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 March 31, 2010
 or
 o
    
    Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 For the transition period from  to
 Commission File number: 0-50264
 THE
CAMPBELL FUND TRUST
  Delaware
    
    94-6260018(State of Organization)
    
    (IRS Employer Identification Number)
 2850
Quarry Lake Drive,   (Address of principal executive offices, including zip code)
 (Registrants telephone number, including area code)
 þ o
 þ o
  Large accelerate filer o
    
    Accelerated filer o
    
    Non-accelerated filer o
    
    Smaller reporting company þ(Do not check if a smaller reporting company)
 o þ




---



##### 



PagePART I  FINANCIAL INFORMATIONItem 1. Financial StatementsCondensed Schedules of Investments as of March 31, 2010
(Unaudited) and December 31, 2009
    
    
    1-4Statements of Financial Condition as of March 31, 2010
(Unaudited) and December 31, 2009
    
    
    5Statements of Operations for the Three Months Ended
March 31, 2010 and 2009 (Unaudited)
    
    
    6Statements of Cash Flows for the Three Months Ended
March 31, 2010 and 2009 (Unaudited)
    
    
    7Statements of Changes in Unitholders Capital (Net Asset Value)
for the Three Months Ended March 31, 2010 and 2009 (Unaudited)
    
    
    8-9Financial Highlights for the Three Months Ended
March 31, 2010 and 2009 (Unaudited)
    
    
    10-12Notes to Financial Statements (Unaudited)
    
    
    13-19Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations
    
    
    20-25Item 3. Quantitative and Qualitative Disclosure About Market Risk
    
    
    26-32Item 4(T). Controls and Procedures
    
    
    32PART II  OTHER INFORMATION
    
    
    33Item 6. Exhibits and Reports on Form 8-K
    
    
    33SIGNATURES
    
    
    34CERTIFICATIONS




---



##### 



FIXED INCOME SECURITIES
 Maturity
    
    
    
    
    
    
    
    
    % of NetFace Value
    
    

Description
    
    Values ($)
    
    
    Asset ValueBank DepositsAustraliaFinancials
(cost $14,000,000)
    
    $
    13,998,320
    
    
    
    4.21
    %CanadaFinancials
(cost $14,000,000)
    
    $
    14,004,480
    
    
    
    4.21
    %NetherlandsFinancials
(cost $15,300,788)
    
    $
    15,300,000
    
    
    
    4.60
    %Total Bank Deposits
(cost $43,300,788)
    
    $
    43,302,800
    
    
    
    13.02
    %Commercial PaperUnited StatesConsumer Discretionary
    
    $
    21,105,722
    
    
    
    6.34
    %Consumer Staples
    
    $
    34,758,388
    
    
    
    10.44
    %Industrials
    
    $
    19,558,388
    
    
    
    5.88
    %Municipal
    
    $
    71,555,395
    
    
    
    21.50
    %Utilities
    
    $
    11,998,880
    
    
    
    3.61
    %Total United States(cost $158,945,277)
    
    $
    158,976,773
    
    
    
    47.77
    %Corporate BondsUnited StatesFinancials 
(cost $18,202,501)
    
    $
    18,222,964
    
    
    
    5.48
    %Government AgenciesUnited StatesUS Government Agency
(cost $35,889,150)
    
    $
    35,899,417
    
    
    
    10.79
    %Government And Agency ObligationsUnited StatesUS Government AgencyOther
    
    $
    9,988,530
    
    
    
    3.00
    %U.S. Treasury Bills *$
    16,200,000
    
    
    Due 04/22/2010
    
    $
    16,198,961
    
    
    
    4.87
    %U.S. Treasury Bills *$
    25,000,000
    
    
    Due 06/03/2010
    
    $
    24,994,531
    
    
    
    7.51
    %Total United States(cost $51,179,075)
    
    $
    51,182,022
    
    
    
    15.38
    %Short Term Investment FundsUnited StatesShort Term Investment Funds
(cost $1,066)
    
    $
    1,060
    
    
    
    0.00
    %Total Fixed Income Securities
(cost $307,517,857)
    
    $
    307,585,036
    
    
    
    92.44
    %
 LONG FUTURES CONTRACTS
 % of NetDescription
    
    Values ($)
    
    
    Asset ValueAgricultural
    
    $
    27,479
    
    
    
    0.01
    %Energy
    
    $
    1,326,799
    
    
    
    0.40
    %Metals
    
    $
    2,773,149
    
    
    
    0.83
    %Stock indices
    
    $
    2,696,389
    
    
    
    0.81
    %Short-term interest rates
    
    $
    1,131,510
    
    
    
    0.34
    %Long-term interest rates
    
    $
    (1,085,218
    )
    
    
    (0.33
    )%Total long futures contracts
    
    $
    6,870,108
    
    
    
    2.06
    %
 See Accompanying Notes to Financial Statements.
 - 1 -




---



##### 



SHORT FUTURES CONTRACTS
 % of NetDescription
    
    Values ($)
    
    
    Asset ValueAgricultural
    
    $
    626,246
    
    
    
    0.19
    %Energy
    
    $
    173,530
    
    
    
    0.05
    %Metals
    
    $
    (888,934
    )
    
    
    (0.27
    )%Stock indices
    
    $
    (35,443
    )
    
    
    (0.01
    )%Short-term interest rates
    
    $
    66,400
    
    
    
    0.02
    %Long-term interest rates
    
    $
    611,765
    
    
    
    0.18
    %Total short futures contracts
    
    $
    553,564
    
    
    
    0.16
    %Total futures contracts
    
    $
    7,423,672
    
    
    
    2.22
    %
 FORWARD CURRENCY CONTRACTS
 % of NetDescription
    
    Values ($)
    
    
    Asset ValueVarious long forward currency contracts
    
    $
    1,061,863
    
    
    
    0.32
    %Various short forward currency contracts
    
    $
    (606,037
    )
    
    
    (0.18
    )%Total forward currency contracts
    
    $
    455,826
    
    
    
    0.14
    %
 PURCHASED OPTIONS ON FORWARD CURRENCY CONTRACTS
 % of NetDescription
    
    Values ($)
    
    
    Asset ValuePurchased options on forward currency contracts (premiums paid  $709,741)
    
    $
    610,664
    
    
    
    0.18
    %
 WRITTEN OPTIONS ON FORWARD CURRENCY CONTRACTS
 % of NetDescription
    
    Values ($)
    
    
    Asset ValueWritten options on forward currency contracts (premiums received  $264,225)
    
    $
    (194,989
    )
    
    
    (0.06
    )%
 
 *
    
    Pledged as collateral for the trading of futures, forward and option positions. See Accompanying Notes to Financial Statements.
 - 2 -




---



##### 



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




---



##### 



SHORT FUTURES CONTRACTS
 % of NetDescription
    
    Values ($)
    
    
    Asset ValueAgricultural
    
    $
    12,863
    
    
    
    0.00
    %Metals
    
    $
    (570,225
    )
    
    
    (0.16
    )%Long-term interest rates
    
    $
    119,654
    
    
    
    0.03
    %Total short futures contracts
    
    $
    (437,708
    )
    
    
    (0.13
    )%Total futures contracts
    
    $
    (1,031,681
    )
    
    
    (0.29
    )%
 FORWARD CURRENCY CONTRACTS
 % of NetDescription
    
    Values ($)
    
    
    Asset ValueVarious long forward currency contracts
    
    $
    (13,342,441
    )
    
    
    (3.65
    )%Various short forward currency contracts
    
    $
    10,265,262
    
    
    
    2.81
    %Total forward currency contracts
    
    $
    (3,077,179
    )
    
    
    (0.84
    )%
 PURCHASED OPTIONS ON FORWARD CURRENCY CONTRACTS
 % of NetDescription
    
    Values ($)
    
    
    Asset ValuePurchased options on forward currency contracts (premiums paid  $847,190)
    
    $
    855,611
    
    
    
    0.23
    %
 WRITTEN OPTIONS ON FORWARD CURRENCY CONTRACTS
 % of NetDescription
    
    Values ($)
    
    
    Asset ValueWritten options on forward currency contracts (premiums received  $264,078)
    
    $
    (230,427
    )
    
    
    (0.06
    )%
 
 *
    
    Pledged as collateral for the trading of futures, forward and option positions. See Accompanying Notes to Financial Statements.
 - 4 -




---



##### 



March 31,
    
    
    December 31,2010
    
    
    2009ASSETSEquity in broker trading accountsCash
    
    $
    23,501,040
    
    
    $
    18,882,546Restricted cash
    
    
    4,945,205
    
    
    
    24,115,214Fixed income securities (cost $24,994,531 and $0, respectively)
    
    
    24,994,531
    
    
    
    0Net unrealized gain (loss) on open futures contracts
    
    
    7,423,672
    
    
    
    (1,031,681
    )Total equity in broker trading accounts
    
    
    60,864,448
    
    
    
    41,966,079Cash and cash equivalents
    
    
    4,793,957
    
    
    
    8,129,710Fixed income securities
(cost $282,523,326 and $327,522,499, respectively)
    
    
    282,590,505
    
    
    
    327,620,030Options purchased, at fair value
(premiums paid  $709,741 and $847,190, respectively)
    
    
    610,664
    
    
    
    855,611Net unrealized gain (loss) on open forward currency contracts
    
    
    455,826
    
    
    
    (3,077,179
    )Interest receivable
    
    
    46,961
    
    
    
    90,033Subscriptions receivable
    
    
    509,212
    
    
    
    0Total assets
    
    $
    349,871,573
    
    
    $
    375,584,284LIABILITIESAccounts payable
    
    
    92,756
    
    
    
    114,739Management fee
    
    
    1,145,776
    
    
    
    1,229,415Service fee
    
    
    3,090
    
    
    
    1,729Options written, at fair value
(premiums received  $264,225 and $264,078, respectively)
    
    
    194,989
    
    
    
    230,427Accrued commissions and other trading fees on open contracts
    
    
    48,523
    
    
    
    41,418Offering costs payable
    
    
    16,106
    
    
    
    10,230Redemptions payable
    
    
    15,544,934
    
    
    
    8,638,173Total liabilities
    
    
    17,046,174
    
    
    
    10,266,131UNITHOLDERS CAPITAL (Net Asset Value)Series A Units  RedeemableOther Unitholders - 14,142.900 and 10,227.868 units outstanding at
March 31, 2010 and December 31, 2009
    
    
    32,186,993
    
    
    
    24,189,310Series B Units  RedeemableManaging Operator - 20.360 units outstanding at
March 31, 2010 and December 31, 2009
    
    
    46,684
    
    
    
    48,453Other Unitholders - 127,594.406 and 141,411.145 units outstanding at
March 31, 2010 and December 31, 2009
    
    
    292,563,136
    
    
    
    336,529,754Series W Units  RedeemableOther Unitholders - 3,463.455 and 1,896.181 units outstanding at
March 31, 2010 and December 31, 2009
    
    
    8,028,586
    
    
    
    4,550,636Total unitholders capital (Net Asset Value)
    
    
    332,825,399
    
    
    
    365,318,153Total liabilities and unitholders capital (Net Asset Value)
    
    $
    349,871,573
    
    
    $
    375,584,284
 See Accompanying Notes to Financial Statements.
 - 5 -




---



##### 



Three Months EndedMarch 31,2010
    
    
    2009TRADING GAINS (LOSSES)Futures trading gains (losses)Realized
    
    $
    (15,471,425
    )
    
    $
    1,933,880Change in unrealized
    
    
    8,455,353
    
    
    
    (2,042,379
    )Brokerage commissions
    
    
    (250,861
    )
    
    
    (160,207
    )Net gain (loss) from futures trading
    
    
    (7,266,933
    )
    
    
    (268,706
    )Forward
currency and options on forward currency trading gains (losses)Realized
    
    
    (6,333,282
    )
    
    
    5,602,910Change in unrealized
    
    
    3,461,092
    
    
    
    (2,862,622
    )Brokerage commissions
    
    
    (21,858
    )
    
    
    (10,516
    )Net gain (loss) from forward currency
and options on forward currency trading
    
    
    (2,894,048
    )
    
    
    2,729,772Total net trading gain (loss)
    
    
    (10,160,981
    )
    
    
    2,461,066NET INVESTMENT INCOME (LOSS)Investment incomeInterest income
    
    
    264,472
    
    
    
    4,328Realized gain (loss) on fixed income securities
    
    
    (9,167
    )
    
    
    0Change in unrealized gain (loss) on fixed income securities
    
    
    (30,353
    )
    
    
    0Total investment income
    
    
    224,952
    
    
    
    4,328ExpensesManagement fee
    
    
    3,410,092
    
    
    
    4,921,540Service fee
    
    
    6,835
    
    
    
    4Operating expenses
    
    
    117,154
    
    
    
    46,303Total expenses
    
    
    3,534,081
    
    
    
    4,967,847Net investment income (loss)
    
    
    (3,309,129
    )
    
    
    (4,963,519
    )NET INCOME (LOSS)
    
    $
    (13,470,110
    )
    
    $
    (2,502,453
    )NET INCOME (LOSS) PER MANAGING OPERATOR
AND OTHER UNITHOLDERS UNIT

(based on weighted average number of units outstanding during the year)Series A
    
    $
    (55.42
    )
    
    $
    (21.39
    )Series B
    
    $
    (92.20
    )
    
    $
    (12.89
    )Series W
(1)
    
    $
    (30.26
    )
    
    $
    (47.16
    )INCREASE (DECREASE) IN NET ASSET VALUE
PER MANAGING OPERATOR AND OTHER UNITHOLDERS UNITSeries A
    
    $
    (89.20
    )
    
    $
    (17.42
    )Series B
    
    $
    (86.88
    )
    
    $
    (14.29
    )Series W
(1)
    
    $
    (81.80
    )
    
    $
    (48.18
    )
 
 (1)
    
    Series W Units commenced trading on March 1, 2009;
therefore, the information shown for 2009 is
for the period March 1, 2009 through March 31, 2009. See Accompanying Notes to Financial Statements.
 - 6 -




---



##### 



Three Months EndedMarch 31,2010
    
    
    2009Cash flows from (for) operating activitiesNet income (loss)
    
    $
    (13,470,110
    )
    
    $
    (2,502,453
    )Adjustments to reconcile net income (loss) to net cash from (for) operating activitiesNet change in unrealized
    
    
    (11,886,092
    )
    
    
    4,905,001(Increase) decrease in restricted cash
    
    
    19,170,009
    
    
    
    14,578,416(Increase) decrease in option premiums paid
    
    
    137,449
    
    
    
    16,246Increase (decrease) in option premiums received
    
    
    147
    
    
    
    (71,646
    )(Increase) decrease in interest receivable
    
    
    43,072
    
    
    
    5,337Increase (decrease) in interest payable
    
    
    0
    
    
    
    18,911Increase (decrease) in accounts payable and accrued expenses
    
    
    (97,156
    )
    
    
    (176,599
    )Purchases of investments in fixed income securities
    
    
    (2,076,618,013
    )
    
    
    (472,988,499
    )Sales/maturities of investments in fixed income securities
    
    
    2,096,622,654
    
    
    
    75,000,000Net cash from (for) operating activities
    
    
    13,901,960
    
    
    
    (381,215,286
    )Cash flows from (for) financing activitiesAddition of units
    
    
    14,514,704
    
    
    
    3,931,180Redemption of units
    
    
    (27,099,578
    )
    
    
    (55,154,986
    )Offering costs paid
    
    
    (34,345
    )
    
    
    (2,807
    )Net cash from (for) financing activities
    
    
    (12,619,219
    )
    
    
    (51,226,613
    )Net increase (decrease) in cash and cash equivalents
    
    
    1,282,741
    
    
    
    (432,441,899
    )Cash and cash equivalents
    
    
    27,012,256
    
    
    
    488,629,155Beginning of periodEnd of period
    
    $
    28,294,997
    
    
    $
    56,187,256End of period cash and cash equivalents consists of:Cash in broker trading accounts
    
    $
    23,501,040
    
    
    $
    51,648,615Cash and cash equivalents
    
    
    4,793,957
    
    
    
    4,538,641Total end of period cash and cash equivalents
    
    $
    28,294,997
    
    
    $
    56,187,256
 See Accompanying Notes to Financial Statements.
 - 7 -




---



##### 



Unitholders Capital - Series BManaging Operator
    
    
    Other Unitholders
    
    
    TotalUnits
    
    
    Amount
    
    
    Units
    
    
    Amount
    
    
    Units
    
    
    AmountThree Months Ended March 31, 2010Balances at December 31, 2009
    
    
    20.360
    
    
    $
    48,453
    
    
    
    141,411.145
    
    
    $
    336,529,754
    
    
    
    141,431.505
    
    
    $
    336,578,207Net income (loss) for the three months ended
March 31, 2010
    
    
    
    
    
    
    (1,769
    )
    
    
    
    
    
    
    (12,736,542
    )
    
    
    
    
    
    
    (12,738,311
    )Additions
    
    
    0.000
    
    
    
    0
    
    
    
    1,020.309
    
    
    
    2,289,677
    
    
    
    1,020.309
    
    
    
    2,289,677Redemptions
    
    
    0.000
    
    
    
    0
    
    
    
    (14,837.048
    )
    
    
    (33,519,753
    )
    
    
    (14,837.048
    )
    
    
    (33,519,753
    )Balances at March 31, 2010
    
    
    20.360
    
    
    $
    46,684
    
    
    
    127,594.406
    
    
    $
    292,563,136
    
    
    
    127,614.766
    
    
    $
    292,609,820Three Months Ended March 31, 2009Balances at December 31, 2008
    
    
    20.360
    
    
    $
    51,471
    
    
    
    197,186.512
    
    
    $
    498,498,271
    
    
    
    197,206.872
    
    
    $
    498,549,742Net income (loss) for the three months ended
March 31, 2009
    
    
    
    
    
    
    (291
    )
    
    
    
    
    
    
    (2,478,874
    )
    
    
    
    
    
    
    (2,479,165
    )Additions
    
    
    0.000
    
    
    
    0
    
    
    
    64.053
    
    
    
    161,015
    
    
    
    64.053
    
    
    
    161,015Redemptions
    
    
    0.000
    
    
    
    0
    
    
    
    (16,342.451
    )
    
    
    (41,420,362
    )
    
    
    (16,342.451
    )
    
    
    (41,420,362
    )Balances at March 31, 2009
    
    
    20.360
    
    
    $
    51,180
    
    
    
    180,908.114
    
    
    $
    454,760,050
    
    
    
    180,928.474
    
    
    $
    454,811,230
 Net Asset Value per Managing Operator and Other Unitholders Unit - Series BMarch 31, 2010
    
    December 31, 2009
    
    
    March 31, 2009
    
    
    December 31, 2008$
    2,292.92
    
    $
    2,379.80
    
    
    $
    2,513.76
    
    
    $
    2,528.05
 See Accompanying Notes to Financial Statements.
 - 8 -




---



##### 



Series A
    
    
    Series W (1)Units
    
    
    Amount
    
    
    Units
    
    
    AmountThree Months Ended March 31, 2010Balances at December 31, 2009
    
    
    10,227.868
    
    
    $
    24,189,310
    
    
    
    1,896.181
    
    
    $
    4,550,636Net income (loss) for the three months ended
March 31, 2010
    
    
    
    
    
    
    (659,389
    )
    
    
    
    
    
    
    (72,410
    )Additions
    
    
    4,084.497
    
    
    
    9,073,290
    
    
    
    1,612.796
    
    
    
    3,660,949Redemptions
    
    
    (169.465
    )
    
    
    (382,832
    )
    
    
    (45.522
    )
    
    
    (103,754
    )Offering costs
    
    
    
    
    
    
    (33,386
    )
    
    
    
    
    
    
    (6,835
    )Balances at March 31, 2010
    
    
    14,142.900
    
    
    $
    32,186,993
    
    
    
    3,463.455
    
    
    $
    8,028,586Three Months Ended March 31, 2009Balances at December 31, 2008
    
    
    1,052.200
    
    
    $
    2,656,823
    
    
    
    0.000
    
    
    $
    0Net income (loss) for the three months ended
March 31, 2009
    
    
    
    
    
    
    (23,104
    )
    
    
    
    
    
    
    (184
    )Additions
    
    
    702.885
    
    
    
    1,773,635
    
    
    
    106.170
    
    
    
    267,310Redemptions
    
    
    (148.398
    )
    
    
    (375,000
    )
    
    
    0.000
    
    
    
    0Offering costs
    
    
    
    
    
    
    (3,428
    )
    
    
    
    
    
    
    (4
    )Balances at March 31, 2009
    
    
    1,606.687
    
    
    $
    4,028,926
    
    
    
    106.170
    
    
    $
    267,122
 Net Asset Value per Other Unitholders Unit - Series AMarch 31, 2010
    
    December 31, 2009
    
    
    March 31, 2009
    
    
    December 31, 2008$
    2,275.84
    
    $
    2,365.04
    
    
    $
    2,507.60
    
    
    $
    2,525.02
 Net Asset Value per Other Unitholders Unit - Series W (1)March 31, 2010
    
    December 31, 2009
    
    
    March 31, 2009
    
    
    February 28, 2009$
    2,318.09
    
    $
    2,399.89
    
    
    $
    2,515.98
    
    
    $
    2,564.16
 
 (1)
    
    Series W Units commenced trading on March 1, 2009. See Accompanying Notes to Financial Statements.
 - 9 -




---



##### 



Series AThree Months EndedMarch 31,2010
    
    
    2009Per Unit Performance
(for a unit outstanding throughout the entire period)Net asset value per unit at beginning of period
    
    $
    2,365.04
    
    
    $
    2,525.02Income (loss) from operations:Total net trading gains (losses) (1)
    
    
    (64.57
    )
    
    
    11.37Net investment income (loss)(1)
    
    
    (21.82
    )
    
    
    (25.62
    )Total net income (loss) from operations
    
    
    (86.39
    )
    
    
    (14.25
    )Offering costs (1)
    
    
    (2.81
    )
    
    
    (3.17
    )Net asset value per unit at end of period
    
    $
    2,275.84
    
    
    $
    2,507.60Total Return
    
    
    (3.77
    )%
    
    
    (0.69
    )%Supplemental DataRatios to average net asset value:Expenses prior to performance fee (3)
    
    
    4.12
    %
    
    
    3.96
    %Performance fee
    
    
    0.00
    %
    
    
    0.00
    %Total expenses
    
    
    4.12
    %
    
    
    3.96
    %Net investment income (loss) (2,3)
    
    
    (3.87
    )%
    
    
    (3.96
    )%
 Total returns are calculated based on the change in value of a unit during the period. An
individual unitholders total returns and ratios may vary from the above total returns and ratios
based on the timing of additions and redemptions.
 
 (1)
    
    Net investment income (loss) per unit and offering costs per unit is calculated by dividing
the net investment income (loss)and offering costs by the average number of units outstanding
during the period. Total net trading gains (losses) is a balancing amount necessary to
reconcile the change in net asset value per unit with the other per unit information.(2)
    
    Excludes performance fee.(3)
    
    Annualized See Accompanying Notes to Financial Statements.
 - 10 -




---



##### 



Series BThree Months EndedMarch 31,2010
    
    
    2009Per Unit Performance(for a unit outstanding throughout the entire period)Net asset value per unit at beginning of period
    
    $
    2,379.80
    
    
    $
    2,528.05Income (loss) from operations:Total net trading gains (losses) (1)
    
    
    (65.05
    )
    
    
    11.38Net investment income (loss)(1)
    
    
    (21.83
    )
    
    
    (25.67
    )Total net income (loss) from operations
    
    
    (86.88
    )
    
    
    (14.29
    )Net asset value per unit at end of period
    
    $
    2,292.92
    
    
    $
    2,513.76Total Return
    
    
    (3.65
    )%
    
    
    (0.57
    )%Supplemental DataRatios to average net asset value:Expenses prior to performance fee
    
    
    4.12
    %
    
    
    4.08
    %Performance fee
    
    
    0.00
    %
    
    
    0.00
    %Total expenses
    
    
    4.12
    %
    
    
    4.08
    %Net investment income (loss) (2)
    
    
    (3.85
    )%
    
    
    (4.08
    )%
 Total
returns are calculated based on the change in value of a unit during the period. An
individual unitholders total returns and ratios may vary from the above total returns and ratios
based on the timing of additions and redemptions.
 
 (1)
    
    Net investment income (loss) per unit is calculated by dividing the net investment income
(loss) by the average number of units outstanding during the period. Total net trading gains
(losses) is a balancing amount necessary to reconcile the change in net asset value per unit
with the other per unit information.(2)
    
    Excludes performance fee. See Accompanying Notes to Financial Statements.
 - 11 -




---



##### 



Series WThree Months EndedMarch 31,2010
    
    
    2009Per Unit
Performance (for a unit outstanding throughout the entire period)Net asset value per unit at beginning of period (4)
    
    $
    2,399.89
    
    
    $
    2,564.16Income (loss) from operations:Total net
trading gains (losses) (1)
    
    
    (65.22
    )
    
    
    (42.02
    )Net
investment income (loss) (1)
    
    
    (13.72
    )
    
    
    (5.13
    )Total net income (loss) from operations
    
    
    (78.94
    )
    
    
    (47.15
    )Offering
costs (1)
    
    
    (2.86
    )
    
    
    (1.03
    )Net asset value per unit at end of period
    
    $
    2,318.09
    
    
    $
    2,515.98Total Return
    
    
    (3.41
    )%
    
    
    (1.88
    )%Supplemental DataRatios to average net asset value:Expenses prior to performance fee (3)
    
    
    2.63
    %
    
    
    2.47
    %Performance fee
    
    
    0.00
    %
    
    
    0.00
    %Total
expenses (1)
    
    
    2.63
    %
    
    
    2.47
    %Net investment income (loss) (2,3)
    
    
    (2.40
    )%
    
    
    (2.47
    )%
 Total returns are calculated based on the change in value of a unit during the period. An
individual unitholders total returns and ratios may vary from the above total returns and ratios
based on the timing of additions and redemptions.
 
 (1)
    
    Net investment income (loss) per unit and offering costs per unit is calculated by dividing
the net investment income (loss)and offering costs by the average number of units outstanding
during the period. Total net trading gains (losses) is a balancing amount necessary to
reconcile the change in net asset value per unit with the other per unit information.(2)
    
    Excludes performance fee.(3)
    
    Annualized for period March 1, 2009 (commencement of trading) through December 31, 2009.(4)
    
    Represents the net asset value per Series W Unit at March 1, 2009 (commencement of trading). See Accompanying Notes to Financial Statements.
 - 12 -




---



##### 



Note 1.
    
    ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 A.
    
    General Description of the TrustThe Campbell Fund Trust (the Trust) is a Delaware statutory trust which operates as a
commodity investment pool. The Trust engages in the speculative trading of futures contracts,
forward currency contracts and options on forward currency contracts.Effective August 31, 2008, the Trust began offering units of beneficial interest classified
into Series A units, Series B units and Series W units. The rights of the Series A units,
Series B units and Series W units are identical, except that the fees and commissions vary on
a Series-by-Series basis. The initial minimum subscription for Series A units and Series W
units is $25,000. Series B units are only available for additional investments by existing
holders of Series B units. See Note 1F, Note 1H, Note 2 and Note 5 for an explanation of
allocations
and Series specific charges.B.
    
    RegulationThe Trust is a registrant with the Securities and Exchange Commission (SEC) pursuant to the
Securities Exchange Act of 1934 (the Act). As a registrant, the Trust is subject to the
regulations of the SEC and the informational requirements of the Act. As a commodity
investment pool, the Trust is subject to the regulations of the Commodity Futures Trading
Commission, an agency of the United States (U.S.) government which regulates most aspects of
the commodity futures industry; rules of the National Futures Association, an industry
self-regulatory organization; and the requirements of the various commodity exchanges where
the Trust executes transactions. Additionally, the Trust is subject to the requirements of
futures commission merchants (brokers) and interbank market makers through which the Trust
trades.C.
    
    Method of ReportingThe Trusts financial statements are presented in accordance with accounting principles
generally accepted in the United States of America, which may require the use of certain
estimates made by the Trusts management. Actual results may differ from these estimates.
Investment transactions are accounted for on the trade date. Gains or losses are realized when contracts
are liquidated. Unrealized gains and losses on
open contracts (the difference between contract trade price and market price) are reported in
the statement of financial condition as a net gain or loss, as there exists a right of offset
of unrealized gains or losses in accordance with Financial Accounting Standards Board (FASB)
Accounting Standards Codification (ASC) 210-20, Offsetting  Balance Sheet, (formerly FAS No.
39  Offsetting of Amounts Related to Certain Contracts). The fair value of futures
(exchange-traded) contracts is determined by the various futures exchanges, and reflects the
settlement price for each contract as of the close on the last business day of the reporting
period. The fair value of forward currency (non-exchange traded) contracts was extrapolated on
a forward basis from the spot prices quoted as of 3:00 P.M. (E.T.) on the last business day of
the reporting period.The fair value of option (non-exchange traded) contracts is calculated by applying an
industry-standard adaptation of the Black-Scholes options valuation model to foreign currency
options, using as 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 fair value of option written. Brokerage commissions
include other trading fees and are charged to expense when contracts are opened.The fixed income investments, other than U.S. Treasury bills held at the brokers or interbank
market makers, are marked-to-market on the last business day of the reporting period by a
custodian who utilizes a third party vendor hierarchy of pricing providers who specialize in
such
markets. The prices furnished by the providers consider the yield or price of bonds of
comparable quality, coupon, maturity, and type, as well
as prices quoted by dealers who make markets in such securities. U.S. Treasury bills not held
by the custodian are stated at cost plus accrued
interest, which approximates fair value. Premiums and discounts on debt securities are
amortized for financial reporting purposes.For purposes of both financial reporting and calculation of redemption value, Net Asset Value
per unit is calculated by dividing Net Asset Value by the number of outstanding units.The Trust adopted the provisions of ASC 820, Fair Value Measurements and Disclosures (formerly
FASB No. 157, Fair Value Measurements), as of January 1, 2008. ASC 820 provides guidance for
determining fair value and requires increased disclosure regarding the inputs to valuation
techniques used to measure fair value. ASC 820 defines fair value as the price that would be
received to sell an asset or paid to transfer a liability in an orderly transaction between
market participants at the measurement date.
 ASC 820 establishes a fair value hierarchy which prioritizes the inputs to valuation
techniques used to measure fair value into three broad levels. The fair value hierarchy gives
the highest priority to quoted prices (unadjusted) in active markets for identical assets or
liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3).
 Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or
liabilities that the Trust has the ability to access at the measurement date. An active market
for the asset or liability is a market in which transactions for the asset or liability occur
with sufficient frequency and volume to provide pricing information on an ongoing basis. The
value of the Trusts exchange-traded futures contracts fall into
this category.
 - 13 -




---



##### 



Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for
the asset or liability, either directly or indirectly. This category includes forward currency
contracts and options on forward currency contracts that the Trust values using models or
other valuation methodologies derived from observable market data. This category also includes
fixed income investments.
 Level 3 inputs are unobservable inputs for an asset or liability (including the Trusts own
assumptions used in determining the fair value of investments). Unobservable inputs shall be
used to measure fair value to the extent that observable inputs are not available, thereby
allowing for situations in which there is little, if any, market activity for the asset or
liability at the measurement date. As of and for the period ended March 31, 2010, the Trust
did not have any Level 3 assets or liabilities.
 In January 2010, the FASB issued Accounting Standards update No. 2010-06 (ASU 2010-06) for
improving disclosure about fair value measurements. ASU 2010-06 adds new disclosure
requirements about transfers into and out of Levels 1 and 2 and separate disclosures about
purchases, sales, issuances and settlements in the reconciliation for fair value measurements
using significant unobservable inputs (Level 3).
It also clarifies existing disclosure requirements relating to the levels of disaggregation
for fair value measurement and inputs and valuation techniques used to measure fair value. As
of January 1, 2010, the Trust adopted the provisions of ASC 2010-06 except for disclosures
about purchases, sales, issuances and settlements in the rollforward of activity in Level 3
fair value measurements, which are effective for fiscal years beginning after December 15,
2010 and for interim periods within those fiscal years.
 The following tables set forth by level within the fair value hierarchy the Trusts
investments accounted for at fair value on a recurring basis as
of March 31, 2010 and December 31, 2009.
 Fair Value at March 31, 2010Description
    
    Level 1
    
    
    Level 2
    
    
    Level 3
    
    
    TotalInvestmentsFixed income securities
    
    $
    0
    
    
    $
    307,585,036
    
    
    $
    0
    
    
    $
    307,585,036Other Financial InstrumentsExchange-traded futures contracts
    
    
    7,423,672
    
    
    
    0
    
    
    
    0
    
    
    
    7,423,672Forward currency contracts
    
    
    0
    
    
    
    455,826
    
    
    
    0
    
    
    
    455,826Options purchased
    
    
    0
    
    
    
    610,664
    
    
    
    0
    
    
    
    610,664Options written
    
    
    0
    
    
    
    (194,989
    )
    
    
    0
    
    
    
    (194,989
    )Total
    
    $
    7,423,672
    
    
    $
    308,456,537
    
    
    $
    0
    
    
    $
    315,880,209
 Fair Value at December 31, 2009Description
    
    Level 1
    
    
    Level 2
    
    
    Level 3
    
    
    TotalInvestmentsFixed income securities
    
    $
    0
    
    
    $
    327,620,030
    
    
    $
    0
    
    
    $
    327,620,030Other Financial InstrumentsExchange-traded futures contracts
    
    
    (1,031,681
    )
    
    
    0
    
    
    
    0
    
    
    
    (1,031,681
    )Forward currency contracts
    
    
    0
    
    
    
    (3,077,179
    )
    
    
    0
    
    
    
    (3,077,179
    )Options purchased
    
    
    0
    
    
    
    855,611
    
    
    
    0
    
    
    
    855,611Options written
    
    
    0
    
    
    
    (230,427
    )
    
    
    0
    
    
    
    (230,427
    )Total
    
    $
    (1,031,681
    )
    
    $
    325,168,035
    
    
    $
    0
    
    
    $
    324,136,354
 D.
    
    Cash and Cash EquivalentsCash and cash equivalents includes cash and overnight money market investments at financial
institutions.E.
    
    Income TaxesThe Trust prepares calendar year U.S. federal and applicable state information tax returns and
reports to the unitholders their allocable shares of the Trusts income, expenses and trading
gains or losses. No provision for income taxes has been made in the accompanying financial
statements as each unitholder is individually responsible for reporting income or loss based
on such unitholders respective share of the Trusts income and expenses as reported for income tax purposes.
 Management has continued to evaluate the application of ASC 740, Income Taxes (formerly FIN
No. 48, Accounting for Uncertainty in Income Taxes) to the Trust, and has determined that no
reserves for uncertain tax positions were required. The Trust files federal and state tax
returns. The 2006 through 2009 tax years generally remain subject to examination by the U.S.
federal and most state tax authorities.
 - 14 -




---



##### 



F.
    
    Offering Costs
 Campbell & Company, Inc. (Campbell & Company) has incurred all costs in connection with the
initial and continuous offering of units of the Trust (offering costs). Series A units and
Series W units will each bear the offering costs incurred in the relation to the offering of
Series A units and Series W units, respectively. Offering costs are charged to Series A and W
at a monthly rate of 1/12 of 0.5% (0.5% annualized) of the Series month-end net asset value
(as defined in the Declaration of Trust and Trust Agreement) until such amounts are fully
reimbursed. Such amounts are charged directly to unitholders capital. Series A and W are only
liable for payment of offering costs on a
monthly basis. The offering costs allocable to the Series B units are borne by Campbell &
Company.
 If the Trust terminates prior to completion of payment to Campbell & Company for the
unreimbursed offering costs incurred through the date of such termination, Campbell & Company
will not be entitled to any additional payments, and Series A units and Series W units will
have no further obligation to Campbell & Company. At March 31, 2010 and December 31, 2009, the
amount of unreimbursed offering costs incurred by Campbell & Company is $1,958,062 and
$1,653,661 for Series A units and $379,201 and $328,196 for Series W units respectively.
 G.
    
    Foreign Currency Transactions
 The Trusts functional currency is the U.S. dollar; however, it transacts business in
currencies other than the U.S. dollar. Assets and liabilities denominated in currencies other
than the U.S. dollar are translated into U.S. dollars at the rates in effect at the date of
the statement of financial condition. Income and expense items denominated in currencies other
than the U.S. dollar are translated into U.S. dollars at the rates in effect during the
period. Gains and losses resulting from the translation to U.S. dollars are reported in
income.
 H.
    
    Allocations
 Income or loss (prior to calculation of the management fee, service fee, offering costs and
performance fee) is allocated pro rata to each Series of units. Each Series of units is then
charged the management fee, service fee, offering costs and performance fee applicable to such Series of units.
 I.
    
    Reclassification
 Certain prior period amounts in the Statement of Cash Flows were reclassified to conform to current period presentation.
 Note 2.
    
    MANAGING OPERATOR AND COMMODITY TRADING ADVISOR
 The managing operator of the Trust is Campbell & Company which conducts and manages the
business of the Trust. Campbell & Company
is also the commodity trading advisor of the Trust.
 Series A units and Series B units pay the managing operator a monthly management fee equal to
1/12 of 4% (4% annually) of the Net Assets (as defined) of Series A units and Series B units,
respectively, as of the end of each month. Series W units pay the managing operator a monthly
management fee equal to 1/12 of 2% (2% annually) of the Net Assets (as defined) of Series W
units as of the end of each month. Each Series of units will pay the managing operator a
quarterly performance fee equal to 20% of the aggregate cumulative appreciation in Net Asset
Value per Unit (as defined) exclusive of appreciation attributable to interest income on a
Series-by-Series basis.
 The performance fee is paid on the cumulative increase, if any, in the Net Asset Value per
Unit over the highest previous cumulative Net Asset Value per Unit (commonly referred to as a
High Water Mark). In determining the management fee and performance fee (the fees),
adjustments shall be made for capital additions and withdrawals and Net Assets shall not be
reduced by the fees being calculated for such
current period. The performance fee is not subject to any clawback provisions. The fees are
typically paid in the month following the month in which they are earned. The fees are paid
from the available cash at the Trusts bank, broker or cash management custody accounts.
 Note 3.
    
    TRUSTEE
 The trustee of the Trust is U.S. Bank National Association, a national banking corporation.
The trustee has delegated to the managing operator the duty and authority to manage the
business and affairs of the Trust and has only nominal duties and liabilities with respect to
the
Trust.
 Note 4.
    
    CASH MANAGER AND CUSTODIAN
 The Trust has appointed Wilmington Trust Investment Management LLC, a wholly owned subsidiary
of Wilmington Trust Corporation, as cash manager under the Non-Custody Investment Advisory
Agreement dated July 8, 2009, to manage and control the liquid assets of the Trust. The cash
manager is registered as an investment adviser with the Securities and Exchange Commission of
the United States under the Investment Advisers Act of 1940.
 The Trust opened a custodial account at The Northern Trust Company (the custodian) and has
granted the cash manager authority to make certain investments on behalf of the Trust
provided such investments are consistent with the investment guidelines created by the
managing operator. All securities purchased by the cash manager on behalf of the Trust will
be held in its custody account at the custodian. The cash manager will have no beneficial or
other interest in the securities and cash in such custody account. The cash manager began
trading on behalf of the Trust in August 2009.
 Note 5.
    
    SERVICE FEE
 The selling firms who sell Series W units receive a monthly service fee equal to 1/12 of 0.5%
of the month-end Net Asset Value (as defined) of the Series W units, totaling approximately
0.50% per year.
 - 15 -




---



##### 



Note 6.
    
    DEPOSITS WITH BROKER
 The Trust deposits assets with UBS Securities LLC to act as broker, subject to Commodity
Futures Trading Commission regulations and various exchange and broker requirements. Margin
requirements are satisfied by the deposit of U.S. Treasury bills and cash with such
broker. The Trust typically earns interest income on its assets deposited with the broker.
 Note 7.
    
    SUBSCRIPTIONS, DISTRIBUTIONS AND REDEMPTIONS
 Investments in the Trust are made by subscription agreement, subject to acceptance by
Campbell & Company.
 The Trust is not required to make distributions, but may do so at the sole discretion of
Campbell & Company. A unitholder may request and receive redemption of units owned, subject
to restrictions in the Declaration of Trust and Trust Agreement. Units are transferable, but
no market exists for their sale and none is expected to develop. Monthly redemptions are
permitted upon ten (10) business days advance
written notice to Campbell & Company
 Redemption fees, which are paid to Campbell & Company, apply to Series A units through the
first twelve month-ends following purchase (the month-end as of which the unit is purchased
is counted as the first month-end) as follows: 1.833% of Net Asset Value per unit redeemed
through the second month-end, 1.666% of Net Asset Value per unit redeemed through the third
month-end, 1.500% of Net Asset Value per unit redeemed through the fourth month-end, 1.333%
of Net Asset Value per unit redeemed through the fifth month-end, 1.167% of Net Asset Value
per unit redeemed through the sixth month-end, 1.000% of Net Asset Value per unit redeemed
through the seventh month-end, 0.833% of Net Asset Value per unit redeemed through the eight
month-end, 0.667% of Net Asset Value per unit redeemed through the ninth month-end, 0.500% of
Net Asset Value per unit redeemed through the tenth month-end, 0.333% of Net Asset Value per
unit redeemed through the eleventh month-end and 0.167% of Net Asset Value per unit redeemed
through the twelfth month end.
 Note 8.
    
    TRADING ACTIVITIES AND RELATED RISKS
 The Trust engages in the speculative trading of U.S. and foreign futures contracts, forward
currency contracts and options on forward currency contracts (collectively, derivatives).
Specifically, the Fund trades a portfolio primarily focused on financial futures, which are
instruments designed to hedge or speculate on changes in interest rates, currency exchange
rates or stock index values. A secondary emphasis is on metals, energy and agriculture
values. The Trust is exposed to both market risk, the risk arising from changes in the fair
value of the contracts, and credit risk, the risk of failure by another party to perform
according to the terms of a contract. The market sensitive instruments held by the Trust 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.
 Purchase and sale of futures contracts requires margin deposits with the broker. Additional
deposits may be necessary for any loss on contract value. The Commodity Exchange Act requires
a broker to segregate all customer transactions and assets from such brokers proprietary
activities. A customers cash and other property (for example, U.S. Treasury bills) deposited
with a broker are considered commingled with all other customer trusts subject to the
brokers segregation requirements. In the event of a brokers insolvency, recovery may be
limited to a pro rata share of segregated 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 fair value of securities held to
satisfy such requirements at March 31, 2010 and December 31, 2009 was $41,193,492 and
$16,997,648, respectively, which equals 12% and 5% of Net Asset Value, respectively. The cash
deposited with interbank market makers at March 31, 2010 and December 31, 2009 was $3,181,608
and $3,604,499, respectively, which equals 1% and 1% of Net Asset
Value, respectively. These amounts are included in cash and cash equivalents. Included in
cash deposits with the broker and interbank
market maker at March 31, 2010 and December 31, 2009 was restricted cash for margin
requirements of $4,945,205 and $24,115,214 respectively, which equals 1% and 7% of Net Asset
Value respectively.
 The Trust trades forward currency and options on forward currency contracts in unregulated
markets between principals and assumes the
risk of loss from counterparty nonperformance. Accordingly, the risks associated with forward
currency and options on foreign currency contracts are generally greater than those
associated with exchange traded contracts because of the greater risk of counterparty
default. Additionally, the trading of forward currency and options on forward currency
contracts typically involves delayed cash settlement.
 The Trust has a substantial portion of its assets on deposit with financial institutions. In
the event of a financial institutions insolvency, recovery of Trust assets on deposit may be
limited to account insurance or other protection afforded such deposits.
 For derivatives, risks arise from changes in the fair value of the contracts. Market
movements result in frequent changes in the fair 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 fair 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. Theoretically, the Trust is exposed to a market risk equal to the notional
contract value of futures and forward currency contracts purchased and unlimited liability on
such contracts sold short. As both a buyer and seller of options, the Trust pays or receives
a premium at the outset and then bears the risk of unfavorable changes in the price of the
contract underlying the option. Written options expose the Trust to potentially unlimited
liability, and purchased options expose the Trust to a risk of loss limited to the premiums
paid. See Note 1. C. for an explanation of how the Trust determines its valuation for
derivatives as well as the netting of derivatives.
 - 16 -




---



##### 



Forward Currency andOptions on ForwardFutures Contracts
    
    
    Currency Contracts(exchange traded)
    
    
    (non-exchange traded)March 31, 2010
    
    
    December 31, 2009
    
    
    March 31, 2010
    
    
    December 31, 2009Gross unrealized gains
    
    $
    10,610,733
    
    
    $
    5,253,447
    
    
    $
    10,765,140
    
    
    $
    14,345,436Gross unrealized losses
    
    
    (3,187,061
    )
    
    
    (6,285,128
    )
    
    
    (10,339,155
    )
    
    
    (17,380,543
    )Net unrealized gain (loss)
    
    $
    7,423,672
    
    
    $
    (1,031,681
    )
    
    $
    425,985
    
    
    $
    (3,035,107
    )
    Asset
    
    
    LiabilityDerivatives at
    
    
    Derivatives atStatement of Financial
    
    
    March 31, 2010
    
    
    March 31, 2010Type of Instrument *
    
    Condition Location
    
    
    Fair Value
    
    
    Fair Value
    
    
    NetAgricultural Contracts
    
    Equity in broker trading accounts
    
    $
    864,976
    
    
    $
    (211,251
    )
    
    $
    653,725Energy Contracts
    
    Equity in broker trading accounts
    
    
    1,500,329
    
    
    
    0
    
    
    
    1,500,329Metal Contracts
    
    Equity in broker trading accounts
    
    
    2,784,373
    
    
    
    (900,158
    )
    
    
    1,884,215Stock Indices Contracts
    
    Equity in broker trading accounts
    
    
    2,960,972
    
    
    
    (300,026
    )
    
    
    2,660,946Short-Term Interest Rate Contracts
    
    Equity in broker trading accounts
    
    
    1,389,107
    
    
    
    (191,197
    )
    
    
    1,197,910Long-Term Interest Rate Contracts
    
    Equity in broker trading accounts
    
    
    1,110,976
    
    
    
    (1,584,429
    )
    
    
    (473,453
    )Forward Currency Contracts
    
    Net unrealized gain (loss) on open 
forward currency contracts
    
    
    10,531,386
    
    
    
    (10,075,560
    )
    
    
    455,826Purchased Options on Forward Currency
Contracts
    
    Options purchased, at fair value
    
    
    610,664
    
    
    
    0
    
    
    
    610,664Written Options on Forward Currency Contracts
    
    Options written, at fair value
    
    
    0
    
    
    
    (194,989
    )
    
    
    (194,989
    )Totals
    
    
    
    
    
    $
    21,752,783
    
    
    $
    (13,457,610
    )
    
    $
    8,295,173
 
 *
    
    Derivatives not designated as hedging instruments under ASC 815 Asset
    
    
    LiabilityDerivatives at
    
    
    Derivatives atStatement of Financial
    
    
    December 31, 2009
    
    
    December 31, 2009Type of Instrument *
    
    Condition Location
    
    
    Fair Value
    
    
    Fair Value
    
    
    NetAgricultural Contracts
    
    Equity in broker trading accounts
    
    $
    142,638
    
    
    $
    (132,600
    )
    
    $
    10,038Energy Contracts
    
    Equity in broker trading accounts
    
    
    214,581
    
    
    
    (48,386
    )
    
    
    166,195Metal Contracts
    
    Equity in broker trading accounts
    
    
    1,609,537
    
    
    
    (1,332,570
    )
    
    
    276,967Stock Indices Contracts
    
    Equity in broker trading accounts
    
    
    2,915,275
    
    
    
    (207,495
    )
    
    
    2,707,780Short-Term Interest Rate Contracts
    
    Equity in broker trading accounts
    
    
    0
    
    
    
    (1,205,283
    )
    
    
    (1,205,283
    )Long-Term Interest Rate Contracts
    
    Equity in broker trading accounts
    
    
    371,416
    
    
    
    (3,358,794
    )
    
    
    (2,987,378
    )Forward Currency Contracts
    
    Net unrealized gain (loss) on open 
forward currency contracts
    
    
    13,988,095
    
    
    
    (17,065,274
    )
    
    
    (3,077,179
    )Purchased Options on Forward Currency
Contracts
    
    Options purchased, at fair value
    
    
    855,611
    
    
    
    0
    
    
    
    855,611Written Options on Forward Currency
Contracts
    
    Options written, at fair value
    
    
    0
    
    
    
    (230,427
    )
    
    
    (230,427
    )Totals
    
    
    
    
    
    $
    20,097,153
    
    
    $
    (23,580,829
    )
    
    $
    (3,483,676
    )
 
 *
    
    Derivatives not designated as hedging instruments under ASC 815 - 17 -




---



##### 



Trading Revenue for
    
    
    Trading Revenue for thethe Three Months Ended
    
    
    Three Months EndedType of Instrument
    
    March 31, 2010
    
    
    March 31, 2009Agricultural Contracts
    
    $
    128,333
    
    
    $
    669,615Energy Contracts
    
    
    (2,724,911
    )
    
    
    (116,054
    )Metal Contracts
    
    
    (2,864,314
    )
    
    
    (2,183,837
    )Stock Indices Contracts
    
    
    (7,320,119
    )
    
    
    (4,040,579
    )Short-Term Interest Rate Contracts
    
    
    10,677,099
    
    
    
    3,564,459Long Term Interest Rate Contracts
    
    
    (4,905,283
    )
    
    
    1,913,493Forward Currency Contracts
    
    
    (1,128,786
    )
    
    
    (178,786
    )Purchased Options on Forward Currency Contracts
    
    
    (3,867,495
    )
    
    
    (998,963
    )Written Options on Forward Currency Contracts
    
    
    2,124,091
    
    
    
    3,918,037Total
    
    $
    (9,881,385
    )
    
    $
    2,547,385
 Trading Revenue for
    
    
    Trading Revenue forthe Three Months Ended
    
    
    the Three Months EndedLine Item in the Statement of Operations
    
    March 31, 2010
    
    
    March 31, 2009Futures trading gains (losses):Realized
    
    $
    (15,464,548
    )
    
    $
    1,849,476Change in unrealized
    
    
    8,455,353
    
    
    
    (2,042,379
    )Forward currency and options on forward currency trading gains (losses):Realized
    
    
    (6,333,282
    )
    
    
    5,602,910Change in unrealized
    
    
    3,461,092
    
    
    
    (2,862,622
    )Total
    
    $
    (9,881,385
    )
    
    $
    2,547,385
     Note 9. INDEMNIFICATIONS
  Note 10. INTERIM FINANCIAL STATEMENTS
  - 18 -




---



##### 



Note 11. SUBSEQUENT EVENTS
  - 19 -




---



##### 



Item 2. Managements Discussion and Analysis of Financial Condition and
Results of Operations
 Introduction
    Critical Accounting Policies
   Capital Resources
   - 20 -




---



##### 



Liquidity
     - 21 -




---



##### 



Off-Balance Sheet Risk
    Disclosures About Certain Trading Activities that Include Non-Exchange Traded Contracts
Accounted for at Fair Value
  - 22 -




---



##### 



Results of Operations
  2010
      Sector
    
    % Gain (Loss)Interest Rates
    
    
    1.60
    %Currencies
    
    
    (0.71
    )Commodities
    
    
    (1.48
    )Stock Indices
    
    
    (2.02
    )(2.61)
    %
  - 23 -




---



##### 



2009
     - 24 -




---



##### 



Sector
    
    % Gain (Loss)Interest Rates
    
    
    1.42
    %Currencies
    
    
    0.59Commodities
    
    
    (0.54
    )Stock Indices
    
    
    (0.97
    )0.50
    %
    - 25 -




---



##### 



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




---



##### 



The Trusts Trading Value at Risk in Different Market Sectors
  March 31, 2010TradingMarket Sector
    
    Value at Risk*
    
    
    Gain/(Loss)**Interest Rates
    
    
    0.61
    %
    
    
    1.60
    %Stock Indices
    
    
    0.60
    %
    
    
    (2.02
    )%Commodities
    
    
    0.54
    %
    
    
    (1.48
    )%Currencies
    
    
    0.52
    %
    
    
    (0.71
    )%Aggregate/Total
    
    
    1.64
    %
    
    
    (2.61
    )%
 
 *
    
    -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.**
    
    -Represents the gross trading for the Trust for the three months ended March 31, 2010. - 27 -




---



##### 



December 31, 2009TradingMarket Sector
    
    Value at Risk*
    
    
    Gain/(Loss)**Currencies
    
    
    0.90
    %
    
    
    3.74
    %Interest Rates
    
    
    0.69
    %
    
    
    (4.77)
    %Stock Indices
    
    
    0.45
    %
    
    
    (0.47
    )%Commodities
    
    
    0.41
    %
    
    
    (0.21
    )%Aggregate/Total
    
    
    1.62
    %
    
    
    (1.71)
    %
 
 *
    
    - The VaR for a sector represents the one day downside risk for the aggregate exposures
associated with this sector. The aggregate VaR represents the VaR of the Trusts open
positions across all market sectors, and is less than the sum of the VaRs for all such market
sectors due to the diversification benefit across asset classes.**
    
    - Represents the gross trading for the Trust for the year ended December 31, 2009.    - 28 -




---



##### 



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.
 - 29 -




---



##### 



Currencies
 i.e.,
 Interest Rates
  Stock Indices
  Energy
  Metals
  - 30 -




---



##### 



Agricultural
  Qualitative Disclosures Regarding Non-Trading Risk Exposure
  Foreign Currency Balances
  Fixed Income Securities
  Treasury Bill Positions Held for Margin Purposes
  Qualitative Disclosures Regarding Means of Managing Risk Exposure
   - 31 -




---



##### 



General
  
 Item 4(T). Controls and Procedures
  - 32 -




---



##### 



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
 ExhibitNumber
    
    Description of Document31.01
    
    Certification of Theresa D. Becks, Chief Executive Officer, pursuant to
Rules 13a-14 and 15d-14 of the Securities Exchange Act of 1934.31.02
    
    Certification of Gregory T. Donovan, Chief Financial Officer,
pursuant to Rules 13a-14 and 15d-14 of the Securities Exchange Act of 1934.32.01
    
    Certification of Theresa D. Becks, Chief Executive Officer,
pursuant to 18 U.S.C. Section 1350, as enacted by Section 906 of The
Sarbanes-Oxley Act of 2002.32.02
    
    Certification of Gregory T. Donovan, Chief Financial Officer,
pursuant to 18 U.S.C. Section 1350, as enacted by Section 906 of The
Sarbanes-Oxley Act of 2002.
 (b)
    
    Reports of Form 8-KNone
 - 33 -




---



##### 



SIGNATURES
  THE CAMPBELL FUND TRUST
(Registrant)By:
    Campbell & Company, Inc.Managing OperatorDate: May 17, 2010
    By:

/s/ Theresa D. BecksTheresa D. BecksChief Executive Officer - 34 -




---



##### 



EXHIBIT INDEX
 Exhibit Number
    
    Description of Document
    
    Page Number31.01
    
    Certification by Chief Executive Officer
    
    E 231.02
    
    Certification by Chief Financial Officer
    
    E 332.01
    
    Certification by Chief Executive Officer
    
    E 432.02
    
    Certification by Chief Financial Officer
    
    E 5
 E 1