<PAGE>

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

                                    FORM 10-Q


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

For the quarterly period ended June 30, 2003
                               -------------

                                       or

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

For the transition period from ____________________to________________________

Commission File number:  0-22260
                         -------



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

       Delaware                                        94-6260018
-----------------------                    ----------------------------------
(State of Organization)                  (IRS Employer Identification Number)

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

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


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

Yes [ ]      No [X]


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

Yes [X]      No [ ]



                            Total number of Pages: 25


<PAGE>

<TABLE>
<CAPTION>

                                                                                                           PAGE
                                                                                                           ----
<S>                                                                                                        <C>
PART I - FINANCIAL INFORMATION

         Item 1.    Financial Statements

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

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

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

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

                    Statements of Changes in Partners' Capital (Net Asset Value)
                    for the Six Months Ended June 30, 2003 and 2002 (Unaudited)                               7

                    Notes to Financial Statements (Unaudited)                                                 8

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

         Item 3.    Quantitative and Qualitative Disclosure About Market Risk                                17

         Item 4.    Controls and Procedures                                                                  23

PART II - OTHER INFORMATION                                                                                  24

SIGNATURES                                                                                                   25

EXHIBIT INDEX                                                                                               E-1

EXHIBIT 31.01 Certification by Chief Executive Officer                                                      E-2

EXHIBIT 31.02 Certification of Chief Financial Officer                                                      E-3

EXHIBIT 32.01 Certification by Chief Executive Officer                                                      E-4

EXHIBIT 32.02 Certification of Chief Financial Officer                                                      E-5
</TABLE>



                                      -2-


<PAGE>


                             THE CAMPBELL FUND TRUST
                        STATEMENTS OF FINANCIAL CONDITION
            June 30, 2003 (Unaudited) and December 31, 2002 (Audited)


<TABLE>
<CAPTION>

                                                              June 30,          December 31,
                                                               2003                2002
                                                            -------------      -------------
<S>                                                         <C>                <C>
ASSETS
    Equity in broker trading accounts
       Cash                                                 $   7,922,553      $   4,746,830
       United States government securities                    122,332,900         65,117,609
       Unrealized gain (loss) on open futures contracts        (4,190,635)         2,286,576
                                                            -------------      -------------
              Deposits with broker                            126,064,818         72,151,015

    Cash and cash equivalents                                  86,059,672         54,711,968
    United States government securities                        64,933,775         50,948,342
    Unrealized gain on open forward contracts                   3,795,506          2,100,975
                                                            -------------      -------------
              Total assets                                  $ 280,853,771      $ 179,912,300
                                                            =============      =============
LIABILITIES
    Accounts payable                                        $      24,754      $      36,694
    Commissions and other
       trading fees on open contracts                             100,895             31,942
    Management fee                                                896,087            477,171
    Performance fee                                             2,142,712                  0
    Prepaid subscriptions                                      11,877,109         33,355,435
    Subscription deposits                                          25,000          3,337,000
                                                            -------------      -------------
              Total liabilities                                15,066,557         37,238,242
                                                            -------------      -------------
UNITHOLDERS' CAPITAL (NET ASSET VALUE)
    Managing Operator - 20.360 units
       outstanding at June 30, 2003 and
       December 31, 2002                                           43,654             38,174
    Unitholders - 123,941.896 and 76,075.368
       units outstanding at June 30, 2003 and
       December 31, 2002                                      265,743,560        142,635,884
                                                            -------------      -------------
              Total unitholders' capital
                 (Net Asset Value)                            265,787,214        142,674,058
                                                            -------------      -------------
                                                            $ 280,853,771      $ 179,912,300
                                                            =============      =============
</TABLE>



                             See accompanying notes.


                                       -3-
<PAGE>

                             THE CAMPBELL FUND TRUST
                        CONDENSED SCHEDULE OF INVESTMENTS
                                  June 30, 2003
                                   (Unaudited)






UNITED STATES GOVERNMENT SECURITIES
<TABLE>
<CAPTION>

                                                                                                         % of Net
    Face Value        Description                                                      Value            Asset Value
    ----------        -----------                                                   ------------        -----------
    <S>               <C>                                                           <C>                 <C>
    $60,500,000       U.S. Treasury Bill, 8/21/03                                   $ 60,412,029            22.73%
     32,000,000       U.S. Treasury Bill, 9/11/03                                     31,944,320            12.02%
     27,000,000       U.S. Treasury Bill, 7/10/03                                     26,992,473            10.16%
     21,000,000       U.S. Treasury Bill, 8/14/03                                     20,974,333             7.89%
     20,500,000       U.S. Treasury Bill, 9/25/03                                     20,455,925             7.70%
     20,000,000       U.S. Treasury Bill, 7/03/03                                     19,998,800             7.52%
      6,500,000       U.S. Treasury Bill, 8/28/03                                      6,488,795             2.44%
                                                                                    ------------           -------
                      TOTAL UNITED STATES GOVERNMENT SECURITIES
                          (COST, INCLUDING ACCRUED INTEREST, - $187,266,675)        $187,266,675            70.46%
                                                                                    ============           =======
</TABLE>

LONG FUTURES CONTRACTS
<TABLE>
<CAPTION>
                                                                                                         % of Net
                      Description                                                       Value           Asset Value
                      -----------                                                   -------------       -----------
                      <S>                                                           <C>                 <C>
                      Energy                                                        $    339,406            0.13%
                      Metals                                                            (742,172)          (0.28)%
                      Stock index                                                       (813,837)          (0.31)%
                      Short-term interest rate                                          (995,519)          (0.37)%
                      Long-term interest rate                                         (1,907,536)          (0.72)%
                                                                                    ------------          --------
                      TOTAL LONG FUTURES CONTRACTS                                  $ (4,119,658)          (1.55)%
                                                                                    ------------          --------
</TABLE>

SHORT FUTURES CONTRACTS
<TABLE>
<CAPTION>
                                                                                                         % of Net
                      Description                                                      Value            Asset Value
                      -----------                                                   ------------        -----------
                      <S>                                                           <C>                 <C>
                      Agricultural                                                  $    (65,213)          (0.02)%
                      Energy                                                             (16,725)          (0.01)%
                      Metals                                                              10,961            0.00%
                                                                                    ------------          --------
                      TOTAL SHORT FUTURES CONTRACTS                                 $    (70,977)          (0.03)%
                                                                                    ------------          --------
                      TOTAL FUTURES CONTRACTS                                       $ (4,190,635)          (1.58)%
                                                                                    ============          ========
</TABLE>

FORWARD CURRENCY CONTRACTS
<TABLE>
<CAPTION>
                                                                                                         % of Net
                      Description                                                      Value            Asset Value
                      -----------                                                   ------------        -----------
                      <S>                                                           <C>                 <C>
                      Various long forward currency contracts                       $  6,872,541             2.59%
                      Various short forward currency contracts                        (3,077,035)           (1.16)%
                                                                                    ------------          --------
                      TOTAL FORWARD CURRENCY CONTRACTS                              $  3,795,506             1.43%
                                                                                    ============          ========
</TABLE>



                             See accompanying notes.



                                      -4-
<PAGE>

                             THE CAMPBELL FUND TRUST
                            STATEMENTS OF OPERATIONS
                       For the Three Months and Six Months
                          Ended June 30, 2003 and 2002
                                   (Unaudited)


<TABLE>
<CAPTION>
                                                             Three Months                        Six Months
                                                                Ended                              Ended
                                                               June 30,                           June 30,
                                                   ------------------------------      ------------------------------
                                                       2003             2002              2003              2002
                                                   ------------      ------------      ------------      ------------
<S>                                                <C>               <C>               <C>               <C>
INCOME
    Futures trading gains (losses)
       Realized                                    $  3,223,208      $ (1,380,102)     $ 15,665,684      $ (4,261,182)
       Change in unrealized                          (4,893,409)          258,805        (6,477,211)        3,422,944
                                                   ------------      ------------      ------------      ------------
              Gain (loss) from futures trading       (1,670,201)       (1,121,297)        9,188,473          (838,238)
                                                   ------------      ------------      ------------      ------------
    Forward trading gains (losses)
       Realized                                       9,876,314         5,882,933        25,378,538         5,441,426
       Change in unrealized                           4,652,165         1,955,697         1,694,531          (894,312)
                                                   ------------      ------------      ------------      ------------
              Gain from forward trading              14,528,479         7,838,630        27,073,069         4,547,114
                                                   ------------      ------------      ------------      ------------
    Interest income                                     694,688           324,288         1,261,510           636,561
                                                   ------------      ------------      ------------      ------------
              Total income                           13,552,966         7,041,621        37,523,052         4,345,437
                                                   ------------      ------------      ------------      ------------
EXPENSES
    Brokerage commissions                               263,561           175,827           454,935           297,818
    Management fee                                    2,574,743           817,356         4,725,028         1,573,746
    Performance fee                                   2,152,757                 0         5,702,938                 0
    Operating expenses                                   21,776            12,472            38,950            23,350
                                                   ------------      ------------      ------------      ------------
              Total expenses                          5,012,837         1,005,655        10,921,851         1,894,914
                                                   ------------      ------------      ------------      ------------
              NET INCOME                           $  8,540,129      $  6,035,966      $ 26,601,201      $  2,450,523
                                                   ============      ============      ============      ============
NET INCOME PER MANAGING
OPERATOR AND UNITHOLDER
UNIT
    (based on weighted average number of
    units outstanding during the period)           $      71.92      $     116.74      $     241.96      $      49.44
                                                   ============      ============      ============      ============
INCREASE IN NET ASSET
    VALUE PER MANAGING OPERATOR
    AND UNITHOLDER UNIT                            $      75.00      $     114.71      $     269.17      $      39.64
                                                   ============      ============      ============      ============
</TABLE>



                             See accompanying notes.


                                      -5-
<PAGE>

                             THE CAMPBELL FUND TRUST
                            STATEMENTS OF CASH FLOWS
                 For the Six Months Ended June 30, 2003 and 2002
                                   (Unaudited)


<TABLE>
<CAPTION>
                                                                          2003               2002
                                                                      -------------      -------------
<S>                                                                   <C>                <C>
CASH FLOWS FROM (FOR) OPERATING ACTIVITIES
    Net income                                                        $  26,601,201      $   2,450,523
       Adjustments to reconcile net income to net cash
          (for) operating activities
              Net change in unrealized                                    4,782,680         (2,528,632)
              Increase in accounts payable and accrued expenses           2,618,641             81,319
              Net (purchases) of investments in United States
                 government securities                                  (71,200,724)       (16,974,284)
                                                                      -------------      -------------

                    Net cash (for) operating activities                 (37,198,202)       (16,971,074)
                                                                      -------------      -------------

CASH FLOWS FROM (FOR) FINANCING ACTIVITIES
    Addition of units                                                   101,034,916         20,604,242
    Decrease in subscriptions receivable                                          0             24,405
    Decrease in prepaid subscriptions                                   (21,478,326)        (1,244,753)
    Redemption of units                                                  (4,522,961)        (4,090,561)
    Decrease in redemptions payable                                               0           (143,389)
    Decrease in subscription deposits                                    (3,312,000)                 0
                                                                      -------------      -------------

                    Net cash from financing activities                   71,721,629         15,149,944
                                                                      -------------      -------------

Net increase (decrease) in cash and cash equivalents                     34,523,427         (1,821,130)

CASH AND CASH EQUIVALENTS
    Beginning of period                                                  59,458,798         26,097,015
                                                                      -------------      -------------

    End of period                                                     $  93,982,225      $  24,275,885
                                                                      =============      =============

End of period cash and cash equivalents consists of:
    Cash in broker trading accounts                                   $   7,922,553      $   6,427,309
    Cash and cash equivalents                                            86,059,672         17,848,576
                                                                      -------------      -------------

                    Total end of period cash and cash equivalents     $  93,982,225      $  24,275,885
                                                                      =============      =============
</TABLE>



                             See accompanying notes.


                                      -6-
<PAGE>

                             THE CAMPBELL FUND TRUST
         STATEMENTS OF CHANGES IN UNITHOLDERS' CAPITAL (NET ASSET VALUE)
                 For the Six Months Ended June 30, 2003 and 2002
                                   (Unaudited)



<TABLE>
<CAPTION>

                                                                    Unitholders' Capital
                                       ---------------------------------------------------------------------------------
                                         Managing Operator             Unitholders                      Total
                                       --------------------     --------------------------   ---------------------------
                                        Units       Amount         Units         Amount         Units          Amount
                                       -------      -------     ----------   -------------   -----------    ------------
<S>                                    <C>          <C>         <C>          <C>             <C>            <C>
SIX MONTHS ENDED JUNE 30, 2003

Balances at
    December 31, 2002                   20.360      $38,174     76,075.368   $142,635,884     76,095.728    $142,674,058
Net income for the six months
    ended June 30, 2003                               5,480                    26,595,721                     26,601,201
Additions                                0.000            0     50,070.847    101,034,916     50,070.847     101,034,916
Redemptions                              0.000            0     (2,204.319)    (4,522,961)    (2,204.319)     (4,522,961)
                                       -------      -------     ----------   -------------   -----------    ------------
Balances at
    June 30, 2003                       20.360      $43,654    123,941.896   $265,743,560    123,962.256    $265,787,214
                                       =======      =======    ===========   ============    ===========    ============


SIX MONTHS ENDED JUNE 30, 2002

Balances at
    December 31, 2001                   20.360      $33,303     42,244.587   $ 69,100,628     42,264.947    $ 69,133,931
Net income for the six months
    ended June 30, 2002                                 807                     2,449,716                      2,450,523
Additions                                0.000            0     12,986.739     20,604,242     12,986.739      20,604,242
Redemptions                              0.000            0     (2,667.472)    (4,090,561)    (2,667.472)     (4,090,561)
                                       -------      -------    -----------   ------------    -----------    ------------
Balances at
    June 30, 2002                       20.360      $34,110     52,563.854   $ 88,064,025     52,584.214    $ 88,098,135
                                       =======      =======    ===========   ============    ===========    ============
</TABLE>


<TABLE>
<CAPTION>

                                       Net Asset Value Per Managing Operator and Unitholder Unit
                                       ---------------------------------------------------------
                                         June 30,        December 31,        June 30,       December 31,
                                          2003              2002               2002             2001
                                        ---------        ------------       ---------       ------------
                                        <S>               <C>               <C>              <C>
                                        $2,144.10         $1,874.93         $1,675.37        $1,635.73
                                        =========         =========         =========        =========
</TABLE>



                             See accompanying notes.


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


Note 1.    ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

           A.     General Description of the Trust

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

           B.     Regulation

                  The Trust is a registrant with the Securities and Exchange
                  Commission (SEC) pursuant to the Securities Exchange Act of
                  1934 (the Act). As a registrant, the Trust is subject to the
                  regulations of the SEC and the informational requirements of
                  the Act. As a commodity investment pool, the Trust is subject
                  to the regulations of the Commodity Futures Trading
                  Commission, an agency of the United States (U.S.) government
                  which regulates most aspects of the commodity futures
                  industry; rules of the National Futures Association, an
                  industry self-regulatory organization; and the requirements
                  of the various commodity exchanges where the Trust executes
                  transactions. Additionally, the Trust is subject to the
                  requirements of futures commission merchants (brokers) and
                  interbank market makers through which the Trust trades.

           C.     Method of Reporting

                  The Trust's financial statements are presented in accordance
                  with accounting principles generally accepted in the United
                  States of America, which require the use of certain estimates
                  made by the Trust's management. 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 exchanged, and reflects the settlement price for each
                  contract as of the close of the last business day of the
                  reporting period. The market value of forward (non-exchange
                  traded) contracts is extrapolated on a forward basis from the
                  spot prices quoted as of 5:00 P.M. (E.T.) of the last business
                  day of the reporting period. Any change in net unrealized gain
                  or loss from the preceding period is reported in the statement
                  of operations. Brokerage commissions include other trading
                  fees and are charged to expense when contracts are opened.
                  United States government securities are stated at cost plus
                  accrued interest, which approximates market value.

                  For purposes of both financial reporting and calculation of
                  redemption value, Net Asset Value per unit is calculated by
                  dividing Net Asset Value by the number of units outstanding.

           D.     Cash and Cash Equivalents

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

           E.     Income Taxes

                  The Trust prepares calendar year U.S. and applicable state
                  information tax returns and reports to the unitholders their
                  allocable shares of the Trust's income, expenses and trading
                  gains or losses.



                                      -8-
<PAGE>

                             THE CAMPBELL FUND TRUST
                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)
                                   (Unaudited)


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

           F.    Foreign Currency Transactions

                 The Trust's functional currency is the U.S. dollar; however, it
                 transacts business in currencies other than the U.S. dollar.
                 Assets and liabilities denominated in currencies other than the
                 U.S. dollar are translated into U.S. dollars at the rates in
                 effect at the date of the statement of financial condition.
                 Income and expense items denominated in currencies other than
                 the U.S. dollar are translated into U.S. dollars at the rates
                 in effect during the period. Gains and losses resulting from
                 the translation to U.S. dollars are reported in income
                 currently.


Note 2.    MANAGING OPERATOR AND COMMODITY TRADING ADVISOR

           The managing operator of the Trust is Campbell & Company, Inc.
           (Campbell & Company), which conducts and manages the business of the
           Trust. Campbell & Company is also the commodity trading advisor of
           the Trust.

           The Trust pays the managing operator a monthly management fee equal
           to 1/3 of 1% (4% annually) of the Net Assets (as defined in the
           Declaration of Trust and Trust Agreement) of the Trust as of the end
           of each month and a quarterly performance fee equal to 20% of the
           aggregate cumulative appreciation in Net Asset Value per Unit (as
           defined) exclusive of appreciation attributable to interest income.

Note 3.    TRUSTEE

           The trustee of the Trust is Delaware Trust Capital Management, Inc, a
           Delaware banking corporation. The trustee has delegated to the
           managing operator the duty and authority to manage the business and
           affairs of the Trust and has only nominal duties and liabilities with
           respect to the Trust.

Note 4.    DEPOSITS WITH BROKER

           The Trust deposits assets with ABN AMRO Incorporated to act as
           broker, subject to Commodity Futures Trading Commission regulations
           and various exchange and broker requirements. Margin requirements are
           satisfied by the deposit of U.S. Treasury bills and cash with such
           broker. The Trust pays interest if deposits are below required levels
           and earns interest income on excess deposits with the broker.

Note 5.    SUBSCRIPTIONS, DISTRIBUTIONS AND REDEMPTIONS

           Investments in the Trust are made by subscription agreement, subject
           to acceptance by the managing operator. Effective July 1, 2003 and
           January 1, 2003, additions of $12,720,329 and $36,947,638,
           respectively, were made to the Trust. At June 30, 2003, amounts
           received by the Trust from prospective Unitholders who were not
           admitted to the Trust effective July 1, 2003 by the managing operator
           totaled $25,000. At December 31, 2002, amounts received by the Trust
           from prospective Unitholders who were not admitted to the Trust
           effective January 1, 2003 by the managing operator totaled
           $3,337,000.

           The Trust is not required to make distributions, but may do so at the
           sole discretion of the managing operator. A Unitholder may request
           and receive redemption of units owned, subject to restrictions in the
           Declaration of Trust and Trust Agreement. At June 30, 2003, there
           were requests for redemptions of $434,511 effective July 1, 2003. At
           December 31, 2002, there were requests for redemptions of $984,977
           effective January 1, 2003.



                                      -9-
<PAGE>


                             THE CAMPBELL FUND TRUST
                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)
                                   (Unaudited)


Note 6.    TRADING ACTIVITIES AND RELATED RISKS

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

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

           The amount of required margin and good faith deposits with the broker
           and interbank market makers usually range from 10% to 30% of Net
           Asset Value. The market value of securities held to satisfy such
           requirements at June 30, 2003 and December 31, 2002 were
           $187,266,675 and $116,065,951, respectively, which equals 70% and 81%
           of Net Asset Value, respectively. The cash deposited with interbank
           market makers at June 30, 2003 and December 31, 2002 were $74,116,766
           and $17,326,794, respectively, which equals 28% and 12% of Net Asset
           Value, respectively. These amounts are included in cash and cash
           equivalents.

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

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

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

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

<TABLE>
<CAPTION>
                                                     Futures Contracts                  Forward Contracts
                                                     (exchange traded)                (non-exchange traded)
                                               ----------------------------     -------------------------------
                                                 June 30,      December 31,       June 30,         December 31,
                                                  2003            2002              2003               2002
                                               -----------     ------------     ------------       ------------
<S>                                            <C>             <C>               <C>                <C>
                Gross unrealized gains         $   952,384     $3,302,917        $ 24,561,454       $ 12,818,638
                Gross unrealized losses         (5,143,019)    (1,016,341)        (20,765,948)       (10,717,663)
                                               -----------     ----------        ------------       ------------
                Net unrealized gain (loss)     $(4,190,635)    $2,286,576        $  3,795,506       $  2,100,975
                                               ============    ==========        ============       ============
</TABLE>



                                      -10-

<PAGE>

                             THE CAMPBELL FUND TRUST
                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)
                                   (Unaudited)


Note 6.    TRADING ACTIVITIES AND RELATED RISKS (CONTINUED)

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

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

Note 7.    INTERIM FINANCIAL STATEMENTS

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



                                      -11-
<PAGE>

                             THE CAMPBELL FUND TRUST
                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)
                                   (Unaudited)


Note 8.    FINANCIAL HIGHLIGHTS

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


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

           Net asset value per unit at beginning of period           $2,069.10     $1,560.66      $1,874.93     $1,635.73
                                                                     ---------     ---------      ---------     ---------
           Income from operations:
                  Net realized and change in unrealized gain
                      from trading(2),(3)                               109.14        124.49         352.90         59.02
                  Expenses net of interest income (1), (3)              (34.14)        (9.78)        (83.73)       (19.38)
                                                                     ---------     ---------      ---------     ---------
                         Total income from operations                    75.00        114.71         269.17         39.64
                                                                     ---------     ---------      ---------     ---------
           Net asset value per unit at end of period                 $2,144.10     $1,675.37      $2,144.10     $1,675.37
                                                                     =========     =========      =========     =========
           TOTAL RETURN(4)                                                3.62%         7.35%         14.36%         2.42%
                                                                     ==========    =========      =========     =========
           SUPPLEMENTAL DATA
           Ratios to average net asset value:
                  Expenses prior to performance fee(1),(5)               (4.07)%       (4.07)%        (4.08)%       (4.02)%
                  Performance fee(5)                                     (3.37)%        0.00 %        (4.88)%        0.00%
                                                                     ----------    ----------     ---------     ---------
                         Total expenses(1),(5)                           (7.44)%       (4.07)%        (8.96)%       (4.02)%
                                                                     =========     =========      =========     =========
                  Expenses net of interest income(1),(5),(6)             (2.98)%       (2.48)%        (3.00)%       (2.42)%
                                                                     =========     =========      =========     =========
</TABLE>

           Total returns are calculated based on the change in value of a unit
           during the period. An individual unitholder's total returns and
           ratios may vary from the above total returns and ratios based on the
           timing of additions and redemptions.


           (1)    Excludes brokerage commissions and other trading fees paid
                  directly to the broker.

           (2)    Includes brokerage commissions and other trading fees paid
                  directly to the broker.

           (3)    Expenses net of interest income per unit is calculated by
                  dividing the expenses net of interest income by the average
                  number of units outstanding during the period. The net
                  realized and change in unrealized gain from trading is a
                  balancing amount necessary to reconcile the change in net
                  asset value per unit with the other per unit information.

           (4)    Not annualized

           (5)    Annualized

           (6)    Excludes performance fee



                                      -12-
<PAGE>


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

Introduction

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

As of June 30, 2003, the aggregate capitalization of the Trust was $265,787,214,
and the Net Asset Value per Unit was $2,144.10.

Capital Resources

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

Liquidity

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

RESULTS OF OPERATIONS

The return for the six months ended June 30, 2003 and 2002 was 14.36% and 2.42%,
respectively. Of the 2003 increase, approximately 18.50% was due to trading
gains (before commissions), approximately 0.54% was due interest income offset
by approximately 4.68% due to brokerage fees, management fees, performance
fees and operating costs borne by the Trust. An analysis of the 18.50%
trading gain by sector is as follows:




                                      -13-
<PAGE>

<TABLE>
<CAPTION>
SECTOR                                                  % GAIN (LOSS)
------                                                  -------------
<S>                                                     <C>
Currencies                                                  12.73%
Energy                                                       3.70
Interest Rates                                               3.65
Metals                                                      (0.49)
Agricultural                                                (0.54)
Stock Indices                                               (0.55)
                                                            -----
                                                            18.50%
                                                            =====
</TABLE>

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

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

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

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

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



                                      -14-

<PAGE>

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

2002

The return for the six months ended June 30, 2002 was 2.42%. Of the increase,
approximately 4.00% was due to trading gains (before commissions) and
approximately 0.80% was due to interest income, offset by approximately 2.38%
due to brokerage fees, management fees, performance fees, and operating costs
borne by the Trust. An analysis of the 4.00% trading gain by sector is
as follows:

<TABLE>
<CAPTION>
SECTOR                                                  % GAIN (LOSS)
------                                                  -------------
<S>                                                     <C>
Currencies                                                  5.25%
Interest Rates                                              1.26
Agricultural                                               (0.15)
Metals                                                     (0.21)
Energy                                                     (0.28)
Stock Indices                                              (1.87)
                                                           -----
                                                            4.00%
                                                           =====
</TABLE>


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

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

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



                                      -15-

<PAGE>

Hang Seng indices as Asian equities rallied. The overall loss for the month
occurred independently of the equity and bond markets demonstrating the
volatility reducing effect of blending assets whose returns are largely
uncorrelated.

April was a difficult trading month. The Trust ended the month down over 4.0%.
The fixed income sector was whip-lashed as hopes of imminent economic recovery
sputtered causing the majority of the trading losses for the month. Broad-based
selling of the three leading US equity indices put them at their lowest levels
since October 2001 and contributed to the Trust's losses for the month. The
energy sector was battered by reports of unfolding events in both Venezuela and
the Middle East. Many areas of concern remain including continued instability
in the Middle East, weak corporate earnings, continued revelations of corporate
accounting issues, fear of a collapse in the residential real estate market,
high energy costs and a growing federal budget deficit due to lower tax
receipts.

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

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


OFF-BALANCE SHEET RISK

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

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



                                      -16-

<PAGE>

clearinghouse is not backed by the clearing members, like some foreign
exchanges, it is normally backed by a consortium of banks or other financial
institutions.

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

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

The Trust invests in futures and forward currency contracts. The market value of
futures (exchange-traded) contracts is determined by the various futures
exchanged, and reflects the settlement price for each contract as of the close
of the last business day of the reporting period. The market value of forward
(non-exchange traded) contracts is extrapolated on a forward basis from the spot
prices quoted as of 5:00 P.M. (E.T.) of the last business day of the reporting
period.


ITEM 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

INTRODUCTION

Past Results Not Necessarily Indicative of Future Performance

         The Trust is a speculative commodity pool. The market sensitive
instruments held by it are acquired for speculative trading purposes, and all or
a substantial amount of the Trust's assets are subject to the risk of trading
loss. Unlike an operating company, the risk of market sensitive instruments is
integral, not incidental, to the Trust's main line of business.

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

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

         Value at Risk is a measure of the maximum amount which the Trust could
reasonably be expected to lose in a given market sector. However, the inherent
uncertainty of the Trust's speculative trading and the recurrence in the markets
traded by the Trust of market movements far exceeding expectations could result
in actual trading or non-trading losses far beyond the indicated Value at Risk
or the Trust's experience to date (i.e., "risk of ruin"). Risk of ruin is
defined to be no more than a 5% chance of losing 20% or more on a monthly basis.
In light of the foregoing as well as the risks and uncertainties intrinsic to
all future projections, the inclusion of the quantification



                                      -17-

<PAGE>

included in this section should not be considered to constitute any assurance or
representation that the Trust's losses in any market sector will be limited to
Value at Risk or by the Trust's attempts to manage its market risk.

Standard of Materiality

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

QUANTIFYING THE TRUST'S TRADING VALUE AT RISK

Quantitative Forward-Looking Statements

         The following quantitative disclosures regarding the Trust's market
risk exposures contain "forward-looking statements" within the meaning of the
safe harbor from civil liability provided for such statements by the Private
Securities Litigation Reform Act of 1995 (set forth in Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934).
All quantitative disclosures in this section are deemed to be forward-looking
statements for purposes of the safe harbor, except for statements of historical
fact (such as the dollar amount of maintenance margin required for market risk
sensitive instruments held at the end of the reporting period).

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

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

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

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



                                      -18-

<PAGE>


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

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

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

         The following tables indicate the trading Value at Risk associated with
the Trust's open positions by market category as of June 30, 2003 and December
31, 2002 and the trading gains/losses by market category for the six months
ended June 30, 2003 and the year ended December 31, 2002. All open position
trading risk exposures of the Trust have been included in calculating the
figures set forth below. As of June 30, 2003 and December 31, 2002, the Trust's
total capitalization was approximately $265.8 million and $142.7 million,
respectively.

                                  JUNE 30, 2003
<TABLE>
<CAPTION>
                                                               % OF TOTAL                TRADING
MARKET SECTOR                     VALUE AT RISK              CAPITALIZATION           GAIN/(LOSS)*
-------------                     -------------              --------------           ------------
<S>                               <C>                        <C>                      <C>
Currencies                         $ 9,316,000                    3.50%                  12.73%
Stock Indices                      $ 6,736,000                    2.53%                  (0.55)%
Interest Rates                     $ 5,763,000                    2.17%                   3.65%
Energy                             $ 1,192,000                    0.45%                   3.70%
Metals                             $   496,000                    0.19%                  (0.49)%
Agricultural                       $   350,000                    0.13%                  (0.54)%
                                   -----------                    ----                   -----
   Total                           $23,853,000                    8.97%                  18.50%
                                   ===========                    ====                   =====
</TABLE>


* - Of the 14.36% return for the six months ended June 30, 2003, approximately
18.50% was due to trading gains (before commissions), approximately 0.54% was
due interest income offset by approximately 4.68% due to brokerage fees,
management fees, performance fees and operating costs borne by the Trust.

                                DECEMBER 31, 2002
<TABLE>
<CAPTION>

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



                                      -19-
<PAGE>

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

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

         The face value of the market sector instruments held by the Trust is
typically many times the applicable maintenance margin requirement (maintenance
margin requirements generally ranging between approximately 1% and 10% of
contract face value) as well as many times the capitalization of the Trust. The
magnitude of the Trust's open positions creates a "risk of ruin" not typically
found in most other investment vehicles. Because of the size of its positions,
certain market conditions -- unusual, but historically recurring from time to
time -- could cause the Trust to incur severe losses over a short period of
time. The foregoing Value at Risk tables -- as well as the past performance of
the Trust -- give no indication of this "risk of ruin."

NON-TRADING RISK

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

QUALITATIVE DISCLOSURES REGARDING PRIMARY TRADING RISK EXPOSURES

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

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

Currencies



                                      -20-
<PAGE>

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

Interest Rates

         Interest rate risk is a significant market exposure of the Trust.
Interest rate movements directly affect the price of the sovereign bond
positions held by the Trust and indirectly the value of its stock index and
currency positions. Interest rate movements in one country as well as relative
interest rate movements between countries materially impact the Trust's
profitability. The Trust's primary interest rate exposure is to interest rate
fluctuations in the United States and the other G-7 countries. Additionally, the
Trust takes positions in the government debt of Switzerland. Campbell & Company
anticipates that G-7 interest rates will remain the primary market exposure of
the Trust for the foreseeable future. The changes in interest rates which have
the most effect on the Trust are changes in long-term, as opposed to short-term
rates. Most of the speculative positions held by the Trust are in medium- to
long-term instruments. Consequently, even a material change in short-term rates
would have little effect on the Trust were the medium- to long-term rates to
remain steady.

Stock Indices

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

Energy

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

Metals

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



                                      -21-
<PAGE>

Agricultural

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


QUALITATIVE DISCLOSURES REGARDING NON-TRADING RISK EXPOSURE

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

Foreign Currency Balances

         The Trust's primary foreign currency balances are in Japanese Yen,
British Pounds and Euros. The Trust controls the non-trading risk of these
balances by regularly converting these balances back into dollars (no less
frequently than twice a month, and more frequently if a particular foreign
currency balance becomes unusually large).

Treasury Bill Positions

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

QUALITATIVE DISCLOSURES REGARDING MEANS OF MANAGING RISK EXPOSURE

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

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

GENERAL

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



                                      -22-
<PAGE>
Item 4.  Controls and Procedures

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



                                      -23-
<PAGE>

                            PART II-OTHER INFORMATION

Item 1.           Legal Proceedings.

                  None

Item 2.           Changes in Securities and Use of Proceeds

                  None

Item 3.           Defaults Upon Senior Securities

                  Not applicable.

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

                  None

Item 5.           Other Information

                  None

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

                  (a)     Exhibits

<TABLE>
<CAPTION>
                  Exhibit Number         Description of Document
                  --------------         -----------------------
                  <S>                    <C>
                        31.01            Certification of Bruce L. Cleland, Chief Executive Officer, pursuant to
                                         Rules 13a-14 and 15d-14 of the Securites Exchange Act of 1934.

                        31.02            Certification of Theresa D. Becks, Chief Financial Officer, pursuant to
                                         Rules 13a-14 and 15d-14 of the Securites Exchange Act of 1934.

                        32.01            Certification of Bruce L. Cleland, Chief Executive Officer, pursuant to 18
                                         U.S.C. Section 1350, as enacted by Section 906 of The Sarbanes-Oxley Act of
                                         2002.

                        32.02            Certification of Theresa D. Becks, Chief Financial Officer, pursuant to 18
                                         U.S.C. Section 1350, as enacted by Section 906 of The Sarbanes-Oxley Act of
                                         2002.
</TABLE>

                  (b)     Reports of Form 8-K

                          None



                                      -24-
<PAGE>

                                   SIGNATURES

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


                              THE CAMPBELL FUND TRUST
                              (Registrant)

                              By:   Campbell & Company, Inc.
                                    Managing Operator






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



                                      -25-
<PAGE>

                                  EXHIBIT INDEX

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



                                      E 1