##### 



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, 2007
 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)
 Baltimore, Maryland 21204
 (410) 296-3301
  þ o
  o o þ
  o þ




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##### 



PagePART I  FINANCIAL INFORMATIONItem 1. Financial StatementsStatements of Financial Condition as of June 30, 2007 (Unaudited)
and December 31, 2006
    
    
    3Condensed Schedules of Investments as of June 30, 2007 (Unaudited)
and December 31, 2006
    
    
    4-5Statements of Operations for the Three Months and Six Months Ended
June 30, 2007 and 2006 (Unaudited)
    
    
    6Statements of Cash Flows for the Six Months Ended
June 30, 2007 and 2006 (Unaudited)
    
    
    7Statements of Changes in Unitholders Capital (Net Asset Value)
for the Six Months Ended June 30, 2007 and 2006 (Unaudited)
    
    
    8Notes to Financial Statements (Unaudited)
    
    
    9-14Item 2. Managements Discussion and Analysis of Financial Condition and
Results of Operations
    
    
    15-21Item 3. Quantitative and Qualitative Disclosure About Market Risk
    
    
    21-26Item 4. Controls and Procedures
    
    
    27PART II  OTHER INFORMATION
    
    
    28Item 6. Exhibits and Reports on Form 8-K
    
    
    28SIGNATURESCERTIFICATIONS




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##### 



THE CAMPBELL FUND TRUST
 
 STATEMENTS OF FINANCIAL CONDITION
  
 June 30,
    
    
    December 31,2007
    
    
    2006ASSETSEquity in broker trading accountsCash
    
    $
    171,132,750
    
    
    $
    133,411,031United States government securities
    
    
    576,278,850
    
    
    
    576,201,361Net unrealized gain on open futures contracts
    
    
    19,702,093
    
    
    
    29,440,339Total equity in broker trading accounts
    
    
    767,113,693
    
    
    
    739,052,731Cash and cash equivalents
    
    
    13,097,884
    
    
    
    52,562,559United States government securities
    
    
    347,663,806
    
    
    
    347,576,084Net unrealized gain on open forward currency contracts
    
    
    31,418,062
    
    
    
    39,126,795Options purchased, at fair value
(premium paid  $1,686,496 and $815,761)
    
    
    1,857,051
    
    
    
    975,007Interest receivable
    
    
    690,921
    
    
    
    417,644Other assets
    
    
    9,117
    
    
    
    0Total assets
    
    $
    1,161,850,534
    
    
    $
    1,179,710,820LIABILITIESAccounts payable
    
    $
    52,729
    
    
    $
    119,476Accrued commissions and other trading fees
on open contracts
    
    
    360,042
    
    
    
    253,885Options written, at fair value
(premium received  $963,814 and $474,346)
    
    
    997,790
    
    
    
    446,133Management fee
    
    
    3,864,638
    
    
    
    3,924,363Performance fee
    
    
    3,897,273
    
    
    
    0Redemptions payable
    
    
    14,700,148
    
    
    
    20,968,165Total liabilities
    
    
    23,872,620
    
    
    
    25,712,022UNITHOLDERS CAPITAL (Net Asset Value)Managing Operator  20.360 units outstanding
at June 30, 2007 and December 31, 2006
    
    
    61,526
    
    
    
    58,374Other Unitholders  376,553.937 and 402,479.470
units outstanding at June 30, 2007 and
December 31, 2006
    
    
    1,137,916,388
    
    
    
    1,153,940,424Total unitholders capital (Net Asset Value)
    
    
    1,137,977,914
    
    
    
    1,153,998,798Total liabilities and unitholders capital
(Net Asset Value)
    
    $
    1,161,850,534
    
    
    $
    1,179,710,820
  - 3 -




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##### 



THE CAMPBELL FUND TRUST
 
 CONDENSED SCHEDULE OF INVESTMENTS
 
 
 UNITED
STATES GOVERNMENT SECURITIES*
 Maturity
    
    
    
    
    
    
    
    
    % of NetFace Value
    
    
    Date
    
    
    Description
    
    Value
    
    
    Asset Value$
    250,000,000
    
    
    
    08/16/2007
    
    
    U.S. Treasury Bills
    
    $
    248,527,361
    
    
    
    21.84
    %$
    200,000,000
    
    
    
    08/23/2007
    
    
    U.S. Treasury Bills
    
    
    198,602,861
    
    
    
    17.45
    %$
    200,000,000
    
    
    
    09/06/2007
    
    
    U.S. Treasury Bills
    
    
    198,272,890
    
    
    
    17.42
    %$
    160,000,000
    
    
    
    07/12/2007
    
    
    U.S. Treasury Bills
    
    
    159,762,644
    
    
    
    14.04
    %$
    120,000,000
    
    
    
    09/20/2007
    
    
    U.S. Treasury Bills
    
    
    118,776,900
    
    
    
    10.44
    %Total United States government securities
(cost, including accrued interest,  $923,942,656)
    
    $
    923,942,656
    
    
    
    81.19
    %
 LONG FUTURES CONTRACTS
 % of NetDescription
    
    Value
    
    
    Asset ValueAgricultural
    
    $
    (523,360
    )
    
    
    (0.05
    )%Energy
    
    
    828
    
    
    
    0.00
    %Metals
    
    
    21,215
    
    
    
    0.00
    %Stock indices
    
    
    4,349,306
    
    
    
    0.38
    %Short-term interest rates
    
    
    (148,714
    )
    
    
    (0.01
    )%Long-term interest rates
    
    
    (341,622
    )
    
    
    (0.03
    )%Total long futures contracts
    
    $
    3,357,653
    
    
    
    0.29
    %
 SHORT FUTURES CONTRACTS
 % of NetDescription
    
    Value
    
    
    Asset ValueAgricultural
    
    $
    (12,956
    )
    
    
    0.00
    %Energy
    
    
    (928,353
    )
    
    
    (0.08
    )%Metals
    
    
    219,873
    
    
    
    0.02
    %Stock indices
    
    
    4,714
    
    
    
    0.00
    %Short-term interest rates
    
    
    601,875
    
    
    
    0.05
    %Long-term interest rates
    
    
    16,459,287
    
    
    
    1.45
    %Total short futures contracts
    
    $
    16,344,440
    
    
    
    1.44
    %Total futures contracts
    
    $
    19,702,093
    
    
    
    1.73
    %
 FORWARD CURRENCY CONTRACTS
 % of NetDescription
    
    Value
    
    
    Asset ValueVarious long forward currency contracts
    
    $
    48,165,828
    
    
    
    4.23
    %Various short forward currency contracts
    
    
    (16,747,766
    )
    
    
    (1.47
    )%Total forward currency contracts
    
    $
    31,418,062
    
    
    
    2.76
    %
 PURCHASED OPTIONS ON FORWARD CURRENCY CONTRACTS
 % of NetDescription
    
    Value
    
    
    Asset ValuePurchased options on forward currency contracts
(premiums paid  $1,686,496)
    
    $
    1,857,051
    
    
    
    0.16
    %
 WRITTEN OPTIONS ON FORWARD CURRENCY CONTRACTS
 % of NetDescription
    
    Value
    
    
    Asset ValueWritten options on forward currency contracts
(premiums received $963,814)
    
    $
    (997,790
    )
    
    
    (0.09
    )%
 
   - 4 -




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##### 



THE CAMPBELL FUND TRUST
CONDENSED SCHEDULE OF INVESTMENTS
 
 UNITED
STATES GOVERNMENT SECURITIES *
 Maturity
    
    
    
    
    
    
    
    
    % of NetFace Value
    
    
    Date
    
    
    Description
    
    Value
    
    
    Asset Value$
    250,000,000
    
    
    
    02/15/2007
    
    
    U.S. Treasury Bills
    
    $
    248,462,500
    
    
    
    21.53
    %$
    200,000,000
    
    
    
    02/22/2007
    
    
    U.S. Treasury Bills
    
    
    198,590,222
    
    
    
    17.21
    %$
    200,000,000
    
    
    
    03/08/2007
    
    
    U.S. Treasury Bills
    
    
    198,227,167
    
    
    
    17.18
    %$
    160,000,000
    
    
    
    01/11/2007
    
    
    U.S. Treasury Bills
    
    
    159,782,889
    
    
    
    13.84
    %$
    120,000,000
    
    
    
    03/22/2007
    
    
    U.S. Treasury Bills
    
    
    118,714,667
    
    
    
    10.29
    %Total United States government securities
(cost, including accrued interest,  $923,777,445)
    
    $
    923,777,445
    
    
    
    80.05
    %
 LONG FUTURES CONTRACTS
 % of NetDescription
    
    Value
    
    
    Asset ValueAgricultural
    
    $
    409,069
    
    
    
    0.04
    %Energy
    
    
    (10,707,917
    )
    
    
    (0.93
    )%Metals
    
    
    (1,896,745
    )
    
    
    (0.17
    )%Stock indices
    
    
    13,119,595
    
    
    
    1.14
    %Short-term interest rates
    
    
    287
    
    
    
    0.00
    %Long-term interest rates
    
    
    (1,194,784
    )
    
    
    (0.10
    )%Total long futures contracts
    
    $
    (270,495
    )
    
    
    (0.02
    )%
 SHORT FUTURES CONTRACTS
 % of NetDescription
    
    Value
    
    
    Asset ValueAgricultural
    
    $
    (60,800
    )
    
    
    (0.01
    )%Energy
    
    
    212,640
    
    
    
    0.02
    %Metals
    
    
    776,695
    
    
    
    0.07
    %Short-term interest rates
    
    
    8,895,678
    
    
    
    0.77
    %Long-term interest rates
    
    
    19,886,621
    
    
    
    1.72
    %Total short futures contracts
    
    $
    29,710,834
    
    
    
    2.57
    %Total futures contracts
    
    $
    29,440,339
    
    
    
    2.55
    %
 FORWARD CURRENCY CONTRACTS
 % of NetDescription
    
    Value
    
    
    Asset ValueVarious long forward currency contracts
    
    $
    (21,320,722
    )
    
    
    (1.85
    )%Various short forward currency contracts
    
    
    60,447,517
    
    
    
    5.24
    %Total forward currency contracts
    
    $
    39,126,795
    
    
    
    3.39
    %
 PURCHASED OPTIONS ON FORWARD CURRENCY CONTRACTS
 % of NetDescription
    
    Value
    
    
    Asset ValuePurchased options on forward currency contracts
(premiums paid  $815,761)
    
    $
    975,007
    
    
    
    0.08
    %
 WRITTEN OPTIONS ON FORWARD CURRENCY CONTRACTS
 % of NetDescription
    
    Value
    
    
    Asset ValueWritten options on forward currency contracts
(premiums received  $474,346)
    
    $
    (446,133
    )
    
    
    (0.03
    )%
 
   - 5 -




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##### 



THE CAMPBELL FUND TRUST
 
 STATEMENTS OF OPERATIONS
 
 Three Months Ended
    
    
    Six Months EndedJune 30,
    
    
    June 30,2007
    
    
    2006
    
    
    2007
    
    
    2006TRADING GAINS (LOSSES)Futures trading gains (losses)Realized
    
    $
    90,848,535
    
    
    $
    34,426,521
    
    
    $
    81,794,125
    
    
    $
    50,544,429Change in unrealized
    
    
    13,966,535
    
    
    
    (15,492,969
    )
    
    
    (9,738,246
    )
    
    
    13,629,587Brokerage commissions
    
    
    (673,338
    )
    
    
    (502,883
    )
    
    
    (1,134,686
    )
    
    
    (988,313
    )Net gain from futures trading
    
    
    104,141,732
    
    
    
    18,430,669
    
    
    
    70,921,193
    
    
    
    63,185,703Forward
currency and options on forward currency trading gains (losses)Realized
    
    
    934,427
    
    
    
    (69,443,410
    )
    
    
    (4,555,042
    )
    
    
    (103,196,236
    )Change in unrealized
    
    
    24,816,537
    
    
    
    (20,413,881
    )
    
    
    (7,759,613
    )
    
    
    22,013,540Brokerage commissions
    
    
    (300,438
    )
    
    
    (140,523
    )
    
    
    (554,928
    )
    
    
    (231,753
    )Net gain (loss) from forward currency
and options on forward currency
trading
    
    
    25,450,526
    
    
    
    (89,997,814
    )
    
    
    (12,869,583
    )
    
    
    (81,414,449
    )Total net trading gains (losses)
    
    
    129,592,258
    
    
    
    (71,567,145
    )
    
    
    58,051,610
    
    
    
    (18,228,746
    )INTEREST INCOME NET OF EXPENSESIncomeInterest income
    
    
    13,329,941
    
    
    
    13,725,345
    
    
    
    26,772,269
    
    
    
    24,643,787ExpensesManagement fee
    
    
    11,266,833
    
    
    
    11,459,344
    
    
    
    22,513,368
    
    
    
    22,013,624Performance fee
    
    
    3,897,273
    
    
    
    0
    
    
    
    3,914,241
    
    
    
    8,574,956Operating expenses
    
    
    54,507
    
    
    
    51,135
    
    
    
    100,785
    
    
    
    97,625Total expenses
    
    
    15,218,613
    
    
    
    11,510,479
    
    
    
    26,528,394
    
    
    
    30,686,205Interest income net of expenses
    
    
    (1,888,672
    )
    
    
    2,214,866
    
    
    
    243,875
    
    
    
    (6,042,418
    )NET INCOME (LOSS)
    
    $
    127,703,586
    
    
    $
    (69,352,279
    )
    
    $
    58,295,485
    
    
    $
    (24,271,164
    )NET INCOME (LOSS) PER MANAGING
OPERATOR AND OTHER
UNITHOLDERS UNIT(based on weighted average number of
units outstanding during the period)
    
    $
    328.77
    
    
    $
    (162.95
    )
    
    $
    147.94
    
    
    $
    (60.31
    )INCREASE (DECREASE) IN NET ASSET
VALUE PER MANAGING OPERATOR
AND OTHER UNITHOLDERS UNIT
    
    $
    329.71
    
    
    $
    (163.48
    )
    
    $
    154.84
    
    
    $
    (45.75
    )
  - 6 -




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##### 



THE CAMPBELL FUND TRUST
 
 STATEMENTS OF CASH FLOWS
 
 Six Months EndedJune 30,2007
    
    
    2006Cash flows from (for) operating activitiesNet income (loss)
    
    $
    58,295,485
    
    
    $
    (24,271,164
    )Adjustments to reconcile net income (loss) to net
cash (for) operating activitiesNet change in unrealized
    
    
    17,497,859
    
    
    
    (35,643,127
    )Increase in option premiums paid
    
    
    (870,735
    )
    
    
    0Increase in option premiums received
    
    
    489,468
    
    
    
    327,667Increase in interest receivable
    
    
    (273,277
    )
    
    
    (220,611
    )Increase in other assets
    
    
    (9,117
    )
    
    
    0Increase (decrease) in accounts payable
and accrued expenses
    
    
    3,876,958
    
    
    
    (2,197,056
    )Net purchases of investments in United States
government securities
    
    
    (165,211
    )
    
    
    (283,161,804
    )Net cash (for) operating activities
    
    
    78,841,430
    
    
    
    (345,166,095
    )Cash flows from (for) financing activitiesAddition of units
    
    
    19,556,404
    
    
    
    189,359,786Decrease in subscription deposits
    
    
    0
    
    
    
    (1,300,000
    )Redemption of units
    
    
    (100,140,790
    )
    
    
    (21,230,371
    )Net cash from financing activities
    
    
    (80,584,386
    )
    
    
    166,829,415Net decrease in cash
    
    
    (1,742,956
    )
    
    
    (178,336,680
    )Cash and cash equivalentsBeginning of period
    
    
    185,973,590
    
    
    
    286,367,071End of period
    
    $
    184,230,634
    
    
    $
    108,030,391End of period cash and cash equivalents consists of:Cash in broker trading accounts
    
    $
    171,132,750
    
    
    $
    81,297,150Cash and cash equivalents
    
    
    13,097,884
    
    
    
    26,733,241Total end of period cash
    
    $
    184,230,634
    
    
    $
    108,030,391
  - 7 -




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##### 



THE CAMPBELL FUND TRUST
 
 STATEMENTS OF CHANGES IN UNITHOLDERS CAPITAL (NET ASSET VALUE)
 
 Unitholders CapitalManaging Operator
    
    
    Other Unitholders
    
    
    TotalUnits
    
    
    Amount
    
    
    Units
    
    
    Amount
    
    
    Units
    
    
    AmountSix Months Ended June 30, 2007Balances at
December 31, 2006
    
    
    20.360
    
    
    $
    58,374
    
    
    
    402,479.470
    
    
    $
    1,153,940,424
    
    
    
    402,499.830
    
    
    $
    1,153,998,798Net income for the six months
ended June 30, 2007
    
    
    
    
    
    
    3,152
    
    
    
    
    
    
    
    58,292,333
    
    
    
    
    
    
    
    58,295,485Additions
    
    
    0.000
    
    
    
    0
    
    
    
    6,966.517
    
    
    
    19,556,404
    
    
    
    6,966.517
    
    
    
    19,556,404Redemptions
    
    
    0.000
    
    
    
    0
    
    
    
    (32,892.050
    )
    
    
    (93,872,773
    )
    
    
    (32,892.050
    )
    
    
    ( 93,872,773
    )Balances at
June 30, 2007
    
    
    20.360
    
    
    $
    61,526
    
    
    
    376,553.937
    
    
    $
    1,137,916,388
    
    
    
    376,574.297
    
    
    $
    1,137,977,914Six Months Ended June 30, 2006Balances at
December 31, 2005
    
    
    20.360
    
    
    $
    54,934
    
    
    
    346,403.516
    
    
    $
    934,642,953
    
    
    
    346,423.876
    
    
    $
    934,697,887Net (loss) for the six months
ended June 30, 2006
    
    
    
    
    
    
    (932
    )
    
    
    
    
    
    
    (24,270,232
    )
    
    
    
    
    
    
    (24,271,164
    )Additions
    
    
    0.000
    
    
    
    0
    
    
    
    91,226.736
    
    
    
    251,027,417
    
    
    
    91,226.736
    
    
    
    251,027,417Redemptions
    
    
    0.000
    
    
    
    0
    
    
    
    (9,362.914
    )
    
    
    (25,471,593
    )
    
    
    (9,362.914
    )
    
    
    (25,471,593
    )Balances at
June 30, 2006
    
    
    20.360
    
    
    $
    54,002
    
    
    
    428,267.338
    
    
    $
    1,135,928,545
    
    
    
    428,287.698
    
    
    $
    1,135,982,547
 Net Asset Value per Managing Operator and Other Unitholders UnitJune 30,
    
    
    December 31,
    
    
    June 30,
    
    
    December 31,2007
    
    
    2006
    
    
    2006
    
    
    2005$
    3,021.92
    
    
    $
    2,867.08
    
    
    $
    2,652.38
    
    
    $
    2,698.13
  - 8 -




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##### 



THE CAMPBELL FUND TRUST
 
 NOTES TO FINANCIAL STATEMENTS
 
 Note 1.
    
    ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 A.
    
    General Description of the TrustThe Campbell Fund Trust (the Trust) is a Delaware statutory trust which operates as a
commodity investment pool. The Trust engages in the speculative trading of futures
contracts, forward currency contracts and options on forward currency contracts.B.
    
    RegulationThe Trust is a registrant with the Securities and Exchange Commission (SEC) pursuant
to the Securities Exchange Act of 1934 (the Act). As a registrant, the Trust is
subject to the regulations of the SEC and the informational requirements of the Act.
As a commodity investment pool, the Trust is subject to the regulations of the
Commodity Futures Trading Commission, an agency of the United States (U.S.)
government which regulates most aspects of the commodity futures industry; rules of
the National Futures Association, an industry self-regulatory organization; and the
requirements of the various commodity exchanges where the Trust executes
transactions. Additionally, the Trust is subject to the requirements of futures
commission merchants (brokers) and interbank market makers through which the Trust
trades.C.
    
    Method of ReportingThe Trusts financial statements are presented in accordance with 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. Beginning July 1, 2006, the market value of forward currency (non-exchange
traded) contracts is 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. Prior to July 1, 2006, the market
value of forward currency (non-exchange traded) contracts was extrapolated on a
forward basis from the spot prices quoted as of 5:00 P.M. (E.T.) of the last business
day of the reporting period 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.
 - 9 -




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##### 



THE CAMPBELL FUND TRUST
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
 
 Note 1.
    
    ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
 C.
    
    Method of Reporting (Continued)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.D.
    
    Cash and Cash EquivalentsCash and cash equivalents include cash and short-term time deposits held at financial
institutions.E.
    
    Income TaxesThe Trust prepares calendar year U.S. and applicable state information tax returns
and reports to the unitholders their allocable shares of the Trusts income, expenses
and trading gains or losses. 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.F.
    
    Foreign Currency TransactionsThe Trusts functional currency is the U.S. dollar; however, it transacts business in
currencies other than the U.S. dollar. Assets and liabilities denominated in
currencies other than the U.S. dollar are translated into U.S. dollars at the rates
in effect at the date of the statement of financial condition. Income and expense
items denominated in currencies other than the U.S. dollar are translated into U.S.
dollars at the rates in effect during the period. Gains and losses resulting from
the translation to U.S. dollars are reported in income.G.
    
    Recently Issued Accounting PronouncementsIn July 2006, the Financial Accounting Standards Board (FASB) issued Interpretation
No. 48 (FIN 48) entitled Accounting For Uncertainty in Income Taxes  an
interpretation of FASB Statement No. 109. FIN 48 prescribes the minimum recognition
threshold a tax position must meet in connection with accounting for uncertainties in
income tax positions taken or expected to be taken by an entity before being measured
and recognized in the financial statements. Adoption of FIN 48 is required for
fiscal years beginning after December 15, 2006. The implementation of FIN 48 had no
impact on the Trusts financial statements.In September 2006, the FASB issued Statement of Financial Accounting Standards No.
157, Fair Value Measurements (FAS 157). FAS 157 defines fair value, establishes a
framework for measuring fair value in accounting principles generally accepted in the
United States of America, and expands disclosures about fair value measurements.
While FAS 157 does not require any new fair value measurements, for some entities,
the application of FAS 157 may change current practice. FAS 157 is effective for
financial statements issued for fiscal years beginning after November 15, 2007, and
interim periods within those fiscal years. The implementation of FAS 157 is not
expected to have a material impact on the Trusts financial statements.H.
    
    ReclassificationCertain amounts in the 2006 financial statements were reclassified to conform with
the 2007 presentation.
 - 10 -




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##### 



THE CAMPBELL FUND TRUST
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
 
 Note 2.
    
    MANAGING OPERATOR AND COMMODITY TRADING ADVISORThe managing operator of the Trust is Campbell & Company, Inc.,
(Campbell & Company) which conducts and manages the business of
the Trust. Campbell & Company is also the commodity trading
advisor of the Trust.The Trust pays the managing operator a monthly management fee
equal to 1/3 of 1% (4% annually) of the Net Assets (as defined in
the Declaration of Trust and Trust Agreement) of the Trust as of
the end of each month and a quarterly performance fee equal to 20%
of the aggregate cumulative appreciation in Net Asset Value per
Unit (as defined) exclusive of appreciation attributable to
interest income.Note 3.
    
    TRUSTEEThe 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.
    
    DEPOSITS WITH BROKERThe 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 5.
    
    SUBSCRIPTIONS, DISTRIBUTIONS AND REDEMPTIONSInvestments 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 Amended and Restated Declaration of Trust and
Trust Agreement.Note 6.
    
    TRADING ACTIVITIES AND RELATED RISKSThe 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 funds available. It is possible that the recovered
amount could be less than total cash and other property deposited.
 - 11 -




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##### 



THE CAMPBELL FUND TRUST
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
 
 Note 6.
    
    TRADING ACTIVITIES AND RELATED RISKS (CONTINUED)The amount of required margin and good faith deposits with the broker and interbank market makers usually range from
10% to 30% of Net Asset Value. The market value of securities held at June 30, 2007 and December 31, 2006 were
$923,942,656 and $923,777,445, respectively, which equals 81% and 80% of Net Asset Value, respectively. The cash
deposited with interbank market makers at June 30, 2007 and December 31, 2006 was $12,032,153 and $50,907,731,
respectively, which equals 1% and 4% of Net Asset Value, respectively. These amounts are included in cash and cash
equivalents. There were no restricted cash deposits at June 30, 2007 or December 31, 2006.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 forward 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:
 Futures Contracts
    
    
    Forward Currency and Options on Forward(exchange traded)
    
    
    Currency Contracts (non-exchange traded)June 30,
    
    
    December 31,
    
    
    June 30,
    
    
    December 31,2007
    
    
    2006
    
    
    2007
    
    
    2006Gross unrealized gains
    
    $
    30,884,732
    
    
    $
    45,023,586
    
    
    $
    66,943,212
    
    
    $
    74,081,735Gross unrealized losses
    
    
    (11,182,639
    )
    
    
    (15,583,247
    )
    
    
    (35,388,571
    )
    
    
    (34,767,481
    )Net unrealized gain (loss)
    
    $
    19,702,093
    
    
    $
    29,440,339
    
    
    $
    31,554,641
    
    
    $
    (39,314,254
    )
 Open contracts generally mature within three months; as of June 30, 2007, the latest
maturity date for open futures contracts is March 2008, the latest maturity date for open
forward currency contracts is September 2007, and the latest date for open options on
forward currency contracts is July 2007. However, the Trust intends to close all Contracts
prior to maturity.
 - 12 -




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##### 



THE CAMPBELL FUND TRUST
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
 
 Note 6.
    
    TRADING ACTIVITIES AND RELATED RISKS (CONTINUED)Campbell & Company has established procedures to actively monitor market risk and minimize
credit risk, although there can be no assurance that it will, in fact, succeed in doing so.
Campbell & Companys basic market risk control procedures consist of continuously
monitoring open positions, diversification of the portfolio and maintenance of a
margin-to-equity ratio that rarely exceeds 30%. Campbell & Company seeks to minimize
credit risk primarily by depositing and maintaining the Trusts assets at financial
institutions and brokers which Campbell & Company believes to be creditworthy. The
unitholders bear the risk of loss only to the extent of the market value of their
respective investments and, in certain specific circumstances, distributions and
redemptions received.Note 7.
    
    INDEMNIFICATIONSIn the normal course of business, the Trust enters into contracts
and agreements that contain a variety of representations and
warranties and 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 8.
    
    INTERIM FINANCIAL STATEMENTSThe statement of financial condition, including the condensed schedule of investments, as
of June 30, 2007, and the statements of operations for the three months and six months
ended June 30, 2007 and 2006, and statements of cash flows and changes in unitholders
capital (Net Asset Value) for the six months ended June 30, 2007 and 2006 are unaudited.
In the opinion of the 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, 2007, and results of operations for the three months and six months
ended June 30, 2007 and 2006 and cash flows for the six months ended June 30, 2007 and
2006.
 - 13 -




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##### 



THE CAMPBELL FUND TRUST
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
 
 Note 9.
    
    FINANCIAL HIGHLIGHTSThe following information presents per unit operating performance data and other
supplemental financial data for the three months and six months ended June 30, 2007 and
2006. This information has been derived from information presented in the financial
statements.
 Three months ended
    
    
    Six months endedJune 30,
    
    
    June 30,2007
    
    
    2006
    
    
    2007
    
    
    2006(Unaudited)
    
    
    (Unaudited)
    
    
    (Unaudited)
    
    
    (Unaudited)Per Unit Performance(for a unit outstanding throughout the entire period)Net asset value per unit at beginning of period
    
    $
    2,692.21
    
    
    $
    2,815.86
    
    
    $
    2,867.08
    
    
    $
    2,698.13Income (loss) from operations:Total trading gains (losses) (1)
    
    
    334.57
    
    
    
    (168.68
    )
    
    
    154.22
    
    
    
    (30.73
    )Interest income net of expenses (1)
    
    
    (4.86
    )
    
    
    5.20
    
    
    
    0.62
    
    
    
    (15.02
    )Total income (loss) from operations
    
    
    329.71
    
    
    
    (163.48
    )
    
    
    154.84
    
    
    
    (45.75
    )Net asset value per unit at end of period
    
    $
    3,021.92
    
    
    $
    2,652.38
    
    
    $
    3,021.92
    
    
    $
    2,652.38Total Return(3)
    
    
    12.25
    %
    
    
    (5.81
    )%
    
    
    5.40
    %
    
    
    (1.70
    )%Supplemental DataRatios to average net asset value:Expenses prior to performance fee (4)
    
    
    4.13
    %
    
    
    3.98
    %
    
    
    4.05
    %
    
    
    4.00
    %Performance fee (3)
    
    
    0.36
    %
    
    
    0.00
    %
    
    
    0.35
    %
    
    
    0.78
    %Total expenses
    
    
    4.49
    %
    
    
    3.98
    %
    
    
    4.40
    %
    
    
    4.78
    %Interest income net of expenses (2), (4), (5)
    
    
    0.73
    %
    
    
    0.77
    %
    
    
    0.74
    %
    
    
    0.46
    %
 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)
    
    Interest income net of expenses per unit are calculated by dividing the
interest income net of expenses by the average number of units outstanding during the
period. Total trading gains (losses) is a balancing amount necessary to reconcile the
change in net asset value per unit with the other per unit information.(2)
    
    Excludes performance fee.(3)
    
    Not annualized.(4)
    
    Annualized.(5)
    
    Interest income net of expenses are shown as a positive
percentage when interest income exceeds expenses excluding the
performance fee for the period. - 14 -




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##### 



Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations
          - 15 -




---



##### 



i.e.
   Results of Operations
  - 16 -




---



##### 



2007
  Sector
    
    % Gain (Loss)Interest Rates
    
    
    4.71
    %Stock Indices
    
    
    3.88Agriculture
    
    
    (0.12
    )Metals
    
    
    (0.56
    )Currencies
    
    
    (1.09
    )Energy
    
    
    (1.29
    )5.53
    %
     - 17 -




---



##### 



2006
  Sector
    
    % Gain (Loss)Interest Rates
    
    
    2.23Metals
    
    
    2.04Stock Indices
    
    
    0.89Energy
    
    
    0.85Agriculture
    
    
    (0.17
    )Currencies
    
    
    (6.88
    )(1.04
    )%
 - 18 -




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##### 



- 19 -




---



##### 



Off-Balance Sheet Risk
    - 20 -




---



##### 



Disclosures About Certain Trading Activities that Include Non-Exchange Traded Contracts
Accounted for at Fair Value
  
 Item 3. Quantitative and Qualitative Disclosures About Market Risk
 Introduction
 Past Results Not Necessarily Indicative of Future Performance
    Standard of Materiality
  - 21 -




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##### 



Quantifying the Trusts Trading Value at Risk
 Quantitative Forward-Looking Statements
 The following quantitative disclosures regarding the Trusts market risk exposures
contain forward-looking statements within the meaning of the safe harbor from civil
liability provided for such statements by the Private Securities Litigation Reform Act of 1995
(set forth in Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934). All quantitative disclosures in this section are deemed to be
forward-looking statements for purposes of the safe harbor, except for statements of
historical fact.
       - 22 -




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##### 



The Trusts Trading Value at Risk in Different Market Sectors
  June 30, 2007TradingMarket Sector
    
    Value at Risk*
    
    Gain/(Loss)**Interest Rates
    
    
    1.06
    %
    
    
    4.71
    %Currencies
    
    
    0.70
    %
    
    
    (1.09
    )%Stock Indices
    
    
    0.56
    %
    
    
    3.88
    %Agricultural /Metals
    
    
    0.25
    %
    
    
    (0.68
    )%Energy
    
    
    0.09
    %
    
    
    (1.29
    )%Aggregate/Total
    
    
    1.52
    %
    
    
    5.53
    %
 
 *
    
    -The VaR for a sector represents the one day downside risk for the aggregate exposures
associated with this sector. The aggregate VaR represents the VaR of the Trusts open
positions across all market sectors, and is less than the sum of the VaRs for all such market
sectors due to the diversification benefit across asset classes.**
    
    -Of the return for the six months ended June 30, 2007, approximately 5.53% was due to
trading gains (before commissions) and approximately 2.40% due to interest income offset by
approximately 2.53% due to brokerage fees, management fees, performance fees and operating and
offering costs borne by the Trust offset by giving a net return of 5.40%. December 31, 2006TradingMarket Sector
    
    Value at Risk*
    
    Gain/(Loss)**Stock Indices
    
    
    0.75
    %
    
    
    6.80
    %Currencies
    
    
    0.69
    %
    
    
    1.80
    %Interest Rates
    
    
    0.58
    %
    
    
    2.90
    %Energy
    
    
    0.39
    %
    
    
    (6.64
    )%Agricultural / Metals
    
    
    0.17
    %
    
    
    1.75
    %Aggregate/Total
    
    
    1.41
    %
    
    
    6.61
    %
 
 *
    
    -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, 2006 approximately 6.61% was due to trading
gains (before commissions), approximately 4.68% was due to interest income offset by
approximately 5.03% due to brokerage fees, management fees, performance fees and operating
costs borne by the Trust giving a net return of 6.26%. - 23 -




---



##### 



Material Limitations on Value at Risk as an Assessment of Market Risk
  1)
    
    Past changes in market risk factors will not always result in accurate predictions of
the distributions and correlations of future market movements;
 2)
    
    Changes in portfolio value caused by market movements may differ from those of the VaR
model;
 3)
    
    VaR results reflect past trading positions while future risk depends on future
positions;
 4)
    
    VaR using a one day time horizon does not fully capture the market risk of positions
that cannot be liquidated or hedged within one day; and
 5)
    
    The historical market risk factor data for VaR estimation may provide only limited
insight into losses that could be incurred under certain unusual market movements.
  Non-Trading Risk
  Qualitative Disclosures Regarding Primary Trading Risk Exposures
 The following qualitative disclosures regarding the Trusts market risk exposures 
except for (i) those disclosures that are statements of historical fact and (ii) the
descriptions of how the Trust manages its primary market risk exposures  constitute
forward-looking statements within the meaning of Section 27A of the Securities Act and Section
21E of the Securities Exchange Act. The Trusts primary market risk exposures as well as the
strategies used and to be used by Campbell & Company for managing such exposures are subject
to numerous uncertainties, contingencies and 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.
 - 24 -




---



##### 



Currencies
 i.e.,
 Interest Rates
  Stock Indices
  Energy
  Metals
  Agricultural
  - 25 -




---



##### 



Qualitative Disclosures Regarding Non-Trading Risk Exposure
  Foreign Currency Balances
  Treasury Bill Positions
  Qualitative Disclosures Regarding Means of Managing Risk Exposure
   General
  - 26 -




---



##### 



Item 4. Controls and Procedures
  - 27 -




---



##### 



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, Senior Vice President of
Accounting and Finance, 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, Senior Vice President of
Accounting and Finance, pursuant to 18 U.S.C. Section 1350, as enacted by
Section 906 of The Sarbanes-Oxley Act of 2002.
   - 28 -




---



##### 



SIGNATURES
  THE CAMPBELL FUND TRUST(Registrant)
 By:
    
    Campbell & Company, Inc.Managing OperatorDate: August 14, 2007
    
    By:
    
    /s/Theresa D. BecksTheresa D. BecksChief Executive Officer
 - 29 -




---



##### 



EXHIBIT INDEX
 Exhibit Number
    
    Description of Document
    
    Page Number31.01
    
    Certification by Chief Executive Officer
    
    E-231.02
    
    Certification by Senior Vice President of Accounting and Finance
    
    E-332.01
    
    Certification by Chief Executive Officer
    
    E-432.02
    
    Certification by Senior Vice President of Accounting and Finance
    
    E-5
 E 1