 



Forward Currency andOptions on ForwardFutures Contracts
    
    
    Currency Contracts(exchange traded)
    
    
    (non-exchange traded)June 30, 2010
    
    
    December 31, 2009
    
    
    June 30, 2010
    
    
    December 31, 2009Gross unrealized gains
    
    $
    10,685,429
    
    
    $
    5,253,447
    
    
    $
    8,757,491
    
    
    $
    14,345,436Gross unrealized losses
    
    
    (6,717,677
    )
    
    
    (6,285,128
    )
    
    
    (12,352,945
    )
    
    
    (17,380,543
    )Net unrealized gain (loss)
    
    $
    3,967,752
    
    
    $
    (1,031,681
    )
    
    $
    (3,595,454
    )
    
    $
    (3,035,107
    )
    Asset
    
    
    LiabilityDerivatives at
    
    
    Derivatives atStatement of Financial
    
    
    June 30, 2010
    
    
    June 30, 2010Type of Instrument *
    
    Condition Location
    
    
    Fair Value
    
    
    Fair Value
    
    
    NetAgricultural Contracts
    
    Equity in broker trading accounts
    
    $
    432,363
    
    
    $
    (697,910
    )
    
    $
    (265,547
    )Energy Contracts
    
    Equity in broker trading accounts
    
    
    265,860
    
    
    
    (966,925
    )
    
    
    (701,065
    )Metal Contracts
    
    Equity in broker trading accounts
    
    
    584,087
    
    
    
    (604,151
    )
    
    
    (20,064
    )Stock Indices Contracts
    
    Equity in broker trading accounts
    
    
    400,798
    
    
    
    (3,949,903
    )
    
    
    (3,549,105
    )Short-Term Interest Rate Contracts
    
    Equity in broker trading accounts
    
    
    2,441,128
    
    
    
    (482,704
    )
    
    
    1,958,424Long Term Interest Rate Contracts
    
    Equity in broker trading accounts
    
    
    6,561,193
    
    
    
    (16,084
    )
    
    
    6,545,109Forward Currency Contracts
    
    Net unrealized gain (loss) on forward currency contracts
    
    
    8,541,743
    
    
    
    (12,182,832
    )
    
    
    (3,641,089
    )Purchased Options on Forward Currency Contracts
    
    Options purchased, at fair value
    
    
    164,857
    
    
    
    0
    
    
    
    164,857Written Options on Forward Currency Contracts
    
    Options written, at fair value
    
    
    0
    
    
    
    (304,229
    )
    
    
    (304,229
    )Totals
    
    
    
    
    
    $
    19,392,029
    
    
    $
    (19,204,738
    )
    
    $
    187,291
 
 *
    
    Derivatives not designated as hedging instruments under ASC 815 Asset
    
    
    LiabilityDerivatives at
    
    
    Derivatives atStatement of Financial
    
    
    December 31, 2009
    
    
    December 31, 2009Type of Instrument *
    
    Condition Location
    
    
    Fair Value
    
    
    Fair Value
    
    
    NetAgricultural Contracts
    
    Equity in broker trading accounts
    
    $
    142,638
    
    
    $
    (132,600
    )
    
    $
    10,038Energy Contracts
    
    Equity in broker trading accounts
    
    
    214,581
    
    
    
    (48,386
    )
    
    
    166,195Metal Contracts
    
    Equity in broker trading accounts
    
    
    1,609,537
    
    
    
    (1,332,570
    )
    
    
    276,967Stock Indices Contracts
    
    Equity in broker trading accounts
    
    
    2,915,275
    
    
    
    (207,495
    )
    
    
    2,707,780Short-Term Interest Rate Contracts
    
    Equity in broker trading accounts
    
    
    0
    
    
    
    (1,205,283
    )
    
    
    (1,205,283
    )Long Term Interest Rate Contracts
    
    Equity in broker trading accounts
    
    
    371,416
    
    
    
    (3,358,794
    )
    
    
    (2,987,378
    )Forward Currency Contracts
    
    Net unrealized gain (loss) on
forwardcurrency contracts
    
    
    13,988,095
    
    
    
    (17,065,274
    )
    
    
    (3,077,179
    )Purchased
Options on Forward Currency Contracts
    
    Options purchased, at fair value
    
    
    855,611
    
    
    
    0
    
    
    
    855,611Written
Options on Forward Currency Contracts
    
    Options written, at fair value
    
    
    0
    
    
    
    (230,427
    )
    
    
    (230,427
    )Totals
    
    
    
    
    
    $
    20,097,153
    
    
    $
    (23,580,829
    )
    
    $
    (3,483,676
    )
 19




---



##### 



*
    
    Derivatives not designated as hedging instruments under ASC 815  Trading Revenue for
    
    
    Trading Revenue forthe Three Months Ended
    
    
    the Three Months EndedType of Instrument
    
    June 30, 2010
    
    
    June 30, 2009Agricultural Contracts
    
    $
    (666,526
    )
    
    $
    (1,383,491
    )Energy Contracts
    
    
    (10,268,529
    )
    
    
    1,150,584Metal Contracts
    
    
    (2,200,839
    )
    
    
    (1,298,505
    )Stock Indices Contracts
    
    
    (14,729,772
    )
    
    
    (9,037,956
    )Short-Term Interest Rate Contracts
    
    
    9,927,811
    
    
    
    (6,259,414
    )Long Term Interest Rate Contracts
    
    
    19,187,489
    
    
    
    (5,872,924
    )Forward Currency Contracts
    
    
    (263,468
    )
    
    
    (8,186,771
    )Purchased Options on Forward Currency Contracts
    
    
    (2,535,341
    )
    
    
    (1,349,827
    )Written Options on Forward Currency Contracts
    
    
    2,460,915
    
    
    
    4,349,799Total
    
    $
    911,740
    
    
    $
    (27,888,505
    )
 Trading Revenue for
    
    
    Trading Revenue forthe Six Months Ended
    
    
    the Six Months EndedType of Instrument
    
    June 30, 2010
    
    
    June 30, 2009Agricultural Contracts
    
    $
    (538,193
    )
    
    $
    (713,876
    )Energy Contracts
    
    
    (12,993,440
    )
    
    
    1,034,530Metal Contracts
    
    
    (5,065,153
    )
    
    
    (3,482,342
    )Stock Indices Contracts
    
    
    (22,049,891
    )
    
    
    (13,078,535
    )Short-Term Interest Rate Contracts
    
    
    20,604,910
    
    
    
    (2,694,955
    )Long Term Interest Rate Contracts
    
    
    14,282,206
    
    
    
    (3,959,431
    )Forward Currency Contracts
    
    
    (1,392,254
    )
    
    
    (8,365,557
    )Purchased Options on Forward Currency Contracts
    
    
    (6,402,836
    )
    
    
    (2,348,790
    )Written Options on Forward Currency Contracts
    
    
    4,585,006
    
    
    
    8,267,836Total
    
    $
    (8,969,645
    )
    
    $
    (25,341,120
    )
 Trading Revenue for
    
    
    Trading Revenue forthe Three Months Ended
    
    
    the Three Months EndedLine Item in the Statement of Operations
    
    June 30, 2010
    
    
    June 30, 2009Futures trading gains (losses):Realized
    
    $
    4,705,554
    
    
    $
    (24,779,852
    )Change in unrealized
    
    
    (3,455,920
    )
    
    
    2,078,146Forward currency and options on forward currency trading gains (losses):Realized
    
    
    3,683,543
    
    
    
    (5,691,954
    )Change in unrealized
    
    
    (4,021,437
    )
    
    
    505,155Total
    
    $
    911,740
    
    
    $
    (27,888,505
    )
 Trading Revenue for
    
    
    Trading Revenue forthe Six Months Ended
    
    
    the Six Months EndedLine Item in the Statement of Operations
    
    June 30, 2010
    
    
    June 30, 2009Futures trading gains (losses):Realized
    
    $
    (10,758,994
    )
    
    $
    (22,930,376
    )Change in unrealized
    
    
    4,999,433
    
    
    
    35,767Forward currency and options on forward currency trading gains (losses):Realized
    
    
    (2,649,739
    )
    
    
    (89,044
    )Change in unrealized
    
    
    (560,345
    )
    
    
    (2,357,467
    )Total
    
    $
    (8,969,645
    )
    
    $
    (25,341,120
    )
 20




---



##### 



For the three months ended June 30, 2010 and 2009, the monthly average of futures
contracts bought and sold was approximately 27,200 and 18,000 respectively, and the
monthly average of notional value of forward currency and options on forward currency
contracts was $2,353,100,000 and $2,204,700,000 respectively.For the six months ended June 30, 2010 and 2009, the monthly average of futures contracts
bought and sold was approximately 28,200 and 16,500 respectively, and the monthly average
of notional value of forward currency and options on forward currency contracts was
$2,491,400,000 and $1,771,200,000 respectively.Open contracts generally mature within twelve months; as of June 30, 2010, the latest
maturity date for open futures contracts is September 2011, the latest maturity date for
open forward currency contracts is September 2010, and the latest expiry date for options
on forward currency contracts is July 2010. However, the Trust intends to close all futures
and foreign 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s attempt 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
precalculating stop-loss points at which systems will signal to close open positions.
Campbell & Company controls the risk of the Trusts non-trading fixed income instruments by
limiting the duration of such instruments and requiring a minimum credit quality of the
issuers of those instruments.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 credit worthy. 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 9.
    
    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 10.
    
    INTERIM FINANCIAL STATEMENTS
 The statements of financial condition, including the condensed schedules of investments, as
of June 30, 2010 and December 31, 2009, the statements of operations and financial
highlights for the three months and six months ended June 30, 2010 and 2009, and the
statements of cash flows and changes in unitholders capital (Net Asset Value) for the six
months ended June 30, 2010 and 2009 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 June 30, 2010, and the
results of operations and financial highlights for the three months and six months ended
June 30, 2010 and 2009, and cash flows and changes in unitholders capital (Net Asset
Value) for the six months ended June 30, 2010 and 2009.
 Note 11.
    
    SUBSEQUENT EVENTS
 Management of the Trust has evaluated subsequent events through the date the financial
statements were filed. There are no subsequent events to disclose or record.
 21




---



##### 



Item 2.
    
    Managements Discussion and Analysis of Financial Condition and
Results of Operations
 Introduction
    Critical Accounting Policies
   Capital Resources
   22




---



##### 



Liquidity
     23




---



##### 



Off-Balance Sheet Risk
    24




---



##### 



Disclosures About Certain Trading Activities that Include Non-Exchange Traded Contracts
Accounted for at Fair Value
  Results of Operations
  2010
      Sector
    
    % Gain (Loss)Interest Rates
    
    
    10.59
    %Currencies
    
    
    (0.91
    )Commodities
    
    
    (5.52
    )Stock Indices
    
    
    (6.53
    )(2.37)
    %
 25




---



##### 



26




---



##### 



2009
     27




---



##### 



Sector
    
    % Gain (Loss)Currencies
    
    
    (0.53
    )Commodities
    
    
    (0.85
    )Interest Rates
    
    
    (1.29
    )Stock Indices
    
    
    (2.84
    )(5.51
    )
     28




---



##### 



Item 3.
    
    Quantitative and Qualitative Disclosures About Market Risk
 Introduction
 Past Results Not Necessarily Indicative of Future Performance
   29




---



##### 



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).
     30




---



##### 



The Trusts Trading Value at Risk in Different Market Sectors
  June 30, 2010TradingMarket Sector
    
    Value at Risk*
    
    Gain/(Loss)**Interest Rates
    
    
    0.80
    %
    
    
    10.59
    %Stock Indices
    
    
    0.78
    %
    
    
    (6.53
    )%Commodities
    
    
    0.68
    %
    
    
    (5.52
    )%Currencies
    
    
    0.67
    %
    
    
    (0.91
    )%Aggregate/Total
    
    
    1.55
    %
    
    
    (2.37
    )%
 
 *
    
     The VaR for a sector represents the one day downside risk for the aggregate exposures
associated with this sector. The aggregate VaR represents the VaR of the Trusts open
positions across all market sectors, and is less than the sum of the VaRs for all such market
sectors due to the diversification benefit across asset classes.**
    
      Represents the gross trading for the Trust for the six months ended June 30, 2010.    31




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##### 



December 31, 2009
 TradingMarket Sector
    
    Value at Risk*
    
    Gain/(Loss)**Currencies
    
    
    0.90
    %
    
    
    3.74

    %Interest Rates
    
    
    0.69
    %
    
    
    (4.77
    )%Stock Indices
    
    
    0.45
    %
    
    
    (0.47
    )%Commodities
    
    
    0.41
    %
    
    
    (0.21
    )%Aggregate/Total
    
    
    1.62
    %
    
    
    (1.71
    )%
 
 *
    
     The VaR for a sector represents the one day downside risk for the aggregate exposures
associated with this sector. The aggregate VaR represents the VaR of the Trusts open
positions across all market sectors, and is less than the sum of the VaRs for all such market
sectors due to the diversification benefit across asset classes.**
    
     Represents the gross trading for the Trust for the year ended December 31, 2009.    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.
 32




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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.,
 33




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




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Fixed Income Securities
  Treasury Bill Positions Held for Margin Purposes
  Qualitative Disclosures Regarding Means of Managing Risk Exposure
   General
  35




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Item 4(T). Controls and Procedures
  36




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PART II-OTHER INFORMATION
 Item 1. Legal Proceedings.
  Item 2. Changes in Securities and Use of Proceeds
  Item 3. Defaults Upon Senior Securities
  Item 4. Submissions of Matters to a vote of Security Holders.
  Item 5. Other Information
 
  Item 6. Exhibits and Reports on Form 8-K.
  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.
   37




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SIGNATURES
  THE CAMPBELL FUND TRUST
(Registrant)
By: Campbell & Company, Inc.
       Managing OperatorDate: August 16, 2010
    By:
    /s/ Theresa D. BecksTheresa D. BecksChief Executive Officer 38




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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